Category: Politics

  • MIL-OSI Asia-Pac: External Merchandise Trade Statistics for August 2024

    Source: Hong Kong Government special administrative region

    External Merchandise Trade Statistics for August 2024
    External Merchandise Trade Statistics for August 2024
    *****************************************************

         The Census and Statistics Department (C&SD) released today (September 26) the external merchandise trade statistics for August 2024. In August 2024, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 6.4% and 7.9% respectively.      In August 2024, the value of total exports of goods increased by 6.4% over a year earlier to $381.3 billion, after a year-on-year increase by 13.1% in July 2024. Concurrently, the value of imports of goods increased by 7.9% over a year earlier to $414.4 billion in August 2024, after a year-on-year increase by 9.9% in July 2024. A visible trade deficit of $33.1 billion, equivalent to 8.0% of the value of imports of goods, was recorded in August 2024.      For the first eight months of 2024 as a whole, the value of total exports of goods increased by 11.5% over the same period in 2023. Concurrently, the value of imports of goods increased by 8.0%. A visible trade deficit of $216.0 billion, equivalent to 6.8% of the value of imports of goods, was recorded in the first eight months of 2024.      Comparing the three-month period ending August 2024 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 0.3%. Meanwhile, the value of imports of goods increased by 3.8%. Analysis by country/territory      Comparing August 2024 with August 2023, total exports to Asia as a whole grew by 9.9%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+27.0%), Malaysia (+23.7%), Thailand (+15.3%), the Philippines (+14.5%) and the mainland of China (the Mainland) (+12.9%). On the other hand, decreases were recorded in the values of total exports to India (-20.5%) and Singapore (-14.5%).      Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular Switzerland (-62.0%) and the United Kingdom (-46.2%).      Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Singapore (+26.8%), Vietnam (+26.2%), Korea (+19.6%), Malaysia (+17.4%) and the Mainland (+9.7%). On the other hand, decreases were recorded in the values of imports from the Philippines (-10.0%) and the USA (-5.1%).      For the first eight months of 2024 as a whole, year-on-year increases were registered in the values of total exports to some major destinations, in particular Thailand (+28.3%), Vietnam (+23.8%), the Mainland (+18.9%), the USA (+15.2%) and the United Arab Emirates (+4.8%). On the other hand, a decrease was recorded in the value of total exports to India (-10.3%).      Over the same period of comparison, year-on-year increases were registered in the values of imports from some major suppliers, in particular Vietnam (+48.0%), Korea (+46.0%), Singapore (+20.7%), the Mainland (+9.6%) and Malaysia (+4.8%). On the other hand, a decrease was recorded in the value of imports from the Philippines (-13.8%). Analysis by major commodity      Comparing August 2024 with August 2023, increases were registered in the values of total exports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $14.4 billion or +43.5%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $13.0 billion or +7.5%).      Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular “office machines and automatic data processing machines” (by $19.7 billion or +79.6%) and “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $17.0 billion or +10.0%).      For the first eight months of 2024 as a whole, year-on-year increases were registered in the values of total exports of some principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $149.1 billion or +11.9%) and “office machines and automatic data processing machines” (by $82.3 billion or +32.6%).      Over the same period of comparison, year-on-year increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $122.7 billion or +9.6%) and “office machines and automatic data processing machines” (by $70.5 billion or +35.1%). Commentary      A Government spokesman said that the value of merchandise exports grew solidly in August 2024 over a year earlier.  Exports to the Mainland, the United States and the European Union registered increases of varying degree, while those to other major Asian markets saw mixed performance.      Looking ahead, while geopolitical tensions and trade conflicts will present risks, Hong Kong’s exports performance should remain positive if external demand continues to hold up. The Government will monitor the situation closely. Further information      Table 1 presents the analysis of external merchandise trade statistics for August 2024. Table 2 presents the original monthly trade statistics from January 2021 to August 2024, and Table 3 gives the seasonally adjusted series for the same period.      The values of total exports of goods to 10 main destinations for August 2024 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.      Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for August 2024.      All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for August 2024 will be released in mid-October 2024.      The August 2024 issue of “Hong Kong External Merchandise Trade” contains detailed analysis on the performance of Hong Kong’s external merchandise trade in August 2024 and will be available in early October 2024. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).      Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).

     
    Ends/Thursday, September 26, 2024Issued at HKT 16:30

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    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Sobyanin: Construction of a new tunnel for the Rublevo-Arkhangelskaya metro line has begun

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The Sofia shield was used to build a new tunnel Rublevo-Arkhangelskaya metro lineSergei Sobyanin spoke about this in on your telegram channel.

    “This is the right-hand transfer tunnel.

    between the stations “Zvenigorodskaya”and “Shelepikha” with a length of 553 meters. “Sofia” will go 349 meters, and another 204 meters will have to be covered by mountainous means,” the Mayor of Moscow noted.

    Source: Sergei Sobyanin’s Telegram channel@mos_sobyanin

    The section under construction will be connected to the Shelepikha – Delovoy Tsentr section, which was previously part of Big Circle Line of the Metro.

    There are currently three tunnel boring machines operating on the Rublevo-Arkhangelskaya line. Two other machines are digging tunnels between the Narodnoye Opolchenie and “Boulevard of General Karbyshev.”

    Since 2011, 119 metro stations have been built and reconstructed in MoscowVladimir Putin and Sergei Sobyanin opened the first section of the Troitskaya metro line

    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/major/themes/11828050/

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

    MIL OSI Russia News

  • MIL-OSI Russia: Integrated development of territories: 25 sports complexes will be built near metro stations, the Moscow Central Circle and the Moscow Central Diameters

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Within the framework of 22 integrated territorial development projects (ITD) located within the boundaries of the capital’s transport framework, 25 sports facilities will be built. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “Implementation of integrated development projects for areas near the stations of the Big Circle Line, Moscow Central Circle and Moscow Central Diameters will create new places for sports in 22 districts of the capital. It is planned to build 25 sports complexes on sites with a total area of 406.6 hectares. Their area will exceed 138 thousand square meters. Among the sports facilities are physical education and health complexes, including swimming pools, as well as a rock climbing center and a complex for team sports,” said Vladimir Efimov.

    The locations for the placement of sports facilities and their parameters will be determined based on the results of the approval of territorial planning projects.

    “According to the KRT project, a sports complex with an area of at least four thousand square meters is planned to be built on Novaya Ipatovka Street in Koptevo. Based on the results of the approval of the territory planning project, the construction dates of the facility and its exact parameters will be established. In the north of the capital, it is planned to build a built-in and attached sports and recreation complex with a swimming pool with an area of more than three thousand square meters. It will become part of a new residential quarter in the Begovoy District,” noted the Minister of the Moscow Government, head of the capital’s Department of City Property

    Maxim Gaman.

    More than 80 percent of KRT projects involve the construction of real estate near major transport facilities, told earlier Sergei Sobyanin.

    According to the program of integrated development of territories in the capital, multifunctional city quarters are being created, where roads, comfortable housing and all necessary infrastructure are being designed on the site of former industrial zones and inefficiently used areas. Currently, 236 KRT projects with a total area of more than 3.1 thousand hectares are at various stages of implementation in Moscow. Their development is carried out on behalf of Sergei Sobyanin.

    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/144469073/

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

    MIL OSI Russia News

  • MIL-OSI Africa: Illegal business occupants given 14 days to comply with the law

    Source: South Africa News Agency

    Businesses illegally occupying government premises in Mthatha have been given 14 days to apply for legal leases from the Eastern Cape Department of Public Works and Infrastructure, should they wish to continue with their businesses on the current premises.

    This was revealed when Public Works and Infrastructure Deputy Minister Sihle Zikalala, together with the Department of Public Works and Infrastructure MEC Siphokazi Lusithi, issued eviction orders to a number of businesses in the Mthatha CBD as part of Operation Bring Back (OBB), which aims to reclaim hijacked and illegally occupied government properties.

    READ | Reclaiming State property

    “Our aim is not to shut down legally operating businesses, but we want these businesses that are paying rent to criminals, who have stolen government properties, to start paying the rent to the rightful owners of these properties,” the Deputy Minister said on Wednesday.

    Zikalala and Lusithi visited mixed business premises housing offices, driving school, salons, tombstones and a hardware store, where they addressed business owners and workers who voiced their fears of losing their businesses.  

    In the Eastern Cape, there are 82 properties that are currently going through legal channels, including 57 eviction orders. 

    Of these, 21 have been evaluated and are recommended for execution, with a target of completing 36 evictions by the end of the 2024/2025 financial year.  

    All eviction actions will strictly adhere to legal standards and respect tenant rights. The two DPWI leaders allayed the fears of the concerned businesses, promising that should they follow the correct legal routes, their businesses would not be out in the cold.

    “As the province, we are undertaking the Operation Bring Back, which aims at bringing back government properties that are illegally occupied. The illegal occupation of government properties both commercial and residential undermines the state’s capacity to generate revenue and maintain our properties, but even more tragically, it victimizes small business owners who are unaware they are being taken advantage of by these bogus landlords. 

    “In response, we have entered into negotiations with these small businesses to regularize their leases, ensuring that they are protected, and that government assets are not exploited for personal gain,” the MEC said. – SAnews.gov.za
     

    MIL OSI Africa

  • MIL-OSI United Kingdom: August 2024 Transaction Data

    Source: United Kingdom – Executive Government & Departments

    This data provides information about the number and types of applications that HM Land Registry completed in August 2024.

    NicoElNino/Shutterstock.com

    This data provides information about the number and types of applications that HM Land Registry completed in August 2024. 

    Please note this data shows what HM Land Registry has been able to process during the time period covered and is not necessarily a reflection of market activity.

    In August:

    • HM Land Registry completed more than 1,876,210 applications to change or query the Land Register 
    • the South East topped the table of regional applications with 425,070

    HM Land Registry completed 1,876,215 applications in August compared with 2,092,554 in July and 1,795,490 last August 2023, of which: 

    • 285,515 were applications for register updates compared with 318,267 in July
    • 1,073,999 were applications for an official copy of a register compared with 1,190,880 in July
    • 197,468 were search and hold queries (official searches) compared with 214,947 in July
    • 78,219 were transactions for value compared with 93,549 in July
    • 18,417 were postal applications from non-account holders compared with 19,357 in July

    Applications by region and country 

    Region/country June applications July applications August applications
    South East 412,195 468,348 425,070
    Greater London 347,494 404,408 350,059
    North West 205,260 236,256 210,417
    South West 179,700 203,566 185,961
    West Midlands 157,275 178,188 158,505
    Yorkshire and the Humber 152,438 166,385 149,177
    East Midlands 136,263 148,285 138,813
    North 91,623 103,651 95,160
    East Anglia 77,425 87,080 79194
    Isles of Scilly 77 194 259
    Wales 83,025 96,036 83,463
    England and Wales (not assigned) 116 157 137
    Total 1,842,891 2,092,554 1,876,215

    Top 5 local authority areas 

    August 2024 applications

    Top 5 local authority areas August applications
    Birmingham 27,866
    City of Westminster 25,959
    Leeds 22,776
    North Yorkshire 20,844
    Buckinghamshire 19,900

    July 2024 applications

    Top 5 local authority areas July applications
    Birmingham 31,822
    City of Westminster 29,358
    Leeds 24,267
    North Yorkshire 24,053
    Somerset 22,319

    Top 5 customers 

    August 2024 applications

    Top 5 customers August applications
    Infotrack Limited 182,701
    Landmark Information Group Ltd 44,136
    Orbital Witness Limited 32,623
    Enact 28,071
    O’Neill Patient 27,852

    July 2024 applications

    Top 5 customers July applications
    Infotrack Limited 202,706
    Orbital Witness Limited 33,462
    Landmark Information Group Ltd 32,301
    Enact 31,463
    O’Neill Patient 28,426

    Access the full dataset on our Use land and property data service.

    Next publication 

    Transaction Data is published on the 15th working day of each month. The September 2024 data will be published at 11am on Monday 21 October 2024.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI Europe: Monetary developments in the euro area: August 2024

    Source: European Central Bank

    26 September 2024

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 increased to 2.9% in August 2024 from 2.3% in July, averaging 2.5% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -2.1% in August, compared with -3.1% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 10.6% in August from 11.4% in July. The annual growth rate of marketable instruments (M3-M2) increased to 22.0% in August from 21.4% in July.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -1.4 percentage points (up from -2.1 percentage points in July), short-term deposits other than overnight deposits (M2-M1) contributed 3.0 percentage points (down from 3.2 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (up from 1.2 percentage points).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.3% in August from 2.1% in July, while the annual growth rate of deposits placed by non-financial corporations stood at 1.8% in August, compared with 1.7% in July. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.7% in August from 6.3% in July.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in August 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 4.0 percentage points (up from 3.8 percentage points in July), claims on the private sector contributed 1.2 percentage points (up from 0.9 percentage points), claims on general government contributed -0.4 percentage points (as in the previous month), longer-term liabilities contributed -1.8 percentage points (up from -1.9 percentage points), and the remaining counterparts of M3 contributed 0.0 percentage points (up from -0.1 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents increased to 0.6% in August 2024 from 0.3% in the previous month. The annual growth rate of claims on general government stood at -1.1% in August, unchanged from the previous month, while the annual growth rate of claims on the private sector increased to 1.2% in August from 0.9% in July.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 1.6% in August from 1.3% in July. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.6% in August, compared with 0.5% in July, while the annual growth rate of adjusted loans to non-financial corporations increased to 0.8% in August from 0.6% in July.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News

  • MIL-OSI Global: Eco-anxiety Q&A: how the IPCC’s vice-chair keeps her head cool on a warming planet

    Source: The Conversation – France – By Diána Ürge-Vorsatz, Professor of Environmental Sciences, Central European University

    In the past months, the planet has experienced the hottest months of June and August, boreal summer and day on record, with a global average temperature of 17.16°C on 22 July. While many have been getting on with their lives as best as they can, there are many more who are feeling the heat, as levels of climate anxiety continue to rise. At risk are people experiencing climate impacts in the Global South, but also professionals in the Earth sciences documenting and modelling them.

    So, how can we channel our alarm in a way that doesn’t paralyse us, but propel us into action? To answer this question, The Conversation Europe spoke to one of the world’s most public-facing climate scientists, the Vice-Chair of the Intergovernmental Panel on Climate Change (IPCC), Diána Ürge-Vorsatz.

    Could you start off by describing your work? According to you, what have been the highlights of your career as a climate scientist?

    So I mostly work in the area of energy efficiency. I have done a lot of modelling, including to demonstrate how higher efficiency buildings could reduce carbon emissions. Among others, I have alerted the world of what we call the carbon lock-in risks of inefficient building retrofits — when fossil fuel-intensive systems perpetuate, delay, or prevent the transition to low-carbon alternatives.

    I’ve always tried to concentrate on solutions which not only allow us to solve environmental issues, but also to increase human well-being and meet other societal goals. That’s because I come from a country [Hungary] where I see that while the environment and climate change are important, they typically play second fiddle to other priorities. Hence, I believe we have to solve these things in a way that makes it worthwhile.

    Diána Ürge-Vorsatz, 2024.
    Fourni par l’auteur

    My work therefore prompted lawmakers to revise the EU’s legislation to boost building energy efficiency – the Energy Performance of Buildings Directive – in 2010. On the first day the Fidesz government was reelected that year, I showed them how many jobs could be created through high efficiency building retrofits. Based on our research, they committed that the entire building stock would be refurbished to slash energy consumption by 60 %, which would have been really very ambitious, the first such commitment in the world. Unfortunately, a few months later, they changed their direction and they rather went into other energy policy priorities.

    Do you also research alarming climate scenarios? You told me the other day that you were particularly concerned with the potential collapse of Atlantic Meridional Overturning Circulation (AMOC) at the moment

    That’s one of my concerns, yes, because it’s amongst the tipping points that would exert its impact the earliest.

    If we look at other Earth system tipping points, most of them require a century, several centuries, if not several millennia until they exert a full impact. If AMOC collapses, it would exert its full impact within two to three decades, potentially. These are very strong impacts predicted clearly, on Europe as well as other regions. More and more papers have shown evidence that its collapse could already be underway. That’s definitely been alarming.

    When you started on this career path, would you describe yourself as prey to eco-anxiety? And if not, was there a turning point when it appeared?

    No, when I started I don’t think we had any knowledge that would have amounted to any existential threat, and it was still not so tangible that so many things could go wrong.

    I was studying for my PhD at UCLA, at UC Berkeley from 1992-96. In the LA Times, there was a two page advertisement calling for artists to design artwork that would scare anyone away, which they could put above the Yucca Mountain deep high-level based nuclear repository so that even if people didn’t speak English or they didn’t understand our script anymore, they could still understand that there was something really dangerous under that.

    At that point, I remember thinking: “Oh my God, if you just can’t dig or walk wherever you want anymore, that’s just wrong. We cannot do that to future generations.”

    Then there’s the never-ending news cycle, making it hard to pinpoint specific moments that alarm you. One that comes to mind has been the discovery over time that forever chemicals – Per and polyfluoroalkyl substances (PFAS) – are everywhere, even in the most remote parts of the earth and rain is no longer of drinking water quality even in Antarctica. This isn’t going to go away — precisely because PFAS are what we call forever chemicals. We will never be able to vacuum clean the planet from PFAS. Likewise with microplastics. When you start looking ahead with your eyes open, it can be really scary.

    And how do you experience the intimate knowledge of that alarming data on the one hand, and the public’s, and above all the elites’, climate inaction on the other?

    Well, I wouldn’t quite call it “climate inaction”. It’s easy to dwell on the idea that the glass is half empty. But in fact, the glass is half full. Lots has been done since the 2015 Paris Agreement, which was itself a miracle.

    You were there when the deal was struck, weren’t you? Could you tell us what it was like?

    Well, it was truly euphoric, because before that, if a scientist dared mentioning [the threshold of] 1.5°C [of warming above pre-industrial levels], you were a tree-hugger and an advocate, not a scientist. You did not get funding.

    And suddenly that became a political reality, or at least a political goal. I think that was really amazing for me because that time we didn’t have science clearly backing that you actually could achieve 1.5°C. So in the run-up to the Paris Agreement, the United Nations Framework Convention on Climate Change (UNFCCC) asked the IPCC to produce a report on 1.5°C. I remember talking about it with colleagues at the time, who told me: “That’s crazy, this train is gone, let’s not do it”.

    Then the months went by and and those voices faded. By the time we got to the plenary meeting in January there was not a single voice saying “We shouldn’t do this report”. Scientists changed course and put so much effort in on trying to say “Okay can this be done well? Let’s actually see”. Then they ran their models to figure out that actually not only can it be done — but there are so many ways we can get there. Yes, I know that it’s now increasingly unlikely that we still will meet it, but it still created a lot of momentum.

    One fact that we don’t emphasize enough: we have prevented the world from warming by five to six degrees by the end of the century, and we are now at worst saying perhaps four degrees, but more likely 2.5°C to 3.5°C.

    How do you communicate with your children about the climate crisis? For example, are there things that you choose not to tell them in order to protect them?

    I don’t hide anything from them. We quite frequently talk about the gravity of the situation because I cannot help bearing on them in the evening all the negative experiences and facts I learned during the day and I just have to unload these for them at dinners and so on.

    One of my daughters did experience quite severe environmental anxiety for almost two years when she was about nine years old. She had come with me to a TV shooting and they allowed her into the studio. And before my interview, they just played this intense clip about storms and fires – typical climate impacts. But after that, she was really very afraid for a long time.

    How did that fear translate itself?

    She couldn’t sleep very well. She was constantly afraid physically. She would tell me: “My god, is this going to burn around us? Are we going to have floods?”

    And it’s that a nine year old cannot, of course, fully comprehend yet how these risks will unfold in the future. I think she was put in this state of fear and anxiety. So that’s why it was also hard to manage because it wasn’t anything concrete or anything that she could verbally express or phrase nicely.

    And I couldn’t say, “Look darling, it’s not going to happen.”

    And how did she manage to surface from that state of paralysis?

    After a while, I think she understood that it wasn’t yet threatening her life. But all of my children are still concerned and many of them want to contribute to fighting climate change in some way.

    For example, my eldest daughter was studying medicine, but after her second year, she spent the entire summer in tears. She was deeply passionate about climate action and believed there were only two paths forward. Either she could still save the planet by becoming an architect to design zero-energy buildings, or, if it was too late, she should focus on mitigating the damage by remaining in medicine. After two months of struggling with this dilemma, she abandoned her dream of architecture and decided to continue with medical school. It was heartbreaking for me to see how little hope they had of solving the climate crisis.

    What would your advice be for parents whose children are suffering from eco-anxiety?

    I think the best way is to turn anxiety into action — to explain to them that they have and we still have agency. Even though we are small, we have a very important impact. We can vote. We can choose a profession where we can change the world. We can be role models and we can influence our peers through social media and many other ways.

    So if we tell them the five scenarios that the IPCC presents (investor, consumer, citizen, role model, professional) in the 6th Assessment Report as individual roles we can play to curb climate change, it’s not only through whether we choose to take a plastic bag or not. The future isn’t something that happens to us, but in our hands. We are all part of systems where each of us can influence more than we think.

    If your children were to start striking for the climate, would you support them?

    Yes, I think protests are one of the very important ways how we can have an impact. Besides, children often don’t have any other tools. And that’s why they also feel anxiety because they don’t yet have influence. They don’t have any money to spend, or any voting rights yet. They don’t yet have a profession through which they can influence the world. They feel powerless.

    And often children’s only power is to protest. If we give them other means to where they can influence the processes, that’d be even better.

    Diána Ürge-Vorsatz ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    ref. Eco-anxiety Q&A: how the IPCC’s vice-chair keeps her head cool on a warming planet – https://theconversation.com/eco-anxiety-qanda-how-the-ipccs-vice-chair-keeps-her-head-cool-on-a-warming-planet-231226

    MIL OSI – Global Reports

  • MIL-OSI Global: Eco-anxiety Q&A: how the IPCC’s vice-chair keeps her head cool on a warming planet

    Source: The Conversation – France – By Diána Ürge-Vorsatz, Professor of Environmental Sciences, Central European University

    In the past months, the planet has experienced the hottest months of June and August, boreal summer and day on record, with a global average temperature of 17.16°C on 22 July. While many have been getting on with their lives as best as they can, there are many more who are feeling the heat, as levels of climate anxiety continue to rise. At risk are people experiencing climate impacts in the Global South, but also professionals in the Earth sciences documenting and modelling them.

    So, how can we channel our alarm in a way that doesn’t paralyse us, but propel us into action? To answer this question, The Conversation Europe spoke to one of the world’s most public-facing climate scientists, the Vice-Chair of the Intergovernmental Panel on Climate Change (IPCC), Diána Ürge-Vorsatz.

    Could you start off by describing your work? According to you, what have been the highlights of your career as a climate scientist?

    So I mostly work in the area of energy efficiency. I have done a lot of modelling, including to demonstrate how higher efficiency buildings could reduce carbon emissions. Among others, I have alerted the world of what we call the carbon lock-in risks of inefficient building retrofits — when fossil fuel-intensive systems perpetuate, delay, or prevent the transition to low-carbon alternatives.

    I’ve always tried to concentrate on solutions which not only allow us to solve environmental issues, but also to increase human well-being and meet other societal goals. That’s because I come from a country [Hungary] where I see that while the environment and climate change are important, they typically play second fiddle to other priorities. Hence, I believe we have to solve these things in a way that makes it worthwhile.

    Diána Ürge-Vorsatz, 2024.
    Fourni par l’auteur

    My work therefore prompted lawmakers to revise the EU’s legislation to boost building energy efficiency – the Energy Performance of Buildings Directive – in 2010. On the first day the Fidesz government was reelected that year, I showed them how many jobs could be created through high efficiency building retrofits. Based on our research, they committed that the entire building stock would be refurbished to slash energy consumption by 60 %, which would have been really very ambitious, the first such commitment in the world. Unfortunately, a few months later, they changed their direction and they rather went into other energy policy priorities.

    Do you also research alarming climate scenarios? You told me the other day that you were particularly concerned with the potential collapse of Atlantic Meridional Overturning Circulation (AMOC) at the moment

    That’s one of my concerns, yes, because it’s amongst the tipping points that would exert its impact the earliest.

    If we look at other Earth system tipping points, most of them require a century, several centuries, if not several millennia until they exert a full impact. If AMOC collapses, it would exert its full impact within two to three decades, potentially. These are very strong impacts predicted clearly, on Europe as well as other regions. More and more papers have shown evidence that its collapse could already be underway. That’s definitely been alarming.

    When you started on this career path, would you describe yourself as prey to eco-anxiety? And if not, was there a turning point when it appeared?

    No, when I started I don’t think we had any knowledge that would have amounted to any existential threat, and it was still not so tangible that so many things could go wrong.

    I was studying for my PhD at UCLA, at UC Berkeley from 1992-96. In the LA Times, there was a two page advertisement calling for artists to design artwork that would scare anyone away, which they could put above the Yucca Mountain deep high-level based nuclear repository so that even if people didn’t speak English or they didn’t understand our script anymore, they could still understand that there was something really dangerous under that.

    At that point, I remember thinking: “Oh my God, if you just can’t dig or walk wherever you want anymore, that’s just wrong. We cannot do that to future generations.”

    Then there’s the never-ending news cycle, making it hard to pinpoint specific moments that alarm you. One that comes to mind has been the discovery over time that forever chemicals – Per and polyfluoroalkyl substances (PFAS) – are everywhere, even in the most remote parts of the earth and rain is no longer of drinking water quality even in Antarctica. This isn’t going to go away — precisely because PFAS are what we call forever chemicals. We will never be able to vacuum clean the planet from PFAS. Likewise with microplastics. When you start looking ahead with your eyes open, it can be really scary.

    And how do you experience the intimate knowledge of that alarming data on the one hand, and the public’s, and above all the elites’, climate inaction on the other?

    Well, I wouldn’t quite call it “climate inaction”. It’s easy to dwell on the idea that the glass is half empty. But in fact, the glass is half full. Lots has been done since the 2015 Paris Agreement, which was itself a miracle.

    You were there when the deal was struck, weren’t you? Could you tell us what it was like?

    Well, it was truly euphoric, because before that, if a scientist dared mentioning [the threshold of] 1.5°C [of warming above pre-industrial levels], you were a tree-hugger and an advocate, not a scientist. You did not get funding.

    And suddenly that became a political reality, or at least a political goal. I think that was really amazing for me because that time we didn’t have science clearly backing that you actually could achieve 1.5°C. So in the run-up to the Paris Agreement, the United Nations Framework Convention on Climate Change (UNFCCC) asked the IPCC to produce a report on 1.5°C. I remember talking about it with colleagues at the time, who told me: “That’s crazy, this train is gone, let’s not do it”.

    Then the months went by and and those voices faded. By the time we got to the plenary meeting in January there was not a single voice saying “We shouldn’t do this report”. Scientists changed course and put so much effort in on trying to say “Okay can this be done well? Let’s actually see”. Then they ran their models to figure out that actually not only can it be done — but there are so many ways we can get there. Yes, I know that it’s now increasingly unlikely that we still will meet it, but it still created a lot of momentum.

    One fact that we don’t emphasize enough: we have prevented the world from warming by five to six degrees by the end of the century, and we are now at worst saying perhaps four degrees, but more likely 2.5°C to 3.5°C.

    How do you communicate with your children about the climate crisis? For example, are there things that you choose not to tell them in order to protect them?

    I don’t hide anything from them. We quite frequently talk about the gravity of the situation because I cannot help bearing on them in the evening all the negative experiences and facts I learned during the day and I just have to unload these for them at dinners and so on.

    One of my daughters did experience quite severe environmental anxiety for almost two years when she was about nine years old. She had come with me to a TV shooting and they allowed her into the studio. And before my interview, they just played this intense clip about storms and fires – typical climate impacts. But after that, she was really very afraid for a long time.

    How did that fear translate itself?

    She couldn’t sleep very well. She was constantly afraid physically. She would tell me: “My god, is this going to burn around us? Are we going to have floods?”

    And it’s that a nine year old cannot, of course, fully comprehend yet how these risks will unfold in the future. I think she was put in this state of fear and anxiety. So that’s why it was also hard to manage because it wasn’t anything concrete or anything that she could verbally express or phrase nicely.

    And I couldn’t say, “Look darling, it’s not going to happen.”

    And how did she manage to surface from that state of paralysis?

    After a while, I think she understood that it wasn’t yet threatening her life. But all of my children are still concerned and many of them want to contribute to fighting climate change in some way.

    For example, my eldest daughter was studying medicine, but after her second year, she spent the entire summer in tears. She was deeply passionate about climate action and believed there were only two paths forward. Either she could still save the planet by becoming an architect to design zero-energy buildings, or, if it was too late, she should focus on mitigating the damage by remaining in medicine. After two months of struggling with this dilemma, she abandoned her dream of architecture and decided to continue with medical school. It was heartbreaking for me to see how little hope they had of solving the climate crisis.

    What would your advice be for parents whose children are suffering from eco-anxiety?

    I think the best way is to turn anxiety into action — to explain to them that they have and we still have agency. Even though we are small, we have a very important impact. We can vote. We can choose a profession where we can change the world. We can be role models and we can influence our peers through social media and many other ways.

    So if we tell them the five scenarios that the IPCC presents (investor, consumer, citizen, role model, professional) in the 6th Assessment Report as individual roles we can play to curb climate change, it’s not only through whether we choose to take a plastic bag or not. The future isn’t something that happens to us, but in our hands. We are all part of systems where each of us can influence more than we think.

    If your children were to start striking for the climate, would you support them?

    Yes, I think protests are one of the very important ways how we can have an impact. Besides, children often don’t have any other tools. And that’s why they also feel anxiety because they don’t yet have influence. They don’t have any money to spend, or any voting rights yet. They don’t yet have a profession through which they can influence the world. They feel powerless.

    And often children’s only power is to protest. If we give them other means to where they can influence the processes, that’d be even better.

    Diána Ürge-Vorsatz ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    ref. Eco-anxiety Q&A: how the IPCC’s vice-chair keeps her head cool on a warming planet – https://theconversation.com/eco-anxiety-qanda-how-the-ipccs-vice-chair-keeps-her-head-cool-on-a-warming-planet-231226

    MIL OSI – Global Reports

  • MIL-OSI Africa: Repatriation of remains of fallen struggle heroes a moment of reflection

    Source: South Africa News Agency

    The South African government has received the remains of 49 liberation fighters who died in exile in Zimbabwe and Zambia.

    The remains were received at the Waterkloof Airforce Base on an emotional Wednesday evening (25 September 2024) for families of the fallen freedom fighters.

    Speaking to SAnews, Minister of Defence and Military Veterans, Angie Motshekga, said the handover of the remains was a moment of sombre reflection on the sacrifices it took for South Africa to gain its freedom.

    “The message is of gratitude to…families who have daughters, sons, fathers and mothers who gave the ultimate price for our freedom. We are able to be here because they gave the final sacrifice. 

    “It is also for us as a people, to remember where we came from because this didn’t come easy. There are people who died, and we should not be casual about how we use that power because it is a power that came from people who gave their lives,” Motshekga said.

    The Minister added that the repatriation of struggle heroes will continue as there are more struggle heroes who died outside of the country.

    “The plan is to now do mass repatriations and that’s what has been in the plans for the past two years. But because it takes time, we’ll see if we can do it in gaps of two years. This has been a good lesson in terms of mass repatriations and when we move to other countries…we will have learnt the lessons on how to deal with most of the issues,” she said.

    Families remember their heroes

    The remains of freedom fighter  Basil February – who died in Zimbabwe – arrived with the cohort.
    Speaking to SAnews, his brother Terry said the return of his remains marks the beginning of healing for the family.

    “My mother died 11 years ago and…I would like my mother to have been here. I would have liked for this occasion to have happened 12 or 15 years ago, so that she could have been here. My mother died when she was 92 years old. She asked me to make her a promise that I will bring Basil’s remains home and I said I will. Today is such a historic day for our family.

    “It does not yet bring closure. It will take a little while. This whole process has…opened some old, deep wounds and it will take a while for those wounds to heal. 

    “But I can feel that the process has already started. That closure is starting to kick in. I feel a relief and I feel a genuine excitedness because Basil is finally coming home,” February said.

    Onica Mahlangu – whose brother Bennet Sibanyoni died in Zambia nearly 40 years ago – described to SAnews, the peacefulness that her brother’s remains brings as the brutal Apartheid security forces took everything that belonged to him – leaving them with nothing to remember him by.

    “I have mixed emotions. I feel like this is the first time I have been informed of his death. That’s how much it still hurts. Unfortunately, my mother died with a broken heart…crying for her son. She pleaded with us not to stop searching for his remains. I feel happy that government has not forgotten us and has helped us.

    “The repatriation will bring peace to our spirits…our family was tortured. We didn’t even have a photo of him because the Apartheid government took everything that belonged to him and left us with nothing that we could look at and remember him by,” Mahlangu said.

    Makabelo Msiza remarked to SAnews that without government, they would not have been able to bring her brother home.

    “I am filled with joy because we finally have my sibling back. I know where I will bury him and even when I miss him, I will now know where to go to visit him at his gravesite. I will bury him near my parents’ graves.

    “President [Cyril] Ramaphosa has done such a big thing for us. I have been on this road [of trying to get the remains] since Mandela was alive. I have knocked on many doors with no help but today, because of President Cyril Ramaphosa, everything has now been resolved and we can bury our loved ones in peace,” Msiza said. 

    President Ramaphosa is expected to lead a repatriation and restitution ceremony for the remains at the Freedom Park Heritage Site and Museum in Tshwane on Friday.

    In a statement on Monday, the Government Communication and Information System (GCIS) said that following the arrival of the remains,  government will host the official homecoming ceremony to mark the return of these liberation fighters to the country of their birth.

    “Thereafter, reburial ceremonies will be held in the provinces of their origin, ensuring they are laid to rest with the dignity and respect they deserve,” said the GCIS.

    The Exile Repatriation Programme is guided by the National Policy of Repatriation and Restitution of Human Remains and Heritage Objects of 2021. This policy was adopted as part of South Africa’s broader commitment to ensuring that former liberation fighters who died in exile are returned home and buried with dignity.

    The repatriation process is being conducted in close collaboration with regional governments, historical experts, and local communities to guarantee a respectful and well-coordinated return.

    READ | Homecoming ceremony for former liberation fighters

     – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI United Kingdom: Press release: PM meeting with President Abbas of the Palestinian Authority: 25 September 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    President Abbas opened by condemning the Hamas attacks of October 7th. He also highlighted the civilian death toll in Gaza since then, with 41k killed and 100k injured, plus 70% of infrastructure devastated. The Prime Minister agreed that the loss of civilian life had been intolerable. 

    The President and Prime Minister also condemned the increase in settler violence and settlement activity there has been on the West Bank. 

    The President and Prime Minister agreed that we need an immediate ceasefire, the release of the hostages and a surge in humanitarian aid getting in. 

    They also discussed what needed to come next in terms of supporting and reforming the Palestinian Authority and working towards a political horizon which was the only long term solution to this crisis: a viable Palestinian state along a safe and secure Israel.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: SCS tours Government Career Fair at Hong Kong Polytechnic University

    Source: Hong Kong Government special administrative region

    SCS tours Government Career Fair at Hong Kong Polytechnic University (with photos)
    SCS tours Government Career Fair at Hong Kong Polytechnic University (with photos)
    **********************************************************************************

         The Secretary for the Civil Service, Mrs Ingrid Yeung, attended the Government Career Fair at the Hong Kong Polytechnic University (PolyU) today (September 26) and reminded those interested in applying for four civil service graduate posts to submit their applications through the online application system on the Civil Service Bureau (CSB) website by next Friday (October 4).     Mrs Yeung toured the career fair with the Vice President (Student and Global Affairs) of PolyU, Professor Ben Young. It is the first time for the career fair to take place at PolyU, with the participation of officers from various departments and civil service grades to introduce the entry requirements of respective grades and share their personal work experience, as well as to encourage students to join the civil service.     “Thirty government bureaux and departments took part in the career fair today, covering over 50 civil service grades. Apart from the general grades, there are also professional grades and the disciplined services. In view of the characteristics of the courses offered by PolyU, we have arranged officers from the relevant departments to introduce their grades to students. For instance, today’s career fair highlights civil service job opportunities relating to surveying and maritime fields, so that PolyU students who are currently enrolled in the relevant courses can gain a better understanding of the grades concerned. We hope that students will join the Government after graduation and put their knowledge and skills in the relevant professional fields to good use,” Mrs Yeung said.     The CSB is organising Government Career Fairs at 10 local universities from mid-September to early October. In addition to PolyU, Government Career Fairs were held at City University of Hong Kong, the Education University of Hong Kong, the University of Hong Kong, Hong Kong Metropolitan University, Hong Kong University of Science and Technology, Hong Kong Shue Yan University and Hong Kong Baptist University. The remaining two career fairs will take place at the Hang Seng University of Hong Kong and the Chinese University of Hong Kong.     Mrs Yeung encouraged those who are aspiring to serve the community to join the civil service to unleash their potential, pursue their dreams and contribute to Hong Kong. She pointed out that since July 2022 all candidates for civil service jobs must attain a pass result in the Basic Law and National Security Law Test (BLNST) in order to be considered for appointment. By the end of 2023, the number of applicants for the BLNST had reached nearly 140 000. The Government has strengthened its recruitment efforts in recent years and a number of grades have recorded a noticeable increase in the number of applicants. In particular, the number of candidates applying for Administrative Officer (AO), Executive Officer II (EOII) and other grades under the joint recruitment exercise in 2023-24 had surged by nearly 40 per cent, showing that a career in the Government is quite attractive to job seekers.     The Government has launched a joint recruitment exercise for the appointment of four civil service grades, namely AO, EOII, Assistant Trade Officer II and Transport Officer II. Students graduating in the years of 2025 or 2026 may also apply this year. The deadline for submitting applications is 11.59pm on October 4. Candidates interested in applying for posts under the joint recruitment exercise must attain the requisite results in the relevant paper(s) of the Common Recruitment Examination and the BLNST. For details, please refer to the CSB website.

     
    Ends/Thursday, September 26, 2024Issued at HKT 16:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: PM meeting with President Abbas of the Palestinian Authority: 25 September 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    President Abbas opened by condemning the Hamas attacks of October 7th. He also highlighted the civilian death toll in Gaza since then, with 41k killed and 100k injured, plus 70% of infrastructure devastated. The Prime Minister agreed that the loss of civilian life had been intolerable. 

    The President and Prime Minister also condemned the increase in settler violence and settlement activity there has been on the West Bank. 

    The President and Prime Minister agreed that we need an immediate ceasefire, the release of the hostages and a surge in humanitarian aid getting in. 

    They also discussed what needed to come next in terms of supporting and reforming the Palestinian Authority and working towards a political horizon which was the only long term solution to this crisis: a viable Palestinian state along a safe and secure Israel.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Press release: PM meeting with President Ruto of Kenya: 25 September 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister met Kenyan President William Ruto at UNGA this afternoon.

    The Prime Minister met Kenyan President William Ruto at UNGA this afternoon. 

    The two leaders stressed how pleased they were to meet each other for the first time, and agreed the UK and Kenya share a close and important partnership. 

    They agreed to take forward work to further strengthen the bilateral relationship, building on the existing Strategic Partnership between our two countries. 

    In particular, both leaders shared their determination to deliver world-leading action to tackle climate change and accelerate the energy transition.

    The Prime Minister praised President Ruto’s extensive and pioneering leadership in this area, both in Kenya and through his international work across Africa and the world to accelerate the clean energy transition, and reiterated his ambition to turn the UK into a clean energy superpower. 

    Both looked forward to working together more closely and agreed to take forward work to champion clean power internationally– including leveraging the power of private sector investment and international financial institution reform to deliver on their climate ambitions.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Press release: PM meeting with President da Silva of Brazil: 25 September 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister met President Luiz Inacio da Silva at UNGA this afternoon.

    The Prime Minister met President Luiz Inacio da Silva at UNGA this afternoon.

    They discussed their shared commitment to tackling global challenges, including the importance of global ambition on climate change and poverty.

    The Prime Minister congratulated President Lula on his leadership on tackling both these challenges as President of the G20 and looked forward to the Summit in Rio. 

    The leaders shared their plans to accelerate the energy transition at home and internationally, and agreed to work closely on this agenda including for COP30.

    The Prime Minister also confirmed strong support for President Lula’s G20 Global Alliance against Hunger and Poverty.

    They also discussed the conflicts in Ukraine, Gaza, and Lebanon. The Prime Minister set out his steadfast support for Ukraine and upholding the UN Charter. On the Middle East, the Leaders underlined the importance of ceasefires in both Lebanon and in Gaza.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI Global: Easing Africa’s debt burdens: a fresh approach, based on an old idea

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    The statistics are stark: 54 governments, of which 25 are African, are spending at least 10% of their revenues on servicing their debts; 48 countries, home to 3.3 billion people, are spending more on debt service than on health or education.

    Among them, 23 African countries are spending more on debt service than on health or education.

    While the international community stands by, these countries are servicing their debts and defaulting on their development goals.

    The Group of 20’s current approach for dealing with the debts of low income countries is the Common Framework.

    It requires the debtor to first discuss its problems with the International Monetary Fund (IMF) and obtain its assessment of how much debt relief it needs. Then it must negotiate with its official creditors – international organisations, governments and government agencies – over how much debt relief they will provide. Only then can the debtor reach an agreement – on comparable terms to the official creditors – with its commercial creditors.

    Unfortunately, this process has been sub-optimal.

    One reason is that it works too slowly to meet the urgent needs of distressed borrowers. As a result, it condemns debtor countries to financial limbo. The resulting uncertainty is not in anyone’s interest. For example, Zambia has been working through the G20’s cumbersome process for more than three and a half years and has not yet finalised agreements with all its creditors.

    The need for a new approach is overwhelmingly evident. Although the current crisis has not yet become the “systemic” threat it was in the 1980s when multiple countries defaulted on their debt, it is a “silent” sovereign debt crisis.

    We propose a two-part approach that would improve the situation of sovereign debtors and their creditors. This proposal is based on the lessons we have learned from our work on the legal and economic aspects of developing country debt, particularly African debt.

    First, we suggest that official creditors and the IMF create a strategic buyer of “last resort” that can purchase the bonds of debt distressed countries and refinance them on better terms.

    Second, we recommend that all parties involved in sovereign debt restructurings adopt a set of principles that they can use to guide the debtor and its creditors in reaching an optimal agreement and monitoring its implementation.

    The current approach fails to deal effectively and fairly with both the concerns of the creditors and all the debtor’s legal obligations and responsibilities. Our proposed solution would offer debtors debt relief that does not undermine their ability to meet their other legal obligations and responsibilities, while also accommodating private creditors’ preference for cash payments.

    Our proposal is not risk-free. And buybacks are not appropriate for all debtors. Nevertheless it offers a principled and feasible approach to dealing with a silent debt crisis that threatens to undermine international efforts to address global challenges such as climate, poverty and inequality.

    It uses the IMF’s existing resources to meet both the bondholders’ preferences for immediate cash and the developing countries’ need to reduce their debt burdens in a transparent and principled way.

    It also helps the international community avoid a widespread default on debt and development.

    Bondholders are a major problem

    Foreign bondholders, who are the major creditors of many developing countries, have proven to be particularly challenging in providing substantive debt relief in a timely manner. In theory, they should be more flexible than official creditors.

    Developing countries have been paying bondholders a premium to compensate them for providing financing to borrowers that are perceived to be risky. As a result, bondholders have already received larger payouts than official creditors. Therefore, they should be better placed than official creditors to assist the debtor in the restructuring processes.

    However, despite having received large returns from defaulted bonds, bondholders have remained obstinate in debt restructurings.

    Our proposal seeks to overcome this hurdle in a way that is fair to debtors, creditors and their respective stakeholders.

    How it would work

    First, the official creditors and the IMF should create and fund a strategic buyer “of last resort” who can purchase distressed (and expensive) debt at a discount from bondholders. The buyer, now the creditor of the country in distress, can repackage the debt and sell it to the debtor country on more manageable terms. The net result is that the bondholders receive cash for their bonds, while the debtor country benefits from substantial debt relief. In addition, the debtor and its remaining official creditors benefit from a simplified debt restructuring process.

    This concept has precedent. In 1989, as part of the Highly Indebted Poor Countries Initiative, the international community’s effort to deal with the then existing debt burdens of poor countries, the World Bank Group established the Debt Reduction Facility, which helped eligible governments repurchase their external commercial debts at deep discounts. It completed 25 transactions which helped erase approximately US$10.3 billion in debt principal and over US$3.5 billion in interest arrears.

    Some individual countries have also bought back their own debt. In 2009, Ecuador repurchased 93% of its defaulted debt at a deep discount. This enabled the government to reduce its debt stock by 27% and promote economic growth in subsequent years.

    Unfortunately, the countries currently in debt distress lack sufficient foreign reserves to pursue such a strategy. Hence, they need to find a “friendly” buyer of last resort.

    The IMF is well positioned to play this role. It has the mandate to support countries during financial crises. It also has the resources to fund such a facility. It can use a mix of its own resources, including its gold reserves, and donor funding, such as a portion of the US$100 billion in Special Drawing Rights (SDR), the IMF’s own reserve currency, which rich economies committed to reallocate for development purposes.

    Such a facility, for example, would have enabled Kenya to refinance its debts at the SDR interest rate, currently at 3.75% per year, rather than at the 10.375% rate it paid in the financial markets.

    It is noteworthy that the 47 low-income countries identified as in need of debt relief have just US$60 billion in outstanding debts owed to bondholders. Our proposed buyer of last resort would help reduce the burden of these countries to manageable levels.

    Second, we propose that both debtors and creditors should commit to the following set of shared principles, based on internationally accepted norms and standards for debt restructurings.

    Guiding principles

    1. Guiding norms: Sovereign debt restructurings should be guided by six norms: credibility, responsibility, good faith, optimality, inclusiveness and effectiveness.

    Optimality means that the negotiating parties should aim to achieve an outcome that, considering the circumstances in which the parties are negotiating and their respective rights, obligations and responsibilities, offers each of them the best possible mix of economic, financial, environmental, social, human rights and governance benefits.

    2. Transparency: All parties should have access to the information that they need to make informed decisions.

    3. Due diligence: The sovereign debtor and its creditors should each undertake appropriate due diligence before concluding a sovereign debt restructuring process.

    4. Optimal outcome assessment: The parties should publicly disclose why they expect their restructuring agreement to result in an optimal outcome.

    5. Monitoring: There should be credible mechanisms for monitoring the implementation of the restructuring agreement.

    6. Inter-creditor comparability: All creditors should make a comparable contribution to the restructuring of debt.

    7. Fair burden sharing: The burden of the restructuring should be fairly allocated between the negotiating parties.

    8. Maintaining market access: The process should be designed to facilitate future market access for the borrower at affordable rates.

    The G20’s current efforts to address the silent debt crisis are failing. They are contributing to the likely failure of low income countries in Africa and the rest of the global south to offer all their residents the possibility of leading lives of dignity and opportunity.

    Danny Bradlow, in addition to his university position, is Co-Chair of the T20 task force on sovereign debt, and Co-Chair of the Academic Circle on the Right to Development.

    Marina Zucker-Marques is a co-chair for the Brazil T20 Task Force 3 on reforming the International Financial Architecture

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

    ref. Easing Africa’s debt burdens: a fresh approach, based on an old idea – https://theconversation.com/easing-africas-debt-burdens-a-fresh-approach-based-on-an-old-idea-239427

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: PM meeting with President da Silva of Brazil: 25 September 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met President Luiz Inacio da Silva at UNGA this afternoon.

    The Prime Minister met President Luiz Inacio da Silva at UNGA this afternoon.

    They discussed their shared commitment to tackling global challenges, including the importance of global ambition on climate change and poverty.

    The Prime Minister congratulated President Lula on his leadership on tackling both these challenges as President of the G20 and looked forward to the Summit in Rio. 

    The leaders shared their plans to accelerate the energy transition at home and internationally, and agreed to work closely on this agenda including for COP30.

    The Prime Minister also confirmed strong support for President Lula’s G20 Global Alliance against Hunger and Poverty.

    They also discussed the conflicts in Ukraine, Gaza, and Lebanon. The Prime Minister set out his steadfast support for Ukraine and upholding the UN Charter. On the Middle East, the Leaders underlined the importance of ceasefires in both Lebanon and in Gaza.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: PM meeting with President Ruto of Kenya: 25 September 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met Kenyan President William Ruto at UNGA this afternoon.

    The Prime Minister met Kenyan President William Ruto at UNGA this afternoon. 

    The two leaders stressed how pleased they were to meet each other for the first time, and agreed the UK and Kenya share a close and important partnership. 

    They agreed to take forward work to further strengthen the bilateral relationship, building on the existing Strategic Partnership between our two countries. 

    In particular, both leaders shared their determination to deliver world-leading action to tackle climate change and accelerate the energy transition.

    The Prime Minister praised President Ruto’s extensive and pioneering leadership in this area, both in Kenya and through his international work across Africa and the world to accelerate the clean energy transition, and reiterated his ambition to turn the UK into a clean energy superpower. 

    Both looked forward to working together more closely and agreed to take forward work to champion clean power internationally– including leveraging the power of private sector investment and international financial institution reform to deliver on their climate ambitions.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom

  • MIL-OSI USA: Founder and Chief Executive Officer of Injectable Stem Cell Product Manufacturer Pleads Guilty to Felony Distribution of Unapproved Drug

    Source: US Department of Health and Human Services – 3

    Department of Justice
    Office of Public Affairs

    FOR IMMEDIATE RELEASE
    Tuesday, August 27, 2024

    The founder and chief executive officer of a California-based company that marketed stem cell-based products linked to multiple hospitalizations pleaded guilty yesterday to a felony violation of the Federal Food, Drug and Cosmetic Act.

    John W. Kosolcharoen, 53, most recently of Orange County, California, pleaded guilty to introducing an unapproved new drug into interstate commerce with the intent to defraud and mislead. Kosolcharoen is currently in custody serving a sentence for a separate, unconnected conviction. U.S. District Judge Otis D. Wright II for the Central District of California presided over the hearing pursuant to a plea agreement with the government. The court set Kosolcharoen’s sentencing for Sept. 23.

    According to court documents, beginning in 2016, Kosolcharoen created two companies, Liveyon LLC and Genetech Inc., to manufacture and distribute injectable stem cell products made from human umbilical cord blood. Liveyon marketed the products under different brand names, including “ReGen.” In pleading guilty, Kosolcharoen admitted that he and others misrepresented ReGen as suitable for the treatment of a variety of conditions, such as lung and heart diseases, autoimmune disorders, Alzheimer’s disease, Parkinson’s disease and others. Liveyon marketed the products throughout the United States until about April 2019 using advertising materials that contained multiple false and misleading statements about their purported safety and effectiveness.

    In recent years, the U.S. Food and Drug Administration (FDA) has warned consumers that patients seeking cures and remedies for serious diseases and conditions may be misled about unapproved stem cell products that are illegally marketed, have not been shown to be safe or effective, and, in some cases, may have significant safety issues that put patients at risk. Stem cell products are regulated by FDA, and generally they must have FDA approval before being introduced into interstate commerce.

    As part of the plea agreement, Kosolcharoen admitted that to mislead FDA about Liveyon’s activities, he directed Liveyon’s purchase orders to falsely state that the stem cell products were being sold “for research purposes only.” In 2018, FDA and the Centers for Disease Control and Prevention (CDC) received reports of patients in multiple states requiring hospitalization for bacterial infections after receiving Liveyon products. Kosolcharoen admitted that he and others fraudulently induced customers into purchasing stem cell-derived Liveyon products by, among other things, misleading the public about the cause and severity of adverse events suffered by Liveyon patients, and falsely reporting and concealing material facts regarding the outcome of an FDA inspection of Genetech. According to FDA records, that inspection documented evidence of significant deviations from good manufacturing and tissue practices.

    “Unapproved stem cell treatments not only endanger public health but also exploit the hopes of patients who seek relief from the most serious of diseases,” said Principal Deputy Assistant Attorney General Brian Boynton, head of the Justice Department’s Civil Division. “The Department of Justice is committed to safeguarding the public from these schemes and will vigorously pursue legal action to hold accountable those who unlawfully market and sell these unproven therapies.”

    “This defendant recklessly put people’s lives in danger, giving false hope to patients with serious illnesses,” said U.S. Attorney Martin Estrada for the Central District of California. “Today’s guilty plea shows that we will hold accountable corporate executives and healthcare professionals who put profits over patients.”

    “We are grateful for the work by the Department of Justice to hold accountable establishments that prey upon vulnerable populations by marketing potentially dangerous stem cell products with false and misleading claims about their safety and effectiveness,” said Director Peter Marks, M.D., Ph.D. of FDA’s Center for Biologics Evaluation and Research.

    “When unscrupulous providers offer umbilical cord blood stem cell products and treatments that are both unapproved and unproven, they put consumers’ health at risk, and multiple users of this firm’s products in fact suffered adverse events,” said Special Agent in Charge Robert Iwanicki of FDA Office of Criminal Investigations Los Angeles Field Office. “FDA will continue to investigate and bring to justice those who endanger the public’s health for material gain.”

    “This investigation was a joint effort between multiple federal agencies and state and local health departments to quickly put a stop to the distribution of unsafe, contaminated products,” said Director Michael Bell, M.D. of CDC’s Division of Healthcare Quality Promotion. “The rapid response by our public health system identified products marketed as stem cell treatments to be the source of serious infections in dozens of patients. Our message to all consumers and providers is to heed the warning against the use of unapproved products like these with unproven claims of effectiveness for conditions like joint disease, chronic pain, or COVID-19. Please don’t let products like these put you or your patients’ health at risk.”

    FDA’s Office of Criminal Investigations, FBI, Amtrak Office of Inspector General, Defense Criminal Investigative Service, Department of Health and Human Services Office of Inspector General, Department of Labor Employment Benefits Security Administration and California Department of Health Care Services investigated the case.

    Assistant U.S. Attorneys Mark Aveis and David Chao for the Central District of California, Assistant Director Ross S. Goldstein and Trial Attorneys Meredith B. Healy, Kathryn A. Schmidt and Peter J. Leininger of the Justice Department’s Consumer Protection Branch are prosecuting the case.

    Additional information about the Consumer Protection Branch and its enforcement efforts can be found at www.justice.gov/civil/consumer-protection-branch.

    MIL OSI USA News

  • MIL-OSI Russia: To the participants, organizers and guests of the VIII All-Russian Forum of Multifunctional Centers for the Provision of State and Municipal Services

    MIL OSI Translation. Region: Russian Federation –

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

    The forum is taking place in Veliky Novgorod on September 26-27.

    Dear colleagues!

    I welcome you to Veliky Novgorod at the All-Russian Forum of Multifunctional Centers for the Provision of State and Municipal Services, where the professional community will be able to exchange experiences, demonstrate best practices, and outline ways for the further development of MFCs.

    Russia occupies a leading position in the world in the implementation of high technologies. Strengthening leadership in this area is a key state task. A striking example of the digitalization of public administration is the implementation of the MFC project, which has become an effective mechanism for interaction between citizens and businesses with departments and organizations.

    My Documents centers operate in all regions of the country, implement lean manufacturing technologies, provide municipal and government services both in person and online. This allows us to simplify bureaucratic procedures for Russians and reduce the administrative burden on entrepreneurs. Every day, thanks to the government services portal and MFC, each person can quickly and conveniently solve life issues. It is important that today much is being done to improve the work of the centers and expand their functions.

    Traditionally, the winners of the tenth All-Russian competition “The Best Multifunctional Center of Russia” will receive awards at the forum. I sincerely congratulate the winners, wish them new successes, and fruitful communication and constructive discussions to all participants of the meeting. I am confident that the solutions you developed during the event will allow us to continue to provide assistance to millions of our citizens.

    M. Mishustin

    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://government.ru/gov/persons/151/telegrams/52797/

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

    MIL OSI Russia News

  • MIL-OSI Russia: Renovation program: a residential building will appear near the Krymskaya MCC station

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    A house will be built in the Kotlovka district under the renovation program. The Committee for Architecture and Urban Development of the City of Moscow (Moskomarkhitektura) has already issued an urban development plan for a land plot of 1.74 hectares. This was reported by Juliana Knyazhevskaya, chairman of the department.

    The area for future development is located at the address: Vinokurova Street, land plot No. 22/1.

    “The new building with a maximum area of 102 thousand square meters will appear in an actively renewed capital district with modern public spaces, parks, social and commercial facilities. The residential building is located near the Krymskaya station of the Moscow Central Circle,” added Yuliana Knyazhevskaya.

    Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. Earlier, Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction rates and volumes. Over the past few years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential buildings in the capital has doubled – from three to five to seven million square meters per year. More information about this and other national projects being implemented in Moscow can be found 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.

    http://vvv.mos.ru/nevs/item/144484073/

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

    MIL OSI Russia News

  • MIL-OSI Russia: 100 best projects selected for fourth stream of “Academy of Innovators”

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The selection of the 100 best projects for the fourth stream of the “Academy of Innovators” has been completed. Most of the ideas can become import-substituting solutions that will later be implemented in the city and business infrastructure. Applications were accepted from June 17 to September 15 on the project website.

    “Moscow pays special attention to comprehensive support for aspiring technology entrepreneurs – the “Academy of Innovators” project was created in the capital specifically for this purpose, which was recently completely updated. Since the relaunch, interest in the program has increased significantly. 517 projects from 115 cities in Russia were submitted for the fourth stream. As a result, experts selected 100 best participants and teams who began implementing their ideas,” she said.

    Kristina Kostroma, head of the capital’s Department of Entrepreneurship and Innovative Development.

    The most popular areas of the program were information technology, as well as innovations in education, medicine, e-commerce and creative industries. Among the applications for acceleration, the number of projects using cross-cutting technologies increased: artificial intelligence, blockchain, virtual and augmented reality.

    Not only Muscovites, but also residents of other Russian cities have shown interest in the program. In particular, the project is popular with aspiring entrepreneurs from St. Petersburg, Kazan, Perm and Samara. In addition, representatives of Armenia, Belarus, Nigeria and Kazakhstan have registered on the platform.

    Participants who pass the selection will develop their ideas together with personal mentors. As part of the acceleration, they will have access to coworking in the Lomonosov cluster and training sessions in the field of innovation and business, as well as meetings with potential investors and customers.

    Residents of the “Innovators Academy” will be offered to test the final product on city and business platforms. On the project platform, they have the opportunity to select requests from large corporations, refine the idea and bring it to the finished product with the support of personal mentors and experts from companies and the Moscow Innovation Agency.

    From drones to exoskeletons: the most interesting projects of the fourth stream

    Among the participants of the new stream of the “Academy of Innovators” is Vadim Skvortsov, the inventor of an intelligent platform for creating a digital twin of the production of mechanical engineering enterprises. The development allows optimizing production processes, increasing their efficiency and reducing costs. With this project, Vadim has already become a laureate of the award “Innovator of Moscow” in the nomination “Changing Reality” in the “Industry” direction.

    Gleb Kim is the author of the first project in Russia that allows the use of artificial intelligence in cardiac surgery and cardiology. The solution helps improve the quality of medical care and speed up diagnostics by 10 times.

    Marina Letovaltseva has developed modular systems based on conductive fabrics to protect against hypothermia at low temperatures. Their effectiveness has been proven in extreme situations – when climbing Elbrus and in the climate of the Far North.

    Anton Moskaluk has created a robotic exoskeleton for the knee joint. It helps people with leg injuries restore their mobility and gradually return to an active life.

    Nikita Usachev has developed an unmanned surface vehicle with machine vision modules. The device is designed to monitor protected areas and the state of the environment, it helps ensure safety and environmental protection.

    The Innovators Academy has been running since 2021, but was relaunched in 2023 with significant changes. It is now a continuous program for the intensive development of technology projects, which can be joined at any time and at any stage. It no longer has restrictions on accepting applications by industry, and the age limit for participants has been reduced to 14 years.

    Since its relaunch, more than 20,000 developers, scientists, and entrepreneurs from Russia and friendly countries have joined the Innovators Academy. They have created over four thousand innovative projects and over 290 startups, and attracted over 200 million rubles in investments and grants. The total revenue of the program residents exceeded 260 million rubles.

    Moscow Innovation Agency— the Institute for Innovative Development of the Capital, subordinate to the city Department of Entrepreneurship and Innovative Development. The institution offers a range of programs for businesses at different stages of development – from the implementation of an idea to the moment when the company has a finished product and a desire to enter new markets. The organization’s projects help technology companies develop, test and implement their products, attract investment, scale up and find large customers.

    The agency brings together aspiring innovators, startups and technology companies from the capital and other regions. For those who are just starting out and are just planning to found a startup, the organization offers three large-scale projects. These are the “Digital Transformation Leaders” and “Moscow Innovator” competitions, as well as the ongoing program for the development of technology projects “Academy of Innovators”.

    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/144483073/

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

    MIL OSI Russia News

  • MIL-OSI Translation: ASIA/INDIA – Archbishop Neli: In Manipur the path to peace is not made with weapons and separation walls

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    Displaced people in Manipur

    by Paolo AffatatoImphal (Agenzia Fides) – “Peace and reconciliation in Manipur cannot be based on the separation of ethnic communities; they will not be achieved by building a new dividing wall on the border with Myanmar, the one that the state plans to build for over 1600 kilometres”. It is the vision of Msgr. Linus Neli, Archbishop of Imphal, capital of the Indian state of Manipur. “Peace – continues the Archbishop – will not be achieved even through the rearmament of ethnic groups, as is dangerously happening among the Kuki and Meitei communities. Peace will be achieved by reactivating dialogue, starting negotiations, proceeding on a path of equality and justice that overcomes atavistic rivalries and ethnic claims”. In an interview with Agenzia Fides, the Archbishop re-reads the crisis that has been year grips the state of north-eastern India. The Archbishop frames the issue in the ethnic and cultural configuration of the north-eastern region of India, “a region with its own specific dimension, characterized by ethnic, linguistic and cultural pluralism”. North-eastern India includes the seven states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura, as well as the Himalayan state of Sikkim, and the Jalpaiguri division, legally part of West Bengal. “It is also geographically secluded – he notes – if you consider that it is connected to the rest of the country via a narrow corridor between Bhutan and Bangladesh, the Siliguri corridor. This geographical characteristic is not irrelevant, even with respect to relations with the central government in New Delhi”, he observes. The region has often been crossed in the past by conflicts and social, ethnic and political tensions. At the time of their establishment, “the North-Eastern States – recalls the Archbishop – were created to allow their respective indigenous communities to safeguard their identity and make their specific contribution to the Indian Federation, with the particular resources of their cultural heritage. Furthermore, some tribal groups are infinitely small communities and are only now entering the highly competitive world of modern India”. Furthermore, north-eastern India is one of the regions where, overall, the concentration of citizens of the Christian faith is greatest in India: Of the approximately 27.8 million Christians in the whole of India, approximately 7.8 million are found in the Northeast region. “This also entails our responsibility in promoting peace, justice, brotherhood between people and groups of different faiths, languages, cultures and ethnic groups”, states the Archbishop. Neli then outlines the internal situation of Manipur where “there are three main ethnic groups: the Kuki, the Meitei, the Naga. Coexistence and intercommunity relations have not been easy in the past. There is a discussion about ‘who was there originally’, therefore about who can claim greater rights in social life, as the Kuki came centuries ago (starting from the 16th century, ed.) from neighboring Myanmar (where they are called Chin, ed.). The confrontation, and even the conflict, has always had a central theme: the possession of land, which is the source of sustenance and prosperity. Even today’s clash between Kuki and Meitei is no exception: it is fundamentally a clash over the land and the politics of the land”, he explains. “Geographically – always the element of geography which cannot be ignored, he is keen to say – the Meitei today hold about 10% of the land and are based in the valley where the capital Imphal is located. The other groups, Naga and Kuki, are in the hilly and mountainous areas, occupy around 90% of the territory, and are included in the list of ‘recognised tribes’.” They are those historically marginalized tribes to which the Indian Constitution recognizes specific property rights, and indicates them as recipients of specific development, education and land allocation programs. In March 2023, an order of the High Court of Manipur recommended to the central government to also include the Meitei community among the “recognized tribes” and this generated the protest which then resulted in clashes and generalized conflict. “It must be said that the Meiteis are a numerical minority but they are a political majority, controlling the local government (the Prime Minister of the state is N. Biren Singh, member of the Baratiya Janata Party, that of the Indian Prime Minister Narendra Modi, ed.), and over the years they have carried out policies that, according to other groups, discriminate against tribals.” Added to this is the religious element, given that the Meitei are of the Hindu religion and live – an exception in India – as a minority in a state with a majority Christian population. “There has also been, in recent years, an attempt to colonize the territory by Hindu extremists”, notes the Pastor of the Catholic community of Imphal. “Among other things – he adds, providing an element that complicates the picture, which did not emerge in the mass media – the destruction of Christian chapels during the conflict is due to the religious clash within the Meitei community, which then reunited to turn to the ‘common enemy’, the Kuki”. of community and fraternity and help to see the other not as an enemy, but as a brother and sister with whom to coexist peacefully. Faith in Christ helps to bring peace and justice”. The Archbishop recounts the current situation of absolute separation, with military checkpoints between the areas inhabited by Meitei and Kuki, who cannot go to each other’s areas: ” This division, in the short term, interrupted the spiral of conflict, but it is not enough, because it has not healed the traumas and wounds (over 220 victims and 67,000 displaced persons), nor has it calmed the hatred and revenge: in fact currently all the communities they are proceeding to rearm, organizing themselves with increasingly heavier armaments. Which gives the sense of the powder keg ready to respond. And, if that were the case, with the use of those weapons, it would be an even bloodier conflict”, he notes. In this context, Archbishop Neli, who is of the Naga ethnic group, considered “neutral”, can visit the parishes in the different areas , where there are priests (76 in the diocese) who are also divided by ethnicity. “Being a Naga I can visit and comfort various communities. Some religious people and priests who come from the Indian state of Kerala (in southern India) can also do so, and therefore are not parties to the proceedings. I can say that, from my visits, I have drawn a clear will: people are hungry and thirsty for peace. It is urgent to seek and pursue a political solution with all our energies,” he says, recounting the situation of over 1,000 Kuki Catholic refugees, who have had to leave areas such as the city of Imphal, where they lived in the past. “The Catholic community is offering them assistance and sustenance and we have also built small wooden houses where they can stay,” he reports. At a political level, the Archbishop expresses doubts about the road map for solving the crisis, presented by the central government , by Interior Minister Amit Shah because “the central government has neglected Manipur and the response to the management of the violence has not been adequate, there has not been a clear political vision, while now the social, employment and economic crisis of the country is worsening ‘entire state, blocked in the stalemate of lack of communication between regions and groups, with negative consequences for businesses, schools, socio-economic activities”. Furthermore, fearing infiltration of Kuki militants from Myanmar, the government has begun to build a barrier to border that should seal a frontier of 1600 kilometres, “which means institutionalizing separations, reasoning according to the logic of division which exasperates souls and foments hatred”, he notes. Politics, adds Archbishop Neli, “should think about concrete solutions such as the possible creation of two different autonomous administrative units or – another proposal that has emerged – that the Kuki districts become a Union Territory, i.e. directly dependent on the central government. But every proposal can only start from a dialogue, from a mediation, from a negotiation, which takes into account the need to find geographical and then socio-cultural harmony”. “This process – concludes Neli – starts from a basic assumption which must be welcomed by all: recognizing the other as a ‘brother in humanity’, the ground that allows coexistence even between peoples different in language, history, ethnicity, culture, religion. For this reason we are also inspired by Pope Francis’ document ‘Fratelli tutti’, whose spirit we hope can be welcomed by Christians and non-Christians”. (Agenzia Fides 26/9/2024)

    Archbishop Linus Neli

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

    MIL Translation OSI

  • MIL-OSI Translation: Traffic relief through Sta. Maria: Master Plan adjustments publicly exposed

    MIL OSI Translation. Region: Italy –

    Source: Switzerland – Canton Government of Grisons in Italian

    The next procedural phase for the traffic relief through Sta. Maria in Val Monastero has been started. The public participation exhibition for the adaptation of the Master Plan will start on 30 September 2024.

    The historic centre of Sta. Maria has been exposed to a high volume of traffic for years. The increasing transit traffic along the Ofen Pass road and the traffic on the Umbrail Pass regularly cause inconvenience and traffic jams, especially in the summer months. In this context, there has been a desire for decades to relieve the town of traffic in order to improve safety in the village, increase the quality of life of residents and guests, and preserve and enhance the village centre, which is protected at national level. Various approaches to solving this problem have been developed since the end of the 1990s. However, for various reasons, it has not been possible to implement relief measures so far.

    Adaptation of the master plan requiredAccording to the Federal Law on Spatial Planning, major road construction projects such as bypasses are considered projects with a particular impact on the territory and the environment and therefore require a specification in the cantonal master plan. As a basis, with the involvement of experts from various sectors, a comprehensive evaluation of variants for reducing traffic through Sta. Maria has been carried out since 2020. The best variant developed involves the construction of a bypass on the northern edge of the settlement, with a tunnel of around 600 metres in length that passes under the Paclera area and the Muranzina stream. This relief plan forms the basis for the specification in the master plan now planned.

    The master plan guarantees the necessary bypass corridor in a binding manner for the authorities and harmonizes the interests of the Confederation and the Canton. In addition, further measures are established for subsequent planning, which contribute, among other things, to enabling an optimal design and integration of the project into the landscape and to improving the quality of living and staying in the core.

    Public display for 30 daysThe adaptation of the master plan will be displayed for public participation for 30 days, starting from September 30, 2024. During this period, all interested parties have the opportunity to submit objections and proposals in written form.

    The project is already in the preliminary examination phase by the Confederation. The master plan will be further developed on the basis of the results of the public exhibition and the preliminary examination by the Confederation. The cantonal master plan will be decided by the Grisons government and approved by the Federal Council.

    Attached:

    Sta. Maria ring road, «northern ring road» variant (status: February 2023)

    Contact person:

    Richard Atzmüller, Head of the Office for Spatial Development, Tel. 41 81 257 23 21 (reachable between 10:30 and 11:30), e-mailRichard.Atzmueller@are.gr.ch

    Competent body: Office for Territorial Development

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

    MIL Translation OSI

  • MIL-OSI Translation: French artist Winshluss nominated for 2024 Töpffer Grand Prix for Comics

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

    Source: Switzerland – Canton Government of Geneva in French

    A prolific and multifaceted author, Winshluss – Vincent Paronnaud by his real name – is rewarded for his entire body of work in drawing. The six authors nominated respectively for the Töpffer Prize Geneva and the Töpffer Prize for Young Comics are now known. The Töpffer Prizes will be awarded during a public ceremony at HEAD – Geneva on Thursday, November 28.

    Since 2018, the Grand Prix Töpffer has distinguished a French-speaking author or author translated into French for the importance of their contribution to contemporary comics. On the proposal of a jury made up of experts in the field, the canton and the City of Geneva have decided to award the Grand Prix Töpffer 2024, with a prize of 10,000 francs, to the French comic book author and filmmaker Winshluss.

    Born in 1970, Winshluss is a self-taught artist and jack-of-all-trades with a unique trajectory. He started out in comics in the mid-1990s by publishing his drawings in fanzines. At the turn of the 2000s, he established himself as a leading author for Requins Marteaux, an underground publishing house. His biting and often dark style, his scathing humor and the critical look he takes at our society in its dehumanizing aspects hit the mark.

    It was in 2009 that he became known to the general public by winning the Fauve d’or at the Angoulême festival with Pinocchio, a pop and trashy reinterpretation of the tale of the same name. Acclaimed by the public and critics alike and translated into a dozen countries, the album has become a classic of independent comics. In 2016, Winshluss received the Pépite d’or at the Montreuil Youth Book Fair for Dans la forêt sombre et mystérieuse, a book which – unusually for the author – ends well. In addition to his rich work in drawing, Winshluss is also a musician, visual artist and filmmaker. He notably co-directed the animated film Persepolis with Marjane Satrapi, which won the Jury Prize at the 2007 Cannes Film Festival.

    Six authors in the running in other categories

    Increasingly recognized in the world of comics, the Töpffer Awards have been awarded since 1997 in tribute to the Genevan Rodolphe Töpffer, considered the inventor of the 9th art. The ceremony on November 28 will also be an opportunity to recognize the 2024 winners of the Töpffer Geneva Prize, worth 10,000 francs, and the Young Comics Prize, worth 5,000 francs.

    For the Prix Töpffer Genève, which rewards a confirmed Geneva comic strip personality for an album published less than a year ago, the three nominated authors are Alex Baladi (1969) for Un monde en pleine mutation (Atrabile editions), Ibn Al Rabin (1975) for De la ductilité du sbrinz (Atrabile editions), and Juliette Mancini (1989) for La haine du poil (Cambourakis editions).

    Concerning the Young Comic Strip Prize, which rewards a project in progress by an author aged 15 to 30 and living or studying in Geneva, the three nominees are Jano (2002) for La Dragonne, Fanny Rose (2002) for On dit que c’est une étamine libre, and Stanyslas Leray (2000) for La Gwerz de l’ajonc. The first two works mentioned were produced as part of the diploma projects of the Geneva School of Comics and Illustration (ESBDI), while the third is the result of a bachelor’s thesis at HEAD – Geneva.

    For this 2024 edition, the selection jury is composed as follows: Hélène Becquelin (comic book author), Patrick Fuchs (dean of ESBDI), Yannis La Macchia (Töpffer Prize Geneva 2023), Clément Paurd (head of the illustration orientation at HEAD – Geneva), Emmanuèle Payen (director of the cultural development and cinema department at the Centre Pompidou), and Leticia Ramos (head of the Cumulus specialist bookstore).

    Festive evening to celebrate comics

    The 2024 Töpffer Comic Strip Awards will be presented on Thursday, November 28, during a ceremony attended by Thierry Apothéloz, State Councilor in charge of the Department of Social Cohesion, and Sami Kanaan, Administrative Councilor of the City of Geneva in charge of the Department of Culture and Digital Transition. This festive event, with public and free admission, will be held at the Cube on the HEAD – Geneva campus. The precise program will be announced soon.

    Artist biographies and press images are available at http://www.prixtopffer.ch.

    Please note that Winshluss, Grand Prix Töpffer 2024, will be in Geneva during the week of November 25, where he will give a workshop at the ESBDI. Media interested in an interview or a report can register at the contact details below.

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

    MIL Translation OSI

  • MIL-OSI Africa: Easing Africa’s debt burdens: a fresh approach, based on an old idea

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    The statistics are stark: 54 governments, of which 25 are African, are spending at least 10% of their revenues on servicing their debts; 48 countries, home to 3.3 billion people, are spending more on debt service than on health or education.

    Among them, 23 African countries are spending more on debt service than on health or education.

    While the international community stands by, these countries are servicing their debts and defaulting on their development goals.

    The Group of 20’s current approach for dealing with the debts of low income countries is the Common Framework.

    It requires the debtor to first discuss its problems with the International Monetary Fund (IMF) and obtain its assessment of how much debt relief it needs. Then it must negotiate with its official creditors – international organisations, governments and government agencies – over how much debt relief they will provide. Only then can the debtor reach an agreement – on comparable terms to the official creditors – with its commercial creditors.

    Unfortunately, this process has been sub-optimal.

    One reason is that it works too slowly to meet the urgent needs of distressed borrowers. As a result, it condemns debtor countries to financial limbo. The resulting uncertainty is not in anyone’s interest. For example, Zambia has been working through the G20’s cumbersome process for more than three and a half years and has not yet finalised agreements with all its creditors.

    The need for a new approach is overwhelmingly evident. Although the current crisis has not yet become the “systemic” threat it was in the 1980s when multiple countries defaulted on their debt, it is a “silent” sovereign debt crisis.

    We propose a two-part approach that would improve the situation of sovereign debtors and their creditors. This proposal is based on the lessons we have learned from our work on the legal and economic aspects of developing country debt, particularly African debt.

    First, we suggest that official creditors and the IMF create a strategic buyer of “last resort” that can purchase the bonds of debt distressed countries and refinance them on better terms.

    Second, we recommend that all parties involved in sovereign debt restructurings adopt a set of principles that they can use to guide the debtor and its creditors in reaching an optimal agreement and monitoring its implementation.

    The current approach fails to deal effectively and fairly with both the concerns of the creditors and all the debtor’s legal obligations and responsibilities. Our proposed solution would offer debtors debt relief that does not undermine their ability to meet their other legal obligations and responsibilities, while also accommodating private creditors’ preference for cash payments.

    Our proposal is not risk-free. And buybacks are not appropriate for all debtors. Nevertheless it offers a principled and feasible approach to dealing with a silent debt crisis that threatens to undermine international efforts to address global challenges such as climate, poverty and inequality.

    It uses the IMF’s existing resources to meet both the bondholders’ preferences for immediate cash and the developing countries’ need to reduce their debt burdens in a transparent and principled way.

    It also helps the international community avoid a widespread default on debt and development.

    Bondholders are a major problem

    Foreign bondholders, who are the major creditors of many developing countries, have proven to be particularly challenging in providing substantive debt relief in a timely manner. In theory, they should be more flexible than official creditors.

    Developing countries have been paying bondholders a premium to compensate them for providing financing to borrowers that are perceived to be risky. As a result, bondholders have already received larger payouts than official creditors. Therefore, they should be better placed than official creditors to assist the debtor in the restructuring processes.

    However, despite having received large returns from defaulted bonds, bondholders have remained obstinate in debt restructurings.

    Our proposal seeks to overcome this hurdle in a way that is fair to debtors, creditors and their respective stakeholders.

    How it would work

    First, the official creditors and the IMF should create and fund a strategic buyer “of last resort” who can purchase distressed (and expensive) debt at a discount from bondholders. The buyer, now the creditor of the country in distress, can repackage the debt and sell it to the debtor country on more manageable terms. The net result is that the bondholders receive cash for their bonds, while the debtor country benefits from substantial debt relief. In addition, the debtor and its remaining official creditors benefit from a simplified debt restructuring process.

    This concept has precedent. In 1989, as part of the Highly Indebted Poor Countries Initiative, the international community’s effort to deal with the then existing debt burdens of poor countries, the World Bank Group established the Debt Reduction Facility, which helped eligible governments repurchase their external commercial debts at deep discounts. It completed 25 transactions which helped erase approximately US$10.3 billion in debt principal and over US$3.5 billion in interest arrears.

    Some individual countries have also bought back their own debt. In 2009, Ecuador repurchased 93% of its defaulted debt at a deep discount. This enabled the government to reduce its debt stock by 27% and promote economic growth in subsequent years.

    Unfortunately, the countries currently in debt distress lack sufficient foreign reserves to pursue such a strategy. Hence, they need to find a “friendly” buyer of last resort.

    The IMF is well positioned to play this role. It has the mandate to support countries during financial crises. It also has the resources to fund such a facility. It can use a mix of its own resources, including its gold reserves, and donor funding, such as a portion of the US$100 billion in Special Drawing Rights (SDR), the IMF’s own reserve currency, which rich economies committed to reallocate for development purposes.

    Such a facility, for example, would have enabled Kenya to refinance its debts at the SDR interest rate, currently at 3.75% per year, rather than at the 10.375% rate it paid in the financial markets.

    It is noteworthy that the 47 low-income countries identified as in need of debt relief have just US$60 billion in outstanding debts owed to bondholders. Our proposed buyer of last resort would help reduce the burden of these countries to manageable levels.

    Second, we propose that both debtors and creditors should commit to the following set of shared principles, based on internationally accepted norms and standards for debt restructurings.

    Guiding principles

    1. Guiding norms: Sovereign debt restructurings should be guided by six norms: credibility, responsibility, good faith, optimality, inclusiveness and effectiveness.

    Optimality means that the negotiating parties should aim to achieve an outcome that, considering the circumstances in which the parties are negotiating and their respective rights, obligations and responsibilities, offers each of them the best possible mix of economic, financial, environmental, social, human rights and governance benefits.

    2. Transparency: All parties should have access to the information that they need to make informed decisions.

    3. Due diligence: The sovereign debtor and its creditors should each undertake appropriate due diligence before concluding a sovereign debt restructuring process.

    4. Optimal outcome assessment: The parties should publicly disclose why they expect their restructuring agreement to result in an optimal outcome.

    5. Monitoring: There should be credible mechanisms for monitoring the implementation of the restructuring agreement.

    6. Inter-creditor comparability: All creditors should make a comparable contribution to the restructuring of debt.

    7. Fair burden sharing: The burden of the restructuring should be fairly allocated between the negotiating parties.

    8. Maintaining market access: The process should be designed to facilitate future market access for the borrower at affordable rates.

    The G20’s current efforts to address the silent debt crisis are failing. They are contributing to the likely failure of low income countries in Africa and the rest of the global south to offer all their residents the possibility of leading lives of dignity and opportunity.

    – Easing Africa’s debt burdens: a fresh approach, based on an old idea
    https://theconversation.com/easing-africas-debt-burdens-a-fresh-approach-based-on-an-old-idea-239427

    MIL OSI Africa

  • MIL-OSI: AFL : First half-year 2024: Business continued to grow at a sustained pace, delivering positive earnings

    Source: GlobeNewswire (MIL-OSI)

    First half-year 2024:
    Business continued to grow at a sustained pace, delivering positive earnings

    The AFL Group has unveiled its earnings for H1 2024. Highlights include:

    • New memberships expressed as pledged capital are up €21.5 million in H1 2024 – as much as during the full year in 2023.
    • Credit origination hit a new record high after growing 18% in H1 2024 compared to H1 2023.
    • Half-year earnings, excluding non-recurring items, rose 16% between 2023 and 2024.
    • Changes to local authority risk weightings, down from 20% to 0%, allow the debt securities issued by AFL to be classified as HQLA1 (decision by ACPR in June 2024).

    Consolidated earnings – key figures at June 30, 2024:

    Member local authorities: 878 (+102 local authorities vs. 31/12/2023)

    Pledged capital: 315 million euros (+21.5 million vs. 31/12/2023)

    Loan production: 622 billion euros (+18% vs. 30/06/2023)

    Funds raised in the market: 1,400 million euros (part of a 2,500-million-euro programme) with a 39-basis point margin over the OAT yield curve.

    Net interest margin: 11.6 billion euros (-10.5% vs. 30/06/2023)

    Gross operating income: 2.9 billion euros (-25% vs. June 30, 2023)

    Net income after tax: 1.96 billion euros (-31% vs. June 30, 2023)

    Cost/income ratio: 73.1% (vs. 67.4% as of December 31, 2023)

    Solvency ratio: 77.7% (vs. 13.23% as of December 31, 2023)

    Leverage ratio for public development lending institutions: 9.69% (vs. 8.86% as of December 31, 2023)

    Banking leverage ratio1: 2.42% (vs. 2.24% as of December 31, 2023)

    Record increase in lending activity and in the number of new local authority memberships

    Record credit origination

    During H1 2024, AFL granted loans of 622 million euros to its local authority members, 18% more than as of June 2023. This trend is being observed as demand for debt remains high, fuelled by the need to fund mid-term projects and address major challenges posed by the environmental and climate transition.

    Over 100 new local authority members

    Buoyed by this lending momentum and its increasingly strong reputation, AFL registered 102 new local authority memberships, thereby bringing its total members to 878 at 30 June, 2024.

    These new members are: 3 departments, 5 unions, 2 communities of communes, 5 urban communities and 87 municipalities of various sizes. Overall, AFL Group members include a total of 6 regions, 17 French departments, 669 municipalities and 186 EPCIs (groupings of municipalities) including 15 cities and 50 unions.

    This represents an additional capital commitment of 21.5 million euros, voted in H1 2024, bringing the total to 315 million euros.

    Efficient refinancing that stands out for the continued diversification of issuances

    In H1 2024, AFL raised 1.4 billion euros in the bond market with a weighted average maturity of 7.8 years:

    • A syndicated bond issue of 750 million euros with a 10-year maturity;
    • The first syndicated issuance in Swiss francs for a total 110 million, with a 10-year maturity;
    • A new 3-year syndicated bond issuance in sterling for a total 250 million;
    • Several Euro-denominated private placements including six “callable” deals (pre-determined term) for a total 221 million euros.

    The weighted average spread on these issues was 39-basis points over the Obligations Assimilables du Trésor (OAT) curve, a substantial improvement compared to the previous financial year (average of 49 basis points over OAT in 2023).

    Financial results are aligned with the business plan

    Robust earnings (consolidated earnings under IFRS)

    At June 30, 2024, the AFL Group has generated the income needed to pursue its growth:

    • Net banking income (NBI) came in at €10,785 thousand (€12,179 thousand as of 30/06/2023).
    • Net interest margin for the AFL Group stood at €11,586 thousand (€12,940 thousand of 30/06/2024). This decline stems from the exceptional results recorded in the first half of 2023, boosted notably by the substantial drop in cash carrying costs after the ECB raised its deposit rate.
    • The gross operating income stood at €2,901 thousand (€3,868 thousand as of 30/06/2023).
    • Excluding non-recurring items (i.e. excluding income from capital gains on disposals of securities and hedge accounting), gross operating income was €4,015 thousand (€3,452 thousand in H2 2023).
    • Operating costs during the period came to €7,336 thousand as of June 30, 2024 (€7,857 thousand as of 30/06/2023), reflecting AFL’s disciplined management and the end of the contribution to the Single Resolution Fund.  
    • Net income as of June 30, 2024, stood at €1,954 thousand (€2,840 thousand as of June 30, 2024).

    Earnings that meet our expectations and confirm the resilience of AFL’s model

    “The AFL Group’s results at the end of the first half of 2024 are in positive territory for the long term. They are in line with the forecast included in the budget for the year 2024 and the multi-annual business plan. They reflect the sustained growth of the bank’s core business: an accelerating rate of membership and historic credit production. With the 0% risk weighting of local authorities, the quality of the AFL signature in capital markets improves further and will allow it to strengthen its competitiveness in financing local public investment”, states Yves Millardet, Chairman of the Executive Board of AFL.

    The cost of risk is intrinsically low in AFL’s model

    AFL’s cost of risk is intrinsically limited due to its model as a public development credit institution, the company’s prudent management and the excellent solvency of local authorities. As an example, AFL has zero exposure to stage 3 (default status) assets.

    At June 30, 2024, the cost of risk relating to ex-ante impairment for expected losses on financial assets under IFRS 9 was a charge of €255 thousand (compared with a charge of €71 thousand at 30/06/2023).

    This rise in the cost of risk is mainly attributable to higher asset volumes, and to a lesser extent, to revisions made to the assumptions used for determining the economic scenarios by asset class, to account for the deterioration of macroeconomic and geo-strategic risks.

    The operating income stands at €2,645 thousand (€3,797 thousand as of June 30, 2023). This led to a rise in the cost/income ratio to 73.1% (68.2% as of June 30, 2023). Relative to credit volumes, operating expenses account for 19 basis points; this is a 1 basis-point improvement compared to December 31, 2023, confirming the efficiency of our model.

    Financial strength

    The highlight event for AFL during the period was the ACPR (Supervision and Resolution Authority)’s decision on June 21, 2024 (and published on July 3, 2024) to change the credit risk weighting of exposures to French local authorities from 20% to 0%. This decision is applicable to municipalities, departments, regions and EPCI (with specific tax status), and has generated a significant facial increase for the AFL Group’s solvency ratio.

    Furthermore, following its decision on June 21, 2024, the ACPR supervisory college announced that the debt issued by AFL would qualify as HQLA1 if the percentage of the credit granted by AFL to local authorities with 0% weightings is above 90% of its outstanding credit. Exposure to French local authorities with 0% weightings stands at 94.9% as of June 30, 2024 – which is largely above the minimum threshold of 90%.

    • The CET1 solvency ratio (consolidated) stands at 77.7% (13.23% at 31/12/2023);
    • The leverage ratio, calculated using the methodology applicable to public development credit institutions, was 9.69% (compared to 8.86% as of 31/12/2023 and for a regulatory limit of 3%);
    • The banking leverage ratio stands at 2.42% (2.24% as of 31/12/2023);
    • The liquidity coverage ratio (LCR) stands at 622%, above the regulatory limit of 100%;
    • The net stable funding ratio (NSFR) stands at 171%, above the regulatory threshold of 100%;
    • The 12-month internal liquidity ratio (NCRR) came to 98% at 30 June 2024, corresponding to a liquidity reserve of €2.1 billion. This will allow AFL to meet all its needs for almost 12 months without having to turn to the market.  

    Post-closing events

    • Since the end of H1 2024, on July 18, 2024, AFL tapped its bond maturing on March 20, 2034, by €250 million with a narrower margin of 23 basis points over the OAT rate. This narrower margin stems from the HQLA1 classification of the debt issued by AFL (cf. ACPR decision explained above).
    • As of August 31, 2024, AFL’s medium- and long-term loan production was €831 million, confirming its steady and solid growth.
    • A further capital increase was carried out by the Board of Directors of AFL-ST on September 25, 2024, to allow new local authorities to gain membership.
    • On September 4, 2024, AFL published the credit ratings assigned by Fitch Ratings: AA- (stable outlook) for mid-and long-term debt and F1+ (stable outlook) for short-term debt. At the same time, for purposes of methodology, Moody’s was asked to delete all ratings and assessments it had completed on AFL.
    • To continue to support the growth momentum of its loan portfolio and to address demand from its members, while maintaining high levels of equity capital, AFL is looking into the possibility of issuing super subordinated debt in the near future, market conditions permitting.

    AFL credit rating at 25 September, 2024

      Fitch Ratings Standard & Poor’s
    Long-term rating AA- AA-
    Outlook Stable Stable
    Short-term rating F1+ A-1+

    AFL’s Management Board signed off on AFL’s interim financial statements2for the first half of 2024 on September 10, 2024. At its meeting on September 25, 2024, chaired by Sacha Briand, AFL’s Supervisory Board approved AFL’s interim financial statements.
    At its meeting on September 25, 2024, chaired by Marie Ducamin, the Board of Directors of AFL-ST, the Société Territoriale (parent company), approved AFL Group’s consolidated interim financial statements.

    The Statutory Auditors conducted a limited review of the concise interim parent company and consolidated financial statements for the period from January 1, 2024 to June 30, 2024, and their reports are available at:
    http://www.agence-france-locale.fr

    This press release contains certain forward-looking statements. Although AFL Group believes that these statements are based on reasonable assumptions as of the date of this press release, they are inherently subject to risks and uncertainties, relating in particular to the impacts of the war in Ukraine and the resulting economic crisis, which may cause actual results to differ from those indicated or implied in these statements.

    AFL Group’s financial information for the first half of the year consists of this press release and the report available on the website:

    https://www.agence-france-locale.fr/actualite/first-half-year-2024-results/

    About Agence France Locale

    Embody responsible finance and empower local authorities to respond to the present and future needs of their inhabitants.
    “By creating the first bank that we wholly own and manage, we, the French local authorities, have taken a strong political step toward decentralization. Agence France Locale is unlike any other financial institution. Created by and for local authorities, it acts in a local context to strengthen our freedom, our ability to develop projects and our responsibility as public actors. Its culture of prudence safeguards us against the potential dangers posed by the complexity and depth of its governance and conflicts of interest. Its fundamental objective is to offer local authorities access to resources on the best terms and with complete transparency. We are guided by the principles of solidarity and equity. Convinced that we will go further together, we wanted an agile institution that would appeal to all authorities, from the largest regions to the smallest municipalities. We see profit as a way to optimize public spending, not an end in itself. Through AFL, we support a local environment committed to addressing social, economic and environmental challenges. AFL strengthens our power to act, to carry out projects locally, for today and tomorrow, for the good of the people who live there. We are proud to have a bank that expresses growth as we see it, ever more responsible and sustainable. We are Agence France Locale.”

    More information can be found on http://www.afl-banque.fr         


    1The decree of July 15, 2024 amending the Code Général des Collectivités Territoriales (French Law for Regional and Local Authorities) states that local authorities wishing to become members of AFL must ensure that the risk appetite framework set by the banking institution includes a minimum equity capital threshold of at least 1.7 % of total exposure.
    2 During the first half of 2024, AFL purchased office space through its subsidiary Agence France Locale Foncière. This property will house AFL’s headquarters from 2027.

    Attachment

    The MIL Network

  • MIL-OSI New Zealand: Employment Disputes – Public petition for full funding launched as St John ambos kick off next national strikes – First Union

    Source: First Union

    WHAT: FIRST Union ambulance officers who work for Hato Hone St John across the country will commence their next withdrawal of labour tomorrow (Friday 27th September) and Monday (30th) while launching a public petition for the full Government funding of New Zealand’s ambulance services.
    Striking ambulance officers will be collecting signatures for the petition tomorrow at public locations across the country, with media invited to attend the Auckland collection event.
    WHEN / WHERE:
    Withdrawal of labour: (1) effective from 04:00am on 27 September 2024 for the first 6 hours of employees’ rostered shifts until 04:00am on 28 September 2024; and (2) from 04:00am on 30 September 2024 for the first 6 hours of employees’ rostered shifts until 04:00am on 1 October 2024
    Petition signature collection event: 10:00-11:00 on Friday 27 September 2024 outside the train station at Britomart, Auckland (media are welcome to attend)
    Faye McCann, FIRST Union national ambulance coordinator, said that Aotearoa’s ambulance services are too important to be relying on charity funding and the time had come for politicians to step up and fund Hato Hone St John and Wellington Free Ambulance for 100% of operating costs.
    “Strike actions like these are the last resort after what has now been 10 months of unsuccessful bargaining with St John,” said Ms McCann.
    “We can’t keep ending up in these prolonged, zero-sum negotiations with health employers who are not adequately funded by Government to ensure ambulance officers are fairly paid or that patient needs are being met in our communities.”
    “We were really disappointed that our effective cooperation with other non-affiliated unions has come to a sudden stop following revelations that NZAA and AWUNZ leadership have done a 180 and decided to ratify the latest pay offer from St John on behalf of members.”
    NZAA (New Zealand Ambulance Association) are a division of the Amalgamated Workers of New Zealand (AWUNZ), and are not affiliated to the Council of Trade Unions.
    “We’d agreed collectively in writing that we would not recommend ratification of such a poor offer to our members and were shocked and blindsided when St John confirmed that the NZAA/AWUNZ leadership team had ratified the deal based on a reported ballot of their members,” said Ms McCann.
    “Our door is open to ambulance officers who aren’t satisfied with a pay offer below the rising cost of living that does not deal with other substantive claims about pay and conditions.”
    Ms McCann said that launching a public petition for full funding of ambulance services was a way of showing “head in the sand” politicians like Shane Reti and Casey Costello that the status quo was no longer tenable for ambulance services or the people who work for them.
    “We know there’s massive public backing for functional emergency health services that don’t rely on charity donations to meet their operating costs,” said Ms McCann.
    “We’re confident that New Zealanders will support ambulance officers in seeking full funding from Government that meets the promises set out in coalition agreements following the election.”
    BACKGROUND INFORMATION
    Life Preserving Services agreement: FIRST Union are working cooperatively with St John to ensure that a minimum critical service level is available during strike action, as is required by law.
    Membership: There are over 1,100 FIRST Union members at St John, and an estimated 300-400 members were rostered to work on 27 and 30 September and are thus able to take part in the withdrawals of labour. Un-rostered staff have been invited to take part in petition signature collecting events on their days off.
    Voting: Over 92% of FIRST Union members at St John voted in favour of this second withdrawal of labour, with over 85% voting to reject ratification of St John’s pay offer to members.

    MIL OSI New Zealand News

  • MIL-OSI China: Enhanced scrutiny, tech help protect cultural relics

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

    China’s continued efforts in safeguarding its cultural relics have achieved fruitful results, thanks to coordinated measures adopted by various departments.

    In the past two years, the country has successfully solved over 1,200 cases of cultural heritage crimes and apprehended more than 3,500 criminal suspects, according to a news conference held on Wednesday by the State Council Information Office.

    More than 3,100 “precious cultural relics” — those rated as national first-, second- and third-grade relics — and over 470,000 other cultural relics have been recovered during the same period, it said.

    Guan Qiang, deputy director of the National Cultural Heritage Administration, said a special action plan to combat and prevent cultural heritage crimes was implemented in September 2022 following the National Interministerial Joint Meeting on the Safety of Cultural Relics. The action plan is effective for three years.

    “We will further intensify scrutiny on crimes involving cultural relics by taking decisive action against major instances of such violations and safety incidents, reinforcing disciplinary accountability, and encouraging local authorities to effectively fulfill their obligations,” he said.

    Remote-sensing satellites, big data analysis and other advanced technologies will be more widely used to promptly detect illegal activities, thereby ensuring the effective preservation of cultural relics, Guan said.

    For example, remote-sensing satellites have been used this year to monitor all UNESCO World Heritage Sites and national-level cultural heritage sites under key protection in China.

    China is home to 767,000 immovable cultural relics, such as ancient architecture, historical monuments and archaeological sites, and about 108 million State-owned movable cultural relics such as artifacts curated by museums, according to the third national census on cultural relics, which was completed in 2011.

    Guan said the fourth national census, which started in November, has rechecked about one-third of these registered immovable relics, and as of last week, around 18,000 such relics have been newly discovered.

    More than 5,000 well-equipped teams comprising 45,000 well-trained personnel have been mobilized to ensure the accuracy and reliability of the census. “Various academic programs can be launched thanks to this large-scale investigation,” Guan said.

    As heritage architecture makes up about 53 percent of China’s immovable cultural relics, Deng Chao, director of the heritage administration’s department of cultural relics and historical sites, said that meticulous preservation of such architecture is among the priorities in the ongoing endeavor to safeguard cultural relics.

    The huge number and rich variety of heritage architecture in China presents challenges for conservators.

    Deng said that improving the surrounding environment is an essential step in conservation efforts, as it enhances the high-quality development of local communities and contributes to rural vitalization.

    Concerted efforts have been made in recent years to establish a system to prevent and mitigate the impact of natural disasters on heritage architecture.

    Since 2012, the fiscal expenditure of the central government has been used for the renovation of about 1,000 heritage structures that were registered as national-level cultural heritage sites under key protection.

    In addition, special public welfare funds and bonds, among other measures, have been initiated by the central government to ensure upkeep of heritage structures with lower protection levels.

    MIL OSI China News

  • MIL-OSI Translation: Government announcement of 26 September 2024

    MIL OSI Translation. Region: Italy –

    Source: Switzerland – Canton Government of Grisons in Italian

    The government has granted the Chur Unihockey and Piranha Chur associations a cantonal contribution from the special sports funding of up to CHF 135,000 per year for the three-year pilot project for the professionalization of large clubs in Graubünden. The project is based on the desired professionalization of the two National League A floorball associations in the course of the planned merger of the associations. Specifically, this is to be achieved through the appointment of a director or sports manager. The establishment of the new large association is planned for autumn 2024. The decision to contribute to this pilot project is subject to the approval of the merger by both existing associations.

    The management of large sports associations in Graubünden and throughout Switzerland is predominantly undertaken by voluntary board members. They are often supported by a secretariat that performs purely administrative tasks and is managed on a subsidiary basis. However, in addition to professional and family obligations, the large commitment to the associations usually leads to a more or less significant overload of the board members. This does not lead to significant progress in the development of the association. Such inefficient management and the scarcity of resources jeopardize the function of large associations as models, places of social cohesion, training centers and performance centers. However, professional operational management does not compete with volunteering, but rather strengthens it. The pilot project aims to gather valuable experience to test whether investments in a more efficient management can be refinanced through increased revenue and whether improved management of the association pays off from a sporting and organizational point of view for members and employees. The findings should pave the way for optimizing structures within other sports associations, so that volunteer work becomes attractive again in terms of content and feasible in terms of time. According to the submitted project, the total costs for the three-year pilot phase amount to 960,000 francs.

    Chur Unihockey and Piranha Chur on the occasion of the 2023 association day held together / © Chur Unihockey

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

    MIL Translation OSI

  • MIL-OSI Australia: NSW Government delivers funding to support all recreational fishers

    Source: New South Wales Premiere

    Published: 26 September 2024

    Released by: Minister for Agriculture, Minister for Regional NSW


    The Minns Labor Government has today announced funding of $1.8 million for grants to improve recreational fishing as part of the 2024/2025 Recreational Fishing Trust grants program.

    The NSW Government is committed to supporting recreational fishing and making it more accessible to everyone across the state.

    This is demonstrated in funding for 21 projects that will contribute to the delivery of the Government’s election commitment to make fishing more welcoming to people with disabilities.

    Some of the newly funded projects enabling better access include:

    • $375,000 in the Shoalhaven to repair, refurbish and upgrade five fishing platforms with improved accessibility
    • $98,300 in Hay to allow better and safer access to a local fishing platform and boat ramp
    • $11,035 in Davistown to replace ageing platform and build a pedestrian bridge with disabled access
    • $26,210 in Tumbulgum to provide local fiish cleaning facilities next to the jetty with disabled access
    • $79,500 in Port Macquarie/Hastings for multiple fish cleaning facilities
    • $10,000 for Fishing4All to introduce people with intellectual impairment to fishing 

    In total, 24 projects from external applicants will receive $1.8 million in funding, as recommended by the Recreational Fishing

    NSW Advisory Council. The areas receiving funding cover the following:

    • $717,612 – fishing access and facilities
    • $85,000 – recreational fishing enhancement
    • $552,000 – recreational fishing education
    • $444,000 – aquatic habitat protection and rehabilitation

    The next funding round for Recreational Fishing Trust Grants will open on 6 November and will open up for applications the Government’s new $2 million recreational fishing small infrastructure grant program.

    This new program will make it easier for fishing clubs, community groups and other organisations to apply for funding for grassroots projects.

    As part of the next round, the Government will boost communications with all fishers and clubs so that they know when and how to apply for grants to improve their local areas.

    Minister for Agriculture and Regional NSW, Tara Moriarty said:

    “Fishing licence fees have been put to work to improve the state’s recreational fishing facilities, fishing habitats and opening up fishing to more people.

    “I am pleased to see some significant new facilities being funded to welcome people with a disability into fishing around our state, both inland or along the coast.

    “There are some big and small projects that will benefit many people, including Morisset High School receiving funding for students with disabilities to engage with fishing, to a fly-fishing day for people who have experienced breast cancer in the New England region.

    “The NSW Government is committed to supporting the recreational fishing community and seeing it contribute to regional tourism where it is creating jobs and generating income.”

    MIL OSI News