NewzIntel.com

Category: Trade

  • MIL-OSI New Zealand: New Zealand Climate Change Ambassador appointed

    Source: New Zealand Government

    Climate Change Minister Simon Watts has announced the appointment of Stuart Horne as New Zealand’s Climate Change Ambassador.

    “I am pleased to welcome someone of Stuart’s calibre to this important role, given his expertise in foreign policy, trade, and economics, along with strong business connections,” Mr Watts says.

    “Stuart’s understanding of the transition to a net-zero economy will be a huge asset, with climate change becoming a more central focus to strengthening New Zealand’s relationships with key counterparts. His expertise will be beneficial in supporting New Zealand’s economic, trade, and climate goals.”

    Mr Horne is the Divisional Manager of the Ministry of Foreign Affairs and Trade’s Economic Division. He is a senior diplomat who has previously led the Ministry’s Middle East and African Division and served as New Zealand’s Special Coordinator to the Small Island Developing States Conference in 2014. Mr Horne has undertaken overseas postings in Samoa and Brussels.

    Mr Horne holds a Bachelor of Arts and Bachelor of Laws (Hons) from the University of Otago. He will take up his new, Wellington-based role effective immediately, replacing Kay Harrison. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: FACT SHEET: UPDATE: Biden-⁠ Harris Administration Continues Life-Saving Preparations for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to mobilize a whole-of-government effort to prepare for the impacts of Hurricane Milton, including pre-positioning resources and personnel and expediting debris removal efforts in Florida. These actions supplement the ongoing response and recovery efforts to the impacts of Hurricane Helene across the Southeast and Appalachia.
    Today, President Biden was briefed by members of his Administration who are driving preparations for Hurricane Milton and recovery efforts for Hurricane Helene. The President directed his team to do everything possible to save lives and help communities before, during, and after these extreme weather events.
    The President urges everyone to be aware of the evacuation orders that are in effect in multiple Florida counties. Shelters are open, and evacuation assistance is available. If you are told to evacuate, do so immediately for your safety and that of your loved ones. If you need a safe place to go nearby, text SHELTER & your zip code to 43362 to get a list of open shelters near you.
    Yesterday, President Biden had calls with Florida Governor Ron DeSantis and Tampa Mayor Jane Castor to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President also spoke with National Weather Service Director Ken Graham, who briefed the President in detail on the forecast and expected impacts of Hurricane Milton for the State of Florida. 
    At the direction of President Biden, FEMA Administrator Deanne Criswell was on the ground in Tampa, Florida, yesterday, where she met with local leaders to coordinate preparations ahead of Milton’s landfall.
    Yesterday, President Biden quickly approved the Governor of Florida’s request for a pre-landfall emergency declaration. Under an emergency declaration, FEMA provides direct Federal support to states for life-saving activities and other emergency protective measures, such as evacuation, sheltering, and search and rescue. Earlier today, the President also approved an emergency declaration request from the Chairman of the Seminole Tribe of Florida.
    The Administration has been in touch with officials from the State of Florida, as well as more than 60 local officials in cities and counties along the likely path of impact, to ensure needs are met in advance of the storm. The Administration has also been in touch with officials from the Seminole and Miccosukee Tribes. The Administration has also reached out to state officials in South Carolina and Georgia and will continue outreach efforts based on Hurricane Milton’s latest trajectory.
    FEMA has sufficient funding to both support the response to Hurricane Milton and continue to support the ongoing response to and recovery from Hurricane Helene– including funding to support first responders and provide immediate assistance to disaster survivors.
    Additional updates include:
    Pre-Staging Personnel and Resources
    FEMA is pre-staging a full slate of response capabilities in Florida and the region, including seven FEMA Incident Management Assistance Teams, eight FEMA Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, four Health Care System Assessment Teams, five Disaster Medical Assistance Teams and an Incident Management Team from the U.S. Department of Health and Human Services.
    Additional pre-staged capabilities include U.S Army Corps of Engineers temporary power teams, debris experts and a roofing team, U.S. Environmental Protection Agency debris removal and wastewater experts, and 300 ambulances. In addition, the U.S. Department of Defense is posturing and staging forces to support FEMA and state partners including helicopters for search-and-rescue operations and to enable movement of personnel, equipment and commodities; and High Water Vehicles.  
    FEMA has five incident staging bases with commodities including food and water. Right now, FEMA currently has 20 million meals and 40 million liters of water in the pipeline to deploy as needed to address ongoing Helene and Milton response efforts and can expand as needed.
    Protecting Public Health and Health Care Systems
    Today, U.S. Department of Health and Human Services (HHS) Secretary Xavier Becerra declared a Public Health Emergency for Florida to address the health impacts of Hurricane Milton, the second public health emergency declaration for the state to aid in a hurricane response within the past two weeks.
    The Department’s Administration for Strategic Preparedness and Response (ASPR) pre-positioned approximately 100 responders in Atlanta along with medical equipment and supplies to support the delivery of health care services in Florida following the landfall of Hurricane Milton. The deployed personnel include ASPR Health Care Situational Assessment Teams who stand ready to work with state officials to assess the storm’s impacts on hospitals, nursing homes, dialysis centers, and other health care facilities and a Disaster Medical Assistance Team (DMAT) from ASPR’s National Disaster Medical System (NDMS) for rapid response following health care assessments. A second DMAT is being pre-positioned in Atlanta to support additional response to either Hurricane Helene or Hurricane Milton, as needed.
    In addition to the assessment teams and disaster medical system personnel, ASPR deployed personnel from an Incident Management Team and Regional Emergency Coordinators who integrate with FEMA, state health authorities, and emergency response officials to anticipate and assist Florida in meeting public health and medical needs in the wake of the storm. Logisticians and security personnel are also pre-positioned to provide support. ASPR is prepared to facilitate Public Health Emergencies for Hurricane Milton upon request. ASPR has also supported the HHS emPOWER program, which is available to identify the number of Medicare beneficiaries in affected zips codes who rely on electricity-dependent durable medical equipment and certain healthcare services, such as dialysis, oxygen tank, or home health, to help anticipate, plan for, and respond to the needs of at-risk citizens in potentially impacted areas.
    Preparing for Impacts to Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response (FIR) team to Florida and pre-staging operations in Jacksonville to prepare support for any impacted towers and airports. The team will work with the state and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in supporting communication restoration at impacted airports. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    In addition, similar to the approach on Hurricane Helene, the FAA will continue to closely coordinate with the Department of Defense, the Armed Services, including Active Duty and National Guard units, and State Emergency Operations Centers to support their use of drones to support response and recovery.  Drones can play a critical role in supporting search and rescue operations and damage assessments by providing real time video, imagery, and sensor capabilities in hard-to-reach places.       The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation and monitoring the situation to be prepared to support.
    The Environmental Protection Agency is working closely with Federal, state, local, and Tribal partners to support water systems, prepare for debris management, and ensure facilities, including Superfund sites, maintain critical public health and environmental protections while they recover from Hurricane Helene and prepare for Hurricane Milton. The agency has personnel on the ground in regional and national operations centers who are continuing to respond to Hurricane Helene and are preparing to offer support, guidance, and assistance to the State of Florida and everyone in the new storm’s path.
    Additional Pre-Landfall Preparations
    The Department of the Interior’s U.S. Geological Survey (USGS) is deploying wave sensors at eight locations in Florida between Naples and Crystal River to measure the coastal waves caused by the storm. USGS Field crews are also installing one rapid-deployment gauge on the Sunshine Skyway bridge in St. Petersburg, Florida. This specialized piece of equipment is a fully-functional streamgage designed to be deployed quickly and temporarily to measure and transmit real-time water level data in emergency situations. This data can be used by decision makers and emergency managers to monitor water levels as they work to save lives and property.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department of Energy has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The U.S. Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors.
    The Export-Import Bank of the United States (EXIM) announced it is extending measures to assist customers, U.S. exporters, and financial institutions impacted by Hurricane Helene and forecasted to be impacted by Hurricane Milton. EXIM is offering assistance to allow businesses and financial institutions that participate in EXIM’s programs to return to their business concerns when appropriate and without penalty due to missed deadlines or other timeliness issues.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Iraq

    Source: New Zealand Ministry of Foreign Affairs and Trade – Safe Travel

    • Reviewed: 9 October 2024, 10:56 NZDT
    • Still current at: 9 October 2024

    Related news features

    If you are planning international travel at this time, please read our COVID-19 related travel advice here, alongside our destination specific travel advice below.

    Do not travel to Iraq including the Kurdistan region due to the volatile and unpredictable security situation, the ongoing threat of terrorism, violent extremism and organised crime (level 4 of 4).

    New Zealanders currently in Iraq despite our advice who have concerns for their safety are strongly advised to depart as soon as possible.

    Iraq

    As there is no New Zealand diplomatic presence in Iraq, the ability of the government to assist New Zealand citizens requiring consular assistance is severely limited. We offer advice to New Zealanders about contingency planning that travellers to Iraq should consider.

    Security Situation
    The security situation in Iraq remains highly volatile and could deteriorate further, with little or no warning. The terrorist group Islamic State of Iraq and the Levant remains active in parts of the country, as do other violent extremist groups engaged in sectarian, ethnic and tribal violence and organised crime. Political instability, crime and corruption, and civil unrest are also common in Iraq.

    Terrorism
    There is a continuing threat of violent attacks across Iraq from terrorist groups. Suicide bomb attacks, roadside bombs, car bombs, rocket attacks, drone attacks and small arms attacks occur frequently. Thousands of people have been killed and injured in these attacks throughout Iraq.

    Attacks can occur without warning at anytime, anywhere in Iraq. Terrorists, violent extremists and both pro and anti-government militias continue to conduct frequent and lethal attacks on a wide range of targets in Iraq.

    Targets include Iraqi Security Forces, government offices, large public gatherings, places of worship, airports, sites frequented by foreigners and residential areas to maximise casualties. While attacks can happen at any time, there is a heightened threat during religious and public holidays. There is also a heightened threat of attacks against Western interests.

    While the security situation in the Kurdistan region is slightly different to the rest of Iraq, there remains a risk of attacks by terrorist groups. Terrorist groups remain active close to the Kurdish region and the security situation in the region could deteriorate quickly.

    Kidnapping/Crime
    Violent crime, kidnapping and corruption are widespread throughout Iraq. Organised criminal groups, militia and tribal groups pose a significant threat. Although violent crime does occur during the day, security conditions get much worse after dark.

    Kidnapping for ransom and hostage taking by extremists and militant groups for ideological reasons, political gain or ransom is a significant threat throughout Iraq. Over the past decade a large number of foreign nationals have been kidnapped in Iraq, including aid workers, security contractors, journalists and soldiers.  Many hostages have been killed or remain missing.

    Women and girls in particular may be subject to harassment or mistreatment. Some sectors of Iraqi society and institutions have been known to overlook allegations of domestic violence against women when it is committed by close family members.

    Civil Unrest
    Political rallies and protests happen frequently in Baghdad and Basra and to a lesser extent Erbil. They can turn violent quickly and have led to injury and death in the past. Political rallies and protests also present viable targets for terrorists.  Police may use tear gas, water cannons and live ammunition to disperse crowds. 

    New Zealanders in Iraq are advised to avoid all demonstrations, protests and large public gatherings as even those intended as peaceful have the potential to turn violent with little warning. Comply with any instructions issued by the local authorities, including any curfews or vehicle bans. Monitor local and international media, review personal security plans and be aware of your surroundings. If unexpectedly in the vicinity of a protest or demonstration, exercise caution and leave the area quickly, find a safe location, remain indoors and follow any local advice.

    Security Forces
    Iraqi Security Forces and international coalition forces are engaged in an ongoing terrorist counter insurgency across central and northern Iraq. They also have a strong presence across the rest of Iraq and conduct targeted airstrikes against militants.

    Security restrictions like curfews and vehicle bans can be imposed at short notice.

    Security checkpoints are common place and often ad hoc, however false checkpoints have also been used to launch attacks, kidnapping, robbery and murder.

    Iraq has a large number of diverse security forces. They do not all enjoy cooperative relationships with one and other.

    Turkish and Iranian security forces have also been known to conduct military incursions targeting terrorist or militia groups across Iraq’s northern borders.

    Local travel
    Travel across Iraq can be extremely dangerous and there continue to be fatal attacks involving roadside bombs and small arms fire.

    There is also an ongoing threat from armed carjacking and robbery. Attacks happen during the day, but travelling at night is more dangerous.

    Domestic and international border crossings and Iraqi airports may close with little or no notice. Avoid travel to border areas as clashes, air strikes and other violent incidents are common. Sensitive border areas, especially with Syria and Turkey, are military targets.

    Piracy
    Pirate attacks and armed robbery against ships occur in coastal waters, particularly in the northern Persian Gulf, Gulf of Oman, Northern Arabian Sea, Gulf of Aden and Bab El Mandeb regions. Mariners should take appropriate precautions. For more information, view the International Maritime Bureaus’ piracy report. 

    Mosul Dam
    The Government of Iraq has taken and continues to take measures to improve the structural integrity of the Mosul Dam. A dam failure could cause significant flooding and disruptions to essential services from Mosul to Baghdad, along the Tigris River as well as areas adjoining the dam. A failure of the Mosul Dam cannot be predicted. Monitor local media reports and prepare contingency plans. 

    General Travel Advice
    Although homosexuality is not explicitly illegal under Iraqi law, people of the same sex who engage in consensual sexual acts may be prosecuted under other provisions of law, such as public indecency, and local attitudes towards LGBTQI+ people may be hostile. Violence, harassment and discrimination against LGBTQI+ people does occur, you are advised to exercise discretion.

    New Zealanders who decide to travel to Iraq are strongly encouraged to: 

    • Consult a reputable security company (with experience in Iraq) for advice on security arrangements. Security arrangements should be reviewed on a regular basis. Such measures may mitigate the risks to your safety but cannot eliminate them entirely.
    • Ensure that appropriate personal security protection measures are in place at all times including a robust contingency plan. The New Zealand government will not be arranging an evacuation for New Zealand citizens, should commercial options for departure cease.
    • Avoid areas of military activity at all times including border areas, as these areas are dangerous, often the target of military operations and not always clearly defined.
    • Have a comprehensive travel insurance policy in place that includes provision for medical evacuation by air. You should check that your travel insurance policy covers travel in Iraq – exclusions may well apply.
    • Be highly security conscious at all times, particularly in public places when travelling by road and close to government offices.
    • New Zealanders are advised to respect religious and social traditions in Iraq to avoid offending local sensitivities. 
    • Follow restrictions imposed by the local authorities and seek local advice on any changes to curfews. Exercise particular caution at checkpoints, a uniform is not a guarantee that the wearer is acting in an official capacity.
    • Monitor local developments closely through media and other information sources on possible new safety and security risks. Follow instructions from local authorities. Remain vigilant and alert to your surroundings.

    New Zealanders who decide to live or travel in Iraq against our advice are strongly advised to register their details with the Ministry of Foreign Affairs and Trade.

    Travel tips

    The New Zealand Embassy Abu Dhabi, United Arab Emirates is accredited to Iraq

    Street Address Level 25, Suite 2503, International Tower, Capital Centre, Abu Dhabi, UAE Postal Address PO Box 62292, Abu Dhabi Telephone +971 2 496-3333 Fax +971-2-496-3300 Email nzembassy.abu.dhabi@mfat.govt.nz Web Site http://www.mfat.govt.nz/united-arab-emirates Hours Mon-Wed 0900-1600, Thu 0900-1530, Fri 0900-1130 Notarial Services: By appointment only, please email to arrange Note Facebook: @nzembassyuae Twitter: @nzinuae

    See our regional advice for the Middle East

    Top of page

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Search begins for next generation of cyber security talent

    Source: United Kingdom – Executive Government & Departments

    Young people across the country are being called upon to put their cyber skills to the test in the new UK Cyber Team Competition, offering them the chance to represent the UK on the world stage and kickstart a career in cyber security. 

    • New search opens for 18-to 25-year-olds to represent the UK Cyber Team in global competitions 
    • Young people will get hands-on experience, training, and mentorship to launch careers in cyber security 
    • Competition to focus on developing skills and growing UK talent pipeline 

    Young people across the country are being called upon to put their cyber skills to the test in the new UK Cyber Team Competition, offering them the chance to represent the UK on the world stage and kickstart a career in cyber security. 

    The Competition invites 18- to 25-year-olds with a passion for cyber security to test their skills against challenging cyber exercises designed to push their technical expertise and problem-solving abilities.  

    This includes simulations of real-world scenarios in areas like cryptography, digital forensics, web exploitation and network security. This hands-on experience offers a unique opportunity to engage in demanding tasks that mirror the day-to-day challenges faced by professionals in the field. 

    Top performers will earn a place on the UK Cyber Team and take the next step in their cyber security career, with access to advanced training supported by industry experts, networking opportunities with agencies and leading cyber security firms, and mentorship to help develop their careers. 

    Together, they will represent the nation in prestigious international cyber competitions, including friendly matches against other national cyber teams, and major events like the International Cybersecurity Championship and the European Cybersecurity Challenge. 

    Cyber Security Minister Feryal Clark said: 

    In an increasingly digital world cyber threats are evolving rapidly, and it’s essential we stay ahead of the curve. The UK Cyber Team Competition is an exciting opportunity for young talent to showcase their skills and play a crucial role in protecting our nation’s digital future. 

    We’re looking to find the best and brightest minds to represent the UK on the world stage. I encourage all eligible young people with a passion for cyber security and technology to take on the challenge and be part of something truly impactful.

    This competition will help the UK plug the cyber skills gap, fill high-demand roles and provide young professionals with valuable skills and career opportunities in this critical field.  

    It will strengthen national security at a time when the need for skilled cyber professionals has never been greater, and also set young people up for jobs of the future – driving forward the government’s mission to break down barriers to opportunity. 

    Participation from underrepresented groups and all parts of the UK is actively encouraged to support diversity in the cyber talent pipeline. 

    The competition, delivered in partnership with the SANS Institute, is open to all UK residents aged 18 to 25 with an interest in cyber security. Applications are now open, where participants can register and access preliminary challenges.

    The UK’s cyber security industry is valued at £11.9 billion and helps protect growth in the UK. Cyber skills are in huge demand across the economy and the 2024 Cyber security skills in the UK labour market survey found that 44% of UK businesses do not have the fundamental skills to protect themselves from cyber-attacks.   

    James Lyne, Chief Strategy and Innovation Officer at SANS said:

    SANS Institute is delighted to collaborate with DSIT on the UK Cyber Team Competition, a critical initiative addressing the growing cyber security skills shortage. We are a firm believer in uncapping the next generation of cybersecurity professionals in the 18-25 year old bracket.

    By immersing young talent in real-world cyber scenarios and providing direct mentorship from industry leaders, we are not only cultivating the next generation of highly skilled professionals but also reinforcing the nation’s cyber defence capabilities. These types of competitions are essential in showcasing the UK’s cybersecurity strength, bolstering national defence, and in the spirit of friendly competition with other nations we in turn build international relationships.

    These competitions also drive growth in the cybersecurity sector by providing a platform for talent recruitment and skills development, while ensuring that participants are equipped with the expertise needed to help defend organisations. We also hope that this initiative will contribute to the long-term resilience of the UK’s digital landscape and broader security objectives by fostering a diverse pipeline of well-trained professionals.

    Sheridan Ash MBE and Dr Claire Thorne, co-CEOs of Tech She Can said: 

    This is a fantastic opportunity to highlight the wide range of often overlooked roles in cybersecurity throughout the UK, while connecting a wealth of untapped technology talent with real-world industry experiences and job prospects. 

    The diversity and technology skills gaps are both real and urgent challenges. Through our work in classrooms across the country, we’ve seen how aligning young people’s passions—like gaming and eSports—with technology careers can engage both boys and girls effectively. We’re particularly excited about the doors this will open for young women, who are already playing, and will continue to play, a critical role in safeguarding our future.

    Katie Gallagher OBE, co-founder of the North West Cyber Resilience Centre said: 

    We welcome this excellent initiative from DSIT to inspire young people to explore careers in cyber security. As the recent government survey found 44% of businesses have skills gaps in basic technical areas – and 30% of cyber firms in 2024 have faced a problem with technical skills gaps.  

    However, with the growth of cyber breaches and hacking, it is vital that we work together as a community to grow the cyber security talent pathway.

    Notes to editors 

    How to apply

    Important dates

    Applications open

    • Wednesday 9 October 2024 to Wednesday 20 November 2024 

    Online qualifying rounds

    • Round 1; 30 November 2024 to Sunday 1 December 2024
    • Round 2: 13 December 2024 to 17 January 2025 

    Live in-person final

    • Friday 17 and Saturday 18 January 2025

    In partnership with Department for Science, Innovation and Technology (DSIT), Foreign, Commonwealth and Development Office (FCDO) and the National Cyber Security Centre (NCSC) will be sending a team of young women to represent the UK at the inaugural Kunoichi Cyber Games taking place at the Code Blue cyber security conference in Tokyo later this year.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Australia: A Review of the RBA’s Term Funding Facility

    Source: Reserve Bank of Australia

    Thank you for coming to the Reserve Bank’s offices today. I will talk about a review we have published on the Term Funding Facility (TFF). This is the fourth instalment of the series of reviews of unconventional policy tools the RBA used during the COVID-19 pandemic.

    In March 2020, the economic outlook was bleak and highly uncertain (Graph 1), financial markets were in turmoil, and there was limited scope to lower the cash rate further. In that environment, the RBA pursued a package of policies to support the economy. The TFF review considers how that element of the package worked, whether it achieved its aims, and lessons for the future. I will cover the key points but there is a lot of detail in the review itself.

    What was the TFF intended to do?

    The TFF aimed to:

    • lower the cost of borrowing for businesses and households, by lowering lenders’ funding costs, and to reinforce the benefits to the economy of the lower cash rate
    • encourage banks to lend to businesses – particularly small and medium-sized enterprises (SMEs) – given that business credit tends to fall in downturns.

    How did it work?

    The TFF provided low-cost three-year funding to banks, which also indirectly helped to lower the cost of borrowing from wholesale markets.

    Under the TFF, banks had access to cheap funding up to an amount that was based on the initial size and subsequent growth of their loan book. The interest rate was initially fixed at 0.25 per cent. This was lowered to 0.1 per cent in step with the reduction in the cash rate target in November 2020. A bank was able to secure additional TFF allowances if it increased its overall lending to businesses, particularly smaller businesses. For each dollar of additional credit extended to large businesses, a bank was eligible for another dollar of TFF funding. For each additional dollar extended to SMEs, a bank had five more dollars added to its TFF allowance.

    Banks could access their allowances up to the end of September 2020. However, by the time of the September Board meeting, the economy was still far from the RBA’s goals, and considerable downside risks remained. The Board decided to extend the facility and increase banks’ allowances; banks could access their new allowances for three-year fixed-rate loans until mid-2021.

    TFF funding was much cheaper than other sources of term funding. Unsurprisingly, banks took up most of their TFF allowances (Table 1). The TFF ultimately provided $188 billion of funding, which was equivalent to 6 per cent of the stock of credit outstanding at the peak of the TFF’s use. Banks repaid all TFF funds as scheduled by mid-2024 without incident.

    Table 1: TFF Usage Across Banks
      Amount drawn
    $ billion    		 Share of total allowances
    Per cent
    Major banks 133 100.0
    Mid-sized banks 24 99.6
    Small banks 9 58.3
    Foreign banks 22 54.2
    Total across all banks 188 88.3

    Sources: APRA; RBA.

    To summarise its effect on funding costs for banks and others with access to wholesale funding markets:

    • The TFF lowered banks’ funding costs directly. For the major banks, the TFF was around 60 basis points cheaper than issuing bonds during the TFF drawdown phase (Graph 2). It lowered their average cost of funds by around 5 basis points.
    • Together with other parts of the policy package, the TFF also indirectly helped to lower the cost of wholesale funding. With the TFF in place, banks had little need to issue bonds but investor demand for those and other similar securities remained strong. Strong demand coupled with a sharp fall in supply contributed to a decline in yields on a range of existing and newly issued securities. This included securities issued by non-major banks (which continued to issue bonds). Non-bank lenders also benefited significantly; their issuance of residential mortgage-backed securities (RMBS) – a key source of their funding – picked up significantly as the cost of issuance dropped sharply (Graph 3).

    Did the TFF achieve its aims?

    Banks passed lower funding costs through to retail lending rates for both households and businesses, on both new and outstanding loans. On average, outstanding lending rates fell by almost 100 basis points – a little more than the 84 basis point decline in banks’ overall cost of funding (Table 2). The fall in business rates was comparable across variable- and fixed-rate loans, with larger reductions for SMEs than was the case for larger businesses. But the fall in mortgage rates was much more pronounced for fixed-rate loans; the decline in fixed rates was also large relative to the reduction in the cash rate compared with earlier episodes of monetary policy easing. Banks’ decisions to provide fixed-rate mortgages at very attractive rates was consistent with the low fixed-rate TFF loans as well as banks choosing to focus their competitive efforts in the fixed-rate mortgage market.

    Table 2: Changes in Funding Costs and Outstanding Lending Rates

    February 2020 – February 2022
      Change
    Basis points
    Cash rate target −65
    Funding costs(a) −84
    Overall mortgage rates −97
    – Variable mortgage rates −68
    – Fixed mortgage rates −152
    Overall business lending rates −105
    – Variable business lending rates −103
    – Fixed business lending rates −89

    (a) Major banks.

    Sources: APRA; ASX; Bloomberg; LSEG; major bank liaison; RBA.

    Households and businesses that took out fixed-rate loans benefited from the particularly low fixed rates on offer at the time. The share of new housing lending at fixed rates rose from around 15 per cent at the start of the pandemic to a historical high of over 45 per cent by mid-2021. Not only were existing borrowers switching from variable to fixed rates, but new mortgage lending also picked up noticeably through 2020 and into 2021 (Graph 4). In addition, lower rates contributed to a pick-up in disposable incomes of debtors. In these ways the TFF (together with other parts of the policy package) helped to support dwelling investment, the housing market more broadly, and other elements of aggregate demand.

    The TFF was also intended to support the availability of credit. We were particularly concerned that banks might have been reluctant to continue to extend credit to businesses during such difficult times. The TFF is likely to have played a role in underpinning business credit. It encouraged demand by contributing to lower rates for borrowers. It also encouraged banks to expand lending to businesses to obtain additional low-cost TFF loans. Indeed, business credit held up better during the pandemic than in the global financial crisis (GFC) (Graph 5); such declines had also been evident in earlier downturns. Despite the supporting role of the TFF, total business credit may not have increased through 2020 and 2021 for several reasons, including a lack of business confidence and the reduced need for business credit given the sizeable government support to businesses’ cashflows. And despite the considerable incentives in the TFF to expand SME lending, staff estimates found no statistically significant effect on total SME lending compared with large businesses.

    While not an explicit goal, one other benefit of the TFF was the indirect support it provided to the public sector balance sheet. By supporting stronger economic outcomes, the TFF – together with other monetary policy measures – contributed to higher tax revenues and lower support payments to households and businesses than would otherwise have been the case.

    How much did the TFF cost?

    The TFF was part of the insurance the RBA took out against a catastrophic economic outcome. While some of the TFF’s design features underpinned its significant use by the banks – and hence its economic benefits more broadly – these were also associated with financial costs for the RBA. The total cost to the RBA is estimated to have been $9 billion. There were several reasons for this cost.

    First, the choice to supply funds at a fixed rate was intended to give banks and their borrowers certainty, thereby reinforcing the other elements of the policy package: notably the RBA’s three-year yield target, and its forward guidance. But the economic recovery and increase in inflation turned out to be much stronger, and started much earlier, than the initial upside scenarios considered by most economists and the RBA. As a result, the Board ended up raising the cash rate target by much more and much sooner than had been expected (Graph 6). While the TFF was profitable for the RBA until May 2022, once the cash rate increased, the RBA was paying banks more interest for the balances that they kept at the RBA than the low fixed rate the banks were paying on the TFF. Because the banks passed these lower funding costs in full, household and business borrowers who had locked in low fixed rates were the ultimate beneficiaries as interest rates rose.

    Second, around $4 billion of this cost was the result of the Board’s decision to extend the TFF in early September 2020. At that time, the banks had taken up just 60 per cent of their initial TFF allowances, with almost half of that occurring as late as August (Graph 7). This suggested that the banks did not need TFF funding to compete for, or satisfy, the demand for borrowing from households and businesses. Rather, the banks waited until as late as practical to draw down TFF funds because doing so extended the time the TFF would contribute to meeting regulatory liquidity requirements on the banks. A similar pattern of late take-up was later observed with the second tranche of the TFF.

    Some lessons for the future

    The TFF delivered on its goals. It lowered borrowing costs for a range of borrowers, kept credit flowing to the economy, and supported aggregate demand. In addition, along with other measures – including the purchase of bonds in the early weeks of the pandemic – it helped to restore confidence in financial markets, which were significantly disrupted in the early days of the pandemic.

    Based on the findings of the review, the Board judged that a term lending tool of this kind would be worth considering again if warranted by extreme circumstances. But there were valuable lessons we learnt along the way that could help to shape any future program of this type.

    Degree of support for the economy versus flexibility

    Central banks can choose between fixed- or variable-rate facilities. The fixed-rate option was chosen for the TFF in part to reinforce other policies: the yield target and forward guidance. Such policy packages can be particularly valuable when the standard interest rate lever is already near zero and significant downside risks to the economy remain. But the flipside to a fixed-rate facility is that it lacked flexibility. And given the large take up of the TFF at a very low fixed rate, it incurred a material financial cost to the RBA when the economic recovery and pick-up in inflation turned out to be much stronger, and started much earlier, than had been expected.

    Indirect effects

    Many non-bank lenders were concerned that the TFF would undermine their competitive position vis-à-vis the banks. We had expected the TFF to help lower rates in wholesale funding markets to a degree. But this effect was much stronger and more pervasive than we had anticipated. The TFF helped to lower funding costs significantly for a range of lenders and corporations that had no access to TFF funds. It is hard to identify the specific contribution of the TFF to these lower funding costs separately from the effects of the wider policy package. But staff estimates suggest that these indirect effects caused yields on RMBS to be around 50 basis points lower than they would otherwise have been.

    Open lines of communication between the RBA, other government agencies and industry

    Another lesson is the importance of collaboration with other government agencies, and regular contact with industry participants. Collectively, this helped financial stability risks associated with the TFF to be well managed. This included monitoring and managing banks’ refinancing and liquidity needs well ahead of the repayment of their TFF loans, although that task could have been more challenging under less favourable market conditions.

    Similarly, for household and business borrowers, the RBA, the Australian Prudential Regulation Authority and the banks’ close monitoring (and banks’ prudent lending standards) helped to reduce the risks associated with the rise in borrowers’ mortgage payments when their very low fixed rates rolled over to much higher variable rates. Only a very small share of borrowers struggled to meet the increase in their mortgage obligations when their low fixed rates expired.

    Importance of contingency planning, risk mangement and governance

    One of the important lessons is the value of planning ahead and being ready for a wide range of operational contingencies. We got the TFF up and running quickly in part by relying on existing, well-understood practices. But the speed with which the RBA designed and implemented the TFF also limited our ability to fully consider and manage the associated risks.

    • Forward planning can expand the options available, help us to better weigh up the costs and benefits of each, and prioritise any pre-emptive operational work. On this latter point, for example, floating-rate term-lending would have been challenging for both the RBA and the commercial banks to adopt in early 2020, because neither the RBA nor the banks were readily able to undertake floating-rate repos. The RBA and the banks have since upgraded systems and now have the capacity to easily undertake either floating- or fixed-rate repos.
    • Design features could have competition implications. While RBA staff liaised with the Australian Competition and Consumer Commission during the TFF’s setup, it would be helpful to consider competitive implications ahead of time for any future facilities.
    • Finally, and perhaps most importantly, the Board has agreed to strengthen the way it considers risks, including by examining a wide range of economic scenarios when making policy decisions involving unconventional tools, and how to judge appropriate exit paths from such tools. In retrospect, a greater focus on potential upside economic outcomes could have led to a different calibration of the TFF, including deciding not to extend it in September 2020.

    Summing up

    The TFF met the objectives we set out for it at the start of the pandemic. It helped prevent dire economic outcomes at a time when the outlook was bleak and highly uncertain, and there was limited scope for further cuts to the cash rate. The TFF contributed to materially lower lending rates for households and businesses by reducing funding costs directly for banks, and indirectly for other institutions that borrow from wholesale funding markets. It kept credit flowing to households and businesses at a time when banks might have otherwise curtailed lending. In helping to prevent a much more severe economic downturn, the TFF also contributed to stronger public sector balance sheets than otherwise.

    Would the RBA use a term-lending tool again in the future? The Board would consider such a tool in extreme circumstances when the cash rate target had been lowered to the full extent possible. But it would do so only after consideration of a wide range of scenarios and the associated risks, and with a broader range of operational options than were available at the time of the pandemic.

    What’s next?

    In line with recommendations from the Review of the RBA, we will be publishing a framework for additional monetary policy tools next year. The broader set of lessons learned from the combined use of a range of unconventional monetary policies will be considered as part of that framework.

    MIL OSI News –

  • MIL-OSI USA: Dual U.S. and Iranian Citizen Arrested for Unlawful Scheme to Violate and Evade U.S. Sanctions Against Iran

    Source: US State of Vermont

    Kambiz Eghbali, also known as Cameron Eghbali, 50, of Los Angeles, was arrested yesterday pursuant to a now-unsealed indictment charging him, along with Hamid Hajipour and Babak Bahizad, both Iranian nationals, with violations of the International Emergency Economic Powers Act, conspiracy to commit bank fraud, and conspiracy to commit money laundering. Bahizad and Hajipour remain at large.

    According to the indictment, from March 2014 through September 2019, Eghbali and others conspired to unlawfully send digital and physical gift cards loaded with U.S. dollars to Iran. Eghbali would list his company, a U.S.-based purported videogame wholesaler and distributor located in the Central District of California, as the seller of the gift cards, and would provide cards to Bahizad for the benefit of his Iran-based gaming company, and to Hajipour for the benefit of his mobile software application service company. Bahizad and Hajipour would then pay Eghbali for the cards by transferring money from Iran to Eghabli’s U.S.-based bank accounts using third parties in other countries to conceal the transfer from U.S. regulators.

    The International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations (ITSR) impose controls and restrictions on transactions involving Iran based on the threats posed by Iran to the national security of the United States including, among others, its pursuit of nuclear weapons and sponsorship of terrorism. The IEEPA and ITSR, among other things, prohibit the export, reexport, sale, or supply, directly or indirectly, from the United States or by a United States person, wherever located, of any goods, technology, or services, including financial services, to Iran or the Government of Iran without first obtaining authorization from the U.S. Treasury Department’s Office of Foreign Assets Control.

    If convicted, the defendants face the following maximum penalties: 20 years in prison for violations of IEEPA, 30 years in prison for bank fraud violations, and 20 years in prison for money laundering violations. The indictment also notifies defendants that the United States intends to forfeit all property alleged to be traceable to proceeds of the offense. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division, U.S. Attorney Martin E. Estrada for the Central District of California, and Executive Assistant Director Robert Wells of the FBI’s National Security Branch made the announcement.

    The FBI is investigating the case, with support from Homeland Security Investigations.

    Assistant U.S. Attorneys Anna Boylan and Mark Takla for the Central District of California and Trial Attorneys David J. Ryan and Leslie Esbrook of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

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

    MIL OSI USA News –

  • MIL-OSI New Zealand: Te Whatu Ora report raises important questions for Ministers

    Source: Council of Trade Unions – CTU

    Quarterly accounts released by Te Whatu Ora raise serious questions about the financial challenges the Government’s claims are facing the health sector, said NZCTU Economist Craig Renney.

    “The CTU highlighted at the Budget that the health sector desperately needs more funding. The report released yesterday shows the cuts to health services will go much deeper than previously advertised,” said Renney.

    “The report states that $2bn of ‘savings’ are now targeted in health, just in this fiscal year (p.57). That’s a huge potential cut and is clearly not possible from just efficiencies.

    “We spend $14.6bn annually on hospital services in New Zealand, and $9bn on primary health services like GP’s. The $2bn ‘savings’ are significantly more than the $130m a month the Government previously claimed. It’s also not clear if this gap is a one-off or ongoing, which would require savings year after year in health.

    “It also appears that the Government has underspent on its capital programme (p.54) – spending just $1.6bn from a capital budget of $3.4bn.

    “This begs questions about why Ministers are claiming that Dunedin Hospital is now unaffordable when the Government has underspent by $1.8bn in one year alone.

    “Ministers clearly have questions to answer about the real nature of the savings now being required in the health sector and why.

    “Ministers should be transparent with the public about why pay equity funding is not being provided, why capital investment is not taking place, and why $2bn in savings are now being targeted in health – when the claim at Budget was that health had sufficient funding,” said Renney.

    MIL OSI New Zealand News –

  • MIL-OSI China: China studying measures to raise tariffs on imported large-engine fuel vehicles: ministry

    Source: China State Council Information Office

    China is studying measures on increasing tariffs for imported fuel-powered cars with large-displacement engines, the Ministry of Commerce (MOC) said on Tuesday.

    China will take all necessary measures to firmly safeguard the legitimate rights and interests of Chinese industries and enterprises, according to a spokesperson from the MOC.

    The MOC announced on Tuesday that it will impose temporary anti-dumping measures on brandy originating from the European Union (EU) in accordance with Chinese laws and regulations, while adhering to World Trade Organization rules.

    China is also conducting the anti-dumping investigation into certain pork and pig by-products imported from the EU, as well as the anti-subsidy probe into certain imported EU dairy products, which will fully protect the rights of all stakeholders and make an objective and fair ruling based on the results of the investigations, the spokesperson added. 

    MIL OSI China News –

  • MIL-OSI China: Shanghai gets ready for 7th CIIE

    Source: China State Council Information Office 3

    An attendee takes photos of a billboard during a pre-expo supply-demand matchmaking meeting for the Intelligent Industry & Information Technology Exhibition Area and Automobile Exhibition Area of the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) in east China’s Shanghai, Aug. 8, 2024. [Photo/Xinhua]

    With less than 30 days left before the seventh China International Import Expo, due preparations are in place while multinational companies from around the world are looking forward to the annual expo to showcase their new products and technologies.

    During a meeting held by the executive committee of the 7th CIIE on Monday, Wang Wentao, minister of Commerce, said that efforts should be made help companies expand the impact of the show. The exhibition should also help to nurture new-quality productive forces and serve the country’s high-quality development, he said.

    By aligning with the world’s highest standards and best levels, Shanghai has stepped up its preparation for the 7th CIIE by addressing new issues and optimizing services in all aspects, Shanghai Mayor Gong Zheng said at the Monday meeting.

    Various steps have been taken to further facilitate the entry and exit of people and exhibits.

    Shanghai has launched measures such as renewing valid visas for multiple entries and residence permits for this year’s CIIE.

    Customs clearance instructions and supportive measures have been released. The market supervision department continues to implement supportive policies such as exemption from China Compulsory Certification and temporary licenses for special food exhibitors.

    More convenient payment methods have been introduced. Dazhong Transportation (Group) Co Ltd, a taxi-hailing service provider in Shanghai, will complete the installation of 2,000 POS machines accepting foreign bank cards before the CIIE. All restaurants and catering service providers in the exhibition hall have installed POS machines accessible to foreign bank cards.

    Sustainability is another highlight of this year’s CIIE. The green construction rate and material recycling rate of the exhibition will achieve 100 percent. Up to 10 million kWh of green power will be used at the show.

    The 7th CIIE will be held in Shanghai from November 5 to 10. According to the exhibition’s organizer CIIE bureau, companies have signed up for over 360,000 square meters of exhibition area. More than 70 countries and international organizations will be present at the country exhibition area, overtaking last year’s scale. Norway, Slovakia, Benin, Burundi and Madagascar will participate in the country exhibition for the first time.

    The first inbound exhibit for this year’s show, the three-wheeled concept car made by Japanese manufacturer Yamaha Motor, arrived in Shanghai in September. It will make its debut to the Chinese market via this year’s CIIE.

    It is the seventh year in a row for French beauty giant L’Oreal at the CIIE. This year also marks the fifth consecutive time for the company to work as the chairman of the exhibition’s enterprise alliance.

    “It is both a testimonial of our belief in China and the fact that we want to continue to invest in China,” said Nicolas Hieronimus, CEO of L’Oreal.

    As Hieronimus further explained, the CIIE is the “only event like this in the world” in which L’Oreal is so involved by introducing new brands, demonstrating the latest innovation results and showcasing technology breakthroughs.

    MIL OSI China News –

  • MIL-OSI China: China requests WTO consultations over Türkiye’s EV tariffs

    Source: China State Council Information Office 3

    China filed a request on Tuesday for consultations with Türkiye at the World Trade Organization (WTO) over tariffs and licensing measures for imported electric vehicles and other vehicles from China, the Ministry of Commerce said.

    Türkiye announced the imposition of a 40 percent additional tariff on imported electric vehicles and other vehicles from China, in addition to setting import license restrictions.

    “This discriminatory action is a violation of WTO rules and a typical protectionist practice,” a spokesperson for the Chinese Ministry of Commerce said.

    “We urge Türkiye to abide by its relevant commitments at the WTO and immediately correct its wrong practices,” said the spokesperson, adding that China will take all measures available to safeguard the legitimate rights and interests of its industries.

    MIL OSI China News –

  • MIL-OSI New Zealand: OCR decision a welcome relief for working people

    Source: Council of Trade Unions – CTU

    NZCTU Te Kauae Kaimahi Economist Craig Renney said the decision by the Reserve Bank to cut the official cash rate by 50 basis points (0.5%) to 4.75% will be a welcome relief to workers facing higher unemployment and a struggling economy. “The Reserve Bank has been forced into a significant cut because the economy has failed to fire. Weak consumer spending, weak business investment, weak house prices, and a weakening labour market all put our economic recovery at risk.”

    “The Government is expecting the Reserve Bank to do all the work and support economic growth. Rather than supporting the economy and working people through difficult times, this Government has chosen to cut spending and investment, and is happy to see unemployment rise to levels not seen for a long time. These are choices, and the Government could invest now to deliver the growth we need for the future. Simply cutting interest rates returns to the economy of the past – and all the problems it already had”.

    “While many people will welcome lower interest rates, and some retailers will welcome the potential for additional spending, the rate cut is not a sign of strength in the economy but is a recognition of its weakness. We need to build a better economy,  one with good work and higher incomes. Nothing in the government’s plan for cuts delivers that.” Renney said.

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Sergei Sobyanin: A service for interaction between science and business has opened in Moscow

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Moscow Innovation Cluster launched a service to establish connections between science and business R. He told about this Sergei Sobyanin in his telegram channel.

    “It will help to integrate scientific developments into the real sector of the economy more quickly and efficiently. Two scientific organizations and 14 universities of the capital have joined the service, eight of which have the special status of national research university,” the Mayor of Moscow noted.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    These include Lomonosov Moscow State University, I.M. Sechenov First Moscow State Medical University, and N.E. Bauman Moscow State Technical University.

    Scientists and students conduct research for the subsequent implementation of developments at large businesses. Research teams have more than 400 laboratories equipped with advanced equipment at their disposal.

    More than 300 requests have already been received from oil refining, transport, medical, metallurgical, energy, railway, and electric grid companies. Each application is accompanied by experts and the necessary laboratory is selected to implement the project.

    Sobyanin: Lomonosov Cluster Plays Leading Role in Import Substitution Development

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

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

    https://vvv.mos.ru/major/themes/11874050/

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

    MIL OSI Russia News –

  • MIL-OSI Security: Dual U.S. and Iranian Citizen Arrested for Unlawful Scheme to Violate and Evade U.S. Sanctions Against Iran

    Source: United States Attorneys General

    Kambiz Eghbali, also known as Cameron Eghbali, 50, of Los Angeles, was arrested yesterday pursuant to a now-unsealed indictment charging him, along with Hamid Hajipour and Babak Bahizad, both Iranian nationals, with violations of the International Emergency Economic Powers Act, conspiracy to commit bank fraud, and conspiracy to commit money laundering. Bahizad and Hajipour remain at large.

    According to the indictment, from March 2014 through September 2019, Eghbali and others conspired to unlawfully send digital and physical gift cards loaded with U.S. dollars to Iran. Eghbali would list his company, a U.S.-based purported videogame wholesaler and distributor located in the Central District of California, as the seller of the gift cards, and would provide cards to Bahizad for the benefit of his Iran-based gaming company, and to Hajipour for the benefit of his mobile software application service company. Bahizad and Hajipour would then pay Eghbali for the cards by transferring money from Iran to Eghabli’s U.S.-based bank accounts using third parties in other countries to conceal the transfer from U.S. regulators.

    The International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations (ITSR) impose controls and restrictions on transactions involving Iran based on the threats posed by Iran to the national security of the United States including, among others, its pursuit of nuclear weapons and sponsorship of terrorism. The IEEPA and ITSR, among other things, prohibit the export, reexport, sale, or supply, directly or indirectly, from the United States or by a United States person, wherever located, of any goods, technology, or services, including financial services, to Iran or the Government of Iran without first obtaining authorization from the U.S. Treasury Department’s Office of Foreign Assets Control.

    If convicted, the defendants face the following maximum penalties: 20 years in prison for violations of IEEPA, 30 years in prison for bank fraud violations, and 20 years in prison for money laundering violations. The indictment also notifies defendants that the United States intends to forfeit all property alleged to be traceable to proceeds of the offense. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division, U.S. Attorney Martin E. Estrada for the Central District of California, and Executive Assistant Director Robert Wells of the FBI’s National Security Branch made the announcement.

    The FBI is investigating the case, with support from Homeland Security Investigations.

    Assistant U.S. Attorneys Anna Boylan and Mark Takla for the Central District of California and Trial Attorneys David J. Ryan and Leslie Esbrook of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Submissions: Australia – Child rights organisation ChildFund, launch global online safety app

    Source: ChildFund

    Child rights organisation ChildFund have joined forces with The Girls and Boys Brigade to launch ChildFund’s global online safety app – Swipe Safe. ChildFund acknowledge the rapidly changing digital landscape and build an app that puts the power back in the hands of children and their parents.

    (Sydney, Australia).  In the countries in which ChildFund Australia works, the digital transformation of children’s lives has presented acute risks such as scams, cyberbullying, online grooming, and sexual, sexist, racist, or violent content. ChildFund has responded with the creation of the Swipe Safe program and app. The app serves to immediately strengthen children’s knowledge, skills and behaviours keeping them safe online.

    Swipe Safe has been beta tested in five separate phases, directly involving face-to-face training and app testing with tens of thousands of children in Timor-Leste, Papua New Guinea, Vietnam, Cambodia, Fiji and the Solomon Islands. The organisation has now teamed up with the Boys and Girls Brigade to launch the app in Australia.

    They have also been testing the app with families at the Girls and Boys Brigade who have provided local insights into the app. Stephanie Fett the Family Support Coordinator at the Boys and Girls Brigade spoke about how technology is transforming the lives of families the centre supports.

    “We’re seeing young people using phones from about eight years on and they haven’t developed that rational thinking until they reach 24 or even 25 [years of age]. So they are really unaware of the risks online, the natural reaction of parents is to take the phone away. This however struggles to build trust and openness with the parent making it exceedingly more difficult for them to protect their children online.”

    Stephanie elaborated that the app helped build greater trust between parents, carers and children, which is key to helping keep children safer online.

    “Parents need to work to build an open online relationship with children so they are comfortable with talking about their experiences online. The Swipe Safe app is a great tool to help facilitate this communication” [Click here for more on Swipe Safe].”

    ChildFund Chief Development Officer Corinne Habel was thrilled to launch the app in Australia and bring the insights that they have learned in overseas to home soil.

    “The Swipe Safe app is a unique online safety app that has been developed by global child protection specialists. Reports indicate that the volume of child sexual abuse material has increased by 87% in the last 5 years.

    SwipeSafe helps parents, caregivers, children and young people navigate an increasingly risky online space.  The online world is an exciting place for children to learn, play and connect, and we need to give them the tools to stay safe and understand and feel comfortable reporting harmful situations.

     

    ChildFund Australia

    ChildFund Australia is an independent international development organisation that works to reduce poverty for children in many of the world’s most disadvantaged communities.

    We partner to create community and systems change which enables vulnerable children and young people, in all their diversity, to assert and realise their rights.

    ChildFund Australia is a member of the ChildFund Alliance – one of the world’s oldest and most experienced child-focused development agencies. With a global network of 11 organisations, the ChildFund Alliance assists nearly 32million children and families in 70 countries.

    As a member of the Australian Council for International Development, and a signatory to the ACFID Code of Conduct and the ACFID Fundraising Charter, ChildFund Australia must meet high standards of corporate governance, public accountability and financial management.

    In addition, ChildFund Australia is fully accredited by the Department of Foreign Affairs and Trade which manages the Australian Government’s overseas aid program. Accreditation is a stringent process in which all operational activities – financial, managerial, fundraising and program – are analysed. This not only requires that ChildFund demonstrate that funds are distributed to community projects, but that they are spent effectively in those communities for the benefit of children.

    About Corinne Habel

    Corinne is a highly experienced director and executive with diverse expertise across a variety of not-for-profit sectors including humanitarian, hospitals, education, environmental, the arts and faith-based. Originally from the US, Corinne brings over 20 years’ experience in implementing effective global strategies.  Her diplomatic approach is key in her ability to negotiate and influence effectively at all levels of corporate, foundation, government and the community.

    The Girls and Boys Brigade

    Since 1882, The Girls and Boys Brigade have provided a welcoming, safe place for children and youth, aged 5-18, who need a helping hand. Based in Surry Hills, our programs are open to children, youth and their families living within the City of Sydney local government area. The families who access our services experience a wide range of financial, social, educational and housing challenges.

    About Stephanie Fett

    Stephanie has 38 years of frontline experience in the community sector as well as a Masters in International Social Work and Community Development.

    Stephanie’s experience has taken her to NSW regional areas, remote Aboriginal communities, Victoria Queensland, as well as urban Sydney – city and west. She has worked in disability, addiction, mental health homelessness, youth, children and family, Out of Home Care, Juvenile Justice, unemployment, assessment and projects to increase access to services and decolonise systems.

    She believes the key to her work is relationship building which builds trust, working alongside people in a trauma informed way.

    MIL OSI – Submitted News –

  • MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected cannabis buds worth about $130 million (with photo)

    Source: Hong Kong Government special administrative region

         Hong Kong Customs seized about 500 kilograms of suspected cannabis buds with an estimated market value of about $130 million at the Kwai Chung Customhouse Cargo Examination Compound on September 27.
          
         Through risk assessment, Customs on that day inspected a seaborne consignment, declared as carrying soy beans, arriving in Hong Kong from Canada, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers found the batch of suspected cannabis buds concealed inside 83 bags of soy beans.
          
         After a follow-up investigation and a controlled delivery operation, Customs officers arrested two men and one woman aged between 44 and 55, who were suspected to be connected with the case, during September 27 and October 2. An investigation is ongoing.
          
         Customs reminds members of the public to stay alert and not to participate in drug trafficking activities for monetary returns. They must not accept hiring or delegation from another party to carry controlled items into and out of Hong Kong. They are also reminded not to carry unknown items for other people.
          
         Under the Dangerous Drugs Ordinance, cannabis and tetrahydro-cannabinol (THC) are classified as dangerous drugs. Importation of products (including food or drinks) containing cannabis or THC into Hong Kong is prohibited unless the relevant provisions in the Ordinance are complied with. In order to avoid breaching the law inadvertently, special attention should be paid to the packaging labels of those products.
          
         Trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
          
         Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).   

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: President Lai meets Prime Minister Feleti Teo of Tuvalu

    Source: Republic of China Taiwan

    President Lai meets Prime Minister Feleti Teo of Tuvalu
    2024-10-08

    On the morning of October 8, President Lai Ching-te met with a delegation led by Prime Minister Feleti Teo of Tuvalu and his wife. In remarks, President Lai thanked Tuvalu for speaking up for Taiwan at numerous international venues, and for its staunch support. Indicating that Taiwan and Tuvalu are both maritime nations, the president said that our nations will continue to address the challenges posed by climate change together and establish even closer collaboration in such areas as medicine and public health, agriculture and fisheries, and information and communications technology (ICT). President Lai stated that with resilience and courage, we will continue to defend freedom and democracy and ensure peace, stability, and prosperity in the Pacific region.
    A translation of President Lai’s remarks follows:
    Talofa! [Greetings (Tuvaluan)] I extend a warm welcome to Prime Minister Teo, who is visiting Taiwan for the second time since taking office this February. In May, he attended the inauguration ceremony for Vice President Bi-khim Hsiao and myself. On this occasion, he is the chief guest for our National Day celebrations. We are delighted that Tuvalu is part of so many of Taiwan’s most important moments. Prime Minister Teo, we are truly thankful for how much you value and support our bilateral relations.
    Tuvalu spoke up for Taiwan at this year’s World Health Assembly and more recently at the United Nations General Assembly (UNGA), helping in our efforts to expand our international participation. At the UNGA, Prime Minister Teo actively urged the international community to recognize that UNGA Resolution 2758 does not preclude Taiwan’s participation in the UN system. I want to take this opportunity to sincerely thank Tuvalu for its staunch support and assistance.
    At the UNGA, Prime Minister Teo also described the double threat that Tuvalu faces due to climate change and sea level rise. Taiwan is a maritime nation as well, and we empathize deeply with Tuvalu. Having established a National Climate Change Committee directly under the Office of the President, we aim to combine the strengths of all sectors to enhance Taiwan’s adaptation mechanisms in response to extreme weather risks. And by boosting exchanges with other countries, we hope to share our experiences and policies.
    In recent years, Taiwan and Tuvalu have cooperated on a number of projects, including the Tuvalu Coastal Adaptation Project. And going forward, our nations will continue to address the challenges posed by climate change together. We will also establish even closer collaboration in such areas as medicine and public health, agriculture and fisheries, and ICT so as to mutually advance development and prosperity.
    Taiwan and Tuvalu are just like brothers – or taina, as you say in Tuvaluan. Thank you once again for your visit, which will help continue to deepen our diplomatic alliance. With resilience and courage, we will continue to defend freedom and democracy and ensure peace, stability, and prosperity in the Pacific region. I wish you all a fruitful and successful trip.
    Prime Minister Teo then delivered remarks, first conveying to President Lai and the people and government of Taiwan congratulations on our 113th National Day to be celebrated on Thursday. He indicated that Tuvalu shares the same month for its national day celebrations, having celebrated their 46th Day of Independence just the past week.
    Prime Minister Teo said that this is his second visit to Taipei. The first was his first overseas visit as prime minister, he noted, and he had come to witness President Lai’s inauguration. Prime Minister Teo said that he is doubly more honored this visit, as he was invited to be chief guest for this year’s National Day celebrations.
    Prime Minister Teo indicated that when his government was inaugurated in February, it immediately announced 21 priorities, one of those being to elevate and advance its relationship with Taiwan to a more comprehensive and integrated relationship. Our diplomatic relationship dates back to 1979, the prime minister said, which is the year just after Tuvalu gained independence. This year, he noted, we have celebrated 45 years of trusted friendship, and in the Pacific, Tuvalu is Taiwan’s oldest diplomatic ally. The prime minister said that our relationship is grounded firmly on democratic principles and values, which include respect for the rule of law, respect for democratic institutions and the doctrine of the separation of powers, and mutual respect for the integrity of national sovereignty.
    Prime Minister Teo stated that at the annual meeting of the UNGA, he made a very strong statement in support of Taiwan’s reintegration into the UN and related international systems. The UNGA’s main theme this year is to not leave anyone behind, he emphasized, so it was quite hypocritical for the UN system to not include Taiwan. The prime minister also remarked that there is nowhere in UNGA Resolution 2758 that makes any reference to Taiwan, and said that as long as he is in office, he and Tuvalu will continue to advance that strong advocation in support of Taiwan’s participation and reintegration into the global system.
    The prime minister went on to discuss the top priority and challenge of climate change – in particular, climate change-induced sea level rise, explaining that Tuvalu’s response to sea level rise is the Tuvalu Coastal Adaptation Project and saying he is very grateful for Taiwan’s continued support. With Taiwan’s reinvigorated climate efforts, he said, he looks forward to future cooperation. Prime Minister Teo then acknowledged the other types of assistance that Taiwan has provided in terms of training and scholarships.
    Prime Minister Teo concluded his remarks by thanking President Lai once again for the invitation to serve as chief guest in the Double Ten celebration, saying that he and his delegation very much look forward to the event and reiterating Tuvalu’s congratulations and best wishes for our 113th National Day.
    The delegation also included Minister of Foreign Affairs, Labour and Trade Paulson Panapa.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Elizabeth McCaul: Beyond the spotlight – using peripheral vision for better supervision

    Source: Bank for International Settlements

    Introduction

    Thank you very much for inviting me to today’s conference, it is a pleasure to be here.

    The former German Chancellor Helmut Schmidt used to say “People with visions should go to the doctor”. This sounds concerning to a supervisor. After all, the word “supervision” is made up of the prefix “super”, which means “over” or “above”, and “vision”. But what exactly is vision? To find out, I followed Helmut Schmidt’s advice and went to the doctor.

    What I learnt is that eye doctors distinguish between central vision, fringe vision and peripheral vision.

    Central vision is the very centre of the visual field. It delivers sharp, detailed pictures, allowing us to focus on objects straight ahead. In the banking world, these are the issues directly in front of us: capital, asset quality, profitability and key risk categories including climate-and environmental risks or cyber risk etc.

    Fringe vision refers to the area right outside the central vision, around 30 to 60 degrees of the visual field, where visual clarity and detail recognition start to decrease. Fringe vision helps us to absorb information faster when we read as our brains anticipate the next words and letters, making the process faster and smoother. Translating this to banking, this would be like noticing changes in the macroeconomic environment, rising geopolitical tensions, and their impact on banks’ business models and risk profiles.

    Finally, peripheral vision is everything that occurs outside the very centre of our gaze, beyond 60 degrees. It encompasses everything that can be seen to the sides, providing spatial awareness which helps with navigation and balance. Improving peripheral vision is crucial for athletes as it increases reaction speed, improves anticipation and reduces the risk of injury. In banking, beyond the centre of our gaze are the structural transformations of our societies and economies: the acceleration of technological progress, including the rise of generative artificial intelligence or the impact of social media on depositor behaviour; the reconfiguration of the financial value chain; new entrants in the competitive landscape or the growing share of non-bank financial institutions.

    Good supervision and good risk management in banks require central, fringe and peripheral vision. Good peripheral vision sets apart decent athletes from great ones, allowing them to anticipate movements and respond swiftly to changes on the field. And the same holds true for banking supervisors: while central vision and fringe vision are crucial in focusing on immediate risks, it is the ability to maintain a broad, strategic view – our “peripheral vision” – that ensures truly effective supervision. This broader perspective enables us to detect emerging risks in the wider financial system, anticipate potential disruptions and respond proactively.

    In my remarks today, I will share our assessment of the current risk landscape, describing what we see in our central, fringe and peripheral vision.

    Central vision

    Let me start with the central vision of the state of the European banking system.

    In recent years, Europe’s banking sector has shown resilience in the face of unforeseen challenges: the pandemic, the energy supply shock following Russia’s invasion of Ukraine and a period of high inflation.

    This resilience is reflected in the numbers: in 2015, the average ratio of non-performing loans (NPLs) for significant banks in the banking union was 7.5%, at a time when some banking systems had ratios close to 50%. At the end of the second quarter of this year, this ratio had decreased to 2.3%, driven mainly by the reduction of NPLs in high-NPL banks. Similarly, the Common Equity Tier 1 ratio for significant banks has risen from 12.7% in 2015 to 15.8% today. Bank profitability has considerably increased in recent quarters, benefiting from higher interest rates, and return on equity now stands at 10.1%.

    On the one hand, this resilience is a result of the strengthened supervisory and regulatory framework put in place after the global financial crisis and the related improvements in banks’ risk management. On the other hand, looking particularly at recent years, banks have also benefited from policy support which has helped shield the real economy from adverse shocks. For example, during the pandemic, comprehensive fiscal support measures contained corporate insolvencies and the associated loan losses. While bank profitability and valuations have recently improved due to higher interest rates, the effects of this supporting factor are gradually diminishing.

    Turning to liquidity, banks continue to show strong positions despite an ongoing reduction in excess liquidity. Access to both retail and wholesale funding remains robust, and the higher-than-expected stickiness of deposits has contributed to a stable funding environment. Nevertheless, banks should remain cautious and ensure that their liquidity and funding strategies are resilient to potential market disruptions. They need to maintain robust asset and liability management frameworks to enhance their resilience to both liquidity and funding risks as well as interest rate risk in the banking book. I will return to this topic later again.

    Finally, our supervisory priorities also include banks’ capabilities to manage climate- and environmental risks and cyber risk. Climate change can no longer be regarded only as a long-term or emerging risk, which is why banks need to address the challenges and grasp the opportunities of climate transition and adaptation. With regard to cyber risk, we have recently concluded a cyber resilience stress test to assess how banks would respond to and recover from a severe but plausible cybersecurity incident. While cyber risk has become a key risk for the banking sector, geopolitical tensions have further increased the threat of cyber-attacks.

    So, we may ask: how much of this resilience is structural, how much is cyclical? To get a more accurate picture of the current risk landscape, we need to slightly widen our gaze.

    Fringe vision

    This brings me to the fringe vision, looking at the broader macroeconomic environment.

    While the macro-financial environment has recently been improving as inflation decreases, near-term growth remains weak and subject to high uncertainty. Recent data indicate a gradual recovery in real GDP growth, primarily driven by the services sector, while industrial activity continues to face headwinds.

    Credit risk has only partially materialised so far, supported by strong fundamentals of households and corporates. Still, NPLs are slowly increasing, particularly in the commercial real estate (CRE) and small and medium-sized enterprise (SME) sectors. While the macroeconomic outlook signals a lower immediate risk of recession, asset quality in riskier segments is slowly deteriorating as the higher interest rate environment experienced over the last two years after a decade of ‘low for long’ weighs and may affect the debt servicing capacity of borrowers. In this context, we are conducting targeted reviews on banks’ portfolios that demonstrate more sensitivity to the current macro-financial environment. This includes targeted reviews of SME portfolios and following up on the findings from residential real estate and CRE portfolio reviews as well as from deep dives on forbearance and unlikely-to-pay policies. Banks also need to remediate persistent shortcomings in their IFRS 9 frameworks and maintain an adequate level of provisions. In this context, we are continuing IFRS 9 targeted reviews focusing on, among other things, the use of overlays and coverage of novel risks.

    The current market risk environment is characterised by high risk appetite and benign risk pricing, which has prevailed in financial markets over the past year. This environment is susceptible to sudden shifts in market sentiment and episodes of high volatility, as seen in the recent global financial market sell-off. Although markets showed substantial resilience during the spike in volatility in August, banks should be ready for and able to cope with further episodes of sharp repricing and high volatility. The implementation of the recently postponed market risk part of the Basel III reform, the Fundamental Review of the Trading Book, will strengthen capital requirements for banks and help boost their resilience.

    Rising geopolitical tensions

    Also within the broader macro-environment, the evolving geopolitical risk landscape has been on our radar for some time, considering the events of the past two and a half years, namely Russia’s war in Ukraine and the conflict in the Middle East.

    While the direct impact of recent geopolitical events on the banking sector has been contained so far and the immediate threats are limited, we need to remain attentive and systematically assess the possible ramifications for banks. Geopolitical shocks are cross-cutting and could have direct and indirect effects on banks’ financial and non-financial risks.

    For example, geopolitical shocks can exacerbate governance, operational and business model risks they lead to more sanctions or increased cyberattacks. We have seen a clear increase in the number of significant cyber incidents in 2023 and 2024, driven by attacks on service providers (typically ransomware) and by distributed denial-of-service attacks on banks. There can also be material consequences for banks’ credit, market, liquidity, funding and profitability risks, especially in cases where banks have large-scale direct or indirect balance sheet exposures to the countries, sectors, supply chains or firms and households that may be adversely affected by a geopolitical shock.

    Moreover, geopolitical events can also have wider second-round effects that could have negative knock-on consequences for the banking sector. For instance, downside risks to growth from slower economic activity or worsened sentiment as well as upward pressure on inflation related to supply or price shocks in energy or broader commodity markets can disrupt banks’ operating environment. Escalating geopolitical tensions might also result in heightened financial market volatility, triggering further episodes of asset price corrections.

    The recent increase in geopolitical tensions calls for heightened scrutiny and robust risk management frameworks in banks, so that supervisors and banks can properly assess potential risks in the evolving geopolitical environment and proactively mitigate them. As Supervisory Board Chair Claudia Buch said recently1, strengthening resilience to geopolitical shocks is a key priority for ECB Banking Supervision, and we will focus on a range of risk factors, from governance and risk management to capital planning, credit risk and operational resilience.

    Peripheral vision

    And now, let us exercise our athletic capabilities, and use our peripheral vision to look at the wider risk landscape.

    Structural trends, such as the reconfiguration of the financial value chain, the impact of digitalisation and social media on liquidity, and the rise of non-bank financial institutions, are reshaping the environment in which banks operate.

    Reconfiguration of the financial value chain

    The emergence of big tech companies and other non-banking firms offering financial services is leading to a major restructuring in the market, changing the risk landscape, blurring traditional industry lines and challenging conventional regulatory boundaries.

    Companies whose primary business is technology are entering the financial sector through e-commerce and payment platforms and subsequently expanding into retail credit, mortgage lending or crypto services. These firms may explore alternative, less regulated lending forms like crypto lending using peer-to-peer platforms, ultimately mimicking the economic functions of banks without being subject to the same comprehensive oversight.

    We need to expand our tools and surveillance to prevent gaps in oversight and ensure they are robust and versatile enough to oversee disintermediated, increasingly interconnected and possibly distributed-ledger-based business models. We must adapt the regulation and oversight of such firms, especially for entities that are mainly active in non-financial services, to gain a thorough understanding of the financial activities of large non-bank groups across jurisdictions and sectors. Let me underscore that we should avoid a regulatory “race to the bottom” driven by a narrow mission of prioritising innovation and attracting large firms, which may not contribute to the good of society.

    Liquidity risk supervision post-March 2023

    Earlier, I asked how much of banks’ resilience is structural and how much is cyclical. Let us look at the banking turmoil of March 2023 to better understand how banks weathered this crisis and identify what lessons we have learnt with regard to liquidity and funding.

    First, the events were a reminder to banks of the changing and increasingly volatile nature of depositor behaviour. Social media can play a pivotal role in encouraging large numbers of customers to withdraw deposits. In the case of Silicon Valley Bank, this behaviour was exacerbated by a highly networked and concentrated depositor base. Moreover, the advent of online banking, digitalisation, and the influence of non-bank competitors may also have a significant impact on depositor behaviour, affecting the stability of liquidity and funding sources. Therefore, banks must adapt their approaches so that they can monitor these risks more closely and understand the channels through which deposits are collected.

    We recently conducted a targeted review on the diversification of funding sources and the adequacy of funding plans. Our findings indicate a concerning heterogeneity in the adverse scenarios considered by significant banks. Often, these scenarios are only described at a high level, are not conservative, or only “stress” individual balance sheet items. The absence of comprehensive and credible underlying assumptions in these adverse scenarios reduces the reliability of funding plans and increases execution risk.

    The events of March 2023 also underscored the importance of banks’ readiness to swiftly implement contingency and recovery measures. Another recent targeted review focused on collateral mobilisation. It found that banks have the operational capacity to tap central bank liquidity facilities. However, banks’ assumptions about the time needed to monetise the assets appear rather optimistic in some cases, especially under stressed conditions. This optimism could hinder banks’ ability to cover any unexpected outflows in a timely and sufficient manner.

    Furthermore, banks need to adopt a more holistic and comprehensive cross-risk analysis of potential vulnerabilities. The turmoil demonstrated how quickly deficiencies in business models and shortcomings in the management of interest rate risk in the banking book (IRRBB) can escalate into liquidity issues. It is essential to assess spillover effects and understand how shortcomings in one area can amplify risks in another.

    From a regulatory perspective, the events of spring 2023, along with past crises, have shown that compliance with the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) may not provide sufficient assurance about a bank’s liquidity and funding situation. For instance, an LCR above 100% might still hide significant cliff risks just beyond the 30-day horizon. Two banks with identical LCRs might have vastly different liquidity profiles owing to concentration risks not captured by the ratio.

    However, it is important to remember that the LCR and the NSFR do not – and are not intended to – prevent all liquidity crises. They are not designed to address every residual risk, which should be managed on a case-by-case basis under Pillar 2. So while we support a review of specific aspects of the current calibration of these metrics, we are cautious about drastic changes.

    Instead, I would focus on the supervisory follow-up. And I can draw four main lessons with regard to the supervision of liquidity risk.

    First, supervisors, like banks, need to carry out holistic cross-risk analysis. Instead of looking at risks in isolation, we need to broaden our gaze and also focus on the interplay between IRRBB, liquidity risk management and governance arrangements.

    Second, we need increased supervisory scrutiny of banks’ modelling of non-maturity deposits, as these models are sometimes not based on proper economic evidence.

    Third, it is essential that supervisors consider supplementary liquidity and funding risk indicators, such as survival period or concentration metrics, to capture residual risks not addressed by the LCR or the NSFR. In European banking supervision we have successfully used maturity ladder reporting to calculate survival periods, which provides a more comprehensive analysis beyond the fixed calibration of the LCR and the NSFR.

    Finally, the March 2023 turmoil demonstrated the need for timely and up-to-date information on liquidity and funding. We therefore introduced weekly data collections for liquidity risks in September 2023. This has been instrumental in identifying changes and detecting structural shifts across the banking system.

    Growth of non-bank financial institutions

    Another issue we detect in our peripheral vision is the staggering growth of the non-bank financial institution (NBFI) sector. In the euro area, the sector has more than doubled in size, from €15 trillion in 2008 to €32 trillion in 2024. Globally, the numbers are even more worrying, with the sector growing from €87 trillion in 2008 to €200 trillion in 2022.

    The private credit market is of particular concern. It accounts for €1.6 trillion of the global market and has also seen significant growth recently. The European private credit market has grown by 29% in the last three years but is still much smaller than the market in the United States, which is where investors and asset managers are often based. The end investors are pension funds, sovereign wealth funds and insurance firms, but banks play a significant role in leveraging and providing bridge loans at various levels to credit funds. We have recently completed a deep dive on the topic and found that banks are not able to properly identify the detailed nature and levels of their full exposure to private credit funds. Therefore, concentration risk could be significant.

    We know that risk from the NBFI sector can materialise through various channels. One of them is through the correlation of exposures, especially given the growth in private credit and equity markets. We supervisors do not have a full picture of the level of exposure and correlations between NBFI balance sheets and bank lending arrangements, lines of credit or derivatives to and from NBFIs.

    To make the market less opaque and more visible within even our fringe and central line of sight, we should further harmonise, enhance and expand reporting requirements. We need to make information sharing between authorities easier at global level to provide the visibility we need to play with more agility on the field.

    Conclusion

    Earlier, I asked how much of the banking system’s resilience is cyclical and how much is structural. I think it is safe to say that the European banking system is in better shape today than it was ten years ago. This won’t surprise anyone in this room. Stronger capital and liquidity positions and healthier balance sheets are objective factors contributing to the resilience of the system.

    Still, I am a supervisor, so I am paid to worry. If my career has taught me anything, it’s that accidents are more likely to happen when people get complacent. This is why I am calling on you to use your full vision – not only your central and fringe vision, but your peripheral vision too. Crises often emerge from the shadows, and it’s the overlooked risks that pose the greatest danger.

    Let me conclude with another lesson that I have learnt during my career. It’s a quote from Mark Twain: “There is no education in the second kick of a mule”. We have seen too many crises caused by hidden risks lurking beneath the surface – the ones we fail to see until it’s too late – which is precisely why we must get ahead of these risks this time around.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI Submissions: New IPU report: Parliaments embrace technology but digital divide persists

    Source: Inter-Parliamentary Union (IPU)

    Wednesday 9 October 2024, Geneva, Switzerland. The latest edition of the IPU’s World e-Parliament Report 2024 highlights significant progress in the digital landscape of legislatures worldwide.

    However, the report also points out an increasing digital divide between rich and poor parliaments, which can have an impact on the quality of democracy.

    This is the eighth edition of the biennial IPU report, produced by the IPU’s Centre for Innovation in Parliament. The findings are based on survey responses from 115 parliamentary chambers in 86 countries and supranational parliaments.

    Key findings

    Accelerating digital transformation

    Digital transformation in parliaments is gaining momentum. Over two-thirds (68%) of parliaments now have multi-year digital strategies, and 73% have formal modernization programmes.

    Digital divide

    Country income level is the most significant predictor of digital maturity. Parliaments in high-income countries rank highly but about two-thirds of parliaments in low-income countries fall into the category of least digitally mature.

    Emerging technologies

    Cloud computing and artificial intelligence (AI) are increasingly being adopted in parliaments, with 68% using cloud services and 29% embracing AI tools.

    Cybersecurity is a top priority, with 70% of parliaments adopting national cybersecurity standards and 53% having internal cybersecurity strategies.

    Importance of inter-parliamentary cooperation

    The share of parliaments participating in the IPU’s Centre for Innovation in Parliament has increased from 27% in 2020 to 45% in 2024.

    Seventy per cent of parliaments surveyed expressed willingness to provide support to others.

    New: The IPU Digital Maturity Index

    This edition of the report introduces the IPU Digital Maturity Index, a pioneering tool to help parliaments assess their progress across six key areas including governance, infrastructure and public engagement.

    Legislatures in Europe and the Americas lead the way on digital maturity, while those in the Pacific region and sub-Saharan Africa are struggling to keep pace.

    Recommendations

    The report makes the following recommendations for parliaments:

    Develop clear digital strategies
    Allocate adequate resources
    Establish robust governance frameworks
    Invest in capacity-building
    Prioritize public engagement
    Strengthen inter-parliamentary collaboration

    Quote

    IPU Secretary General, Martin Chungong, said: “Parliaments cannot afford to fall behind as society embraces new technology. The future quality of democracy and its institutions are at stake. A digitally advanced parliament is a stronger, more effective, more transparent and more accountable parliament. This report shows how innovation and technology in parliaments can help them deliver better outcomes for the people.”

    The report will be presented at next week’s 149th IPU Assembly from 13-17 October 2024 in Geneva under the overarching theme: Harnessing science, technology and innovation for a more peaceful and sustainable future.

    The IPU is the global organization of national parliaments. It was founded more than 130 years ago as the first multilateral political organization in the world, encouraging cooperation and dialogue between all nations. Today, the IPU comprises 180 national Member Parliaments and 15 regional parliamentary bodies. It promotes democracy and helps parliaments develop into stronger, younger, greener, more gender-balanced and more innovative institutions. It also defends the human rights of parliamentarians through a dedicated committee made up of MPs from around the world.

    MIL OSI – Submitted News –

  • MIL-OSI United Kingdom: CMA cautions will writing and legal service providers as new guidance launched

    Source: United Kingdom – Government Statements

    CMA issues letters to businesses alongside new guidance following an investigation into unregulated providers of will writing, online divorce and pre-paid probate services.

    iStock

    The Competition and Markets Authority (CMA) is taking action to protect the growing number of UK consumers who are opting for alternatives to high street solicitors when making a will or getting divorced. Businesses which provide these unregulated legal services are a growing part of the legal sector and it is crucial they understand and comply with their consumer protection obligations. People buying these services need to be sure they are getting a fair deal. 

    The CMA has written to seven providers of unregulated legal services cautioning them against using particularly concerning practices such as aggressive upselling, the refusal of refunds and failing to respond to complaints. 

    Those who receive a letter should acknowledge it and act on any recommendations to review and revise their contract terms and practices. With the CMA set to receive stronger enforcement powers from next spring, if concerns are not addressed, the businesses could face a formal investigation. 

    As these types of services are not purchased very often, the CMA is concerned that consumers may not have a clear idea of what they may be expected to pay or the different options available to them. So, to help boost compliance levels across unregulated legal services, the CMA is also issuing new tailored guidance for businesses in the sector. This follows a consultation which received widespread support from consumer bodies, trade associations and the firms offering these services.  

    To complement the guidance for businesses, the CMA has published consumer guides for people making a will or going through a divorce. The significant consumer risks associated with pre-paid probate services are also highlighted. 

    Hayley Fletcher, CMA’s Interim Senior Director for Consumer Protection, said:

    Alternatives to conventional high street law firms can offer convenient services for people – and when day-to-day budgets are already under pressure, they can be a more cost-effective option.  

    Those offering these types of legal services often meet their customers at some of the most challenging times in life, so it’s particularly important that a difficult time is not made harder by misleading or unfair practices.   

    Our new guides will help empower consumers to ask businesses the right questions before they buy and give businesses an opportunity to get their house in order. 

    To ensure they comply with the law, we expect businesses in the sector to read the new guidance and make the necessary changes to their terms and practices. Those who don’t could face enforcement action.

    The new guidance explains how businesses can ensure they: 

    • draft fair terms and conditions and provide consumers with the information they need to make informed decisions 

    • provide services with reasonable care and skill 

    • use sales practices that are not misleading or aggressive 

    To raise business awareness of the CMA’s new guidance, an open letter has been sent to providers and published online. The CMA will continue to monitor the sector and expects to conduct a formal compliance review in due course. 

    Guides for consumers 

    The CMA’s new guides for consumers outline the options available when choosing a will writer or a divorce service provider, including the key things people need to keep in mind when buying these services and the potential sources of help if things go wrong after purchase.  

    Consumers are cautioned to think carefully before buying pre-paid probate plans as they come with significant consumer protection risks, including that the company could cease trading before the consumer’s death. A consumer warning on pre-paid probate services is already available via the Financial Conduct Authority and sets out the key issues for consumers to be aware of in relation to these services. 

    More information can be found on the unregulated legal services case page.  

    Notes to editors:  

    1. The CMA’s work in this area relates to consumer protection law, which applies across the UK. The separate laws relating specifically to wills, probate and divorce and the provision of legal advice in those areas differ across the nations of the UK: 

      • In England and Wales, only certain legal services (‘reserved legal activities’) are restricted to regulated legal services professionals (such as solicitors or chartered legal executives). Reserved legal activity is a defined term in the Legal Services Act 2007. 

      • In Scotland, certain legal services are restricted to professionals authorised to conduct those services based on the qualification they hold (such as solicitors, advocates and certain other professionals including commercial attorneys, notaries public and conveyancing practitioners). They are subject to statutory regulation: see Section 32 of the Solicitors (Scotland) Act 1980. Note that the Regulation of Legal Services (Scotland) Bill is currently before the Scottish Parliament, which if enacted will affect the regulation of legal professionals in Scotland. 

      • Similarly, in Northern Ireland, certain legal services are restricted to qualified persons such as solicitors: see Article 23 of the Solicitors (Northern Ireland) Order 1976.  

    2. The focus of the new guidance is unregulated providers, where the additional requirements of professional regulation do not apply. However, regulated providers must also meet their legal obligations including compliance with consumer law.  

    3. The CMA has a range of enforcement powers under consumer protection law, and these are shared with other bodies, such as local Trading Standards Services.  

    4. This consumer enforcement investigation was initiated by the CMA in July 2023 to protect consumers following complaints about unregulated providers offering will writing, online divorce, and pre-paid probate services. Since then, the Digital Markets, Competition and Consumer Act 2024 has received royal assent. When relevant provisions come into force, the CMA itself will be empowered to determine whether consumer law has been breached and will have the ability to impose fines and order firms to pay compensation to affected consumers.  

    5. The providers of unregulated legal services that have received one of the seven advisory letters from the CMA will not be named. 

    6. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk  

    7. All enquiries from the public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or by phone on 020 3738 6000.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Global Net Lease Completes $569 Million of Dispositions Through Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) today announced continued progress on its 2024 strategic disposition plan. Through Q3 2024, GNL has closed nearly $569 million of dispositions, and, including its pipeline, dispositions total $870 million1.

    “We are pleased with the continued momentum of our 2024 strategic disposition plan, having closed nearly $569 million of dispositions through Q3 2024 at favorable cash cap rates, demonstrating the quality of our investment-grade portfolio,” said Michael Weil, CEO of GNL. “The dispositions include approximately $111 million of vacant assets, eliminating their negative impact on our net operating income. This initiative is essential for achieving our strategic objectives of reducing our Net Debt to Adjusted EBITDA and lowering our cost of capital. By using the net sale proceeds to reduce outstanding debt, we enhance GNL’s financial flexibility and position the Company for long-term growth.”

    GNL has furnished a slide detailing the progress of its 2024 strategic disposition plan with a Current Report on Form 8-K with the Securities and Exchange Commission on the date hereof.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    Footnotes:
    1 Disposition data as of September 30, 2024, includes transactions that are either closed or a pipeline of transactions under agreement or letter of intent, and assumes purchase agreements and letters of intent lead to closing based on their contemplated terms, which cannot be assured.

    The MIL Network –

  • MIL-OSI United Kingdom: UK push for de-escalation and stability during Middle East visit

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary in Middle East to drive de-escalation

    • Meetings in Bahrain and Jordan to strengthen efforts to de-escalation in the Middle East.
    • Foreign Secretary will meet with UK personnel working in the region to underscore commitment to security.
    • He will tour HMS Lancaster to see firsthand UK’s presence in the Gulf.

    The UK continues to work with likeminded partners towards de-escalation in the Middle East, as Foreign Secretary arrives in region to drive efforts towards security and stability, and to press for an end to the cycle of violence which intensified following the atrocities of October 7.

    In talks with leaders in Bahrain and Jordan, key regional partners for the UK, the Foreign Secretary will reiterate the UK’s concern over the risk of escalation and miscalculation in the region and underline our call for an immediate ceasefire in Gaza and Lebanon.

    He will reaffirm the importance of working with regional partners to press the case for restraint and will demand Iran and its proxies stop their attacks which are causing chaos and destruction for the region and its people. This follows the UK’s condemnation of Iran’s actions against Israel last week which risked plunging the region into a deeper crisis.

    Foreign Secretary David Lammy said:

    The situation is incredibly dangerous and further escalation or miscalculation in the region is in no one’s interests.

    I am pleased to be back in the region to meet with our key partners in Bahrain and Jordan and see firsthand our combined efforts towards building long-term security and stability in the Middle East.

    We must not waver at this critical period to achieve ceasefires in Gaza and Lebanon, to get more desperately needed aid into Gaza, and secure the release of all hostages.

    Our nations share deep-rooted partnerships across defence, trade, and security, which I look forward to building upon.

    During his time in Bahrain, the Foreign Secretary will meet with UK Armed Forces personnel who are helping to maintain Gulf Security, including commercial shipping in the Red Sea. He will tour HMS Lancaster which is deployed in the region and has a played a key role in patrolling the waters to detect and deter Houthi activity. His visit underscores the UK’s commitment to confronting shared threats in the region.

    He will meet with senior figures and will lead talks on regional security and prosperity, including forging greater business ties. Trade between the UK and the Gulf Cooperation Council is worth more than £57 billion, with investors from the region making up an important delegation at the UK International Investment Summit next week.

    While in Jordan, he will meet with senior leaders, including Foreign Minister Ayman Safadi, and express the UK’s support for the country’s role in delivering much needed humanitarian aid for the people of Gaza.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TRA recommendation to keep protections on ceramic tiles accepted

    Source: United Kingdom – Executive Government & Departments

    The Government has accepted the TRA’s recommendation to maintain an anti-dumping measure on ceramic tiles from China.

    The Secretary of State for Business and Trade has accepted the Trade Remedies Authority’s recommendation to maintain an anti-dumping measure on ceramic tiles from China, except on certain larger subsets of the product that are not produced in the UK.

    This measure was among those inherited from the EU system and has been in place for 12 years. The TRA conducted a transition review to establish whether it was still suitable for the UK’s needs.

    In its Final Recommendation the TRA recommended that the anti-dumping measure on ceramic tiles with a surface area of less than or equal to 3600cm2, with no tile edge greater than 600mm in length, be maintained for a further five years.

    However, it recommended that the measure be removed on tiles where the largest surface area exceeds 3600cm2 or those that have an edge equal to or longer than 600mm. The measure would still apply in these cases if the tiles in question have a differential relief on the surface area that exceeds 3mm.

    The UK imported over £382 million worth of ceramic tiles in 2021, with 1.5% of these imports coming from China. Chinese imports of tiles to the UK currently face duty rates ranging from 14% to 70%.

    Background information:

    • The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.
    • Dumping occurs when goods are imported into a country and sold at a price that is below their normal value in their country of export.
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU and the TRA is currently reviewing each one to check if it is suitable for UK needs.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (69.59%), MRNY (61.51%), FBY (58.57%), YMAX (60.44%), YMAG (76.46%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name
    		 Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC
    Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs   Multiple $0.2044 Weekly 60.44% 62.93% 10/10/2024 10/11/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs   Multiple $0.2823 Weekly 76.46% 50.85% 10/10/2024 10/11/2024
    NVDY YieldMax™ NVDA Option Income Strategy ETF   NVDA $1.0999 Every 4 Weeks 55.90% 3.24% 10/10/2024 10/11/2024
    DIPS   YieldMax™ Short NVDA Option Income Strategy ETF   NVDA $0.6859 Every 4 Weeks 55.43% 3.69% 10/10/2024 10/11/2024
    FBY YieldMax™ META Option Income Strategy ETF   META $0.9231 Every 4 Weeks 58.57% 3.22% 10/10/2024 10/11/2024
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF   GDX® $0.6060 Every 4 Weeks 43.84% 3.27% 10/10/2024 10/11/2024
    BABO YieldMax™ BABA Option Income Strategy ETF   BABA $1.2932 Every 4 Weeks 69.59% 2.62% 10/10/2024 10/11/2024
    JPMO YieldMax™ JPM Option Income Strategy ETF   JPM $0.3768 Every 4 Weeks 27.12% 3.60% 10/10/2024 10/11/2024
    MRNY YieldMax™ MRNA Option Income Strategy ETF   MRNA $0.3762 Every 4 Weeks 61.51% 3.91% 10/10/2024 10/11/2024
    PLTY* YieldMax™ PLTR Option Income Strategy ETF   PLTR — Every 4 Weeks — — — —
    Scheduled for next week: YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    * The inception date for PLTY is October 7, 2024.

    1     All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

    2     The Distribution Rate shown is as of close on October 8, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3     The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30. 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4     Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5     As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTY), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI Europe: Minutes – Tuesday, 8 October 2024 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2024-10-08

    EN

    EN

    iPlPv_Sit

    Minutes
    Tuesday, 8 October 2024 – Strasbourg

     Abbreviations and symbols

    + adopted
    – rejected
    ↓ lapsed
    W withdrawn
    RCV roll-call votes
    EV electronic vote
    SEC secret ballot
    split split vote
    sep separate vote
    am amendment
    CA compromise amendment
    CP corresponding part
    D deleting amendment
    = identical amendments
    § paragraph

    IN THE CHAIR: Roberta METSOLA
    President

    1. Opening of the sitting

    The sitting opened at 9:01.


    2. Penalties

    Pursuant to Rules 10 and 183, and after taking into account the observations of the Member concerned, the President had decided to impose a penalty on Diana Iovanovici Şoşoacă for having disrupted the sitting of 18 July 2024 by behaving improperly during the debate on the statement by the candidate for President of the Commission (minutes of 18.7.2024, item 3).

    The penalty consisted of the forfeiture of the Member’s entitlement to the daily subsistence allowance for a period of seven days and of a temporary suspension from participation in Parliament’s plenary activities for a period of seven days on which Parliament meets, starting that day, 8 October 2024, without prejudice to the Member’s right to vote in plenary, and subject to strict compliance with the Members’ standards of conduct.

    The Member concerned had been notified of this decision and had lodged an internal appeal with the Bureau under Rule 184. At its meeting the previous day, the Bureau had upheld the penalty imposed, without prejudice to the external rights of appeal open to the Member concerned. The penalty was therefore final.


    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    3. Preparation of the European Council of 17-18 October 2024 (debate)

    Council and Commission statements: Preparation of the European Council of 17-18 October 2024 (2024/2782(RSP))

    János Bóka (President-in-Office of the Council) and Maroš Šefčovič (Executive Vice-President of the Commission) made the statements.

    The following spoke: Siegfried Mureşan, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Anna Bryłka on behalf of the PfE Group, Carlo Fidanza, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Bas Eickhout, on behalf of the Verts/ALE Group, Manon Aubry, on behalf of the The Left Group, Anja Arndt, on behalf of the ESN Group, Dolors Montserrat, Alex Agius Saliba, Enikő Győri, Charlie Weimers, Gerben-Jan Gerbrandy, Damian Boeselager, João Oliveira, Michael von der Schulenburg, Paulo Cunha, Nicola Zingaretti, Gilles Pennelle, Beata Szydło, Karlo Ressler, Javier Moreno Sánchez, Csaba Dömötör, Nicolas Bay, Luděk Niedermayer, Matjaž Nemec, Emmanouil Fragkos, Seán Kelly, Dan Nica, Kris Van Dijck, Wouter Beke and Jaak Madison.

    The following spoke under the catch-the-eye procedure: Maria Grapini, Tobiasz Bocheński, Lukas Sieper, Juan Fernando López Aguilar and Grzegorz Braun.

    The following spoke: Maroš Šefčovič and János Bóka.

    The debate closed.


    4. Escalation of violence in the Middle East and the situation in Lebanon (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Escalation of violence in the Middle East and the situation in Lebanon (2021/2850(RSP))

    Josep Borrell Fontelles (Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy) made the statement.

    The following spoke: Željana Zovko, on behalf of the PPE Group.

    IN THE CHAIR: Sabine VERHEYEN
    Vice-President

    The following spoke: Yannis Maniatis, on behalf of the S&D Group, Sebastiaan Stöteler, on behalf of the PfE Group, Alberico Gambino, on behalf of the ECR Group, Hilde Vautmans, on behalf of the Renew Group, Villy Søvndal, on behalf of the Verts/ALE Group, Lynn Boylan, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Nicolás Pascual De La Parte, Nacho Sánchez Amor, António Tânger Corrêa, who also answered a blue-card question by Bruno Gonçalves, Assita Kanko, Christophe Grudler, Hannah Neumann, who also declined to take a blue-card question from Alexander Sell, Giorgos Georgiou, Hans Neuhoff, Kostas Papadakis, François-Xavier Bellamy, who also answered a blue-card question by Anthony Smith, Hana Jalloul Muro, Hermann Tertsch, Alexandr Vondra, who also answered a blue-card question by Ondřej Dostál, Bernard Guetta, Leoluca Orlando, Rima Hassan, who also answered a blue-card question by François-Xavier Bellamy, Tomasz Froelich, Kateřina Konečná, Loucas Fourlas, Evin Incir, Thierry Mariani, Rihards Kols, Barry Andrews, Ana Miranda Paz, Mimmo Lucano, Petar Volgin, Alice Teodorescu Måwe, who also answered a blue-card question by Evin Incir (the President reminded the House of the provisions of Rule 10), Matjaž Nemec, Raffaele Stancanelli, Abir Al-Sahlani, Mika Aaltola, Ana Catarina Mendes, Michael McNamara, Milan Zver, Aodhán Ó Ríordáin, Elena Yoncheva, Seán Kelly, Thijs Reuten, Lukas Mandl, Chloé Ridel, Dimitris Tsiodras, Lucia Annunziata, Ingeborg Ter Laak, Maria Walsh and Sander Smit.

    The following spoke under the catch-the-eye procedure: Cecilia Strada, Jaume Asens Llodrà, Marc Botenga, Grzegorz Braun, Luke Ming Flanagan and Alvise Pérez.

    The following spoke: Josep Borrell Fontelles.

    The debate closed.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    5. Resumption of the sitting

    The sitting resumed at 12:31.

    ⁂

    Jordan Bardella spoke.


    6. Voting time

    For detailed results, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    6.1. Mobilisation of the European Union Solidarity Fund: assistance to Italy, Slovenia, Austria, Greece and France further to natural disasters that occurred in 2023 (vote)

    Report on the proposal for a decision of the European Parliament and of the Council on the mobilisation of the European Union Solidarity Fund to provide assistance to Italy, Slovenia, Austria, Greece and France relating to six natural disasters that occurred in 2023 [COM(2024)0325 – C10-0088/2024 – 2024/0212(BUD)] – Committee on Budgets. Rapporteur: Georgios Aftias (A10-0002/2024)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Approved by single vote (P10_TA(2024)0015)

    Detailed voting results

    1

    (The sitting was suspended for a few moments.)


    7. Resumption of the sitting

    The sitting resumed at 12:36.


    8. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    9. The crisis facing the EU’s automotive industry, potential plant closures and the need to enhance competitiveness and maintain jobs in Europe (debate)

    Commission statement: The crisis facing the EU’s automotive industry, potential plant closures and the need to enhance competitiveness and maintain jobs in Europe (2024/2820(RSP))

    Valdis Dombrovskis (Executive Vice-President of the Commission) made the statement.

    The following spoke: Jens Gieseke, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Paolo Borchia, on behalf of the PfE Group, Daniel Obajtek, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Sara Matthieu, on behalf of the Verts/ALE Group, Rudi Kennes, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, and Peter Liese.

    IN THE CHAIR: Pina PICIERNO
    Vice-President

    The following spoke: Gabriele Bischoff, Philippe Olivier, Elena Donazzan, Jan-Christoph Oetjen, Anna Cavazzini, Li Andersson, who also answered a blue-card question by Ewa Zajączkowska-Hernik, Markus Buchheit, Diego Solier, who also answered a blue-card question by Jacek Ozdoba, Raúl de la Hoz Quintano, who also answered a blue-card question by Waldemar Buda, Dan Nica, András Gyürk, Alexandr Vondra, Marie-Pierre Vedrenne, Kai Tegethoff, Jonas Sjöstedt, Siegbert Frank Droese, Lukas Sieper, Dennis Radtke, Estelle Ceulemans, Barbara Bonte, Johan Van Overtveldt, Svenja Hahn, Majdouline Sbai, Marina Mesure, Arno Bausemer, Thomas Geisel, Massimiliano Salini, Bernd Lange, Filip Turek, Carlo Fidanza, Pascal Canfin, who also answered a blue-card question by Anne-Sophie Frigout, Benedetta Scuderi, Carola Rackete, Anja Arndt, Susana Solís Pérez, Johan Danielsson, Roman Haider, Nicolas Bay, Ľubica Karvašová, Virginijus Sinkevičius, Pasquale Tridico, Tom Berendsen, Antonio Decaro, Vilis Krištopans, Gheorghe Piperea, Sophie Wilmès, Saskia Bricmont, Jan Farský, Giorgio Gori, Klara Dostalova, Marlena Maląg, Eugen Tomac, Michael Bloss, François-Xavier Bellamy, François Kalfon, Anna Bryłka, Mariateresa Vivaldini, Engin Eroglu, Niels Flemming Hansen, Marit Maij, Mélanie Disdier, Beata Szydło, Gerben-Jan Gerbrandy, Dariusz Joński, Matthias Ecke, Jorge Buxadé Villalba and Giovanni Crosetto.

    IN THE CHAIR: Roberts ZĪLE
    Vice-President

    The following spoke: Oihane Agirregoitia Martínez, Paulius Saudargas, Rosa Serrano Sierra, Sebastian Kruis, Ondřej Krutílek, Yvan Verougstraete, Angelika Niebler, Christel Schaldemose, Marie Dauchy, Pietro Fiocchi, Michał Kobosko, Wouter Beke, Bruno Tobback, Julie Rechagneux, Stefano Cavedagna, Miriam Lexmann, Daniel Attard, Angéline Furet, Anna Zalewska, Eszter Lakos, Thomas Pellerin-Carlin, Anne-Sophie Frigout, Claudiu-Richard Târziu, who also answered a blue-card question by Nicolae Ştefănuță, Sophia Kircher, Annalisa Corrado, Jaak Madison, Juan Ignacio Zoido Álvarez, Andreas Schieder, Matej Tonin and Idoia Mendia Cueva.

    The following spoke under the catch-the-eye procedure: Sunčana Glavak, Maria Grapini, Silvia Sardone, Tobiasz Bocheński, Benoit Cassart, Marc Botenga, Marcin Sypniewski, Kateřina Konečná, Radan Kanev, Elena Sancho Murillo, Dario Tamburrano, Katarína Roth Neveďalová and Elżbieta Katarzyna Łukacijewska.

    The following spoke: Valdis Dombrovskis.

    Motions for resolutions to be tabled under Rule 136(2) would be announced at a later stage.

    The debate closed.

    Vote: at a later part-session.


    10. Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration (2021/2821(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Siegfried Mureşan, on behalf of the PPE Group, Thijs Reuten, on behalf of the S&D Group, Pierre-Romain Thionnet, on behalf of the PfE Group, Tobiasz Bocheński, on behalf of the ECR Group, Dan Barna, on behalf of the Renew Group, Reinier Van Lanschot, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Michael Gahler, Maria Grapini, Claudiu-Richard Târziu, Helmut Brandstätter, Virginijus Sinkevičius, David McAllister, Kristian Vigenin, Cristian Terheş, Petras Auštrevičius, Rasa Juknevičienė, Vasile Dîncu, Adam Bielan, Eugen Tomac, Sandra Kalniete, Pina Picierno, Adrian-George Axinia, Michał Szczerba, Tonino Picula, Małgorzata Gosiewska and Andrea Wechsler.

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    The following spoke: Victor Negrescu, Davor Ivo Stier, Francisco Assis, Krzysztof Brejza, Mika Aaltola, Sven Simon, Michał Wawrykiewicz and Jüri Ratas.

    The following spoke under the catch-the-eye procedure: Grzegorz Braun.

    The following spoke: Věra Jourová.

    Motions for resolutions tabled under Rule 136(2) to wind up the debate: minutes of 9.10.2024, item II.

    The debate closed.

    Vote: 9 October 2024.


    11. Composition of committees and delegations

    The Renew Group had notified the President of the following decisions changing the composition of delegations:

    Delegation to the EU-Russia Parliamentary Cooperation Committee: Jana Toom

    Delegation for relations with the countries of South Asia: Michael McNamara to replace Vlad Vasile-Voiculescu

    The decisions took effect as of that day.




    13. The democratic backsliding and threats to political pluralism in Georgia (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: The democratic backsliding and threats to political pluralism in Georgia (2021/2822(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Rasa Juknevičienė, on behalf of the PPE Group, Sven Mikser, on behalf of the S&D Group, Thierry Mariani, on behalf of the PfE Group, Małgorzata Gosiewska, on behalf of the ECR Group, Urmas Paet, on behalf of the Renew Group, Reinier Van Lanschot, on behalf of the Verts/ALE Group, Danilo Della Valle, on behalf of The Left Group, Hans Neuhoff, on behalf of the ESN Group, Michael Gahler, Nacho Sánchez Amor, Rihards Kols, who also answered a blue-card question by Alessandro Zan, Petras Auštrevičius, Markéta Gregorová, who also answered a blue-card question by Ondřej Dostál, Petar Volgin, who also answered a blue-card question by Tobiasz Bocheński, Ľuboš Blaha, Michał Szczerba, Pierfrancesco Maran, Adam Bielan, Helmut Brandstätter, Leoluca Orlando, Ondřej Dostál, Ondřej Kolář, Francisco Assis, Brigitte van den Berg, Riho Terras, Raphaël Glucksmann, Dainius Žalimas, Davor Ivo Stier, Tobias Cremer, Ivars Ijabs, Mika Aaltola, Robert Biedroń, Paulius Saudargas, Thijs Reuten and Jacek Protas.

    IN THE CHAIR: Ewa KOPACZ
    Vice-President

    The following spoke: Michał Wawrykiewicz.

    The following spoke under the catch-the-eye procedure:Alessandro Zan, Tobiasz Bocheński, Vytenis Povilas Andriukaitis, Grzegorz Braun, Milan Mazurek and Lukas Sieper.

    The following spoke: Věra Jourová.

    Motions for resolutions tabled under Rule 136(2) to wind up the debate: minutes of 9.10.2024, item II.

    The debate closed.

    Vote: 9 October 2024.


    14. Outcome of the Summit of the Future: transforming global governance for building peace, promoting human rights and achieving the sustainable development goals (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Outcome of the Summit of the Future: transforming global governance for building peace, promoting human rights and achieving the sustainable development goals (2021/2823(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Lukas Mandl, on behalf of the PPE Group, Udo Bullmann, on behalf of the S&D Group, António Tânger Corrêa, on behalf of the PfE Group, Arkadiusz Mularczyk, on behalf of the ECR Group, Barry Andrews, on behalf of the Renew Group, Ignazio Roberto Marino, on behalf of the Verts/ALE Group, Giorgos Georgiou, on behalf of The Left Group, Marc Jongen, on behalf of the ESN Group, Hildegard Bentele, Ana Catarina Mendes, Juan Carlos Girauta Vidal, Claudiu-Richard Târziu, Isabella Lövin, Merja Kyllönen, Rada Laykova, Milan Mazurek, Francisco José Millán Mon, Vytenis Povilas Andriukaitis, Jorge Martín Frías, Dick Erixon, Vladimir Prebilič, Pernando Barrena Arza, Ivan David, Ruth Firmenich, Nicolás Pascual De La Parte, Leire Pajín, André Rougé, Gordan Bosanac, Carolina Morace, Katarína Roth Neveďalová, Brando Benifei, Tiago Moreira de Sá, Evin Incir, Carla Tavares and Hannes Heide.

    IN THE CHAIR: Younous OMARJEE
    Vice-President

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Lukas Sieper and Grzegorz Braun.

    The following spoke: Věra Jourová.

    The debate closed.


    15. Composition of committees and delegations

    The PPE Group and the non-attached Members had notified the President of the following decisions changing the composition of the committees and delegations:

    Committee on International Trade: Lukas Sieper

    Committee on Budgets: Lukas Sieper was no longer a member

    Delegation for relations with the Mashreq countries: Christophe Gomart to replace François-Xavier Bellamy

    Delegation for relations with Mercosur: Alma Ezcurra Almansa to replace Esther Herranz García

    Delegation to the Euro-Latin American Parliamentary Assembly: Juan Ignacio Zoido Álvarez to replace Dolors Montserrat

    The decisions took effect as of that day.


    16. Situation in Sudan (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Situation in Sudan (2021/2851(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Lukas Mandl, on behalf of the PPE Group, Francisco Assis, on behalf of the S&D Group, Barry Andrews, on behalf of the Renew Group, Ana Miranda Paz, on behalf of the Verts/ALE Group, Per Clausen, on behalf of The Left Group, Tomasz Froelich, on behalf of the ESN Group, Ingeborg Ter Laak, Marit Maij, Hanna Gedin, Maria Walsh, Hannes Heide, Evin Incir and Cecilia Strada.

    The following spoke under the catch-the-eye procedure: Seán Kelly.

    The following spoke: Věra Jourová.

    The debate closed.


    17. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.

    Oral explanations of vote


    17.1. Mobilisation of the European Union Solidarity Fund: assistance to Italy, Slovenia, Austria, Greece and France further to natural disasters that occurred in 2023 (A10-0002/2024 – Georgios Aftias)

    The following spoke: Dick Erixon and Seán Kelly.


    18. Agenda of the next sitting

    The next sitting would be held the following day, 9 October 2024, starting at 09:00. The agenda was available on Parliament’s website.


    19. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    20. Closure of the sitting

    The sitting closed at 20:28.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Bellamy François-Xavier, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berg Sibylle, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Ezcurra Almansa Alma, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Flanagan Luke Ming, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Gomes Isilda, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gregorová Markéta, Grims Branko, Griset Catherine, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guetta Bernard, Guzenina Maria, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Christophe, Hansen Niels Flemming, Hassan Rima, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hojsík Martin, Holmgren Pär, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovařík Ondřej, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubilius Andrius, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lagodinsky Sergey, Lakos Eszter, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Loiseau Nathalie, Løkkegaard Morten, López Aguilar Juan Fernando, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Marzà Ibáñez Vicent, Mato Gabriel, Matthieu Sara, Mavrides Costas, Maydell Eva, Mayer Georg, Mazurek Milan, McNamara Michael, Mebarek Nora, Mehnert Alexandra, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Mînzatu Roxana, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Mularczyk Arkadiusz, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Nardella Dario, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pascual De La Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sjöstedt Jonas, Śmiszek Krzysztof, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban-Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Uhrík Milan, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Overtveldt Johan, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Virkkunen Henna, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Homs Ginel Alicia

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: HKSAR Government and Ministry of Commerce sign Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services (with photos/video)

    Source: Hong Kong Government special administrative region

         The Chief Executive, Mr John Lee, witnessed the signing of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) by the Financial Secretary, Mr Paul Chan, and Deputy China International Trade Representative of the Ministry of Commerce Ms Li Yongjie today (October 9).     “I would like to express my sincere gratitude to the Central Government for its care and support for the Hong Kong Special Administrative Region (HKSAR). I also thank the Ministry of Commerce and relevant authorities for actively working towards the HKSAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services. The Amendment Agreement II introduces new liberalisation measures across different service sectors where Hong Kong enjoys competitive advantages, making it easier for Hong Kong service suppliers to establish enterprises and develop business on the Mainland, enabling more Hong Kong professionals to obtain qualifications to practise on the Mainland, allowing more of Hong Kong’s quality services to be provided to the Mainland market, and contributing to and serving the country’s development. The HKSAR Government will continue to encourage different sectors of the community to leverage the unique advantages of ‘one country, two systems’ and join hands with their counterparts on the Mainland to promote the competitiveness of the professional services sector, in order to inject new impetus to economic development and achieve high-quality development,” said Mr Lee.     The HKSAR Government and the Ministry of Commerce signed the Agreement on Trade in Services (Services Agreement) under the framework of CEPA in November 2015 to basically achieve liberalisation of trade in services between the Mainland and Hong Kong. The two sides signed an agreement in November 2019 to amend the Services Agreement and add new liberalisation measures that have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides agreed to make further amendments to the Services Agreement and signed the new agreement today.     The Amendment Agreement II introduces new liberalisation measures across several service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong’s exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Examples are as follows:(1) Construction and related engineering services: To allow Hong Kong general practice surveying enterprises to provide professional services in Guangdong Province through filing of records; and to allow Hong Kong engineering construction consultant enterprises that have completed filing of records to bid for consultancy services projects in joint venture in compliance with the laws in the nine Pearl River Delta municipalities in the GBA;(2) Motion pictures: To remove the restriction on investment in enterprises engaging in film production by Hong Kong service suppliers; and to allow enterprises established by Hong Kong service suppliers and approved by the relevant Mainland authorities to operate distribution of imported buy-out Hong Kong motion pictures;(3) Television: To remove the quantitative restriction on Hong Kong people participating as principal creative personnel in online television dramas; and to allow imported dramas produced in Hong Kong to be broadcast during prime time in television stations on the Mainland after obtaining approval from the National Radio and Television Administration;(4) Tourism services: To optimise the implementation of the 144-hour visa-exemption policy for foreign group tours entering Guangdong from Hong Kong through increasing the number of inbound control points and expanding the stay areas to the whole of Guangdong Province, and to provide facilitation for Mainland travel agents when receiving group tours at West Kowloon Station of the High Speed Rail; and to support cruise companies to arrange international cruise itineraries involving port-of-call in the Mainland cruise ports in accordance with the laws. In respect of Mainland visitors participating in such cruise itineraries, they can travel to Hong Kong in transit to join all sorts of cruise itineraries, by presenting their passports and confirmation documents of the relevant cruise itineraries; and(5) Financial services: To remove the asset requirement of not less than US$2 billion as at the end of the most recent year for Hong Kong financial institutions investing in shares of insurance companies; to remove the restriction prohibiting foreign bank branches established by Hong Kong service suppliers from conducting bank cards services; to consider extending the scope of eligible products under the mutual market access programme by including REITs (Real Estate Investment Trusts); to continuously promote and enhance the Cross-boundary Wealth Management Connect Pilot Scheme and the Mainland-Hong Kong Mutual Recognition of Funds scheme; and to continuously promote the cross listing arrangement of the Mainland and Hong Kong ETF (open-ended index-tracking exchange-traded funds) as well as enhance Southbound Trading and Northbound Trading under Bond Connect.     In addition, the Amendment Agreement II brings institutional innovation and collaboration enhancement, including:(1) Addition of “allowing Hong Kong-invested enterprises to adopt Hong Kong law” and “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong” as facilitation measures for Hong Kong investors, supporting Hong Kong-invested enterprises registered in the pilot municipalities of the GBA to adopt Hong Kong law or Macao law as the applicable law in their contracts; as well as supporting Hong Kong-invested enterprises registered in the nine Pearl River Delta municipalities in the GBA to choose Hong Kong or Macao as the seat of arbitration. The measures provide flexibility and convenience for Hong Kong enterprises, facilitating their investment and business development on the Mainland;(2) Addition of commitments regarding domestic regulation to ensure transparency, predictability and efficiency of regulations on trade in services, so as to align with high-standard international economic and trade rules, cutting red tape and lowering trade costs when enterprises supply their services in a market to facilitate trade in services; and(3) Removal of the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors, allowing Hong Kong start-ups to enjoy the preferential treatment under CEPA in a shorter time and attracting enterprises and talent from around the world to establish a presence in Hong Kong and explore the Mainland market, thus increasing local employment, promoting Hong Kong’s economic development and giving full play to Hong Kong’s roles as a “super connector” and “super value-adder”.     The Amendment Agreement II will be implemented on March 1, 2025. Details and the latest information on CEPA are available on the Trade and Industry Department website at http://www.tid.gov.hk/english/cepa/index.html.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Remarks by FS at media session after Signing Ceremony of Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services (with photo/video)

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Financial Secretary, Mr Paul Chan, at a media session after the Signing Ceremony of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services today (October 9):
     
    Reporter: How would you quantify the impact of this amendment on Hong Kong’s economy, and how should Hong Kongers grasp this opportunity? And secondly, why is film included in this round of amendments? Can you cite examples of how the film industry can benefit from the liberalised measures? Thank you very much.
     
    Financial Secretary: The further liberalisation measures under the CEPA Amendment Agreement will enable Hong Kong firms and professional sectors to go into the Mainland market a lot easier. With the reduced threshold, reduced qualification requirements, and expanded scope of liberalisation, depending on specific sectors, the progress will be different, but I am sure for the professional sectors, people are very keen to expand their foothold into the Mainland by using the Greater Bay Area as the starting point. This will create a very positive impact on Hong Kong. As to the specific examples, in the Amendment Agreement, certain industries will be directly benefitting from it, including the testing and certification sector, telecommunications, films, television, financial services and tourism. We will be communicating with the different sectors and working with the different stakeholders to move as fast as possible to work out the various implementation details, so that businesses and professionals in Hong Kong would find it more convenient to expand into the Mainland market. Thank you.
     
    (Please also refer to the Chinese portion of the remarks.)   

    MIL OSI Asia Pacific News –

  • MIL-OSI: Xypher.io’s Comprehensive Crypto Alert System to Empower Traders with Real-Time Insights

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, Del., Oct. 09, 2024 (GLOBE NEWSWIRE) — Xypher.io, a leading innovator in cryptocurrency trading tools and advanced alert systems designed to help traders and investors stay ahead in the dynamic world of digital assets. The Xypher.io platform provides a comprehensive suite of alerts, including DeFi Alerts for monitoring wallet and coin activities, and Volume Alerts to track unusual market activity and price movements in real-time.

    DeFi Alerts: Tracking Wallets and Coin Movements

    • Monitor key wallet addresses and follow significant transactions.
    • Receive notifications of major token movements, swaps, deposits, withdrawals, mints, and more.
    • Track whale transactions, monitor liquidity pool movements, and keep tabs on major staking activities.
    • Empower traders to act decisively with timely information.

    Volume Alerts: Gaining Insight into Market Momentum

    • Volume is a key indicator of market interest and momentum.
    • Receive notifications of significant spikes in trading volume.
    • Gain deeper insights into market trends with volume alerts that often signal potential price movements.
    • Identify emerging opportunities and receive timely updates on price changes triggered by high-volume activities.
    • Make informed decisions to capitalize on price rallies or mitigate risk during downturns.

    “Xypher.io was created to provide traders with the critical data they need, exactly when they need it,” said Carlos Guadamuz, Founder of Xypher.io. “Our alert system is designed to deliver actionable insights, whether you’re monitoring DeFi wallets or watching for sudden changes in market volume. We’re empowering traders to be proactive rather than reactive.”

    Receive Alerts Where You Need Them

    Xypher.io allows users to receive real-time alerts through their preferred communication channels, including Telegram, Discord, and Slack. With customizable filtering options, users can tailor their alerts to match their specific interests and trading strategies. Whether you need updates on whale wallet activities, changes in DeFi liquidity, or high-volume trading events, Xypher.io ensures you receive the right information at the right time.

    Use Cases for Xypher.io’s Alerts

    • Day Traders: Benefit from real-time alerts on wallet activities, volume spikes, and price changes, allowing for quick and informed decision-making.
    • DeFi Investors: Stay updated on key wallet transactions, liquidity pool shifts, and major token movements to anticipate market trends and opportunities.
    • Volume Traders: Utilize volume alerts to identify unusual trading activity, helping to pinpoint potential market manipulation or price trends before they fully unfold.

    For more information about Xypher.io and its suite of alert tools visit xypher.io

    Contact:
    Hana Rita
    hana@xypher.io

    Disclaimer: This content is provided by Xypher. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    The MIL Network –

  • MIL-OSI: Enphase Energy Expands its Support for Grid Services Programs Across the United States

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in New Hampshire, North Carolina, and California, powered by the new IQ® Battery 5P.

    Grid services programs are managed by regional utilities and use energy stored in home batteries to help power communities when it is needed most, like during periods of peak electricity demand. This reduces reliance on costly and polluting power plants for electricity and, in return, provides incentives to homeowners from their own utilities. Incentive programs may serve as a discount on the purchase of an Enphase® Energy System™ with IQ Batteries or as ongoing payments to participating homeowners. Most recently, homeowners who install Enphase IQ Batteries are now eligible to enroll in the following programs:

    Duke Energy PowerPair Program: Participants enrolled in this program who install three IQ Battery 5Ps and at least 10 kW of solar with a Duke Energy Trade Ally installer are eligible to receive an upfront incentive of $9,000. Customers who also enroll in Duke Energy’s battery control programs – Duke Energy Power Manager or Duke Energy Progress EnergyWise – are eligible to receive additional ongoing monthly bill credits. Learn more about the details of the program on the Enphase website.

    “Enphase’s dependable, high-performance, and safe home energy technology is enabling the clean energy future,” said Edward Wright, co-owner of Rhino Renewables Solar & Electric, an installer of Enphase products based in North Carolina. “Home solar systems and batteries are crucial for supporting grid operations and reducing electricity costs for everyone.”

    San Diego Community Power Solar Battery Savings Program: Participants enrolled in this program who install two IQ Battery 5Ps are eligible to receive an upfront incentive rebate of $3,150. Customers are also eligible to receive ongoing performance incentive payments worth approximately $3,000 over the ten-year participation period, from the time of enrollment. Learn more about the details of the program on the San Diego Community Power website.

    “Enphase’s innovative battery solutions are a game-changer for homeowners looking to boost their energy resilience,” said Jeff Carelli, president and CEO of Sunlight Solar, an installer of Enphase products based in California and a Solar Battery Savings Program approved contractor. “By participating in grid services programs, our customers can not only maximize their energy independence but also contribute to a more sustainable energy future here in California.”

    Eversource New Hampshire Clean Energy Fund (NHCEF) for Battery Storage Program: Participants enrolled in this demand response program who install three IQ Battery 5Ps are eligible to receive an upfront incentive rebate of $3,000 for residential customers and $3,750 for commercial customers (up to $10,000 for eight IQ Battery 5Ps). Learn more about the details of the program on the Enphase website.

    “Our customers can now enhance the value of their system while contributing to a more sustainable and resilient grid,” said Hunter Judd owner of Sunup Solar, an installer of Enphase products based in New Hampshire. “Grid services programs make Enphase’s technology more accessible so more homeowners can enjoy the benefits of Enphase home battery systems.”

    “Our cutting-edge software and hardware are designed to simplify participation in grid services programs for homeowners,” said Mehran Sedigh, senior vice president of sales at Enphase Energy. “Central to this effort is the new IQ Battery 5P, providing exceptional durability and value for homeowners. We are proud to expand our support for virtual power plants across the United States.”

    For more information about grid services, please visit the Enphase website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 76.3 million microinverters, and over 4.3 million Enphase-based systems have been deployed in more than 150 countries. For more information, visit https://enphase.com/.

    ©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; the availability and market adoption of Enphase products; Enphase’s ability to expand its support for VPPs; and expectations of and eligibility for incentives under the various incentive programs. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Results of the Scheme, Issue of New Shares and Change of Company Name and Ticker Code

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL.
    This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

    9 October 2024

    ALLIANCE WITAN PLC

    Results of the Scheme

    New Shares to be issued and commence trading

    Change of Name to Alliance Witan PLC

    Change of Ticker Code to ALW

    Results of Scheme

    In connection with the combination of the assets of the Company with the assets of Witan Investment Trust PLC (“WTAN“) which was approved by WTAN Shareholders earlier today, the Board of Alliance Witan PLC (the “Company” or “ATST“) is pleased to announce that the Company will acquire approximately £1,539 million of net assets from WTAN in consideration for the issue of 120,949,382 New Shares to WTAN Shareholders in accordance with the Scheme.

    The number of New Shares to be issued was calculated based on an ATST FAV per Share of 1274.592460 pence and a WTAN FAV per Share of 286.293752 pence, producing a conversion ratio of approximately 0.224615 of a New Share for every WTAN Share rolling over, each calculated in accordance with the Scheme. As set out in the shareholder circular published by the Company on 12 September 2024 (the “Circular”), fractions of New Shares arising as a result of the conversion ratio will not be issued under the Scheme and entitlements to such New Shares will be rounded down to the nearest whole number.

    Issue of New Shares

    Applications have been made for the 120,949,382 New Shares to be admitted to listing on the closed-ended investment funds category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, “Admission“). It is expected that Admission will take place at 8.00am on 10 October 2024.

    Following the issue of the New Shares noted above, the Company’s share capital will consist of 401,816,982 Ordinary Shares (excluding treasury shares), with each Ordinary Share holding one voting right, and an additional 3,377,000 Ordinary Shares held in treasury.

    The figure of 401,816,982 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in voting rights, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

    Change of Name and Ticker Code

    As noted in the Circular, as part of the Scheme Proposals the name of the Company is being changed from ‘Alliance Trust PLC’ to ‘Alliance Witan PLC’ and the Company’s ticker code from ATST to ALW. The change of name has now taken effect following receipt of the requisite confirmation from the Registrar of Companies earlier today; while the change of ticker code will take effect from tomorrow morning when trading in the New Shares commences.

    Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.

    Enquiries

    Alliance Witan PLC
    Dean Buckley    		   Via Investec or Juniper Partners
    Juniper Partners Limited (Company Secretary)   +44 (0)131 378 0500
    Investec Bank plc (Lead Financial Adviser, Sole Sponsor and Corporate Broker)
    David Yovichic
    Denis Flanagan    		   +44 (0)20 7597 4000
    Dickson Minto (Joint Financial Adviser)
    Douglas Armstrong    		   +44 (0)20 7649 6823

    LEI: 213800SZZD4E2IOZ9W55

    Important Information
    This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

    The MIL Network –

  • MIL-OSI: Asset Entities Signs Pivotal Agreement to Build What Could Become The World’s Largest Digital Fitness Community

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 09, 2024 (GLOBE NEWSWIRE) — Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, announced today that well-known social media influencer, American fitness model, training specialist, actor, and entrepreneur, Scott Mathison, has selected Asset Entities to Design, Develop, and Manage his digital fitness community server on the Discord social community platform and has entered into a new client Agreement with the Company.

    Considered one of today’s most followed fitness social media influencers with over 1.5 million followers on Instagram and 2.1 million followers on TikTok, Asset Entities will be working with Scott Mathison to build a subscription based digital fitness community to provide education for those trying to reach their fitness goals. The community will have many features including, workout routines, meal prep plans, workout challenges, and other resources.

    The Company is extremely excited that Scott Mathison made the decision to select Asset Entities to Design, Develop, and Manage his server on the Discord social community platform. The Asset Entities team is excited to be embarking on this journey with Scott. 

    Asset Entities Chief Executive Officer, Arshia Sarkhani, commented, “One of our many passions in this unique space is the future of fan engagement via Discord, and developing and helping communities grow. We are thrilled to be working with Scott Mathison. His passion to pursue his dream and never giving up, is the hallmark of a role model one can be immensely proud of. We look forward to working with Scott on his digital fitness community and to sharing that message on Discord and other social media.” 

    To visit Scott Mathison’s social media and fitness pages, go to:

    https://www.instagram.com/scott_mathison_/?hl=en

    https://www.tiktok.com/@scott_mathison_?lang=en

    To learn about Asset Entities, please go to http://www.assetentities.com. To learn about the Ternary payment platform, please go to http://www.ternarydev.com. To learn about Asset Entities 360 suite of discord services, go to  https://www.ae360ddm.com/ and https://discord.gg/ae360ddm.  

    About Asset Entities, Inc.

    Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, X (formerly Twitter), YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company also has its Ternary payment platform that is a Stripe-verified partner and CRM for Discord communities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on X at $ASST and @assetentities.

    Important Cautions Regarding Forward-Looking Statements

    This press release contains forward-looking statements. In addition, from time to time, representatives of the Company may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from the information currently available to the Company. Such forward-looking statements relate to future events or the Company’s future performance, including its financial performance and projections, growth in revenue and earnings, and business prospects and opportunities. Forward-looking statements can be identified by those statements that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors including those that are described in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

    Company Contacts:

    Arshia Sarkhani, President and Chief Executive Officer
    Michael Gaubert, Executive Chairman
    Asset Entities Inc.
    Tel +1 (214) 459-3117 
    Email Contact

    Investor Contact:

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Office: (646) 893-5835
    Email: info@skylineccg.com

    The MIL Network –