WHAT: FIRST Union ambulance officers who work for Hato Hone St John across the country will commence their next withdrawal of labour tomorrow (Friday 27th September) and Monday (30th) while launching apublic petitionfor the full Government funding of New Zealand’s ambulance services.
Striking ambulance officers will be collecting signatures for the petition tomorrow at public locations across the country, with media invited to attend the Auckland collection event.
WHEN / WHERE:
Withdrawal of labour: (1) effective from 04:00am on 27 September 2024 for the first 6 hours of employees’ rostered shifts until 04:00am on 28 September 2024; and (2) from 04:00am on 30 September 2024 for the first 6 hours of employees’ rostered shifts until 04:00am on 1 October 2024
Petition signature collection event: 10:00-11:00 on Friday 27 September 2024 outside the train station at Britomart, Auckland (media are welcome to attend)
Faye McCann, FIRST Union national ambulance coordinator, said that Aotearoa’s ambulance services are too important to be relying on charity funding and the time had come for politicians to step up and fund Hato Hone St John and Wellington Free Ambulance for 100% of operating costs.
“Strike actions like these are the last resort after what has now been 10 months of unsuccessful bargaining with St John,” said Ms McCann.
“We can’t keep ending up in these prolonged, zero-sum negotiations with health employers who are not adequately funded by Government to ensure ambulance officers are fairly paid or that patient needs are being met in our communities.”
“We were really disappointed that our effective cooperation with other non-affiliated unions has come to a sudden stop following revelations that NZAA and AWUNZ leadership have done a 180 and decided to ratify the latest pay offer from St John on behalf of members.”
NZAA (New Zealand Ambulance Association) are a division of the Amalgamated Workers of New Zealand (AWUNZ), and are not affiliated to the Council of Trade Unions.
“We’d agreed collectively in writing that we would not recommend ratification of such a poor offer to our members and were shocked and blindsided when St John confirmed that the NZAA/AWUNZ leadership team had ratified the deal based on a reported ballot of their members,” said Ms McCann.
“Our door is open to ambulance officers who aren’t satisfied with a pay offer below the rising cost of living that does not deal with other substantive claims about pay and conditions.”
Ms McCann said that launching a public petition for full funding of ambulance services was a way of showing “head in the sand” politicians like Shane Reti and Casey Costello that the status quo was no longer tenable for ambulance services or the people who work for them.
“We know there’s massive public backing for functional emergency health services that don’t rely on charity donations to meet their operating costs,” said Ms McCann.
“We’re confident that New Zealanders will support ambulance officers in seeking full funding from Government that meets the promises set out in coalition agreements following the election.”
BACKGROUND INFORMATION
Life Preserving Services agreement:FIRST Union are working cooperatively with St John to ensure that a minimum critical service level is available during strike action, as is required by law.
Membership:There are over 1,100 FIRST Union members at St John, and an estimated 300-400 members were rostered to work on 27 and 30 September and are thus able to take part in the withdrawals of labour. Un-rostered staff have been invited to take part in petition signature collecting events on their days off.
Voting:Over 92% of FIRST Union members at St John voted in favour of this second withdrawal of labour, with over 85% voting to reject ratification of St John’s pay offer to members.
Paris, 26th of September 2024 — Virtune, a Swedish regulated digital asset manager and issuer of crypto Exchange Traded Products (ETPs) based in Stockholm, Sweden, announces its expansion into France through the listing of its Virtune Staked Solana ETP on Euronext Paris.
With strong traction and consistent inflows in the Nordic regions driven by increasing interest and crypto adoption, expanding into France is a strategic milestone for Virtune. Virtune has since its inception in May 2023 been growing rapidly in the Nordics where it has listed a total of 12 products and reached more than 31 000 investors in its products in just about one year.
The key success factors have been an educational focus, a transparent market approach and through its regulated status. This move not only addresses growing investor enthusiasm but also enhances our market presence across Europe.
Christopher Kock, CEO of Virtune, stated:
“We are thrilled to expand into France with the introduction of our Staked Solana ETP to the French investor community after its successful launch in the Nordic markets. Since our inception in May 2023, we have worked tirelessly to drive crypto adoption through educational efforts in the Nordics and we are excited to extend these efforts to the French financial market. This ETP provides investors with enhanced exposure to Solana, one of the leading and most influential blockchains globally, while also offering additional returns through included staking.”
About Virtune Staked Solana ETP Virtune Staked Solana ETP provides exposure to Solana combined with the benefits of staking. With staking incorporated, the ETP offers an additional annual return of approximately 3% on the investment made in the ETP, while at the same time offering an attractive annual fee of 0.95%.
Like all of Virtune’s ETPs, Virtune Staked Solana ETP is 100% physically backed and fully collateralized, is denominated in EUR for the French audience and is available on brokerage platforms. Virtune uses Coinbase as the crypto custodian where the underlying SOL tokens are being stored with highest institutional grade security in cold-storage. The underlying SOL tokens are being staked directly from cold-storage and the staking rewards are being reflected in the daily price of the ETP.
Key Product Information:
Exposure to Solana with approximately 3% annual return through staking 100% physically backed by SOL 0.95% annual management fee Non-custodial staking
Virtune Staked Solana ETP:
Trading Currency: EUR First Day of Trading: Tuesday, 17th of September 2024 Euronext Exchange Ticker: VRTS Bloomberg Ticker: VIRSOL ISIN: SE0021309754 Exchanges: Euronext Paris, Euronext Amsterdam, Nasdaq Stockholm
About Virtune AB (Publ) Virtune is a registered financial institution with the Swedish Financial Supervisory Authority (FSA) for trading and managing digital assets and has an approved EU Base Prospectus, renewed with the Swedish FSA on April 5, 2024 which has enabled Virtune’s strategy of listing ETPs on regulated European exchanges. Virtune’s mission is to provide seamless access to crypto assets for both institutional and retail investors through innovative ETPs, transparency, and education.
Virtune has a wide offering of crypto ETPs that includes Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune Crypto Top 10 Index ETP, Virtune XRP ETP, Virtune Chainlink ETP, Virtune Avalanche ETP, Virtune Staked Polkadot ETP, Virtune Staked Polygon ETP, Virtune Arbitrum ETP and Virtune Staked Cardano ETP.
About Solana Solana is a high-performance blockchain platform designed to offer fast and scalable decentralized application operations and cryptocurrency transactions. By using a unique consensus mechanism known as Proof of History (PoH) along with Proof of Stake (PoS), Solana can handle thousands of transactions per second with low transaction costs, which is a significant improvement over older blockchains like Bitcoin and Ethereum. This combination of technologies not only allows for instant transaction verification but also a significant increase in network throughput without compromising security or decentralization.
About staking Staking enables crypto asset owners to earn passive income by participating in the validation and confirmation of transactions on a blockchain through a process known as Proof of Stake. This mechanism is a fundamental component of Proof of Stake blockchains, like Ethereum and Solana, and plays a vital role in ensuring the security and authenticity of blockchain transactions. To facilitate a transaction on the blockchain securely and accurately, a validator must stake a certain amount of crypto asset as a guarantee of the transaction’s legitimacy.
The validator aims to stake as much crypto assets as possible to increase the likelihood of receiving rewards, which are paid out in the same type of crypto asset that was staked. For instance, if you stake Solana, you receive additional SOL tokens as a reward. The annual reward percentage for staking can vary and may range from 0-14% or higher for some blockchains. Most crypto asset holders cannot act as validators themselves, as it requires significant amounts of crypto assets. Therefore, many choose to stake their assets through an established and trusted validator. Virtune includes staking rewards in its products that have ‘staked’ included in their names.
Flow Traders will act as the market maker for the ETP, ensuring that French investors can access the product easily and efficiently during Euronext market hours.
Stockholm, 26th of September 2024
For further inquiries, please contact: Christopher Kock, CEO & Member of the Board of Directors Email: hello@virtune.com
About Virtune AB (Publ) Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges.
With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.
Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at http://www.virtune.com.
Source: The Conversation (Au and NZ) – By Anthony Scott, Professor of Health Economics and Director, Centre for Health Economics, Monash Business School, Monash University
A battle between private hospitals and private health insurers is playing out in public.
At its heart is how much health insurers pay hospitals for their services, and whether that’s enough for private hospitals to remain viable.
Concerns over the viability of the private health system have caught the attention of the federal government, which has launched a review into private hospitals that has yet to be made public.
But are private hospitals really in trouble? And if so, is more public funding the answer?
Private hospitals vs private health insurers
Many private hospital operators have reported significant pressures since the start of the COVID pandemic, including staff shortages.
Inflationary pressures have increased the costs of supplies and equipment, pushing up the costs of providing hospital care.
Now, private hospitals have publicised their difficult contract negotiations with private health insurers in an attempt to gain support and help their case.
Healthscope, which runs 38 for-profit private hospitals in Australia, has been threatening to end agreements with private health insurers.
St Vincent’s, which operates ten not-for-profit private hospitals, announced it would end its contract with nib (one of Australia’s largest for-profit health insurers) but then reached an agreement.
UnitingCare Queensland, which operates four private hospitals, announced it would end its contract with the Australian Health Service Alliance, which represents more than 20 small and medium non-profit private health insurers. Since then, the two parties have also kissed and made up.
Why should we care?
There are three reasons why viability of the private health sector affects us all, regardless of whether we have private health insurance or use private hospitals.
1. Taxpayers subsidise the private health system
Australian taxpayers subsidised private health insurance premiums by A$6.3 billion
(in premium rebates) in 2021–22. Much of this makes its way to private hospitals. Medicare also subsidised fees for medical services delivered for private patients in private and public hospitals to the tune of $3.81 billion in 2023–24.
But when the going gets tough, the private health sector (both hospitals and health insurers) turns to the government for more handouts.
So we should be concerned about the value we currently get from our public investment into the private health system, and if more public investment is warranted.
2. Public hospitals may be affected if private hospitals close
Calls for greater government support for private health have long argued that a larger private hospital sector would help reduce pressures on the public system.
Indeed, this was the justification for a series of incentives introduced from the late 1990s to support private health insurance in Australia.
However, the extent of this is hotly debated. Recent evidence shows higher private health insurance coverage leads to only very small falls in waiting times in public hospitals.
While it is possible the closure of a few private hospitals might lead some patients to seek care in public hospitals, this shift might not be that large and will not increase waiting times too much.
3. Fewer private beds, but is that a bad thing?
If unviable private hospitals close or merge, we’d expect to see fewer
private hospital beds overall.
Fewer private hospital beds is not necessarily bad news. Mergers of small private day hospitals, in particular, might make them more efficient and lead to lower costs, which in turn lowers health insurance premiums.
We might also need fewer private beds. This is due to policies that try to shift health care out of hospitals into the community or the use of hospital-in-the-home schemes (where patients receive hospital-type care at home with the support of visiting health staff and/or telehealth). The private health insurers are supporting both.
If a few small private hospitals close, this reflects the market adjusting to less demand for hospital care. Some of the closures have been for maternity wards but with falling birth rates, this also seems like an appropriate market adjustment.
Any objective data about what is happening in the private hospital sector is scarce. This is mainly because the Australian Bureau of Statistics has stopped a compulsory survey of all private hospitals. The latest data we have is from 2016–17.
Health insurers are the largest payer of private hospitals and hence wield a considerable amount of negotiating power. In 2016–17, almost 80% of private hospitals’ income came from private health insurers. Health insurers have also increasingly become “active” purchasers of health care – not just passively paying insurance claims, but wanting to strike a good deal with private hospitals for their members to keep premiums (and costs) down, and profits high.
Reports of hospitals closing ignore hospitals that are opening at the same time. But since 2016–17 there are no publicly reported data on the total number of private hospitals in Australia or changes over time.
The latest figures we have show about half of all hospitals in Australia are private, and of these 62% are for-profit with the rest run by not-for-profit organisations (such as St Vincent’s).
The main for-profit providers are Ramsay Health Care and Healthscope. Both have operations overseas and were in trouble before the COVID pandemic.
Fast-forward to 2024 and the recent issues with contract negotiations suggests the financial situation of for-profit private hospitals might not have improved. So this could reflect a long-term issue with the sustainability of the private hospital sector.
What are the options?
The private health system already receives large public subsidies. So the crux of the current debate is whether the government should intervene again to prop up the private sector. Here are some options:
do nothing and let this stoush play out Closure and mergers of private hospitals might be good if smaller hospitals and wards are no longer needed and patients have other alternatives
introduce more regulation Negotiations between small groups of private hospitals and very large dominant private health insurers may not be efficient. If the insurers have significant market power they can force small groups of private hospitals into submission. Some private hospital groups may be negotiating with many different health insurers at the same time, which can be costly. Regulation of exactly how these negotiations happen could make the process more efficient and create a more level playing field
change how private hospitals are paid Public hospitals are essentially paid the same national price for each procedure they provide. This provides incentives for efficiency as the price is fixed and so if their costs are below the price, they can make a surplus. Private hospitals could also be funded this way, which could remove much of the costs of contract negotiations with private hospitals. Instead, private hospitals would be free to focus on other issues such as the number and quality of procedures, and providing high-value health care.
How do we help private hospitals become more efficient? Regulating prices and contract negotiations are a start. Kitreel/Shutterstock
What next?
Revisiting the regulation of prices and contract negotiations between private hospitals and private health insurers could potentially help the private hospital sector to be more efficient.
Private health insurers are rightly trying to encourage such efficiencies but the tools they have to do this through contract negotiations are quite blunt.
As we wait for the results of the review into the private hospital sector, value for money for taxpayers is paramount. We are all subsidising the private hospital sector.
Anthony Scott has previously received funding from the Medibank Better Health Foundation.
Terence C. Cheng 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
A European leader in rapid-response, multi-technology fields services, positioned on attractive markets where key players are investing several billions per year
A >€1 bn Group entering a new phase of its development, prioritizing margins and cash generation and applying strict selectivity and discipline to its operations, particularly on its most mature markets
Germany emerging as Group’s top performer in terms of growth and profitability and future 3rdpillar alongside France and Benelux, with revenue to triple and reach €150m to €200m by 2026 as a first milestone
Clear action plan to accelerate diversification in energy transition-related services, expected to triple in size in France by 2026 and to rise sharply in other countries
Strong focus on margin: adjusted EBITDA margin expected above 10% in all three major geographies by 2026
Disciplined capital allocation: selective and accretive bolt-on M&A while maintaining a conservative financial policy, based on non-dilutive financing
Solutions30 is holding today a Capital Markets Day in Paris, where it will present its roadmap for 2026. The presentation is available live through a webcast (see connection details at the end of this press release).
Gianbeppi Fortis, Chief Executive Officer said: “Over the past 20 years, Solutions30 has consistently demonstrated its ability to grow and replicate its unique business model across technologies and sectors where it makes a difference for its customers. Now, having surpassed €1bn in revenue across nine countries, Solutions30 is entering a new phase of development with clear priorities: to establish Germany as the Group’s third pillar and top-performing region, accelerate diversification into the energy transition-related services, prioritize margins over volumes through strict discipline and contract selectivity particularly in its mature markets, and improve cash generation while maintaining a conservative financial policy. Although our ambition extends far beyond, we are setting an initial milestone for 2026, with concrete action plans and realistic targets, tailored to each of our markets. We are confident that our strategy will drive sustainable, long-term profitable growth.”
A European leader in rapid-response, multi-technology field services positioned on attractive markets driven by the digital transformation and the energy transition
Since its inception 20 years ago, Solutions30 has demonstrated its agility to deploy its business model wherever it makes a difference. Originated as a technology company, it has followed technological evolution and captured market opportunities from IT support to telecommunications, then energy.
Today, Solutions30 operates in 9 countries with 16,000 technicians and revenue over €1bn across 3 verticals: Connectivity (76% of Group revenue), Energy (14%) and Technology (10%). Key European customers on these markets, typically large technology and energy B2B and B2C groups, have announced several billion euros of investment budget per year, with a cumulative c.€50 billion p.a. in the coming years, driven by two strong secular trends that are shaping today’s world: the digital transformation and the energy transition.
Entering a new phase of development with a clear 2026 roadmap
Having surpassed the €1 billion revenue mark in 2023, and active in a broad range of markets with different stages of maturity, Solutions30 is entering a new phase of its development. Although its ambition extends far beyond, the Group is setting today an initial milestone for 2026, with concrete, bottom-up action plans and targets defined at regional level, and an over-arching priority given to selectivity and profitability.
In Benelux, Solutions30 is currently navigating a temporary situation where ongoing negotiations between Belgian telecom service providers aimed at streamlining fiber deployments across the country are causing delays in the Group’s activities and therefore impacting its performance in 2024. However, faced with strong opportunities offered by the early stage of fiber roll-out in Belgium, as well as the massive investments in power grid upgrade across the region, the Group is confident it can capitalize on its strong market positioning and resume its profitable growth trajectory as soon as 2025 (regardless of the outcome of the aforementioned negotiations) and expects adjusted EBITDA margin above 10% by 2026.
In France, vast opportunities lie ahead in the Energy sector, where the Group has successfully replicated his business model and has emerged as a key partner to its customers. Energy revenue is expected to triple compared to 2023 and reach c. €150 million in 2026. In Connectivity, the Group is working towards stabilization, applying strict contract selectivity and prioritizing margins over volumes, while positioning itself to seize future opportunities like copper decommissioning, which could represent a market size of up to €1 billion per year. Adjusted EBITDA margin, benefitting from the comprehensive transformation plan launched in 2022, is expected to be above 10% by 2026.
Germany is delivering on its promises, establishing itself as the Group’s top performer in terms of revenue growth, margins and cash flow performance. While the region is on a trajectory to become Solutions30’s third pillar alongside France and Benelux, benefitting from unique market dynamics in both Connectivity and Energy, a first milestone is set in 2026, when Germany’s revenue is expected between €150 million and €200 million, with adjusted EBITDA margin well above 10%. The country should then continue to grow faster than the rest of the Group.
Across the rest of Europe, Solutions30 has adopted a portfolio management approach, aiming at sustaining Poland’s profitable growth, further improving performance in the UK, and either restoring margin in Italy and Spain by 2026 or initiating a strategic review in these two countries.
Targeted and selective bolt-on acquisitions as a key growth driver. Since 2009, the Group has leveraged this strategy, successfully completing over 30 acquisitions with a combined annual revenue of approximately €350 million, all financed without any capital increase. Bolt-on M&A will continue to be a central pillar of the Group’s growth strategy and a primary focus for capital allocation, as part of a conservative financial policy that has historically resulted in a very limited leverage ratio, consistently below 2x net debt to adjusted EBITDA, and excludes any dilutive financing instruments.
Lastly, the Group confirms its 2024 full-year outlook, as detailed in its press release dated September 18th, 2024.
Beyond 2026, longer-term ambitions
Building on its strong positioning, the attractiveness of its markets, and the fragmented nature of its competition, Solutions30 believes that, in the long term, it can double in size, with a service portfolio increasingly focused on Energy, and achieve a double-digit adjusted EBITDA margin at the Group level. Upon completion of its 2026 roadmap, Solutions30 will host another Capital Markets Day to set objectives for the next milestone.
Sustainability at the heart of Solutions30’s business
A significant portion of Solutions30’s activities act as enablers of the energy transition. 8% of the Group’s revenue is aligned with the EU Taxonomy for sustainable activities, including installation and maintenance of Smart meters, photovoltaic panels, EV chargers and grid services, as well as reutilization and refurbishment of IT equipment. Internally, the Group has defined a comprehensive ESG strategy, translated into concrete objectives for 2024, which will be complemented by 2030 carbon emissions reduction targets for Scope 1, 2 & 3 through the SBTi process (validation expected by the end of 2024).
Speakers: Thomas Kremer, Member of the Supervisory Board Gianbeppi Fortis, Chief Executive Officer Amaury Boilot, Group General Secretary Luc Brusselaers, Chief Revenue Officer Wojcieh Pomykala, Chief Operations Officer Katarzyna Kuszewska, Group Head of Legal Denis Coleu, Groupe HR Director Jonathan Crauwels, Chief Financial Officer Nathalie Duchesne, Group Head of ESG, Risk & Compliance
Q3 2024 Revenue Report November 4, 2024 (after market close)
About Solutions30 SE
Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16 000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Stock indexes: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance. Visit our website for more information: http://www.solutions30.com
Governor Shapiro Hosts Ceremonial Bill Signing in Berks County to Highlight New Tax Cuts Supporting Pennsylvania Families and Small Businesses
Governor Josh Shapiro visited the Second Street Learning Center, where he met with children, staff, and business and legislative leaders to host a ceremonial bill signing for the recent tax cuts included in the 2024-25 bipartisan budget, aimed at lowering costs for Pennsylvania families and small businesses. The Center, which cares for children ranging from 6 weeks to 13 years old, is a vital resource in the Reading community, offering essential childcare services to low-income families.
With annual childcare expenses ranging from $9,000 to $13,000 – over 15 percent of a median household’s income – many families are feeling the financial strain. According to the U.S. Chamber of Commerce, the lack of affordable, reliable childcare costs Pennsylvania’s economy $3.47 billion each year in lost earnings, productivity, and tax revenue.
Since taking office, Governor Shapiro has brought Republicans and Democrats together to save Pennsylvanians money by cutting taxes at least four times. In the 2024-25 budget, Governor Shapiro secured a new Employer Child Care Contribution Tax Credit, which is designed to help businesses grow while reducing childcare costs for working families.
Speaker list: Modesto Fiume, President, Opportunity House Lucine Sihelnik, President, Greater Reading Chamber Alliance Representative Johanny Cepeda-Freytiz Senator Judy Schwank Jennifer Stepp, Lead Teacher, Second Street Learning Center Governor Josh Shapiro
Source: Federal Bureau of Investigation (FBI) State Crime News
JOHNSTOWN, Pa. – A federal grand jury in Johnstown has returned a Superseding Indictment that charges two residents of Clearfield County, Pennsylvania, with conspiracy, federal program fraud, and money laundering, United States Attorney Eric G. Olshan announced today.
The 10-count Superseding Indictment named John “Herm” Suplizio, 64, and Roberta Shaffer, 59, both of DuBois, as the defendants. The pair was initially indicted and arrested in November 2023 on conspiracy and federal program fraud charges (read the earlier news release here). The Superseding Indictment expands the time frame of the federal program theft conspiracy in the original indictment, with allegations of an additional approximately $700,000 in theft, and also adds money laundering charges.
According to the Superseding Indictment, from in and around May 2008 to in and around March 2022, Suplizio, the City Manager for DuBois, and Shaffer, the Secretary to the City of DuBois, knowingly conspired to embezzle, steal, convert, and misapply over $1.5 million owned by the city. To accomplish this theft, Suplizio and Shaffer opened bank accounts without the knowledge of the DuBois City Council or auditors, and then funneled fees intended for the city from a waste management company and two oil and gas companies into those secret accounts. Suplizio and Shaffer used the stolen money to, among other things, make large cash withdrawals, write checks to themselves and others, obtain cashier’s checks with themselves listed as payees, and make payments to Suplizio’s personal credit card. The purchases on Suplizio’s credit card included Suplizio’s vacation expenses, utility expenses for Suplizio’s residence, department store purchases, jewelry store purchases, political dinners, and other personal expenses. The Superseding Indictment alleges that many of the transactions in which Suplizio and Shaffer engaged with the proceeds of their theft were over $10,000, which constitutes money laundering under federal law.
The law provides for a maximum sentence of up to either five or 10 years in prison, a fine of up to either $250,000 or $500,000, or both, on each count. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offenses and the prior criminal history, if any, of the defendants.
Assistant United States Attorney Nicole Vasquez Schmitt and Special Assistant United States Attorney Summer F. Carroll are prosecuting this case on behalf of the government.
The Federal Bureau of Investigation, Pennsylvania Office of Attorney General, Pennsylvania State Police, and Internal Revenue Service – Criminal Investigation conducted the investigation leading to the Superseding Indictment.
A Superseding Indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.
Source: Federal Bureau of Investigation (FBI) State Crime News
EUGENE, Ore.—A Prineville, Oregon woman was sentenced to federal prison yesterday for using stolen identities to submit fraudulent health care claims resulting in over $1.5 million in misappropriated funds from the Oregon Health Authority (OHA) Medicaid Program and filing false tax returns that failed to report earnings she received.
Darla K. Byus, 55, was sentenced to 48 months in federal prison and three years’ supervised release. She was also ordered to pay $2,033,315 in restitution to OHA and the IRS.
“Her crimes betrayed the trust placed in this company as a substance abuse treatment provider in Oregon. We thank the state and federal investigators for their dedication and commitment to ending this scheme,” said Nathan J. Lichvarcik, Chief of the U.S. Attorney’s Office Eugene and Medford Branch Offices. “Business owners who abuse the system to line their pockets at the expense of our communities will be held accountable.”
“HHS-OIG is committed to protecting Oregon communities and taxpayer funds from schemes targeting Oregon’s Medicaid program, which provides necessary services to vulnerable populations,” said Special Agent in Charge Steven J. Ryan with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG values our continued partnership with the Oregon Department of Justice’s Medicaid Fraud Control Unit and other law enforcement partners and will continue to investigate those who threaten the integrity of federal and state health care programs and the people served by them.”
“I am pleased that the joint investigation between our Medicaid Fraud Unit at Oregon DOJ and five federal agencies turned up the evidence needed for the United States Attorney to successfully prosecute this complex case. Oregon’s Medicaid program will get back over a million dollars it is rightfully owed, and those who try to defraud Oregonians and undermine our social safety net programs should be on notice— they will be caught and prosecuted,” said Oregon Attorney General Ellen Rosenblum.
According to court documents, from January 2019 to August 2021, Byus used her company, Choices Recover Services (CRS), to overbill the OHA Medicaid Program for substance abuse counseling services and to submit fraudulent reimbursement claims using the stolen identities of Medicaid recipients.
As an OHA Medicaid Provider for drug and alcohol related counseling services, CRS had access to a provider portal through the Medicaid Management Information System. Byus exploited this access to privileged information to determine a victim’s Medicaid eligibility. She then used their personally identifiable information to submit claims without the victim’s knowledge or authorization. Byus used the stolen identities more than 45 victims, at least a third of which were identified by searching jail roster websites for recent drug or alcohol related offenses.
Using CRS, Byus submitted over $3 million in false claims to the OHA Medicaid Program and received over $1.5 million in fraudulent proceeds. She used the misappropriated funds to purchase multiple properties in Oregon and to gamble. In addition, Byus knowingly filed false tax returns for herself and CRS, failing to pay approximately $450,438 in taxes.
On May 13, 2024, Byus was charged by criminal information with heath care fraud, aggravated identity theft, and making a false tax return and, on June 20, 2024, she pleaded guilty.
This case was investigated by the FBI, IRS Criminal Investigation, U.S. Department of Health and Human Services Office of the Inspector General, U.S. Department of Justice Tax Division, and the Oregon Medicaid Fraud Control Unit. It was prosecuted by Joseph H. Huynh and Gavin W. Bruce, Assistant U.S. Attorneys for the District of Oregon.
Source: United States Senator for Washington State Patty Murray
Washington state faces a shortage of nearly 172,000 affordable homes
Murray has made increasing federal funding to boost housing supply a top priority as Senate Appropriations Chair
Murray: “The housing crisis is hitting everyone, I hear about this from folks back in Washington state all of the time. We’ve got a long way to go, and a lot of people to help, but to me—the bottom line is more affordable housing.”
***WATCH: SENATOR MURRAY’S QUESTIONINGHERE***
Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Budget Committee, spoke at a Budget Committee hearing focused on steps to increase the supply of affordable housing and address the housing crisis. Senator Murray spoke about the work she has done to bring more affordable housing to Washington state, and emphasized that she is continuing to push additional progress—including through her role as chair of the Senate Appropriations Committee.
“The housing crisis is hitting everyone, I hear about this from folks back in Washington state all of the time. We’ve got a long way to go, and a lot of people to help, but to me—the bottom line is more affordable housing,” said Senator Murray. “So I really believe this is an all-hands-on-deck crisis that requires every level of government to step up to do their part.”
“On the Senate Appropriations Committee, I was really proud to help create the Pathways to Removing Obstacles to Housing program—or the Yes-In-My-Back Yard program as we originally referred to it—to help identify and remove barriers to producing and preserving affordable housing,” continued Senator Murray. “And we were able to provide $100 million for that program in Fiscal Year 2024—even under the very difficult Fiscal Responsibility Act caps. That is in addition to other important investments the federal government is making to boost supply—the HOME program, Low-Income Housing Tax Credit. But clearly, the current levels of investment are not sufficient—and not moving quickly enough—to meet, really, the urgency of this crisis.
During her questioning, Senator Murray discussed her long history working to help families get affordable housing, which includes steps like helping create the Pathways to Removing Obstacles program (also known as the “Yes-In-My-Back Yard” grant program), funding the HOME Investment Partnerships program, supporting the Low-Income Housing Tax Credit, and bringing Congressionally Directed Spending back to Washington state for affordable housing efforts. As Chair of the Appropriations Committee, Senator Murray fought hard against Republican efforts to cut housing investments, and ultimately succeeded in protecting affordable housing programs in Fiscal Year 2024, even securing $100 million for the “Yes-In-My-Back Yard” grant program, a $15 million increase over the year prior.
In the Fiscal Year 2025 housing funding bill Murray passed out of committee this summer, she protected the existing funding level for the “Yes-In-My-Back Yard” grant program and secured a $175 million increase for the HOME Investment Partnerships program to help construct more than 8,400 new affordable homebuyer and rental units—Murray is currently working to pass this bill into law.
Washington state is facing a housing crisis due to the shortage of affordable housing. According to the National Low Income Housing Coalition, Washington state has a shortage of nearly 172,000 affordable homes, meaning for every 10 extremely low-income Washington state families, there are only about 3 affordable homes.
In her questions to the witnesses, Senator Murray asked about the most effective steps the federal government can take to support increasing the affordable housing supply, what some of the biggest challenges have been over the last ten years, and how progress made in Democrats’ American Rescue Plan contrasts with Republican proposal for a second Trump Administration, like the drastic housing cuts proposed in Project 2025.
The full transcript of Senator Murray’s questioning is below:
MURRAY: The housing crisis is hitting everyone. I’m from Washington state, I hear about it all the time. We’ve got a long way to go, a lot of people to help. But to me—the bottom line is more affordable housing.
In Washington state we face a shortage of almost 172,000 affordable homes, meaning that for every 10 extremely low-income Washington state families, there’s only 3 affordable homes. So I really believe that this is an all-hands-on-deck crisis that requires every level of government to step up and do their part.
On the Senate Appropriations Committee, I was really proud to help create the Pathways to Removing Obstacles to Housing program—or the Yes-In-My-Back Yard program as we originally referred to it—to help identify and remove barriers to producing and preserving affordable housing. And we were able to provide $100 million for that program in Fiscal Year 2024—even under the very difficult Fiscal Responsibility Act caps.
That is in addition to other important investments the federal government is making to boost supply—the HOME program, Low-Income Housing Tax Credit. But clearly, the current levels of investment are not sufficient—and not moving quickly enough—to meet, really, the urgency of this crisis.
So Mr. Williams—let me start with you—what have been some of the most effective federal interventions to address our housing shortage?
WILLIAMS: Thank you, Senator. I think the best way to measure our most effective programs is by looking at the number of units of supply that they’ve brought online. So I think in recent decades, the Low Income Housing Tax Credit program is responsible for the most production of new supply of affordable housing. In the very recent past, I’m also very optimistic about the Pathways to Removing Obstacles program, as it’s kind of addressing the issue from a different angle which is encouraging municipalities to remove some of the zoning and permitting obstacles that prevent new housing supply, affordable and market rate housing, from being able to come online. I understand that, I believe Seattle in your state received a Pathways to Removing Obstacles award, and so I’m optimistic that will result in some changes in your state as well.
MURRAY: Very good, thank you very much.
And Ms. Harris, I’m curious what have you seen in building additional housing over the last decade. You’ve seen a lot, how could the federal government better support the kind of work that the Better Housing Coalition is doing?
HARRIS: Well, thank you Senator. And Mr. Williams is correct, the Low Income Housing Tax Credit program has been extremely effective in allowing us to produce more housing units and also preserve existing affordable housing units. You know the cost of a unit of housing, whether its market rate or affordable, is almost identical and the only way we are able to offer rents at 50, 60, 70 percent off of market rate rents is the capital stack we use by holding our debt down to about 30 percent of the overall development cost versus a market rate development that is somewhere between 70 and 90 percent. The Low Income Housing Tax Credit Equity allows us to do that, and then there’s usually 15 to 20 percent left of gap financing that is needed.
We’ve used creative things like Capitol Magnet Funds from the CDFI fund, ARPA dollars, in some cases CDBG, and philanthropy to be able to fill those holes and deliver quality housing options for families. The one thing I would say while we’re cobbling together sometimes 12, 13, 14 sources of financing–that adds another 12 to 24 months to the delivery time. And the demand is so high every time we open up a new community, we have four, five times the amount of applications that we have units to help families find quality housing.
MURRAY: Thank you very much.
Mr. Speaker it is an honor to have you here, thank you very much for joining us. I’m curious to ask you because we have heard Donald Trump’s Project 2025 agenda proposes leaving HUD’s responsibilities to states and localities without any federal funding or oversight, and proposes selling off the nation’s public housing stock, which is a critical piece of our country’s affordable housing priorities.
Here in Congress, we also saw the House Republicans put forward a 2025 budget that would slash HUD funding. So as you’re watching all this from your seat, can you talk a little bit about those kinds of proposals would affect your state’s housing efforts?
SHEKARCHI: Thank you, Senator. It would have a disastrous effect, not only on Rhode Island but on the rest of the country. Look, there are clearly some things we can all agree on which is we need some local zoning reform. But to privatize the public housing sector would exasperate an already existing crisis we have and a shortage. Where are the people who are living in these homes going to go? How are they going to afford to rent them or buy them? It is a very short-sighted solution to a very complex problem. We need both–we need federal subsidies and we need land use reform on a local level, and we need the federal government to step in because the states and the local communities cannot do it alone, Senator.
So it’s a combination of an effort that would work and you’ll see sustainable progress in affordable housing. Clearly the biggest solution, how we get there we can differ, but is to create more housing. We need more housing at every single level: the market level of housing, the workforce housing, the low income housing, and even homelessness needs more shelters. So you can take your pick as to which one you want to fund or to what degree, but all of them need attention from the federal government and they need to use local reforms to make it easier.
The private sector will step up and the private sector is ready, willing, and able to build in Rhode Island and probably throughout all 50 states. This is not a red state issue or a blue state issue, this is an every state issue. The private sector will do its part, but we need the federal government as well–we need both to partner, if you will.
MURRAY: Thank you very much, I’ve heard the same from my governor and local officials so I really appreciate that.
Source: The White House
Metropolitan Museum of ArtNew York, New York
5:49 P.M. EDT
THE FIRST LADY: Good evening. (Applause.)
Aren’t all of our U.S. military musicians spectacular? (Applause.) Thank you for all that you — for joining us this evening. It’s great to be with so many friends here.
For Joe, diplomacy is personal. It’s why, for more than 50 years, he’s created deep personal bonds with world leaders. He shows up for our allies and our partners. He listens and is always eager to debate complex international issues to find common ground.
Serving as first lady has be- — of the United States is the honor of my life. This is our — (applause). Thank you.
This is our fi- — our United Nations — our final United Nations General Assembly as president and first lady. So, tonight, I want to take this moment to celebrate Joe and honor the relationships he’s built with all of you — (applause) — to honor these relationships with all of you to shape a brighter future for people around the world.
Please join me in welcoming my husband, President Joe Biden. (Applause.)
THE PRESIDENT: (Laughs.) That was worth the trip. (Laughter.)
Well, welcome, everyone. I’m delighted to see you all. You know, my fellow leaders and friends we’ve honored here, it’s an honor to welcome you here tonight.
I should start off by saying we owe a special thanks tonight to — to Mayor Bloomberg. He’s not the mayor right now, but he’s still the mayor. (Laughter.) Mr. Mayor, thank you for all you’ve done.
I want to begin by quoting someone who I wish was here tonight: my mom, Catherine Eugenia Finnegan Biden. (Applause.) Growing up, my mom had an expression. She had a lot of expression. She had a backbone like a ramrod. But my mom, she used to say, “Joey, remember, never bow, never bend, never yield, and never give up.”
Folks, as I said yesterday at the United Nations, I recognize the challenges the world faces: Ukraine, Gaza, Sudan, Haiti, war, hunger, poverty, climate change. But my message to you tonight is this: We must never, ever, ever bow, bend, yield, or give up. And most importantly, we must never lose faith — lose faith in our abilities to do so much.
I was first elected to the United States Senate when I was 29 years old, 280 years ago. (Laughter.) Since then, I’ve seen the impossible become — the impossible become reality, for real. I’ve seen the Berlin Wall come down. I’ve seen Poland leave the (inaudible) — I shouldn’t go on, I guess. But I’ve seen apartheid end. I’ve seen humanity pull together to prevent a nuclear war. I’ve seen war criminals and dictators face justice and accountability for human rights violations. And I’ve seen countries in the Middle East make peace. We must always remember.
In America, I was (inaudible) — I spent a lot of time with Xi of China, and we were in the Tibetan Plateau, and it was one of my 90-some hours alone with him. And he looked at me; he said, “Can you define America for me?” This is an absolutely true story. He said, “Can you define America for me?” I said, “Yes. In one word: possibilities — possibilities.” (Applause.) We believe anything is possible. No, I really mean it. Remember, nothing is impossible.
And, folks, look, in our time, we turn the page on the — on the — on a whole range of issues. We turned the page. Nothing is impossible, as I said, but we turned the page on the worst pandemic in a century. We defended Ukraine as a tyrant threatened to wipe it off the map. We made the largest investment in history to fight climate change, the existential threat to humanity.
And, folks, time and again — and I mean this sincerely — time and again, our nation and our world found a way forward. But make no mistake: It didn’t happen by accident. Nothing was inevitable. It took people like all of you assembled here tonight refusing to give up, rejecting the forces that pull us apart, believing that change is possible, and fighting to make it so every single day. That’s what you in this room assembled have done.
Ladies and gentlemen, that’s our change. Together, we can broker deals, end wars and suffering. We can stop the spread of disease and dangerous weapons alike. We can make AIempower people, not shackle them. We can cut our emissions and achieve our climate ambitions. We can leave our children, literally, a better world.
That’s our obligation, and we can. We can do this.
I can say to you — and I mean this sincerely — I’ve never more optimistic in my life because of all of you, and I mean it from the bottom of my heart.
So, thank you. Thank you. Thank you. Keep it up.
And every time I’d walk out of my grandpop’s house up in Scranton, he’d yell, “Joey, keep the faith.” My grandmother would go, “No, Joey, spread it.” Spread it. Spread it. Spread it. (Applause.)
Folks, remember, nothing is beyond our capacity when we work together. Nothing at all.
So, thank you, thank you, thank you for all you’re doing. I appreciate it very, very much.
It’s an honor to be with you. Thank you. (Applause.)
5:54 P.M. EDT
We, the Leaders of the Group of Seven (G7), reaffirm our unwavering support for Ukraine today and in the future, in war and in peace. As stated in the Apulia-G7 Leaders’ Communiqué, together with international partners, we remain determined to provide military, budget, humanitarian, and reconstruction support to Ukraine and its people and are strongly committed to helping Ukraine meet its urgent short-term financing needs and to assisting with Ukraine’s long-term recovery and reconstruction.
We dispel any false notion that time is on Russia’s side or that Russia can prevail by causing Ukraine to fail economically. Russia’s war of aggression has wrought tremendous damage upon Ukrainian cities and infrastructure. Today, we reaffirm a series of commitments to counter its effects.
First, Russia’s responsibility under international law to pay for the damage it is causing is clear. We reaffirm that, consistent with all applicable laws and our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
Second, we commit to use our economic assistance to ensure Ukraine maintains macro-financial stability, to repair and build critical infrastructure including in the energy sector, to boost economic growth, to support social resilience as well as the implementation of priority reforms. These include improving the business climate, strengthening anti-corruption efforts, implementing the justice system reform and promoting of the rule of law within the context of the EU accession process. We will also support Ukraine to ensure rapid and transparent absorption of donor financing.
Third, we are continuing our joint work to implement the decision made at the G7 Summit in Apulia to launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine by the end of the year, in order to make available approximately USD 50 billion in additional funding to Ukraine. The loans will be serviced and repaid by the future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions. Part of these funds will be directed to military assistance to Ukraine. We will maintain solidarity in our commitment to providing this support to Ukraine.
Fourth, we will continue to pursue our vision also by strategizing, coordinating and steering our support for Ukraine’s economic recovery and reconstruction through the Ukraine Donor Platform. This will include catalyzing private sector contributions as well as leveraging bilateral, European Union, and international financial institution funding, and encouraging Ukraine’s reform agenda in view of the country’s accession path to the EU. We will continue to support Ukraine’s human capital through our ongoing response to humanitarian needs and social protection.
Finally, we will continue to assess and monitor progress on these commitments through Ukraine Donor Platform meetings and the annual Ukraine Recovery Conference, the next edition of which will be hosted by Italy in 2025.
In order to implement the above-mentioned commitments,we will each work to provide Ukraine withspecific, bilateral support aligned with this joint declaration and with the bilateral security agreements and arrangements that have been negotiated and signed with Ukraine.
For its part, Ukraine is committed to implementing its economic, judiciary, anti-corruption, corporate governance, defense, public administration, public investment management and law enforcement reforms. These reforms are necessary and will be vital to enabling long-term support for Ukrainian reconstruction and recovery.
Our message is clear: we remain committed to the strategic objective of a free, independent, democratic and sovereign Ukraine, within its internationally recognized borders, that is prosperous and able to defend itself. We highlight the importance of an inclusive and gender-responsive recovery and the need to address the different needs of women, children and disabled persons as well as other population groups who have been disproportionately affected by Russia’s war of aggression. Through our collective support for Ukrainian reconstruction and recovery, we will ensure that Russia fails in its objectives to subjugate Ukraine – and that Ukraine emerges from Russia’s war of aggression with a modernized, vibrant, inclusive society and innovative economy, resilient to Russian threats. Other countries that wish to contribute to this effort in support of Ukraine’s long-term reconstruction and recovery may join this Joint Declaration at any time.
WASHINGTON – After a report revealed the Biden-Harris administration underbudgeted promises to veterans by $15 billion, U.S. Senator Joni Ernst (R-Iowa), a combat veteran, blasted the White House for handing over $293 million to the Taliban and having no clue how many millions it gave to Chinese labs for risky research.
After the Biden-Harris administration lost track of tax dollars being sent to mad scientists in China, Ernst is introducing the Chinese Laboratory Accountability and Watchful Spending (CLAWS) Act, which would require the Office of Management and Budget to annually disclose all taxpayer-funded research conducted in China.
“Joe Biden and Kamala Harris are undervaluing our heroes and underwriting our adversaries,” said Ernst. “When you ask why there are millions for the Taliban and China but not enough for veterans, it appears the cat has this administration’s tongue. We can claw back taxpayer dollars by ending support for terrorist groups, exposing all funding for batty experiments in China, and giving our veterans the highest quality of care.”
“Taxpayers have a right to know how much of their money is being recklessly shipped to Chinese animal labs that butcher beagles, poison puppies, and supercharge viruses in cruel and dangerous experiments. As the organization that first exposed Fauci’s funding for the Wuhan animal lab and ongoing U.S. government funding for dog tests and dozens of other animal labs in China, we applaud Senator Ernst and Representative Langworthy for introducing the common-sense CLAWS Act to crack down on Uncle Sam’s wasteful spending in China’s unaccountable animal labs,” said Justin Goodman, White Coat Waste Project Senior Vice President.
Background:
Over the past four years, Ernst has led the charge in conducting oversight investigations exposing the millions of taxpayer dollars being paid to laboratories and institutions in China and led the successful effort to defund and debar China’s Wuhan Institute of Virology.
She is the sponsor of the Accountability in Foreign Animal Research (AFAR) Act banning taxpayer funding of animal research in Chinese, Russian, and Iranian labs.
Last month, Senator Ernst blasted the White House for sending $293 million to the Taliban and amended her TRACKS Act to track and publicly disclose any tax dollars the Pentagon sends to the Taliban or any other foreign adversary.
Last week, she championed the Protecting Regular Order (PRO) for Veterans Act to hold the Department of Veterans Affairs accountable for a Veterans Benefits Administration budget shortfall of $15 billion.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, British Columbia, Sept. 25, 2024 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce that the Company has entered into an agreement with Red Cloud Securities Inc. (the “Agent”) to act as sole agent and bookrunner in connection with a best efforts, private placement (the “MarketedOffering“) for aggregate gross proceeds of up to C$5,000,000 from the sale of the following:
10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of up to C$1,500,000 from the sale of Units; and
gross proceeds of up to C$3,500,000 from the sale of any combination of (i) common shares of the Company that will quality as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share and (ii) flow-through units of the Company to be sold to charitable purchasers (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit.
Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit will consist of one Traditional FT Share and one half of one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 at any time on or before that date which is 24 months after the closing date of the Offering (as defined below).
The Agent will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional C$1,000,000 in any combination of Units, Traditional FT Shares and Charity FT Units at their respective offering prices (the “Agents’ Option” and together with the Marketed Offering, the “Offering”).
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), those Units, Traditional FT Shares and Charity FT Units representing gross proceeds of up to C$5,000,000 (the “LIFE Securities”) will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan (the “Canadian Selling Jurisdictions”) pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Unit Shares, Traditional FT Shares, Warrants and Warrant Shares issuable pursuant to the sale of the LIFE Securities are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the “U.S. Securities Act“), as amended.
Any Units and Charity FT Units sold in excess of gross proceeds of C$5,000,000 as well as the Traditional FT Shares (collectively, the “Non-LIFE Securities”) will be offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the Canadian Selling Jurisdictions, or in the case of the Units, also in offshore jurisdictions and the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the U.S. Securities Act. The Unit Shares, Traditional FT Shares, Warrants and Warrant Shares issuable from the sale of Non-LIFE Securities will be subject to a hold period ending on the date that is four months plus one day following the closing date of the Offering under applicable Canadian securities laws.
The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the issuance of the Traditional FT Shares and the Charity FT Units will be used for Canadian exploration expenses on the Company’s mineral projects in British Columbia and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the issue of the Traditional FT Shares and Charity FT Units.
The Offering is scheduled to close on or around October 15, 2024, or such other date as the Company and the Agent may agree, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The Company will pay to the Agent a cash commission of 6% of the gross proceeds raised in respect of the Offering (the “Agents’ Commission”). In addition, the Company will issue to the Agent warrants of the Company (each warrant, a “Broker Warrant”), exercisable for a period of 24 months following the Closing Date, to acquire in aggregate that number of common shares of the Company which is equal to 6% of the number of Offered Securities sold under the Offering at an exercise price equal to C$0.15 per Common Share.
There is an offering document related to the Offering that can be accessed under the Company’s profile at http://www.sedarplus.ca and on the Company’s website at http://www.westhavengold.com. Prospective investors should read this offering document before making an investment decision.
To the extent that any directors and/or officers the Company participate in the Offering, such participation will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company expects any participation by directors and officers in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the Units, Traditional FT Shares or Charity FT Units subscribed for by directors and officers, nor the consideration for such securities to be paid by them, will exceed 25% of the Company’s market capitalization.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors
WESTHAVEN GOLD CORP.
“Gareth Thomas”
Gareth Thomas, President, CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Westhaven Gold Corp.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls 60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavengold.com
Forward Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: that the Offering may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the Company for a number of reasons including, without limitation, as a result of the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at http://www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this offering document is expressly qualified by this cautionary statement.
Source: United States House of Representatives – Representative Jill Tokuda (Hawaii – 2nd District)
Washington, DC– Today, U.S. Representative Jill Tokuda (HI-02) issued the following statement after voting yes on the House bill to prevent a government shutdown.
“Our communities can’t afford to lose critical services, but House Republicans have yet again been unable to write or pass legislation to keep the government operating. A shutdown would hurt working families in Hawaiʻi who are already struggling to make ends meet and that’s why I voted today to send this stopgap funding bill to the Senate to ensure our government remains open through December. It is frustrating that while we kept government running, we are continuing to fail our disaster stricken communities like Maui by not passing critical funding or the Federal Disaster Tax Relief Act. This is a rare bipartisan opportunity to help Americans across the country recover, rebuild and heal, and I will keep fighting to bring home the relief Maui needs.
Tonight, bipartisan majorities in both chambers of Congress passed a continuing resolution to keep the government open through mid-December. I want to thank both houses of Congress—especially Senators Murray and Collins and Representatives Cole and DeLauro—for this bipartisan agreement and for avoiding a costly government shutdown. The passage of this bill gives Congress more time to pass full-year funding bills by the end of this year. My Administration will work with Congress to ensure these bills deliver for America’s national defense, veterans, seniors, children, and working families, and address urgent needs for the American people, including communities recovering from disasters. And while the Internal Revenue Service (IRS) has the resources it currently needs to continue its successful efforts to ensure that the wealthy and large corporations pay the taxes they owe, my Administration will oppose any cuts or restrictions that would increase the deficit by limiting the IRS’s ability to crack down on wealthy tax cheats.
Source: United States Senator Pete Ricketts (Nebraska)
September 25, 2024
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a member of the Senate Committee on Foreign Relations, introduced five pieces of legislation aimed at combatting the influence of the Chinese Communist Party (CCP) in America’s agriculture and financial sectors.
“The CCP is the single greatest threat to America’s national security and financial independence,” said Senator Ricketts. “A CCP-led world would mean coercion instead of choice, tyranny instead of liberty, and dictatorship instead of democracy. The only way to combat this threat is with a strong, strategic, all-of-government approach. These bills move us closer to that.”
The Securing American Agriculture Act bolsters and protects our domestic food and agriculture supply chains and reduces America’s reliance on foreign adversaries.
The Protecting Endowments from our Adversaries Act disincentivizes endowments from investing in adversarial entities flagged by the U.S. Government as threatening to our national security.
The No Capital Gains Allowance for American Adversaries Act eliminates tax breaks for investments made in companies based in China, Russia, Iran, North Korea, and Belarus.
The PRC Military and Human Rights Capital Markets Sanctions Act prevents Wall Street firms from using Americans’ investment dollars to effectively underwrite the CCP’s human rights abuses and aggression.
The No China in Index Funds Act prevents index mutual funds from holding Chinese stocks.
The bills were first covered by Fox News here.
BACKGROUND:
Securing American Agriculture Act – The PRC’s strategic control over crucial sectors of our food and agricultural supply chain poses a serious national security threat. In recent years, the PRC gained significant market share in the production of essential agricultural inputs like vitamins, veterinary pharmaceuticals, and crop protection tools. China now controls over 90% of vitamin C and vitamin B6 production and up to 85% of amino acids used in animal feed.
Losing access to these key inputs could drastically reduce agricultural productivity, increase food prices, and undermine domestic food security. A University of Wisconsin-Whitewater study found that, if left unchecked, the PRC’s domination of the amino acids market would destroy 30,000 U.S. jobs and reduce economic activity by $15 billion per year. The Securing American Agriculture Act bolsters and protects our food production supply chain.
Specifically, the bipartisan bill:
Requires the U.S. Department of Agriculture, in conjunction with the U.S. Trade Representative and the Department of Commerce, to conduct an annual threat assessment of critical food and agricultural supply chains.
Requires the Secretary of Agriculture to provide recommendations to mitigate potential threats from the PRC and for legislative and regulatory actions to reduce barriers to domestic critical input production.
U.S. Representatives Ashley Hinson (R-IA-02) and Elissa Slotkin (D-MI-07) haveintroduced companion legislation in the House. The Senate bill is co-sponsored by Senators Tammy Baldwin (D-WI), Mike Braun (R-IN), John Barrasso (R-WY), John Cornyn (R-TX), Shelley Moore Capito (R-WV), Deb Fischer (R-NE), Cynthia Lummis (R-WY), Mike Crapo (R-ID), Jim Risch (R-ID), Rick Scott (R-FL), and Eric Schmitt (R-MI).
A one-pager on the bill can be found here. Bill text is available here.
Protecting Endowments from Our Adversaries Act (PEOAA) – U.S. University endowment dollars have helped fund technology behind the CCP’s surveillance of Uyghur Muslims in China. Many endowment fund portfolios own Chinese stocks listed on American exchanges, either directly or indirectly. Tax-advantaged endowment dollars are supposed to be used to lower tuition costs and improve education, not to fund our adversaries.
Specifically, the bill:
Imposes a 50% excise tax on initial investments in adversarial entities on the Entity List, Military End User List, Unverified List, or FCC Covered List.
Imposes a 100% excise tax on the realized gains derived from listed investments one year after an entity is listed.
Applies to private college and university endowments over $1 billion.
U.S. Representative Greg Murphy (R-NC-3) has introduced companion legislation in the House. The Senate bill is co-sponsored by Senator Tom Cotton (R-AR) And Deb Fischer (R-NE).
One-pager can be found here. Bill text is available here.
No Capital Gains Allowance for American Adversaries Act – According to a comparative analysis of capital gains tax rates by the Law Library of Congress, many countries have investment incentives not applicable to some foreign investments. For example, China provides investment incentives through its tax code, but foreign investments are eligible only with the pre-approval of the Chinese government. The No Capital Gains Allowance for American Adversaries Act stops subsidizing our adversaries’ investments in the United States.
Specifically, the bipartisan bill:
Eliminates the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea.
Eliminates a related tax break, the “step-up in basis” at death, for investments in such companies.
Requires disclosure to the Securities and Exchange Commission (SEC) that no tax breaks are available for these stocks.
U.S. Representatives Brad Sherman (D-CA-32) and Victoria Spartz (R-IN-05) haveintroduced companion legislation in the House.
One-pager can be found here. Bill text is available here.
People’s Republic of China (PRC) Military and Human Rights Capital Markets Sanctions Act – A recent report identified 144 Chinese companies, or their affiliates, whose practices were so adverse to U.S. interests that it is illegal for Americans to buy their products. Most of these companies have been found to violate human rights. Others play an integral role in the CCP’s military-industrial complex. While buying the products of these companies is illegal, it is still legal to buy their stock. The PRC Military and Human Rights Capital Markets Sanctions Act fixes this problem.
Specifically, the bipartisan bill:
Prohibits Americans from purchasing, selling, or holding publicly-traded securities of companies that appear on sanctions lists or have an affiliate on the sanctions list.
Prohibits Americans from purchasing, selling, or holding publicly-traded securities that are derivatives of securities issued by a sanctioned company.
Prohibits Americans from purchasing, selling, or holding securities that provides investment exposure to a publicly-traded security issued by a sanctioned company or affiliate.
Requires divestment from the prohibited securities within 180 days.
U.S. Representatives Brad Sherman (D-CA-32) and Victoria Spartz (R-IN-05) haveintroduced companion legislation in the House.
One-pager can be found here. Bill text is available here.
No China in Index Funds Act – Index mutual funds minimize their expenses by simply investing in all the companies in a certain market sector, without looking closely at the individual companies. There are unique difficulties in evaluating the risks of investing in Chinese companies. Americans should not invest in these companies without carefully evaluating the risk. The No China in Index Funds Act will keep these hard-to-evaluate Chinese stocks out of index mutual funds.
Specifically, the bipartisan bill:
Prohibits index funds from investing in Chinese companies.
Requires index funds to divest from such investments within 180 days.
U.S. Representatives Brad Sherman (D-CA-32) and Victoria Spartz (R-IN-05) haveintroduced companion legislation in the House.
One-pager can be found here. Bill text is available here.
Source: The Conversation – USA – By Andrew J. Hoffman, Professor of Management & Organizations, Environment & Sustainability, and Sustainable Enterprise, University of Michigan
The U.S. has seen a large number of billion-dollar disasters in recent years.AP Photo/Mark Zaleski
Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country.
There are a few reasons, but a common thread: Climate change is fueling more severe weather, and insurers are responding to rising damage claims. The losses are exacerbated by more frequent extreme weather disasters striking densely populated areas, rising construction costs and homeowners experiencing damage that was once more rare.
Hurricane Ian, supercharged by warm water in the Gulf of Mexico, hit Florida as a Category 4 hurricane in October 2022 and caused an estimated $112.9 billion in damage. Ricardo Arduengo/AFP via Getty Images
Just a decade ago, few insurance companies had a comprehensive strategy for addressing climate risk as a core business issue. Today, insurance companies have no choice but to factor climate change into their policy models.
Rising damage costs, higher premiums
There’s a saying that to get someone to pay attention to climate change, put a price on it. Rising insurance costs are doing just that.
Increasing global temperatures lead to more extreme weather, and that means insurance companies have had to make higher payouts. In turn, they have been raising their prices and changing their coverage in order to remain solvent. That raises the costs for homeowners and for everyone else.
The importance of insurance to the economy cannot be understated. You generally cannot get a mortgage or even drive a car, build an office building or enter into contracts without insurance to protect against the inherent risks. Because insurance is so tightly woven into economies, state agencies review insurance companies’ proposals to increase premiums or reduce coverage.
The insurance companies are not making political statements with the increases. They are looking at the numbers, calculating risk and pricing it accordingly. And the numbers are concerning.
The arithmetic of climate risk
Insurance companies use data from past disasters and complex models to calculate expected future payouts. Then they price their policies to cover those expected costs. In doing so, they have to balance three concerns: keeping rates low enough to remain competitive, setting rates high enough to cover payouts and not running afoul of insurance regulators.
But climate change is disrupting those risk models. As global temperatures rise, driven by greenhouse gases from fossil fuel use and other human activities, past is no longer prologue: What happened over the past 10 to 20 years is less predictive of what will happen in the next 10 to 20 years.
The number of billion-dollar disasters in the U.S. each year offers a clear example. The average rose from 3.3 per year in the 1980s to 18.3 per year in the 10-year period ending in 2024, with all years adjusted for inflation.
With that more than fivefold increase in billion-dollar disasters came rising insurance costs in the Southeast because of hurricanes and extreme rainfall, in the West because of wildfires, and in the Midwest because of wind, hail and flood damage.
Hurricanes tend to be the most damaging single events. They caused more than US$692 billion in property damage in the U.S. between 2014 and 2023. But severe hail and windstorms, including tornadoes, are also costly; together, those on the billion-dollar disaster list did more than $246 billion in property damage over the same period.
As insurance companies adjust to the uncertainty, they may run a loss in one segment, such as homeowners insurance, but recoup their losses in other segments, such as auto or commercial insurance. But that cannot be sustained over the long term, and companies can be caught by unexpected events. California’s unprecedented wildfires in 2017 and 2018 wiped out nearly 25 years’ worth of profits for insurance companies in that state.
To balance their risk, insurance companies often turn to reinsurance companies; in effect, insurance companies that insure insurance companies. But reinsurers have also been raising their prices to cover their costs. Property reinsurance alone increased by 35% in 2023. Insurers are passing those costs to their policyholders.
What this means for your homeowners policy
Not only are homeowners insurance premiums going up, coverage is shrinking. In some cases, insurers are reducing or dropping coverage for items such as metal trim, doors and roof repair, increasing deductibles for risks such as hail and fire damage, or refusing to pay full replacement costs for things such as older roofs.
Some insurances companies are simply withdrawing from markets altogether, canceling existing policies or refusing to write new ones when risks become too uncertain or regulators do not approve their rate increases to cover costs. In recent years, State Farm and Allstate pulled back from California’s homeowner market, and Farmers, Progressive and AAA pulled back from the Florida market, which is seeing some of the highest insurance rates in the country.
In some cases, insurers are restricting coverage. Roof repairs, like these in Fort Myers Beach, Fla., after Hurricane Ian, can be expensive and widespread after windstorms. Joe Raedle/Getty Images
State-run “insurers of last resort,” which can provide coverage for people who can’t get coverage from private companies, are struggling too. Taxpayers in states such as California and Florida have been forced to bail out their state insurers. And the National Flood Insurance Program has raised its premiums, leading 10 states to sue to stop them.
According to NOAA data, 2023 was the hottest year on record “by far.” And 2024 could be even hotter. This general warming trend and the rise in extreme weather is expected to continue until greenhouse gas concentrations in the atmosphere are abated.
In the face of such worrying analyses, U.S. homeowners insurance will continue to get more expensive and cover less. And yet, Jacques de Vaucleroy, chairman of the board of reinsurance giant Swiss Re, believes U.S. insurance is still priced too low to fully cover the risk from climate change.
Climate change is a major factor in the rising cost of insurance. Join us for a special free webinar with experts Andrew Hoffman of the University of Michigan and Melanie Gall of Arizona State University to discuss the arithmetic behind these rising rates, what climate change has to do with it, and what may be coming in your future insurance bills.
Andrew J. Hoffman does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
The IMF Board approved an SDR155 million (about US$210 million) ECF arrangement for Liberia. This decision will enable an immediate disbursement of SDR4.3 million (about US$5.8 million).
The 40-month financing package will support the authorities’ Economic Reform Agenda (ARREST) to address macroeconomic imbalances, strengthen debt sustainability, and lay the foundations for higher, more inclusive, and private sector-led growth, beyond the enclave sector.
The ECF arrangement is expected to catalyze additional external financing from international financial institutions (IFIs) and development partners.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) has approved a 40-month arrangement under the Extended Credit Facility (ECF) for Liberia, amounting to SDR155 million (60 percent of the quota, or approximately US$210 million). This support aims to assist the authorities in their reform efforts to address macroeconomic imbalances and establish a foundation for increased private-sector-led growth beyond the natural resource sector. With the Executive Board’s approval of the arrangement, an immediate disbursement of SDR4.3 million (about US$5.8 million) will be made, helping Liberia meet its ongoing balance of payments needs, primarily due to significant and widening development gaps.
The authorities’ economic program, supported by the 40-month ECF arrangement, envisages a comprehensive policy package to strengthen fiscal sustainability and create fiscal space for investment. This will begin with rationalizing unproductive spending, followed by efforts to mobilize domestic revenue. This policy package is intended to help mitigate debt vulnerability and foster more robust and sustainable growth. Key policies outlined in the program include: (i) reducing unproductive spending, (ii) implementing new tax measures, including a Value Added Tax (VAT), and streamlining extensive tax expenditures, (iii) increasing priority public spending, particularly on basic infrastructure, and (iv) enhancing financial stability by addressing the issue of non-performing loans. A critical goal of the authorities’ reform program is to preserve and enhance social spending, especially in the education and health sectors.
Following the Executive Board discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:
“Liberia’s economic vulnerability has worsened in recent years. Fiscal slippages have compromised public debt sustainability, contributing to a sharp decline in international reserves. Governance weaknesses have also persisted. To address these challenges, the new authorities that took office in early 2024 have requested a 40-month arrangement under the Extended Credit Facility to support a broad-based reform agenda.
“The Liberian authorities are appropriately prioritizing restoring fiscal credibility. They are focusing on reducing unproductive spending and shifting resources toward public investment while protecting social spending. Over the program period, the authorities should continue to strengthen fiscal discipline and improve domestic revenue mobilization, including through the introduction of the VAT and the reduction of generous tax incentives.
“It will also be important to significantly improve the authorities’ debt management capacity. It is crucial to continue to seek concessional loans and grants to create fiscal space for critical infrastructure development.
“Given the significant challenges in the financial sector, it is imperative that the new Banking and Financial Institutions Act be adopted expeditiously to provide for modern bank supervisory and resolution frameworks. Other vital reforms also need to be put in place to strengthen the banking sector.
“Building on recent progress, the Central Bank of Liberia (CBL) needs to continue to improve its governance to bolster its independence and credibility. It is also important to strengthen the monetary policy framework.
“The authorities are firmly committed to revitalizing the reform agenda to support macroeconomic stability, promote broad-based economic development, and reduce widespread poverty. Comprehensive structural reforms, including improvements in governance and transparency, are critical for achieving these objectives. Maintaining strong program ownership, supported by capacity development, will be crucial to ensure program success and continued donor support.”
Today, Her Majesty’s Canadian Ships (HMCS) Edmonton and Yellowknife returned to their homeport of Esquimalt, British Columbia, after a successful seven-week deployment on Operation CARIBBE.
September 25, 2024 – Esquimalt, BC – Department of National Defence / Canadian Armed Forces
Today, Her Majesty’s Canadian Ships (HMCS) Edmonton and Yellowknife returned to their homeport of Esquimalt, British Columbia, after a successful seven-week deployment on Operation CARIBBE.
During this deployment, on September 5, 2024, HMCS Yellowknife, working closely with the United States Coast Guard Law Enforcement Detachment, intercepted a drug smuggling vessel. This interception, conducted approximately 430 nautical miles southwest of Acapulco, Mexico, resulted in the seizure of approximately 1,400 kilograms of cocaine, with an estimated street value of $60 million (Canadian).
Operation CARIBBE is Canada’s contribution to the enhanced counter-narcotics operations led by the United States through the Joint Interagency Task Force – South, which is responsible for conducting international and interagency detection and surveillance operations and facilitating the interdiction of illicit trafficking. This operation is one of many activities undertaken by the Government of Canada to disrupt transnational criminal activity at sea and help keep drugs off Canadian streets.
Quotes
“The performance of HMC Ships Edmonton and Yellowknife on Operation CARIBBE was exceptional and brought great credit to Canada’s Pacific Fleet. The skill and professionalism of both crews, in joint operations with our American allies, resulted in the seizure of tens of millions of dollars worth of dangerous narcotics. This impressive seizure clearly demonstrates how the Canadian Navy contributes to the overall security of Canadians. Welcome home and congratulations, you have earned it.”
– Rear Admiral Christopher Robinson, Commander, Maritime Forces Pacific
“I would like to thank the crews of HMCS Edmonton and Yellowknife, as well as the embarked team from the US Coast Guard Law Enforcement Detachment who deployed with us. We are proud of our contribution to the multinational effort to stem the flow of illicit drugs into North America. Through our collaborative efforts, we have helped enhance the safety and security of Canada.”
– Lieutenant-Commander Tyson Babcock, Commanding Officer of HMCS Yellowknife
Quick Facts
HMCS Edmonton and Yellowknife are Kingston-class coastal defence vessels designed for surveillance and patrol of coastal waters.
The Royal Canadian Navy has been conducting Operation CARIBBE since November 2006 and remains committed to working with partners in the Western Hemisphere and Europe to address security challenges in the region and disrupt illicit trafficking operations.
Each year, Canada, working closely with partner countries, intercepts and seizes millions of dollars worth of illicit drugs and plays a major role in stemming trafficking in international waters. In doing so, Canada helps control and disrupt drug trafficking in international waters near South and Central America.
On Tuesday, September 24, this year, a special session of the Council of Ministers was held. During the first public part of the meeting, the ministers presented reports on the activities of their ministries in connection with the flood. Later in the session, the Council of Ministers adopted a draft act amending the act on special solutions related to the removal of the effects of floods. On Wednesday, the government will present information on its activities in the Sejm. Prime Minister Donald Tusk announced the position of the Council of Ministers regarding the most up-to-date information on the current system.
I want to start every Cabinet meeting, at this critical time, with a briefing on the flood situation.
– said the head of government. The Prime Minister also provided information on the amount of financial resources allocated for flood operations and the reconstruction plan.
Regarding the scale of this aid, in terms of the aid itself during the flood and the plan that we are preparing, “Reconstruction Plus”, at the moment – including European funds – we assume that we will be able to mobilise up to PLN 23 billion.
– he said. Minister of Finance: We are working on increasing the amountEl Minister Andrzej Domański summed up the most important things that the Ministry of Finance has proposed so far. He recalled that at the moment the Ministry of Finance has secured PLN 2 billion in the state budget for the implementation of the most urgent aid tasks related to combating the effects of floods and is still working on increasing this amount.
We are currently issuing decisions releasing funds for voivodes, including for the payment of flood benefits. We are also working together with the local government on direct aid for affected municipalities. Among other things, we have at our disposal funds from the reserve in the amount of PLN 738 million. The decision on the division of this reserve will be made together with the local government.
– informed the Minister of Finance. Taxpayers who suffered as a result of the flood may apply for the cancellation of tax liabilities.
We remind you that entrepreneurs affected by floods can apply for a write-off of tax liabilities in the manner provided for in the tax ordinance. Regardless of this solution, we have introduced a regulation extending the tax payment deadlines for entrepreneurs affected by floods.
– emphasized the Minister of Finance. The non-repayable aid can be counted on, among others, by borrowers whose mortgage obligation will be taken over by the state for 12 months.
We are introducing non-refundable assistance for mortgage borrowers. The support will consist of repayment by the Borrower Support Fund of the borrower’s obligations under the housing loan for a period of 12 months regardless of the amount of the loan installment.
– the minister informed Domański. The minister also reminded about the regulation introducing a 0% IVA rate for donations of goods and services transferred to flood victims and informed about the activities of the National Revenue Administration.
We have also introduced a zero VAT rate for donations of goods and services made by Polish entrepreneurs to flood victims. The National Revenue Administration issues certificates to flood victims immediately.
I am delighted to be able to speak before you today, as representatives of Hessian family businesses. Family businesses play a significant role for the German economy and German society.
In cooperation with the audit firm EY, the University of St. Gallen in Switzerland compiles the Global Family Business Index.[1] It lists the 500 largest family businesses in the world. And, last year, 78 businesses on this list – nearly 16% – were located in Germany. This puts Germany in second place behind the United States, which, however, has nearly five times the GDP of Germany. According to EY data, these 78 businesses generated the equivalent of just over €1 trillion in revenues in 2023.[2] Germany’s share of total revenues is therefore just over 10%. And, let it be noted, these are merely the largest and highest-revenue family enterprises.
However, when we talk about family businesses, it is naturally not just numbers that come to mind. It’s about much more than that, not least about tradition. What I often hear in this context is that “family businesses think in terms of generations, not quarterly reports”. For me, staying power is a good and important quality to have in order to comprehensively rise to challenges and overcome them sustainably. And we are currently facing our share of challenges; of that there is no doubt. I am referring to macroeconomic challenges, which also matter to family businesses.
Once a year, the Society for the German Language (Gesellschaft für die deutsche Sprache) chooses several terms as “Words of the Year”. Krisenmodus – “crisis mode” – took first place last year.[3] The term Krisenmodus will probably ring a bell if you look back across the past few years: the COVID–19 pandemic, disintegrating supply chains, high energy prices. This has also left its mark on economic growth, which, this year, will remain weak as well.
In my speech, I want to discuss in depth the factors that are still continuing to gnaw away at growth. These factors can be either temporary or also permanent in nature. My focus will be on the permanent factors, as we have to address these structural factors in order to make long-term progress. I will subsequently discuss which economic policy measures can specifically help overcome the current weak growth. However, let me first put the current period of economic weakness into context. How serious is the situation really?
2 Are Germany’s days as an industrial superpower coming to an end?
In the first half of 2024, like last year, Germany ranked among the laggards in terms of growth in the euro area. German GDP more or less stagnated in the first six months of the year, whereas the euro area average picked up markedly. Germany does not come off favourably in a global comparison, either. The advanced economies’ collective GDP rose by 0.5% in the spring, and of these, the United States even saw a 0.7% increase.
Third-quarter economic figures for Germany have likewise remained weak. All the while, the media seem to be trying to outdo each other with horror stories about the German economy. “Germany’s days as an industrial superpower are coming to an end” was, for instance, the title of a Bloomberg article in February on the current economic situation in Germany.[4] We read further on in that story that the “underpinnings of Germany’s industrial machine have fallen like dominoes”.
Just a cursory look back over the history of our economy shows us this: there is nothing inherently new about such headlines and debates. Germany weathered a pronounced slump around the turn of the millennium. Bloomberg Businessweek titled the cover page of its February 2003 issue “The decline of Germany”.[5] And, at the end of 2004, German author Gabor Steingart published a book titled Deutschland – der Abstieg eines Superstars (Germany – The decline of a superstar).[6] Is that painful crisis threatening to repeat itself? Are we in decline?
Without wanting to get ahead of myself: we are undoubtedly in a midst of a difficult transformation process. But it’s a process we have the power to shape. And if we shape it right, then my clear response is: No, in my opinion Germany is not in decline! How is today’s situation in Germany different from that at the turn of the millennium? Let’s take a look at the numbers.
At that time, the unemployment rate as calculated by the International Labour Organization (ILO) stood at over 9% on average; it is now 3.3%, and thus also well below the euro area average of 6.5%. Back then, the most pressing labour market problem was unemployment; now, it is the shortage of skilled workers.
Moreover, German firms’ profitability and capital base are much better now than they were 25 years ago. As a case in point, the average capital ratio was 23% then, whereas in the 2020 to 2022 period it averaged 30%. The profit margin went up from 3.4% at the time to 4.5% in the 2020 to 2022 period. These data are subject to a major time lag, which is why we do not yet have any numbers for 2023.
However, what are the reasons for the current feeble growth dynamics? The energy crisis had an outsized impact on Germany, an exporting country where manufacturing has a special status. As, before the outbreak of Russia’s war of aggression against Ukraine, dependency on inexpensive Russian energy deliveries was high – too high. Moreover, the fallout from the high inflation weighed on the economy. Many consumers kept their purse strings tight. In addition, the restrictive monetary policy is dampening economic activity. And last but not least, industry continues to be impacted by weak foreign demand, particularly because our euro area trading partners’ imports rose less strongly than world trade. What we know for sure is that some of these factors are only temporary. We therefore assume that Germany’s economy will be able to slowly regain some momentum.
3 Structural challenges
Some factors, however, have a longer-term effect. We are facing extensive structural challenges which can likewise dampen growth. To wit, energy costs are set to remain higher than before Russia’s war of aggression against Ukraine for quite a while to come. The price of natural gas fell from some €240 per kilowatt hour in August 2022 to €30 in early 2024, before then bouncing back up to around €38 in August of this year, still well above the average price of €13 in the pre-crisis year of 2019.
But the desired transition to a carbon-free energy supply will be costly as well, at least over a relatively long transition period. Plus there are further challenges such as demographic change, the reduction of unilateral dependence on imports and fragmentation of international trade.
The transition to a climate-neutral economy, above all, will require massive investment. On this point, a study commissioned by the KfW Group estimated the volume of investment needed to reach Germany’s net-zero targets by mid-century. The result: around €5 trillion. [7] A McKinsey study even puts the figure higher still, at €6 trillion.[8] And just like when you retrofit an old building to improve its energy efficiency, that number includes investment that will be made in any event. But the estimated incremental investment is considerable, too. The KfW study puts this at around €72 billion per year, or just under 2% of German GDP.
And even though the comprehensive digitalisation process that needs to take place will offer huge opportunities, it, too, will require investment, not to mention training or reconceptualising of processes and business lines. But how is investment faring in Germany at the moment? Let’s take a look at the statistics.
They show that investment in buildings, machinery and equipment, and other assets in Germany has not grown over the past few years. And declining investment was a key factor behind the slight contraction in economic output in the second quarter. But not just that: in a recent analysis the audit firm EY found that the number of foreign investment projects in Germany has dropped for the past six years in a row.[9] All things considered, despite the aforementioned challenges and the need for investment that they entail, there is currently no indication of an investment boom.
But what are the reasons for this weak investment propensity? We have investigated this question through our business survey, the Bundesbank Online Panel – Firms. In it, around 7,400 German firms were asked in the third quarter of 2023 about their motives for investment. We published the results in the May edition of our Monthly Report.[10]
The poor macroeconomic setting was evidently the key reason for declining investment. This was closely followed by high energy and wage costs, a shortage of skilled workers, uncertainty about regulation, and high taxes and public levies. Low public funding, inefficient public administration and poor digital infrastructure played a lesser role. These findings may be a year old, but there is much to suggest that they remain valid.
4 The tasks of economic policy
This brings us to the following question: what can economic policy do to remove barriers to investment, or at least mitigate them? One thing it certainly cannot do is directly influence the challenging global setting. For certain other barriers, however, it is very much possible and preferable to tackle them through economic policy. I would like to address three such areas: energy and climate policy, bureaucratic hurdles and the labour market.
4.1 Energy and climate policy
The first area primarily concerns planning certainty and reliability in energy and climate policy. The terms planning certainty and reliability were not plucked out of thin air, as shown by the Economic Policy Uncertainty Index. Developed by the economists Scott Baker, Nicholas Bloom and Steven Davis, this index is based on the analysis of pertinent newspaper articles.[11] According to the index, economic policy uncertainty in Germany has risen much more strongly over the past few years than the average for Europe.[12] Deciding to invest in green technologies is mostly tied up with irreversible costs. So where there is uncertainty about future policy, firms understandably hesitate before making such decisions.
Now, there is no doubt about the basic direction we’re heading in: we have to become carbon neutral if we care even just a little for the welfare of subsequent generations. But when it comes to the details, there is indeed uncertainty. How will the costs of fossil fuels develop? How will the costs of environmentally friendly energy develop and will there be a reliable supply? What will government regulation, taxation, and support look like?
To reduce these kinds of uncertainties about the energy transition, it is vital that we have a transparent, purposeful and consistent overall framework. This framework includes having sufficient capacity to import and store climate-neutral energy, and back-up power plants for the event that a dunkelflaute – a period with no wind or sunlight – coincides with a period of high energy needs. And, of course, an efficient energy grid. It will therefore be increasingly important, too, to expand power lines connecting Germany from north to south, but also connecting us to our neighbours in Europe.
The Bundesbank believes that the key instrument to achieve climate objectives should be a price on carbon emissions. This is because carbon pricing ensures that savings and investment are made where it is possible to do so with the lowest costs. However, the crucial thing is to apply carbon pricing as broadly, uniformly and predictably as possible.
Ambitious carbon pricing not only creates incentives for the use of renewable energy, but also for greater energy efficiency. Our April Monthly Report showed how important advancements in energy efficiency are to not missing climate targets.[13] Increases in energy efficiency reduce aggregate energy intensity and thereby boost aggregate production. They thus counteract the activity-dampening stimuli likely to emanate from a higher carbon price.
So the production losses or gains that would be associated with achieving climate goals depend not least on energy-saving technological progress. Besides carbon pricing, subsidies for research and development are one conceivable instrument to increase energy efficiency. However, subsidies should be used in a measured and purposeful manner.
I’m not just concerned about the burden on government finances, which we naturally have to keep an eye on as well. When government interventions become too complex and too extensive, they can significantly distort market incentives. It is possible, for example, that firms keep putting off the necessary investment in the hopes of receiving future subsidies. Some subsidies still in place in the energy and transportation sectors actually run counter to the climate goals. To a certain extent, they therefore act in the same way as a negative carbon price.[14] And last but not least, excessive government intervention ultimately leads to bureaucratic hurdles.
4.2 Bureaucratic hurdles
That brings me to the second area where economic policy can improve the investment climate: the burden of bureaucracy. We should make a distinction between two different aspects here. First, there is the extent of requirements placed on firms. For example, there has recently been intense debate about the Supply Chain Act and questions surrounding data protection. In this respect, politicians should make sure they don’t throw the baby out with the bathwater. Even if the objectives are legitimate, the ability to implement measures has to be borne in mind.
Second, the speed of bureaucracy is important. In Germany, congestion occurs not just on the motorways but also in approval processes. It can sometimes take years for a wind turbine to go into operation, say. When it comes to the pace and efficiency of bureaucracy, especially, we should consider digitalisation as a huge opportunity. Digital technologies can simplify and streamline administrative processes. Incidentally, that is very much in the interest of the administration seeing as it, too, is affected by the shortage of skilled workers. It would appear somewhat logical to bundle more processes when it comes to the digitalisation of administration.
That means the targeted transferral of responsibilities to central units, which develop harmonised approaches in a cost-effective way. This would open the door to achieving economies of scale, if the relevant costs per process are reduced thanks to a larger area of application, say. What I’m thinking about here is the digitalisation of the tax administration, for instance. It could likely leverage efficiency reserves if certain tasks were delegated to a single unit. A modern form of federalism could also help us to leverage efficiency reserves, specifically when those responsible actually learn from the best practices of others.
And I’m speaking on this not just as an economist, but also as the president of a large public authority. Dismantling bureaucracy and driving digitalisation often require enormous effort and persistence. But they also present huge opportunities. There’s a reason why the Society for the German Language listed “AI boom” as another “Word of the Year” in 2023, ranking it number eight.
4.3 Labour market
The third area where economic policy can play an important role is the labour market. You, as operators of businesses, have been complaining of a shortage of skilled workers for many years now. Quite apart from the current bout of economic weakness, the problem has been increasingly exacerbated by demographic change. And it will become even greater in the future.
The number of vacancies per unemployed person is often used as an indicator of tightness in the labour market. Up until 2014, there were around three vacancies for every 10 unemployed persons.[15] At the moment, there are roughly six jobs available for every ten unemployed persons. And the number of vacancies has also climbed to an all-time high since the end of the pandemic and is barely coming down. There is a shortage of skilled workers, and a shortage of labour.
There is a host of conceivable measures to reduce this shortage: open up better employment opportunities for women and older people, make a targeted play for skilled workers from abroad, strengthen vocational and further training, and do a better job of getting the long-term unemployed and immigrants into work.
Equally, we shouldn’t lose sight of the groups that so far haven’t participated in the labour market – known as the “hidden reserve”. According to the Federal Statistical Office, Germany’s hidden reserve recently came to almost 3.2 million people.[16] Close to 60% of them have a mid to high-level qualification. Looking at the hidden reserve, there are significant differences between the genders. For example, many women state that they cannot work because they care for children or family members. We should make better use of this untapped potential labour force. Expanded care facilities for children or dependants requiring care are an important way to help more people enter the labour market.
I am certain that many of you have already taken steps at your businesses to make it easier to reconcile work and family life: you operate kindergartens or have spaces reserved at other childcare facilities, offer flexible working time models or the option of working from home – the list of possibilities is long.
The number of older persons in employment could be increased as well, for example if the statutory retirement age were linked to life expectancy after 2030. This would allow the ratio of retirement to working years to be more or less stabilised. Without this link, the ratio would carry on growing as life expectancy continues to rise. Also, in the short term, it might be worth considering limiting the financial incentives to take early retirement.
After all, in the interests of preserving a good employment and investment climate, it is important to see to it that the tax burden on labour and capital remains reasonable. Germany, for instance, has a high corporate tax burden in comparison to other countries.[17]
The Federal Government has the three economic policy areas I have just spoken about on its radar. This can be seen in this year’s growth initiative from 17 July. The bundle of 49 measures is intended – amongst other things – to increase incentives to work, including making it more attractive for older people to remain in work, accelerate the reduction of bureaucracy and secure the further expansion of renewable energy generation. The growth initiative is an important step in the right direction if Germany wants to rise to today’s challenges. Much depends on its implementation, however. And there is still much to be done.
As an economist myself I must of course not forget what the term “budget constraints” implies: it is not easy to deal with all these challenges when the public purse is light. This being as it is, a critical evaluation of economic policy priorities is almost certainly unavoidable, and that evaluation will remain on the agenda even if the debt brake were to be reformed. The Bundesbank would tolerate a reform if it would continue to guarantee sound government finances. And we have proposed some stability-oriented reforms.
4.4 More financing via the capital markets union
I have gone over what politics and politicians can do to improve the investment climate in Germany. But whether or not an investment will pay off over the long term is not the only important factor. Any investment project must also be funded.
That brings me to the European perspective. Because, all too often, businesses come up against internal European borders in their search for funding. An integrated capital market across the whole of Europe could give European businesses access to more funding for important private investments. But to forge that integrated pan-European capital market, we must make swift progress on both the banking and capital markets unions.
To demonstrate my point with figures: securitisation markets in the EU saw a volume of around €800 billion in 2020. In the United States, this volume was at around US$3.2 trillion, excluding government-guaranteed products.[18] So that’s a different magnitude altogether, even though the United States and the EU have comparably large economies when measured by purchasing power parity.[19] The European securitisation market fell apart following the financial crisis and has never fully recovered since. The securitisation volume in the United States, on the other hand, has already exceeded pre-crisis levels, with the caveat that American market structures are not perfectly comparable with European ones.
You may be thinking that securitisation has a bad reputation. And you would be right. After the 2008 financial crisis it was the poster child for “bad financial market innovations” and mainly brought to mind the sale of potentially non-performing loans to unsuspecting investors. As the head of the Bundesbank’s financial crisis management team at the time, I had an unmatched position from which to examine the dynamics of the crisis in detail.
The financial crisis did indeed lay bare the weaknesses in the securitisation process, which can particularly come to bear in highly complex securitisation transactions. These related to deficits surrounding transparency, risk management and valuation methods. Properly structured and well regulated, though, securitisation vehicles can definitely offer added value to our economy. Securitisation markets complement other sources of long-term financing in the real economy. They give enterprises the opportunity to broaden their funding.
This particularly applies to small and medium-sized enterprises, because securitisation gives them indirect access to capital market investors. Moreover, securitisation can relieve the pressure on bank balance sheets and open up additional scope for lending to the private sector. Well-regulated and structured securitisation markets could improve the allocation of resources in an economy and ensure a better distribution of risk.[20] This could reduce funding costs and increase economic growth.
Support for the securitisation market is thus an important element of EU plans for a capital markets union. But there are others. The creation of integrated financial supervisory structures is planned. National insolvency rules, accounting and securities law are to be harmonised. The goal is to create a level playing field for all financial market participants operating at the EU level. And so long as this goal remains abstract, pretty much nobody has a problem with it. As soon as concrete decisions and negotiations enter the picture, however, unity often dissipates. Harmonising national rules is impossible without compromise, after all.
Happily, more and more European policymakers are coming around to the view that we urgently need a common capital market. There’s been some movement on that front in the last few months. I think, for example, that we have made good progress towards developing a European securitisation market. We need to break down the barriers separating European capital markets one by one!
5 Conclusion
Ladies and gentlemen,
As far as the structural challenges are concerned, we need to set the necessary changes in motion and make them fit for purpose. I am certain we can achieve that. The underpinnings of Germany’s industrial machine are still intact, and Germany’s position as an industrial and investment location is better than its present reputation implies. After recording sluggish growth at the turn of the millennium, Germany ranked as an economic powerhouse in Europe for more than decade.[21] Perhaps that should inspire us to invest shrewdly and sufficiently in our future.
Economic policymaking can lay a solid foundation for that investment, but it is not all-powerful. It all comes down to enterprises and their employees in the end. Academic studies show that family businesses have greater resilience when in crisis mode than other enterprises.[22] I therefore firmly believe that all of you, as operators of family-owned businesses, continue to play an important role in ensuring the German economy rises to the challenges it faces today. And thus in ensuring that Germany remains ready for what the future holds
See EBA (2022), Joint Committee advice on the review of the securitisation prudential framework (Banking), p. 24. For comparison purposes, the total volume of the US securitisation market (US$13,131 billion) was adjusted for agency ABSs (75%), while the total volume of the EU securitisation market (€3,058 billion) was adjusted for mortgage CBs (63%) and other CBs (11%).
Buchner et al. (2021), Resilienz von Familienunternehmen – Eine systematische Literaturanalyse, Betriebswirtschaftliche Forschung und Praxis 73, Vol. 3, pp. 225 f.
Make in India Celebrates 10 Years: A Decade of Transformational Growth India’s Manufacturing Revolution Gathers Momentum with Focus on Innovation, Investment, and Self-reliance
Posted On: 25 SEP 2024 3:52PM by PIB Delhi
The ‘Make in India’ initiative, launched on 25th September 2014, completes a landmark decade of empowering India to become a global manufacturing hub. Under the visionary leadership of Prime Minister Shri Narendra Modi, the program has played a pivotal role in boosting domestic manufacturing, fostering innovation, enhancing skill development, and facilitating foreign investment.
10 Years of Impact: A Snapshot
Foreign Direct Investment (FDI): Since 2014, India has attracted a cumulative FDI inflow of USD 667.4 billion (2014-24), registering an increase of 119% over the preceding decade (2004-14). This investment inflow spans 31 States and 57 sectors, driving growth across diverse industries. Most sectors, except certain strategically important sectors, are open for 100% FDI under the automatic route. FDI equity inflows into the manufacturing sector over the past decade (2014-24) reached USD 165.1 billion, marking a 69% increase compared to the previous decade (2004 -14), which saw inflows of USD 97.7 billion.
Production Linked Incentive (PLI) Scheme: The PLI Schemes introduced in 2020 have resulted in ₹1.32 lakh crore (USD 16 billion) in investments and a significant boost in manufacturing output of ₹10.90 lakh crore (USD 130 billion) as of June 2024. Over 8.5 lakh jobs have been created directly and indirectly due to the initiative.
Exports & Employment: India’s merchandise exports surpassed USD 437 billion in FY 2023-24. Exports have surged, with an additional ₹4 lakh crore generated due to the PLI schemes, while total employment in the manufacturing sector increased from 57 million in 2017-18 to 64.4 million in 2022-23.
Ease of Doing Business: India’s commitment to improving business conditions is evident in its sharp rise from 142nd rank in 2014 to 63rd rank in 2019 in the World Bank’s Doing Business Report. Over 42,000 compliances have been reduced, and 3,700 provisions has been decriminalized. The Jan Vishwas (Amendment of Provisions) Act, 2023, passed by Lok Sabha on 27th July 2023 and Rajya Sabha on 2nd August 2023, which has decriminalized 183 provisions across 42 Central Acts.
Key Reforms
Semiconductor Ecosystem Development: Semicon India Program, worth ₹76,000 crore, aims to provide an impetus to semiconductor and display manufacturing by facilitating capital support and technological collaborations. India has developed policies to support every segment of the semiconductor ecosystem, not just focusing on fabs but also including packaging, display wires, OSATs, sensors, and more.
National Single Window System (NSWS): Launched in September 2021, this platform simplifies the investor experience, integrating clearances from 32 Ministries/ Departments and 29 States/UTs, facilitating rapid approvals.
PM Gatishakti: PM Gati Shakti National Master Plan (NMP), a GIS based platform with portals of various Ministries/Departments of Government, was launched in October, 2021. It is a transformative approach to facilitate data-based decisions related to integrated planning of multimodal infrastructure, thereby reducing logistics cost.
National Logistics Policy (NLP): Aimed at reducing logistics costs and increasing efficiency, the NLP, launched in 2022, is key to making Indian products more globally competitive.
Industrial Corridors & Infrastructure: The development of 11 industrial corridors under the National Industrial Corridor Development Programme has seen the approval of 12 new projects with a projected investment of ₹28,602 crore. These corridors enhance India’s competitiveness by providing world-class infrastructure.
One-District-One-Product (ODOP): Promoting indigenous products and craftsmanship across India, the ODOP initiative has fostered local economic development, with Unity Malls being set up in 27 states to provide platforms for these unique products.
Startup India: The Government with intent to build a strong ecosystem for nurturing innovation and encouraging investments launched the Startup India initiative on 16th January 2016. Sustained efforts by the Government under the Startup India initiative have led to an increase in the number of recognised startups to 1,40,803 as on 30th June 2024, which have created over 15.5 lakh direct jobs.
Government of India has undertaken a comprehensive and multi-faceted approach to boost both domestic and foreign investments, fostering a robust and dynamic economic environment. From landmark reforms such as the Goods and Services Tax (GST) and the reduction in corporate tax, to far-reaching measures aimed at improving ease of doing business and streamlining FDI policies, every step is geared towards creating a more investment-friendly ecosystem. Initiatives like the Phased Manufacturing Programme (PMP), public procurement orders, and Quality Control Orders (QCOs) are focused on driving domestic manufacturing and enhancing product quality.
The Government’s proactive response to the challenges posed by COVID-19, through the Atmanirbhar Bharat packages and targeted investments under the National Infrastructure Pipeline (NIP) and National Monetization Pipeline (NMP), has turned adversity into an opportunity for growth. Tools such as the India Industrial Land Bank (IILB), Industrial Park Rating System (IPRS), and the National Single Window System (NSWS) further streamline processes for investors. Additionally, Project Development Cells (PDCs) in various Ministries ensure that investment proposals are fast-tracked, making India a more attractive destination for global and domestic investors. These efforts collectively reinforce India’s position as a burgeoning hub for manufacturing and innovation.
As India moves into its next decade of growth, Make in India 2.0 focuses on furthering sustainability, innovation, and self-reliance. With strategic interventions in renewable energy, green technologies, and advanced manufacturing, the initiative is ensuring that Indian products meet the highest global standards.
WASHINGTON –Senator Mike Lee (R-UT) introduced the Saving Privacy Act, a bill to end government abuse of Americans’ financial information. For years, federal agencies have been overreaching in their surveillance, collecting vast amounts of personal financial data from law-abiding citizens without just cause. Senator Rick Scott (R-FL) is an original co-sponsor of the bill.
“The federal government has no business surveilling the financial activities of millions of innocent Americans,” said Senator Lee. “The current system erodes the privacy rights of citizens, while doing little to effectively catch true financial criminals. My Saving Privacy Act ensures that Americans’ personal information is protected and that government agencies operate within the bounds of the Constitution.”
“Big government has no place in law-abiding Americans’ personal finances. It is a massive overreach of the government and a gross violation of their privacy,” said Senator Rick Scott. “That is why I am teaming up with Senator Lee so that we can protect Americans’ personal financials for good. Our Saving Privacy Act will allow federal agencies to go after criminals while also protecting innocent Americans’ data. This is commonsense legislation, and I am urging my colleagues to support its immediate passage.”
“This kind of reform restores the proper balance—as provided by the Fourth Amendment—between Americans’ privacy rights and law enforcement’s ability to gather evidence to enforce laws. It would protect individuals’ financial privacy and improve federal agencies’ abilities to prosecute criminal activity rather than sift through millions of low-value reports. This kind of reform is long overdue.” – Norbert Michel, Jennifer Schulp, and Nicholas Anthony of the Cato Institute
“Financial privacy is of paramount importance in the digital age,” said Bryan Bashur, Director of Financial Policy for Americans for Tax Reform. “Lawmakers should support Sen. Lee’s efforts to further preserve financial privacy and prevent the federal government from easily accessing this information. Enacting this legislation will also protect consumers from other existential threats to financial privacy—such as tracking stock trading and electronic payment activity.
Government surveillance efforts have been largely ineffective, as demonstrated by the dismal success rate of suspicious activity reports (SARs) submitted to the Financial Crimes Enforcement Network (FinCEN). In FY2023, financial institutions submitted 25.4 million SARs and currency transaction reports (CTRs), yet less than 0.3% of these reports resulted in relevant IRS-CI and FBI cases.
In recent years, FinCEN and the FBI surveilled the financial transactions of individuals and solicited banks for information on purchases related to “Trump,” “MAGA,” firearms, and even religious texts. Meanwhile, the Securities and Exchange Commission (SEC) has quietly been constructing a centralized database, the Consolidated Audit Trail (CAT), designed to track every single stock market transaction and the personal information of millions of Americans without any congressional approval.
Senator Lee’s bill, the Saving Privacy Act, seeks to curb these abuses and restore Fourth Amendment protections for all Americans.
Key Provisions of the Saving Privacy Act:
Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining recordkeeping provisions.
Repeals the Corporate Transparency Act.
Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
Repeals the SEC’s Consolidated Audit Trail (CAT) database.
Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
Prohibits the creation of a Central Bank Digital Currency.
Requires congressional authorization for financial regulations deemed major rules.
Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.
Union Minister of Textiles Shri Giriraj Singh launches ‘Paridhi 24×25’ – a bilingual web portal of VisioNxt and Begusarai Extension Centre National Institute of Fashion Technology and National Skill Development Council sign a Memorandum of Understanding
Posted On: 25 SEP 2024 6:21PM by PIB Delhi
Union Minister of Textiles, Shri Giriraj Singh in the presence of Union Minister of State for External Affairs & Textiles, Pabitra Margherita, launched India-specific fashion trend book, “Paridhi 24×25” a bilingual web portal of VisioNxt and the AI Taxonomy e-book on 5th September 2024. The event saw participation from more than 150 industry leaders from fashion, textiles and retail as well as notable craftsmen and weavers from various craft clusters. VisioNxt has produced 60+ micro trend reports, 10+ close-to-season trend reports, 3+ research papers, and the first ever AI Taxonomy book of Indian wear categories to date.
VisioNxt has positioned India globally among countries that predict fashion trends, increasing the visibility of Indian fashion vocabulary and identity while reducing dependence on international trend agencies. India’s entry into the forecasting space will reduce dependence on global forecasting agencies, provide unique insights into Indian fashion consumers, integrates India’s strength in information technology with textiles, and combines artificial and human intelligence.
The much-anticipated National Institute of Fashion Technology’s (NIFT) Begusarai Extension Centre was officially inaugurated today by the Union Minister of Textiles, Shri Giriraj Singh. The inauguration was accompanied by the launch of a three-day workshop focused on imparting basic tailoring and garment-construction skills to participants. The Minister, along with other dignitaries, visited key facilities including the pattern-making section, garment construction lab, and classrooms, where he interacted with the trainee participants, encouraging them to make the most of the learning opportunities provided at the centre.
During the event, a Memorandum of Understanding (MoU) was signed between NIFT and National Skill Development Council (NSDC) in the presence of the Shri Giriraj Singh. The Minister in his address mentioned the establishment of NIFT Begusarai Centre which will lead to inclusive growth of the marginalised society of the nation. He emphasised on the role of NIFT in building a strong craft led skilled work force which acts as an important part of the fashion industry. He further shared his plans for the development of the Textile sector how it can play a measure role in making India an economic superpower.
Begusarai Extension Centre successfully completed its first workshop from 17 to 19th of September 2024 in which 31 ladies from Jeevika self-help group were trained in an intensive workshop for basic cutting and tailoring for beginners. The workshop was very well received and all the participants very keenly attended and learnt many new methods and designs.
At the Global Textile Summit in 2017, the Prime Minister highlighted the gap in the availability of India-specific real-time trend insights for industry stakeholders. In response, VisioNxt — a Trend Insights and Forecasting Initiative, was conceived and established at NIFT with the support of the Ministry of Textiles. The initiative focused on delivering trend insights and forecasting for the Indian fashion and retail market.
VisioNxt is India’s first-ever initiative that combines Artificial Intelligence (AI) and Emotional Intelligence (EI) to generate fashion trend insights and forecasts. It identifies, maps, and analyses geo-specific trends, reflecting the positive plurality, cultural diversity, and socio-economic nuances of India while collating comprehensive trends and insights to support weavers, manufacturers, retailers, domestic businesses, homegrown designers, and fashion brands. This report is available
Peak fares are an unfair tax on workers and students.
More in Transport
Scottish Green co-leader Lorna Slater has urged the First Minister to mark Climate Week by halting the return of peak rail fares.
Speaking at First Minister’s Questions, Ms Slater underlined the unfair nature of peak fares, which punish workers and students who have no choice about when they travel.
The return of peak fares will see rail prices soaring. From the end of this week, someone travelling from the First Minister’s Perthshire constituency will pay £34.30 for a return ticket during peak hours, an increase of 58% on the current cost of £21.60.
In her first question to the First Minister, Ms Slater said: “This week is Climate Week. The Climate Change Committee tells us that we urgently need to decarbonise transport. Getting people out of cars and planes and onto buses, trains and their own feet or wheels.
“The Scottish Government’s pilot to abolish peak rail fares, which was championed by the Scottish Greens in government, ends this week, hiking up the prices of train fares for many workers and students who do not have any choice about when they travel.
“Is this the right message for the Scottish Government to be sending in Climate Week?”
Following a response from the First Minister, in which he did not reverse his decision, Ms Slater called for the SNP to support the introduction of a private jet tax to fund the permanent removal of peak fares.
Ms Slater said: “The First Minister is in luck as I have a suggestion. Oxfam has reported that £21.5 million a year could be raised through a tax on Private Jets, assuming it was embedded in the Air Departure Tax, legislation that this parliament passed 7 years ago and hasn’t acted on. That’s enough to abolish peak fares for good.
“We all understand the need to ensure an exemption to Air Departure Tax for our island communities. Will the First Minister work with the UK Government to urgently introduce this tax so commuters can once again have fairer prices on our trains?”
Uniformed members of Trail Life USA present the colors at the Family Research Council’s 2018 Values Voter Summit.Chip Somodevilla/Getty Images
The Family Research Council is a conservative advocacy group with a “biblical worldview.” While it has a church ministries department that works with churches from several evangelical Christian denominations that share its perspectives, it does not represent a single denomination. Although its activities are primarily focused on policy, advocacy, government lobbying and public communication, the Internal Revenue Service granted the council’s application to be treated as “an association of churches” in 2020.
Concerned that the IRS had erred in allowing the council and similar groups to be designated churches or associations of churches, Democratic members of the House of Representatives sent the Treasury secretary and the IRS commissionerletters in 2022 and 2024 expressing alarm. The House Democrats pointed to what appeared to be “abuse” of the tax code and asked the IRS to “determine whether existing guidance is sufficient to prevent abuse and what resources or Congressional actions are needed.”
As a professor of nonprofit law, I believe some groups that aren’t churches or associations of churches want to be designated that way to avoid the scrutiny being a charitable organization otherwise requires. At the same time, some other groups that should qualify as churches may have difficulty doing so because of the IRS’ outdated test for that status.
All charitable nonprofits, including churches, get the same basic benefits under federal tax law. This means they don’t have to pay taxes on their revenue and that donors can deduct the value of their gifts from their taxable income – as long as they itemize deductions on their tax return.
Unlike other tax-exempt charities, churches don’t have to file 990 forms. That means the public does not have access to churches’ staff pay, board membership and funding details, which are in this publicly available tax form that all other charities must complete every year. The availability of 990 forms enhances the transparency and accountability of the nonprofit sector.
And churches and associations of churches are unlikely to get audited by the IRS. Federal law requires that a senior IRS official “reasonably believes” the church or association has violated federal tax rules before beginning an investigation. This means that an official must have reason to believe the organization has violated federal tax law before obtaining any information from the organization.
This standard is higher than what’s needed before an audit can begin for all other tax-exempt organizations and indeed all taxpayers. For everyone else, the IRS is free to begin an examination based only on a suspicion of a violation or even based on random selection.
Also, unlike other tax-exempt charities, churches and church associations are automatically eligible for their tax-exempt status. They don’t have to apply for it.
Why churches get special treatment
Congress has passed laws granting churches and what it calls “integrated auxiliaries” and “conventions or associations of churches” special protections because the First Amendment to the U.S. Constitution protects religious freedom.
Churches include houses of worship ranging in size from a handful of parishioners to megachurches with 10,000 or more people attending weekly services. Houses of worship of all faiths, including synagogues, mosques and temples, count as churches, according to the IRS.
Integrated auxiliaries are church schools and other organizations affiliated with churches or conventions and primarily supported by internal church sources, as opposed to by the public or government.
Conventions or associations of churches are organizations that have houses of worship from either a single denomination or from multiple denominations as their members. Most denominational bodies, such as the executive committee of the Southern Baptist Convention and the U.S. Conference of Catholic Bishops, are likely conventions or associations of churches, although the IRS does not publish a list of such entities.
Not every religious nonprofit belongs in one of these categories.
For example, the University of Notre Dame, where I teach law students and conduct legal research, and World Vision, a global humanitarian group, are both religious organizations that do not fall into any of these categories. This makes sense, because Notre Dame and World Vision are primarily engaged in activities other than fostering a religious congregation or coordinating the activities of churches within a single denomination.
The IRS has long relied on a 14-factor test to distinguish churches from the other religious nonprofits. Examples of those factors include having ordained ministers, a formal doctrine, a distinct membership and a regular congregation attending religious services.
It’s not necessary for all the factors to apply to pass this test.
Yet for almost as long, courts have been uncomfortable with this test because it draws heavily on the traditional characteristics of Protestant Christian churches, as the U.S. Court of Federal Claims explained in a 2009 ruling. This system therefore may be a poor fit for houses of worship of other faiths, especially given the increasing diversity of faith communities.
These courts have instead adopted an “associational test.” It focuses on whether the organization’s congregants hold religious services on a regular basis and gather in person on other occasions.
Aprill and I recommend that the IRS change its definition for churches to the associational one adopted by some courts in rulings as early as 1980. As the U.S. Court of Federal Claims explained in that 2009 ruling, this test focuses on whether a body of believers assembles regularly to worship. Given technological advances, the IRS should also make it clear that this test can be satisfied through remote participation in religious services using interactive, teleconferencing apps such as Zoom.
This definition would be also better suited for congregations of all faiths because some faiths do not prioritize many of the factors included in the IRS test, such as having a formal code of doctrine or requiring members to not be associated with other houses of worship or faiths. And it would better reflect how some Americans participate in religious services today.
We recommend that the IRS revisit its test for being a church and that Congress pass a law that would change the definition of church associations. The new law could limit associations of churches to organizations that represent a single denomination, as Congress likely initially intended.
This latter change would make it harder for religious organizations that are primarily involved in bringing churches from multiple faiths together to engage in advocacy or other activities to obtain this status and the lack of transparency and accountability that come with it. We believe Congress, not the IRS, should make this change because of the potential political tensions that narrowing the definition could create.
We don’t think the changes would impinge upon the special role that churches have in our society. Indeed, the revised test for qualifying as a church would better fit with both the increasing variety of faiths in our country and technological advancements.
Lloyd Hitoshi Mayer is affiliated with the University of Notre Dame, a tax-exempt religious nonprofit corporation. Lloyd Hitoshi Mayer is also affiliated with South Bend City Church, a tax-exempt religious nonprofit corporation that is classified as a church for federal tax purposes.
ITASCA, Ill., Sept. 26, 2024 (GLOBE NEWSWIRE) — Revenera, producer of leading solutions that help technology companies build better products, accelerate time-to-value, and unlock new revenue opportunities, today released the Revenera Monetization Monitor 2025 Outlook: Software Monetization Models and Strategies report. Based on the results of a global survey of 418 leaders at global technology companies, this report is part of an annual series, which provides product executives at software, intelligent device, and IoT companies with benchmarks about digital business models and trends related to hybrid approaches to monetization and deployment models.
As software suppliers work to drive profitability, extensive reliance on usage-based pricing is more prevalent than a year ago. Successful initiatives must overcome the biggest barriers to the growth of annual recurring revenue: delayed time to market-for-new features/enhancements and customer acquisition.
“Software suppliers face two megatrends that they can take advantage of to improve their market position. Because Cloud and AI costs are driving up their operating expenses, product teams are considering how to respond to this pressure with pricing and packaging changes. At the same time, insight into real product usage and customer value is more available to suppliers than it has ever been,” said Nicole Segerer, General Manager at Revenera. “There is a significant market opportunity for technology companies that can adapt their offerings to the needs of their customers and grow more quickly than their competition.”
While subscription models remain top for expected growth, the Revenera Monetization Monitor 2025 Outlook indicates a sharp rise in outcome or value-based models, as well as usage-based approaches. Suppliers who are proactive and able to quickly implement these new models are better able to grow revenues while helping to offset the growing cost of running software in the cloud.
A clear understanding of monetization models is necessary for efficient innovation.
The popularity of subscription/term monetization continues. It is the leading monetization model among companies that use one model extensively and is the most widely used model. It is also the model most likely to grow as a percentage of overall software license revenue in the next 12–18 months, followed closely by outcome-based monetization models.
Extensive reliance on usage-based pricing (including consumption and metered models) is more prevalent over the past year. The flexibility of pay-per-use may be a method of delivering the flexibility customers want.
Revenue goals are key to monetization and innovation initiatives. Among companies that have changed monetization models, the #1 reason was to “improve revenue margins/company valuation.” Among those who are planning change, the #1 reason is to “better support intelligent device models.”
The introduction of new monetization models can be relatively rapid or can necessitate more than a year. While some (18 percent) introduced a new monetization model in less than three months, almost half of respondents (46 percent) reported that it took more than 6 months.
Better support of pricing and packaging changes remains the leading reason for changes to monetization strategies. Growing in relative importance over the past year is the need to add/improve automated enforcement.
Extensive use of SaaS continues, while private cloud deployments see strong growth.
Use of hybrid software deployment models continues. SaaS is still in the lead as the most widely used deployment model, with 86 percent using it at least moderately, up from 80 percent a year ago.
Respondents’ use of private cloud is going up significantly. A year ago, 20 percent of respondents reported using private cloud extensively; that number went up to 33 percent today, making private cloud the deployment model being used most extensively.
The staying power of on-premises deployments remains. The number using SaaS extensively (for more than 51 percent of their product lines), 27 percent, only slightly edges out on-premises (25 percent) deployments.
The transition to SaaS will continue. A year ago, 57 percent of respondents indicated that their use of SaaS in the coming 12–18 months would grow; that number goes up to 61 percent this year. More suppliers are transitioning multiple products from on-premises to SaaS; 73 percent report having transitioned multiple products from on-premises to SaaS.
Product usage data is being used primarily to identify upsell opportunities, identify customer churn/retention risk, and prioritize product roadmap decisions.
Delayed time-to-market for new features/enhancements is the biggest barrier to growing annual recurring revenue. Customer acquisition follows close behind as an impediment to growing ARR.
Nearly all software companies recognize the importance of collecting product usage data. A mere 2 percent of respondents aren’t collecting data and have no plans to do so. Today 82 percent can gather product usage data either very well or that they have the ability to do some of this.
Aligning price and value is an ongoing challenge. Only slightly more than a third (36 percent) indicate that pricing is “totally aligned” with the value delivered to customers.
Multiple hurdles for aligning price and value are intensifying. The most pressing is “Lack of insights into user personas and their priorities,” reported by 50 percent. The number of respondents citing “lack of insights to monetize the most valuable features” and “disparate systems make it difficult to achieve single customer view” have also gone up in the past year.
Churn risks merit closer attention. The vast majority of respondents monitor churn risk. 97 percent monitor churn risk, but only 21 percent review support tickets to spot churn risk, illustrating an opportunity to improve their processes.
Methodology
The Revenera Monetization Monitor 2025 Outlook series of reports is based on 418 complete responses to a survey conducted by Revenera from May through July 2024. Job levels of these survey respondents were C-level/executive (23 percent), SVP/VP (17 percent), director (44 percent), manager/team leader (15 percent), and individual contributors/non-manager/consultant (1 percent). This report focuses on Software Monetization Models and Strategies; subsequent reports in this series will address Software Piracy & Compliance and Software Usage Analytics.
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About Revenera Revenera helps product executives build better products, accelerate time-to-value, and monetize what matters. Revenera’s leading solutions help software and technology companies drive top-line revenue with modern software monetization, understand usage and compliance with software usage analytics, empower the use of open source with software composition analysis, and deliver an excellent user experience—for embedded, on-premises, cloud, and SaaS products. To learn more, visit http://www.revenera.com.
RADNOR, Pa., Sept. 26, 2024 (GLOBE NEWSWIRE) — Surgent Accounting & Financial Education, a division of KnowFully Learning Group, today announced the premiere of 14 new continuing professional education (CPE) courses debuting in Q4 2024.
“Surgent’s dedication to providing timely, practical learning is central to our mission of helping accounting and finance professionals thrive,” said Elizabeth Kolar, executive vice president of Surgent. “Our latest course offerings reflect Surgent’s commitment to offering premium content that goes beyond compliance, giving professionals the tools they need to make real-world applications of complex tax laws, business practices and industry regulations.”
The new course offerings cover a diverse range of subjects, including taxation, client advisory services, financial planning and compliance issues. Many of these courses focus on current tax implications, gig economy trends, executive compensation, and the impact of the upcoming 2024 presidential and congressional elections.
“The 2024 election and ongoing economic shifts are at the forefront of many of our customers’ concerns,” said Nick Spoltore, Surgent’s vice president of tax and advisory content. “These courses provide timely insights to help practitioners offer more informed advice to their clients, whether they’re dealing with tax planning, client advisory services, or executive compensation.”
Below is a preview of the new offerings, along with their premiere dates. All courses are worth two CPE credits, except where noted.
Oct. 21:Hiring New Workers and Payroll Taxes (WPT2) – Helps business owners and practitioners navigate payroll compliance and unemployment insurance issues when hiring new employees.
Oct. 28:A Guide to Gig Economy Tax Issues (GIG2) – Explores federal and state tax issues for gig workers, addressing the distinction between employees and independent contractors.
Registration for each course is open now at SurgentCPE.com. All new courses will debut as a live webinar, while some will later be available on-demand.
About Surgent Accounting & Financial Education Surgent Accounting & Financial Education, a division of KnowFully Learning Group, is a provider of the high-impact education experiences that accounting, tax and financial professionals need throughout their careers. For most of the company’s 35-year history, Surgent has been a trusted provider of continuing professional education (CPE), continuing education (CE) and skill-based training that professionals need to maintain their credentials and stay current on industry changes. More recently, Surgent became one of the fastest-growing certification exam review providers, offering predictive learning-based courses that help learners pass accounting and finance credentialing exams faster. Learn more at Surgent.com.
About KnowFully Learning Group The KnowFully Learning Group provides continuing professional education, exam preparation courses and education resources to the accounting, finance and healthcare sectors. KnowFully’s suite of learning solutions helps learners become credentialed, satisfy required credit hours to maintain credentials and stay informed on the latest trends and critical changes in their industries over the course of their careers. The company provides exam preparation and continuing education for accounting, finance, and tax professionals headlined by the Surgent Accounting & Financial Education brand. KnowFully’s healthcare education brands include American Fitness Professionals & Associates, ChiroCredit, Impact EMS Training, Online CE, PharmCon freeCE, PharmCon Rx Consultant and Psychotherapy.net. For more information, please visit KnowFully.com.
Source: United Kingdom – Executive Government & Departments
The Adjudicator’s Office are pleased to announce the publication of its 2023 to 2024 annual report and new 3-year business plan for 2024 to 2027.
2023 to 2024 annual report and new business plan published
The Adjudicator’s Office are pleased to announce the publication of its 2023 to 2024 annual report. For the first time this also includes an in-depth report and set of recommendations on a specific theme: Applying Customer Circumstances to Decision Making.
We are also publishing our new three-year business plan and an updated Service Level Agreement (SLA) with HMRC and the Valuation Office Agency (VOA).
The Adjudicator Mike McMahon said: “I am delighted to be publishing my first annual report as Adjudicator and our new business plan today. Our role is to challenge all of our stakeholders to provide the best outcomes for their customers and the annual report is a key part of this.
“I am pleased that this annual report will see our first published in-depth insight report for HMRC into applying customer circumstances to decision making. I am keen that we become more transparent and publishing more information is part of that.”
The full set of documents that have been published on our site today are:
2023 to 2024 annual report: Providing a reflection of our performance during the period 1 April 2023 to 31 March 2024
Insight report: Applying Customer Circumstances to Decision Making. Our formal report using our insight and expertise to analyse specific themes and make recommendations to HMRC to improve services for customers.
Business plan: Confirming our objectives over the next three years from 1 April 2024 to 31 March 2027
Updated Service Level Agreement: We have updated our Service Level Agreement (SLA) with HMRC and VOA. The new SLA will come into effect from 26 September 2024.
Quality standards: For the first time we are publishing our quality standards, which underpin our work to make sure we provide our customers and stakeholders a quality service.
In addition, over the coming weeks we will be publishing our Service Standards and our first set of quarterly performance metrics.
Manitoba Government to Extend Gas Tax Holiday to December 31
Manitobans Will Continue to Save at the Pump Until the End of the Year: Kinew
The Manitoba government intends to extend the gas tax holiday until the end of the calendar year, Premier Wab Kinew announced today.
“Since we cut the gas tax in January, inflation has gone down in Manitoba,” said Kinew. “This is what governments are for. We know Manitobans are still struggling with the impact of interest rates and grocery prices so we’re going to continue to step up and save you 14 cents at the pump.”
The current gas tax holiday on gasoline and diesel used to operate motor vehicles will be extended until Dec. 31, noted the premier.
The premier noted the people who drive the most popular type of vehicle in the province, a pickup truck, will save around $14 every time they fuel up. The Manitoba Bureau of Statistics estimates the gas tax holiday has directly contributed to a decrease of 0.4 percentage points to inflation.
Since the introduction of the gas tax holiday, Manitoba has had the lowest average retail price on gasoline in Canada and inflation has dropped to within the Bank of Canada’s target inflation range of one to three per cent.
Source: United States House of Representatives – Congresswoman Carol Miller (R-WV)
Washington, D.C. – Congresswoman Carol Miller (R-WV) penned an op-ed in Fortune on how a higher corporate rate would hurt Americans by driving up prices and reducing wages, as well as affecting America’s standing in the global economy.
Fortune: Rep. Miller: Raising the corporate tax rate will hurt American business, investment, and consumers
“For the past three years, politicians, businesses, and families have been grappling with inflation. Pundits across the political spectrum have argued that dramatically raising taxes on American corporations would be a quick fix to this burden on Americans. The Democratic presidential nominee, Vice President Kamala Harris, has argued that increasing the corporate rate to 28% ‘is a fiscally responsible way to put money back in the pockets of working people and ensure billionaires and big corporations pay their fair share.’ However, the clear economic truth is the opposite: Raising taxes on corporations will raise prices for consumers—and inflation will spike yet again.
The Tax Cuts and Jobs Act (TCJA) that passed under President Donald Trump in 2017 changed the trajectory of tax policy in the United States. Finally, a policy was enacted that lowered taxes for all Americans and made the United States more competitive globally.
Before the TCJA, America’s corporate tax rate was one of the highest in the world, and American businesses were at a competitive disadvantage in the global market. This hurt companies and workers alike. Lowering the corporate tax rate from 35% to 21% gave every American more opportunities to succeed in business because they weren’t as burdened by unnecessary taxes. The results proved out: In 2018, 263,000 manufacturing jobs were created and wages increased by 3%, according to a National Association of Manufacturers analysis of Bureau of Labor Statistics data. Many economists have credited the TCJA for America’s continued outperformance relative to most of the world’s advanced economies.
Reducing the corporate tax rate was the cornerstone of the TCJA. Today, some in Congress want to raise it in the name of increasing federal revenue. That would be a catastrophic mistake. Raising the corporate rate doesn’t punish companies—it punishes Americans.
Multiple studies show that corporate tax increases are directly passed on to consumers in the form of higher prices. A higher rate will also make American exports more expensive and companies less competitive in the global market. The result will be slower economic growth, fewer jobs, and less innovation.
As the Ways and Means Committee prepares for the reauthorization of the TCJA, Chairman Jason Smith created ‘tax teams’ to evaluate which policies worked well and which could use improvement for the 2025 reauthorization. I am the Chairwoman of the Supply Chains Tax Team, which focuses on the corporate rate, energy tax credits, and capital gains tax. We’ve had many meetings with small businesses, Fortune 100 companies, and economists who have all emphasized the importance of maintaining a corporate rate that is pro-growth and pro-American.
A lower corporate tax rate keeps costs down, leading to lower prices for consumers and more investment in their workers. The reality is that if the corporate rate goes up, the burden will fall on consumers, employees, and retirees. As a small business owner, I know firsthand how important it is to take care of your employees and produce the best possible product. If I suddenly must pay more in taxes, I either have to cut back on investments into the business that create more jobs or pass increased costs onto my customers. This would happen to businesses around the country and would slow economic growth in the U.S. to a grinding halt.
Another key benefit of a low corporate rate is how much more attractive America becomes to investors. When the U.S. corporate tax rate was 35%, it was one of the highest corporate tax ratesamong developed countries. For any startup or subsidiary company, it made more sense to do business in China, India, or even within the famously high-tax European Union. With the lower rate, the U.S. is more inviting for nearly every industry.
While some may argue that the federal government is leaving money on the table by maintaining or lowering the corporate rate, the opposite is true. The TCJA grew the American economy to the extent that the significantly lower corporate tax rate was offset by increased tax collections.
The U.S. government doesn’t have a revenue problem, it has a spending problem. Thanks to the TCJA, the 21% corporate rate has kept business taxes low, which softened the blow from the Democrats’ ill-advised (and utterly misnamed) Inflation Reduction Act. Without the TCJA, inflation would have been much higher. This is why even Democrats refused to hike the rate or repeal the TCJA when they had full control of the House of Representatives, Senate, and White House.
The solution to inflation isn’t to increase taxes on American business, it’s to get federal spending under control and spur economic growth. Keeping the corporate rate low—or better yet, lowering it, as former President Trump has suggested—gives financial freedom to American consumers and businesses. The one-two punch of lower taxes and a lower debt burden will bring back the strong growth we saw in the first three years of the Trump presidency.”
