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Category: Taxation

  • MIL-OSI Global: Pharma company funding for patient advocacy groups needs to be transparent

    Source: The Conversation – Canada – By Joel Lexchin, Professor Emeritus of Health Policy and Management, York University, Canada

    As a first step in determining whose interests patient groups align with, we need more transparency about the source of their revenue. (Shutterstock)

    Patient groups should be playing a central role in Canada’s health-care system, advocating for their members by promoting the visibility of their conditions, pushing for more rapid and accurate diagnoses and lobbying for the introduction and funding of new treatments and drugs that may help relieve their members’ symptoms and extend their lives.

    However, all of this requires resources. In the past, groups could turn to the federal government for funding, but that option dried up in the late 1980s and early 1990s.

    Pharmaceutical industry funding

    In response, patient groups looked to the pharmaceutical industry to be able to continue functioning. How much money Canadian groups get from drug companies is largely unknown.

    Neither the federal government nor the major industry association, Innovative Medicines Canada (IMC), require companies to report on payments to groups and similarly there are no rules saying that patient groups must reveal who gives them money or how much. Even if groups are registered charities, that type of granular information is not collected in reports they have to file with the Canada Revenue Agency.

    How much money Canadian patient advocacy groups get from drug companies is largely unknown.
    (Shutterstock)

    There is one source of partial information that has not been investigated until now. Since 2016, six companies have voluntarily released detailed annual statements about which groups they give money to and the value of those payments — GlaxoSmithKline, Merck, Novartis, Roche, Sanofi and Teva.

    I have analyzed the available reports from these companies. Because pharma companies have a history of trying to buy influence — a topic I’ve researched extensively — it’s important to look at what and who they are funding. All told, from 2016 to 2023, they gave more than $30 million in 671 separate payments to 263 groups. The $30 million figure is a minimum because not all of the six companies report in any individual year. There are also an additional 42 member companies in IMC that don’t file any reports. (Teva does not belong to IMC.)

    The median amount that a patient group received was $26,000 but that number hides the extremes. The Black Health Alliance received a single payment of $250 in 2023 from Novartis whereas the World Federation of Hemophilia, based in Montréal, got over $4.5 million from Roche and Sanofi between 2020 to 2023. Fourteen groups accounted for almost one-half of all payments groups received. Although Novartis only reported in three years (2021-23) it gave the largest amount of money, over $7.5 million.

    Conflicts of interest

    Receiving money creates a conflict-of-interest (COI), where a COI is defined by the U.S. Institute of Medicine (now the National Academy of Medicine) as “a set of circumstances that creates a risk that…judgment or actions regarding a primary interest will be unduly influenced by a secondary interest.” In this case, that would mean that the patient group was looking out for the interests of the drug company that gave it money as opposed to the interests of its patient members.

    However, just because groups received money from drug companies does not necessarily equate to the positions and actions that they took. There is a wide range of positions taken by patient groups that have received pharma funding, and when their positions align with those of their sponsors, these associations do not establish cause and effect.

    The Canadian Organization for Rare Disorders that received just shy of $450,000 between 2018 and 2023 from a combination of GlaxoSmithKline, Novartis, Roche and Sanofi has publicly criticized the legislation that potentially creates the first steps to a universal, first-dollar coverage pharmacare plan.

    Twenty-eight patient groups, including Save Your Skin Foundation and Myeloma Canada, lobbied the Patented Medicine Prices Review Board to try to stop the board from instituting reforms to how it regulated drug prices. Save Your Skin Foundation got just over $750,000 in drug company money and Myeloma Canada got $831,000.

    Pharma companies have a history of offering funding and other resources that have been shown to influence health-care professionals.
    (Shutterstock)

    Some groups that take drug company money do not necessarily align with the interests of their funders. The president of the Canadian Spondylitis Association (CSA) pulled his organization out of a focus-group project organized by Janssen and AbbVie because he refused to sign off on a report claiming that patients were strongly opposed to switching from the medication Humira, sold by AbbVie, to a less expensive biosimilar.

    Arthritis Consumer Experts (ACE) used to receive grants from Janssen and AbbVie until it also came out in favour of switching to biosimilars. (CSA received over $100,000 from Merck and Novartis, while ACE $267,000 from Merck and Novartis as well as Teva.)

    How pharma funds buy influence

    Pharma companies have a history of offering funding and other resources that have been shown to influence health-care professionals, which has extended the reach of pharma companies’ interests into virtually all aspects of health care. Funding patient groups may be another strategy to further extend the reach of those interests, which do not always align with those of patients and the public.

    As a first step in trying to determine whose interests patient groups align with, we need more transparency about the source of their revenue. The European Federation of Pharmaceutical Industries and Associations (EFPIA) code requires that member companies disclose on their websites a list of patient organizations to which they provide financial support, the amount of the payment and a description of the nature of the support or services provided.

    However, a study of industry payments in Nordic countries concluded that the EFPIA code fails to ensure transparency and compliance. EFPIA allows national industry associations the freedom to determine how its code will be implemented and how much oversight is required, leading to disparate transparency practices. EFPIA has not created a disclosure template to standardize reporting. Finally, EPFIA’s code does not apply to companies that are not members.

    Industry codes are not the answer.

    Before the Ontario election in 2019, the government was finalizing regulations for Bill 160 that required all drug and device manufacturers to disclose payments to patient groups. The legislative process stopped when the government changed post-election. The federal government should pick up the mandate on this issue and pass similar legislation to make reporting mandatory on a national basis.

    Between 2021-2024, Joel Lexchin received payments for writing a brief on the role of promotion in generating prescriptions for a legal firm, for being on a panel about pharmacare and for co-writing an article for a peer-reviewed medical journal. He is a member of the Boards of Canadian Doctors for Medicare and the Canadian Health Coalition. He receives royalties from University of Toronto Press and James Lorimer & Co. Ltd. for books he has written.

    – ref. Pharma company funding for patient advocacy groups needs to be transparent – https://theconversation.com/pharma-company-funding-for-patient-advocacy-groups-needs-to-be-transparent-239197

    MIL OSI – Global Reports –

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

    Source: United States Attorneys General

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI USA: Typhoon Krathon Nears Taiwan

    Source: NASA

    Typhoon Krathon lingered off the coast of southwestern Taiwan in early October 2024 and is forecast to batter the idland’s populated west coast with torrential rain and damaging winds.
    On its way to Taiwan, Krathon first thrashed northern parts of the Philippines, where the storm is known as Typhoon Julian. Its strong winds damaged roofs and toppled trees in the Philippine province of Batanes on September 29 and 30, according to news reports. The storm continued to strengthen as it moved northwest.
    The image above, acquired by the VIIRS (Visible Infrared Imaging Radiometer Suite) on the NOAA-20 satellite, shows the typhoon at 1 p.m. local time (05:00 Universal Time) on September 30, when it was centered west of the Batanes Islands and about 155 kilometers (96 miles) southwest of Taiwan. The image below, captured at 10 a.m. local time (02:00 Universal Time) on September 30 by the OLI (Operational Land Imager) on Landsat 8, shows a closer view of the eye of Krathon.

    The eye of a hurricane is a circular zone of fair weather at the storm’s center. It is surrounded by a towering ring of extremely powerful thunderstorms called an eyewall, the part of the hurricane with the strongest winds.
    About 19 hours after Landsat 8 acquired this image, the cyclone reached super typhoon status with sustained winds of 240 kilometers (150 miles) per hour—the equivalent of a Category 4 hurricane—according to the Joint Typhoon Warning Center (JTWC). At the time, JTWC noted that Krathon displayed a well-defined eyewall and estimated that the typhoon had likely peaked in intensity.
    Krathon’s movement slowed and its intensity weakened on October 1 and 2 as it churned toward Taiwan’s southwest coast. Between September 30 and October 2, the storm had already brought 150 to 300 millimeters (6 to 12 inches) of rain to the east coast of Taiwan.
    Typhoons in the Western Pacific often hit Taiwan’s mountainous and sparsely populated east coast, but Krathon is set to make landfall on its more populated western plain, near Kaohsiung. The typhoon season stretches across the entire year, but the majority of storms usually form between May and October.
    NASA Earth Observatory image by Wanmei Liang and Lauren Dauphin, using VIIRS data from NASA EOSDIS LANCE, GIBS/Worldview, and the Joint Polar Satellite System (JPSS) and Landsat data from the U.S. Geological Survey. Story by Emily Cassidy.

    MIL OSI USA News –

  • MIL-OSI USA: State of Missouri holds 2024 Show Me Challenge competition, winning team presents idea to expand operations to maximize print efficiencies

    Source: US State of Missouri

    JEFFERSON CITY, Mo. – Today, the State of Missouri announced the winners of the 2024 Show Me Challenge competition. On Monday, nine finalist teams competed in-person before a panel of state government senior leaders to present the best ideas to improve state government.

    Inspired by the hit TV show “Shark Tank,” the Show Me Challenge continues to bring together state team members from across Missouri’s 17 executive departments to pitch solutions that improve systems and processes that serve the citizens of Missouri, cut out unnecessary work, and/or save the State time and money.

    The Show Me Challenge invited all State of Missouri team members in the executive branch to submit an initial pitch outlining their solutions. Nine teams were then invited to participate in the final competition. They had the opportunity to further develop their pitch, receive coaching, and then present their ideas in front of a panel of judges, including department directors and other senior leaders with government, policy, and business expertise.

    The finalist teams represented nine of the 17 executive departments of the Missouri state government and competed in front of a live audience.

    First place went to the team Space Rangers from the Office of Administration (OA) for their request to find additional space for their printing and mailing services team (OA Document Solutions) to maximize print efficiencies by acquiring additional equipment. 

    Winning team members of Space Rangers are:

    Brandon Bailey
    Lance Clingman
    Erin Coles
    Kenneth Cummings
    Aaron Dickey
    Terry Groner
    Bradley Malone
    Maddie Meyer 

    OA Document Solutions (OADS) held a close partnership with University of Missouri Print and Mail Services (MU) for over 40 years. Throughout this collaboration, MU has consistently delivered print services that surpassed OADS capabilities in terms of size or finishing. On August 2, 2023, MU announced that they would be phasing out MU Print Services over the next calendar year. OADS began brainstorming how to acquire and put to use the MU equipment with capabilities that would expand their services, provide substantial return on investment, and minimally impact services to our State Agency customers. With the new equipment, OADS will be able to increase our efficiencies 200-800% in run time and/or finishing, depending on the project.

    “OADS is committed to streamlining operations and maximizing efficiency by consolidating all print equipment into a single, appropriately-equipped facility. This will not only enhance productivity but also provide an opportunity for OADS to meet the printing demands of the state agencies in-house. Furthermore, it allows OADS to have better quality control of production and meeting the customer requested deadlines,” said Erin Coles, OA Document Solutions Program Manager, OA. “Our team appreciated the opportunity through the Show Me Challenge to showcase what we have been working on to senior leaders. The process improvements we continue to make will allow us to better serve our State Agencies and citizens of Missouri.”

    Second place went to Data for All from the Department of Mental Health (DMH), Department of Elementary and Secondary Education (DESE), Department of Revenue (DOR), Department of Economic Development (DED), and OA for their project that would create a curriculum, checklists, and other resources to educate state team members to help increase accessibility of documents published online by the State of Missouri. 

    Third place went to Team MoVest (Missouri Vital Empowerment for State Teams) from the Department of Natural Resources (DNR), Missouri Department of Transportation (MoDOT), DESE, & OA for their idea to create a virtual learning experience that will provide a unique opportunity for all state team members to grow their professional networks, develop new skills, and enhance their abilities.

    A Fourth and Fifth place were also awarded to contestants. Fourth place went to Recovery from MoDOT for their design to help the department recoup money spent repairing MoDOT property by automatically bringing together information from a variety of sources to make it easier to recover outstanding funds. Fifth place went to Hands on Deck from the Department of Social Services (DSS) for seeking to establish in their Children’s Division a pool of experienced retired/former employees to be paid on an hourly basis as they step in to cover workforce gaps when an office or facility experience inadequate workforce numbers, extended absence, or crisis situations. 

    The judges for this year’s competition were Senator Mike Bernskoetter, Representative Dave Griffith; Anna Hui, Director, Department of Labor and Industrial Relations (DOLIR); Valerie Huhn, Director, DMH; Robert Knodell, Director, DSS; Valarie Moseley, Deputy Director, Department of Corrections (DOC), and Tyler Hobbs, Legislative Director, Governor’s Office. 

    The judges considered a pitch’s quality, practicality, and potential for impact.

    “It is incredibly inspiring to see the creativity and dedication of our public servants, who are committed to making state government more efficient, effective, and responsive to the needs of our citizens,” said Rep. Dave Griffith. “By empowering employees to share their insights, we ensure that we are delivering the best possible services to the people of our state.”

    “The Show Me Challenge is an exciting opportunity for our team members to present their best ideas for improving government. Not only does it empower our workforce to take an active role in driving positive change but fosters a culture of innovation for the services we provide to our customers,” said Valerie Huhn, Director, DMH. “The creativity and insight from our team members is one of our greatest assets and I look forward to seeing how their ideas will enhance our operations and make a lasting impact on state government.”

    “This competition showcases the incredible talent and ingenuity of our frontline state team members, giving them a platform to present ideas that can significantly improve how we operate,” said Robert Knodell, Director, DSS. “Through tapping into the creativity of our workforce, we are uncovering innovative solutions that make government more efficient and save valuable time and taxpayer dollars. The Show Me Challenge is a powerful reminder that the best ideas often come from within.” 

    To date, over 600 team members have pitched ideas to improve production and processes across state government. The 2025 Show Me Challenge competition will begin next spring.

    For more on the Show Me Challenge, go here.

    MIL OSI USA News –

  • MIL-OSI USA: Kustoff Holds Tax Roundtable with Tennessee Business Leaders

    Source: United States House of Representatives – Representative David Kustoff (TN-08)

    WASHINGTON, D.C. — Today, Congressman David Kustoff (R-TN) held a roundtable discussion in Shelby County with the Main Street Coalition, including the Wine and Spirits Wholesalers of America. Congressman Kustoff discussed the Tax Cuts and Jobs Act (TCJA) provisions that are set to expire in 2025 and heard from local business leaders about their priorities for an upcoming tax package in Congress. 

    “In 2025, the Republican tax cuts that brought relief to families and businesses across the nation are set to expire,” said Congressman Kustoff. “As a member of the House Ways and Means Committee, the chief tax writing committee in Congress, I am working to ensure these provisions are extended and taxes are not increased for Americans. That is why I held this roundtable today, to hear from local business leaders about their priorities for an upcoming tax package. As individuals and businesses grapple with rampant inflation, the last thing they need is Uncle Sam taking more of their hard-earned dollars out of their bank account.”

    “The vast majority of America’s independent wine and spirits wholesalers are family-owned businesses that have been in operation for generations. Since 2017, our members have been able to invest billions across the country into their employees, facilities, and communities and the business leaders who joined us today have similar stories. The importance of this conversation and Section 199A to the well-being of small and family-owned businesses across Tennessee and the rest of the country can’t be overstated,” said Dwayne Carson, Wine & Spirits Wholesalers of America Senior Director, Federal Affairs.

    Pictures from the day:
     


    Background:
    In 2017, Congress passed the Tax Cuts and Jobs Act. TCJA was the first major reform to the federal tax code in over thirty years, changing the individual income rates, the corporate tax rate, rules for estate and retirement planning, and taxes for small businesses. These Republican tax cuts brought relief to working and middle-class families and led to one of the strongest economies in U.S. history. However, if Congress does not act by the end of 2025, these provisions, among others, will expire. That will mean a significant tax increase on virtually all American taxpayers and businesses.

    The House Ways and Means Committee has divided up into Tax Teams to focus on each provision. Congressman Kustoff is the Vice Chair of the Supply Chain Tax Team which has jurisdiction over the corporate rate, capital gains, and energy related tax credits. Additionally, he sits on the Rural America team, which has jurisdiction over the estate tax.  

    ###

    MIL OSI USA News –

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

    Source: IMF – News in Russian

    October 2, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    • Growth has slowed; while inflation is retreating from its peak, it remains elevated as demand-supply imbalances persist particularly in sectors like rents, new dwellings and insurance. The mission projects a modest economic recovery next year, pushing growth from 1.2 percent for 2024 to 2.1 percent for 2025, bolstered by real income growth and resilient labor markets. The uncertain global environment and geoeconomic fragmentation pose significant external risks.
    • Near-term policies should continue to focus on reducing inflation while nurturing economic growth. The Reserve Bank of Australia’s continued restrictive monetary policy stance aimed at combating persistent inflation is appropriate. Should disinflation stall, policies may need to be further tightened while preserving targeted support to vulnerable households amid rising living costs. Financial sector policies should prioritize preserving stability, while tackling localized vulnerabilities arising from tightened financial conditions. Addressing the housing affordability challenges requires a holistic approach to tackle the continued supply shortfall.
    • Australia’s robust economic institutions and policy frameworks can be further enhanced to underpin stability and foster growth in the long term. Structural policies should focus on enhancing resilience, revitalizing productivity growth through enhancing competition and innovation — including leveraging AI technology responsibly — and strategically navigating the climate transition.

    Washington, DC:

    I. CONTEXT AND RECENT DEVELOPMENTS

    1. Australia’s resilient economy faces cyclical challenges. Recent decades of strong growth are attributed to effective policies, strong institutions, flexible prices, strong regional trade links, and robust population growth. Post-pandemic stabilization efforts have included a balanced set of macro policy measures to manage demand and bring inflation back to target while preserving the gains in the labor market. Progress in reducing price pressures and bringing inflation back to target has been slower than expected. In this context, significant policy challenges remain in rebalancing the economy while navigating cyclical headwinds.
    2. Economic growth has continued to decelerate. Under tightened policies, growth slowed to 1.0 percent (y/y) in the second quarter of 2024, down from 1.9 percent (y/y) a year ago. Per capita private consumption was down 1.9 percent (y/y) in 2024Q2, as real disposable income per capita declined due to high inflation, elevated interest rates, and tax payments growing faster than incomes prior to recent income tax cuts. Younger Australians, who are more likely to rent or hold mortgages, have seen a greater impact on spending. Despite recent resilience, private business investment has started easing, growing at just 1.6 percent (y/y). Economic activity has been supported by public demand and large state infrastructure projects. The labor market has eased somewhat but remains relatively resilient, with unemployment at 4.2 percent in August 2024, and the vacancies-to-unemployment ratio still above pre-pandemic levels. The current account fell into deficit in early 2024, driven primarily by the normalization of commodity prices.
    3. Inflation has continued to ease from post-pandemic highs, but price pressures remain elevated. Restrictive monetary policy and an easing in supply pressures led to headline inflation falling to 3.8 percent (y/y) in the second quarter of 2024 from a peak of 7.8 percent (y/y) in late 2022. Headline inflation—as measured by the monthly CPI indicator—declined to below 3 percent in August due in part to sizeable temporary electricity subsidies. However, underlying price pressures remain elevated, most notably in non-tradable sectors like rents, new dwellings, and insurance, reflecting ongoing demand-supply imbalances. The mission welcomes the second consecutive Commonwealth Government budget surplus in FY2023/24. This was achieved by saving revenue windfalls from a resilient labor market and higher commodity prices, and identifying expenditure reductions or reprioritizations, while implementing cost-of-living relief measures. While acute demand and supply imbalances in the housing market have begun to ease, national house prices have surpassed pandemic-era peaks and the momentum persists, with rents also rising significantly.

    II. OUTLOOK AND RISKS

    1. The economy is projected to recover gradually. Growth is expected to start picking up in the second half of the year, reaching 1.2 percent for 2024 and 2.1 percent for 2025. Real wage growth is expected to boost private consumption, while public demand is expected to remain solid. Meanwhile, it remains too early to assess to what extent the recent income tax cuts would be saved or spent by households. Starting in 2025, private demand is also expected to benefit from gradual monetary policy easing and a rebound in dwelling construction after the resolution of bottlenecks. However, growth will remain below its potential rate until 2026, when it is forecast to converge to 2.3 percent. Labor market conditions are anticipated to soften gradually, with a modest rise in unemployment to about 4.5 percent. Trimmed mean inflation is expected to sustainably return to the RBA’s target range at end-2025, with underlying price pressures easing only slowly. Upside risks to inflation include a slower than forecast rebalancing in labor market demand and supply, potential larger fiscal impulses, demand impact of recent house price increases, and higher tradable prices due to rising geoeconomic fragmentation.
    2. With large uncertainty surrounding the macroeconomic baseline, the balance of risks is tilted to the downside:
    • External risks: The uncertain external environment, including weakness in major trading partners, poses risks to Australia’s growth. Geoeconomic fragmentation, which could potentially reconfigure global trade, poses risks to external demand, especially given Australia’s sizeable commodity exports and diverse trading partners. Rising shipping costs and volatile energy and food costs stemming from global geopolitical tensions could complicate the fight against inflation. At the same time, Australia’s pivotal role in the Pacific in providing aid and remittances, enhances regional economic stability and development. Additionally, Australia’s economy continues to benefit from positive regional interactions, such as labor migration that addresses domestic capacity constraints and skills shortages.
    • Domestic risks: The disinflation process may stall due to persistent services inflation, a stronger-than-expected fiscal impulse, or spillovers from global trade and supply chain disruptions; this may in turn raise prospects of higher-for-even longer interest rates, with implications for consumption and investment. Conversely, growth may be weaker than forecast, or unemployment may rise faster than projected (for example, if the current labor market tightness proves to be localized), potentially requiring the Reserve Bank to lower interest rates sooner.

    III. NEAR-TERM POLICIES TO BRING DOWN INFLATION WHILE NURTURING GROWTH AND PRESERVING FINANICAL STABILITY

    1. Near-term policies should focus on managing the final phase of returning inflation to target while nurturing growth. The baseline policy mix should be orchestrated carefully to achieve these objectives and ensure price and financial stability. The current restrictive monetary policy stance is essential to address risks of prolonged inflation. Fiscal policy should support disinflation as the economy continues to grapple with supply capacity constraints. Additionally, macroprudential policies should maintain a stringent stance to mitigate the risk of excessive vulnerabilities in household balance sheets, particularly in the context of rising house prices. Should disinflation stall, monetary policy may need to be further tightened, supported by tighter fiscal policy while nurturing growth, and preserving targeted support to vulnerable households amid rising living costs. This contingent policy mix should ensure monetary and fiscal authorities complement each other to avoid overburdening any single policy instrument. In the face of external shocks, Australia’s commitment to a flexible exchange rate, will allow monetary policy to focus on domestic policy objectives.
    2. In this context, the RBA’s decision to maintain its restrictive policy stance in the near-term is appropriate. The still persistent inflation and emerging upside risks emphasize the importance of a tight monetary stance until the inflation outlook sustainably aligns with the target range. This stance is supported by the strong transmission of monetary policy through the Australian housing sector, largely due to a high proportion of variable-rate mortgages, and a possibly slow yet important transmission via non-mining business investment. While inflation expectations have remained anchored, the RBA should continue to build on its recent efforts and explore ways to further strengthen its communications capabilities and effectively guide the general public’s and the market’s understanding of its data dependent decision-making process and their expectations regarding policy shifts in an uncertain global policy environment.
    3. Should disinflation stall, a tighter fiscal stance would be warranted, while better targeting of transfers could more efficiently support vulnerable households. The FY2024/25 Commonwealth budget is projected to deliver a positive fiscal impulse based on the mission’s estimates. A preannounced personal income tax (PIT) cut and new expenditure items including broad-based cost-of-living support, are expected to contribute to moving the budget to a deficit. The mission’s analysis shows that while the cost-of-living support lowers the price level on a temporary basis, it may inject some additional stimulus into the broader economy. The permanent PIT cut increase households’ disposable income, but it remains too early to assess the extent to which they will be saved or spent and therefore the extent and timing of any impulse to demand. State and Territory budgets have proven more expansionary than expected in the near-term, incorporating further cost-of-living support and infrastructure spending. Should disinflation stall, expenditure rationalization at all levels of government could help lower aggregate demand and support a faster return of inflation to target. In particular, infrastructure spending could be carefully prioritized to avoid aggravating construction capacity constraints, by focusing on boosting productivity and facilitating the green transition. In addition, transfers should be made targeted wherever possible.
    4. Financial sector policies should prioritize maintaining stability, while carefully addressing localized vulnerabilities arising from tightened financial conditions. Banks are in a strong position, showcasing high capital levels, solid liquidity, and healthy profits, while also demonstrating resilience in recent stress tests conducted by the Australian Prudential Regulation Authority (APRA). While most households and businesses continue to be resilient, financial pressures are evident in vulnerabilities in low-income households and small-medium enterprises, and challenges to firms’ profitability under tight financial conditions. More generally, concerns about hidden leverage or vulnerabilities, combined with new and emerging global risks, could resurface. Thus, the mission welcomes APRA’s plan for the first system stress test to better understand interconnectedness across the financial system, providing a platform to quantify, assess and respond to identified risks. The mission team also welcomes APRA’s close monitoring of lending standards and regular review of macroprudential policy settings and would reiterate its recommendation that the authorities consider preemptively expanding their toolkit to include additional borrower-based measures, such as Debt-to-Income and Loan-to-Value Ratio, to manage household indebtedness and ensure financial stability amidst the housing market pressures. While financial supervisory and regulatory reforms have been undertaken to enhance resilience, data gaps on Non-Bank Financial Institutions pose challenges to effective risk oversight, including its exposure to commercial real estate (CRE) sector.
    5. A holistic policy package is needed to address housing affordability issues. Australia faces a significant housing supply shortfall, exacerbated by structural challenges such as restrictive planning and zoning regulations, high land costs, infrastructure deficits, and residential dwelling investment around decade lows. These barriers, coupled with high interest rates, elevated building costs, and labor shortages, have led to a substantial backlog in housing development, contributing to escalating prices and affordability concerns. To address these issues, a comprehensive strategy is essential, focusing on increasing construction worker supply, relaxing zoning and planning restrictions, supporting the built-to-rent sector, expanding public and affordable housing, and reevaluating property taxes (including tax concessions to property investors) and stamp duty to promote efficient land use. At the same time, capital flow management (CFM) measures that discriminate between residents and nonresidents are not consistent with the Fund’s Institutional View and should be replaced by non-discriminatory measures.

    IV. Medium-Term Reform Priorities to Strengthen Economic Resilience

    1. Australia’s robust economic institutions and policy frameworks can be further enhanced to underpin stability and foster growth. The establishment of a new Monetary Policy Board and strengthened governance arrangements and decision-making processes, in line with international best practices, would bolster central bank operational autonomy and enhance monetary-fiscal policy synergies. Tax reforms should target system efficiency and fairness, reducing reliance on direct taxes and high capital costs that hinder growth. Tax breaks, including from capital gains tax discount and superannuation concessions, could be phased out to generate a more equitable and efficient tax system. Forthcoming environmental and demographic changes will put structural upwards pressures on government spending. Expenditure reforms should therefore aim to enhance spending efficiency and sustainability, emphasizing improved governance in infrastructure projects and strengthening intergovernmental collaboration. The aged care reforms and NDIS review represent positive forward steps. As long-term spending pressures rise, the authorities can consider bolstering their fiscal policy framework with clearer anchors.
    2. Efforts to rejuvenate Australia’s productivity growth, including through competition policy, should be prioritized, focusing on reforms across capital and labor markets. Initiatives grounded in the five pillar Productivity Agenda—emphasizing innovation, a level playing field for firms, and human capital enhancement—are crucial for resilient medium-term growth. Enhancing innovation through building intangible capital, promoting R&D, creating a supportive environment for swift adoption of technologies, supporting intellectual property rights, and ensuring policy certainty are vital. The work of the authorities to improve the competition landscape, including data-based assessments of the use and impact of worker restraints (non-compete clauses), and reforms of merger rules towards a risk-based system using notification thresholds, together with initiatives to support labor market efficiency including expanding access to quality early childhood education and enhancing skills development to align with market needs, are critical for bolstering productivity.
    3. The advent of AI technologies introduces both opportunities and challenges to the Australian labor market, necessitating proactive labor market policies. With a significant portion of occupations highly exposed to AI, reminiscent of other advanced economies, the focus should be given to public awareness programs, as well as ensuring appropriate access to training and upskilling for workers who may be affected. These measures, coupled with ongoing assessment and policy flexibility, should aim to maximize AI’s productivity benefits, while mitigating the risks of job displacement and worsening inequality. This approach underscores the importance of agility and adaptation in policymaking to keep pace with rapidly evolving technological advancements. Efforts at the country level, must be complemented by multilateral collaboration, to ensure safe and responsible AI use globally.
    4. Australia’s approach to climate change and the global transition presents a multifaceted challenge, balancing risks and opportunities. To ensure an orderly transition to a low-carbon economy, a balanced mix of mitigation and adaptation, combined with transition policies, is crucial. Progress towards ambitious emission reduction goals necessitates addressing construction bottlenecks and community engagement issues, and potential solutions include an economy-wide carbon price or targeted sectoral policies. The domestic and global transition toward renewable energy would likely impact jobs, exports, and revenues, particularly given Australia’s status as a leading coal exporter. Thus, adapting to climate risks and fostering resilience, particularly in the financial sector and vulnerable communities, is of paramount importance. At the same time, emerging opportunities in green metals, green hydrogen and critical minerals mining and processing could mitigate these risks.
    5. Australia’s continued efforts to support multilateral solutions are welcome, including the rules-based international trading system. In this respect, the “Future Made in Australia” program goal of supporting the green transition, should be balanced with efforts for a careful design of the program and keeping it narrowly targeted to where market solutions fall short due to the presence of externalities or other market imperfections. In this context, adherence to core market-based principles, that are essential to minimizing trade and investment distortions in line with WTO obligations, crowding in private investments, while supporting economic resilience and net-zero objectives, would be key. Finally, the mission team would like to commend Australia’s continued voluntary participation in the review of transnational aspects of corruption through which the country is sending a powerful positive signal, which, if followed by other advanced economies, will help address more systematically transnational aspects of corruption and deliver a better governance world.

    The IMF mission team would like to express its deep appreciation to the Australian authorities and other interlocutors for their close engagement and cooperation. Our unstinting gratitude particularly goes to the counterparts at the Treasury and the Reserve Bank of Australia for the substantial time and effort devoted to supporting our work. The team looks forward to maintaining this constructive engagement and policy dialogue.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rahim Kanani

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/02/mcs-australia-staff-concluding-statement-of-the-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

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

    MILES AXLE Translation. Region: Russian Federation –

    Source: IMF – News in English

    October 2, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Growth has slowed; while inflation is retreating from its peak, it remains elevated as demand-supply imbalances persist particularly in sectors like rents, new dwellings and insurance. The mission projects a modest economic recovery next year, pushing growth from 1.2 percent for 2024 to 2.1 percent for 2025, bolstered by real income growth and resilient labor markets. The uncertain global environment and geoeconomic fragmentation pose significant external risks. Near-term policies should continue to focus on reducing inflation while nurturing economic growth. The Reserve Bank of Australia’s continued restrictive monetary policy stance aimed at combating persistent inflation is appropriate. Should disinflation stall, policies may need to be further tightened while preserving targeted support to vulnerable households amid rising living costs. Financial sector policies should prioritize preserving stability, while tackling localized vulnerabilities arising from tightened financial conditions. Addressing the housing affordability challenges requires a holistic approach to tackle the continued supply shortfall. Australia’s robust economic institutions and policy frameworks can be further enhanced to underpin stability and foster growth in the long term. Structural policies should focus on enhancing resilience, revitalizing productivity growth through enhancing competition and innovation – including leveraging AI technology responsibly – and strategically navigating the climate transition.

    Washington, DC:

    I. CONTEXT AND RECENT DEVELOPMENTS

    Australia’s resilient economy faces cyclical challenges. Recent decades of strong growth are attributed to effective policies, strong institutions, flexible prices, strong regional trade links, and robust population growth. Post-pandemic stabilization efforts have included a balanced set of macro policy measures to manage demand and bring inflation back to target while preserving the gains in the labor market. Progress in reducing price pressures and bringing inflation back to target has been slower than expected. In this context, significant policy challenges remain in rebalancing the economy while navigating cyclical headwinds. Economic growth has continued to decelerate. Under tightened policies, growth slowed to 1.0 percent (y/y) in the second quarter of 2024, down from 1.9 percent (y/y) a year ago. Per capita private consumption was down 1.9 percent (y/y) in 2024Q2, as real disposable income per capita declined due to high inflation, elevated interest rates, and tax payments growing faster than incomes prior to recent income tax cuts. Younger Australians, who are more likely to rent or hold mortgages, have seen a greater impact on spending. Despite recent resilience, private business investment has started easing, growing at just 1.6 percent (y/y). Economic activity has been supported by public demand and large state infrastructure projects. The labor market has eased somewhat but remains relatively resilient, with unemployment at 4.2 percent in August 2024, and the vacancies-to-unemployment ratio still above pre-pandemic levels. The current account fell into deficit in early 2024, driven primarily by the normalization of commodity prices. Inflation has continued to ease from post-pandemic highs, but price pressures remain elevated. Restrictive monetary policy and an easing in supply pressures led to headline inflation falling to 3.8 percent (y/y) in the second quarter of 2024 from a peak of 7.8 percent (y/y) in late 2022. Headline inflation—as measured by the monthly CPI indicator—declined to below 3 percent in August due in part to sizeable temporary electricity subsidies. However, underlying price pressures remain elevated, most notably in non-tradable sectors like rents, new dwellings, and insurance, reflecting ongoing demand-supply imbalances. The mission welcomes the second consecutive Commonwealth Government budget surplus in FY2023/24. This was achieved by saving revenue windfalls from a resilient labor market and higher commodity prices, and identifying expenditure reductions or reprioritizations, while implementing cost-of-living relief measures. While acute demand and supply imbalances in the housing market have begun to ease, national house prices have surpassed pandemic-era peaks and the momentum persists, with rents also rising significantly.

    I. OUTLOOK AND RISK

    The economy is designed to recover gradually. Growth is expected to start picking up in the second half of the year, reaching 1.2 percent for 2024 and 2.1 percent for 2025. Real wage growth is expected to boost private consumption, while public demand is expected to remain solid. Meanwhile, it remains too early to assess to what extent the recent income tax cuts would be saved or spent by households. Starting in 2025, private demand is also expected to benefit from gradual monetary policy easing and a rebound in dwelling construction after the resolution of bottlenecks. However, growth will remain below its potential rate until 2026, when it is forecast to converge to 2.3 percent. Labor market conditions are anticipated to soften gradually, with a modest rise in unemployment to about 4.5 percent. Trimmed mean inflation is expected to sustainably return to the RBA’s target range at end-2025, with underlying price pressures easing only slowly. Upside risks to inflation include a slower than forecast rebalancing in labor market demand and supply, potential larger fiscal impulses, demand impact of recent house price increases, and higher tradable prices due to rising geoeconomic fragmentation. With large uncertainty surrounding the macroeconomic baseline, the balance of risks is tilted to the downside: External risks: The uncertain external environment, including weakness in major trading partners, poses risks to Australia’s growth. Geoeconomic fragmentation, which could potentially reconfigure global trade, poses risks to external demand, especially given Australia’s sizeable commodity exports and diverse trading partners. Rising shipping costs and volatile energy and food costs stemming from global geopolitical tensions could complicate the fight against inflation. At the same time, Australia’s pivotal role in the Pacific in providing aid and remittances, enhances regional economic stability and development. Additionally, Australia’s economy continues to benefit from positive regional interactions, such as labor migration that addresses domestic capacity constraints and skill shortages. Domestic risks: The disinflation process may stall due to persistent services inflation, a stronger-than-expected fiscal impulse, or spillovers from global trade and supply chain disruptions; this may in turn raise prospects of higher-for-even longer interest rates, with implications for consumption and investment. Conversely, growth may be weaker than forecast, or unemployment may rise faster than projected (for example, if the current labor market tightness proves to be localized), potentially requiring the Reserve Bank to lower interest rates sooner.

    III. NEAR-TERM POLICIES TO BRING DOWN INFLATION WHILE NURTURING GROWTH AND PRESERVING FINANCIAL STABILITY

    Near-term policies should focus on managing the final phase of returning inflation to target while nurturing growth. The baseline policy mix should be orchestrated carefully to achieve these objectives and ensure price and financial stability. The current restrictive monetary policy stance is essential to address the risks of prolonged inflation. Fiscal policy should support disinflation as the economy continues to grapple with supply capacity constraints. Additionally, macroprudential policies should maintain a stringent stance to mitigate the risk of excessive vulnerabilities in household balance sheets, particularly in the context of rising house prices. Should disinflation stall, monetary policy may need to be further tightened, supported by tighter fiscal policy while nurturing growth, and preserving targeted support to vulnerable households amid rising living costs. This contingent policy mix should ensure monetary and fiscal authorities complement each other to avoid overburdening any single policy instrument. In the face of external shocks, Australia’s commitment to a flexible exchange rate, will allow monetary policy to focus on domestic policy objectives.
    In this context, the RBA’s decision to maintain its restrictive policy stance in the near-term is appropriate. The still persistent inflation and emerging upside risks emphasizing the importance of a tight monetary stance until the inflation outlook sustainably aligns with the target range. This stance is supported by the strong transmission of monetary policy through the Australian housing sector, largely due to a high proportion of variable-rate mortgages, and a possibly slow yet important transmission via non-mining business investment. While inflation expectations have remained anchored, the RBA should continue to build on its recent efforts and explore ways to further strengthen its communications capabilities and effectively guide the general public’s and the market’s understanding of its data dependent decision-making process and their expectations regarding policy shifts in an uncertain global policy environment.
    Should disinflation stall, a tighter fiscal stance would be warranted, while better targeting of transfers could more efficiently support vulnerable households. The FY2024/25 Commonwealth budget is projected to deliver a positive fiscal impulse based on the mission’s estimates. A preannounced personal income tax (PIT) cut and new expenditure items including broad-based cost-of-living support, are expected to contribute to moving the budget to a deficit. The mission’s analysis shows that while the cost-of-living support lowers the price level on a temporary basis, it may inject some additional stimulus into the broader economy. The permanent PIT cut increase households’ disposable income, but it remains too early to assess the extent to which they will be saved or spent and therefore the extent and timing of any impulse to demand. State and Territory budgets have proven more expansionary than expected in the near-term, including further cost-of-living support and infrastructure spending. Should disinflation stall, expenditure rationalization at all levels of government could help lower aggregate demand and support a faster return of inflation to target. In particular, infrastructure spending could be carefully prioritized to avoid aggravating construction capacity constraints, by focusing on boosting productivity and facilitating the green transition. In addition, transfers should be made targeted wherever possible.
    Financial sector policies should prioritize maintaining stability, while carefully addressing localized vulnerabilities arising from tightened financial conditions. Banks are in a strong position, showing high capital levels, solid liquidity, and healthy profits, while also demonstrating resilience in recent stress tests conducted by the Australian Prudential Regulation Authority (APRA). While most households and businesses continue to be resilient, financial pressures are evident in vulnerabilities in low-income households and small-medium enterprises, and challenges to firms’ profitability under tight financial conditions. More generally, concerns about hidden leverage or vulnerabilities, combined with new and emerging global risks, could resurface. The mission welcomes APRA’s plan for the first system stress test to better understand interconnectedness across the financial system Thus, providing a platform to quantify, assess and respond to identified risks. The mission team also welcomes APRA’s close monitoring of lending standards and regular review of macroprudential policy settings and would reiterate its recommendation that the authorities consider preemptively expanding their toolkit to include additional borrower-based measures, such as Debt-to-Income and Loan-to -Value Ratio, to manage household indebtedness and ensure financial stability amidst the housing market pressures. While financial supervisory and regulatory reforms have been undertaken to enhance resilience, data gaps on Non-Bank Financial Institutions pose challenges to effective risk oversight, including its exposure to commercial real estate (CRE) sector.
    A holistic policy package is needed to address housing affordability issues. Australia faces a significant housing supply shortfall, exacerbated by structural challenges such as restrictive planning and zoning regulations, high land costs, infrastructure deficits, and residential housing investment around decade lows. These barriers, coupled with high interest rates, elevated building costs, and labor shortages, have led to a substantial backlog in housing development, contributing to escalating prices and affordability concerns. To address these issues, a comprehensive strategy is essential, focusing on increasing construction worker supply, relaxing zoning and planning restrictions, supporting the built-to-rent sector, expanding public and affordable housing, and reevaluating property taxes (including tax concessions to property investors ) and stamp duty to promote efficient land use. At the same time, capital flow management (CFM) measures that discriminate between residents and nonresidents are not consistent with the Fund’s Institutional View and should be replaced by non-discriminatory measures.

    IV. Medium-Term Reform Prioritize then Strangthen Economics Resilinke

    Australia’s robust economic institutions and policy frameworks can be further enhanced to underpin stability and foster growth. The establishment of a new Monetary Policy Board and strengthened governance arrangements and decision-making processes, in line with international best practices, would bolster central bank operational autonomy and enhance monetary-fiscal policy synergies. Tax reforms should target system efficiency and fairness, reducing reliance on direct taxes and high capital costs that hinder growth. Tax breaks, including from capital gains tax discount and superannuation concessions, could be phased out to generate a more equitable and efficient tax system. Forthcoming environmental and demographic changes will put structural upward pressures on government spending. Expenditure reforms should therefore aim to enhance spending efficiency and sustainability, emphasizing improved governance in infrastructure projects and strengthening intergovernmental collaboration. The aged care reforms and NDIS review represent positive forward steps. As long-term spending pressures rise, the authorities can consider bolstering their fiscal policy framework with clearer anchors. Efforts to rejuvenate Australia’s productivity growth, including through competition policy, should be prioritized, focusing on reforms across capital and labor markets. Initiatives grounded in the five pillar Productivity Agenda—emphasizing innovation, a level playing field for firms, and human capital enhancement—are crucial for resilient medium-term growth. Enhancing innovation through building intrinsic capital, promoting R

    The IMF mission team would like to express its deep appreciation to the Australian authorities and other interlocutors for their close engagement and cooperation. Our unstinting gratitude particularly goes to the counterparts at the Treasury and the Reserve Bank of Australia for the substantial time and effort devoted to supporting our work. The team looks forward to maintaining this constructive engagement and policy dialogue.

    IMF Communications Department
    MEDIA RELATED

    PRESS OFFICER: Rahim Kanani

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

    @IMFSpokeperson

    https://www.imf.org/en/Nevs/Articles/2024/10/02/MCS-australa-staff-concluding-statement-of-the-2024-article-iv-mission

    AXLE MILES

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

    MIL OSI Russia News –

  • MIL-OSI New Zealand: FamilyBoost payments make ECE more affordable

    Source: New Zealand Government

    Parents and caregivers are now able to claim for FamilyBoost, which provides low-to-middle-income families with young children payments to help them meet early childhood education (ECE) costs. 

    “FamilyBoost is one of the ways we are supporting families with young children who are struggling with the cost of living, by helping make ECE costs more affordable. It will make a difference to more than 100,000 Kiwi families – that’s 140,000 Kiwi kids,” Finance Minister Nicola Willis says.  

    “Eligible families will be reimbursed for 25 per cent of their ECE costs up to a maximum of $75 a week, paid quarterly. 

    “Families simply need to register for FamilyBoost in myIR and submit their ECE invoices to Inland Revenue. Claims can be submitted now for fees invoiced during the 1 July to 30 September 2024 quarter.  

    “We know from hearing from parents and caregivers that the extra support will mean a little less stress when the rent or the next mortgage payment falls due or when they are shopping for groceries.  

    “FamilyBoost will provide real relief for struggling families. It’s cash for families with young children, straight into their bank accounts, so they can choose how they use it.” 

    Inland Revenue aims to make FamilyBoost payments within 15 business days.  

    For more information and to check eligibility, visit http://www.ird.govt.nz/familyboost. 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Forestry Centre of Excellence launched in Mount Gambier

    Source: University of South Australia

    03 October 2024

    An artist’s impression of the Forestry Centre of Excellence, due to be built on UniSA’s Mount Gambier campus in 2025.

    The State Government has today released new artist impressions of the Forestry Centre of Excellence (FCoE) being built in Mount Gambier and officially launched today.

    The Centre is a collaborative project between the State Government, the University of South Australia (UniSA) and the forest industry. It will be built on the same site as the UniSA Mount Gambier campus, the new Mount Gambier Technical College and the Mount Gambier TAFE, providing a unique opportunity to create an education, training and research precinct.

    The design for the facility is due to be finalised in November 2024 with building construction due to commence in April 2025 and an expected completion in January 2026.

    Vital research underway in temporary facilities was showcased at a special launch on site today and includes projects on:

    • structural timber market access
    • improving safety
    • fire detection from cameras and satellites
    • suppression, recovery and analysis of digital forestry data using artificial intelligence
    • immersive data analytics using VR and AR to understand the implications of climate change on plantation growth yield and water use.

    Following a global search, Professor Jeff Morrell has been appointed as the Forestry Centre of Excellence’s inaugural director due to commence in mid-January 2025. Previously, he was Director for the Centre for Timber Durability and Design Life based at the University of the Sunshine Coast.

    The FCoE links to the forest industry and its key attribute of collaboration, connection and partnerships through its research, training education, development, and extension activities, has been reflected in the new FCoE brand of interlocking abstract trees also unveiled today.

    In launching the FCoE, SA Premier Peter Malinauskas described the Green Triangle plantation forest region as “one of the powerhouses of the Australian forest industry”.

    “The South Australian portion of the region contributes more than $860 million to the state’s gross product annually – making it one of our most productive primary industry sectors,” Premier Malinauskas said.

    “We are delivering on our election commitment to establish a world-leading Forestry Centre of Excellence to strengthen this already thriving industry.”

    UniSA Chancellor John Hill, who attended the launch, said the University was honoured to host the new Forestry Centre of Excellence, which has evolved from Forest Research Mount Gambier, established in 2018 by the State and Federal Government, UniSA and the forestry industry.

    “The model of recruiting UniSA researchers into the forestry industry has resulted in a more efficient, safer, progressive, and profitable industry, establishing standards for best practice,” Chancellor Hill said.

    “Together with the State Government, we are proud to continue this partnership and help advance research and development projects to ensure the industry’s economic prosperity committing more than $6 million towards the Centre’s operations and building along with significant in-kind support.”

    For further information on the Forestry Centre of Excellence visit: Forestry Centre of Excellence – PIRSA

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI Asia-Pac: Union Minister Shri Rajiv Ranjan Singh to inaugurate National Workshop on People’s Plan Campaign (Sabki Yojana Sabka Vikas) on 30th September 2024 at Dr. Ambedkar International Centre, New Delhi

    Source: Government of India

    Posted On: 29 SEP 2024 12:46PM by PIB Delhi

    Union Minister for Panchayati Raj Shri Rajiv Ranjan Singh alias Lalan Singh will  inaugurate National Workshop on  People’s Plan Campaign (Sabki Yojana Sabka Vikas) on 30th September 2024 at Dr. Ambedkar International Centre, New Delhi. Union Minister of State for Panchayati Raj Prof. S. P. Singh Baghel, Secretary, Ministry of Panchayati Raj Shri Vivek Bharadwaj, Secretary, Department of Drinking Water & Sanitation, Ministry of Jal Shakti Smt. Vini Mahajan, Secretary, Department of Rural Development Shri Shailesh Kumar Singh, Ministry of Rural Development and Panchayat representatives and functionaries from across the country will also be present in the occasion. The Ministry of Panchayati Raj is organizing a National Workshop on People’s Plan Campaign famously known as ‘Sabki Yojana Sabka Vikas’ Abhiyan to equip officials, elected representatives, and other stakeholders with the necessary skills and strategies for preparation of high-quality and effective Panchayat Development Plans.

     This workshop will bring together representatives from various Union Ministries/ Departments, State Departments, faculty members from training institutes, and elected representatives from different levels of Panchayats to share best practices for adoption across States and Union Territories. The Booklet on People’s Plan Campaign (2024–25) for Preparation of Panchayat Development Plans for Financial Year (2025–26) and Annual Action Plan 2024–25 Report of Rashtriya Gram Swaraj Abhiyan (RGSA) will be released on this occasion. The Hindi version of the website of the Ministry of Panchayati Raj will also be launched.

    Background

    The People’s Plan Campaign known as “Sabki Yojana Sabka Vikas” is a transformative nationwide initiative launched by the Ministry of Panchayati Raj in 2018 for the preparation of participatory Panchayat Development Plans (PDP) for next financial year with voluntary involvement of Elected Representatives, Frontline workers of respective Line Departments, Self Help Groups (SHGs), Community Based Organization (CBOs) and other related Stakeholders. This campaign is a step towards aligning with the core principles of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas, ensuring participation of people in preparation of developmental plan of Panchayats.

    The exercise for the preparation of Panchayat Development Plan is undertaken by the Panchayati Raj Institutions every year and the process usually start with the launch of People’s Plan Campaign by the Ministry of Panchayati Raj on 2ndof October through mandatory Gram Sabha. It is a campaign where the people’s forum i.e. Gram Sabha discuss felt needs and available resources of their Gram Panchayat followed by preparation of Gram Panchayat Development Plan for the coming financial year to carry out developmental works.

    The Panchayat Planning process usually start with the mandatory Gram Sabha on 2ndOctober, wherein progress of the plan of current year, availability of resources for coming year, activities/ works to be incorporated in the Plan of coming year are discussed along with other issues. The activities / works to be incorporated in the Plan of coming year are prioritised and placed before Gram Sabha for the approval in subsequent meeting(s). The approved Gram Panchayat Development Plans are uploaded on eGramSwaraj, a unified works flow enabled portal for better transparency, accountability.

    During the Campaign, the frontline workers of Line Departments are invited to present the details of their schemes and programmes, resource availability, beneficiaries, etc. in Gram Sabha. Hence, the campaign is also an effective tool for preparation of convergent Plan and to amplify the resource of Panchayats to address basic infrastructure needs and social development goals.

    In a significant step towards holistic development, the campaign has been aligned with the global Sustainable Development Goals (SDGs). By localizing these goals, often referred to as Localization of Sustainable Development Goals (LSDGs), the campaign ensures that development initiatives in rural areas across the country are in harmony with global objectives. Nine key themes have been identified for accelerated focus, touching upon critical areas such as poverty alleviation, health, education, environmental sustainability, etc.

    State Panchayati Raj Departments and State Institutes of Rural Development & Panchayati Raj (SIRD&PRs) play an important role in facilitating this process. They conduct extensive workshops and training sessions, equipping local leaders and community members with the knowledge and tools needed to engage effectively in the planning process. Gram Sabha meetings become vibrant forums for discussion and deliberation, where ideas are shared, debated, and refined.

    The People’s Plan Campaign is more than just an administrative exercise; it is a movement towards participatory democracy and inclusive development. It empowers citizens to be active architects of their future, promotes efficient use of resources, and fosters a sense of ownership and accountability in the development process. The People’s Plan Campaign exemplifies a collaborative approach to rural development, aligning with the vision of “Viksit Panchayats for a Viksit Bharat”.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MoS Prof. S. P. Singh Baghel to inaugurate National Workshop on People’s Plan Campaign 2024 – Sabki Yojana Sabka Vikas Abhiyan tomorrow at New Delhi

    Source: Government of India (2)

    MoS Prof. S. P. Singh Baghel to inaugurate National Workshop on People’s Plan Campaign 2024 – Sabki Yojana Sabka Vikas Abhiyan tomorrow at New Delhi

    Ministry of Panchayati Raj is gearing up to launch this year’s edition of the People’s Plan Campaign on 2nd October 2024, with a National Workshop scheduled for 30th September 2024 to build momentum in the lead-up to the campaign

    Workshop aims at orienting the officials, Elected Representatives, faculties/ trainers of Panchayat Raj and other stakeholders of Panchayats about strategies, approaches and roadmap regarding the preparation and uploading of Panchayat Development Plans

    Around 400 participants expected to attend the  workshop from Union Ministries/ Departments, States/UTs, State Panchayati Raj Department

    In view of the vast reach of the ‘Sabki Yojana Sabka Vikas’ Abhiyan, covering nearly 65% – 68% of India’s population, its success is vital in realizing the goals of holistic rural development and national progress during the Amrit Kaal

    Posted On: 29 SEP 2024 12:46PM by PIB Delhi

    Union Minister of State for Panchayati Raj Prof. S. P. Singh Baghel will inaugurate National Workshop on People’s Plan Campaign 2024 – Sabki Yojana Sabka Vikas Abhiyan tomorrow (30thSeptember, 2024) at Dr. Ambedkar International Centre,  New Delhi.

    The Ministry of Panchayati Raj is organizing a National Workshop on 30thSeptember, 2024 on People’s Plan Campaign–2024 (Sabki Yojana Sabka Vikas) being launched nationwide on 2ndOctober 2024 to mark the beginning of annual exercise for preparation of Development Plans in Panchayats at all three ties of Panchayati Raj Institutions (PRIs).

    Union Minister of Panchayati Raj Shri Rajiv Ranjan Singh’s video message will be screened during the inaugural session of the National Workshop to emphasize the need for wholehearted support and active engagement from Panchayati Raj Institutions (PRIs) and stakeholders in the participatory process of Panchayat Development Plans, an annual initiative focused on the holistic development of Panchayats and the achievement of Sustainable Development Goals, embodying the true spirit of ‘Sabki Yojana Sabka Vikas’. Secretary, Ministry of Panchayati Raj Shri Vivek Bharadwaj, Secretary, Ministry of Rural Development Shri Shailesh Kumar Singh and Additional Secretary & Mission Director, Jal Jeevan Mission, Department of Drinking Water & Sanitation Shri Chandra Bhushan Kumar will also be present on the occasion.

    The Booklet on People’s Plan Campaign (2024–25) for Preparation of Panchayat Development Plans for Financial Year (2025–26) and Annual Action Plan 2024–25 Report of Rashtriya Gram Swaraj Abhiyan (RGSA) will be released on this occasion. The Hindi version of the website of the Ministry of Panchayati Raj will also be launched.

    This workshop is aimed at orienting the officials, Elected Representatives, faculties/ trainers of Panchayat Raj and other stakeholders of Panchayats about strategies, approaches and roadmap regarding the preparation and uploading of Panchayat Development Plans. The best practices of few States will also be presented during the workshop, for cross learnings and replication/ adoption by other States/UTs.

    It is expected that around 400 participants from Union Ministries/ Departments, States/UTs, State Panchayati Raj Department, National Institute of Rural Development & Panchayati Raj (NIRD&PR), State Institutes of Rural Development & Panchayati Raj, District and Block level officials, Elected Representatives of three tiers of Panchayati Raj Institutions will be attending the said workshop. The Ministry in collaboration with the Team of National Rural Livelihood Mission of Ministry of Rural Development and States/UTs has also been giving continuous thrust to the integration of plan for livelihood generation and roping in the Self Help Groups in the States/UTs for the same. Approaches towards integration of Village Poverty Reduction Plan (VPRP) into GPDP and the role of SHGs will also be discussed in detail.

    The National Workshop will witness all the stakeholders working towards planning for development in Panchayats. Ministry of Panchayati Raj is also coordinating with the Department of Drinking Water and Sanitation (DDWS) for leveraging the network of services developed under Jal Jeevan Mission and Swachh Bharat Mission, and the officials of DDWS will enlighten the participants for effective and judicious use of tied grants under FFC towards this end and improving the public service delivery at the grassroots.

    In coordination with the States/UTs, Ministry of Panchayati Raj is making efforts to build capacity of the PRIs for using Gram Manchitra facility for planning at the Gram Panchayat level and to prepare village-wise plan in PESA Panchayats. Certain changes have been effected in the PRI Annual Planning portal i.e., eGramSwaraj for robust validation process for improving the quality of data related with the profile of the Panchayats. The workshop will be utilised for orientation of such changes and to sought suggestions for further improvements following the spirit of cooperative federalism. Ministry of Panchayati Raj has also taken some new initiatives such as collaboration with Unnat Bharat Abhiyan (UBA) wherein the students of Academic Institutes will provide handholding supports to the Panchayats in preparation of quality Panchayat Development Plan, it will also be a learning experience for the students.

    Background

    The People’s Plan Campaign known as “Sabki Yojana Sabka Vikas” is a transformative nationwide initiative launched by the Ministry of Panchayati Raj in 2018 for the preparation of participatory Panchayat Development Plans (PDP) for next financial year with voluntary involvement of Elected Representatives, Frontline workers of respective Line Departments, Self Help Groups (SHGs), Community Based Organization (CBOs) and other related Stakeholders. This campaign is a step towards aligning with the core principles of Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas, ensuring participation of people in preparation of developmental plan of Panchayats.

    The exercise for the preparation of Panchayat Development Plan is undertaken by the Panchayati Raj Institutions every year and the process usually start with the launch of People’s Plan Campaign by the Ministry of Panchayati Raj on 2ndof October through mandatory Gram Sabha. It is a campaign where the people’s forum i.e. Gram Sabha discuss felt needs and available resources of their Gram Panchayat followed by preparation of Gram Panchayat Development Plan for the coming financial year to carry out developmental works.

    The Panchayat Planning process usually start with the mandatory Gram Sabha on 2ndOctober, wherein progress of the plan of current year, availability of resources for coming year, activities/ works to be incorporated in the Plan of coming year are discussed along with other issues. The activities / works to be incorporated in the Plan of coming year are prioritised and placed before Gram Sabha for the approval in subsequent meeting(s). The approved Gram Panchayat Development Plans are uploaded on eGramSwaraj, a unified works flow enabled portal for better transparency, accountability.

    During the Campaign, the frontline workers of Line Departments are invited to present the details of their schemes and programmes, resource availability, beneficiaries, etc. in Gram Sabha. Hence, the campaign is also an effective tool for preparation of convergent Plan and to amplify the resource of Panchayats to address basic infrastructure needs and social development goals.

    In a significant step towards holistic development, the campaign has been aligned with the global Sustainable Development Goals (SDGs). By localizing these goals, often referred to as Localization of Sustainable Development Goals (LSDGs), the campaign ensures that development initiatives in rural areas across the country are in harmony with global objectives.

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Governor Shapiro, Legislative Leaders to Highlight New Tax Cuts in 2024-25 Bipartisan Budget that Lower Costs for Pennsylvania Families, Particularly the Cost of Childcare

    Source: US State of Pennsylvania

    September 30, 2024 – Chalfont, PA

    ADVISORY – Governor Shapiro, Legislative Leaders to Highlight New Tax Cuts in 2024-25 Bipartisan Budget that Lower Costs for Pennsylvania Families, Particularly the Cost of Childcare

    Governor Josh Shapiro will be in Bucks County to highlight the new tax cuts included in the bipartisan 2024-25 budget that will lower costs for Pennsylvania’s families while fostering economic growth for employers across the Commonwealth.

    WHO:
    Governor Josh Shapiro
    Nicole Holahan, Director, La Petite Academy of Chalfont
    Jessica Fox, parent, La Petite Academy of Chalfont
    Shannon Williams, Senior Vice President of Advocacy, The Chamber of Commerce for Greater Philadelphia
    Senator Steve Santarsiero
    Representative Brian Munroe

    WHEN:
    Monday, September 30, 2024, at 10:00 AM

    WHERE:
    La Petite Academy of Chalfont
    2000 Horizon Dr.
    Chalfont, PA 18914

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team tora-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-Evening Report: Final budget outcome shows 2023-24 surplus of $15.8 billion

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

    The budget surplus for last financial year has come in at $15.8 billion, well exceeding the $9.3 billion that was forecast in the May budget.

    Treasurer Jim Chalmers, just back from talks in Beijing on China’s economic outlook, will announce the result on Monday.

    The government says the better-than-forecast outcome has been driven entirely by lower spending. Revenue was also lower than the budget anticipated. Areas of savings included the National Disability Insurance Scheme, payments to the states, and various grant programs that don’t exist anymore.

    This is the government’s second consecutive surplus. The May budget has predicted deficits for the coming years.

    Across 2022-23 and 2023-24 the budget position has improved by a cumulative $172.3 billion, compared with what was forecast in the official Pre-election Economic and Fiscal Outlook, released immediately before the 2022 election.

    The government says it has made $77.4 billion in savings, including $12.2 billion in 2023-24.

    Payments were 25.2% of GDP in 2023-24. This compared to the PEFO forecast of 27.1%

    Chalmers said this was the “first government to post back-to-back surpluses in nearly two decades”. The surpluses hadn’t come at the expense of cost-of-living relief, he said in a statement.

    Speaking in Beijing on Friday Chalmers said it remained to be seen whether China’s just-announced stimulus measures would work.

    “But we’ve seen on earlier occasions when the authorities here, the administration here, steps in to support activity in the economy that is typically a good thing for Australia – good for our businesses and workers, our industries, our investors, and good for the global economy as well.

    “Like a lot of people around the world, we have been concerned about the softer conditions here in the Chinese economy. Subject to the details [of measures] that will be made public in good time, any efforts to boost growth and support activity here is a welcome one around the world and especially at home in Australia.”

    Chalmers on Monday is likely to face further questions on the Treasury’s work on negative gearing, news of which leaked out last week.

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

    – ref. Final budget outcome shows 2023-24 surplus of $15.8 billion – https://theconversation.com/final-budget-outcome-shows-2023-24-surplus-of-15-8-billion-240093

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Labor delivers biggest ever back-to-back surpluses

    Source: Australian Treasurer

    The Final Budget Outcome for 2023–24 shows the Albanese Government’s responsible economic management has delivered a second consecutive budget surplus.

    The Albanese Government has delivered the first back‑to‑back surpluses in nearly two decades.

    Today’s underlying cash surplus of $15.8 billion (0.6 per cent of GDP) follows the $22.1 billion (0.9 per cent of GDP) surplus delivered in 2022–23.

    In dollar terms, these are the biggest back‑to‑back surpluses on record.

    This means Labor has delivered the largest nominal improvement in the budget position in a Parliamentary term.

    Our back‑to‑back surpluses are helping in the fight against inflation, and that’s been acknowledged by the RBA Governor.

    The government’s budget strategy strikes the right balance between fighting inflation, rolling out responsible cost‑of‑living relief, supporting growth in our economy and strengthening public finances.

    The budget position has improved by $172.3 billion across the past two years compared to what we inherited from our predecessors.

    The stronger budget position means gross debt is $149.1 billion lower in 2023–24 than what was forecast at the election, which means we avoid around $80 billion in interest costs over the decade.

    The surplus is larger than what was forecast at the time of the 2024–25 Budget entirely due to lower payments, not higher taxes.

    In fact, compared to what was forecast at the budget, the tax take went down, not up.

    Payments are $10.2 billion lower than forecast, largely driven by lower demand for some programs and delays in some payments.

    Tax receipts are $5.3 billion lower than forecast, with a challenging outlook ahead as global economic uncertainty has weighed on the prices of our key commodities.

    We’ve been able to turn two big Liberal deficits into two big Labor surpluses because of our responsible approach which includes a combination of banking revenue upgrades and spending restraint.

    We have returned 87 per cent of upwards revisions to tax receipts in 2023–24 since coming to Government. Our predecessors only returned around 40 per cent.

    The level of real payments is now lower than what we inherited. After falling 4.9 per cent in 2022–23, real payments grew in 2023–24 by 2.9 per cent. Real spending growth under our predecessors averaged 4.1 per cent.

    Since coming to Government, we’ve found $77.4 billion in savings and re‑prioritisations, including $12.2 billion in 2023–24, compared to zero expenditure savings in the last budget of our predecessors.

    Payments as a share of GDP were 25.2 per cent of GDP in 2023–24, lower than the 27.1 per cent of GDP forecast at the time of the election.

    If we took the same approach as our predecessors, we wouldn’t have come close to delivering back‑to‑back surpluses.

    We’ve delivered two surpluses at the same time as we’ve rolled out responsible cost‑of‑living relief including tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper child care and the first consecutive real increases to the maximum rates of Commonwealth Rent Assistance in three decades.

    While we’ve been able to deliver these surpluses, we know that structural pressures on the budget are intensifying rather than easing.

    We’ve taken decisive action to address some of the biggest structural spending pressures on the budget through our reforms to the National Disability Insurance Scheme and aged care system and our responsible budget management which means we avoid tens of billions of dollars in interest payments on the Liberal debt we inherited.

    Our economic plan is all about easing the cost of living and fighting inflation at the same time as we lay the foundations for a stronger economy for the future, and back‑to‑back budget surpluses help on each of these fronts.

    MIL OSI News –

  • MIL-OSI Australia: Interview with Steve Cannane, RN Breakfast, ABC Radio

    Source: Australian Treasurer

    STEVE CANNANE:

    With interest rates not budging and the Reserve Bank Governor remaining cautious about the sticky inflation figures, the federal government has been eager to find some good economic news, and today, no doubt, they’ll be talking up the Final Budget Outcome for last financial year, which confirms the government has delivered the first back‑to‑back budget surpluses in almost 2 decades, with a surplus of $15.8 billion, which is higher than expected.

    The latest update comes as the federal Treasurer Jim Chalmers has returned from Beijing where he co‑chaired the Australia‑China Strategic Economic Dialogue, and he joins us now. Treasurer, thanks for coming on.

    JIM CHALMERS:

    Thanks for the opportunity, Steve. How are you?

    CANNANE:

    I’m very well, thanks. We’ll come to the economy and your trip to China in a moment. But, first, we have seen an escalation over the weekend in the Middle East with attacks from Israel on targets in Lebanon and now Yemen. How concerned are you and the government about a broader regional conflict breaking out in the Middle East?

    CHALMERS:

    Very concerned. We don’t for one second mourn the death of a leader of a terrorist organisation, but we do mourn the deaths of innocent victims, and too many innocent lives have been lost already. That’s why we need a ceasefire so that the senseless killing of families stops.

    Our primary concern here is the human cost, but obviously a broader regional war, the escalation of this very troubling regional conflict, will have economic consequences as well.

    CANNANE:

    You are just back from China, and China has a series of economic challenges – the housing market is slumping, property developers have been going bust. It seems like the country may not meet its economic growth targets of 5 per cent. Did you see any evidence while you were there that they have got a sensible plan on how to deal with those problems?

    CHALMERS:

    Yes, I did. There couldn’t have been a more important time for us to restart our Strategic Economic Dialogue with China. It’s a really important part of stabilising the relationship, which is full of complexity and full of economic opportunity.

    While I was there the Chinese authorities announced some quite substantial steps when it comes to supporting growth in the Chinese economy. We’ve made it really clear that weakness in the Chinese economy has been a big concern for us. It’s a big part of the global economic uncertainty that we’re dealing with. The government’s efforts to support more economic activity in the Chinese economy, they are good for Australia and they’re very welcome.

    CANNANE:

    Steelmakers have been struggling in China. What impact will that continue to have on iron ore prices and the budget bottom line in Australia?

    CHALMERS:

    Already in the course of last week there were 2 key days – Tuesday and Thursday – and through the course of the week the iron ore price recovered a little bit, not a lot, but it recovered a little bit. That is a sign of the very positive response to the announcements made by the Chinese government, the Chinese authorities.

    They’ve got issues in the property sector which they are trying to address and trying to deal with. There are obviously issues with consumption, and so these efforts that they’re putting in to boost their economy, to support more activity in the economy, it’s a good thing for Australia.

    If you look at our Treasury forecasts in the Budget, we’re anticipating the weakest few years of Chinese growth really since that economy opened up in the late 1970s. That’s been a big concern for us. We’ve been upfront about that. Any efforts to try to turn that around in China is a good thing for us.

    CANNANE:

    We haven’t heard any announcements on the lifting of trade restrictions on Australian lobsters. Why is China being so stubborn around that export market?

    CHALMERS:

    A little bit more work to do, but we shouldn’t forget that of the $21 billion in trade restrictions, about $20 billion of those have been lifted because of the good work of the PM, Trade Minister Farrell and Foreign Minister Wong. Most of those trade restrictions have been lifted. That’s a good thing. We’ve got a bit more work to do on lobster, but I was able to convey directly to Chinese leaders that we want to see the speedy resolution of those issues.

    CANNANE:

    So why are they being stubborn on that particular market?

    CHALMERS:

    I wouldn’t necessarily describe it in that way. They’ve said –

    CANNANE:

    Except that you believe in free trade, so –

    CHALMERS:

    That’s why I welcome the fact that 20 of the $21 billion in restrictions have been lifted already. I want to see these trade restrictions lifted on lobster, no question about it. I conveyed that very directly to the Chinese leaders that I met with. There’s a little bit more work that our agencies are doing, our agriculture and trade authorities on both sides of the equation are working to try to get those last remaining restrictions lifted.

    CANNANE:

    Let’s move on to the Final Budget Outcome. In May you were predicting a budget surplus of $9.3 billion. The Final Budget Outcome for ’23–4 turned out to be a larger surplus of $15.8 billion. Why the difference?

    CHALMERS:

    The difference was explained entirely by less spending, not more revenue. We actually collected less revenue than we were anticipating at budget time, but spending was substantially down, and that’s what explains the bigger surplus that Katy Gallagher and I are releasing today.

    These 2 surpluses are an important demonstration of the responsible economic management which is a defining feature of our Albanese Labor government. These will be the first consecutive surpluses in almost 2 decades. In dollar terms we’re talking about the biggest budget improvement ever in a parliamentary term, and that’s because we’ve turned 2 very big Liberal deficits into 2 big Labor surpluses, and that’s a good thing.

    CANNANE:

    You said less spending. So what decisions have you made since May that have reduced spending?

    CHALMERS:

    There are a whole range of contributors to that lower spending figure. A large amount of it is demand‑driven programs. But what we’ve also shown over the course of our two‑and‑a‑bit years in government is we found almost $80 billion in savings.

    The key to these 2 surpluses is the fact that when we’ve got upward revisions to revenue because the labour market has been a bit stronger or our exports have been performing well, we’ve banked almost all of those upward revisions to revenue. If we hadn’t shown that spending restraint we wouldn’t be anywhere near these 2 consecutive surpluses for the first time in almost 2 decades.

    CANNANE:

    So, is it just underspending by certain government departments, or is it actual decisions that you’ve made since May to reduce spending?

    CHALMERS:

    The $80 billion in savings are decisions. The spending restraint is a decision. A substantial amount of the improvement since May is in demand‑driven programs. There is some underspending, and we detail that when we release all of the figures today.

    CANNANE:

    And to what degree is it as a result of higher than expected commodity prices? Because in that May Budget you did low ball the commodity prices estimates, didn’t you?

    CHALMERS:

    We always take a deliberately conservative approach to commodity prices, and that’s been warranted. In fact, in the last few months our commodity prices have been quite low. Sometimes they’ve actually been below the assumptions that we’ve put in the Budget.

    The improvement from our expectations of a surplus in May to the Final Budget Outcome that we’re reporting today is not about more revenue, it’s not about higher commodity prices, it’s not about more taxes. It’s about less spending. Our revenue has actually gone down from what we expected in May.

    CANNANE:

    So when you talk about these demand‑driven savings, are you talking about, for example, fewer welfare payments because employment is so strong? The unemployment rate is very low at the moment?

    CHALMERS:

    The unemployment rate has ticked up a bit since the middle of last year, but broadly, as we’ve expected, the economy is creating a lot of jobs.

    That’s a good prompt to remember that these 2 surpluses today are really important. They mean that there’s less debt and less interest to repay on that debt. But it’s part of a bigger story of progress that Australia has made in the last couple of years.

    We’ve created in this parliamentary term around a million jobs, inflation has halved, real wages are growing again, we’ve got tax cuts flowing to every taxpayer. These are all good developments, and we know that people are still doing it tough but the fact that we’re making progress, cleaning up the budget, providing cost‑of‑living relief, investing in housing and skills and energy and a Future Made in Australia, all of this together justifies the responsible approach that we are taking to the budget and to the economy.

    CANNANE:

    Okay. Let’s talk about the forecast for next year. There’s a forecast for a deficit of $28.3 billion. Is there any readjustment, and will you be trying to make that closer to a surplus to put more downward pressure on inflation and interest rates?

    CHALMERS:

    The numbers we’re releasing today are for the last year, not for the year that we’re in right now. We’ll update this year’s figure in the mid‑year budget update toward the end of the year in the usual way.

    But already this $28 billion deficit we’ve got currently for this year, that’s about $19 billion better than what it was expected to be when we came to office. It was a $47 billion deficit when we came to office. It’s now a $28 billion deficit, so even where –

    CANNANE:

    But those figures were based on coming out of a pandemic. So is that the kind of baseline you should be measuring yourself against?

    CHALMERS:

    Every government measures itself compared to what it inherited from its predecessors. We’ve made really quite extraordinary progress on the budget when it comes to cleaning up –

    CANNANE:

    But a pandemic is a once‑in‑a‑lifetime event. It’s not necessarily the fault of a previous government.

    CHALMERS:

    No, but for the year that we’re talking about, Steve, they’re talking about the forecasts for the post‑pandemic period. The year that we’re in now was not anticipated by our predecessors or by us to be impacted by the pandemic, which was at its worst a few years ago.

    We are talking here about a $172 billion improvement in just 2 years in the budget. That’s because we’ve shown spending restraint. We’ve banked upward revisions to revenue. We’ve found $80 billion in savings. We’ve taken the right economic decisions for the right economic reasons. Today’s Final Budget Outcome is a demonstration of that.

    CANNANE:

    Treasurer, can you just clear it up who asked for the Treasury advice on changes to negative gearing and capital gains tax and the policy implications of that?

    CHALMERS:

    As I made clear last week in Brisbane and then later in the week in Beijing, it’s not unusual for people in my job as treasurer to get advice on contentious issues. And I think –

    CANNANE:

    So you asked for it?

    CHALMERS:

    I get advice all the time on all the various issues in the economy, including negative gearing. That’s not especially unusual. I’ve said that already. I said that on Wednesday in Brisbane, said it on Friday in Beijing, saying it to you on Radio National Breakfast.

    CANNANE:

    But you’re not answering the question about whether you asked for that advice.

    CHALMERS:

    Sometimes the advice comes unprompted. Sometimes it’s sought by me.

    On this occasion, when there’s a contentious issue in the public domain and we’ve got a severe shortage of housing, of course treasurers get advice from their department on these sorts of issues. That’s what’s happened here. But as we’ve made very clear, Steve –

    CANNANE:

    So should we all assume that you did ask for it, then?

    CHALMERS:

    I get advised on it all the time. Sometimes it’s sought by me. Sometimes it’s provided in the course of things like the Tax Expenditure Statement that we release every year. But what I’m trying to convey to your listeners, Steve, is that this is not an unusual thing. This is a treasurer doing his job.

    We’ve made it really clear that we’ve got a housing policy already, and this isn’t part of it.

    CANNANE:

    So why is it a state secret about whether you asked for that advice or not?

    CHALMERS:

    It’s not. I’ve made it clear on a number of occasions now in the course of the best part of a week that I got this advice because it was a contentious issue, it was in the public domain and it was a big part of the parliamentary debate as well.

    CANNANE:

    Okay. Treasurer, we thank you for your time this morning.

    CHALMERS:

    Thanks for your time, Steve. All the best.

    CANNANE:

    Thanks a lot. Jim Chalmers, the Treasurer, talking to us there on Radio National Breakfast.

    MIL OSI News –

  • MIL-OSI: Interim Results for the six months ended 30 June 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, Sept. 30, 2024 (GLOBE NEWSWIRE) — Bango (AIM: BGO), today announces its interim results for the six months ended 30 June 2024.

    Financial Overview (unaudited):

    Results for the 6 months ended 30 June 2024  1H24 1H23 Change
           
    Total Revenue $24.1M $20.3M +18.6%  
             
    Transactional Revenue1 $16.4M $15.5M +5.3%  
             
    DVM, Audiences & One-Off2 $ 7.7M $ 4.7M +62.5%  
             
    Annual recurring revenue (ARR)3 $12.9M $5.6M +130.4%  
           
    Net Revenue Retention4 159%      
             
    Adjusted EBITDA5 $4.0M ($0.2M) +$4.2M
           
    Profit/(Loss) before taxation ($3.4M) ($4.9M) +$1.5M
           
    Net (Debt6)/Cash ($5.1M) $5.5M -$10.6M


    Notes:

    • Transactional revenue grew 9.4% on a constant currency basis.
    • Other Income of $1.4M, which is not included in the revenue figure above, related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M will be accounted for as a tax cost, resulting in $0.3M profit.
    • Gross profit margin of 80.8% (1H23: 90.0%) reduced from 82.8% in 2H 2023 due to geographic mix. Improvements expected in 2H 2024 as high margin DVM revenue grows.
    • Net debt6 of $5.1M at 30 June 2024 (net debt of $3.9M at 31 Dec 2023) after R&D investment of $7.6M in the period.

    Operational Highlights

    • Bango signed 4 new Digital Vending Machine® (DVM) customers in 1H24, including a Bank in Brazil. Post-period there has been a further 3 new customer wins.
    • A leading European telco that adopted the DVM in 2020 extended their contract for a further 3 years, with a minimum contract value of $1.5M over the term.
    • 13 new subscription content providers were added to the DVM in 1H24, taking the total to 106.
    • The eDisti7 program now has 20 content providers, including Microsoft and Disney, allowing Bango to provide a ‘pre-stocked’ Digital Vending Machine, reducing time to revenue for both DVM customers and Bango.
    • Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond digital video, music and gaming services.
    • The ‘global technology leader’ (announced in June 2022) launched its first two telcos with Bango in 1H24. Additional launches are underway.
    • Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive Director and Chair of the Audit Committee. In Q3, Tony was appointed as Senior Independent Director replacing Eric Peacock who retired from the Board to focus on his recovery from an accident.

    Presentation and Webcast

    A presentation of the interim results will be made to investors and analysts at 10:00 BST today via the Investor Meet Company Platform. Those wishing to join the call can sign up to Investor Meet Company for free via:
    https://www.investormeetcompany.com/bango-plc/register-investor

    Full RNS announcement

    Read the full Interims Results RNS announcement here: https://polaris.brighterir.com/public/bango_plc/news/rns/story/r7ze9jw

    Paul Larbey, Chief Executive Officer of Bango, commented:

    “The first six months of 2024 have gone to plan and are in-line with the Trading Update issued in July. The payments business continues to deliver growth, providing cash to fund expansion of the Digital Vending Machine® (DVM), which continues to be adopted as the defacto standard platform for subscription bundling by the world’s largest companies. The addition of Disney+ to the Bango eDisti program is further evidence of this and will help accelerate time-to-revenue from DVM deals. With 4 new DVM wins in the 1H and a further 3 in Q3, the pipeline built over the past years continued to deliver results and provides confidence in meeting market expectations for the full year.

    The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing. Bango’s leadership position in this market is strengthening with the DVM now playing a key role in the customer acquisition and engagement strategies of major content brands. We are excited by the opportunity ahead and remain on track to continue our strong growth trajectory and return to a positive net cash position in FY25.”

    1 Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of direct carrier billing, resale and revenue share amounts.
    2 DVM, Bango Audiences & one-off Revenue includes all DVM license and support fees, revenue from Bango Audiences (discontinued in Q1) and one-off fees including DVM set-up and change requests.
    3 Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months based on contracted revenues recognized as at 30 June 2024.
    4 Net Revenue Retention is a measure of the retention and expansion of revenue from customers over the previous 12 months and is calculated by dividing the ARR from existing customers at the end of 1H24 to the ARR from those same customers at the end of 1H23.
    5 Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items, share of net loss of associate and share based payment charge 
    6 Net debt is cash and cash equivalents plus short-term investments less the loan from NHN and borrowings. Barclays continues to provide an overdraft facility which was not used at the end of the period .
    7eDisti is a program that allows Bango to resell subscriptions from content providers removing the need for a commercial agreement between the DVM customer and the content provider.

    Contact Details:  
    investors@bango.com

    About Bango

    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit http://www.bangoinvestor.com

    The MIL Network –

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to Cambodia

    Source: IMF – News in Russian

    September 30, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Cambodian economy is projected to grow by 5½ percent in 2024, faster than in 2023, but performance is uneven across sectors. Garment and agricultural exports are strong, and tourism is recovering while real estate and construction are undergoing a correction.
    • Fiscal policy needs to rebuild buffers, while supporting a durable and inclusive recovery of the economy. Raising revenues for growth-enhancing spending on education, health, and infrastructure is important. The risk of debt distress remains low.
    • Monetary and financial measures need to focus on safeguarding financial stability against the backdrop of slowing credit growth and rising non-performing loans (NPLs).
    • Structural reforms to enhance human capital, make the business environment more competitive, and strengthen institutions and governance would promote inclusive and sustainable economic development.

    Phnom Penh,Cambodia : An International Monetary Fund (IMF) team, led by Kenichiro Kashiwase, visited Cambodia during September 17-30 to hold discussions for the 2024 Article IV consultation. At the end of the mission, Mr. Kashiwase issued the following statement:

    “Cambodia’s economic growth has strengthened, but the recovery remains uneven. Real GDP growth is estimated at 5 percent in 2023, a similar pace as in 2022. For 2024, the economy is projected to expand by 5½ percent driven by a strong rebound in garment and agricultural exports and the ongoing recovery in tourism. However, the construction and real estate sectors are going through a correction, following rapid growth in prior years.

    “Inflation has moderated to an average of 1.6 percent (y/y) in the first half of 2024, down from 2.1 percent in 2023, reflecting global commodity price trends and weak domestic demand growth. For the full year, inflation is projected to reach around 1.5 percent before converging towards the long-term trend of 3 percent.

    “The current account (CA) balance is expected to swing back to a deficit of around 1¾ percent of GDP this year as strong imports are expected to outpace robust export growth. International reserves improved and coverage remains broadly adequate.

    “Fiscal deficit in 2023 is estimated at 2.8 percent of GDP with tax revenues falling due to softening of economic growth momentum and rising tax exemptions. Capital expenditure was also lower than planned due to delays in infrastructure execution. The fiscal deficit is projected at around 3 percent of GDP in 2024 and decline gradually over the medium term. Public debt to GDP is projected to increase moderately during the next decade, though the risk of debt distress remains low.

    “Credit growth has sharply slowed amidst deteriorating asset quality and high private sector debt. In 2024Q1, NPLs rose to 6 percent of total loans, reflecting emerging vulnerabilities with the temporary roll-back of the COVID-19 forbearance measures.

    “Risks to the outlook have shifted to the downside, notably due to weaker-than-projected demand from advanced economies and China, geoeconomic fragmentation, and high domestic private debt. Rising NPLs in the tourism and real estate sectors also pose risks to growth and financial stability. On the upside, a continued loosening of global financial conditions would support the recovery.

    “Turning to policies, fiscal policy needs to rebuild the buffers diminished by the pandemic, while accommodating a durable and inclusive recovery of the economy. In case of adverse shocks to the economy, fiscal policy should react with a focus on priority spending measures aligned with development goals and well-targeted social protection for the vulnerable. Strengthening revenues is important to create space for growth enhancing spending on education, health, and infrastructure. Tax exemptions and incentives should be reviewed and rationalized to reduce tax base erosion. Other measures to strengthen revenues include implementing the personal income tax and improving tax compliance and administration efficiency. Improving the targeting of social assistance programs and strengthening public investment management are also priorities. As Cambodia approaches graduation from the least developed country status, continuing to strengthen policy frameworks alongside enhancements to public financial management practices, improved fiscal transparency and governance, and the development of the domestic government bond market would be critical.

    “Monetary policy normalization should resume at a pace calibrated to the economic recovery and banking sector liquidity conditions. Important progress has been made in modernizing monetary policy and FX operations. Further efforts in this direction will be needed to enhance monetary policy transmission and support de-dollarization. Priorities include promoting an active KHR interbank market, developing a liquidity forecasting framework, further strengthening market determination of exchange rates, and improving the operational efficiency of monetary policy.

    “Financial sector policies should focus on maintaining financial stability. Forbearance measures should be phased out to alleviate capital misallocation and address risks of debt overhang. The authorities should ensure proper reporting of loans subject to forbearance and foster the preservation of banks’ liquidity and capital buffers. Provision of credit by real estate developers to homebuyers should be monitored closely and subject to stringent prudential requirements to avoid regulatory arbitrage. Intensified supervision efforts are warranted in the current environment. In the medium term, a comprehensive macroprudential policy strategy should be implemented, and a crisis resolution framework and deposit insurance scheme established.

    “Structural reforms are needed to diversify growth drivers and improve productivity. Enhancing skills and education is essential to reap the demographic dividend, foster technology adoption, and facilitate the transition to climate-resilient, higher-productivity industries. The government’s efforts to promote quality investment in higher-value-added activities and capture more of the value chain in agriculture are commendable. Further efforts to improve financial inclusion, advance digitalization, and enhance climate change resilience will also be needed for inclusive and sustainable development.

    “Continued efforts to strengthen institutions and governance, and to improve quality and transparency of public service deliveries would bolster long-term sustainable growth. Priorities include approval of the law on Whistleblower Protection, the draft law on Transparency, and the draft law on Access to Information. The National Audit Authority’s independence and resources should be strengthened along with improvements in the asset declaration regime and inter-agency cooperation. Addressing data limitations and improving macroeconomic data quality would benefit monitoring of the economy and policymaking. The IMF will continue to provide technical assistance to help improve statistics, and in other areas of capacity development.

    “The IMF team held discussions with senior officials of the Royal Government of Cambodia, the National Bank of Cambodia, and other public agencies, as well as a wide range of stakeholders, including representatives of the business and banking sectors, and development partners. The team wishes to express its deep appreciation to the authorities and other interlocutors for open and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/30/pr24349-cambodia-imf-staff-completes-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Governor Newsom issues legislative update 9.29.24

    Source: US State of California 2

    Sep 29, 2024

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:
     

    • AB 98 by Assemblymember Juan Carrillo (D-Palmdale) – Planning and zoning: logistics use: truck routes.
    • AB 347 by Assemblymember Philip Ting (D-San Francisco) – Household product safety: toxic substances: testing and enforcement.
    • AB 772 by Assemblymember Dr. Corey Jackson (D-Moreno Valley) – Child day care facilities.
    • AB 796 by Assemblymember Dr. Akilah Weber (D-San Diego) – Athletic trainers.
    • AB 801 by Assemblymember Joe Patterson (R-Rocklin) – Student privacy: online personal information.
    • AB 866 by Assemblymember Blanca Rubio (D-Baldwin Park) – Juveniles: care and treatment.
    • AB 977 by Assemblymember Freddie Rodriguez (D-Pomona) – Emergency departments: assault and battery.
    • AB 1755 by Assemblymember Ash Kalra (D-San Jose) – Civil actions: restitution for or replacement of a new motor vehicle. A signing message can be found here.
    • AB 1810 by Assemblymember Isaac Bryan (D-Los Angeles) – Incarcerated persons: menstrual products.
    • AB 1824 by Assemblymember Avelino Valencia (D-Anaheim) – California Consumer Privacy Act of 2018: opt out right: mergers.
    • AB 1825 by Assemblymember Al Muratsuchi (D-Torrance) – California Freedom to Read Act.
    • AB 1841 by Assemblymember Dr. Akilah Weber (D-San Diego) – Student safety: opioid overdose reversal medication: student housing facilities.
    • AB 1843 by Assemblymember Freddie Rodriguez (D-Pomona) – Emergency ambulance employees.
    • AB 1907 by Assemblymember Gail Pellerin (D-Santa Cruz) – California Child and Family Service Review System: Child and Adolescent Needs and Strengths (CANS) assessment.
    • AB 1934 by Assemblymember Tim Grayson (D-Concord) – Digital financial asset businesses.
    • AB 2074 by Assemblymember Al Muratsuchi (D-Torrance) – Pupil instruction: English Learner Roadmap Policy: statewide implementation plan. A signing message can be found here.
    • AB 2096 by Assemblymember Cottie Petrie-Norris (D-Irvine) – Restraining orders: educational institutions.
    • AB 2119 by Assemblymember Dr. Akilah Weber (D-San Diego) – Mental health.
    • AB 2123 by Assemblymember Diane Papan (D-San Mateo) – Disability compensation: paid family leave.
    • AB 2129 by Assemblymember Cottie Petrie-Norris (D-Irvine) – Immediate postpartum contraception.
    • AB 2132 by Assemblymember Evan Low (D-Campbell) – Health care services: tuberculosis.
    • AB 2164 by Assemblymember Marc Berman (D-Menlo Park) – Physicians and surgeons: licensure requirements: disclosure.
    • AB 2192 by Assemblymember Juan Carrillo (D-Palmdale) – Public agencies: cost accounting standards.
    • AB 2215 by Assemblymember Isaac Bryan (D-Los Angeles) – Criminal procedure: arrests.
    • AB 2224 by Assemblymember Miguel Santiago (D-Los Angeles) – Special immigrant juvenile status: court orders and guardianship.
    • AB 2245 by Assemblymember Juan Carrillo (D-Palmdale) – Certificated school employees: permanent status: regional occupational centers or programs operated by single school districts.
    • AB 2318 by Assemblymember Diane Papan (D-San Mateo) – State Water Pollution Cleanup and Abatement Account: receipts and expenditures: report.
    • AB 2343 by Assemblymember Pilar Schiavo (D-Chatsworth) – CalWORKs: childcare programs.
    • AB 2357 by Assemblymember Dr. Jasmeet Bains (D-Bakersfield) – University of California: school of medicine: University of California Kern County Medical Education Endowment Fund. A signing message can be found here.
    • AB 2377 by Assemblymember Luz Rivas (D-Sylmar) – Pupil instruction: physical education: accommodation: religious fasting.
    • AB 2443 by Assemblymember Juan Carrillo (D-Palmdale) – Transactions and use taxes: Cities of Lancaster, Palmdale, and Victorville.
    • AB 2458 by Assemblymember Marc Berman (D-Menlo Park) – Public postsecondary education: student parents.
    • AB 2475 by Assemblymember Matt Haney (D-San Francisco) – Parole.
    • AB 2483 by Assemblymember Philip Ting (D-San Francisco) – Postconviction proceedings.
    • AB 2484 by Assemblymember Isaac Bryan (D-Los Angeles) – Courts: juveniles: remote proceedings.
    • AB 2493 by Assemblymember Gail Pellerin (D-Santa Cruz) – Tenancy: application screening fee.
    • AB 2499 by Assemblymember Pilar Schiavo (D-Chatsworth) – Employment: unlawful discrimination and paid sick days: victims of violence.
    • AB 2531 by Assemblymember Isaac Bryan (D-Los Angeles) – Deaths while in law enforcement custody: reporting.
    • AB 2738 by Assemblymember Luz Rivas (D-Sylmar) – Labor Code: alternative enforcement: occupational safety. A signing message can be found here.
    • AB 2741 by Assemblymember Matt Haney (D-San Francisco) – Rental car companies: electronic surveillance technology.
    • AB 2843 by Assemblymember Cottie Petrie-Norris (D-Irvine) – Health care coverage: rape and sexual assault.
    • AB 2883 by Assemblymember Evan Low (D-Campbell) – California State University: University of California: Lunar New Year holiday.
    • AB 2988 by Assemblymember Kevin McCarty (D-Sacramento) – Courts.
    • AB 2998 by Assemblymember Tina McKinnor (D-Inglewood) – Opioid overdose reversal medications: pupil administration.
    • AB 3059 by Assemblymember Dr. Akilah Weber (D-San Diego) – Human milk.
    • AB 3145 by Assemblymember Isaac Bryan (D-Los Angeles) – Family preservation services: standards.
    • AB 3206 by Assemblymember Tina McKinnor (D-Inglewood) – Alcoholic beverages: hours of sale: arenas in the City of Inglewood. A signing message can be found here. 
    • AB 3258 by Assemblymember Isaac Bryan (D-Los Angeles) – Refinery and chemical plants.
    • SB 285 by Senator Ben Allen (D-Santa Monica) – Criminal procedure: sentencing.
    • SB 379 by Senator Thomas Umberg (D-Santa Ana) – Victim services: restorative justice.
    • SB 442 by Senator Monique Limόn (D-Santa Barbara) – Sexual battery.
    • SB 504 by Senator Bill Dodd (D-Napa) – Wildfires: defensible space: grant programs: local governments.
    • SB 551 by Senator Anthony Portantino (D-Burbank) – Beverage containers: recycling.
    • SB 575 by Senator Aisha Wahab (D-Silicon Valley) – Marriage: underage marriage.
    • SB 918 by Senator Thomas Umberg (D-Santa Ana) – Law enforcement contact process: search warrants.
    • SB 940 by Senator Thomas Umberg (D-Santa Ana) – Civil disputes.
    • SB 946 by Senator Mike McGuire (D-North Coast) – Personal Income Tax Law: Corporation Tax Law: exclusions: wildfire mitigation payments.
    • SB 958 by Senator Bill Dodd (D-Napa) – Surplus state property: County of Napa.
    • SB 1143 by Senator Ben Allen (D-Santa Monica) – Paint products: stewardship program.
    • SB 1174 by Senator Dave Min (D-Irvine) – Elections: voter identification.
    • SB 1303 by Senator Anna Caballero (D-Merced) – Public works.
    • SB 1379 by Senator Bill Dodd (D-Napa) – Public Employees’ Retirement Law: reinstatement: County of Solano.
    • SB 1386 by Senator Anna Caballero (D-Merced) – Evidence: sexual assault.

     The Governor also announced that he has vetoed the following bills:

    • AB 637 by Assemblymember Dr. Corey Jackson (D-Moreno Valley) – Zero-emission vehicles: fleet owners: rental vehicles. A veto message can be found here. 
    • AB 1111 by Assemblymember Gail Pellerin (D-Santa Cruz) – Cannabis: small producer event sales license. A veto message can be found here.
    • AB 1122 by Assemblymember Dr. Jasmeet Bains (D-Bakersfield) – Commercial harbor craft: equipment. A veto message can be found here.
    • AB 1296 by Assemblymember Tim Grayson (D-Concord) – Bar pilots: regulation of vessels. A veto message can be found here.
    • AB 1890 by Assemblymember Joe Patterson (R-Rocklin) – Public works: prevailing wage. A veto message can be found here.
    • AB 1895 by Assemblymember Dr. Akilah Weber (D-San Diego) – Public health: maternity ward closures. A veto message can be found here.
    • AB 1973 by Assemblymember Tom Lackey (R-Palmdale) – Personal Income Tax Law: Corporation Tax Law: Bobcat Fire: exclusions. A veto message can be found here.
    • AB 2058 by Assemblymember Dr. Akilah Weber (D-San Diego) – Devices: disclosures. A veto message can be found here.
    • AB 2178 by Assemblymember Philip Ting (D-San Francisco) – Prisons: bed thresholds. A veto message can be found here.
    • AB 2447 by Assemblymember Avelino Valencia (D-Anaheim) – California State University: fiscal transparency: internet website. A veto message can be found here.
    • AB 2693 by Assemblymember Buffy Wicks (D-Oakland) – Childhood sexual assault: statute of limitations. A veto message can be found here.
    • AB 2773 by Assemblymember Ash Kalra (D-San Jose) – Elders and dependent adults: abuse or neglect. A veto message can be found here.
    • AB 2892 by Assemblymember Evan Low (D-Campbell) – Vehicles: financial responsibility: self-insurance. A veto message can be found here.
    • AB 3179 by Assemblymember Juan Carrillo (D-Palmdale) – Emergency telecommunications medium- and heavy-duty zero-emission vehicles. A veto message can be found here.
    • AB 3245 by Assemblymember Joe Patterson (R-Rocklin) – Coverage for colorectal cancer screening. A veto message can be found here.
    • AB 3282 by the Committee on Judiciary – Courts. A veto message can be found here.
    • SB 299 by Senator Monique Limόn (D-Santa Barbara) – Voter registration: California New Motor Voter Program. A veto message can be found here.
    • SB 336 by Senator Thomas Umberg (D-Santa Ana) – State grant programs: negotiated indirect cost rates. A veto message can be found here.
    • SB 542 by Senator Brian Dahle (R-Bieber) – Personal Income Tax Law: Corporation Tax Law: wildfires: exclusions. A veto message can be found here.
    • SB 615 by Senator Ben Allen (D-Santa Monica) – Vehicle traction batteries. A veto message can be found here.
    • SB 782 by Senator Monique Limόn (D-Santa Barbara) – Gubernatorial appointments: report. A veto message can be found here.
    • SB 984 by Senator Aisha Wahab (D-Silicon Valley) – Public agencies: project labor agreements. A veto message can be found here.
    • SB 1022 by Senator Nancy Skinner (D-Berkeley) – Enforcement of civil rights. A veto message can be found here.
    • SB 1066 by Senator Catherine Blakespear (D-Encinitas) – Hazardous waste: marine flares: manufacturer responsibility. A veto message can be found here.
    • SB 1155 by Senator Melissa Hurtado (D-Sanger) – Political Reform Act of 1974: postgovernment employment restrictions. A veto message can be found here.
    • SB 1281 by Senator Caroline Menjivar (D-San Fernando Valley/Burbank) – Advancing Equity and Access in the Self-Determination Program Act. A veto message can be found here.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

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  • MIL-OSI Africa: Why pay tax? African study finds trust in government is key

    Source: The Conversation – Africa – By Heikki Hiilamo, Professor of Social Policy, University of Helsinki

    Taxes are important. They’re a primary way in which governments fund essential services like healthcare, education, infrastructure and social protection programmes. They are vital to the economic development of countries.

    In sub-Saharan African countries, the need for public services is great and fiscal resources are often scarce. Getting the public to pay their taxes is essential. However, a variety of structural and governance challenges have made it difficult to effectively mobilise revenue.

    Recent tax protests in Kenya illustrate the growing tension between taxpayers and the government in the region. The protests underscore the importance of designing tax policies that not only raise revenue but also distribute the tax burden fairly across different income groups. If governments don’t address these issues, they risk eroding public trust and increasing tax resistance.

    The logistical difficulties of tax collection are another obstacle. Many sub-Saharan economies are characterised by small-scale enterprises and subsistence agriculture, which complicate tax administration. The informal sector – estimated to account for up to 80% of employment in some countries – largely operates outside the formal tax net. It’s difficult for governments to capture this significant portion of economic activity within their revenue systems.

    Tax collection in sub-Saharan Africa is also hindered by inefficient administrative systems. In many countries, tax authorities are under-resourced and under-staffed, making it difficult to monitor compliance. Personal visits to taxpayers’ homes or businesses are often required to collect taxes. This drives up administrative costs and increases opportunities for corruption. In many cases, tax records are manually maintained – a system that’s prone to manipulation, inefficiencies and data losses.

    Our research shows that one of the most important factors influencing tax compliance in sub-Saharan Africa is trust in government.

    Citizens are more likely to comply with tax obligations when the government is perceived as fair and transparent in the use of tax revenues. A strong social contract – where citizens feel taxes are returned to them in the form of public goods and services – is critical.

    Conversely, when public services are inadequate or corruption is perceived as widespread, tax morale diminishes. This leads to greater tax resistance. In Kenya, Tanzania, Uganda and South Africa, studies have shown that satisfaction with public services improves tax compliance. Another study has found that perceived corruption has a negative effect on tax compliance in sub-Saharan Africa.

    Governance quality also plays a role in shaping tax compliance. Citizens who trust their government and perceive that tax revenues are used to reduce inequality are more likely to pay their taxes.

    Progress

    Despite the challenges of collecting revenues, many African countries have made progress over the past three decades.

    From the mid-1990s to 2016, total revenue (excluding grants) in the median African economy rose from around 14% to over 18% of GDP. Tax revenue increased from 11% to 15% of GDP.

    This is a significant achievement, but Africa still remains the region with the lowest revenue-to-GDP ratio globally.

    Weak tax administration systems continue to limit governments’ ability to finance development initiatives. As a result, many countries struggle to provide essential services like healthcare, education and infrastructure.

    Countries also tend to rely on “regressive” taxes, like taxes on consumption. These affect poorer households the most, as they spend a larger share of their earnings on taxable goods and services. This weakens the redistributive effect of tax systems and can exacerbate poverty and inequality.

    Way forward

    Technology could help address many of the challenges associated with tax collection. Digital tax systems, mobile money and online filing could help reduce inefficiencies and increase transparency. Some countries, such as Rwanda and Ghana, have already embraced technology to simplify processes and enhance compliance.

    However, many rural areas in sub-Saharan Africa lack the internet infrastructure needed to do this. Digital tax systems require tax authorities to invest in infrastructure and training.

    Still, as mobile technology penetrates the region, governments will be able to use digital tools to expand their tax base and improve compliance.

    Reducing corruption

    To strengthen tax compliance, improving the social contract between governments and citizens is essential. Research shows that when people believe their taxes are used for public goods and services that benefit them, they are more willing to comply.

    Tax morale can be improved through transparency, reduced corruption, and ensuring that tax revenues are visibly channelled into development projects.

    Targeted communication campaigns about how tax funds are used can help restore faith in government institutions.

    The path to improving tax systems and compliance in sub-Saharan Africa is long. But with the right policy interventions, governments can unlock revenue potential. This will contribute to stronger economies, better public services, and ultimately, more equitable and inclusive development across the region.

    – Why pay tax? African study finds trust in government is key
    – https://theconversation.com/why-pay-tax-african-study-finds-trust-in-government-is-key-239613

    MIL OSI Africa –

  • MIL-OSI: Revenues of Latino-Owned Businesses Grew Last Year, But Earnings Fell Due to Rising Expenses, per 2024 Biz2Credit Study

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).

    The annual study examined the performance of Latino-owned small to midsized companies — from early stage to established companies — in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies.

    “Revenues for small businesses rose overall, largely because of inflation. Earnings were down overall, but the average drop for Latino-owned businesses was not as sharp as for non-Latino-owned businesses,” said Rohit Arora, CEO of Biz2Credit and Biz2X, who oversaw the research. “When we analyzed earnings performance, Latino-owned businesses outperformed the others.”

    Key findings: Latino-owned vs. non-Latino-owned Businesses

    1. The average annual revenue of Latino-owned businesses increased by 11.6% from $601,636 in 2022-23 to $671,360 in 2023-24. Meanwhile, the average annual revenue for non-Latino Businesses increased by 11.5% from $667,204 in 2022-23 to $744,027 in 2023-24.
    2. Average earnings (Annual Revenue – Operating Expenses) for Latino-owned businesses dropped from $113,268 in 2022-23 to $72,168 in 2023-24, a drop of $41,100. Meanwhile, non-Latino-owned businesses declined from $159,365 to $94,237, a drop of $65,128. Overall, earnings across all businesses decreased by 40% year over year.
    3. Operating expenses for Latino-owned firms increased by 22.7% from $488,368 in 2022-23 to $599,192 in 2023-24, resulting in earnings decrease of 36.3% for Latino firms. Meanwhile, operating costs for non-Latino-owned companies increased 28% from $507,849 in 2022-23 to $649,790 in 2023-24, resulting in a 40.9% drop in earnings.
    4. The average personal (FICO) credit score* for Latino owned business increased from 641 in 2022-23 to 647 in 2023-24. In comparison, the personal credit score for non-Latino-owned business increased from 648 to 659 during the same timeframe.
    5. The age of business for Latino-owned business increased from 54 months (4.5 years) in 2022-23 to 64 months in 2023-24. This is an indication of the staying power of Latino-owned companies. In comparison, non-Latino-owned businesses were in operation for an average of 79 months (slightly more than 6.5 years).
    6. The average approved funding amount** for Latino-owned businesses rose from $55,396 in 2022-23 to $75,680 in 2023-24. The amount was $16,662 lower than that for non-Latino-owned businesses, which had $92,342 in 2023-24, up from $75,912 in 2022-23.
    7. The percentage of financing applications submitted by Latino-owned businesses, relative to the total number of submitted applications, increased slightly from 14.8% in 2022-23 to 15% in 2023-24. In 2024, financing applications by Latino-owned businesses increased 14.13% (year-over-year) compared to 2023. That surpassed applications by non-Latino owned businesses, which grew 12.78% year-over-year.
    8. The funding rate for Latino-owned businesses stands at 32%, slightly higher than the 31% rate for non-Latino-owned businesses. The average funded amounts** were $62,371 for Latino-owned businesses and $76,503 for non-Latino-owned firms.
    9. Construction accounted for the largest industry category of Latino-owned companies examined in the study, followed by Other Services (except Public Administration), Accommodation and Food Services, Retail Trade, and Transportation and Warehousing.
    10. By state, nearly one-quarter (24%) of funding requests from Latino-owned firms came from Florida, followed closely by California (19.4%), and then Texas, New York, and New Jersey.

    “Inflationary pressures significantly hurt the earnings of all small businesses in the last year, and Latino-owned firms were not immune. While their revenues rose in 2023-24, their expenses increased almost twice as much,” said Arora. “Profits for Latino-owned companies seeking financing were down 36% on average, as a result.”

    “Many factors combined, including increased labor costs, rising fuel prices, and overall inflation. High interest rates also pinched companies that borrowed money for working capital or expansion,” Arora added. “The good news is that the growth rate of inflation has been easing a bit, and the Federal Reserve has lowered interest rates, thus bringing down the cost of capital.”

    *Average credit score is derived from the personal FICO credit score of business owners
    ** Average approved funding amounts and average funding sizes are determined by the qualifications of funding applications, including FICO scores and business revenues. any discrepancies are driven by these financial metrics.

    Impact of Latino-owned businesses on the U.S. Economy

    The U.S. is home to over 63 million Latinos, accounting for roughly 19% of the nation’s population. Latinos contribute a staggering $3.2 trillion to the economy and own nearly 5 million businesses that collectively generate more than $800 billion annually, according to the Stanford Graduate School of Business Latino Entrepreneurship Initiative (SLEI).

    Further, Latino entrepreneurs are starting businesses at more than twice the rate of the general U.S. population. This increase has led to a higher proportion of new businesses being owned by immigrants overall. In 2023, immigrants were responsible for 36% of new business launches, up from 25% in 2019, according to the U.S. Census Bureau.

    Latino immigrants significantly outpace other groups in business ownership, and they comprise 52% of all Latino-owned businesses. In contrast, only 7% of White-owned employer businesses are immigrant-owned, according to the SLEI. Further, Latino-owned businesses are set to revolutionize the U.S. economy, as Latinos are projected to make up 29% of the population by 2050 and contribute a staggering $1.4 trillion to the U.S. economy, according to JPMorgan Chase.

    Methodology

    Biz2Credit’s 2024 Latino-Owned Business Study is an annual review of the financial performance of Latino-owned small to midsized businesses in the United States, categorized by revenue generation. The study reviewed over 121,000 funding requests from both Latino-owned and non-Latino-owned businesses across all 50 states and 20 industries by analyzing credit inquiries and applications from July 2023 to June 2024.The analysis focused on variables such as submitted applications, annual revenue, operating expenses, business age, personal credit (FICO) scores*, funding rates, and average loan sizes. The study offers insights into the performance of Latino-owned private companies over the past year, using 2022-2023 data to compare average revenue and expenses year-over-year for 2023-2024.

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $8 billion in small business financing. The company is expanding its industry-leading Biz2X® technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit http://www.biz2credit.com, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

    The MIL Network –

  • MIL-OSI: OpenHW Group to Join the Eclipse Foundation, Expanding Open Source RISC-V Innovation

    Source: GlobeNewswire (MIL-OSI)

    BRUSSELS and OTTAWA, Oct. 01, 2024 (GLOBE NEWSWIRE) — In a joint announcement today, the Eclipse Foundation, one of the world’s leading open source software foundations, and OpenHW Group, a global leader in developing open source RISC-V processor cores and IP, revealed that OpenHW will become part of the Eclipse Foundation. This strategic collaboration, set to be finalised by December 2024, will accelerate the development of open source hardware technologies, offering a robust, open alternative to proprietary architectures. This move will benefit a wide array of industries, including artificial intelligence (AI), cloud computing, IoT, automotive, and high-performance computing (HPC).

    Founded in 2019, OpenHW Group immediately established a strategic partnership with the Eclipse Foundation, drawing on Eclipse’s expertise to deliver key services, including development processes, IP management, IT infrastructure, and back-office operations. This long-standing collaboration has laid the foundation for a seamless integration, strengthening OpenHW’s mission to provide verified, industrial grade, open source cores that are ready for commercial-grade SoC production.

    As part of this transition, OpenHW Group will be renamed the OpenHW Foundation, bringing its extensive network of more than 100 members and partners into the Eclipse Foundation’s open source ecosystem, including prominent organisations such as Barcelona Supercomputing Center, CEA, Red Hat, Silicon Labs, and Thales. By joining forces with the Eclipse Foundation, OpenHW reinforces its commitment to delivering industry-leading open hardware solutions.

    “Joining the Eclipse Foundation is a transformative moment for OpenHW, solidifying our commitment to delivering trusted open hardware solutions to the global market,” said Florian Wohlrab, CEO of OpenHW Group. “This partnership provides the long-term stability, infrastructure, and open source expertise we need to continue driving innovation in RISC-V hardware, benefiting both our members and the broader industry.”

    Mike Milinkovich, executive director of the Eclipse Foundation, added, “Throughout its five-year history, OpenHW has played a pivotal role in pushing the boundaries of open source hardware. Together, we’re now much better positioned to advance cutting-edge technologies in areas like AI, software-defined vehicles, and the Industrial IoT, further strengthening the role of open source in these critical industries.”

    Bolstering Open Source Hardware Innovation

    By joining the Eclipse Foundation, OpenHW can fully focus on further developing RISC-V hardware, an open, flexible, and cost-effective architecture that enables faster innovation while removing traditional licensing barriers. The open source nature of RISC-V makes it an ideal choice for enterprises looking to disrupt markets, especially in sectors such as AI and automotive, where flexibility and scalability are critical.

    Under the governance of the Eclipse Foundation, the OpenHW Foundation will continue to lead and expand on critical projects and initiatives, including:

    • CVA6: 64/32-bit cores designed for high-performance applications like Linux-based systems. These configurable cores offer an industrial-grade platform for a wide range of applications, including those with advanced safety requirements.
    • CVE4: 32-bit embedded-class cores, optimised for IoT, edge computing, and consumer electronics, powering devices like washing machines, robots, drones, and game controllers. Typically, these cores run real-time operating systems such as Eclipse ThreadX or operate in bare-metal environments.
    • CVE2: Small, power-efficient processors, perfect for deeply embedded control applications, replacing state-machine logic in embedded devices.
    • CVA6 Platform: A vendor-neutral software validation platform supporting a variety of FPGA configurations, including cloud-based solutions like AWS ES2 FPGA instances.
    • Software Initiatives: Ongoing efforts to add extensions, improve compilers, and enhance emulators to ensure robust support for our cores across the latest technologies.

    Join OpenHW and Shape the Future of Open Processor Technologies

    As part of the Eclipse Foundation, the OpenHW Foundation is uniquely positioned to advance its mission of supporting industries ranging from embedded systems to supercomputing. By delivering high-quality, verified RISC-V cores, OpenHW meets the rigorous demands of modern applications, ensuring reliability and innovation across diverse sectors. This transition brings exciting opportunities for both existing and new stakeholders to get involved and help shape the future of open source hardware. We invite members, partners, and other stakeholders to actively engage in advancing RISC-V core development, emulation kits, and software initiatives.

    Whether you’re a developer, researcher, or an organisation, joining the OpenHW Foundation gives you direct access to a vibrant, collaborative community that drives RISC-V-based innovation. Explore opportunities to contribute, influence key initiatives, and make your mark in the open hardware community. New members are welcome to join through the Eclipse Foundation. Visit the Eclipse Membership page to learn how to become part of this exciting new chapter.

    Member Quotes

    Barcelona Supercomputing Center (BSC)
    “At BSC, our mission is to push the boundaries of computer architecture and supercomputing. By working closely with OpenHW, we are contributing to the development of high-performance, open source RISC-V cores that are critical to the future of high-performance computing. We are confident OpenHW joining the Eclipse Foundation will only further enhance this collaboration, offering greater opportunities for impact across the global open hardware ecosystem.” – Miquel Moretó, High Performance Domain-Specific Architectures Group Leader at BSC.

    Bluespec
    “The RISC-V community has made a tremendous impact, with millions of cores already being shipped. We’re excited to see OpenHW Group join the Eclipse Foundation and view it as a significant milestone that will drive innovation across the broader ecosystem. At Bluespec, we recognize the importance of fostering a healthy, open source environment and this collaboration ensures continued development of high-quality, industrial-grade open source RISC-V cores.” – Charlie Hauck, CEO of Bluespec.

    CEA
    “CEA has long been at the forefront of research and development in sectors such as low-carbon energy and microelectronics with its Leti institute. Our collaboration with OpenHW enables us to apply our advanced research to open source processor technology, creating new possibilities for commercial and industrial applications. As a long-time existing Strategic Member of the Eclipse Foundation, we are confident that this transition marks an exciting new chapter in our work with OpenHW, ensuring that we continue to drive meaningful innovation in both open hardware and critical global industries.” – Fabien Clermidy, Head of System Division, CEA-Leti.

    Silicon Labs
    “Silicon Labs is proud to support the OpenHW Foundation’s mission of driving innovation in open source hardware. As a leader in radio modules and wireless technologies, we recognize the importance of robust, verified processor cores that meet the demands of modern IoT applications. The Eclipse Foundation’s strong governance and OpenHW’s RISC-V expertise create a powerful platform for collaboration and growth.” – Daniel Ciooley, CTO and SVP at Silicon Labs

    Thales
    “At Thales, we are deeply committed to advancing cutting-edge technologies, and our collaboration with OpenHW aligns perfectly with this mission. Through initiatives like the Europe Tristan project, we are leveraging open source RISC-V processor cores to deliver innovative, secure solutions for the aerospace and defence sectors. The transition to the Eclipse Foundation strengthens this commitment and positions the OpenHW community to drive further breakthroughs in open hardware.” – Daniel Glazman, CTO Software (KTD), Thales Group.

    About the Eclipse Foundation
    The Eclipse Foundation provides our global community of individuals and organisations with a business-friendly environment for open source software collaboration and innovation. We host the Eclipse IDE, Adoptium, Software Defined Vehicle, Jakarta EE, and over 420 open source projects, including runtimes, tools, specifications, and frameworks for cloud and edge applications, IoT, AI, automotive, systems engineering, open processor designs, and many others. Headquartered in Brussels, Belgium, the Eclipse Foundation is an international non-profit association supported by over 360 members. Visit us at this year’s Open Community Experience (OCX) conference on 22-24 October 2024 in Mainz, Germany. To learn more, follow us on social media @EclipseFdn, LinkedIn, or visit eclipse.org.

    About OpenHW Group
    OpenHW Group is a global non-profit organisation dedicated to developing, verifying, and delivering high quality, open source RISC-V processor cores and related IP for commercial and industrial applications. With its extensive network of more than 100 members and partners, OpenHW is driving the advancement of open source processor technology across cloud, mobile, IoT, AI, automotive, HPC, and other domains. Through its CORE-V Task Group, the organisation ensures industry-aligned, high-quality development, supporting cutting-edge SoC production worldwide. OpenHW is supported by leading innovators such as Barcelona Supercomputer Center (BSC), CEA, Red Hat, Silicon Labs, and Thales. To learn more, visit openhwgroup.org.

    Third-party trademarks mentioned are the property of their respective owners.

    Media contacts:
    Schwartz Public Relations (Germany)
    Gloria Huppert/Marita Bäumer
    Sendlinger Straße 42A
    80331 Munich
    EclipseFoundation@schwartzpr.de
    +49 (89) 211 871 -70/ -62

    514 Media Ltd (France, Italy, Spain)
    Benoit Simoneau
    benoit@514-media.com
    M: +44 (0) 7891 920 370

    Nichols Communications (Global Press Contact)
    Jay Nichols
    jay@nicholscomm.com
    +1 408-772-1551

    The MIL Network –

  • MIL-OSI: LanzaTech Expands Biorefining Platform Capabilities to Include Production of Commercial-scale Nutritional Protein Directly From CO2

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 01, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced its plans to expand its biorefining platform capabilities to include operations that produce LanzaTech Nutritional Protein (“LNP”) as the primary product. LNP is a microbial protein that is a nutrient-rich alternative to plant and animal-based proteins. By using a new microbe in its proprietary gas fermentation process, LanzaTech’s biorefining platform can produce a cost-competitive protein solution that supports a resilient food supply chain. LNP production has the capability to address food security issues and be produced anywhere in the world, independent of weather extremes. Notably, the production of LNP uses a fraction of the land and water resources that traditional protein sources require. 

    With the development of LNP production facilities, LanzaTech will gain access to the large and growing alternative protein markets, diversifying its customer base, expanding its sources of revenue, and optimizing the value creation driven by its existing, proven platform.

    “Building on the expertise of our commercially operating core gas fermentation process, LNP represents a natural expansion of our business,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “By coupling a new microbial production strain with our existing bioreactor technology, and our years of operating experience, we have developed a path to mass produce protein from CO2. For two years, we’ve operated a pilot facility to prepare for commercialization, and in the process, we’ve partnered with leading brands and food testing organizations for rigorous analysis and prototyping of nutrition applications. We have now progressed into the engineering design phase for a 0.5 to 1.5 ton per day facility, expected to be operational in 2026, and have developed a roadmap to commercial-scale production in 2028.”

    By 2050, the world population is projected to reach 10 billion people, which means an additional 250 million metric tons (“MT”) of protein will be required annually. LanzaTech is extending the power of its gas fermentation platform—which can already produce commercial scale volumes of essential ethanol for apparel, packaging, surfactants, and sustainable aviation fuel—to produce large quantities of protein without straining land and water resources or impacting biodiversity. LNP has a complete amino acid profile and no allergenicity.

    LanzaTech has nearly two decades of experience biorefining carbon-rich feedstocks to produce ethanol as the primary product and protein as a co-product. Leveraging this experience, LanzaTech has developed a solution using CO2 that produces LNP as the primary product. As a leader in gas fermentation, LanzaTech is well positioned to access the $1 trillion and growing alternative protein markets with a cost-competitive product that leverages LanzaTech’s proprietary biorefining platform and that utilizes similar feedstocks to LanzaTech’s current operations. 

    LanzaTech is evaluating potential sites, in collaboration with several partners, for the first pre commercial facilities, planned to be operational in 2026. These facilities are expected to produce between 0.5 to 1.5 tons of LNP per day, and given the high protein content of LNP, 0.5 tons per day of LNP is roughly the equivalent of giving a typical complete daily intake of protein to approximately 9,000 people. 

    Commercial facilities are being designed to produce more than 30,000 MT per annum, or greater than 80 MT per day, with the first of these facilities expected to be operational during 2028. 

    LanzaTech is in the process of completing trials and testing in animal feed and pet food, and is underway with completing the U.S. Food and Drug Administration’s Generally Recognized as Safe (“GRAS”) certification process for LNP’s use in human nutrition formulations.

    The Center for Aquaculture Technologies has successfully tested LNP for fish feed applications and human food and beverage innovation firm Mattson completed thorough protein characterization and food prototyping for dish concepts such as smoothies, dairy-free cheese, and bread.

    LanzaTech has also partnered with the U.S. Navy Research Lab on a joint research and contract development project jointly funded by the Office of the Under Secretary of Defense for Research and Engineering, the Office of Naval Research, and the U.S. Naval Research Laboratory to evaluate the viability of creating nutritional proteins on military platforms.

    “We are excited to collaborate with LanzaTech on this groundbreaking extension of their carbon recycling platform. Together we are exploring the biomanufacturing potential of a nutritional protein product made from CO2 extracted from seawater,” said Dr. Matthew Yates, Research Biologist at the U.S. Naval Research Laboratory. “Integrating LanzaTech’s state of the art gas fermentation technology with the U.S. Naval Research Laboratory’s Seawater Carbon Capture Process presents a valuable opportunity to develop a unique capability to meet the nutritional needs of soldiers and sailors across the Joint Forces while simultaneously enhancing the resilience of military operations in an evolving geopolitical landscape.”

    For more information on LanzaTech and LNP please visit https://lanzatech.com.

    About LanzaTech

    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements

    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements. 

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: 

    • Our ability to scale and develop the LNP business to the maturity and levels of efficiency required to realize returns, or to receive the required government and regulatory approvals for the marketing and sale of LNP;
    • Timing delays in the advancement of projects to the final investment decision stage or into construction; 
    • Failure by customers to adopt new technologies and platforms; 
    • Fluctuations in the availability and cost of feedstocks and other process inputs; • The availability and continuation of government funding and support; 
    • Broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; 
    • Unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and 
    • Other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission. 

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    LanzaTech Global, Inc.
    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media Relations
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network –

  • MIL-OSI USA: Kean Constituent Services Return Over $10 Million to NJ-07 Residents

    Source: United States House of Representatives – Representative Tom Kean, Jr. (NJ-07)

    (September 26, 2024) BERNARDSVILLE, NJ – Today, Congressman Tom Kean, Jr. (NJ-07) announced that his casework team has returned more than $10,012,316 to constituents. 

    Since the office opened in January of 2023, Congressman Kean and his team have closed over 2,730 constituent cases, representing over $10,012,316 dollars returned back to New Jerseyans in the 7th Congressional District. From the beginning of Congressman Kean’s term in office, Team Kean has helped constituents save money and obtain benefits from the VA, IRS, Social Security Administration, and other federal agencies. The top three groups of people served are seniors, veterans, and families. 

    “$10,000,000 back to constituents is an incredible milestone that demonstrates the positive impact of the work we do to help our fellow New Jerseyans,” said Congressman Kean. “I am committed to serving my district to ensure every constituent receives the benefits and assistance to which they are entitled.” 

    Below are testaments from constituents who have received assistance from Team Kean with their federal agencies. 

    “The staff was very helpful through the process and they were reassuring. I appreciate the great assistance!!” -Payal from Flemington  

    “Thank you to the Congressman Kean’s office for your help with expediting my EAD! It was expedited so quickly and truly appreciate your help. I was also very pleasantly surprised by the customer service on the phone. It was great there were no automated phone systems and I was able to reach a rep right away and they were very courteous. Overall a very positive experience.” -Aparajitha from Somerville  

    “Congressman Keans staff was highly responsive and helpful in resolving my issue. They reached out numerous times and even when the problem was resolved they followed up to ensure all was well. Thank you for all of your help.” -Antonio from Ledgewood  

    “I emailed the office late in the evening after business hours and they responded around 9am the next morning. By 4:00pm that day, the social security worker called me and gave me her direct extension, apologized, and said she would process the application immediately. Congressman Kean’s office went above and beyond my expectations and I am truly grateful. It gives me great faith that he will do what he says he will do.” -Amber from Washington  

    Team Kean is always here to help. If you or someone you know needs help with a federal agency, please do not hesitate to contact the office. You can find more information here: https://kean.house.gov/services/help-federal-agency or call (908) 547-3307. Team Kean also hosts frequent Satellite Office Hours, the first week of every month. Make sure to follow Congressman Kean for updates on Facebook, Twitter and Instagram at @CongressmanKean. 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Macon Mother and Son Sentenced for Roles in Decade-Long Business Theft

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

    MACON, Ga. – Two members of the same family who illegally wrote millions in checks to themselves from their employer’s operating account were sentenced to prison and ordered to pay restitution for their crimes.

    Billy Lee Wells, Jr., 47, of Macon, was sentenced to serve 57 months in prison to be followed by five years of supervised release. He was ordered to pay the following jointly and severally with co-defendant Eva Wells: $2,583,003.80 restitution to Phil J. Sheridan Company d/b/a Mid-Georgia Sales and $150,000 restitution due to Donegal Mutual Insurance Company. In addition, he was ordered individually to pay $586,112 to the IRS in restitution and $3,404,772.22 in forfeiture. Eva Rebecca Wells, 75, was sentenced to serve 46 months in prison to be followed by five years of supervised release. She was ordered to pay the above-mentioned restitution amounts with co-defendant Billy Wells and was also ordered individually to pay $586,112 to the IRS and a total of $3,990,884.22 in forfeiture. Both defendants previously pleaded guilty to conspiracy to defraud a financial institution before U.S. District Judge C. Ashley Royal on Jan. 23. Billy Lee Wells also pleaded guilty to making and subscribing a false return. There is no parole in the federal system.

    “The defendants used their position as trusted employees to steal from a small business for more than a decade, a crime that can carry long-term repercussions for all those affected,” said U.S. Attorney Peter D. Leary. “Working with our law enforcement partners, our office will continue to do all we can to both hold fraudsters accountable and protect hard-working and honest citizens.”

    “This case serves as a warning to individuals who commit fraud upon others and the U.S. government that their criminal acts will come with consequences,” said Demetrius Hardeman, Acting Special Agent in Charge, IRS Criminal Investigation, Atlanta Field Office. “IRS Criminal Investigation special agents and our law enforcement partners will continue investigating and bringing to justice those who participate in illicit schemes to enrich themselves.”

    “These fraud scams, although not violent, are not victimless and can be devastating to local business and ruin livelihoods,” said Robert Gibbs, Supervisory Senior Resident Agent of FBI Atlanta’s Macon office. “The FBI is dedicated to working with our partners to hold anyone accountable who would steal from hard working and honest individuals, rather than put in the work themselves.”

    According to court documents in the Wells case, Eva Wells was the Office Manager for Mid-Georgia Sales and was responsible for its finances, including issuing weekly payroll and making other payments on behalf of the business. Her son, Billy Lee Wells, Jr., was also employed at Mid-Georgia Sales, working in IT and sales. In Dec. 2008, Eva Wells began writing unauthorized checks to herself and her son from the company’s general operating fund, as opposed to the account used for payroll. When the theft was discovered, a full accounting was conducted. Between Dec. 31, 2008, and May 10, 2019, Eva Wells wrote a total of $3,404,772.22 in unauthorized checks to Billy Lee Wells, Jr. which were either cashed or deposited in his bank account. In addition to the checks made to Billy Lee Wells, Jr., Eva Wells also wrote unauthorized checks to herself which she cashed or deposited into her bank account.

    The Wells case was investigated by the FBI, the IRS and the Bibb County Sheriff’s Office.

    Assistant U.S. Attorney Elizabeth Howard prosecuted both cases for the Government.

    MIL Security OSI –

  • MIL-OSI Security: Six Block Gang Member Faces Minimum of Ten Years in Federal Prison for Armed Drug Trafficking

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

    Jacksonville, Florida – United States Attorney Roger B. Handberg announces that Al’Donta Easterling (26, Jacksonville) has pleaded guilty to conspiracy to distribute and possess with the intent to distribute 100 kilograms or more of marijuana, and possession of a firearm in furtherance of a drug trafficking crime. Easterling faces a minimum mandatory penalty of 10 years, up to life, in federal prison. A sentencing date has not yet been set.

    According to the plea agreement, beginning no later than October 2022 and continuing through July 2024, Easterling was an armed distributor for a drug trafficking organization (DTO) that transported large quantities of marijuana from California to Jacksonville. Easterling and his co-conspirators routinely traveled to California, where they acquired marijuana and smuggled it back to Jacksonville in suitcases on commercial flights or through mail parcels. In Jacksonville, Easterling and his co-conspirators sold marijuana from short-term rental properties. At these residences, Easterling and his co-conspirators routinely carried and possessed firearms to protect themselves, the drugs they distributed, and proceeds from the drug sales. Federal agents seized more than 100 kilograms of marijuana from the DTO during the investigation. On May 22, 2024, detectives from the Jacksonville Sheriff’s Office (JSO) arrested Easterling after finding a pound of marijuana and a loaded Glock pistol in his vehicle. According to JSO, Easterling is a documented member of the Six Block street gang.

    This case was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, the United States Postal Inspection Service, the Jacksonville Sheriff’s Office, the St. Johns County Sheriff’s Office, the Clay County Sheriff’s Office, and the Florida Highway Patrol. This case is being prosecuted by Assistant United States Attorneys Aakash Singh and Kirwinn Mike.

    This case is part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI USA: Lankford’s Effort to Prevent Fraud Advances in Senate

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    WASHINGTON, DC — Senator James Lankford’s (R-OK) Taxpayer Resources Used in Emergencies (TRUE) Accountability Act, which would require agencies to develop plans to prevent fraud in the event of an emergency or crisis, passed out of the Homeland Security and Governmental Affairs Committee. Lankford is joined on the bill by Senator Gary Peters (D-MI), Chairman of the Committee.
    “Federal agencies’ unpreparedness resulted in billions of dollars in fraud during the COVID pandemic. Rather than waiting on Congress to write safeguards into specific emergency funding bills in the future, this legislation requires agencies to be ready to proactively to put controls in place. Fraud within federal programs is theft from American taxpayers, and these safeguards are essential to better stewarding their hard-earned dollars,” said Lankford.
    The Government Accountability Office (GAO) reported earlier this year that between 2018 and 2022, the federal government lost between $233-521 billion annually to fraud. This legislation would require safeguards to prevent against fraud in case of national crises.
    Lankford has long been an advocate of spending oversight and fraud prevention. He joined the Stop Secret Spending Act and Safeguarding the Transparency and Efficiency of Payments (STEP) Act which also passed out of committee this week. His Taxpayers Right-to-Know Act became law in 2021, and he has continued to follow up on inadequacies in the way agencies track, manage, and report spending programs.  

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Named to National Shooting Sports Foundation’s “Dean’s List,” Receives A+ Rating on Second Amendment

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) released a statement after being named to the National Shooting Sports Foundation’s “Dean’s List”. Cassidy is one of only 8 senators to be placed on the “Dean’s List”, which recognizes lawmakers who have gone above and beyond the A+ rating to protect Second Amendment rights.
    “I am proud to receive this recognition and look forward to continuing my efforts in Congress to defend Americans’ Constitutional rights against an ever-encroaching liberal agenda,” said Dr. Cassidy. “Law-abiding citizens should never be punished for exercising their Second Amendment rights.”
    “NSSF is proud to especially recognize Senator Cassidy as a member of the new NSSF Congressional Dean’s List for his exemplary leadership in supporting the firearm and ammunition industry and the nearly 400,000 hardworking Americans employed in the industry. Making the Dean’s List is special recognition that Senator Cassidy has gone above and beyond to protect and preserve the Second Amendment rights of his constituents and the industry that makes the exercise of those rights possible. We applaud Senator Cassidy for his exemplary level of support,” said Lawrence G. Keane, NSSF Senior Vice President for Government & Public Affairs and General Counsel.  
    Some of Cassidy’s recent efforts to defend the Second Amendment right include:
    Cassidy, Cornyn, Tillis, Republican Colleagues Introduce Resolution to Block Unconstitutional Biden ATF Rule
    Cassidy, Hagerty, Colleagues Introduce Legislation to Block Biden Rule Restricting Americans’ Second Amendment Rights
    Cassidy, Risch, Issa, Colleagues Introduce Bill to Prohibit State Excise Taxes on Firearms
    Cassidy, Cramer Introduce Legislation to Allow Interstate Firearm Sale
    Cassidy, Risch, Colleague Introduces Bill to Ban Handgun Rosters

    MIL OSI USA News –

  • MIL-OSI Translation: Convocation of the Council of Ministers n. 97

    MIL OSI Translation. Region: Italy –

    Source: Government of Italy

    September 26, 2024

    The Council of Ministers is convened on Friday 27 September 2024, at 11.00 am at Palazzo Chigi, to examine the following agenda:

    DRAFT DECREE-LAW: Urgent provisions on the entry of foreign workers into Italy, protection and assistance to victims of gang-mastering, as well as management of migratory flows and international protection (PRESIDENCY – INTERNAL AFFAIRS – JUSTICE – LABOUR AND SOCIAL POLICIES); DRAFT DECREE-LAW: Urgent measures to combat violence against healthcare professionals in the exercise of their functions as well as damage to goods intended for healthcare (PRESIDENCY – JUSTICE – HEALTH); DRAFT BILL: Ratification and implementation of the Cooperation Agreement between the Government of the Italian Republic and the Government of the Republic of Côte d’Ivoire on migration and security, made in Abidjan on 22 March 2023 (FOREIGN AFFAIRS AND INTERNATIONAL COOPERATION – INTERNAL AFFAIRS); DRAFT BILL on the safety of underwater activities (PRESIDENCY – CIVIL PROTECTION AND MARINE POLICIES); DRAFT BILL: Provisions for the exercise of trade union freedom by personnel of the armed forces and military police forces, as well as the extension of the delegation referred to in Article 9, paragraph 15, of Law No. 46 of 28 April 2022 (PUBLIC ADMINISTRATION – DEFENSE); DRAFT LEGISLATIVE DECREE: Supplementary and corrective provisions to Legislative Decree No. 149 of 10 October 2022, containing “Implementation of Law No. 26 November 2021”. 206, delegating the Government for the efficiency of the civil process and for the revision of the rules on alternative dispute resolution tools and urgent measures to streamline procedures in matters of the rights of individuals and families as well as in matters of forced execution” – SECOND PRELIMINARY EXAMINATION (JUSTICE); UPDATE of the medium-term budget structural plan draft, referred to in Chapter IV of Regulation (EU) 2024/1263 (ECONOMY AND FINANCE); REGIONAL LAWS; MISCELLANEOUS.

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

    MIL Translation OSI

  • MIL-OSI USA: Wyden Introduces Sweeping Court Reforms to Restore Public Trust as Supreme Court Faces Legitimacy Crisis

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    September 26, 2024

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., today announced the introduction of new legislation to restore balance among the three branches of government, increase transparency to improve public trust in America’s courts, and modernize the courts to ensure greater access to justice for more Americans.

    In the wake of recent rulings upending decades of precedent and evidence of unethical behavior, Wyden’s Judicial Modernization and Transparency Act would modernize the courts by expanding the Supreme Court to 15 justices over three presidential terms, prevent political inaction from bottling up nominations to the Supreme Court, and restore appropriate deference to the legislative branch by requiring a supermajority to overturn acts of Congress, among other modernizing provisions to improve access to justice. 

    The bill would also implement much-needed reforms to bring more accountability to the Supreme Court recusal process and improve transparency around potential financial conflicts and other unethical behavior.

    “The Supreme Court is in crisis and bold solutions are necessary to restore the public trust,” Wyden said. “More transparency, more accountability and more checks on a power hungry Supreme Court are just what the American people are asking for.”

    The bill modernizes the federal judiciary by:

    • Expanding the Supreme Court to 15 justices.

    • Establishing a new supermajority threshold to overturn acts of Congress on a constitutional basis at both the Supreme Court and Circuit Court level.

    • Requiring that relief granted by lower courts in cases seeking to invalidate an act of Congress expire upon the issuing date of an opinion by the Supreme Court.

    • Establishing a new process for Supreme Court nominations that are not reported out of committee within 180 calendar days to be automatically placed on the Senate calendar.

    • Expanding the number of circuit courts to 15 and returning to the practice of assigning one Supreme Court justice to oversee each circuit.

    • Expanding the number of circuits by splitting the Ninth Circuit and establishing a new Southwestern Circuit.

    • Expanding the number of Circuit Court and District Court judgeships to improve access to justice.

    The bill increases transparency to improve public trust by:

    • Requiring all justices to consider recusal motions and make their written opinions publically available. Any justice would be recused from a case upon the affirmative vote of the justices.

    • Requiring the public disclosure of how each justice voted for any case within the appellate jurisdiction of the Supreme Court.

    • Requiring the IRS to initiate an audit of each justice’s income tax return (and any amended return) as quickly as practicable after it is filed. Within 90 days of filing, the IRS would be required to publicly release the returns and provide an update on the status of the audit. Every 180 days thereafter, the IRS must update the public on the status of the audit. It will also release the ultimate findings of the audit.

    • Requiring those nominated to the Court to include their most recent three years of tax returns in their publicly-available financial disclosure filings. In the case that a nominee does not disclose the tax returns within 15 days after nomination, the Administrative Office of the United States Courts would be instructed to obtain the tax returns from the Secretary of the Treasury and make them public. The Secretary of the Treasury is instructed to redact certain personal identity information.

    A one-pager summarizing the bill is here.

    A section-by-section of the legislative text is here.

    The legislative text is here.

    In July, as part of his ongoing efforts to reform and restore fairness to our country’s judicial system, Wyden introduced legislation to restore much-needed checks on Donald Trump’s radical right-wing Supreme Court by providing Congress with new authority to overturn judicial decisions that clearly undermine the congressional intent of laws following the Loper Bright decision. He also also introduced legislation to bring an end to the controversial practice of “judge shopping,” in which plaintiffs cherry-pick judges they know will hand down favorable rulings, leading to sweeping rulings that wield undue power over millions of Americans.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Introduces Bill to Give Small Businesses, Entrepreneurs $50,000 Tax Break

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced legislation to provide tax relief to entrepreneurs looking to start a small business and reduce barriers for startups. The Tax Relief for New Businesses Act would increase the startup tax deduction from $5,000 to $50,000 and allow businesses to write off more expenses to compensate for the increasing cost of starting a business. Currently, small business owners can only deduct up to $5,000 in startup costs in the first year, yet a recent survey found that they spend an average of $40,000 to get their businesses off the ground.
    “On Main Streets across Wisconsin, small businesses are creating jobs and contributing to our local economies. For too many entrepreneurs, starting a business can be out of reach and it’s our job to break down the barriers in their way so more Americans can pursue their dreams,” said Senator Baldwin. “This legislation is a commonsense step that will unlock opportunities for Wisconsin’s next generation of small businesses and help ensure they have the capacity to grow, innovate, and shape the future of the Badger state.”
    “If the US Senate passes this legislation it would help provide capital to reinvest in small business staff and get them to a stable, profitable bottom line much quicker. This would encourage existing and expanding businesses to invest and grow by improving cash flow in the early years of starting and growing the businesses. As a small business owner I strongly endorse this effort,” said TJ Semanchin, owner of Wonderstate Coffee in Viroqua, WI.
     “The Tax Relief for New Businesses Act is a game changer for entrepreneurs, offering substantial financial relief when it’s needed most,” said Scott Resnick, Wisconsin startup advocate. “By significantly increasing the deduction and allowing more flexibility for growing startups, this policy reduces the financial burden of launching a business and paves the way for greater innovation and job creation across the Wisconsin economy.”
    “TitletownTech supports policy that reduces early-stage financial pressure on entrepreneurs and increases likelihood of startup success,” said Jill Enos, Managing Partner of Titletown Tech in Green Bay.
    “Starting a business is a vote of confidence in the future,” said Richard Trent, Executive Director of Main Street Alliance. “Men and women all across the country start businesses that help our communities thrive. Small businesses are connected to their communities, sponsoring little league teams, providing employment and creating a robust culture and economy. But one of the most difficult parts of starting a business is having the capital to do so. A lack of generational wealth, unfair lending practices and discrimination make this difficult for too many. The Tax Relief for New Businesses Act is a huge step in the right direction to level the playing field and jump start Main Streets all across America.”
    “Repeated research has demonstrated that new businesses – ‘startups’ – are a critical driver of economic growth, job creation, and opportunity expansion,” said John Dearie, President of Center for American Entrepreneurship. “But launching a new business costs money. And because startup costs are incurred long before the first dollar of revenue, those costs can be a major obstacle to new business formation. That’s why the Tax Relief for New Businesses Act is so important. The Act would increase the tax deduction of startup costs from $5,000 to $50,000, expand the types of expenses eligible for the deduction, and stretch the phase-out threshold of the credit from $50,000 to $150,000, allowing entrepreneurs to write-off more of the costs required to launch their business once they become profitable. The legislation is powerfully pro-entrepreneurship, pro-growth, and pro-job creation. CAE thanks Senators Jacky Rosen (D-NV), Tammy Baldwin (D-WI), and Jeanne Shaheen (D-NH) for their leadership and looks forward to working with them to ensure swift passage of the legislation.”
    This legislation is also led by Senators Jacky Rosen (D-NV) and Jeanne Shaheen (D-NH) and endorsed by the Main Street Alliance and Center for American Entrepreneurship.

    MIL OSI USA News –