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Category: Statistics

  • MIL-OSI Translation: Government of Canada launches Canada’s Action Plan to Combat Hate

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 1

    Press release

    Canada’s first-ever Action Plan to Combat Hate brings together key federal anti-hate programs across the country

    OTTAWA, September 24, 2024

    In recent years, Canada, like other countries, has seen an alarming rise in hate both in neighbourhoods and online. The federal government is committed to doing everything it can to protect all people living in Canada, as well as resilient and diverse communities across the country, and to ensuring that everyone can thrive while being themselves.

    The increase in hate incidents has disproportionately impacted Indigenous peoples; Black, racialized, religious minority and 2SLGBTQI communities; women; and persons with disabilities. Hateful behaviour not only harms those targeted, but also impacts Canadian society as a whole, undermining social cohesion and posing a threat to national security.

    That’s why today, the Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities, unveiled Canada’s Action Plan to Combat Hate. This action plan represents Canada’s first-ever whole-of-government effort to combat hate. It brings together 20 key federal programs under three pillars.

    Providing the means communities to detect and prevent hate. Support victims, survivors and protect communities. Build community trust, partnerships and institutional capacity.

    Through the Action Plan, the Government of Canada is investing $273.6 million over six years, and $29.3 million per year ongoing, to address hate from a variety of perspectives. The funding will increase support for victims and survivors; help communities prevent and respond to hate, and protect their members from it; improve research and data collection; provide more resources to law enforcement; and increase public awareness.

    Every person has the right to be safe and treated with dignity. We will work with provincial, territorial and international governments; First Nations, Inuit and Métis partners; and cities and communities across Canada to make this happen. Canada’s Action Plan to Combat Hate will help us continue to build a safer, more inclusive Canada where people can succeed, no matter who they are, who they love or what they believe.

    Quotes

    “Everyone has the right to feel safe, no matter who they are, what they look like or what they believe. We are all alarmed by the tragic consequences of hate, both in Canada and abroad. Hate has no place in Canada, whether in person or online, in schools or places of worship. Our government is committed to keeping every community safe across the country, because when one person is subjected to hateful behaviour, everyone suffers the consequences. Canada’s first-ever Action Plan to Combat Hate represents an unprecedented whole-of-government effort to combat hate while providing increased support to victims of hate and communities at risk. As we navigate these challenging and difficult times, we must stand up for who we are as a country – a country that is strong in its diversity and where people can be themselves and pursue their dreams without fear.”

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

    “Hate, in all its forms, has no place in Canada. Every person has the right to feel and be safe in their homes and communities. We all have a role to play in combating discrimination and promoting a fairer, safer and more inclusive Canada. The Diversity of Voices Fund is part of Canada’s Action Plan to Combat Hate. It will help break down systemic barriers and elevate diverse voices in the arts, culture and media sectors. The Fund will also ensure that their experiences and perspectives are better represented and advance the fight against racism, equity, diversity and inclusion in the culture and media sectors.”

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

    “In response to the increase in hate crimes, our government is taking action to ensure that at-risk communities receive financial support to protect their institutions. Canada’s new Community Safety Program is designed to be simpler, more flexible and more generous, in response to requests from community organizations across the country.”

    – The Honourable Dominic LeBlanc, Minister of Public Safety, Democratic Institutions and Intergovernmental Affairs

    “Everyone should be able to bring their true selves to life without fear of reprisal, but we know that discrimination based on sexual orientation, gender identity and expression remains a reality in Canada. This is unacceptable and must end. Canada’s Action Plan to Combat Hate complements the measures we have taken to protect and support Canadians since 2015, including the Federal 2SLGBTQI Action Plan . These measures have all been implemented with the stories and experiences of individuals and communities across Canada in mind. As always, we stand in solidarity with all communities who have experienced hate and will not hesitate to use all means at our disposal to protect and support them.”

    – The Honourable Marci Ien, Minister of Women and Gender Equality and Youth

    “We expect to feel safe in our homes, neighbourhoods and communities. That is why we introduced Bill C-63, an important part of Canada’s Action Plan to Combat Hate. We know that online harm can have tragic and even fatal consequences in the real world. This bill aims to ensure the safety of all Canadians in an online world that seems increasingly dangerous and toxic by the day. This means that women, racialized people, transgender people and people of diverse faiths and backgrounds will be able to go to their places of worship, community centres, schools and offices without fearing that threats in the online world will translate into real-world danger.”

    – The Honourable Arif Virani, Minister of Justice and Attorney General of Canada

    “Canada is as innovative as it is diverse, and it does best when everyone has a fair chance to reach their full potential, free from hate and discrimination. Through Canada’s Action Plan to Combat Hate, we are standing up to hate and protecting Canadians. And Statistics Canada will play a key role in researching and collecting the data needed to build a safer, more resilient society.”

    – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

    “Canada is a country rich in diversity, where every person deserves to feel safe and respected. That is why today we are launching Canada’s first Action Plan to Combat Hate, a $273 million commitment to building a safer Canada for everyone.”

    – Sameer Zuberi, Parliamentary Secretary to the Minister of Diversity, Inclusion and Persons with Disabilities

    Quick Facts

    In Budget 2022, the Government of Canada committed $85 million over 4 years, starting in 2022–23, to Canadian Heritage to launch and implement the new Anti-Racism Strategy and a National Action Plan to Combat Hate. Budget 2024 provides an additional $273.6 million over 6 years, starting in 2024–25, and $29.3 million per year ongoing to support Canada’s Action Plan to Combat Hate. The Action Plan brings together major programs delivered by federal departments and agencies, including Canadian Heritage, Public Safety Canada, Justice Canada, the Royal Canadian Mounted Police, Women and Gender Equality Canada, Statistics Canada and the Canadian Race Relations Foundation.

    According to the Statistics Canada July 2024 data release, the number of police-reported hate crimes increased from 3,612 in 2022 to 4,777 in 2023 (a 32% increase), and some victims may not have reported a hate crime. This follows an 8% increase in 2022 and a 72% increase between 2019 and 2021. Overall, the number of police-reported hate crimes has more than doubled since 2019 (a 145% increase).

    Canada’s Action Plan to Combat Hate includes the work of the Special Envoy on Preserving Holocaust Remembrance and Combating Anti-Semitism and Canada’s first Special Representative on Combating Islamophobia

    Public Safety Canada’s new Community Safety Program (CSPP) (formerly the Communities at Risk Security Infrastructure Program) is also part of Canada’s Action Plan to Combat Hate. The CSPP makes it easier and more effective for communities and organizations at risk of hate crime to access security support when they need it.

    The Action Plan is part of efforts to further reduce the risk of exposure to harmful content online through Bill C-63, which proposes to create a new Online Harms Act to strengthen protections for the most vulnerable groups. To this end, the Government of Canada tabled in the House of Commons the Bill C-63, An Act to enact the Online Harms Act, to amend the Criminal Code, the Canadian Human Rights Act and the Act respecting the mandatory reporting of Internet child pornography by persons who provide an Internet service and to make consequential and related amendments to other Acts.

    Canada is a signatory to theChristchurch Call to Eliminate Violent Extremism and Terrorism on the Internet (Christchurch Call to Action). This is an agreement signed by 56 governments, as well as online service providers and civil society organizations, to coordinate efforts to eliminate terrorist and violent extremist content online. The Government of Canada reiterates its commitment to advance the Christchurch Call to Action as part of Canada’s Action Plan to Combat Hate.

    Canada’s Anti-Hate Action Plan complements Canada’s Anti-Racism Strategy 2024–28: Changing Systems to Transform Lives. Through these two initiatives, the government is implementing a comprehensive and intersectional approach to combating hate, racism and discrimination.

    Related products

    Related links

    Contact persons

    For further information (media only), please contact:

    Waleed Saleem Press SecretaryOffice of the Minister of Diversity, Inclusion and Persons with Disabilitieswaleed.saleem@hrsdc-rhdcc.gc.ca

    Media RelationsCanadian Heritage819-994-91011-866-569-6155media@pch.gc.ca

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

    MIL Translation OSI

    September 29, 2024
  • MIL-OSI United Kingdom: 671,000 young people urged to cash in their government savings pot

    Source: United Kingdom – Executive Government & Departments

    • English
    • Cymraeg

    Thousands of young people could have £2,200 sitting unclaimed in their Child Trust Fund account.

    • Young people urged to claim their Child Trust Fund
    • £2,200 on average waiting in unclaimed accounts

    More than 670,000 18-22 year olds yet to claim their Child Trust Fund are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212.

    Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures.

    The savings are not held by government but are held in banks, building societies or other saving providers. The money stays in the account until it’s withdrawn or re-invested.

    If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. If they do not know where their account is, they can use the online tool on GOV.UK to find out their Child Trust Fund provider. Young people will need their National Insurance number – which can be found easily using the HMRC app –  and their date of birth to access the information.

    Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:

    Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.

    You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.

    Third-party agents are advertising their services offering to search for Child Trust Funds and agents will always charge – with one charging up to £350 or 25% of the value of the savings account.

    Using an agent can significantly reduce the amount received, is likely to take longer and customers still need to supply them with the same information they need to do the search themselves.

    Gavin Oldham, The Share Foundation, said:

    If you are 18-21 years old, the government would have put money aside for you shortly after birth. This investment would have grown quite a bit and it’s in your name. The Share Foundation has linked over 65,000 young people to their Child Trust Fund accounts. It’s easy and free to find out where your money is. Go to  findCTF.sharefound.org or GOV.UK to locate it today.

    In the last year more than 450,000 customers, with just their National Insurance number and date of birth, used the free GOV.UK tool to locate their Child Trust Fund.

    More information on Child Trust Funds and how to access your savings can be found on GOV.UK.

    Further Information

    Latest figures for Child Trust Funds included in the Annual Savings Statistics  were released on 19 September 2024 and include figures up to April 2024.

    The Child Trust Fund scheme closed in January 2011 and was replaced with Junior Individual Savings Accounts (ISA).

    If a parent or guardian was not able to set up an account for their child, the government opened a savings account on the child’s behalf.

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    Updates to this page

    Published 24 September 2024

    MIL OSI United Kingdom –

    September 29, 2024
  • MIL-OSI Reportage: BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets

    Source: BNZ statements

    Sustainability is increasingly front of mind for New Zealand businesses, from small startups to large corporates. Surveys by the Sustainable Business Network (SBN) reveal a strong commitment to sustainable practices among NZ corporates, while Stats NZ has found that a third of local businesses are investing in climate change measures. Yet, as RNZ reports, a significant gap remains: While the vast majority of the country’s small to medium sized enterprises (SMEs) are concerned about sustainability, more than 40 per cent report that they lack the knowledge and resources to become more sustainable. 

    Recognising this gap, BNZ has announced a refresh of its Green Business Loan proposition, including a limited time, low-cost rate Green Asset Finance Loan. This initiative is designed to help SMEs finance no and low emission vehicles and machinery such as electric forklifts, cars, trucks and buses, at a market leading fixed interest rate of 5.5% p.a. for up to five years, capped at $500k per customer. 

    “At BNZ, we’ve made a strategic commitment to help build a resilient, regenerative and inclusive Aotearoa for the long term and helping our SME customers reach their sustainability goals plays a huge role in achieving that,” says Alex West, BNZ’s Head of Sustainable Finance – Growth Sectors. 

    Supporting businesses to be more sustainable is not only key for New Zealand to achieve its climate change commitments, but also brings a range of other benefits, from supporting biodiversity and enhancing water quality to improving labour practices and delivering better social outcomes for our communities. 

    And as West points out, it also makes strong business sense.  

    “Switching to electric and plug in hybrid vehicles with BNZ’s Green Asset Finance Loan can significantly reduce fuel and maintenance costs, in addition to the emissions benefits. Being sustainable doesn’t mean sacrificing your bottom line – it’s actually crucial for long term financial success,” he says. 

    While BNZ’s Green Asset Finance offer is focused on clean transport and machinery assets, West says that the Bank’s wider Green Business Loan proposition can support a diverse range of sustainability initiatives. 

    “At BNZ, we’re seeing a growing desire among our customers to embark on their own sustainability journeys. They range from those who are already incorporating sustainability into their businesses to many who are keen to make a difference but don’t know exactly where to start.  

    “Our role is to be there as a trusted advisor, to guide and support them through the process. We collaborate closely with our customers, understanding their unique needs and aspirations, and together, develop sustainable finance solutions to not only benefit their businesses but also contribute positively to our communities and environment.” 

    South Island Forklifts’ sustainable shift with BNZ 

    South Island Forklifts, a forklift rental company in Christchurch that has been operating since 1999, has made a major move towards sustainability, investing heavily in eco-friendly electric forklifts, with the help of a Green Business Loan from BNZ. 

    “We saw adopting green electric forklifts as a logical step for us,” says the owner of South Island Forklifts, Jason Donnithorne. “These forklifts are the future of our industry, and we are dedicated to assisting our customers switch to a more sustainable fleet. 

    In addition to the environmental benefits of eliminating the need to regularly change used engine and transmission oils, green electric forklifts also have lower operating costs than fuel-powered forklifts. This is because the electricity they use is typically much cheaper than diesel or gasoline.   

    “With BNZ’s Green Business Loan, we’ve been able to purchase these environmentally friendly machines, which not only match our sustainability values but also offer cost savings to our customers. 

    “Our aim is to set an example,” he says. “We want to show the industry that making sustainable choices is not just beneficial for the planet – it’s good for business too.” 

    To discover how a BNZ Green Business or Green Asset Finance Loan can help your business reach its sustainability goals, visit our website or speak to your banker.

    Summary: BNZ Green Asset Loan  

    • Low-cost rate loans are available to finance a broad range of green assets. 
    • Market leading interest rate of 5.5% p.a., fixed for up to 5 years. 
    • Maximum loan of up to $500,000 per customer. For lending over $500,000, speak to a BNZ banker about what we can do.
    • Available until 17 May 2024 or until the total amount available is exhausted, for new and existing business customers with their main banking relationship with BNZ.
    • Eligibility criteria, terms and fees apply, including those that apply to the base product. 

    The post BNZ’s new low-cost rate loans make it easier for businesses to invest in green assets appeared first on BNZ Debrief.

    MIL OSI Analysis –

    September 29, 2024
  • MIL-OSI Russia: IMF Executive Board Concludes Post Financing Assessment Discussions with South Africa

    Source: IMF – News in Russian

    September 4, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Post Financing Assessment (PFA)[1], and endorsed the Staff Appraisal on a lapse-of-time basis. South Africa’s capacity to repay the Fund is assessed as adequate.

    The new government of national unity that took office in June faces significant challenges, including declining real per capita growth, high unemployment, poverty, and inequality, and a rising level of public debt. The new administration has committed to address these challenges by continuing ongoing structural reforms aimed at addressing supply constraints and bolstering inclusive growth, while maintaining fiscal discipline.

    Growth slowed to 0.7 percent in 2023, depressed in part by widespread power shortages and disruptions at rails and ports. Unemployment remained elevated, reaching 32 percent at end-2023. Following decisive monetary policy tightening during 2022 and early 2023, inflation fell within the SARB’s 3–6 percent target range last year, moderating further to 5.1 percent in June 2024. The current account deficit widened to 1.6 percent of GDP in 2023 (from
    0.5 percent in 2022), driven by higher imports. The budget deficit remained in line with the revised budget target thanks to robust revenues and expenditure restraint, although public debt continued to rise to just above 74 percent of GDP.

    Looking ahead, growth is expected to reach 1 percent in 2024, on the back of improved investor sentiment and electricity generation, stabilizing at 1.4 percent in the medium term, as structural bottlenecks ease only gradually. Inflation is projected to decline toward the midpoint of the target range 2025Q2. The current account deficit is expected to increase modestly to 2.2 percent of GDP by 2029, as imports accelerate in line with domestic demand. The fiscal deficit is projected to remain elevated over the medium term, given rising debt service, support to state-owned enterprises, and sizeable spending on public wages and transfers. As a result, public debt is not expected to stabilize. Risks to the outlook are broadly balanced, with faster reform implementation under the new government of national unity representing an upside risk to growth, while downside risks largely relate to the uncertain external environment and an inability of the new government to agree on needed fiscal and structural reforms.

    Executive Board Assessment[2]

    South Africa’s economy has shown resilience in the face of massive disruptions, but persisting structural challenges risk a further erosion of living standards. Despite unprecedented electricity shortages and bottlenecks at rails and ports last year, growth stayed positive, as economic agents adapted. However, per-capita income growth continued to decline, public debt rose further, and unemployment and poverty rates remained at unacceptably high levels.

    The new government should use the opportunity of a new mandate to implement bold reforms to address long-standing challenges and achieve the economy’s full potential. Such a mandate can turn the economy around from the path of weak growth, high debt, and deteriorating living standards toward high growth, fiscal sustainability, and shared prosperity. This requires determined structural and fiscal reforms, complemented by prudent monetary and financial policies. The new administration should build on the existing reform agenda but increase its ambition and accelerate implementation to put the economy on a permanently higher and more inclusive growth path.

    Structural reforms are paramount to support job creation, growth, and prosperity. Wide-ranging electricity and transportation-sector reforms, including to foster private sector participation, are indispensable to reinvigorating activity, boosting exports, and supporting the green transition. Product-market reforms improving business environment and removing obstacles to trade, complemented by labor-market reforms, are essential to boost investment and employment. Strengthening governance and reducing corruption are essential to reap reform gains, which should be broadly distributed.

    An ambitious fiscal consolidation is essential to restore the sustainability of public finances. Durable expenditure-based consolidation of at least 3 percent of GDP over the next three years is required to place debt on a sustained downward path, while protecting vulnerable groups. Reliance on gains on foreign reserves has helped lower borrowing needs but does not substitute for the needed fiscal consolidation. Any additional spending initiatives to lower inequality and improve health should be financed in a deficit-neutral way. Improving the institutional fiscal framework by adopting a debt rule, bolstering the procurement framework, and improving public-investment management can support the adjustment and mitigate fiscal risks.

    Monetary policy should carefully manage the descent of inflation to the mid-point of the target range and stay data dependent. Given continued uncertainty about the inflation outlook, rate cuts should be considered only once inflation declines sustainably towards the mid-point of the target range. Any change to the monetary policy framework should be carefully timed, well-coordinated and communicated to manage expectations and safeguard credibility.

    Financial policies should continue to support financial stability. Ongoing banking resolution and safety-net reforms, together with the new loss-absorbing capacity requirement, significantly strengthen crisis management tools and enhance depositors’ protection. Continued monitoring of risks remains critical, given the sovereign-financial sector nexus. Implementation of prudential regulations, along with the countercyclical buffer, could play a vital role.

    Staff assess that South Africa’s capacity to repay the Fund is adequate under the baseline and downside scenarios. South Africa is expected to be able to repay the Fund by end-2025 given ample reserves and manageable external debt service. Capacity to repay is also assessed as adequate under a downside scenario, where policies will need to be tightened to contain inflationary pressures and safeguard debt sustainability, while protecting vulnerable groups. The flexible exchange rate is expected to act as a shock-absorber. 

    South Africa: Selected Economic Indicators, 2022–26

    Social Indicators

    GDP               

     

    Poverty (percent of population)

    Nominal GDP
    (2022, billions of US dollars)

    407

    Lower national poverty line (2015)

    40

    GDP per capita
    (2022, in US dollars)

    6,712

    Undernourishment (2019)

    7

    Population characteristics

     

    Inequality
    (income shares unless otherwise specified)

    Total (2022, million)

    62

    Highest 10 percent of population (2015)

    53

    Urban population
    (2020, percent of total)

    67

    Lowest 40 percent of population (2015)

    7

    Life expectancy at birth
    (2020, number of years)

    64

    Gini coefficient (2015)

    65

    Economic Indicators

     

    2022

    2023

     

    2024

    2025

    2026

     

     

    Proj.

    National income and prices
    (annual percentage change unless otherwise indicated)

       Real GDP

    1.9

    0.7

    1.0

    1.3

    1.4

       Domestic demand

    3.9

    0.8

    1.2

    1.5

    1.5

         Private Consumption

    2.5

    0.7

    0.9

    1.2

    1.3

         Government Consumption

    0.6

    1.9

    1.2

    1.2

    1.3

         Gross Fixed Investment

    4.8

    3.9

    3.1

    2.8

    2.7

         Inventory Investment
    (contribution to growth)

    1.5

    -0.6

    0.0

    0.0

    0.0

       Net export
    (contribution to growth)

    -2.1

    -0.1

    -0.3

    -0.2

    -0.1

       Real GDP per capita 1/

    1.1

    -0.8

    -0.6

    -0.2

    -0.1

       GDP deflator

    5.0

    4.8

    4.9

    4.5

    4.5

       CPI (annual average)

    6.9

    5.9

    5.2

    4.6

    4.5

       CPI (end of period)

    7.4

    5.5

    4.8

    4.6

    4.5

    Labor market
    (annual percentage change unless otherwise indicated)

       Unemployment rate
    (percent of labor force, annual average)

    33.5

    33.1

    33.8

    34.2

    34.5

       Unit labor costs
    (formal nonagricultural)

    2.1

    -0.8

    -0.6

    -0.2

    -0.1

    Savings and Investment
    (percent of GDP)

    Gross national saving

    14.4

    15.0

    13.9

    13.7

    13.7

    13.7

    Investment (including inventories) 2/

    12.4

    15.4

    15.5

    15.4

    15.7

    15.8

    Fiscal position
    (percent of GDP unless otherwise indicated) 4/

    Revenue, including grants 4/

    25.0

    27.6

    26.8

    27.0

    27.0

    27.1

    Expenditure and net lending 5/

    34.6

    31.9

    32.7

    33.2

    33.4

    32.6

    Overall balance

    -9.6

    -4.3

    -5.9

    -6.3

    -6.4

    -5.5

    Primary balance

    -5.4

    0.3

    -0.9

    -0.9

    -0.8

    0.2

    Gross government debt 6/

    69.0

    70.8

    73.4

    75.0

    77.6

    79.3

    Government bond yield (10-year and over, percent) 7/

    9.7

    11.3

    11.6

    …

    …

    …

    Money and credit
    (annual percentage change unless otherwise indicated)

    Broad money

    9.4

    8.3

    6.5

    7.5

    7.5

    7.5

    Credit to the private sector 8/

    1.0

    8.9

    4.4

    5.9

    5.9

    5.9

    Repo rate (percent, end-period) 7/

    3.5

    7.0

    8.25

    …

    …

    …

    3-month Treasury bill interest rate (percent) 7/

    3.9

    6.5

    7.9

    …

    …

    …

    Balance of payments
    (annual percentage change unless otherwise indicated)

    Current account balance (billions of U.S. dollars)

    6.7

    -1.8

    -6.1

    -6.9

    -7.7

    -8.6

    percent of GDP

    2.0

    -0.5

    -1.6

    -1.8

    -1.9

    -2.0

    Exports growth (volume)

    -11.9

    7.4

    3.5

    3.5

    3.6

    3.7

    Imports growth (volume)

    -17.4

    14.9

    4.1

    4.0

    3.9

    3.8

    Terms of trade

    9.3

    -8.6

    -4.8

    -1.2

    -1.4

    -0.3

    Overall balance (percent of GDP)

    -1.0

    0.0

    0.5

    0.0

    0.0

    0.0

    Gross reserves (billions of U.S. dollars)

    55.5

    60.6

    62.5

    62.5

    62.5

    62.5

    in percent of ARA

    78.1

    88.9

    97.0

    95.3

    …

    …

    Total external debt (percent of GDP)

    50.5

    40.4

    41.5

    42.2

    43.6

    44.9

    Nominal effective exchange rate (period average) 7/

    -11.6

    -4.9

    -7.7

    …

    …

    …

    Real effective exchange rate (period average) 7/

    -10.1

    -1.4

    -9.0

    …

    …

    …

    Exchange rate (Rand/U.S. dollar, end-period) 7/

    14.7

    17.0

    18.4

    …

    …

    …

    Sources: South African Reserve Bank, National Treasury,
    Haver, Bloomberg, World Bank,
    and Fund staff estimates and projections.

    1/ Per-capita GDP figures are computed using
    STATS SA mid-year population estimates.                                                                                                                                                                                   

    2/ Inventories data are volatile and excluded from the
    investment breakdown to help clarify fixed capital formation developments.                                                                                                         

    3/ Consolidated government as defined in the budget unless otherwise indicated.                                                                                                                                                                       

    4/ Revenue excludes “transactions in assets and liabilities” classified
    as part of revenue in budget documents.  This item represents proceeds
    from the sales of assets, realized valuation gains from holding of
    foreign currency deposits, and other conceptually similar items,
    which are not classified as revenue by the IMF’s Government Finance Statistics Manual 2014.                              

    5/ The Eskom debt relief is treated as capital transfer above-the-line item.                                                                                                                                                                                                            

    6/ Central government.                                                                                                                                                                                                                             

    7/ Average January 1- April 19, 2023. For nominal and effective
    exchange rate, year on year change of average January 1-April 19.                                                                                                          

    8/ Other depository institutions’ “loans and securities” in all currencies.                                                                                                                                                                                                                                         

    [1] After completing an IMF lending program, a country may be subject to a Post Financing Assessment (PFA). It aims to identify risks to a country’s medium-term viability and provide early warnings on risks to the IMF’s balance sheets. For more details click here.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/04/pr24317-south-africa-imf-exec-board-concludes-post-fin-assess-discuss

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI Russia: The Kingdom of Bahrain Implements the International Monetary Fund’s Enhanced General Data Dissemination System

    Source: IMF – News in Russian

    September 5, 2024

    Washington, DC: With the successful launch of the new data portal, the National Summary Data Page (NSDP) today, Bahrain has implemented a key recommendation of the IMF’s Enhanced General Data Dissemination System (e-GDDS) to publish essential macroeconomic and financial data. The e-GDDS is the first tier of the IMF Data Standards Initiatives that promote transparency as a global public good and encourage countries to voluntarily publish timely data that is essential for monitoring and analyzing economic performance.

    The implementation of the e-GDDS recommendations and the launch of the new data portal – ­ are a testament to Bahrain’s commitment to data transparency. The publication of the data through the NSDP will enable national decision-makers, domestic and international stakeholders, investors, and rating agencies to have easy access to information that the IMF’s Executive Board has identified as essential for monitoring a country’s economic and financial developments. More broadly, having data in line with the e-GDDS means it should be accessible in a standardized way to facilitate analysis of economic trends across countries and to provide an early detection of risks to help avert economic crises, thus supporting sustainable economic growth and development.

    Bert Kroese, Chief Statistician and Data Officer, and Director of the IMF’s Statistics Department, welcomed this major milestone in the country’s statistical development. “I am confident that Bahrain will benefit from using the e-GDDS as a framework for further development of its statistical system,” Mr. Kroese stated. The benefits, including better sovereign financing conditions for countries participating in the e-GDDS, have recently been reviewed by the IMF Executive Board in the context of the Tenth Review of the IMF Data Standards Initiatives.

    The NSDP will serve as a one-stop publication for disseminating data covering national accounts and prices, government operations and debt, the monetary and financial sector, and the external sector. Making this information easily accessible in one place and following a predetermined schedule, including in a format that allows machine-to-machine readability and transfer, will enable all users to simultaneously access timely data, ensuring greater transparency.

    A link to Bahrain’s NSDP is available on the IMF’s Dissemination Standards Bulletin Board. The data is provided by the Ministry of Finance and National Economy, the Central Bank of Bahrain, and the Information and eGovernment Authority. Today’s launch of the NSDP shows the country’s commitment to subscribe to the Special Data Dissemination Standard (SDDS) in the near future.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/05/pr-24318-bahrain-bahrain-implements-imfs-enhanced-general-data-dissemination-system

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI New Zealand: Stats NZ information release: International travel: July 2024

    Source: Statistics New Zealand

    International travel: July 2024 – 11 September 2024 – International travel covers the number and characteristics of overseas visitors and New Zealand resident travellers (short-term movements) entering or leaving New Zealand.

    Key facts
    Monthly arrivals – overseas visitors
    Overseas visitor arrivals were 221,800 in the July 2024 month, an increase of 8,000 from the July 2023 month. The biggest changes were in arrivals from:

    • Australia (up 11,400)
    • China (up 10,000)
    • United States (down 13,100).

    July 2023 saw a boost in overseas visitor arrivals from the United States, coinciding with the FIFA Women’s World Cup 2023 hosted by New Zealand and Australia.

    Visit our website to read this information release:

    • International travel: July 2024

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI New Zealand: New Zealand net migration rate down from peak – Stats NZ media and information release: International migration: July 2024

    Source: Statistics New Zealand

    New Zealand net migration rate down from peak – 11 September 2024 – International migration in the July 2024 year increased New Zealand’s population by 13 more people for every 1,000 already living here, according to provisional estimates from Stats NZ.

    The net migration rate of 13 per 1,000 in the July 2024 year was down from a rate of 26 per 1,000 in the October 2023 year.

    “New Zealand’s net migration rate is down on last year, but is still relatively high by historical standards,” population indicators manager Tehseen Islam said.

    High net migration rates in 2023 and 2024 mainly reflect the large number of migrant arrivals to New Zealand following the relaxation of COVID-19-related travel and border restrictions, both in New Zealand and overseas, from 2022.

    Visit our website to read this news story and information release and to download CSV files:

    • New Zealand net migration rate down from peak
    • International migration: July 2024
    • CSV files for download

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI New Zealand: Stats NZ information release: Local authority statistics: June 2024 quarter

    Source: Statistics New Zealand

    Local authority statistics: June 2024 quarter – 10 September 2024 – Local authority statistics provides information on the performance of core non-trading activities of New Zealand’s territorial and regional councils.

    Visit our website to read this information release and to download CSV files:

    • Local authority statistics: June 2024 quarter
    • CSV files for download

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI New Zealand: GDP decreases 0.2 percent in the June 2024 quarter – Stats NZ media and information release: Gross domestic product: June 2024 quarter

    Source: Statistics New Zealand

    GDP decreases 0.2 percent in the June 2024 quarter – 19 September 2024 – New Zealand’s gross domestic product (GDP) fell 0.2 percent in the June 2024 quarter, following a 0.1 percent increase in the March 2024 quarter, according to figures released by Stats NZ today.

    Retail trade and accommodation; agriculture, forestry, and fishing; and wholesale trade industries all fell.

    “Activity in retail trade and wholesale trade has been in steady decline since 2022,” national accounts industry and production senior manager Ruvani Ratnayake said.

    Forestry and logging drove the fall in the agriculture, forestry, and fishing industry. This is mirrored by a fall in exports of forestry primary products.

    Despite the overall fall in GDP, 7 out of the 16 industries increased. The largest rise was in manufacturing.

    Visit our website to read this news story and information release and to download CSV files:

    • GDP decreases 0.2 percent in the June 2024 quarter
    • Gross domestic product: June 2024 quarter
    • CSV files for download

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI New Zealand: Food prices increase 0.4 percent annually – Stats NZ media and information release: Selected price indexes: August 2024

    Source: Statistics New Zealand

    Food prices increase 0.4 percent annually – 12 September 2024 – Food prices in New Zealand increased 0.4 percent in the 12 months to August 2024, following a 0.6 percent increase in the 12 months to July 2024, according to figures released by Stats NZ today.

    Higher prices for restaurant meals and ready-to-eat food and grocery food drove the annual increase in food prices, up 3.6 percent and 2.4 percent, respectively.

    The price increase in restaurant meals and ready-to-eat food was due to higher prices for lunch/brunch, hamburgers, and takeaway coffees.

    The price increase in grocery food was due to higher prices for olive oil, chocolate blocks, and butter.

    Visit our website to read this news story and information release and to download CSV files:

    • Food prices increase 0.4 percent annually
    • Selected price indexes: August 2024
    • CSV files for download

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI New Zealand: Stats NZ information release: Electronic card transactions: August 2024

    Source: Statistics New Zealand

    Electronic card transactions: August 2024 – 12 September 2024 – The electronic card transactions (ECT) series cover debit, credit, and charge card transactions with New Zealand-based merchants. The series can be used to indicate changes in consumer spending and economic activity.

    Key facts
    All figures are seasonally adjusted unless otherwise specified.

    Values are at the national level and are not adjusted for price changes.

    August 2024 month
    Changes in the value of electronic card transactions for the August 2024 month (compared with July 2024) were:

    • spending in the retail industries increased 0.2 percent ($10 million)
    • spending in the core retail industries increased 0.4 percent ($25 million).

    Visit our website to read this information release and to download CSV files:

    • Electronic card transactions: August 2024
    • CSV files for download

     

    MIL OSI New Zealand News –

    September 29, 2024
  • MIL-OSI: Freename Announces Plans to Apply for ICANN Top-Level Domains

    Source: GlobeNewswire (MIL-OSI)

    Zürich, Switzerland, Sept. 24, 2024 (GLOBE NEWSWIRE) — Freename, a leading player in the Web3 domain registration sector, has officially announced its plans to participate in the upcoming ICANN gTLD (generic Top Level Domains) registration round. The company intends to apply for .chain, .token, .metaverse and a variety of other gTLDs. Freename will also submit applications on behalf of third-party customers in this new gTLDs round. While the names of these partners remain undisclosed at this stage, Freename confirms that these strategic collaborations have been carefully selected to maximize the impact and relevance of each top-level domain. These Web3 domain registrations will also have their replica in the Web2/DNS space to further expand their reach and utilities.

    Freename’s Strategic Partnerships and Leadership

    This important milestone is made possible by Freename’s solid position within the domain industry, where the company enjoys strong relationships with institutional players in the traditional domain market. Among its notable collaborations, Freename has partnered with the ICANN-licensed Registry ShortDot launching the JV called WebUnited, with the mission to enhance Web2 domains with blockchain utilities. These partnerships further strengthen Freename’s ability to apply for ICANN’s gTLD programs, reaffirming its leadership in the market.

    Freename is also the first Web3 Registrar with ICANN accreditation which sells and tokenizes traditional DNS domain names as well as Web3 domains. By combining its well-established expertise in Web3 with the new technology of domain tokenization, Freename continues to dominate the Web3 domain market, as evidenced by the 2024 statistics placing it as the top Registrar in the sector.

    Looking Ahead: New Opportunities

    As the next ICANN gTLD registration round approaches, Freename invites companies looking to secure their own personalized TLD to join this journey of growth and innovation. Interested businesses can apply through this dedicated form.

    About Freename: Freename is the leading multichain Web3 Namespace where users can register and mint their own Web3 domains on their preferred chain.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

    September 29, 2024
  • MIL-OSI Reportage: Nine out of ten targeted by scams, but New Zealanders getting more scam savvy

    Source: BNZ statements

    New research from Bank of New Zealand (BNZ) shows a significant jump in scam activity over the past 12 months, with nine out of ten New Zealanders targeted by a scam, up 13 percent on the same time last year.

    But while the volume of scams has surged, New Zealanders are getting more scam savvy, with only one in ten falling victim.

    The research comes as BNZ launches its annual Scam Savvy Week to raise awareness, help people know how to identify scams, and be safer online.

    BNZ’s Head of Financial Crime, Ashley Kai Fong, says, “While it’s fantastic that New Zealanders are learning to spot the red flags, the sheer volume of scams is a stark reminder for all of us to remain vigilant.

    “All scams require people to do something – whether that’s clicking on a link, engaging in a conversation, or sending money. Ultimately the best defence against scams is you. If you can recognise the signs of a scam, you’re less likely to fall victim. That’s why BNZ has developed tools and resources to help New Zealanders get scam savvy at www.getscamsavvy.co.nz.”

    Businesses getting “con-conscious”  

    Businesses have also improved their ability to identify and avoid scams, with the number of small and medium enterprises (SMEs) falling victim to scams dropping from 47 percent in 2022 to 34 percent in 2023.

    “Scams are a significant threat to our business community, but these figures show that SMEs are taking the right steps to protect themselves,” says Kai Fong.

    Despite the reduction, businesses are not being complacent. Reporting of scams to banks has seen a marked increase, with 60 percent of businesses scammed in 2023 reporting the incident, compared to 39 percent in the previous year.

    “This underscores the growing awareness among businesses of the importance of swift reporting and robust prevention measures. It’s a clear indication that the business community is recognising the threat posed by scammers,” says Kai Fong.

    More people reporting scams, but further progress needed

    Reporting by individuals also increased with 64 percent of individuals impacted by a scam reporting it, up from 46 percent last year.

    “Reporting scams is a crucial step in fighting fraud,” says Kai Fong. “It provides valuable data to help us understand and combat these threats more effectively, making it harder for scammers to operate.

    “It’s great that Kiwis are increasingly reporting scams, but there is still a lot of room for improvement. Too many of us don’t report scams, or even tell loved ones, due to embarrassment or shame, but we need to remember that this is a scammer’s fulltime job.

    “Every minute of every day, they are out there thinking of new ways to take people’s hard-earned money. There is nothing to be embarrassed about if you do experience a scam, and by reporting it, you could be helping someone avoid being scammed in the future.”

    Top three scams 

    Government impersonation scams were the most prevalent over the last 12 months (45%), followed by bank impersonation scams (31%), and fake lottery, prize or grant scams (24%).

    Email was found to be the most common channel for scams (40%), followed by text (34%), and social media (28%).

    “Scammers are becoming increasingly sophisticated, impersonating trusted brands and institutions and exploiting a range of channels to deceive New Zealanders,” says Kai Fong.

    Despite the rise in scams, the research shows that educating New Zealanders to spot and avoid scams is helping to keep them safe.

    “Around two-thirds of those surveyed reported having seen educational material about scam prevention,” he says. “Knowledge is power. We want as many people as possible to get Scam Savvy as the more we know about scams, the better equipped we are to spot and avoid them.”

    Our Scam Savvy tools are available online at www.getscamsavvy.co.nz.

    Top tips to get Scam Savvy

    • Don’t click on links or open attachments sent by someone you don’t know or seem out of character for someone you do know. Hover over links to reveal the actual site.
    • If it doesn’t seem right, call the sender using contact details you already have or that are available on their public website.
    • Urgency is a red flag – scammers will try to rush you.
    • Banks will never ask for your bank account details, password or pin number, nor will they send you an email or text message with a link asking you to log in.
    • Keep your computer and phone security software up to date.
    • If you think you’ve been scammed, contact your bank as soon as possible.
    • Trust your gut – if it feels wrong, it probably is.

    Scam Savvy Research

    Other key findings from BNZ’s research:

    • One in ten New Zealanders have fallen victim to a scam in the last 12 months, losing money, personal information, bank or card details, or device access
    • Of those that lost money, two thirds (69%) lost under $500, 26 percent between $500 and $5,000, and five percent over $5,000
    • Email is the most common way to have fallen victim to a scam (40%), followed by text (34%), social media (28%), phone calls (18%), online websites (9%) or by someone you know (3%)
      • Those aged 15 – 34 years are more likely to have been targeted via social media (44%)
      • Social media and online website scams are harder for victims to recover stolen money, with 56 percent of victims who were targted via social media and 22 percent of victims targeted via an online website saying they couldn’t recover their money
    • Those over the age of 50 are more likely to be targeted by tech scam calls
    • One in ten males has responded to a dating or romance scam in the last 12 months, significantly higher than females
    • Females are more likely to be more concerned about their personal data online

    Business stats

    • 45 percent of SMEs reported being the target of scam attempts in the last year
    • Of those targeted, one third have responded to a scam attempt, by clicking on a link (15%), or replying to the scam via email, text, or phone call (14%)
    • Almost half (47%) of scam attempts are by email, with another 38% by text message. One third (33%) are by phone calling, with websites (19%) and social media (18%) rounding out the top 5
    • One in five (22%) of SMEs reported falling victim to a scam in the last 12 months
    • 43 percent of businesses that fell for a scam reported a financial loss. Of those, more than half lost less than $500, 38 percent between $501 and $5,000, and 11 percent lost more than $5,000. It is important to note that losses to scams are not just financial, and can include data loss, operational impacts, technical damage and/or reputational damage

    The post Nine out of ten targeted by scams, but New Zealanders getting more scam savvy appeared first on BNZ Debrief.

    MIL OSI Analysis –

    September 29, 2024
  • MIL-OSI Reportage: The economy in ten pics

    Source: BNZ statements

    • RBNZ kickstarts the easing cycle
    • Greenlights a slow ‘n’ steady downtrend
    • Helps the 2025 economic outlook, but near-term growth picture still troubled
    • With labour market to weaken further
    • Housing market in focus

     

    View PDF here

     

    Chart 1: So it begins

    There was nothing in the Reserve Bank’s (RBNZ) announcement to greatly challenge our view of the world. The Official Cash Rate (OCR) was lowered 25bps to 5.25% as we expected. The interest rate brake is still on, just less so than before.

    The most important aspect of the meeting in our view was the confirmation that the OCR will move a lot lower over the coming 18 months.

    It needs to. Our rough estimate of the ‘real’ (inflation-adjusted) cash rate has increased in recent months, even with this week’s cut. And it’s a long way down for the OCR to the RBNZ’s estimate of the long-run neutral rate around 3%.

    Chart 2: Chop

    The RBNZ’s updated forecasts were a shadow of their former selves. GDP growth, inflation and OCR forecasts got a chop while unemployment rate expectations were lifted ½% or so to a 5½% peak.

    This brings the RBNZ’s view of the economy down to, or even a touch weaker than, where we’ve been seeing things. Importantly, CPI inflation is now seen well inside the 1-3% target range in Q3 (2.3%y/y from 3.0% in May). As of yesterday, we concur.

    It means there’s a higher hurdle for incoming data to surprise the RBNZ on the downside. That doesn’t rule out a larger 50bps OCR cut being deployed at some point, but it does lean against the possibility in the short term.

    Chart 3: Joining the rate race

    Having been something of an outlier for a while, NZ is now back in the policy easing peloton. Most developed markets anticipate sizeable interest rate cuts over the coming 12 months.

    Markets price a better than even chance of a 50bp start to the US Federal Reserve’s easing cycle next month which, if delivered, may embolden global rate cut pricing further.

    Of those markets covered opposite, implied policy easing to February 2025 is most aggressive for the US (-185bps), NZ (-150bps), and Canada (-130bps), with Australia (-65bps) and Japan (+10bps) at the other end of the field.

    Chart 4: US sniffles

    Global financial markets have recovered much of their poise following the steep equity market declines of early last week. Sentiment is not what it was though. Investors are suddenly alert to any number of global fragilities.

    Most of the ‘blame’ for the wobble has been pinned on cooling tech/AI exuberance and US growth concerns. The outsized reaction last week may reflect the additional, creeping reliance on the US to drive the global expansion this year. The old ‘US catches a cold’ adage is still relevant.

    Chart 5: Jobs growth stalled

    The number of people employed nudged up 0.4% in the June quarter, according to official figures released last week. We’d pencilled in a small decline. Unemployment still rose to 4.6% as expected.

    Q2’s employment kick is unlikely to be repeated this quarter, and it also doesn’t change the broader narrative of jobs growth effectively stalling around mid-2023.

    Amongst the sectoral detail, it’s clear that the construction sector has been at the vanguard of the changing employment market.

    Chart 6: Relocating for work

    The lift in NZ’s unemployment rate in Q2 maintained a ½ percentage point gap to the (4.1%) Aussie equivalent.

    It doesn’t sound large, but that gap is the widest since 2013. Not coincidentally, net migration outflows to Australia are also running at the strongest level since 2013. People move to where the jobs are.

    Our forecasts imply both trends have got a ways to run. A climb in the NZ unemployment rate to a 5.5% peak in early 2025 against a lower (4.6%) peak in Australia would, on past form, be consistent with an acceleration in net outflows.

    Chart 7: Green f(lags)

    Wage inflation peaked in NZ about a year ago. We saw another notch in the downtrend last week. The private sector Labour Cost Index eased to 3.6%y/y in June, down from 3.8% the prior quarter and the 4.5% peak.

    More of the same easing is expected over the coming 12 months. It’s something that should help drain still-elevated domestic services inflation pressure. So, it’s not that high interest rates have been ineffective on non-tradables inflation, it’s that the impacts take time to turn up. The lags are real!

    Chart 8: No retail respite

    The trend in NZ retail card spending abruptly turned in early 2023, and it’s been downhill ever since. July’s 0.1%m/m contraction was the 6th consecutive monthly decline. Discretionary categories remain the hardest hit.

    The weakness is even more pronounced once buoyant population growth is accounted for. Our estimate of the average monthly spend per (working age) person is 8% below March 2023 levels. It’s a deeper and longer contraction than during the 2008 GFC.

    We’re hopeful the downtrend soon stabilises. Tax and interest rate cuts are supports, but falling population growth and job security are not.

    Chart 9: Housing market in focus

    The release of July REINZ housing market numbers has been shunted out to Tuesday, thus missing the cut for this edition of TEITC.

    But, it’s fair to say, housing stats will be watched more closely than usual as folk scour for green shoots in a sector likely to be one of the earlier responders to (recent and expected) falls in retail interest rates. There are stirrings in some of the anecdote and surveys, but we think the prognosis is more stabilisation than acceleration, for now.

    In the least, we’d expect a hearty bounce-back in July sales activity following the outsized, Matariki holiday-related, drop in June. That’s what we saw from this week’s Barfoot & Thompson figures covering a share of the Auckland market.

    Chart 10: Food for thought

    Food prices lifted 0.4%m/m (seasonally adjusted) in July. Prices have been flattish for the past year, but they’re still up 24% on 2020 levels.

    As you’d expect, there’s been a fair bit of variation amongst the components over that time. If you’re partial to an omelette and/or yogurt for breakfast you will be feeling the pinch a lot more than some. At least your morning brew is still, relatively speaking, cost effective.

    To subscribe to Mike’s updates click here


    Disclaimer: This publication has been produced by Bank of New Zealand (BNZ). This publication accurately reflects the personal views of the author about the subject matters discussed, and is based upon sources reasonably believed to be reliable and accurate. The views of the author do not necessarily reflect the views of BNZ. No part of the compensation of the author was, is, or will be, directly or indirectly, related to any specific recommendations or views expressed. The information in this publication is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Any statements as to past performance do not represent future performance, and no statements as to future matters are guaranteed to be accurate or reliable. To the maximum extent permissible by law, neither BNZ nor any person involved in this publication accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any, opinion, information, representation or omission, whether negligent or otherwise, contained in this publication.

    The post The economy in ten pics appeared first on BNZ Debrief.

    MIL OSI Analysis –

    September 29, 2024
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Denmark

    Source: IMF – News in Russian

    September 13, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Denmark.

    The Danish economy has continued to expand at a robust pace, driven by an exceptional surge in the pharmaceutical. In contrast, the rest of the economy has remained relatively subdued, aside from the maritime and information and communication technology industries, reflecting sluggish demand. Meanwhile, with a decline in global energy prices and lackluster domestic demand, inflationary pressures have largely dissipated in recent months.

    Growth is anticipated to gradually moderate in the near term but become more balanced across industries. Output growth is projected to moderate from 2.5 percent in 2023 to 1.9 percent in 2024 and to 1.6 percent in 2025. The growth of pharmaceutical and maritime exports will taper off, while that of the rest of the economy will be bolstered by a pickup in external demand, improved consumer purchasing power, and further easing of financial conditions. The reopening of the Tyra natural gas will also contribute to growth in 2024 and 2025. Inflation might temporarily edge up in the coming months due to the lagged effect of last year’s wage collective bargaining agreement before stabilizing at around 2 percent during the second half of 2025. The balance of risks to growth is skewed to the downside, with primary downside risks including a global slowdown, the possible escalation of the conflict in Gaza and Israel and Russia’s war in Ukraine, and deepening geoeconomic fragmentation.

    Executive Board Assessment[2]

    In concluding the 2024 Article IV consultation with Denmark, Executive Directors endorsed staff’s appraisal, as follows:

    Executive Directors agreed with the thrust of the staff appraisal. They commended Denmark’s remarkable resilience amidst multiple shocks, underpinned by sound policies, strong governance, and robust institutions. Noting a positive outlook with more balanced growth and stabilizing inflation, Directors cautioned that risks—including from a global growth slowdown, geoeconomic fragmentation, and demographic pressures—are tilted to the downside. To navigate these challenges and maintain Denmark’s welfare state, they emphasized the importance of continued sound macroeconomic management, supported by structural reforms to boost productivity, and lift long‑term growth.

    Directors commended Denmark’s robust public finances. They concurred that fiscal policy should consider cyclical conditions and long‑term spending needs. In this regard, Directors agreed that fiscal policy should avoid adding to capacity pressures in the short term. They supported the slight easing of the fiscal stance for 2025 and beyond to accommodate the increases in costs related to health, climate, and defense. To safeguard long‑term fiscal sustainability, Directors encouraged the authorities to closely monitor fiscal pressures and take additional adjustment measures if necessary.

    While noting that the financial system remains sound, Directors recommended that the authorities continue to closely monitor risks, in particular, related to the commercial real estate sector. They welcomed the recent tightening of macroprudential policies and suggested considering additional borrower‑based measures to address pockets of vulnerabilities.  Continued collaboration on the Nordic‑wide bank stress tests would also be important. Directors encouraged the authorities to further strengthen AML/CFT and cybersecurity frameworks.

    Directors agreed that systemic risks arising from nonbank financial institutions (NBFIs) warrant closer monitoring and enhanced customer protection. They encouraged the authorities to develop a systemic risk assessment encompassing banks and NBFIs and to finalize a supervisory order to enhance customer protection.

    Directors emphasized the importance of continued reform efforts to increase the labor supply, address skills mismatches, and better integrate migrants.  They were encouraged by the authorities’ strong commitment to further enhance digitalization, innovation, and business dynamism to boost productivity growth. Directors welcomed Denmark’s commitment to transparent free‑trade policies within the multilateral and rules‑based trading system.

    Directors commended the authorities’ ambitious climate change mitigation targets and the agreement to reduce emissions in the agriculture sector. They encouraged updating the estimates of the investment needs for climate adaptation.

    Denmark: Selected Economic Indicators

    2023

    2024

    2025

    proj.

    Output

    Real GDP growth (%)

    2.5

    1.9

    1.6

    Employment

    Unemployment rate (%)

    2.8

    2.9

    3.0

    Prices

    Inflation (%, average)

    3.4

    1.8

    2.2

    General Government Finances

    Revenue (% GDP)

    50.1

    49.6

    48.8

    Expenditures (% GDP)

    46.8

    47.8

    48.0

    Fiscal balance (% GDP)

    3.3

    1.8

    0.9

    Public debt (% GDP)

    29.7

    28.2

    27.3

    Money and Credit

    Domestic credit growth (%)

    3.2

    …

    …

    3-month interbank interest rate (%)

    3.4

    …

    …

    10-year government bond yield (%)

    2.4

    …

    …

    Balance of Payments

    Current account (% GDP)

    9.8

    9.0

    9.3

    International reserves (% change)

    1.3

    …

    …

    Exchange Rate

    ULC-based REER (% change)

    -0.4

    …

    …

    Sources: Statistics Denmark; OECD; and IMF staff calculations.

     

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/12/pr-24327-denmark-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation Discussions with the Kingdom of the Netherlands—Curaçao and Sint Maarten

    Source: IMF – News in Russian

    September 17, 2024

    Washington, DC: On September 10, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation discussions[1] with the Kingdom of the Netherlands—Curaçao and Sint Maarten and endorsed the staff appraisal without a meeting on a lapse-of-time basis[2]. These consultation discussions form part of the Article IV consultation with the Kingdom of the Netherlands.

    Context. Curaçao and Sint Maarten have continued to experience a vigorous post-pandemic recovery underpinned by strong stayover tourism, which is outperforming Caribbean peers. Headline inflation has declined rapidly led by international oil price developments, notwithstanding a recent uptick, while core inflation remains elevated. In both countries, current account deficits improved markedly from pandemic years but remain high. Fiscal positions remained strong and in compliance with the fiscal rule. The landspakket, the structural reform package agreed with the Netherlands in 2020, continues to guide both countries’ reform agenda.

    Curaçao outlook. Growth is expected to accelerate in 2024 before gradually converging to its potential over the medium term. Stayover tourism supported by fiscal expansion is projected to drive economic growth at a robust 4.5 percent in 2024 due to new airlifts and further expansion in hotel capacity. Growth is then expected to moderate to reach 1.5 percent over the medium term, given subpar investment and productivity growth coupled with sustained population decline and beginning saturation in tourism flows, assuming no further reforms and diversification. Headline inflation is projected to decline mildly to 3.2 percent in 2024 from 3.5 percent in 2023, but to continue falling towards its steady state of around 2 percent by 2027 reflecting international price developments. Fiscal balances would be guided by the fiscal rule and debt would continue to decline, while surpluses narrow as investments return and social spending pressures mount. The current account deficit is expected to improve in the medium term but would remain elevated.

    Sint Maarten outlook. Growth is expected to moderate in the medium term as tourism recovery and the reconstruction taper off. Growth is expected to be 2.7 percent in 2024 and 3 percent in 2025, supported by a delayed recovery in cruise passengers towards pre-pandemic levels. However, the near-term outlook is threatened by the electricity load shedding (since June) and political instability. From 2026 onwards, growth is expected to gradually converge towards 1.8 percent as the stimulus from the reconstruction peters out, and tourism growth becomes constrained by the island’s carrying capacity and ailing infrastructure. Inflation is expected to remain broadly contained while remaining vulnerable to international price developments. Over the medium term, the government will continue to comply with the golden fiscal rule and capacity constraints will continue to weigh on public investment.

    Monetary Union. Monetary policy is appropriately targeted towards maintaining the peg. Efforts to absorb excess liquidity should continue while closely monitoring developments in core inflation driven by tourism-related services. The financial sector is sound and risks to financial stability have substantially diminished as the CBCS advances its reform agenda. Banks are highly liquid and adequately capitalized and systemic risks are contained. Building on the CBCS’s strong progress in strengthening supervisory and regulatory capacity, and the recent resolution agreement for ENNIA, staff welcomes CBCS’s continued efforts in its reform agenda, including financial stability and crisis management.

    Executive Board Assessment[3]

    Curaçao

    Curaçao’s economy successfully embraced the pivot towards tourism-led growth, giving rise to a strong near-term outlook. After losing key traditional industries, Curaçao quickly and successfully leveraged its tourism potential to grow, attract new hotels, and create jobs. While this is serving the economy well in the near term – growth is projected to accelerate to 4½ in 2024 – structural shifts have started to emerge, including a low-skilled, informal recovery of the labor market amidst low investment in non-tourist sectors. Growth is expected to moderate over the medium term given saturation in tourism flows, sustained population decline, and subpar investment. Notwithstanding the economy’s recent overperformance, inflation declined significantly and only reversed some of its gains recently on the back of higher international oil prices and unfavorable base effects. Inflation is expected to gradually converge towards its steady state rate of around 2 percent. Fiscal policy remains guided by the fiscal rule, albeit past surpluses are expected to unwind, allowing for the reversal of pandemic wage cuts and a return of public investments. The current account markedly improved thanks to lower oil prices but the deficit remains elevated.

    Risks to the outlook are broadly balanced. Growth slowdown in major economies could negatively impact tourism receipts, while positive surprises could boost foreign demand. Domestically, a successful expansion of renewable energy and faster-than-expected development of hotel capacity and yachting marinas would boost growth, while delays in public investment and more persistent core inflation could dent tourist experience and competitiveness.

    Efforts to safeguard recently created fiscal space are welcome. Overall surpluses in 2022 and 2023 helped reduce debt and granted access to favorable financing terms from the Netherlands. Safeguarding this space and avoiding procyclical impetus is warranted, including through more gradual unwinding of pandemic wage cuts in 2024, prudent liquidity management to repay a bullet loan in 2025, and general efforts to strengthen tax administration, review procurement and domestic arrears management, and streamline transfers to public entities. Ensuing room for maneuver could be used for priority investments, including for climate adaptation, guided by a medium-term fiscal framework steering towards the island’s debt anchor.

    Healthcare and pension reforms are needed to lock in a sustainable expenditure path and mitigate medium-term fiscal risks. Growing health and old-age pension deficits, exacerbated by an aging population, pose risks to the sustainability of public finances. Recent initiatives to incentivize the use of generics and raise the pension age are commendable, and more needs to be done to put the system on a sustainable path. Staff sees a broad range of efficiency gains in health spending, including lowering pharmaceuticals and laboratory costs and enhancing primary care’s gatekeeping role. Reforms on the revenue side, including broadening the contributor base and increasing co-payments, are politically more difficult.

    Sustaining the positive growth momentum in the medium term requires investments in capital and labor and resolving existing growth bottlenecks. First, moving up the value chain with high-end resorts and complementary recreational activities would help sustain valuable income growth from tourism but requires scaling up investments in infrastructure and deregulating the transportation sector. Second, further investments in electricity grid and energy storage, as well as a revised pricing strategy, are needed to accompany the ongoing energy transition and reap its vast benefits, including lower fuel imports, emissions, and electricity prices. The envisaged floating offshore wind park for hydrogen production would be a game changer for the island. Boosting public investment to achieve these objectives, however, requires ramping up capacity in planning and execution. Third, to further stimulate growth and offset the sustained population decline, formal labor markets and skills would need to be strengthened. And fourth, continued improvements in the business climate in line with the landspakket’s economic reform pillar could help overcome decade-low productivity growth.

    Important strides in reducing ML/FT vulnerabilities are welcome and could be built upon. The draft online gaming law, implementation of risk-based supervision, and a new law to address EU grey listing and enable automatic information exchange represent important strides in enhancing Curaçao’s defenses against ML/FT and related reputational risks. Curaçao can further improve upon these important accomplishments, including by passing and implementing the aforementioned legislations in a timely manner and enhancing coordination and monitoring across relevant agencies.

    Sint Maarten

    Near-term growth is strongly anchored but preserving the positive momentum hinges on investments to revamp an ailing infrastructure and improve tourism’s value added. The economic recovery is well underway, underpinned by tourism recovery and the reconstruction. GDP is expected to surpass its pre-Irma level in 2025. However, without investments to upgrade an ailing infrastructure, growth will falter as the island approaches its maximum carrying capacity. Strategies should continue to focus on enhancing tourist’s experience, differentiating from other Caribbean destinations, and improving tourism’s value added.

    A comprehensive strategy is required to durably resolve the electricity crisis. Mobile electricity generators have been leased and efforts to replace old engines are underway. Once the immediate crisis is resolved, efforts should be devoted towards developing a detailed masterplan for the energy transition with targets, projects, costing, timeline, and a comprehensive assessment of ancillary investments. The Trust Fund could receive a new mandate, beyond 2028, to operate as a public investment agency in charge of planning, securing the financing, and implementing plans for the energy transition.

    Revenue mobilization efforts are essential to ensure fiscal sustainability. Plans to lower tax rates, to make the country more competitive with neighboring islands, should be avoided as this would reduce government’s revenues and endanger fiscal sustainability. Instead, additional revenues are required to satisfy the fiscal rule, service loans with the Netherlands, raise public wages to attract and retain talent, increase transfers to cover public health costs, and clear public arrears with the SZV. Envisaged reforms to enhance the tax administration and to digitize and interface government systems should be complemented with plans to i) tax casinos’ profits, turnover, and winnings; ii) enforce the lodging tax on short-term rentals, and income and profit tax on the proceeds from such rentals; iii) update the price of land leases; and iv) institute a tourist levy at the airport.

    Without reforms, the healthcare and pensions funds are unsustainable. Health premiums and government transfers are insufficient to cover health costs, which are being cross-financed with pension savings. With unchanged policies, given population aging and rising administrative costs, both health and pensions funds will run deficits by 2027, and the SZV would deplete its liquid assets by 2027. By 2030, the government would need to transfer about 4 percent of GDP per year to sustain the system. Reforms are urgently needed to contain health costs including: i) introducing the General Health Insurance, ii) rationalizing benefits, iii) extending the use of generics, iv) optimizing referrals, v) strengthening preventing care, and vi) adopting out-of-pocket payments. Given the rapid pace of population aging, additional measures such as increasing the contribution rates and linking the retirement age to life expectancy, should also be considered.

    Strengthening the implementation of AML/CFT measures is necessary to increase effectiveness of the AML/CFT regime. Laws for an effective AML/CFT framework were approved but their implementation is lagging. UBO registration is yet to begin, while the investigation and prosecution of suspicious activities is lacking. Granting the FIU full independence to investigate and prosecute cases, and increasing its budget for recruitment and operations could strengthen the AML/CFT framework.

     

    The Monetary Union of Curaçao and Sint Maarten

    The current account deficit is expected to improve in the medium term but would remain elevated, while international reserves are expected to remain broadly stable. Large CADs in both countries are expected to improve and remain well-financed, leading to a stable and broadly adequate level of international reserves over the medium term. Curaçao’s external position is assessed to be weaker than implied by fundamentals and desired policy settings due to an elevated CAD and sustained appreciation of the real effective exchange rate, while that of Sint Maarten is considered in line with fundamentals and desired policy settings.

    Monetary policy is appropriately targeted towards maintaining the peg. In line with global monetary policy tightening, the CBCS increased its benchmark rate during 2022-23 and has kept it unchanged since September 2023. Efforts to absorb excess liquidity should continue while closely monitoring developments in core inflation driven by tourism-related services. Even though credit growth declined further and reached negative territory in real terms amidst monetary tightening, the transmission mechanism of monetary policy remains weak. Structural factors include the absence of interbank and government securities markets. The continued increase in mortgages, the only credit component to display growth, was accompanied by a broadly stable loan-to-value ratio on aggregate, albeit more granular data is needed to monitor potential vulnerabilities. Further acceleration in mortgage credit could warrant introducing a macro prudential limit below the currently by banks self-imposed ratio.

    The financial sector is sound and risks to financial stability have substantially diminished as the CBCS advances its reform agenda. Banks are highly liquid and adequately capitalized and systemic risks are contained. Near-term risks to financial stability have substantially diminished with the agreement for a controlled wind-down of ENNIA and the start of the restructuring process, as well as the CBCS’s continued improvements in supervision, regulation, and governance. Staff welcomes CBCS’s initiatives to establish a financial stability committee, further refine stress-testing, and enhance crisis management capacities, including lender of last resort and a deposit insurance scheme.

    Table 1. Curaçao: Selected Economic and Financial Indicators, 2020–25

    (Percent of GDP unless otherwise indicated)

     

    2020

    2021

    2022

    2023

    2024

    2025

    Prel.

    Prel.

    Prel.

    Prel.

    Proj.

    Real Economy

    Real GDP (percent change)

    -18.0

    4.2

    7.9

    4.2

    4.5

    3.5

    CPI (12-month average, percent change)

    2.2

    3.8

    7.4

    3.5

    3.2

    2.4

    CPI (end of period, percent change)

    2.2

    4.8

    8.4

    3.1

    3.2

    2.4

    GDP deflator (percent change)

    2.2

    3.8

    4.0

    3.5

    3.2

    2.4

    Unemployment rate (percent) 1/

    13.1

    13.5

    7.2

    7.0

    6.9

    6.6

    Central Government Finances 2/

    Net operating (current) balance

    -15.0

    -10.6

    0.7

    0.6

    0.0

    0.5

    Primary balance

    -13.2

    -8.8

    2.0

    2.5

    2.0

    1.9

    Overall balance

    -14.5

    -10.0

    1.0

    1.3

    0.1

    0.5

    Central government debt 3/

    87.1

    90.3

    81.6

    70.8

    65.4

    61.1

    General Government Finances 2, 4/

    Overall balance

    -15.7

    -10.4

    0.3

    0.9

    -0.3

    -0.1

    Balance of Payments

    Current account

    -27.2

    -18.6

    -26.8

    -19.7

    -17.9

    -16.5

    Goods trade balance

    -37.0

    -41.6

    -47.9

    -38.3

    -40.4

    -39.9

       Exports of goods

    10.7

    12.5

    18.0

    16.9

    16.5

    16.2

       Imports of goods

    47.7

    54.1

    65.9

    55.2

    56.9

    56.1

    Service balance

    9.6

    21.7

    20.5

    18.4

    22.6

    23.7

       Exports of services

    29.3

    37.2

    48.6

    46.6

    50.3

    51.3

       Imports of services

    19.7

    15.6

    28.1

    28.2

    27.7

    27.6

    External debt

    197.3

    194.8

    180.9

    177.1

    169.1

    164.0

    Memorandum Items

    Nominal GDP (millions of U.S. dollars)

    2,534

    2,740

    3,075

    3,318

    3,578

    3,789

    Per capita GDP (U.S. dollars)

    16,492

    18,135

    20,648

    22,160

    23,775

    25,065

    Credit to non-government sectors (percent change)

    0.1

    -9.7

    3.2

    2.5

    …

    …

    Sources: The Curaçao authorities and IMF staff estimates and projections.

    1/ Staff understands that the unemployment rate of 7.0 percent published in the 2023 Census data is not comparable to the historically published unemployment rates from the labor force survey by the Curacao Bureau of Statistics. As such, staff estimated the unemployment rate and overall labor force for the period of 2012 to 2022. Staff understands that the Curacao Bureau of Statistics intends to revise the historical series in the near future.

    2/ Defined as balance sheet liabilities of the central government except equities. Includes central government liabilities to the social security funds.

    3/ Budgetary central government consolidated with the social security fund (SVB).

    4/ The latest available datapoint is as of 2018. Values for 2019-2023 are IMF staff estimates based on BOP flow data.

     

     

    Table 2. Sint Maarten: Selected Economic Indicators 2020–25

    (Percent of GDP unless otherwise indicated)

     

    2020

    2021

    2022

    2023

    2024

    2025

    Est.

    Est.

    Est.

    Est.

    Proj.

    Real Economy

     

       

    Real GDP (percent change) 1/

    -20.4

    7.1

    13.9

    3.5

    2.7

    3.0

    CPI (12-month average, percent change)

    0.7

    2.8

    3.6

    2.1

    2.5

    2.3

    Unemployment rate (percent) 2/

    16.9

    10.8

    9.9

    8.6

    8.5

    8.2

       

    Government Finances

     

       

    Primary balance excl. Trust Fund operations 3/

    -8.7

    -5.4

    -0.6

    1.5

    0.9

    0.9

    Current balance (Authorities’ definition) 4/

    -9.6

    -6.3

    -1.5

    0.5

    -0.1

    0.0

    Overall balance excl. TF operations

    -9.3

    -5.9

    -1.1

    1.0

    0.2

    0.2

    Central government debt 5/

    56.1

    55.3

    49.3

    49.0

    46.2

    44.1

       

    Balance of Payments

     

       

    Current account

    -25.5

    -24.6

    -3.9

    -7.5

    -7.8

    -3.0

    Goods trade balance

    -40.7

    -49.8

    -59.2

    -59.3

    -62.4

    -60.5

       Exports of goods

    11.8

    11.4

    14.1

    14.8

    13.1

    11.2

       Imports of goods

    52.4

    61.2

    73.2

    74.1

    75.5

    71.7

    Service balance

    20.2

    33.1

    62.8

    60.3

    62.6

    65.2

       Exports of services

    34.4

    51.0

    78.7

    81.4

    81.5

    83.9

       Imports of services

    14.3

    17.9

    15.9

    21.1

    18.9

    18.7

    External debt 6/

    274.3

    253.7

    213.6

    206.3

    200.8

    194.0

       

    Memorandum Items

       

    Nominal GDP (millions of U.S. dollars)

    1,141

    1,268

    1,479

    1,563

    1,645

    1,733

    Per capita GDP (U.S. dollars)

    26,796

    29,646

    34,437

    36,088

    37,570

    39,160

    Credit to non-gov. sectors (percent change)

    2.4

    1.3

    4.5

    1.0

    …

    …

               

       Sources:

               

       1/ Central Bank of Curacao and Sint Maarten and IMF staff estimates.

               

       2/ The size of the 2022 labor force reported by the 2023 Census was adjusted to ensure consistency with the reported total population.

       3/ Excludes Trust Fund (TF) grants and TF-financed special projects.

     

       4/ Revenue excl. grants minus interest income, current expenditure and depreciation of fixed assets.

     

       5/ The stock of debt in 2018 is based on financial statements. Values in subsequent years are staff’s estimates and are higher than the values under authorities’ definition in quarterly fiscal reports.

       6/ The latest available datapoint is as of 2018. Values for 2019-2022 are IMF staff estimates based on BOP flow data.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time-procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    [3] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/17/pr-24330-curacao-and-sint-maarten-imf-board-concludes-2024-article-iv-consultation-discussions

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI Germany: Guardian of the culture of stability – paying tribute to Helmut Schlesinger on his 100th birthday | Guest contribution by Joachim Nagel, President of the Deutsche Bundesbank, in the Börsen-Zeitung

    Source: Deutsche Bundesbank in English

    Helmut Schlesinger turns 100 on 4 September, an anniversary that adds a wholly new numerical dimension to the honorary title of former Bundesbank President. Helmut Schlesinger is certainly no stranger to accolades celebrating his milestone birthdays. The “Börsen-Zeitung”, for one, marked his 80th birthday by writing that his name is synonymous with the pursuit of monetary stability, in a reference to the Bundesbank’s particular culture of stability, in which Mr Schlesinger’s thinking and attitudes resonate to this day.
    Mr Schlesinger’s presidency marked the pinnacle of over 41 years at the Bundesbank and in pursuit of a stable currency. He is rightly regarded as one of the most influential Bundesbankers of all time. The “Börsen-Zeitung” once dubbed him a home-grown product of the Bundesbank, a description that I like a lot. It wrote that Helmut Schlesinger embodied an exceptional period of monetary history, which came to an end as it were with the transition to the euro, characterised, on balance, by the continuity of success.
    During the 1950s and 1960s, in the early days of the Deutsche Mark, Mr Schlesinger followed an unusually steep career as a Bundesbank civil servant, culminating in him heading the Economics and Statistics Department. It was a time in which West Germany was experiencing the economic miracle. Under the fixed exchange rate regime, the Bundesbank led the money and credit sector out of planning and currency reform until it was finally opened and liberalised in 1958. Over the entire period, the Bundesbank succeeded in keeping the Deutsche Mark stable.
    In 1972, Mr Schlesinger was appointed to the Bundesbank’s Directorate and became its chief economist. The circumstances of the time required a complete realignment of monetary policy: the Bretton Woods exchange rate system teetered and finally collapsed in 1973. Western Europe’s exchange rates entered a new equilibrium – first in the European exchange rate arrangement, then in the European Monetary System (EMS). In economic terms, the 1970s were dominated by oil crises and rising unemployment. The combination of high inflation and a stagnant economy led to a new term being coined: stagflation. At that time, the Bundesbank was the first central bank to introduce monetary targeting. Mr Schlesinger played a key role in translating monetarist theory into a monetary policy strategy.
    He always saw the importance of explaining monetary policy, in personal contributions and in the Bundesbank’s Monthly Report, which he edited meticulously and with a sure sense of style. Many at the Bundesbank will remember the notes he made in pencil – he preferred an HB, or medium, hardness grade. As a monetary policymaker, however, some considered him a hard pencil lead, his argumentation consistent, but never simplistic. Time and again, he demonstrated the interaction between economic analysis, theoretical monetary concepts, political decision-making and historical change.
    During the 1970s and 1980s, the Deutsche Mark proved one of the world’s most stable currencies. Mr Schlesinger, who was made Vice-President in 1980, was regarded as the “conscience of stability policy”. US Treasury Secretary James A. Baker III is once said to have accused Schlesinger of seeing inflation under every pebble. This period saw the Deutsche Mark evolve into the anchor currency of the EMS. In 1991, Schlesinger was promoted from Vice-President to President – for a tumultuous 26 months. The Bundesbank used interest rate hikes in a bid to bring down the inflation caused by German reunification. Its stubborn high-interest-rate policy met with criticism within Germany and elsewhere. Many of the EMS partner countries likewise blamed the Bundesbank for the currency crises and rounds of depreciation of 1992‑93. When the United Kingdom was forced to withdraw from the EMS in 1992, UK politicians and the British media levelled serious accusations at Mr Schlesinger. Yet he was never a narrow-minded monetary policy nationalist; he followed a clear monetary compass. When Mr Schlesinger, a passionate hillwalker, was asked on a Himalayan tour about the importance of the oldest Buddhist mantra om mani padme hum, he is said to have answered: keep the money supply tight.
    Nowadays, the monetary targeting he introduced and that proved so successful back then has a different role to play. The structure of the economy has changed fundamentally. Mr Schlesinger himself always underscored that monetary policy strategy had to be adapted to structural change if it was to maintain monetary stability. Another of Mr Schlesinger’s insights also remains as true now as it was then: Stable money not only needs stability-oriented policies from both the government and the central bank. Business, employers and trade unions, and consumers also need to behave appropriately – what you might call a culture of stability. He established this culture of stability not just within the Bundesbank, but throughout west German society and later German society as a whole. It is a culture that is an obligation to all of his successors in the office of Bundesbank President. As the fifth in this line, I am honoured to offer my felicitations: heartfelt congratulations on your 100th birthday, Helmut Schlesinger!
     

    MIL OSI

    MIL OSI German News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Speech by SJ at forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only)

    Source: Hong Kong Government special administrative region

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen,     Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”.     In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here.     For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course.     Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours.     As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first.     As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today?     At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth.     Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five.     So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves.     But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
    portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest?     Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond.     This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner.     On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Germany: Executive Board agrees allocation of responsibilities

    Source: Deutsche Bundesbank in English

    With effect from Monday, 2 September 2024, Dr Sabine Mauderer was appointed Vice-President of the Deutsche Bundesbank. Furthermore, Lutz Lienenkämper and Michael Theurer joined the Bundesbank’s Executive Board. The responsibilities within the Executive Board have therefore been reallocated. The following reallocation of responsibilities comes into effect immediately.
    President Dr Joachim Nagel
    Economics
    Directorate for Board and International Affairs
    Communications
    Strategy and Innovation
    Legal Services
    Deputy President Dr Sabine Mauderer
    Markets
    Controlling, Accounting and Organisation
    Sustainability
    Burkhard Balz
    Cash management
    Digital Euro
    Payments and Settlement Systems
    Centre for International Central Bank Dialogue
    Lutz Lienenkämper
    Human Resources
    Internal audit
    Compliance
    Michael Theurer
    Banking and Financial Supervision
    Financial Stability
    N.N.
    Information Technology
    Data and Statistics
    Risk Control
    Research
    Responsibilities within the unallocated area have been temporarily assigned to Dr Joachim Nagel (Risk Control and Research Centre), Dr Sabine Mauderer (Data and Statistics) and Burkhard Balz (Information Technology).

    MIL OSI

    MIL OSI German News –

    September 29, 2024
  • MIL-OSI Global: Loneliness may not make you ill after all, says new study – but that doesn’t mean we shouldn’t tackle it

    Source: The Conversation – UK – By Louise Arseneault, Professor in Developmental Psychology at the Institute of Psychiatry, Psychology and Neuroscience, King’s College London

    Magdalena kluczny/Shutterstock

    When was the last time that you felt lonely? It’s an uncomfortable question, but for 3.83 million people in the UK, 7.1% of the population, the answer is probably “right now”.

    Loneliness has become a worrying public health matter because it is common and is often associated with people experiencing physical and mental health problems. There is now taxpayers’ money being spent at the local, national and international levels on initiatives to minimise loneliness and the harmful effect it can have on people’s health. But are those investments misjudged?

    New research from Guangzhou Medical University in China has challenged the notion that loneliness can cause ill health. Instead, the findings suggest that loneliness might be considered an associated feature for many diseases (a so-called “surrogate marker”) as it was shown to not be a root cause for poor physical and mental health.

    The researchers used data from the UK Biobank in which over half a million people aged 37 to 73 were asked to report how often they felt lonely. They conducted analyses based on the distribution of genetic variants in the population (known as “Mendelian randomisation”) to test the causal effect of loneliness on a wide range of diseases, including physical and mental health problems.

    This is certainly an interesting study; however, there are several points we must consider when reflecting on the findings. It is important to note that UK Biobank data isn’t the best for testing the causal effects of loneliness on health.

    Although many participants have taken part in UK Biobank, they are volunteers who tend to be white, older and have higher levels of education than the general population in the UK. Many of the participants also follow a healthier lifestyle than the population as a whole.

    Although loneliness doesn’t discriminate and can affect anyone, at all ages, and from all walks of life, this participation bias can influence the findings as it may conceal important associations.

    The study also captured a snapshot of loneliness from a single time in adulthood. We all experience loneliness from time to time, but its effect on health depends at what age a person feels lonely, why they feel lonely and for how long. This detail isn’t captured in this data.

    Some of our own research in this area shows that mental health difficulties and poor general functioning are often experienced alongside feelings of loneliness. However, our findings also show that loneliness in early adolescence can have long-lasting effects, especially related to education and employment prospects –– so-called “socioeconomic outcomes”.

    This study also measured loneliness in participants in their late 30s and older. Again, previous research has shown that loneliness can start early in life and is associated with later depression and poor socioeconomic outcomes, both of which are shown in this paper to be important factors associated with health.

    The ideal is to conduct analyses with data from studies that observe people from childhood to old age, and which have measured loneliness earlier in life and health in later life to best understand the links between loneliness and health.

    Also, this study used hospitalisation data to determine health outcomes. While this type of data is valuable, it captures information only from participants who seek treatment and represents the tip of the iceberg when it comes to diseases. Loneliness may affect health in more subtle ways that won’t be caught here.

    This is not to be over-critical of the study, however. The importance of depression and socioeconomic status as mechanisms through which loneliness translates into poor health is an essential message from this study. For example, loneliness may result in difficulties at work or worsening mental health, which could in turn increase a person’s risk of physical disease.




    Read more:
    The loneliness myth: what our shared stories of feeling alone reveal about why you can’t ‘fix’ this very human experience


    Identifying surrogate markers of poor health is also valuable as it opens the door to better and earlier ways to support vulnerable people. For example, someone may not feel comfortable revealing that they experience symptoms of depression, but they are fine with talking about their feelings of loneliness. Loneliness may act as a red flag in some circumstances. This is especially important when diseases are accompanied by stigma, such as many mental health conditions.

    Loneliness is intertwined with a range of health conditions throughout life and is considered both a contributing factor to and an outcome of poor health. This study acknowledges that.

    Loneliness has a complex relationship with health

    To measure the importance of loneliness for public health relevance solely as a causal factor oversimplifies its complex and intricate relationships with health. This is where further research using data that is representative of the general population is needed. It would allow researchers to unpick the pervasive role of loneliness in shaping health and wealth for all people.

    What this study cannot answer is an important question: should we continue to invest in initiatives designed to tackle loneliness as a means of improving population health? As ever, the answer is not a binary one.

    While this study may not report a causal relationship between loneliness and diseases, ample evidence indicates that it precedes, accompanies and results from poor health. Current strategies have proven to be limited in their effectiveness, particularly for people with lower incomes and less education.

    If we consider the occurrence of loneliness alongside mental health difficulties and low socioeconomic status, and a better understanding of the mechanisms that underpin loneliness, we might find these initiatives become more effective.

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

    – ref. Loneliness may not make you ill after all, says new study – but that doesn’t mean we shouldn’t tackle it – https://theconversation.com/loneliness-may-not-make-you-ill-after-all-says-new-study-but-that-doesnt-mean-we-shouldnt-tackle-it-239436

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI USA: U.S. Court of Appeals for Veterans Claims 16th Judicial Conference

    Source: US Department of Veterans Affairs

    Thanks so much to everybody. Good morning to you. Thank you for inviting me to join you for your 16th Judicial Conference.

    You had me a couple of years ago. The fact that you welcomed me back notwithstanding the intervening time as Secretary I take as a mildly positive sign. We’ll see how the reviews are on that at the end of the speech.

    Chief Judge [Michael] Allen, thank you so much for the introduction. It’s fitting that you’ve stepped up to Chief Judge during this conference because, as I gather, your introduction to Veterans law for the first time was when you accepted an invitation to speak to this very conference in 2006. And at that conference, you recognized the importance of Veterans law, and so here we are.

    Thanks for all you have done for Veterans, even before you joined this Court. You became one of the first professors with expertise in Veterans law, and you founded one of the law school clinics providing pro bono legal access for our nation’s heroes. I appreciate that one of your very first actions as Chief Judge was to introduce me just now. And so, I take that very seriously. So, thanks for that. I hope the rest of your tenure is as auspicious.

    Judge [Margaret] Bartley, also known as Chief Judge Bartley for the last five years, congratulations. And thank you for your 30 years of service to Veterans. You’ve worked to ensure that Veterans receive all the benefits and services they’ve deserved and they have so richly earned, provided them with pro bono representation yourself, clerked for this Court, been appointed as a judge on this Court, and elevated then to Chief Judge. Your service to Veterans, to the national interest, to the country, has been remarkable.

    And thanks also to all of you here at this Court, including this Court’s other distinguished judges, VA employees from the Board of Veterans Appeals and Office of General Counsel, attorneys representing Veterans before the CAVC [Court of Appeals for Veterans Claims], law professors, law students, and of course Veterans. No matter your role, you all care deeply about our nation’s heroes.

    One of the benefits of this biannual event is that it brings us all together. It might be on different sides of the table, but each one of us supports Veterans all the time.

    Let me begin where this Court began.

    During legislative hearings leading to passage of the Veterans’ Judicial Review Act in 1988, Sonny Montgomery—then-Chairman of the House Veterans Affairs Committee—said, “Accurate, informal, efficient, and fair. These are the goals which have guided the committee in … expanding judicial review of VA decision-making …. [It is] not intended to express displeasure with the BVA [Board of Veterans’ Appeals] method of reviewing claims or imply that the existing review process is unfair.”

    “To the contrary,” he said, “the committee believes that Veterans presently receive every possible consideration where the BVA reviews a case, and the committee expects that the new court will be similarly inclined.”

    That’s quite a statement from the chairman of a Congressional committee. And given that statement, and Chairman Montgomery’s observation about “Veterans [receiving] every possible consideration,” I’ve been wondering what he would think of the last few years, years which have seen significant improvements and significant developments in Veterans law.

    Two changes in particular have impacted the Veterans law landscape.

    First, the Appeals Modernization Act [AMA], implemented in 2019, has improved the appeals process—so far. The AMA has made appeals faster, it’s provided Veterans different options for addressing denied claims. But we are still operating in two separate legal systems, with different options for Veterans filing appeals, and thousands of Legacy claims being adjudicated.

    Second, President Biden’s PACT Act in 2022 greatly expanded VA health care eligibility for toxic-exposed Veterans and extended enhanced eligibility for Vietnam era, Gulf War era, and Post-9/11 combat Vets. We’re seeing Veterans file more benefits claims than ever before.

    In 2023, VA processed nearly 2 million benefits claims—a record high. So far this year, we’ve exceeded that by processing more than 2.4 million, with another 10 days left, yet, in the fiscal year, on pace to surpass last year’s record by more than 27%. The VBA grant rate for these claims is 64.2%—and as high as 75% for PACT Act claims. In 2024, the average overall disability rating granted to Veterans is 70%, with over $20,000 per year in disability compensation.

    Now, I know I’ve just listed a bunch of stats. Nearly every one of them represents all-time VA highs. But let’s remember that behind every one of them is a Veteran and their family receiving life-changing benefits and care.

    Now, breaking records is good. But it’s not good enough. Because here’s the bottom line: we have a lot of work left to do, a lot of improvement. In fact, we need to improve. We must keep Veterans at the heart of everything we do. Part of that involves the appeals process. So, let’s talk about what that looks like.

    When Veterans aren’t satisfied with decisions they’ve received, they have several recourses under the AMA, as you well know. Over the last three years, the Board of Veterans Appeals has hired more than 50 Veterans Law Judges, hired more than 350 attorneys, and has issued more decisions than ever before.

    In 2023, the Board issued 103,245 appeals decisions, again a record. And in 2024, the Board has already issued more than 111,000 decisions—another record again, with 10 days left in the fiscal year—so I don’t want any of the BVA personnel or the Board of Appeals team in the room there thinking that you can take the next 10 days off.

    The appeal rate to this Court has dipped over the last several years also. And last year, it was 7.4% of cases. However, this year there will still be about 9,000 BVA decisions appealed to this Court. Nine thousand of our nation’s heroes who have not received all the benefits they believe they’re entitled to, and in fact they believe VA has wrongfully denied them access to.

    Nine thousand.

    It’s long and complicated, and many of appeals don’t result in the outcome they desire. But it’s not simply the denial of benefits that makes Veterans unhappy. It’s the process, which can involve remand after remand and years and years of waiting.

    Each week, hundreds of Veterans send me letters. I’d estimate that a third of those express frustration—and let’s just say I’m being diplomatic here—frustration with the benefits claims and appeals process. Let me share selections from a few of them.

    In June, Travis in North Carolina wrote me: “Dear Secretary McDonough, I am a military Veteran writing to express my deep frustration with the unacceptably long wait times for decisions on VA disability claims. After sacrificing for my country, I now find myself struggling with service-connected disabilities and trapped in a seemingly endless bureaucratic process. This unresolved claim has caused tremendous stress and hardship for myself and my family. We rely on disability compensation not only for income, but for access to VA health care critical for treating my service-connected disability.”

    Later in June, I received a letter from Chris in California—U.S. Marine, Vietnam, now in his 70s. He described multiple remands from Board judges ordering tests from an orthopedic specialist and x-rays to determine service connection for arthritis. But, Chris wrote, a VA contractor sent him to urgent care, not a specialist, and sent him to an imaging center incapable of conducting x-rays. He’s still waiting to see a specialist. He’s still waiting for x-rays. Chris ended with, “I am dismayed, disappointed, even appalled that our government and country I was so excited and happy to serve at 17 years of age would treat me this way. Shame on you and on your team.”

    Shame.

    And in August, Deborah in Tennessee, emailed me. Her husband, Army Vet, had a disability compensation rating of 100%. “Since his death in 2022,” she wrote, “I’ve been trying to get widows benefits. I’ve filed, been rejected, appealed, got a Veterans assistance firm to help, but every time the VA comes up with some sort of excuse, in the hopes I’ll give up. I have to borrow money from family members just to pay utilities bills. I fear I’ll lose my home. I need help to get through the process. Please help me.”

    Now, there’s countless other Veteran letters I receive that express similar disappointment, heartache, anger, betrayal. So how can we address—alleviate—that frustration that Veterans so clearly express with our appeals process?

    Well, we do it by getting to the root of these issues.

    The Board of Veterans Appeals grants Veterans relief about one third of the time. One third.

    Yes, we have to follow the law, we want to follow the law, we do follow the law. There’s no way to wave a wand and grant every single appeal. But too many Veterans—caught in the endless churn of remand after remand, claims examination after examination, hearing after hearing—don’t trust the process. We need Veterans to trust us, to trust the appeals process, and to understand why we reach the decisions, even if, in fact particularly when, they walk away disappointed. We—the Board, this Court, private counsel—can gain trust through final decisions, and final decisions that are faster than Veterans get today.

    Look, the AMA has enabled us to make the process better, although there is still more to be done. Over the last few years, the Board’s AMA decisions result in 20% fewer remands and 10% higher grant rates. On average, final resolution of all issues in AMA cases takes between two to three years, faster than the seven to 10-year average before the passage of the AMA. But still, two to three years is too long.

    Here’s the reality. Today, Legacy appeals take about six years. That’s faster than before, but that’s still six years. None of us thinks six years is fast enough. That duration is going to tick up and up, and appeals are going to take longer and longer, because there’s 40,000 Legacy cases still at VA.

    Each year this Court remands thousands of additional Legacy cases to the Board. At any given time, 54% of the Legacy cases the Board is adjudicating have already been seen by a Board judge at least twice, nearly 30% at least three times, and almost 10% have already been adjudicated five times or more. 

    Even after the Board resolves all issues, for many Veterans the journey’s not over. It can take years to get a decision from this Court or the Federal Circuit. Typically, that decision just returns the case to the Board for further adjudication.

    I think we can do better for Veterans. I know some of you are talking about these issues in various settings, including sessions with the Bar Association. And that’s encouraging. Yes, it’s important to capture ideas and suggestions for change down the road, but let’s think about how we can help more Veterans now—improvements that VA, this Court, the private bar can implement sooner rather than later to benefit Vets. Now, none of us is immune here. We can all do better, no matter where we work.

    First, the claims examination process. Contractors speeding through compensation and pension exams, or not carrying out clear instructions on what to focus on, or conducting exams rife with inaccuracies. VA can—in fact, must—ensure that these exams are more accurate, with higher quality, leading to more resolved claims. Under Secretary [of Benefits, Josh] Jacobs and his team are working hard to implement quality measures on C&P exams—reducing unnecessary exams where we can so as to get to a decision sooner.

    Second, the Board of Veterans Appeals. I’ve challenged the Board to increase efficiencies. I’ve asked them to increase capacity, increase output. I’ve asked them to find ways to fill hearing slots that open up due to cancellations and increase appeal resolution rates so that we can reduce wait times for Veterans. I’ve also asked the Board to explore how we better inform Veterans of the expected wait times before their appeal will be issued. I know they are discussing these issues, and they’re figuring out how to do it. It’s not easy. The hiring process, which we’ve had our foot on the gas on over these last several years—also too slow.

    Remands going back and forth between the Board and this Court often aren’t productive, in my view. We’ve heard concerns that sending remanded cases back to the same Board judge may not always be the best way to get finality.

    Third, this Court. I ask you to ask yourselves, if we’re remanding 75% of appeals back to the Board, are we doing everything we can for Vets? Are we moving with efficiency and urgency? Vets don’t want to wait year after year, not knowing whether they’ll receive benefits or not. Veterans need timely, fair, final decisions on their claims, decisions that either grant their benefits, or fairly deny those benefits only after proper hearing, proper development, a full consideration of all the evidence developed, and a correct application of law. They don’t want to be stuck in legal limbo. 

    Fourth, private counsel. One of the AMA’s improvements is that it gives Veterans options besides filing an appeal with this Court. Consider whether you’re always choosing the best option for your client, especially when the Veteran, or their surviving family member, or their living family member, wants a final decision on the claim—and quickly. Is an appeal to this Court the best option for your client when you know there’s a strong likelihood of a remand, or even multiple remands, and no resolution for years and years? Or would it be better for the Veteran to file a supplemental claim that can be processed much faster than a remanded appeal?

    To everyone, please think about what happens if the system stays the same. Thousands and thousands of Veterans will continue to wait, burdened by what to them is a broken bureaucracy. They will continue to view appeals with disappointment and anger.

    What are Veterans doing to make the system work for them? They are turning to unaccredited representatives who call themselves “coaches” or “consultants,” charging Vets high amounts or outrageous percentages of future benefits. Veterans turn to these claim sharks because they promise the Veteran they’ll get a quicker resolution. And as payment, the Veteran signs over a portion of the benefits that Veteran earned serving our nation. This surely is not what we want.

    We have to do better.

    We need finality, and we need that finality more quickly. Finality in the appeals process isn’t dictated by just one factor or one specific actor. Getting to final decisions—and how we get there—depends on actions and decisions of VA, claimants, their lawyers, and judges. If we want Vets to receive benefits they are entitled to, and for their claims decided fairly and justly—which everyone in this room surely wants—we must focus on finality and achieving finality with urgency.

    Let’s consider how we make the system better for Vets. Talk about this with each other during your time here and after you leave. Because what everyone wants, I know, is for Veterans to receive all the benefits they have earned, accurately, quickly, fairly—the goals Chairman Montgomery hoped this Court would achieve.

    The President often says that our nation’s only sacred obligation is to prepare and equip the troops we send into harm’s way, and to care for them and their families when they come home. The second part of that solemn duty is VA’s to fulfill, each and every day. And in this instance, it’s not on VA alone. It’s on each of us here. Each decision at VBA, the Board, this Court, and counsel appearing before this Court has an impact on the Veteran. And often, the impact on a Veteran, their families, and survivors is, in fact, life changing.

    Remember, justice delayed is justice denied. Veterans did not hesitate to raise their hands and put their lives on the line for all of us. They didn’t say wait. So, let’s not make them wait one second longer than they have to for their hard-earned benefits.

    It’s on all of us to make that happen.

    Thanks for letting me be here today with you, and now let’s hear from you on your questions.

    Really appreciate you.

    Chief Judge, back to you.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Governor Hochul Discusses Youth Mental Health at Summit

    Source: US State of New York

    Earlier today, Governor Kathy Hochul participated in a Concordia Summit Fireside Chat on Youth Mental Health in New York City.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    Penny Abeywardena: Good afternoon. So, we’re going to talk about something that really should be on the top of minds for all of us, and that is the many aspects of phones and schools to explore today. And there is no one better to reflect on this than our mom-Governor, Governor Hochul.

    So there are two massive clusters of changing norms colliding over this past decade. Parents driven a lot by anxiety and concerns have been buying smartphones for their kids. How do I keep my kids safe in school? With mental health challenges and bullying, how can I make sure my kid is okay during the day?

    And then, can I ensure my kid is keeping up with the technology? And then let’s not forget that the smartphone and video game and social media industries have focused on maximizing and monetizing screen time. So now these trends are complex and interdependent, but there is leadership that is going to help address this. And so it is a pleasure to be in conversation with Governor Hochul on this.

    Now, I want to know what your aha moment is, and I do think this is a moment to reflect on personal experience. We were just talking backstage, I have an eight-year-old in the public school system here in New York City. This became a big issue over the last few weeks. And I was properly shocked because he’s eight. And so this is something that quite honestly all of us need to be thinking about. And so, Governor Hochul, through your personal experiences or insights, can you tell us what influenced you to really focus on this issue from a legislative perspective?

    Governor Hochul: Thank you, Penny, and for Concordia for elevating this issue. I was here last year talking about climate change, and I’m always happy to talk about that. I can give you the speech I gave a few hours ago. But this is something a year ago I would not have thought we’d be talking about here. But I am so happy that this has finally taken hold because as a mom, a parent, you are hardwired to protect your children. Full stop. You wake up in the morning, start thinking about them when they’re little, late at night when they’re out with their friends you don’t sleep until they’re back home. That’s how we are. And as the Governor of New York, my number one job also has to be to protect all New Yorkers.

    So, you asked what my aha moment was. About a year and a half ago, I started convening mental health roundtables because we knew we were starting to see the signs that young people in particular had not fully emerged from the pandemic. They are still stressed out. The statistics on suicide, especially for teenage girls contemplating suicide, the depression, the anxiety, it was off the charts. So, I started having meetings and gathering kids and talking all over the state, and there was one not that long ago where the young woman – we started talking about the impact of social media and how it really takes hold of them. They’re held captive to these algorithms that are designed to bombard them with information that they will like because it’s taking personal information about them and turning it around and pulling them in deeper and deeper.

    And I said to this young woman – she was telling me how “I’m getting bullied during the day and all these social media and everybody’s doing this and I’m missing out and I have FOMO,” I said, “What do you want us to do?” She goes, “You have to save us from ourselves.” And that was my aha moment, when I realized it’s hard for parents to say you’re going to be the only teenager in the school without a cell phone, it’s hard for the school district to take it on and say, “We’re going to be the heavies,” teachers have enough on their plates, they don’t have to be the enforcers. And I realized this calls for government intervention, and I’m not afraid to take on the fights, especially when we’re fighting for our kids’ mental health.

    That was when I said, “Let’s find out what we can do to control these social media companies,” and we can talk about our nation-leading legislation, but also I’m right now developing a policy that’s going to say, “Bell to bell, full school day, phones should not be in the hands of children because they’re being denied the chance to learn, the teachers are frustrated that they’re not paying attention anymore, but also it has taken them to negative places, and it’s horrible for their mental health.”

    Penny Abeywardena: It really is. And different levels at different ages and grades, the impact is even more optimized, right?” Now, it would be great if you could talk about the significance of the first-in-the-nation law you signed to combat addictive social media feeds. And I will say, I hope many of you realize this, Instagram changed their policy last week, and I’m assuming it’s because they’re seeing the serious movement that’s coming from around the country, led by –

    Governor Hochul: Well, that’s true. In the era of – waiting for industries to self-regulate in the best interest of consumers is probably never going to happen. So, I’m not holding my breath. We encourage the tech companies, social media companies to work with us. Obviously, you’re always threatened by lawsuits. And I said, first I have a lot of lawyers, I can hire any lawyer in the state I want so bring it on. But I’d rather not. I said, “Why don’t you get out of the courtroom and come into my conference room and help devise solutions, because you know what you’re doing. You know exactly what you’re doing. You design these algorithms that’ll capture all this personal data about any age, a 10-year-old, 12-year-old, 15-year-old,” and they’re using it to structure messaging around your interests.

    We worked with them, they resisted, they built a campaign against us, they spent a lot of money. And I was able to work with our Attorney General, Tish James, here in New York, and legislators, and work with a coalition of parents and Common Sense Media, and formed a coalition where we were able to fight back. And our legislation – which we encourage every other state to adopt, I hear California’s looking at this now – it basically says a couple of things: one, is you cannot collect private data about anyone under the age of 18. You can’t collect it, you can’t sell it. You cannot monetize our children’s mental health any longer, you’re barred from that. Secondly, you are forbidden, barred from being able to target young people with algorithms designed based on their tastes.

    Now, a young person is not prohibited from going to your sites. They can talk, they can go to all kinds of chat rooms, they can talk to their friends, they can do whatever they want. But you cannot target them. And that was a heavy lift for them, and it’s a heavy lift to get through in legislation, but we did it. I just signed it into law a few months ago, and I’m really proud of it.

    We’re working on the regulations, but I always think about the fact that they told us, “Well, we have no capacity to identify who’s under the age of 18. This is an impossibility.” It’s like, “You’re tech companies, you can do anything, figure it out.” And somehow, magically, Instagram announced last week, they figured it out.

    I have immense faith in their ability to solve problems even if it’s against their self-interest.

    Penny Abeywardena: And that’s really bringing everybody to the table. When we think about the efficacy of what you’ve been able to do, it really came down to really strategic collaborations. Can you talk about how you worked not only with parents and teachers, but unions? We talked about authorities and the police; I’d just be curious how everybody’s playing a part in all of this?

    Governor Hochul: That’s a great question because you can’t go into these battles alone, right? You have to have allies as you march into war. And here’s what we needed to have. First of all, many parents on their own have said they know how bad it is. They’ve seen their children, especially if they were able to get a cell phone at age 12, 13, 14, they turn into a different person. First of all, they lose the capacity over time to have real, genuine social interactions. They don’t make eye contact. They don’t talk to other students. In school, the cafeteria is silent. They’re silent when they’re in the schoolyard. They’re silent in the halls. And the school districts that – on their own – were courageous enough to ban them said they now hear children laughing, talking, even arguing, they’re communicating more.

    And it was stopped. It was a dead silence. It was so unnatural. So, I had to get teachers on board, that was the easiest one. 72 percent of teachers across this country say that they are tired of the distractions and their inability to communicate with students or make connections in a way that are positive relationships.

    This is, outside a parent, the most influential person in their lives is a teacher. And the teacher is trying to do the best they can, and they’re being thwarted. They’re not learning, but they’re also not making connections.

    They’re stunted in their growth. They’re not turning into young adults eventually, over time, and ultimately adults. And we needed teachers on board, principals on board, school districts on board, and I said in all my – I did roundtables all over the state with all these parties at the table. I said, “I’ll be the heavy, just blame me, say, ‘that mean Governor made us do this,’ I mean I’ll take that on.” Because as a mom, I know how important this is and it would have helped me enormously to tell my kids, “I would have let you have the cell phones in school, but hey, it’s the law, I can’t let you do that. I still love you and I’d let you do anything else.”

    It’s about relationships, the ability to say no, which I have no trouble saying to my kids, but some do. But I also need law enforcement, and this is interesting, because my kids were in middle school during Columbine, the very high-profile mass shooting, and you still say the word ‘Columbine,’ I get chills because I know what it did to my sense of security. And we have so many other cases since then, I just spoke about Uvalde at another forum.

    So I thought, I have to think about how this affects parents’ sense of security when they say goodbye to their most precious little child, whether it’s kindergarten or 12th grade. I talked to law enforcement, what they said was so striking. If there is a crisis on campus or in the schoolyard, in the school, a mass shooting, worst case scenario, the last thing you want children to be doing, the last thing, is looking at their cell phone, texting mom and dad, sending messages, maybe videoing because they want to be the one who captures this. First of all, you’re telegraphing where you are, okay? You’ll hear this. Also, the police said to me the place their attention has to be is not on their smartphone, it has to be on the front of the classroom where the teacher is going to lead them to safety.

    When I heard that, it was like the clouds parted. I said, that’s the argument for parents. They need to hear that. So we’re not through yet. I’ve proposed this and loosely I said I’m going to be developing a policy. I will be working with these same groups I just mentioned. Everybody to let them understand how important this is and it’s also when I think about employers in my state, I want to be able to let them know that when young people emerge from their educational process, they’ll be fully functioning adults who have social interaction skills, who’ll be able to have the creative collisions and talk to someone else, a colleague, and work in teams and strategize together and really be more productive instead of someone who’s, again, their existence for a number of years has just been with the virtual world.

    And I can’t control what happens after school. Like my nieces are on all night long. I said, who are they talking to all night long? Isn’t anybody sleeping? And so they’re not, because they’re talking to kids on the other side of the world, literally. So we also say no notifications, and parents have the ability to turn it off. Sorry, kids, you can’t have it on from midnight until 6 a.m. I think Instagram actually said 10 p.m. to 7 a.m., which I thought was extraordinary. So parents are being empowered. So now we have to educate the parents. This is what it looks like, this is how you handle it, and when your teenager gets, tries to get around it, this is how you undo what they did. We have to help the parents get through this as well, but ultimately, imagine a world where this never happened. We’re not dealing with these high rates of depression and anxiety in young people and the bullying that goes on in schools.

    One mom said her husband has to leave work every day to be there at the end of the day when the child comes home from school because he gets picked on so badly on his own cell phone, watching it all day long, people are saying that he’s about to commit suicide and they want to keep an eye on him.

    If that doesn’t hit you as a parent – what is happening? But a world where we say, no cell phones, we just go back to the way it was when we were younger.

    Penny Abeywardena: Yeah.

    Governor Hochul: And if you need to – forget your lunch or you need to figure out how you’re getting home at the end of the day, guess what? There’s phones in the office. It’s a radical idea. Go down the hall, talk to your counselor, talk to your principal, can I use the phone?

    Penny Abeywardena: Talk to someone.

    Governor Hochul: And maybe forget your lunch and you go hungry; you won’t do it the next day. That’s called learning about life, right? Consequences. So it’s, that’s how I was raised. I don’t know. Maybe I’m old school, but I want to save our kids. It’s this important. I have to work on this intensely to at least save our state’s kids and hopefully other states will follow. And a number have, there have been other states that have done it.

    Penny Abeywardena: I was curious what kind of advice you would give to other state lawmakers because we talk about these coalitions as groups, but they’re important constituents who vote. So they’re concerned about making parents angry and losing that support. And I’d be curious what strategies and ideas you would offer to other state lawmakers to take this on.

    Governor Hochul: Just looking at it globally, the easiest thing in the world is to do nothing. Just wait for someone else. “It’s too hard.” Believe me, there’s a lot of challenges in New York to be a lot easier to pass on to somebody else. And that has happened. And I’m the cleanup Governor. I have a lot of work to do to try and invest, we never invested in mental health in the state.

    For example, never, no one ever talked about mental health as if it was an issue at all. I invested a billion dollars in my first budgets and said, we have to deal with everything from the lack of training for more professionals to be in the field to school-based clinics, so we can treat the kids right in schools if they have challenges to the homeless on the subways, more beds in hospitals. We looked at it holistically and we’re making real progress. So my advice to them is just show some profiles and courage once in a while. Shock everybody. Do something that’s a little bit difficult on the front end, but we’re in the world to make a difference.

    And these positions are positions of great authority, but they also hold a lot of responsibility for us. If you’re not making a difference every single day when you’re in a position like I am, then just stay in bed. I mean just don’t even bother because your job is to make a difference. Find problems – the easy problems my brilliant staff will solve, the hardest ones are on my desk and that’s what a Governor is supposed to do. It’s just, and if you’re not going to fight for kids, who are you wanting to fight for? That’s a statement about your values.

    Penny Abeywardena: And building on that. So there’s a middle ground, right? There are these bags you can have in school, so the kids get their phones, they get to show up at school with their phones, but then put them in. We had an interesting conversation backstage, and I was wondering if you can share, you know, our kids are smart.

    Governor Hochul: Yeah, kids are very smart. There are a few school districts in New York, Schoharie School District, up near the Capitol. They went full board, they did it a couple years ago, they said it was hard, there was a lot of resistance, parents said no, teachers didn’t want to be enforcers, and now they’re so glad they didn’t. And people now, and they had signs in front lawns, protesting taking cell phones away from kids.

    Give me a break. So I know it’s coming. I know it’s coming. But, these, so they have these bags, and there’s all sorts of ways to do this, but there’s these bags that are magnetic. Teacher watches the children put them in the bag at the beginning of the school. Only the teacher can unlock it so at the end of the school day they’ll get their phone back.

    No one’s going to steal it. It’s safe. Some kids are showing up at school, the teachers told me, with two cell phones. They lock one up in front of the teacher. Okay, kids have burner phones now? Okay, or what parent is buying their kid two cell phones? Okay? And then they use the other one all day.

    The other thing I think is important for parents to know. One of the teachers, she said, “We have to deal with the integrity issues.” I said, “What’s that mean?” It’s a nice way of saying they’re cheating. The whole world, all the answers are sitting there on their lap, and they’re not learning because they don’t have to. Or they run off to the lavatory with their phone, even the schools that ban it but let you have it during lunchtime or during breaks. They’re looking up information that they’re never going to learn properly from. And people say they’re not going to learn how to use technology. What do you think they’re doing the second they get home?

    They have all night long they’re doing that. I can’t control that. That’s up to parents. The last thing I’ll say on this is – parents, watch what you’re doing too. Kids learn from you. If you won’t put down the cell phone at the dinner table, or when you’re talking to them after dinner, by the time they’re mid-teenagers, they don’t even want to see you, so work on them before that. I believe I speak from experience. But show the kids they matter. Go to one of your meetings and leave your cell phone on your desk. The world will not fall apart. Somehow, we got to this age of 2024, surprisingly, throughout most of history, without being able to be connected and scrolling while your boss is talking to you, or while your colleagues are trying to present something. Just show basic respect to each other. Let’s not forget those skills. Respect each other, put down the phone.

    Penny Abeywardena: Put down, and that they’re paying attention to you and what you’re doing. I want to, we’re about to run out of time, but you mentioned, can we just talk about the investment that you made in mental health and other educational initiatives. Can you just share some of the programs and initiatives you have coming up that essentially reinforce this legislative –

    Governor Hochul: Yes. Again, one of the most significant things we’re doing is the mental health services in schools. Yeah. And so we’ve had to ensure that we’re funding workforce training for a whole new generation of more people going into the mental health professions, because I can open up a clinic in every single school. I could never staff it. I have to work with the unions and the training programs and put money behind this and training in hospitals. And so part of ours is creating a whole new generation of more healthcare workers, especially focused in this area. So that’s one big area, but I would say this, we also just need services, wraparound services from the get-go. My job is to make sure that our children emerge with healthy minds and not needing a lifetime of mental health services because we didn’t do our jobs when we had them in school.

    Penny Abeywardena: That is a perfect conclusion. Thank you so much, Governor Hochul.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Global: A brief history of former presidents running for reelection: 3 losses, 1 win and 1 still TBD

    Source: The Conversation – USA – By Graeme Mack, Visiting Assistant Professor of History, University of Richmond

    Theodore Roosevelt speaks during the Progressive campaign of 1912. AP Photo

    This year’s presidential election has a former president, Donald Trump, running for a nonconsecutive term. It’s the fifth time in U.S. history that’s happened.

    Historically, a former president running for a nonconsecutive term has prompted voters to change their party allegiances.

    In 1848, Martin Van Buren, a former Democratic president, ran as a candidate for the newly formed Free Soil Party and attracted many Northern Democrats who had grown disillusioned with their party’s pro-slavery stance. The Free Soil Party outperformed Democrats in three Northern states and enabled the other major party, the Whigs, to win the presidency.

    And in 1856, former Whig President Millard Fillmore headed the newly formed American Party, otherwise known as the Know-Nothing party. When faced with a choice between two candidates, Fillmore and Democrat James Buchanan, who both seemed deeply complicit with slavery’s expansion, many Northerners voted for the new antislavery Republican Party.

    Fillmore’s candidacy in 1856 made a Republican sweep of the North virtually impossible, ensuring victory for Buchanan, who only won 45% of the popular vote.

    Theodore Roosevelt’s run in 1912 also saw dramatic changes in voter behavior. With the former president on the ballot, millions of voters cast ballots for the other major party or a brand new party.

    By this time, Roosevelt had become one of the most famous men in the world. Reformers praised his ability to attract attention and build support for progressive causes.

    These characteristics repulsed conservative Republicans and traditional Democrats who feared Roosevelt’s return to power.

    After failing to secure the Republican nomination, Roosevelt headed the newly formed Progressive Party, winning six states and 88 electoral votes, the strongest showing for a third party candidate ever.

    However, the split in the Republican ranks enabled Democrats to win by an electoral landslide.

    One former president ran for a nonconsecutive second term and won: Grover Cleveland, whose two terms ran from 1885-1889 and 1893-1897.

    The rise of progressivism

    When Roosevelt ran in 1912, he saw a society convulsed by rapid change.

    Between 1870 and 1900, the population of the United States rose from roughly 38 million to more than 76 million.

    During this time, business transformed from small-scale manufacturing and local trade to huge corporations and factory-based manufacturing.

    From 1900 to 1915, another 15 million immigrants settled in American cities.

    A political reform movement known as progressivism emerged across political parties. It sought to address problems with immigration, urbanization, political corruption, industrialization and the concentration of corporate power.

    Roosevelt’s political career tapped into progressivism’s growing momentum. First elected vice president as a Republican in 1900, he assumed the presidency in September 1901 after the assassination of President William McKinley.

    Campaigning on his progressive “Square Deal” — focused on consumer protections, control of large corporations and conservation of natural resources — in 1904, the popular incumbent won reelection in the largest electoral landslide the country had seen.

    But in 1908, Roosevelt declined to run for a third term. Instead, he advocated successfully for William Howard Taft, his secretary of war.

    However, as Taft’s presidency took shape, Roosevelt grew dissatisfied with him. What most frustrated Roosevelt was Taft’s refusal to use executive power to advance progressive goals.

    Seeing an urgent need for forceful presidential leadership, Roosevelt challenged Taft for the Republican nomination in 1912.

    A political cartoon from 1912 illustrating Theodore Roosevelt’s dissatisfaction with how President William Howard Taft carried out his policies.
    Library of Congress Prints and Photographs Division

    At the Republican National Convention, however, party leaders rejected Roosevelt and confirmed Taft’s nomination. Roosevelt’s supporters stormed out, complaining that leaders had manipulated rules and procedures to block the former president.

    Despite his loss of the nomination, Roosevelt assured his supporters that he felt as “strong as a Bull Moose” and expressed interest in “bolting” from the Republican Party.

    Roosevelt’s threat to leave his party was echoed more than 100 years later by another former president running for a nonconsecutive term. In late 2023, Trump refused to participate in the Republican presidential primary debates and refused to rule out the possibility of running as an independent.

    In doing so, Trump’s candidacy hampered efforts to seek an alternative candidate. It also disregarded opportunities to win over skeptical Republicans.

    The rise of the Bull Moose Party

    In a matter of weeks after Roosevelt failed to get the Republican nomination, the Progressive Party, popularly known as the Bull Moose Party, held its national convention and nominated Roosevelt as its first presidential candidate.

    His presidential campaign did not lack for energy or spectacle. In October 1912, the former president delivered a one-hour speech immediately after being shot in an assassination attempt.

    He told his supporters, “It takes more than that to kill a Bull Moose.”

    Theodore Roosevelt arrives at a hospital after New York saloon keeper John F. Schrank attempted to assassinate him in Milwaukee in 1912.
    Harlingue/Roger Viollet via Getty Images

    Like the recent assassination attempts on Trump, this attack drew condemnation and galvanized the former president’s core supporters.

    Roosevelt faced off on Election Day against the Republican incumbent, William Howard Taft; Eugene V. Debs, the Socialist Party candidate; and the Democratic candidate, Woodrow Wilson.

    Many Republicans cast their ballots for Wilson, seeing his candidacy as more viable than Roosevelt’s. Some did so out of disgust for what they saw as Roosevelt’s egotistical and radical campaign.

    The split in the Republican Party created an opportunity for Democrats, who had been shut out of the presidency for decades.

    The legacy of 1912

    On election day, Democrat Wilson won 40 states and earned 435 electoral votes. Democrats also won the House and Senate for the first time since 1892.

    However, Wilson prevailed with less than 42% of the national vote, the smallest share won by a president since Abraham Lincoln’s 1860 election.

    A unified Republican ticket would very likely have prevailed in 1912.

    Taft blamed Roosevelt for 1 million Republicans voting for the Democratic ticket to stave off a Progressive win.

    Historical parallels are never perfect. However, the 1912 election invites some comparison, as one of the world’s most famous men runs for the third time for the presidency.

    The 2024 election will be close. Wary of Trump’s return to power, will disillusioned Republicans vote for Democratic Party nominee Kamala Harris, choose a third-party candidate, or sit out the election?

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

    – ref. A brief history of former presidents running for reelection: 3 losses, 1 win and 1 still TBD – https://theconversation.com/a-brief-history-of-former-presidents-running-for-reelection-3-losses-1-win-and-1-still-tbd-234959

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI Global: On the US-Mexico border, the records of Trump and Harris reflect the national mood of less immigration, not more

    Source: The Conversation – USA – By William McCorkle, Assistant Professor of Education, College of Charleston

    Migrants at a shelter in Tijuana, Mexico, watch the first presidential debate between Kamala Harris and Donald Trump on Sept. 10, 2024. Carlos Moreno/NurPhoto/Getty Image

    In late July 2024, Democratic presidential nominee Kamala Harris released a campaign ad about the U.S.-Mexico border that resembled something out of the Republican playbook.

    In the ad, Harris said as president she would increase Border Patrol agents, stop human traffickers and prosecute transnational gangs – some of the very things that Republican contender Donald Trump has also promised to do if elected.

    Considered by her campaign strategists to be a good political move, Harris’ shift to the right reflects the more anti-immigrant direction the U.S. population has taken over the past few years. According to a July 2024 Gallup Poll, 55% of Americans wanted increased limits on immigration, marking the first time in nearly two decades that a majority of Americans supported such curbs.

    These anti-immigrant attitudes are partially due to exaggerated claims from conservative politicians and right-wing pundits that management of the U.S.-Mexico border is a disaster and the government is endangering public safety by allowing violent criminals to cross into the U.S.

    Worse, during the presidential debate on Sept. 10, 2024, Republican presidential nominee Donald Trump falsely accused Haitian immigrants in Springfield, Ohio, of eating dogs and cats.

    As someone who has worked extensively with asylum-seekers at the border since 2019, I see clear differences between Harris and Trump on the issue of immigration.

    While in office, Trump instituted restrictive immigration policies at the border, which all but halted asylum. He also was behind the controversial child separation policy in 2018 and sought to end the Deferred Action for Childhood Arrivals, or DACA, the Obama-era federal program that prevents hundreds of thousands of undocumented immigrants who came to the U.S. as children from being deported.

    Though Harris’ record on immigration is not as extensive as Trump’s, she has shown as U.S. senator and vice president a willingness to be more restrictive on the border while continuing to support a pathway to citizenship for “Dreamers” and undocumented migrants who are married to U.S. citizens.

    Trump’s extremist rhetoric and policies

    Given that border security has become his signature issue, Trump may take even more draconian measures than he did during his first term in office, including restricting the asylum system further and deporting as many as 20 million undocumented immigrants.

    Perhaps Trump’s most controversial action during his first term was his child separation policy in 2018, which led to over 5,000 children being taken from their parents after being apprehended at the border. This action led to nationwide protests and international condemnation. As of May 2024, about 1,400 children remained separated from their families.

    Undaunted, Trump pursued other restrictive policies.

    Trump signed an executive order in 2019 and launched the Migrant Protection Protocols, better known as the Remain in Mexico policy. This order required asylum-seekers arriving at the U.S. border to be returned to Mexico while their claims were being processed. This program stayed in effect until the end of Trump’s presidency in 2020 and led to 81,000 expulsions.

    Trump also used Title 42 restrictions during the COVID-19 pandemic to quickly expel migrants without visas to contain the pandemic with no exceptions. In the first seven months, almost 200,000 migrants were expelled.

    Former U.S. President Donald Trump speaks in Arizona about immigration on Aug. 22, 2024.
    Olivier Touron/AFP/Getty Images

    Notably, the use of violent rhetoric against migrants increased dramatically during Trump’s emergence as the GOP leader. In his first term, Trump and his officials discussed shooting migrants crossing the border in the leg. Texas Gov. Greg Abbott, one of his key allies, said the reason officials there do not shoot migrants is because they would be charged by the federal government.

    Trump has also promised he would be willing to use the U.S. military in Mexico to combat drug cartels.

    Harris’ balancing act

    As a U.S. senator in 2019, Harris voted against an anti-sanctuary city amendment that would have allowed local police to cooperate with federal immigration officials and potentially deport immigrants living in the U.S. illegally.

    She was also the initial sponsor of legislation that would limit U.S. Immigration and Customs Enforcement actions against those caring for unaccompanied minors. But as attorney general of California, Harris did support turning over to immigration authorities minors living in the U.S. illegally who had committed crimes.

    As vice president, Harris has appeared to support a more restrictive approach similar to that of Biden‘s June 4, 2024, executive order that limited the number of asylum-seekers allowed to cross the border.

    She also supports the CBP One app system that was created by the Biden administration in early 2023.

    Under that process, individuals seeking asylum are given an opportunity to meet with an immigration official but often have to wait for months in dangerous conditions in Mexico.

    U.S. Vice President Kamala Harris holds a virtual meeting with immigrant rights leaders on July 22, 2021.
    Win McNamee/Getty Images

    Harris has also consistently spoken out on the need to support DACA. The Biden administration expanded health care coverage in 2024 for DACA recipients, giving them access to insurance through the Affordable Care Act, better known as Obamacare.

    If elected, Harris likely would extend another of Biden’s 2024 executive orders that created a legal pathway to citizenship for immigrants who don’t have legal authorization to be in the U.S. but are married to U.S. citizens.

    In stark contrast, Trump has already criticized the policy and said he would end it if elected.

    The Biden-Harris administration also had a nuanced record on the border and deportations. They have deported almost the same number of immigrants living in the U.S. without legal authorization as Trump did.

    The Texas National Guard conducts an operation to prevent migrants from building a camp along the U.S.-Mexico border in April 2024.
    David Peinado/Anadolu via Getty Images

    As of June 2024, the number of deportations since the start of the Biden administration in January 2021 was already at 4.4 million. At the same time, these higher numbers reflect the fact that more people are coming to the border due to increased chances of entering.

    During the first three years of Biden’s presidency, over 1 million migrants at the border were granted temporary humanitarian parole, which allows them to stay in the U.S. while waiting for their asylum hearing.

    The reality of immigration

    Immigration has been largely portrayed as either a clear and present threat by Republicans or as an act of compassion by Democrats.

    In the increasingly anti-immigrant environment, however, you’ll rarely hear that the increased immigration under the Biden-Harris administration has been a significant factor in U.S. economic growth.

    Indeed, many economists also have argued that working-class immigrants coming from across the border have helped reduce inflation. Its my belief that the U.S. is in need of more migrants, not fewer, and hard-line stances and policies damage our society and economy.

    While Trump’s hard-line stance against immigrants both at the border and within the country is well known, Harris’ record shows a more balanced approach that has offered support for at least some immigrants who are living in the U.S. illegally – and for those seeking asylum.

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

    – ref. On the US-Mexico border, the records of Trump and Harris reflect the national mood of less immigration, not more – https://theconversation.com/on-the-us-mexico-border-the-records-of-trump-and-harris-reflect-the-national-mood-of-less-immigration-not-more-237269

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI Global: Why home insurance rates are rising so fast across the US – climate change plays a big role

    Source: The Conversation – USA – By Andrew J. Hoffman, Professor of Management & Organizations, Environment & Sustainability, and Sustainable Enterprise, University of Michigan

    The U.S. has seen a large number of billion-dollar disasters in recent years. AP Photo/Mark Zaleski

    Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.

    To add insult to injury, those rates go even higher if you make a claim – as much as 25% if you claim a total loss of your home.

    Why is this happening?

    There are a few reasons, but a common thread: Climate change is fueling more severe weather, and insurers are responding to rising damage claims. The losses are exacerbated by more frequent extreme weather disasters striking densely populated areas, rising construction costs and homeowners experiencing damage that was once more rare.

    Hurricane Ian, supercharged by warm water in the Gulf of Mexico, hit Florida as a Category 4 hurricane in October 2022 and caused an estimated $112.9 billion in damage.
    Ricardo Arduengo/AFP via Getty Images

    Parts of the U.S. have been seeing larger and more damaging hail, higher storm surges, massive and widespread wildfires, and heat waves that kink metal and buckle asphalt. In Houston, what used to be a 100-year disaster, such as Hurricane Harvey in 2017, is now a 1-in-23-years event, estimates by risk assessors at First Street Foundation suggest. In addition, more people are moving into coastal and wildland areas at risk from storms and wildfires.

    Just a decade ago, few insurance companies had a comprehensive strategy for addressing climate risk as a core business issue. Today, insurance companies have no choice but to factor climate change into their policy models.

    Rising damage costs, higher premiums

    There’s a saying that to get someone to pay attention to climate change, put a price on it. Rising insurance costs are doing just that.

    Increasing global temperatures lead to more extreme weather, and that means insurance companies have had to make higher payouts. In turn, they have been raising their prices and changing their coverage in order to remain solvent. That raises the costs for homeowners and for everyone else.

    The importance of insurance to the economy cannot be understated. You generally cannot get a mortgage or even drive a car, build an office building or enter into contracts without insurance to protect against the inherent risks. Because insurance is so tightly woven into economies, state agencies review insurance companies’ proposals to increase premiums or reduce coverage.

    The insurance companies are not making political statements with the increases. They are looking at the numbers, calculating risk and pricing it accordingly. And the numbers are concerning.

    The arithmetic of climate risk

    Insurance companies use data from past disasters and complex models to calculate expected future payouts. Then they price their policies to cover those expected costs. In doing so, they have to balance three concerns: keeping rates low enough to remain competitive, setting rates high enough to cover payouts and not running afoul of insurance regulators.

    But climate change is disrupting those risk models. As global temperatures rise, driven by greenhouse gases from fossil fuel use and other human activities, past is no longer prologue: What happened over the past 10 to 20 years is less predictive of what will happen in the next 10 to 20 years.

    The number of billion-dollar disasters in the U.S. each year offers a clear example. The average rose from 3.3 per year in the 1980s to 18.3 per year in the 10-year period ending in 2024, with all years adjusted for inflation.

    With that more than fivefold increase in billion-dollar disasters came rising insurance costs in the Southeast because of hurricanes and extreme rainfall, in the West because of wildfires, and in the Midwest because of wind, hail and flood damage.

    Hurricanes tend to be the most damaging single events. They caused more than US$692 billion in property damage in the U.S. between 2014 and 2023. But severe hail and windstorms, including tornadoes, are also costly; together, those on the billion-dollar disaster list did more than $246 billion in property damage over the same period.

    As insurance companies adjust to the uncertainty, they may run a loss in one segment, such as homeowners insurance, but recoup their losses in other segments, such as auto or commercial insurance. But that cannot be sustained over the long term, and companies can be caught by unexpected events. California’s unprecedented wildfires in 2017 and 2018 wiped out nearly 25 years’ worth of profits for insurance companies in that state.

    To balance their risk, insurance companies often turn to reinsurance companies; in effect, insurance companies that insure insurance companies. But reinsurers have also been raising their prices to cover their costs. Property reinsurance alone increased by 35% in 2023. Insurers are passing those costs to their policyholders.

    What this means for your homeowners policy

    Not only are homeowners insurance premiums going up, coverage is shrinking. In some cases, insurers are reducing or dropping coverage for items such as metal trim, doors and roof repair, increasing deductibles for risks such as hail and fire damage, or refusing to pay full replacement costs for things such as older roofs.

    Some insurances companies are simply withdrawing from markets altogether, canceling existing policies or refusing to write new ones when risks become too uncertain or regulators do not approve their rate increases to cover costs. In recent years, State Farm and Allstate pulled back from California’s homeowner market, and Farmers, Progressive and AAA pulled back from the Florida market, which is seeing some of the highest insurance rates in the country.

    In some cases, insurers are restricting coverage. Roof repairs, like these in Fort Myers Beach, Fla., after Hurricane Ian, can be expensive and widespread after windstorms.
    Joe Raedle/Getty Images

    State-run “insurers of last resort,” which can provide coverage for people who can’t get coverage from private companies, are struggling too. Taxpayers in states such as California and Florida have been forced to bail out their state insurers. And the National Flood Insurance Program has raised its premiums, leading 10 states to sue to stop them.

    About 7.4% of U.S. homeowners have given up on insurance altogether, leaving an estimated $1.6 trillion in property value at risk, including in high-risk states such as Florida.

    No, insurance costs aren’t done rising

    According to NOAA data, 2023 was the hottest year on record “by far.” And 2024 could be even hotter. This general warming trend and the rise in extreme weather is expected to continue until greenhouse gas concentrations in the atmosphere are abated.

    In the face of such worrying analyses, U.S. homeowners insurance will continue to get more expensive and cover less. And yet, Jacques de Vaucleroy, chairman of the board of reinsurance giant Swiss Re, believes U.S. insurance is still priced too low to fully cover the risk from climate change.

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

    – ref. Why home insurance rates are rising so fast across the US – climate change plays a big role – https://theconversation.com/why-home-insurance-rates-are-rising-so-fast-across-the-us-climate-change-plays-a-big-role-238939

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI USA: Testimony of the Securities and Exchange Commission Before the United States House of Representatives Committee on Financial Services

    Source: Securities and Exchange Commission

    Good morning, Chairman McHenry, Ranking Member Waters, and members of Committee. Thank you for the opportunity to testify before you today about the work of the U.S. Securities and Exchange Commission.

    The SEC at 90 Years

    At the SEC, we celebrated our 90th birthday earlier this year.

    In the aftermath of the 1929 market crash and the frauds, scams, and other observed problems in the securities markets, President Franklin Roosevelt came together with Congress to enact a series of securities laws in the 1930s and set up the SEC. Congress and Roosevelt understood how vital capital markets are to investors, issuers, and a dynamic and growing economy.

    Today, the SEC oversees the capital markets and works to deter and prevent fraud and manipulation, as well as helps ensure that investment advisers carry out their duties to their clients, and that companies and entrepreneurs can access the capital they need to succeed. The SEC is also the cop on the beat watching out for the investing public and issuers.

    The SEC is a remarkable agency. We serve investors building for a better future and issuers raising money to fund innovation, while overseeing the capital markets where they meet. The essence of this is captured in our three-part mission to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.

    Growth and Change in the Markets

    Today, the more than $100 trillion U.S. capital markets[1] are the deepest, most liquid in the world. To put these figures in context, the assets of the entire U.S. banking system add up to about $23 trillion.[2]

    Comprising approximately 40 percent of the world’s capital markets,[3]  U.S. capital markets outpace our roughly 24 percent of the world’s economy.[4] The U.S. capital markets also play an integral role in the dollar’s dominance.

    Everyday investors benefit from the U.S. capital markets. Their investment portfolios fund home purchases, college educations, and retirements. About 58 percent of U.S. households own stocks either directly or indirectly.[5] More than half of American households, representing nearly 121 million individual investors, own registered funds.[6]

    Today, registered investment advisers advise 57 million clients.[7] This includes advising on more than $37 trillion in registered funds,[8] $27 trillion in private funds,[9] and $49 trillion in separately managed accounts.[10]

    We oversee approximately 40,000 entities—including approximately 13,000 registered funds, approximately 15,400 investment advisers, about 3,400 broker-dealers, 25 national securities exchanges, 108 alternative trading systems, 10 credit rating agencies, and six active registered clearing agencies, among other external entities. The SEC oversees the Financial Industry Regulatory Authority (FINRA), the Municipal Securities Rulemaking Board (MSRB), and the Securities Investor Protection Corporation (SIPC). In addition, the Commission provides oversight over standard-setting and rulemaking by the Public Company Accounting Oversight Board (PCAOB) and the Financial Accounting Standards Board (FASB).

    SEC Organization and Staff

    To fulfill its mission, the SEC is organized around six divisions and 24 offices located in 11 regional locations[11] as well as our Washington, D.C., headquarters. We currently have 4,893 staff on board,[12] representing only a 5 percent increase from 2016 when we had 4,650 staff.

    The SEC staff in 2023 rated us among the best places to work in the federal government; we ranked third among midsized agencies for the second year in a row.[13] Our attrition this fiscal year is at historically low levels, so far averaging around 3 percent at an annualized rate.

    The SEC’s funding is deficit neutral. While the congressional appropriations process determines the SEC’s budget, the SEC collects fees on stock and other securities transactions to offset the appropriations.[14]

    For FY 2024 the SEC budget is $2.15 billion, remaining the same as it was in FY 2023. At the start of FY 2024, we paused nearly all job postings and backfilling for departing staff.

    In fiscal years 2021 through 2024, we will have shed 299,000 usable square feet from the SEC’s real estate footprint. As a result of these reductions over the last three years, we expect to save approximately $20 million in FY 2025. We will continue looking for opportunities to achieve cost savings across our leasing footprint and in other ways in the years to come.

    The rest of this testimony will describe the work of the six divisions. For the programmatic divisions, we will review certain rules that were implemented, adopted, or proposed in the last year.[15]

    Corporation Finance

    The Division of Corporation Finance seeks to ensure that investors have access to the information they need to make informed investment and voting decisions when a company offers its securities to the public, and on an ongoing basis as companies continue to provide information to the marketplace. The Division also provides interpretive assistance to companies with respect to compliance with SEC rules and forms and makes recommendations to the Commission regarding new rules and revisions to existing rules.

    The Division reviews the disclosures and financial statements of reporting companies to monitor and enhance compliance with disclosure and accounting requirements under the federal securities laws and Commission rules.

    In FY 2023, there were approximately 7,400 actively reporting issuers subject to oversight by the Division’s Disclosure Review Program, of which more than 4,000 were listed on U.S. exchanges.[16] Further, in FY 2023, the Division reviewed the filings of more than 3,700 reporting companies and new issuers.[17]  

    The Division has worked on a number of proposed and final rules in the last year.[18]

    In December 2023, rules began to be implemented requiring registrants to disclose material cybersecurity incidents they experience as well as to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance.[19]

    In November 2023, as mandated by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Commission adopted rules regarding conflicts of interest in the securitization market.[20] Compliance with these rules is required starting in June 2025.

    In July 2024, rules were implemented regarding disclosures by special purpose acquisition companies (SPACs), both when going public as well as when engaging in a business combination transaction with a target company (de-SPAC transactions).[21]

    In March 2024, the Commission adopted rules to standardize climate-related risk disclosures by public companies and in public offerings.[22] The Commission stayed these rules pending the completion of judicial review.[23]

    The Commission also has adopted rules related to corporate governance. As mandated by Congress in the Dodd-Frank Act, exchange listing rules on clawbacks of executive compensation were implemented in 2023, with corresponding issuer disclosure requirements beginning in 2024.[24] Updated rules regarding how corporate insiders trade their own company’s stock have been phased in starting in April 2023.[25] In October 2023, the Commission adopted rules shortening the deadlines by which beneficial owners must inform the public of their position, with compliance beginning in February 2024.[26] Lastly, in August 2024, consistent with Congress’s mandate in the Financial Data Transparency Act of 2022, the SEC, together with eight other federal financial regulators, proposed joint data standards for data submitted to the nine financial regulators to promote the interoperability of financial regulatory data.[27]

    Investment Management

    The Division of Investment Management has primary responsibility for administering the Investment Company Act of 1940 and Investment Advisers Act of 1940. In administering the Investment Company Act, the Division develops regulatory policy for investment companies, which include mutual funds, money market funds, closed-end funds, business development companies, unit investment trusts, variable insurance products, and exchange-traded funds.

    The Division also develops regulatory policy as applicable to investment advisers, including advisers to registered investment companies, separately managed accounts, and, in certain cases, to private funds.

    In FY 2023, Division staff reviewed more than 1,900 filings related to more than 4,400 funds and insurance products. Staff also reviewed annual reports—including financial statements—from more than 4,200 funds.[28]

    The Division worked on a number of rulemakings in the last year.[29]

    The Commission adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.[30] Rules requiring that large hedge fund and private equity fund advisers make current reports on certain events to the Commission were implemented in June 2024. A joint rule with the Commodity Futures Trading Commission (CFTC) to enhance the amount of information the agencies receive from all Form PF filers was adopted in February 2024 and will be implemented in March 2025.[31]

    In August 2024, the Commission adopted amendments to reporting requirements on Form N-PORT.[32] Funds generally will be required to comply with the amendments for reports filed on or after November 17, 2025, except fund groups with net assets of less than $1 billion have until May 18, 2026.

    In May 2024, the Commission finalized amendments to Regulation S-P that will require covered firms to notify their customers of data breaches that might put their personal information at risk.[33] Such covered firms include broker-dealers (including funding portals), investment companies, registered investment advisers, and transfer agents. Larger entities will have to comply in December 2025 and smaller entities in June 2026. The Division of Trading and Markets also worked on these rules.

    In July 2023, the Commission adopted amendments to update the regulations for governing money market funds.[34] There is a staggered transition period for funds to come into compliance, with full implementation to be complete in October 2024.

    In September 2023, the Commission adopted amendments to the Investment Company Act “Names Rule” to address fund names that could mislead investors about a fund’s investments and risks.[35] Compliance will be phased in based on fund size, with larger funds required to comply in December 2025 and smaller funds in June 2026.

    In July 2024, the Commission implemented a Congressional mandate to provide a tailored form to register the offerings of registered index-linked annuities.[36] Filers will have until May 1, 2026, to comply with most of the final amendments, and insurance companies will be able to use the tailored form in September 2024.

    Rules regarding the updating of funds’ shareholder reports were implemented in July 2024.[37]

    Rules to govern proxy voting information reported on Form N-PX were implemented in August 2024.[38]

    The Divisions of Investment Management and Trading and Markets are considering recommending that the Commission re-propose rules regarding conflicts of interest in the use of predictive analytics by brokers and advisers.[39] Further, the Division of Investment Management is considering recommending that the Commission repropose rules regarding the custody of funds or investments of clients as well as changes to regulatory requirements relating to open-end funds’ liquidity and dilution management.

    In May 2024, the Commission and U.S. Department of the Treasury’s Financial Crimes Enforcement Network jointly proposed rules requiring customer identification programs for Commission-registered investment advisers and exempt reporting advisers.[40]

    In addition to these rules, the Division also is implementing an initiative to add to the aggregate public data published by the SEC. First, earlier this year, it began publishing the Registered Fund Statistics report, which aggregates data about the registered fund industry.[41] Second, in May, the Division began publishing a new report based on aggregated data filed by investment advisers on Form ADV, providing statistics on the investment advisory industry and showing trends over time.[42] Third, in July, it updated and enhanced public reporting of data regarding hedge funds, private equity funds, and other private funds from Form PF. The report provides the public with information about the leverage, borrowing, and other activities of this rapidly growing sector.

    Trading and Markets

    The Division of Trading and Markets works to maintain fair, orderly, and efficient markets. Market monitoring and supervision are essential parts of the Division’s activity—especially during times of market stress. Transaction volume in listed equities has doubled in the last five years and tripled in the last 17 years.[43]

    The Division oversees 25 national securities exchanges, 108 alternative trading systems, about 3,400 broker-dealers, 53 security-based swap dealers, six active registered clearing agencies, and more than 300 transfer agents, among other entities.

    In FY 2023, the Division responded to more than 16,000 public inquiries. In FY 2023, the Division also reviewed more than 660 filings from broker-dealers as well as more than 1,700 self-regulatory organization proposed rule changes and advance notices.[44]

    In the last year, with respect to rulemaking, the Division was primarily focused on market structure for the equity and Treasury markets as well as implementing rules mandated by Congress through the Dodd-Frank Act. 

    In terms of equity market structure, last week the Commission adopted amendments to certain rules under Regulation NMS to adopt an additional minimum pricing increment, or “tick size,” for the quoting of certain NMS stocks, reduce the access fee caps for protected quotations of trading centers, increase the transparency of exchange fees and rebates, and accelerate the implementation of rules that will make information about the market’s best priced, smaller-sized orders publicly available.[45]

    On May 28, 2024, much of the U.S. markets (equities, corporate bonds, municipals, etc.) successfully aligned its settlement cycle with the Treasury markets at T+1.[46] In March 2024, the Commission adopted amendments to Rule 605 that enhance disclosure requirements for order execution quality.[47] Large broker-dealers—those with more than 100,000 customers—will have to disclose execution quality to the public. Compliance with these amendments to Rule 605 will begin in December 2025. The Commission also is continuing to review comments on other rule proposals related to the equities markets.[48]

    As for Treasury markets, in December 2023 the Commission adopted rules to facilitate additional central clearing for the $27 trillion U.S. Treasury markets.[49] By March 2025, Treasury clearinghouses must separate proprietary margin from customer margin and further facilitate access to central clearing. Starting at the end of 2025, certain cash transactions will have to be cleared. Starting in June 2026, certain repo and reverse repo transactions must be cleared. In February 2024, the Commission adopted final rules further defining a dealer and government securities dealer.[50] Further, rules are being implemented this month that will update and narrow the circumstances in which broker-dealers are exempt from registering with a national securities association.[51]

    The Commission also worked to finalize Congressionally mandated Dodd-Frank rules. Entities subject to rules creating a regime for the registration and regulation of security-based swap execution facilities (SBSEFs) were required to begin complying in August 2024.[52] Further, antifraud rules related to security-based swap transactions were implemented in August of 2023.[53] In October 2023, the Commission adopted rules regarding the reporting of short sale [54] and securities lending related data.[55]

    The Commission also adopted rules in November 2023 relating to the governance and use of outside service providers by clearinghouses, and compliance will be phased in during December 2024 and December 2025.[56]

    Finally, rules related to the electronic recordkeeping of broker-dealers were phased in beginning in May 2023, to be completed in November 2024.[57]

    Economic and Risk Analysis

    The Division of Economic and Risk Analysis (DERA) includes economists, statisticians, data scientists and engineers, attorneys, accountants, and other staff. These experts provide support to every aspect of the Commission’s mission from rulemaking to enforcement.

     DERA provides economic analyses that consider the costs and benefits of our rules as well as their effects on efficiency, competition, and capital formation. In conducting the economic analysis, DERA staff work closely with staff from the divisions, from the earliest stages of policy development through the finalization of a particular rule.

    The Commission receives feedback from the public on these economic analyses, which benefits our rulemaking.

    DERA also supports the Commission’s examination and enforcement functions by helping to identify securities law violations, quantify harm to investors, calculate ill-gotten gains, and assist enforcement with returning funds to harmed investors.

    Finally, DERA assists the Commission in its efforts to identify, analyze, and respond to economic and market issues, including those related to new financial products, investment and trading strategies, systemic risk, and fraud.

    Examinations

    The Division of Examinations serves a critical role in helping firms to comply with the law.

    In FY 2023, Division staff conducted more than 3,100 examinations across our tens of thousands of registrants. From investment advisers to broker-dealers to exchanges, the Division helps ensure that registrants are following their legal obligations to customers and clients, including seniors and other vulnerable investors.

    Importantly, the Division is the first line of defense for the investing public relying on investment advisers. It is responsible for examining and overseeing a growing registrant population, including more than 15,400 investment advisers and approximately 800 investment company complexes.

    The Division issues risk alerts that summarize examination observations and preview potential examination scope areas focusing on compliance with new rules. The Division also promotes compliance by regularly engaging with the industry and investors through its national and regional outreach events.

    Further, the Division works in parallel with SROs to examine the more than 3,300 broker-dealers with roughly 150,000 branch offices.

    Enforcement

    The work of the Division of Enforcement is central to the SEC’s investor protection role. The Division conducts investigations into possible violations of the federal securities laws and litigates enforcement actions in the federal courts and in administrative proceedings. In addition to monetary remedies designed to remove wrongdoers’ ill-gotten gains and deter future violations, the Commission’s enforcement actions protect investors by obtaining remedial injunctions in district court and, similarly, remedial suspensions and bars in administrative proceedings.

    In FY 2023, the Division brought 784 enforcement actions that resulted in orders for $4.9 billion in penalties and disgorgement. When feasible, the civil penalties and disgorgement obtained in the Commission’s civil enforcement actions are returned to harmed investors, and the SEC distributed $930 million to harmed investors in FY 2023.[58] Further, in FY 2023, the SEC received more than 40,000 separate tips, complaints, and referrals from whistleblowers and others, up from about 16,700 in 2019.

    Other Offices

    The SEC has an Office of the General Counsel, which provides legal analysis and advice to the Commission and its divisions and offices on all aspects of the Commission’s activities. The other offices include: Office of the Chief Accountant, Office of Investor Education and Advocacy, Office of International Affairs, Office of the Investor Advocate, Office of Credit Ratings, Office of Municipal Securities, Office of the Advocate for Small Business Capital Formation, and Strategic Hub for Innovation and Financial Technology.

    Conclusion

    Thank you for the opportunity to testify today and for the Committee’s support of the SEC, its mission, and its people.  


    [11] When the Salt Lake City office closes in FY 2025, there will be 10 regional offices.

    [12] Staff onboard as of Sept. 6, 2024.

    [15] In addition to the rules detailed within the Divisions, rules to revise the Commission’s regulations under the Privacy Act were implemented in October 2023. See Securities and Exchange Commission, “SEC Approves Revised Privacy Act Rule” (Sept. 20, 2023), available at https://www.sec.gov/newsroom/press-releases/2023-189. Rules strengthening and modernizing the Commission’s ethics compliance program were implemented in March 2024. See Securities and Exchange Commission, “SEC Updates Ethics Rules Governing Securities Trading by Agency Personnel” (Feb. 22, 2024), available at https://www.sec.gov/newsroom/press-releases/2024-25.

    [16] Approximately 52 percent of those 7,400 issuers self-identified as smaller reporting companies, emerging growth companies, or both. See 17 CFR 240.12b-2 (defining the terms “smaller reporting company” and “emerging growth company”).

    [18]In May 2023, the SEC adopted a rule related to stock buybacks. The U.S. Court of Appeals for the Fifth Circuit subsequently vacated the rule in December 2023. In addition, in July 2022, the SEC rescinded certain rules applicable to proxy voting advice that the Commission had previously adopted in 2020. The U.S. Court of Appeals for the Fifth Circuit vacated portions of the SEC’s 2022 rescission in June 2024, and the U.S. Court of Appeals for the Sixth Circuit upheld the SEC’s 2022 rescission in September 2024.

    [29] In addition to the rules detailed, the Commission adopted in March 2024 rules relating to internet advisers, which will be implemented in March 2025. See Securities and Exchange Commission, “SEC Adopts Reforms Relating to Investment Advisers Operating Exclusively Through the Internet” (March 27, 2024), available at https://www.sec.gov/newsroom/press-releases/2024-42. Further, rule amendments requiring the electronic filing of certain documents previously submitted on paper by investment advisers and others were implemented in February and June of 2023. https://www.sec.gov/newsroom/press-releases/2022-113. In August 2023, the SEC adopted rules regarding private fund advisers. The U.S. Court of Appeals for the Fifth Circuit subsequently vacated the rule in June 2024.

    [32] See Securities and Exchange Commission, “SEC Adopts Reporting Enhancements for Registered Investment Companies and Provides Guidance on Open-End Fund Liquidity Risk Management Programs” (Aug, 28, 2024), available at  https://www.sec.gov/newsroom/press-releases/2024-110.

    [38] See Securities and Exchange Commission, “SEC Adopts Rules to Enhance Proxy Voting Disclosure by Registered Investment Funds and Require Disclosure of “Say-on-Pay” Votes for Institutional Investment Managers” (Nov. 2, 2022), available at https://www.sec.gov/newsroom/press-releases/2022-198.

    [48] See Securities and Exchange Commission, “SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks” (Oct. 18, 2023), available at  https://www.sec.gov/newsroom/press-releases/2023-225. See also Securities and Exchange Commission, “SEC Proposes Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders” (Dec. 14, 2022), available at https://www.sec.gov/newsroom/press-releases/2022-224. See also Securities and Exchange Commission, “SEC Proposes Regulation Best Execution” (Dec. 14, 2022), available at https://www.sec.gov/newsroom/press-releases/2022-226. See also Securities and Exchange Commission, “SEC Proposes Rule to Enhance Competition for Individual Investor Order Execution” (Dec. 14, 2022), available at  https://www.sec.gov/newsroom/press-releases/2022-225.  

    [57] See Securities and Exchange Commission, “SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities” (Oct. 12, 2022), available at https://www.sec.gov/newsroom/press-releases/2022-187.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Australia: Call for more mates to support Port Macquarie’s Sailability

    Source: New South Wales Government 2

    Headline: Call for more mates to support Port Macquarie’s Sailability

    Published: 24 September 2024

    Released by: Minister for Agriculture


    The Port Macquarie community group, Sailability, is calling for volunteers ahead of this year’s sailing season, as the club prepares to take to the Hastings River again on Wednesday 25 September.

    Sailability is a volunteer organisation whose mission is to offer people with varying abilities freedom on the water.

    The club uses a fleet of specially designed sailing dinghies with simplified controls and enhanced stability to hold weekly sailing days for people living with physical and mental disability.

    The club received $55,920 from the NSW Government to extend its carpark and complete landscaping around its new boat shed and accessible amenities block, as well as to install six accessible picnic tables in McInherney Park.

    The not-for-profit club is the only organisation of its kind in the area and its 80 volunteers cater to approximately 60 sailors each week.

    The group provides its services at no charge, with sailors coming from disability support units at local schools in Port Macquarie, Wauchope, Laurieton and Kempsey, as well as disability service providers, aged care facilities and private enquiries.

    Census statistics for show there are approximately 6,000 people with serious or profound disability in the Port Macquarie area, and the club struggles to meet the demand for its services.

    People keen to get involved in volunteering with the club can attend McInherney Park on Wednesdays between September and May to learn more, or go to www.sailabilitypm.com.au and click the Contact Us tab.

    Minister for Agriculture and Regional NSW, Tara Moriarty said:

    “This fantastic community group is really making waves in terms of improving quality of life for people in the Port Macquarie area with disability.

    “It’s wonderful to see people experience a sense of achievement and improved self-confidence and self-esteem through their participation in Sailability’s program.”

    Parliamentary Secretary for Disability Inclusion, Liesl Tesch* said:

    “Sailability is a beacon of hope and inclusion in Port Macquarie. By fostering a sense of belonging on the water, they’re not only enhancing the lives of people with disability but also enriching the entire community.”

    “The amazing volunteers at Sailability do such important work helping build confidence and resilience for so many people in the region each week.”

    *Liesl Tesch is a seven-time Paralympian including winning two gold medals in sailing

    Sailability Port Macquarie volunteer Rick Eller said:

    “The club has come a long way from humble beginnings when it launched in December 2012, we were using two borrowed boats at the time, we had a handful of volunteers, and we were borrowing life jackets from the SES or emergency services here in Port Macquarie.

    “The best part about working for Sailability is the expressions and the smiles when the people who’ve been sailing come back to the pontoon, that’s what makes it all worthwhile.”

    Sailability Port Macquarie Vice President Julie Constable said:

    “It’s extremely important that people are aware that people with a disability are very able and keen to get out into society so something like this is off great benefit to the community.”

    Case study: Vision impaired sailor – Kathryn Stephens

    Sailability Port Macquarie

    • Kathryn has been sailing with the Port Macquarie group since it began.
    • In October, Kathryn will set course for Southport to compete in the Hansa Class Asia Pacific Championships.
    • Kathryn has previously competed in the state para championships, coming second behind the world champion in the doubles.
    • She has also placed third in the Middle Harbour Yacht Club inclusive classes regatta alongside a sailing partner from another branch of Sailability.

    Quotes attributable to Kathryn Stephens:

    “Participating in sailing has opened up a whole new world of opportunities for me.

    “I love the whole idea of being out on the water, the sensation and the sound and just the feel of sailing because I can’t see what I’m doing so it’s all by sound and feel, and just the freedom of being out on the water, it’s a great sensation.

    “The people come from all sorts of different backgrounds and interests and it’s just wonderful to catch up with them as well as meeting other sailing participants every week and we just have a great time and it’s a really lovely community and it’s got a really great feel about it.”

    MIL OSI News –

    September 29, 2024
  • MIL-Evening Report: ‘Who looks after me?’ More than 40% of disability carers have disability themselves – and they need more support

    Source: The Conversation (Au and NZ) – By Susan Collings, Senior Research Fellow, Transforming early Education and Child Health Research Centre, Western Sydney University

    Yiistocking/Shutterstock

    Caring for someone with disability is a complex and demanding task. The latest Australian Bureau of Statistics figures show this role is increasingly being undertaken by people who have disability themselves. There were 1.2 million primary carers in Australia in 2022, and of these, 43.8% have disability (up from 32.1% in 2018).

    Disability support and aged care are critical issues for the federal government right now. The new Aged Care Act will take effect in July next year and amendments to the National Disability Insurance Scheme (NDIS) Act roll out from early October.

    A National Carers Strategy, recognising the demands placed on informal carers and the need for better supports, is also being developed.

    What do this group of carers need? And are they getting the right kind of support?

    Invisible labour

    Three million Australians currently provide informal care for loved ones with disability, medical conditions, mental illness or frailty from ageing.

    In line with our ageing population, one in six carers are over 65 and most older Australians want to age “in place” at home. This means informal care needs are set to rise exponentially.

    Improved diagnosis, more disclosure of disability status and higher prevalence of health conditions leading to disability are increasing the numbers of and demands on informal carers.

    Who is doing the caring and why?

    While both women (12.8% of the population) and men (11.1%) provide informal care, women are more likely to be primary carers (6.1% are women, 3% are men.

    Primary carers are less likely to be in paid employment than non-carers (64.6% to 82%), and fewer than half of those caring for 40 hours or more a week are employed. Informal carers are more likely to have a disability or chronic health condition (38.6%) than the general population (21.4%), with even higher rates among primary carers (43.8%).

    The main reasons for becoming a carer are a sense of family responsibility and emotional obligation. Over a third of those caring for their child say they have no other choice.

    We analysed qualitative data from the 2022 National Carer Survey conducted by Carers NSW.

    Of 6,825 respondents from across Australia, over 80% were women and almost half (47.6%) identified as having disability or long-term health conditions, which the survey combines. Disability and poor health among carers are associated with higher levels of emotional distress and greater difficulty in accessing services.

    Most carers are women and their caring load may prevent them doing paid work.
    Desizned/Shutterstock

    ‘My prospect of earning an income and saving is bleak’

    Statistics tell us only part of the story. The voices of informal carers who report living with disability or chronic health conditions shed light on the layered demands they face. They reported that care is often invisible, undervalued and ceaseless. One woman, aged 73, described informal care as “hard and unappreciated work”.

    A lack of government support and financial uncertainty left many despairing. As one carer, aged 56, said:

    No government recognises us and in the end we are saving them billions/trillions of dollars […] I have been a carer for over 13 years and it will go on for many years, so my prospect of earning an income and saving is bleak.

    Caring can have profound health and wellbeing effects. As another woman, aged 56, said:

    Being close to retirement myself, and having elderly parents, puts so much strain on my own health, mentally and physically. I have had to deal with breast cancer and its treatments and ongoing side effects. This is really stressful. I oversee all the services, and manage ongoing issues. My care role is endless. I only work minimal hours myself due to my care role. Who looks after me?

    Caring for carers

    Carers with disability or chronic health conditions report a lack of appropriate, accessible and timely services. This makes it hard to meet their own health-care needs. Many struggle with arranging support across mainstream and NDIS providers on behalf of the person they care for and themselves.

    Our research about the needs of a specific group of disabled Australians with care-giving responsibilities – parents with intellectual disability – find they can fall between system gaps when mainstream services are not accessible or the NDIS fails to take a family-centred approach.

    A parent with intellectual disability may struggle to understand complex and shifting eligibility rules and might be able to use their NDIS funding to assist with meal preparation for themselves but not for their child. As one mother with intellectual disability said:

    No one explained to me, ‘Oh, the NDIS package can help you with a lot of different things’, like helping with my parenting capacity.

    Changes and opportunity

    A cornerstone of the NDIS reforms is the creation of foundational supports. That’s good news for the 86% of disabled Australians without an NDIS plan and their informal carers, who rely on mainstream services like schools, health services and public transport.

    Likewise, the National Carers Strategy is an opportunity to ease some of the burden shouldered by many informal carers. By consulting with carers directly, services designed to meet their diverse needs and circumstances can be made available. In the immediate term, often carers reach crisis point before receiving support. Early interventions in the form of practical, everyday, orientated supports – including respite together with peer support – can help.

    Proper support for carer wellbeing and economic and social participation, from all levels of government, recognises the complex role carers play and their own support and health-care needs. These are only going to increase in the future.


    The authors wish to acknowledge the contribution of Sarah Judd-Lam and Lukas Hofstaetter from Carers NSW for their data and analysis contributions to this piece.

    Gabrielle Weidemann receives funding from the Australian Research Council and the Department of Defence. This funding is not for research on disability and/or care for those with disability.

    Elisabeth Duursma, Michelle O’Shea, and Susan Collings do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Who looks after me?’ More than 40% of disability carers have disability themselves – and they need more support – https://theconversation.com/who-looks-after-me-more-than-40-of-disability-carers-have-disability-themselves-and-they-need-more-support-236786

    MIL OSI Analysis – EveningReport.nz –

    September 29, 2024
  • MIL-OSI China: Number of China’s manufacturing firms tops 6M

    Source: China State Council Information Office

    Workers assemble parts at a children wheels factory in Pingxiang County, north China’s Hebei Province, Aug. 19, 2024. [Photo/Xinhua]

    China had 6.03 million enterprises in the manufacturing sector as of the end of August, surging 5.53 percent from the end of last year, data showed.

    Among them, 515,300 were related to the strategic emerging industries, accounting for 8.55 percent of the total, according to statistics from the China Organization Data Service.

    The number of manufacturing companies in China’s eastern region totaled 3.87 million, accounting for 64.21 percent of the total. The central region had 1.13 million manufacturing companies, followed by 755,900 and 268,300 in the western and northeastern regions, respectively, by the end of August, the data showed.

    In the first eight months of this year, the number of manufacturing companies in China showed a steady growth trend, with the central region having recorded the fastest growth of 6.55 percent compared to the end of 2023.

    The scale and quality of China’s manufacturing enterprises have gradually improved as policies to promote the optimization and upgrading of economic structure have begun to take effect, it said.

    MIL OSI China News –

    September 29, 2024
  • MIL-OSI USA: Bicameral Statement of Bipartisan Task Forces for Combating Antisemitism on Release of 2023 FBI Hate Crime Statistics Report

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Anti-Jewish Hate Crimes Increased By Nearly 63 Percent, Reaching Highest Level In Decades
    WASHINGTON, DC – U.S. Senators Jacky Rosen (D-NV) and James Lankford (R-OK), and Representatives Kathy Manning (NC-06) and Chris Smith (NJ-04), co-chairs of the Senate and House Bipartisan Task Forces for Combating Antisemitism, respectively, released the following statement in response to the Federal Bureau of Investigation’s (FBI) 2023 Hate Crime Statistics Report. The FBI data shows anti-Jewish hate crimes increased in 2023 by nearly 63 percent from 2022, which is the highest number recorded in almost three decades.
    “We are deeply alarmed by the dramatic increase in hate crimes targeting Jewish Americans over the past year, as noted in the FBI’s 2023 Hate Crimes Statistics Report,” said the members. “With antisemitism skyrocketing across the United States following Hamas’s October 7 terrorist attack on Israel, a whole-of-government approach is needed to protect Jewish communities from violence and hate.”
    Anti-Jewish hate crimes rose from 1,122 to 1,832 incidents from 2022 to 2023. According to the FBI, a total of 16,009 law enforcement agencies, which represent 95.2 percent of the agencies enrolled in the hate crime data collection program, participated in hate crimes reporting for 2023.
    They continued: “As the co-chairs of the House and Senate Bipartisan Task Forces for Combating Antisemitism, we remain steadfast in our commitment to root out the scourge of antisemitism. We’ll continue working across party lines to ensure the federal government keeps Jewish Americans safe from discrimination.”
    Jewish Americans make up around two percent of the U.S. population, yet antisemitic hate crimes accounted for 15.4 percent of all hate crimes reported by the FBI. Anti-Jewish incidents comprised a little over two-thirds of all religion-based hate crimes. 
    As co-chair of the Senate Bipartisan Taskforce for Countering Antisemitism, Senator Rosen has been leading the fight against rising antisemitism. Senator Rosen, along with the co-chairs of the Senate and House Bipartisan Task Forces, introduced a bipartisan bill to take historic action to counter antisemitism in the United States by establishing a first-ever National Coordinator to Counter Antisemitism. In May, Senators Rosen and Lankford sent a bipartisan letter urging the Department of Education to designate a senior official to oversee efforts to combat antisemitism on college campuses. They also called on the Senate Health, Education, Labor, and Pensions Committee to hold a full hearing on rising antisemitism on college campuses.

    MIL OSI USA News –

    September 29, 2024
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