NewzIntel.com

Category: Trade

  • MIL-OSI Asia-Pac: IIFT organizes regional conference of Asian and African chair holders of WTO Chairs Programme in New Delhi

    Source: Government of India (2)

    IIFT organizes regional conference of Asian and African chair holders of WTO Chairs Programme in New Delhi

    Conference highlights need for aligned trade strategies, digital solution for trade barriers and climate-responsive global trade norms

    Posted On: 03 OCT 2024 4:50PM by PIB Delhi

    The Indian Chair of the World Trade Organization (WTO) Chairs Programme (WCP) organised a  regional conference of the Asian and African Chairs on the theme Fostering Resilient and Responsible Trade for Changing Global Order at Vanijya Bhawan, New Delhi on 27thand 28thSeptember, 2024. The Indian Institute of Foreign Trade (IIFT) represented through its centres, namely, the Centre for Trade and Investment Law (CTIL) and the Centre for WTO Studies (CWS) administers the WTO Chair in India. The conference was inaugurated by Shri Ajay Bhadoo, Additional Secretary, Department of Commerce, Government of India.

    The key takeaways from the Conference are: (i) necessity of aligning regional and multilateral trade strategies for coherent global norms; (ii) importance of addressing barriers to trade using digital tools to ensure inclusivity and equal opportunities for all nations and stakeholders in international trade and (iii) critical need for robust climate action that accommodates the unique challenges faced by developing countries.

    Several dignitaries including India’s Ambassador and Permanent Representative to the WTO Dr. Senthil Pandian C.; Deputy Director General, WTO, Amb. Xiangchen Zhang; Vice Chancellor, IIFT, Prof. Rakesh Mohan Joshi; Head and Professor, CTIL and India Chair, WCP, Prof. James J. Nedumpara; Permanent Representative of France to the WTO, H.E. Ms. Emmanuelle Ivanov-Durand and H.E. Mr. Jung Sung Park, Deputy Permanent Representative of the Republic of Korea to the WTO addressed the gathering.

    The conference provided an opportunity for WTO chairholders, leading scholars, trade experts, and policymakers from across Asia and Africa to discuss ways and means of fostering resilient and responsible trade in a dynamic global economy.

    The Conference, over the two days, included seven thematic sessions on a broad array of topics relating to resilient and responsible trade, a keynote address by Henry J. Braker Professor of Commercial Law at The Fletcher School of Law and Diplomacy, Tufts University, United States, Prof. Joel Trachtman and a special address by CEO, NITI Aayog, Shri B. V. R. Subrahmanyam.

    The Conference also focused on critical issues at the intersection of global trade and sustainability. The discussions highlighted the need for coherence in trade strategies, the challenges of inclusive digital transformation, and the importance of responsible practices in critical mineral extraction with a specific focus on Asia and Africa regions. The event emphasized collaborative approaches to support developing countries in navigating complex trade dynamics and achieving sustainable development goals.

    In the thematic sessions, the representatives from the WCP Chairs from Asian and African institutions presented their ideas and experiences from a national, regional and multilateral perspective. The sessions covered topics such as regional aspects in international trade law, green industrial policies, critical minerals for a clean energy future, WTO dispute settlement system and sustainable climate actions.

    A roundtable of WCP Chairs was also held during the Conference to deliberate on collaborations between WCP Chairs of Asia and Africa. During the roundtable, the WCP Chairs discussed the role that the WTO could play in facilitating the network and the different ways in which the WCP Chairs could exchange knowledge, and experience and engage in academic partnerships under the aegis of WTO Chairs Programme.

    ***

    AD/VN/CNAN

    (Release ID: 2061557) Visitor Counter : 92

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Charts Course towards Maritime Decarbonization at High-Level Conference

    Source: Government of India

    India Charts Course towards Maritime Decarbonization at High-Level Conference

    The conference organised by Ministry of Ports, Shipping and Waterways underscored India’s commitment to achieving net-zero carbon emissions by 2070

    Through initiatives like the Harit Sagar Green Port Guidelines and Harit Nauka Green Transition Guidelines, we are setting a global example in the adoption of green energy, sustainable port operations, and cleaner shipping practices: Shri TK Ramchandran, Secretary, MoPSW

    Expert sessions highlighted global best practices and regulatory strategies to drive maritime decarbonisation

    Posted On: 03 OCT 2024 5:27PM by PIB Delhi

    The Conference on Maritime Decarbonization in India, co-hosted by the Ministry of Ports, Shipping & Waterways (MoPSW) and the Asian Development Bank (ADB), concluded today at Le Meridien, New Delhi. The event brought together over 200 delegates, including leaders from key Indian ports, central and state government officials, industry stakeholders, international experts, and academia to discuss the future of green shipping and port operations.

    The conference underscored India’s commitment to achieving net-zero carbon emissions by 2070 and highlighted strategic initiatives to decarbonize its maritime sector, aligned with the Maritime India Vision 2030. Discussions covered a range of critical themes, including green port infrastructure, clean harbor craft, the use of zero-carbon fuels, emissions reduction strategies, and the electrification of inland waterways.

    In his keynote address, Shri T. K. Ramachandran, Secretary, MoPSW, reinforced India’s determination to transform its maritime sector. He said “India’s maritime sector is not just a key driver of nation’s economy but also a critical player in our fight against climate change. Through initiatives like the Harit Sagar Green Port Guidelines and Harit Nauka Green Transition Guidelines, MoPSW is setting a global example in the adoption of green energy, sustainable port operations, and cleaner shipping practices. Our efforts today will define the maritime landscape of tomorrow, ensuring a balance between economic growth and environmental sustainability.”

    “MoPSWs ambition to embrace low or zero-emission fuels and transform all vessels in Indian waters into green vessels by 2047 exemplifies forward-thinking approach to climate action and sustainable maritime practices”.

    “The National Green Hydrogen Mission, with its goal of making India a global hub for green hydrogen production, reflects commitment to achieve net-zero emissions by 2070. By reducing carbon intensity and adopting ‘Working with Nature’ principles, MoPSW ensures that India’s maritime sector not only supports economic growth but also aligns with broader climate objectives, driving innovation and sustainability in every step”.

    One of the event’s highlights was a special session on Green Ports and Maritime Decarbonization, where experts shared knowledge and best practices for reducing the carbon footprint of Indian ports. The session included presentations from Ajay Kumar Singh, Head of DNV Maritime Advisory India, who discussed the role of smart ports in enhancing energy efficiency, and Lawrence Ong, Deputy Director of Maritime and Port Authority of Singapore, who shared insights into Singapore’s decarbonization journey.

    In another session, discussions focused on the role of zero-carbon fuels in maritime operations, with experts highlighting the need for early adoption of alternative fuels like green hydrogen and ammonia. Captain Prashant S. Widge of Maersk Line shared a shipowner’s perspective on the global challenges and opportunities in transitioning to green fuels, while Madhu Nair, CMD of Cochin Shipyard, presented the Indian experience with alternative fuels.

    The conference also spotlighted Inland Waterways as a key area for decarbonization, with presentations from R. Lakshmanan, Joint Secretary (IWT), MoPSW, and P. J. Shaji, CGM of Kochi Water Metro, showcasing successful efforts in reducing emissions and improving efficiency in water-based transportation. Shri Lakshmanan also suggested transitioning to low-emission alternative fuels would help tapping into the complete potential of IWT as a sustainable transportation mode. 

    During the session Shri. R. Lakshmanan, Joint Secretary (Ports), MoPSW emphasized the importance of continued collaboration within the sector, to drive tangible progress toward achieving decarbonization goals in India’s maritime industry. He emphasized on MoPSW blueprint for Ecosystem Development for Green Hydrogen Production and Export at Major Ports.

    The conference was expertly moderated by distinguished professionals from ADB and KPMG, ensuring insightful discussions and seamless coordination throughout the event. The conference concluded with a panel discussion moderated by Dr. Yesim Elhan-Kayalar, Advisor, ERDI, ADB, on India’s maritime decarbonization priorities and the path forward for sustainable and green shipping practices.

    As part of the outcomes, the conference emphasized the need for continued collaboration between government bodies, industry leaders, and international organizations to achieve shared decarbonization goals. It also set the stage for further discussions on innovative financing models and regulatory frameworks that support green shipping and port development.

    As India moves forward with its ambitious goals, the insights gained from the Conference on Maritime Decarbonization will play a crucial role in shaping policies and practices that contribute to a cleaner, greener maritime sector.

    ***

    NB/AK

    (Release ID: 2061576) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Commerce and Industry Minister Shri Piyush Goyal and US Secretary of Commerce Ms. Gina Raimondo co-chair India-U.S. CEO Forum

    Source: Government of India (2)

    Commerce and Industry Minister Shri Piyush Goyal and US Secretary of Commerce Ms. Gina Raimondo co-chair India-U.S. CEO Forum

    Forum stands as indispensable catalyst for economic cooperation between India and US; serves as key advisory body to India-US Commercial Dialogue

    Posted On: 03 OCT 2024 5:59PM by PIB Delhi

    The India-U.S. CEO Forum, chaired jointly by Union Minister of Commerce and Industry, Government of India, Shri Piyush Goyal, and US Secretary of Commerce, Ms. Gina Raimondo was held today in Washington D.C., USA.

    The India-U.S. CEO Forum convened as a platform to allow private sector members to develop and provide recommendations to the Indian and US governments that reflect the private sector’s views, concerns and suggestions about the creation of an environment in which the bilateral economic links are strengthened. The Forum works in tandem with, and provides inputs to, government-to-government U.S.-India Commercial Dialogue.

    The Forum is co-chaired from Private Sector by Mr. N. Chandrasekaran, Chairman, Tata Sons, and Mr. James Taiclet, President and Chief Executive Officer, Lockheed Martin. This is the third time the Forum has been convened since its reconstitution in November 2022 by the Governments of India and the USA and saw participation from 16 CEOs. Both governments appreciated the Forum’s progress on initiatives and its achievements over the past two years.

    The CEOs, under the seven working groups, presented priority areas to create stronger partnerships and boost growth across various critical areas such as Entrepreneurship and Promoting Small Businesses, Healthcare and Pharmaceuticals, Aerospace and Defence, ICT and Digital Infrastructure, Energy, Water and Environment, Infrastructure and Manufacturing, Financial Services, Trade and Investments, among others.

    Both sides deliberated on the progress made as of the last meeting of the Forum in March 2023, including the launching of innovation handshake and a knowledge sharing platform called NIHIT (Network for Innovation and Harnessing Investments and Trade).

    Government representatives and CEOs reaffirmed their commitment to strengthening commercial and trade ties, driving economic growth and innovation, and fostering a resilient bilateral partnership.

    Earlier during the day, Minister Goyal began his third day of the U.S. tour with the offering of a floral tribute at the Mahatma Gandhi Memorial across the Embassy of India in Washington D.C. in remembrance of his 155th birth anniversary.

    The Minister of Commerce and Industry met with the U.S. Secretary of Commerce Ms. Gina Raimondo over a luncheon meeting and discussed areas of mutual interests. They discussed the pathway for strengthening bilateral cooperation in critical minerals supply chains as recommended by the US-India CEO forum. They also discussed opportunities to increase US investments in India especially in some of the new industrial cities being planned in India.

    ***

    AD/VN/CNAN

    (Release ID: 2061595) Visitor Counter : 73

    MIL OSI Asia Pacific News –

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

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

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

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

    The 29 defendants arrested today are expected to be arraigned this afternoon in United States District Court in downtown Los Angeles. Prior to today’s takedown, 13 defendants were already in custody.

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

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

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

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

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

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

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

    From at least December 2016 to September 2024, Peckerwoods members conducted and participated in the affairs of their criminal enterprise by engaging in violence and threats of violence to preserve and expand the gang’s criminal operations, which promoted a climate of fear. Members and associates of the gang illegally maintained firearms and ammunition in furtherance of these aims.

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

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

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

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

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

    “The DOL-OIG will continue to allocate investigative resources to support our local, state, and federal law enforcement partners in the fight against organized crime, particularly when it involves matters within our jurisdiction,” said Quentin Heiden, Special Agent in Charge of the United States Department of Labor Office of Inspector General’s Western Region. “This investigation reinforces our commitment to protecting the integrity of the nation’s unemployment system.” 

    An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

    If convicted, the defendants would face a statutory maximum sentence of life in federal prison.

    The FBI, the Drug Enforcement Administration, the Los Angeles Police Department, and the Ventura County Sheriff’s Office are investigating this matter. Other law enforcement agencies that assisted in today’s takedown are the Simi Valley Police Department; California Highway Patrol; the Glendale Police Department; the Burbank Police Department; the Redondo Beach Police Department; the Beverly Hills Police Department; the Los Angeles County Sheriff’s Department; the United States Marshals Service; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the United States Department of Veterans Affairs Police; the United States Department of Labor; the Federal Bureau of Prisons; the Los Angeles County Probation Department; the Los Angeles County Department of Children and Family Services; the Pasadena Fire Department; United States Customs and Border Protection; and IRS Criminal Investigation.

    Assistant United States Attorneys Reema M. El-Amamy of the Terrorism and Export Crimes Section, Jeremiah M. Levine of the Violent and Organized Crime Section, and Alexander Su of the Asset Forfeiture and Recovery Section are prosecuting this case.

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

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

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

    MIL Security OSI –

  • MIL-OSI Australia: Local views to inform next round of investment in mobile network resilience

    Source: Australian Ministers for Regional Development

    The Albanese Government has launched a Project Noticeboard to assist communities to identify potential projects or locations to be funded from Round 3 of the Mobile Network Hardening Program (MHNP).
     
    The MNHP aims to reduce the risks of service outages and improve restoration times of mobile telecommunications in communities impacted by natural disasters by co-funding projects with carriers and telco companies that aim to deliver resilience upgrades. This can include portable generators, power back-up upgrades and physical mobile tower hardening.
     
    Under Round 3, the Government is providing $20 million for projects located in areas impacted by, or at risk of, a natural disaster in regional and remote Australia and – for the first time – in the peri-urban fringe of 19 capital and major regional cities.
     
    The peri-urban fringe is where the bush meets the edges of the suburbs, creating risks of natural disasters for those living and working in those areas. The expansion of Round 3 to include peri-urban areas ensures they will also have access to resilient mobile communications services during and after natural disasters.
     
    Opening today, the Project Noticeboard allows local councillors and state, territory and federal parliamentarians to identify potential projects or locations suitable for funding under Round 3, with telco industry applicants encouraged to review these submissions when preparing their applications.
     
    In total, the Government is investing $2.2 billion in regional communications – the most significant investment in this critical area since the inception of the National Broadband Network.
     
    Rounds 1 and 2 of the MNHP are funding approximately 1,386 projects nationwide, with 896 already complete.
     
    To view the Project Noticeboard, please visit: https://www.infrastructure.gov.au/media-communications-arts/phone/mobile-network-hardening-program/mobile-network-hardening-program-round-3-project-noticeboard
     
    For more information on the Government’s Better Connectivity Plan, visit infrastructure.gov.au/bcp
     
    For more information on the Mobile Network Hardening Program, visit http://www.infrastructure.gov.au/mnhp
     
    Quotes attributable to the Minister for Communications, the Hon Michelle Rowland MP:
     
    “Access to reliable communications can be a matter of life and death during times of disaster – which is why our Government is continuing to invest strongly in communications network resilience through the Mobile Network Hardening Program.
     
    “Ahead of the next round of applications opening, we want to hear from representatives of local communities in areas at risk of natural disaster to inform how best to target this funding.
     
    “Importantly, the program has now expanded to include peri-urban locations, as we know that communities on the urban fringes of our major cities face particular risks when it comes to natural disasters.
     
    “I encourage locals to speak with their councillors and federal, state or territory representatives to identify potential projects or locations that would benefit from improved communications resilience, and make their voice heard.”

    MIL OSI News –

  • MIL-OSI Global: Little kids, too little movement: Global study finds most children don’t meet guidelines for physical activity, screen time and sleep

    Source: The Conversation – Canada – By Mark S Tremblay, Professor of Pediatrics in the Faculty of Medicine and Senior Scientist at the CHEO Research Institute, L’Université d’Ottawa/University of Ottawa

    A recent study found that only 14 per cent of preschoolers around the world are meeting movement recommendations for physical activity, sleep and screen time. (Shutterstock)

    Appropriate levels of physical activity, sedentary behaviour and sleep (collectively termed movement behaviours) are essential for the healthy growth and development of preschool-aged children.

    This was the impetus for creating the Canadian 24-Hour Movement Guidelines for the Early Years (birth to four years). Likewise, this is why the World Health Organization adopted the Canadian guidelines when creating the global guidelines on physical activity, sedentary behaviour and sleep for children under five years of age.

    Considering the extensive benefits of movement behaviours, it is very alarming that a recent study found that only 14 per cent of preschoolers around the world are meeting movement behaviour guideline recommendations.

    A 24-hour day in the life of a preschooler meeting the guideline recommendations includes:

    • three or more hours of total physical activity (including at least one hour of energetic play or activities that make them slightly out of breath),
    • one hour or less of screen time, and
    • 10 to 13 hours of good quality sleep

    Importantly, preschoolers who meet these guidelines gain health benefits such as reduced risk of obesity, improved social and emotional skills, and proficient motor skills.

    Global levels

    Preschoolers with healthy movement behaviour habits meeting these guideline recommendations gain health benefits such as reduced risk of obesity, improved social and emotional skills, and proficient motor skills.
    (Pixabay/Oleksandr Pidvalnyi)

    A new global study shows most children around the world don’t meet these guidelines. The study included more than 7,000 preschoolers from 33 different countries, including Canada. The countries represented various World Bank income groups (e.g., high, middle and low income countries); and the geographical regions of Africa, Americas, Eastern Mediterranean, Europe, Southeast Asia and Western Pacific.

    When looking at each movement behaviour individually for preschoolers around the world, 49 per cent met the physical activity recommendations, 42 per cent met the screen time recommendation, and 81 per cent met the sleep recommendation.

    That most young children are not meeting each of these basic recommendations separately is cause for concern; that 86 per cent are not meeting all guideline recommendations combined is alarming and places preschoolers around the world at risk of sub-standard health and development.

    Globally, 81 per cent of preschoolers met sleep recommendations.
    (Shutterstock)

    Seventeen per cent of boys met all the guideline recommendations, compared to 13 per cent of girls. This slight difference was driven by more boys meeting the physical activity recommendation (56 per cent boys, 42 per cent girls), and protected from being even worse by more girls meeting the screen time (45 per cent girls, 38 per cent boys) and sleep (82 per cent girls, 79 per cent boys) recommendations.

    The fact that boys had more screen time and less good quality sleep could be related, as previous research has found screen time overall and screen time in the evening is associated with less sleep and lower sleep quality.

    Better screen time and sleep habits for girls protected their overall movement behaviour adherence from being even worse, showcasing the various paths to health through different movement behaviour combinations. However, the low number meeting all movement behaviour recommendations demonstrates the need for all preschoolers to routinely be more active, reduce screen time and accumulate good quality sleep in a day.

    By income

    Screen time in the evening is associated with less sleep and lower sleep quality.
    (Shutterstock)

    Low-income countries had the highest movement behaviour guideline adherence levels (17 per cent), compared to middle-income (12 per cent) and high-income (14 per cent) countries.

    While children from high-income countries were more active and had more quality sleep, they also had the worst screen time behaviours compared to low- and middle-income countries. It is a double-edged sword that in higher-income countries, children have more access to physical activity opportunities and quality sleep environments, but also more access to screen time devices.

    Likewise, middle-income countries with the lowest movement behaviour adherence rates could symbolize a region’s development transition where infrastructure in the homes and communities cannot yet support more physical activity and good quality sleep, but availability of cell phones, televisions and other screens leads to increased sedentary behaviours.

    By region

    The African and European regions had the highest movement behaviour adherence (24 per cent), while the Americas region had the lowest (eight per cent). With 17 per cent meeting the screen time recommendations and 68 per cent meeting the physical activity recommendations, the Americas region had the worst screen time and best physical activity.

    The physical activity levels of the Americas region preschoolers are higher compared to the 39 per cent of older Canadian children and youth as reported in the ParticipACTION Report Card on Physical Activity for Children and Youth. But these older Canadian children and youth did have slightly better, albeit still poor, screen time behaviours with 27 per cent meeting the guidelines.

    Sixty-eight per cent of preschool-aged children in the Americas were meeting the physical activity recommendations, compared to only 26 per cent of Southeast Asian children. However, it remains a concern that roughly half of all young children around the world are at risk of sub-optimal health and development from lack of physical activity.

    Roughly half of all young children around the world are at risk of sub-optimal health and development from lack of physical activity.
    (Shutterstock)

    Guidance for improvements can be drawn from the World Health Organization’s Global Action Plan on Physical Activity, where the goal of a 15 per cent relative reduction in global physical inactivity rates by 2030 relies on capacity-building collaborations within research organizations and alliances to strengthen our global understanding of movement behaviours.

    Along with the best movement behaviours overall, the African region had the best screen time levels with 63 per cent meeting the recommendations. This is potentially explained by limited access to screen time devices.

    However, to better understand why screen time behaviours are better in Africa, initiatives like the Active Healthy Kids Global Alliance Global Matrix project should be used as a model. Within the Global Matrix, region-level differences are an opportunity to learn the strengths of other regions, while addressing regional weaknesses at home.

    For instance, Canada could be a model for less active countries, while attempting to model the African region’s reduced screen time lifestyles. Further, projects such as the SUNRISE study — where researchers from more than 70 countries are collaborating to measure preschoolers’ movement behaviours, health and development — are excellent venues for this necessary capacity-building and global learning.

    Take home

    The WHO has Global Movement Guidelines for preschool children and a Global Action Plan to increase physical activity. Canada has similar guidelines and a similar plan.

    However, health movement behaviour levels in Canada and across the globe are unsatisfactory and forecast further global health challenges, inequalities, and distancing from United Nations Sustainable Development Goals. It’s time to get our little ones a little more active.

    Mark S Tremblay has received research funding from the Canadian Institutes of Health Research and the Public Health Agency of Canada for research distally related to this article. He is affiliated with the Canadian Society for Exercise Physiology who created the Canadian 24-hour Movement Guidelines for the Early Years, under his leadership. He was also on the expert panel for the World Health Organization for the development of the global guidelines cited in the article.

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

    – ref. Little kids, too little movement: Global study finds most children don’t meet guidelines for physical activity, screen time and sleep – https://theconversation.com/little-kids-too-little-movement-global-study-finds-most-children-dont-meet-guidelines-for-physical-activity-screen-time-and-sleep-240421

    MIL OSI – Global Reports –

  • MIL-OSI USA: Governor Newsom takes action against Norwalk for its unlawful shelter ban

    Source: US State of California 2

    Oct 3, 2024

    What you need to know:  The state is decertifying the City of Norwalk’s housing element following the city’s action breaking state housing law and implementing an illegal shelter ban. The state’s action makes the city ineligible for significant housing and homelessness funding and means the city can no longer deny “builder’s remedy” affordable housing projects.

    SACRAMENTO — Today Governor Gavin Newsom announced the California Department of Housing and Community Development (HCD) has revoked the city’s compliance with housing element law. The Governor’s announcement follows through on his warning to Norwalk, taking swift action to hold the city accountable for its unlawful ban on homeless shelters and other housing.

    Without a compliant housing element, the city can no longer deny certain affordable housing projects and is no longer eligible to receive key state housing and homelessness funds. Governor Newsom has also announced that the state may sue the city if they refuse to change course.

    “After the state has provided cities and counties with unprecedented funding to address the homelessness crisis, it’s beyond cruel that Norwalk would ban the building of shelters while people are living on the city’s streets. This crisis is urgent, and we can’t afford to stand by as communities turn their backs on those in need. No more excuses—every city, including Norwalk, must do its part and follow state housing laws.”

    Governor Gavin Newsom

    Norwalk’s failure to build housing 

    Creating more housing is key to addressing affordability and homelessness in California. All cities are required by state law to develop a housing plan to ensure that they are planning for enough affordable housing for their community. Norwalk has failed to meet its housing goals, and now has violated state law by banning shelter and other housing for those experiencing and at risk of homelessness despite its failure to build enough housing. The city has only issued permits for 175 units during this housing element cycle, a mere 3.5% of its 5,034 assigned Regional Housing Needs Allocation (RHNA), or the number of units required to ensure its community has enough housing. 

    The action by HCD to revoke Norwalk’s housing element compliance will speed up development in the community and incentivize the city to end its unlawful ban on housing so that residents have the housing they need.

    “The City of Norwalk’s actions have placed them in violation of state housing law, and therefore their housing element is no longer in compliance,” said HCD Director Gustavo Velasquez. “Our Housing Accountability Unit provided the city clear guidance—with full transparency on what our next steps would be if they did not repeal this egregious ordinance. Instead of working to correct their missteps, they dug in their heels and are now ineligible for key funding and subject to the builder’s remedy.”

    Norwalk’s failure to address homelessness

    Norwalk has taken overt actions to block access to homeless support, shelter, and housing – despite having accepted nearly $29 million in state housing and homelessness funds.  On August 6, the city adopted a 45-day urgency ordinance imposing a moratorium on emergency shelters, single-room occupancy housing, supportive housing, and transitional housing.

    The state issued a Notice of Violation on September 16. On September 17, the council voted to extend the ordinance another 10 months and 15 days. Even after the state granted the city an extension to respond to its Notice of Violation, Norwalk failed to repeal the ordinance or put into place any action that would set the repeal in motion. Although city council members expressed an intent not to immediately enforce the moratorium, there is no formal stay or anything that would prevent the city from enforcing the moratorium as soon as it wishes, and the city has refused to commit to repealing it in the near future.

    The moratorium violates several state planning and fair housing laws, including the Housing Crisis Act, the Anti-Discrimination in Land Use Law, Affirmatively Furthering Fair Housing, and the Housing Element Law. 

    More housing. More accountability.

    Since taking office, Governor Newsom has provided local communities with unprecedented funding, investing over $40 billion to boost housing and more than $27 billion to address homelessness. Norwalk issued the ordinance only weeks after Governor Newsom issued an executive order that, among other things, urges local governments to use this funding provided by the state to address unsanitary and dangerous encampments within their communities and provide people experiencing homelessness in the encampments with the care, housing, and supportive services they need.

    The notice was issued by HCD’s Housing Accountability Unit, which was launched by Governor Newsom in 2021 to ensure that cities and counties fulfill legal responsibilities to plan for and permit their fair share of housing, and to hold accountable those that fail to do so. This focus on accountability has in part led to a 15-year high in housing starts in California. Since its establishment, the unit has supported the development of more than 7,500 housing units, including more than 2,700 affordable housing units, through enforcement actions and by working with local jurisdictions to ensure compliance with housing law. In 2024, the unit was expanded to include a focus on homelessness issues – including compliance with state laws as they relate to homeless housing. The action against Norwalk is its first homelessness accountability action since its expansion.

    Recent news

    Oct 2, 2024

    News What you need to know: The Pajaro River Flood Risk Management Project breaking ground today will provide 100-year flood risk reduction in the area – up from the existing eight-year level of protection. The Governor has advanced funding and key legislation to move…

    Oct 2, 2024

    News What you need to know: California’s Cap-and-Trade Program is providing an average $71 electricity bill credit to millions of customers of investor-owned utilities, including PG&E, Southern California Edison, and SDG&E, among others.  SACRAMENTO – Governor…

    Oct 2, 2024

    News What you need to know: The largest river restoration project in American history has officially completed all of the work to remove the dams, a massive infrastructure project that was done ahead of schedule and on budget. Work will continue for several years…

    MIL OSI USA News –

  • MIL-OSI USA: An outdated San Francisco DMV will soon become a site for over 370 new homes

    Source: US State of California 2

    Oct 3, 2024

    What you need to know: Governor Newsom today announced a new project in San Francisco that will transform a dated Department of Motor Vehicles building into a mixed use building with a modern DMV office paired with 372 new homes, including homes dedicated to low-income families. The site was identified as part of the Governor’s executive order directing agencies to identify state properties that could be used to create affordable housing for Californians.  

    SAN FRANCISCO – Continuing California’s commitment to build more affordable housing across the state, Governor Gavin Newsom today announced the redevelopment of an existing San Francisco DMV Field Office site into a multi-use transit-friendly complex with affordable housing and a new DMV Field Office. The current DMV site was constructed in 1960 and does not comply with updated health and safety code specifications, nor does it meet DMV requirements.

    After this transformation, the complex is expected to include approximately 372 homes with a range of affordability levels located in the city center near amenities and transportation.

    “We will continue to use all our tools to create more affordable housing throughout California — including by converting underutilized state property into homes. I’m particularly proud of this site for bringing affordable housing to the heart of San Francisco in a diverse and thriving neighborhood.”

    Governor Gavin Newsom

    Located at the DMV’s San Francisco Field Office located on 1377 Fell Street, this project will serve as a model for future conversions across the state.

    The state-owned property is centrally located between the Lower Haight, NoPa, Buena Vista, and Alamo Square neighborhoods, and in proximity to a mixture of residential, entertainment, and visitor-serving amenities including the Haight-Ashbury and Divisadero retail districts. The site is in an EPA-designated Highly Walkable area and within half a mile of a Major Transit Stop. 

    “This first of its kind project, combining housing with a new DMV Field Office, represents a significant step forward in the state’s efforts to reimagine spaces for affordable housing,” said DGS Director Ana M. Lasso. “DGS is pleased to take part in this mixed-use development project that will deliver a modern new DMV office while providing hundreds of affordable housing units to support San Franciscans.”

    The Department of General Services (DGS), Department of Housing and Community Development (HCD), and Department of Motor Vehicles (DMV) have selected The Related Companies of California and Tenderloin Neighborhood Development Corporation to lead redevelopment.

    “This is a unique opportunity to transform and modernize a public-facing government facility while adding new, permanent affordable housing in a region with critical need,” said HCD Director Gustavo Velasquez. “I am hopeful this project can inform similar out-of-the-box thinking for communities statewide on how we can maximize use of public land for the benefit of the people.”

    How we got here

    In 2019, Governor Newsom issued an executive order calling on HCD and DGS to address the state’s affordable housing crisis by identifying underutilized state-owned sites for the development of affordable housing, taking into account factors such as proximity to job centers, amenities, and public transit.

     Creating affordable housing for all Californians 

    • Since taking office, Governor Newsom has invested $40 billion in housing production and enacted dozens of CEQA reforms into law. The state has also invested more than $27 billion to help communities address homelessness.
    • In July 2024, Governor Newsom issued an executive order to support efforts to transform undeveloped and underutilized infill sites and buildings into housing. This order helps communities build thriving downtown cores and new housing near transportation hubs and job centers — creating more housing options for Californians while further aligning the state’s housing and climate goals.

    In addition, Governor Newsom championed the creation of the Housing Accountability Unit at HCD to ensure cities and counties fulfill their legal responsibilities to plan and permit their fair share of housing.

    Recent news

    Oct 3, 2024

    News What you need to know:  The state is decertifying the City of Norwalk’s housing element following the city’s action breaking state housing law and implementing an illegal shelter ban. The state’s action makes the city ineligible for significant housing and…

    Oct 2, 2024

    News What you need to know: The Pajaro River Flood Risk Management Project breaking ground today will provide 100-year flood risk reduction in the area – up from the existing eight-year level of protection. The Governor has advanced funding and key legislation to move…

    Oct 2, 2024

    News What you need to know: California’s Cap-and-Trade Program is providing an average $71 electricity bill credit to millions of customers of investor-owned utilities, including PG&E, Southern California Edison, and SDG&E, among others.  SACRAMENTO – Governor…

    MIL OSI USA News –

  • MIL-Evening Report: New video shows sharks making an easy meal of spiky sea urchins, shedding light on an undersea mystery

    Source: The Conversation (Au and NZ) – By Jeremy Day, PhD researcher, University of Newcastle

    Author provided

    Long-spined sea urchins have emerged as an environmental issue off Australia’s far south coast. Native to temperate waters around New South Wales, the urchins have expanded their range south as oceans warm. There, they devour kelp and invertebrates, leaving barren habitats in their wake.

    Lobsters are widely accepted as sea urchins’ key predator. In efforts to control urchin numbers, scientists have been researching this predator-prey relationship. And the latest research by my colleagues and I, released today, delivered an unexpected result.

    We set up several cameras outside a lobster den and placed sea urchins in it. We filmed at night for almost a month. When we checked the footage, most sea urchins had been eaten – not by lobsters, but by sharks.

    This suggests sharks have been overlooked as predators of sea urchins in NSW. Importantly, sharks seem to very easily consume these large, spiky creatures – sometimes in just a few gulps! Our findings suggest the diversity of predators eating large sea urchins is broader than we thought – and that could prove to be good news for protecting our kelp forests.

    A puzzling picture

    The waters off Australia’s south-east are warming at almost four times the global average. This has allowed long-spined sea urchins (Centrostephanus rodgersii) to extend their range from NSW into waters off Victoria and Tasmania.

    Sea urchins feed on kelp and in their march south, have reduced kelp cover. This has added to pressure on kelp forests, which face many threats.

    Scientists have been looking for ways to combat the spread of sea urchins. Ensuring healthy populations of predators is one suggested solution.

    Overseas research on different urchin species has focused on predators such as lobsters and large fish. It found kelp cover can be improved by protecting or reinstating these predators.

    Sea urchins feed on kelp.
    Nathan Knott

    In NSW, eastern rock lobsters are thought to be important urchin predators. The species has been over-fished in the past but stocks have significantly bounced back in recent years.

    But despite this, no meaningful reduction in urchin populations, or increase in kelp growth, has been observed in NSW.

    Why not? Could it be that lobsters are not eating urchins in great numbers after all? Certainly, there is little empirical evidence on how often predators eat urchins in the wild.

    What’s more, recent research in NSW suggested the influence of lobsters on urchin populations was low, while fish could be more important.

    Our project aimed to investigate the situation further.

    Eastern rock lobsters are thought to be major urchin predators.
    Flickr/Richard Ling, CC BY

    What we did

    We tied 100 urchins to blocks outside a lobster den off in Wollongong for 25 nights. This tethering meant the urchins were easily available to predators and stayed within view of our cameras.

    Then we set multiple cameras to remotely turn on at sunset and turn after sunrise each day, to capture nocturnal feeding. We used a red-filtered light to film the experiments because invertebrates don’t like the white light spectrum.

    We expected our cameras would capture lobsters eating the urchins. But in fact, the lobsters showed little interest in the urchins and ate just 4% of them. They were often filmed walking straight past urchins in search of other food.

    Sharks, however, were very interested in the urchins. Both crested horn sharks (Heterodontus galeatus) and Port Jackson sharks (H. portusjacksonii) entered the den and ate 45% of the urchins.

    As the footage below shows, sharks readily handled very large urchins (wider then 12 centimetres) with no hesitation.

    Until now, it was thought few or no predators could handle urchins of this size. Larger urchins have longer spines, thicker shells and attach more strongly to the seafloor, making them harder to eat.

    But the sharks attacked urchins from their spiny side, showing little regard for their sharp defences. This approach differs from other predators, such as lobsters and wrasses, which often turn urchins over and attack them methodically from their more vulnerable underside.

    In fact, some sharks were so eager to eat urchins, they started feeding before the cameras turned on at sunset. This meant we had to film by hand.

    Footage captured by the researchers showing crested horn sharks eating sea urchins. Horn sharks generally do not pose a threat to humans.

    A complex food web

    Our experiment showed the effect of lobsters on urchins in the wild is less than previously thought.
    This may explain why efforts to encourage lobster numbers have not helped control urchin numbers.

    We also revealed a little-considered urchin predator: sharks.

    Lobsters are capable but hesitant predators, whereas sharks seem eager to eat urchins. And crested horn sharks are an abundant, hardy species that is not actively fished.

    When interpreting these findings, however, a few caveats must be noted.

    First, sharks (and lobsters) are not the only animals to prey on urchins. Other predators include bony fishes, and more are likely to be identified in future.

    Second, other factors can control urchin numbers, such as storm damage and the influx of fresh water.

    And finally, it is unsurprising that we found a key predator when we intentionally searched for it by laying out food. Tethering urchins creates an artificial environment. We don’t know if the results would be replicated in the wild.

    And even though we now know some shark species eat sea urchins, we don’t yet know if they can control urchins numbers.

    But our research does confirm predators capable of handling large urchins may be more widespread than previously thought.

    Jeremy Day received funding from University of Newcastle, Ecological Society of Australia, Royal Zoological Soceity of New South Wales and Fisheries Research and Development Corporation.

    – ref. New video shows sharks making an easy meal of spiky sea urchins, shedding light on an undersea mystery – https://theconversation.com/new-video-shows-sharks-making-an-easy-meal-of-spiky-sea-urchins-shedding-light-on-an-undersea-mystery-240205

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Ethiopia lauds Chinese investors for boosting economy, jobs

    Source: China State Council Information Office

    The Ethiopian Industrial Parks Development Corporation (IPDC), a public enterprise overseeing the country’s manufacturing sector, has praised Chinese investors for their significant contributions to Ethiopia’s economy and job creation through their operations in the nation’s industrial parks and first free trade zone.

    According to a statement released by the corporation Wednesday, IPDC Chief Executive Officer Fisseha Yitagesu made this remark during discussions with potential Chinese investors keen on entering Ethiopia’s industrial parks.

    Chinese investors form the largest group of foreign investors in the 13 industrial parks and the recently established Dire Dawa Free Trade Zone, which the IPDC manages, Yitagesu said. He added that over 40 Chinese companies operate at full capacity within these parks, creating more than 25,000 jobs, primarily for Ethiopian youth.

    As Africa’s second-most populous country, Ethiopia has demonstrated a strong commitment to deepening its cooperation with China in industrial park development, with the long-term goal of becoming the continent’s manufacturing hub. Recently, the Ethiopian government invited Chinese electric vehicle (EV) manufacturers to explore opportunities for producing and assembling EVs in the country.

    Yitagesu encouraged Chinese investors to explore opportunities in Ethiopia’s industrial parks and free trade zone, as the Ethiopian government is focusing on strengthening its manufacturing sector. He also noted the incentive packages and support available to potential investors, which aim to ensure a smooth and swift start to operations for Chinese companies.

    The IPDC, he said, will continue providing support and oversight throughout the investment process.

    According to recent IPDC data, hundreds of local and foreign investors are active in Ethiopia’s industrial parks, many of which were developed by Chinese firms. These facilities have generated both permanent and temporary jobs for over 100,000 Ethiopians.

    MIL OSI China News –

  • MIL-OSI Australia: Assisted-departure flights for Australians in Lebanon

    Source: Australian Government – Minister of Foreign Affairs

    As part of the Albanese Government’s ongoing work to assist Australians seeking to depart Lebanon, two Government-supported charter flights carrying up to 500 passengers will depart Beirut Airport tomorrow for Larnaca, Cyprus.

    This continues the Australian Government’s work with partners and commercial airlines, which has seen seats secured on several flights this week, including a Canadian assisted-departure flight last night which had 41 Australians on board.

    Further flights are planned for subsequent days and will be subject to demand.

    Operation of the Australian Government-supported charter flights is subject to the airport in Beirut remaining open and other operational constraints.

    Onward travel to Australia is being arranged for those landing in Cyprus. Qantas has confirmed two flights from Cyprus to Sydney and we are grateful for their assistance. We are working with other airlines to confirm additional flights.

    These flights will be free-of-charge for those eligible Australians, permanent residents and their immediate family members with a right of entry to Australia. Vulnerable passengers will be prioritised.

    The Department of Foreign Affairs and Trade will be in contact with registered Australians to facilitate their departure and will continue to provide updates to registered Australians.

    Australians in Lebanon who wish to leave should ensure they are registered via DFAT’s Crisis Portal or by calling the Australian Government’s 24-hour Consular Emergency Centre on +61 2 6261 3305.

    Our message to Australians in Lebanon remains – now is the time to leave. Please take the first flight option that is available. There is no guarantee of preferred flights or that these flights will continue.

    Media note: Images from last night’s flight are available via DFAT’s Media Library.
     

    MIL OSI News –

  • MIL-OSI Video: Work on cotton at the WTO

    Source: World Trade Organization – WTO (video statements)

    The WTO’s Cotton and Sub-Committee was established in 2004, with the aim of addressing cotton “ambitiously, expeditiously and specifically” within agricultural negotiations.
    Kwabena Bandoh, part of the WTO team assisting the Sub-Committee, explains its work, ahead of the World Cotton Day on 7 and 8 October in Cotonou, Benin.

    World Cotton day 2024:
    https://www.wto.org/english/tratop_e/agric_e/cott_06102024_e/cott_06102024_e.htm

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=fzGG9iKfI_c

    MIL OSI Video –

  • MIL-OSI Economics: San Marino: Staff Concluding Statement of the 2024 Article IV Mission

    Source: International Monetary Fund

    October 4, 2024

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

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

    Washington, DC – October 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Africa: Afreximbank approves US$20.8 million for Starlink Global’s cashew factory project in Lagos

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, October 4, 2024/APO Group/ —

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to enable the company construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

    According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches with the first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.

    The facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.

    Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that by supporting Starlink Global to establish a modern processing facility, Afreximbank is making it possible for Africa to add value to its agro-commodities, thereby facilitating exports and subsequent inflow of much-needed foreign exchange into the continent.

    “We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Mrs. Awani added.

    MIL OSI Africa –

  • MIL-OSI Africa: African fashion designers supported by Afreximbank’s Creative Africa Nexus (CANEX) shine at Paris Fashion week

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, October 4, 2024/APO Group/ —

    Two weeks after the highly successful inaugural Tranoï Tokyo trade show held in Japan from September 4-5, over 20 exceptional fashion brands from across Africa and the diaspora showcased their designs at the Paris Fashion Week on 26-29 September at Tranoï, Palais Brongniart as part of Afreximbank’s CANEX Presents Africa initiative (www.Afreximbank.com).

    Afreximbank’s dedicated scenographic exhibition space  showcased a diverse array of brands, including Ethiopia’s Mafi Mafi, Kenya’s Adele Dejak, We Are NBO, and Katush, Zanzibar’s Doreen Mashika, and Nigeria’s Emmy Kasbit, WUMAN and Bloke. Representing South Africa were JUDY SANDERSON, David Tlale, and Thebe Magugu, while Zimbabwe was represented by Vanhu Vamwe.

    Other incredible brands included The Cloth from Trinidad and Tobago, Olooh and Kente Gentlemen from Côte d’Ivoire, Ghana’s Christie Brown and Beyodoe, Late For Work from Morocco and Margaux Wong from Burundi.

    The event climax was a highly anticipated runway show, celebrating the richness and diversity of Africa’s design talent. Held beneath the majestic columns of the iconic Palais Brongniart, the show marked a historic moment in the global fashion calendar.

    Artistic Director Jenke Ahmed Tailly, renowned for his visionary approach, curated an exclusive fashion show featuring three distinguished African designers Sukeina, Lagos Space Programme and Thebe Magugu, each presenting unique collections that embodied the essence of African creativity and craftsmanship. This presentation highlighted the synergy between tradition and modernity, with designs that ranged from bold, avant-garde statements to intricate, culturally inspired pieces.

    The event provided a powerful platform for these designers to showcase their work to an international audience, affirming Africa’s growing influence on the global fashion scene. From vibrant textiles and intricate patterns to contemporary silhouettes and sustainable innovations, the runway show captured the continent’s rich heritage and innovative approach to fashion. Each designer brought their distinct vision to life, offering a fresh perspective on what African fashion represents in the 21st century.

    Commenting on the event, Mrs. Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade and Export Development, said: “We are immensely proud of our growing impact on Africa’s Creative and Cultural Industries through CANEX Presents Africa initiative which continues to spotlight the continent’s abundant talent. This moment is quite significant as it marks the first time three of our designers have taken to the prestigious runway at the Paris Fashion Week – a milestone only possible following years of consistent hard work and focus. By providing an exclusive platform to these brands to showcase their designs and engage with international buyers, we are not only developing the continent’s creative sectors but also expanding Africa’s influence in global cultural trade.”

    Given the relevance and opportunities provided by the creative economy as a key driver for development and job creation, Afreximbank has deployed the Creative Africa Nexus Programme (CANEX) to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financial and non-financial interventions to support Africa’s production, trade, and investment in creative content. CANEX Presents Africa provides emerging fashion designers with a platform for development through the  transfer of skills, linkages and partnerships as well as  market access opportunities aimed at equipping the participants with skills for creating financially sustainable businesses capable of being scaled.

    The inaugural CANEX Presents Africa event took place in  Porto, Portugal in October 2021. To date, 80 designers from 27 African countries and the Diaspora have benefited from the initiative.

    MIL OSI Africa –

  • MIL-Evening Report: There’s a renewed push to scrap junior rates of pay for young adults. Do we need to rethink what’s fair?

    Source: The Conversation (Au and NZ) – By Kerry Brown, Professor of Employment and Industry, School of Business and Law, Edith Cowan University

    NT_Studio/Shutterstock

    Should young people be paid less than their older counterparts, even if they’re working the same job? Whether you think it’s fair or not, it’s been standard practice in many industries for a long time.

    The argument is that young people are not fully “work-ready” and require more intensive employer support to develop the right skills for their job.

    But change could be on the horizon. Major unions and some politicians are pushing for reform – arguing “youth wages” should be scrapped entirely for adults.

    Why? They say the need to be fairly paid for equal work effort, as well as economic considerations such as the high cost of living and ongoing housing crisis, mean paying young adults less based on their age is out of step with modern Australia.

    So is there a problem with our current system, and if so, how might we go about fixing it?

    What are youth wages?

    In Australia, a youth wage or junior pay rate is paid as an increasing percentage of an award’s corresponding full adult wage until an employee reaches the age of 21.

    This isn’t the case in every industry – some awards require all adults to be paid the same minimum rates.

    But for those not covered by a specific award, as well as those working in industries including those covered by the General Retail Industry Award, Fast Food Industry Award and Pharmacy Industry Award, employees younger than 21 are not paid the full rate.

    Why pay less?

    Conventionally, junior rates have been thought of as a “training wage”. Younger people are typically less experienced, so as they gain more skills on the job over time, they are paid a higher hourly rate.

    But there are a few key problems with this approach, which may not be relevant given many employers’ expectations for their workers to start “job-ready” and a lack of consistency in the training they provide.

    Training up and developing skills is an important part of building any career. But it isn’t always provided by their employers.

    Many young adults undergo training prior to starting work and at their own expense.
    Best smile studio/Shutterstock

    Many young workers train themselves in job-related technical education and short courses, often at their own expense and prior to starting work.

    Employers reap the benefit of this pre-employment training and so a “wage discount” for younger workers may be irrelevant in this instance.

    None of this is to say employers aren’t offering something important when they take on young employees.

    Younger workers coming into employment relatively early have access to more than just a paid job, but also become part of a team, with responsibilities and job requirements that support “bigger-picture” life skills.

    Those who employ them may be contributing to their broader social and cultural engagement, something that could be considered part of a more inclusive training package. Whether that justifies a significant wage discount is less clear.



    Read more:
    Why real wages in Australia have fallen while they’ve risen in most other OECD countries

    Calls for a rethink

    There are growing calls for a rethink on the way we compensate young people for their efforts.

    An application by the Shop Distributive and Allied Employees’ Association – the union for retail, fast food and warehousing workers – seeks to remove junior rates for adult employees on three key awards. This action will be heard by the Fair Work Commission next year.

    Sally McManus, Secretary of the Australian Council of Trade Unions, said the peak union body will lobby the government to legislate such changes if this application fails. The Greens have added their support.

    That doesn’t have to mean abolishing youth wages altogether. But 21 years of age is a high threshold, especially given we get the right to major adult responsibilities such as voting and driving by 18.

    A transition strategy could consider gradually lowering this threshold, or increasing the wage percentages over time.

    Lessons from New Zealand

    We wouldn’t be the first to make such a bold change if we did.

    Our geographically and culturally close neighbour, New Zealand, has already removed the “youth wage” – replacing it with a “first job” rate and a training wage set at 80% of the full award rate in 2008.

    A common argument against abolishing youth wages – and increasing the minimum wage in general – is that it will stop businesses hiring young people and thus increase unemployment.

    But a 2021 study that examined the effects of New Zealand’s experience with increasing minimum wages – including this change – found little discernible difference in employment outcomes for young workers.

    The authors did note, however, that New Zealand’s economic downturn post-2008 had a marked effect on the employment of young workers more generally.

    New Zealand has already taken major steps in reforming junior pay rates.
    Stephan Roeger/Shutterstock

    What’s fair?

    It’s easy to see how we arrived at the case for paying younger adults less. But younger workers should not bear the burden of intergenerational inequity by “losing out” on wages in the early part of their working life.

    The debate we see now echoes the discussions about equal pay for equal work value run in the 1960s and ‘70s in relation to women’s unequal pay.

    We were warned that paying women the same as men would cause huge economic dislocation. Such a catastrophe simply did not come to pass.

    Kerry Brown is a member of the National Tertiary Education Union.

    – ref. There’s a renewed push to scrap junior rates of pay for young adults. Do we need to rethink what’s fair? – https://theconversation.com/theres-a-renewed-push-to-scrap-junior-rates-of-pay-for-young-adults-do-we-need-to-rethink-whats-fair-240548

    MIL OSI Analysis – EveningReport.nz –

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

    Source: IMF – News in Russian

    October 4, 2024

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

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

    Washington, DC – October 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/04/cs-san-marino-2024

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Africa: SA a trusted partner in delivering global business services

    Source: South Africa News Agency

    SA a trusted partner in delivering global business services

    South Africa is a trusted partner in delivering key global business services such as financial risk, regulatory support and digital services to United Kingdom investors, says Deputy Minister of Trade, Industry and Competition Andrew Whitfield.

    The Deputy Minister delivered the keynote address during the South Africa-UK roundtable on Global Business Services (GBS) in London. The session was hosted by Business Process Enabling South Africa in London. 

    “With a highly skilled, English-speaking workforce, South Africa has positioned itself as a go-to hub for outsourcing services ranging from legal support to digital transformation. 

    “South Africa’s competitive advantage in offering cutting-edge solutions at a fraction of the cost, saving companies up to 50% compared to other outsourcing destinations puts our country in good stead,” Whitfield explained.

    According to the Department of Trade, Industry and Competition, the roundtable formed part of a high-level mission to the United Kingdom (UK) which is being led by Deputy President Paul Mashatile. The visit is focused on promoting South Africa as a premier investment destination.

    READ | UK investors encouraged to establish their business operations in SA

    Whitfield highlighted that the South African global business services (GBS) sector has evolved from traditional call centre services into providing high-value, complex services that meet the needs of global investors.

    He added that the UK remained South Africa’s largest source market for GBS, accounting for over 56 000 jobs and generating £650 million in revenue through partnerships with leading UK firms such as British Gas, Scottish Power, and Virgin Atlantic.

    Whitfield emphasised that since the introduction of the GBS incentive, more than 50 global companies have established operations in South Africa, generating R40 billion in export revenue. 

    The primary objective of the incentive which became effective from 1 January 2019, is to create employment in South Africa through servicing offshore activities. The secondary objectives of the programme are to:
    – Create employment opportunities for the youth (age 18-34 years); and
    – Contribute to the country’s export revenue from offshoring services.

    Growth 

    He added that the workforce has grown significantly, from 26 700 jobs in 2015 to over 104 000 today. 

    In addition, the GBS Masterplan is playing an important role in this growth shifting the focus from low-cost call centres to more sophisticated, high-value services, such as data analytics, financial services, and digital risk management.

    “Our GBS sector offers far more than cost savings; it delivers quality outcomes with proven resilience. South Africa has shown an exceptional ability to adapt, including the successful implementation of flexible work-from-home models. 

    “Additionally, we have not experienced any electricity outages for over 190 days, which is a critical factor for global businesses seeking reliable operations,” said the Deputy Minister.

    Looking ahead, Whitfield said the GBS Masterplan envisions creating up to 500 000 cumulative jobs by 2030, through continued expansion and new investments. 

    The Global Business Services Masterplan was signed by the department and stakeholders on 18 November 2021.

    The Masterplan process brings together government, industry, social partners and labour to set a common vision and action agenda for developing and growing the sector.

    “We will work tirelessly with all stakeholders to realise this high-growth scenario, particularly as global businesses increasingly look to South Africa as a destination for innovative digital services and niche sector solutions.”

    Furthermore, he urged UK businesses to explore the lucrative opportunities in South Africa’s GBS sector.

    “Our value proposition is clear, quality services, major cost savings, and a stable environment. We invite British investors to take advantage of the opportunities our dynamic sector offers and contribute to its continued growth.

    “Ultimately, this is a key sector to realising the Government of National Unity’s apex priority to rapid economic growth and job creation,” he said.

    The Deputy Minister was pleased with the positive engagements and sentiment from GBS companies present, who have a healthy pipeline to expand their operations in South Africa in the next 12 months. –SAnews.gov.za

     

    Edwin

    MIL OSI Africa –

  • MIL-OSI Russia: Nikita Blagoy: “Exchange education is a colossal development and skills”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Nikita Blagoy, a postgraduate student at the Institute of Industrial Management, Economics and Trade, and an assistant at the Higher School of Engineering and Economics, received a scholarship from the President of the Russian Federation for students and postgraduates studying abroad. In early September, Nikita went to China. Before leaving, he told us about his academic path at the Polytechnic University, and how his ideas about life and science changed. And after a while, he contacted us to share his first impressions of his internship at the Dalian University of Technology.

    Interview with a graduate student Read in our traditional section “Person”.

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

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

    http://www.spbstu.ru/media/nevs/polytech-media/nikita-blagoy-exchange-training-is-colossal-development-and-skills/

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

    MIL OSI Russia News –

  • MIL-OSI Russia: 13 Polytechnicians Among the World’s Most Cited Scientists

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Elsevier has published updated lists of the most cited scientists in the world over the past year and throughout my entire scientific career.

    Stanford University (USA) annually collects and analyzes information from the international scientometric database Scopus about the most authoritative scientists. When compiling the ratings, both qualitative and quantitative citation metrics are taken into account. The obtained information is posted on the Elsevier website. According to the company, the scientists presented in the lists make up 2% of the most influential scientific specialists. Among them are 13 SPbPU scientists.

    Nine of the university’s researchers were included in both rankings at once: the most cited authors at the end of 2023 and for their entire research career. The greatest successes were achieved by:

    Nikolay Vatin is the director of the Scientific and Technological Complex “Digital Engineering in Civil Engineering”, chief researcher at the Laboratory of Protected and Modular Structures, Professor at the Higher School of Advanced Digital Technologies NIS “Digital Engineering”, Doctor of Technical Sciences;
    Vladimir Mostepanenko is the chief researcher at the Scientific Laboratory “Micro- and Nanoelectronic Systems on a Chip” at the NIS “Digital Engineering”, Doctor of Physical and Mathematical Sciences;
    Vadim Davydov is a leading engineer at the Center for New Materials of the Research and Modeling of Materials Research Center of the Institute of Mechanical Engineering, Materials and Transport, Doctor of Physical and Mathematical Sciences;
    Galina Klimchitskaya is the chief researcher at the Scientific Laboratory “Micro- and Nanoelectronic Systems on a Crystal” at the NIS “Digital Engineering”, Doctor of Physical and Mathematical Sciences;
    Anatoly Popovich – Director of the Institute of Mechanical Engineering, Materials and Transport, Professor of the Research Center “Structural and Functional Materials” of the Institute of Mechanical Engineering and Technology, Chief Researcher of the Laboratory “Synthesis of New Materials and Structures” of the Advanced Engineering School “Digital Engineering”, Doctor of Technical Sciences;
    Lev Utkin is a professor at the Higher School of Artificial Intelligence Technologies at the Institute of Computer Science and Cybersecurity; Leading Researcher at the Research Laboratory “Supercomputer Technologies and Machine Learning” NIS “Digital Engineering”, Doctor of Technical Sciences;
    Anton-Jiri Krivtsov – Director of the Higher School of Theoretical Mechanics and Mathematical Physics of the Institute of Physics and Mechanics, Corresponding Member of the Russian Academy of Sciences, Doctor of Physical and Mathematical Sciences;
    Mikhail Shur is a leading researcher at the Laboratory of Computational Hydro-Aeroacoustics and Turbulence at the Scientific and Technical Complex “Mathematical Modeling and Intelligent Control Systems” of the NIS “Digital Engineering”, Candidate of Physical and Mathematical Sciences.
    Andrey Travin is a senior researcher at the laboratory “Computational hydroaeroacoustics and turbulence” of the Scientific and Technical Complex “Mathematical modeling and intelligent control systems” of the NIS “Digital Engineering”, Candidate of Physical and Mathematical Sciences.

    In addition, two Polytechnic University researchers are included in the list of the most cited researchers for the past year. The 2023 ranking includes Mikhail Strelets, head of the Computational Hydroaeroacoustics and Turbulence Laboratory at the Mathematical Modeling and Intelligent Control Systems Scientific and Technical Complex at the Digital Engineering Institute, Doctor of Physical and Mathematical Sciences, and Sergey Barykin, professor at the Higher School of Service and Trade at the Institute of Industrial Management, Economics and Trade, Doctor of Economic Sciences.

    Also, two SPbPU scientists are included in the annual list of the most cited authors by indicators for the entire career path. These are Sergey Shevkunov, a leading researcher at the Center for Technological Projects, Doctor of Technical Sciences, and Sergey Roshchupkin, a professor at the Higher School of Fundamental Physical Research of the Physics and Mechanics Institute, Doctor of Technical Sciences.

    We are proud that Polytechnics have entered the ranking of the most cited scientists in the world. This is a clear confirmation of the high level of scientific research conducted at our university and the significance of contributions to global science. Being included in such rankings is not only a sign of recognition of individual merits, but also the result of the hard work of the entire scientific team, which strives for innovation and high research standards. I am sure that many discoveries and achievements await us ahead, which will inspire students and young scientists to new achievements, – commented Vice-Rector for Research Yuri Fomin.

    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.spbstu.ru/media/nevs/achivments/13-polytechnicians-among-the-most-cited-scientists-in-the-world/

    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 Asia-Pac: Govt is committed to make defence industry export-oriented with India as a global manufacturing hub, says Raksha Mantri at 7th annual session of SIDM

    Source: Government of India

    Govt is committed to make defence industry export-oriented with India as a global manufacturing hub, says Raksha Mantri at 7th annual session of SIDM

    Exhorts the industry to reduce import to export ratio with a target-oriented approach

    Shri Rajnath Singh urges SIDM to prepare a roadmap to encourage big companies & foreign OEMs to invest in India or open joint ventures on a firm-to-firm basis

    Calls for increased investment in cutting-edge tech, such as AI, cyber defence & autonomous systems to be future ready

    Posted On: 04 OCT 2024 2:34PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh has reaffirmed the Government’s commitment to empower India’s defence industry by working hand-in-hand with them, and realise Prime Minister Shri Narendra Modi’s vision of making the country a global manufacturing hub. Addressing the seventh annual session of Society of Indian Defence Manufacturers (SIDM) in New Delhi on October 04, 2024, Raksha Mantri described the ongoing Russia-Ukraine conflict as a reminder to build a strong defence industrial base, which can be bolstered and expanded with time.

    Shri Rajnath Singh asserted that the Government, in its third consecutive term, will provide a renewed thrust to its ongoing efforts towards developing a robust, innovative and self-reliant defence ecosystem. He enumerated the steps taken to attain ‘Aatmanirbharta’ in defence, including creation of defence industrial corridors in Uttar Pradesh & Tamil Nadu, issuance of positive indigenisation lists (PILs), corporatisation of Ordnance Factory Board, handholding of private industries by DRDO, and unveiling of Defence Acquisition Procedure 2020.

    On the 10 PILs notified with over 5,500 items, Raksha Mantri stated that the idea is to equip the Armed Forces with platforms/equipment manufactured on Indian soil. Terming the lists as dynamic & not static, he exhorted the industry to achieve complete self-reliance for these items within the stipulated time, and keep shortening the list. He also urged them to assess and identify products that can be added to the PILs in view of the rapid changes being witnessed in the field of defence across the globe.

    Shri Rajnath Singh emphasised that due to the Government’s efforts, an environment conducive to ease of doing business in the country has been created, and a target set for making India’s defence industry export-oriented. While he lauded the major contribution of the private sector in taking the defence exports to a record high of over Rs 21,000 crore in Financial Year (FY) 2023-24, he called upon the industry to keep in mind the export and import figures, and strive to reduce the ratio between the two with a target-oriented approach. 

    Raksha Mantri expressed happiness over the fact that the annual defence production touched a record high of Rs 1.27 lakh crore in FY 2023-24. While the share of DPSUs was Rs one lakh crore, private companies contributed with about Rs 27,000 crore. He stated that there is a huge scope for increasing the share of private industries, and the next target should be to bring their participation to at least half of the total defence production. He promised full support of the Government in achieving this target.

    Highlighting the Government’s focus to encourage foreign companies and Original Equipment Manufacturers (OEMs) to invest in India or open joint ventures with the private industry, Shri Rajnath Singh called upon SIDM to prepare a roadmap for collaboration on a firm-to-firm basis. He was of the view that the Indian industry has the potential of bringing niche technologies or processes to India.

    Recognising the potential of small & medium enterprises (SMEs) and start-ups in the defence sector, Raksha Mantri acknowledged the challenges they face in achieving ease of doing business. He urged SIDM to work closely with the government to address ground-level issues & help these enterprises to play a larger role in defence manufacturing. “It is important to ensure that our policies translate into ease of doing business at the ground level. SIDM can help in identifying the practical challenges faced by start-ups and SMEs so that we can address them,” he said.

    Shri Rajnath Singh urged the industry to invest more in cutting-edge technologies, such as artificial intelligence (AI), cyber defence, & autonomous systems. “India’s defence industry must keep pace with global trends and focus on high-end technology. There is a need to increase investments in areas like AI & autonomous systems, which will define the future of warfare. The government is ready to provide all necessary support,” he said.

    During the session, Raksha Mantri also presented the SIDM Champion Awards, which recognise outstanding achievements in defence manufacturing. He termed the awards as a reflection to the dedication & excellence of Indian manufacturers, which will serve as a benchmark for best practices in the sector.

    Chief of Defence Staff General Anil Chauhan, Secretary (Defence Production) Shri Sanjeev Kumar, SIDM President Shri Rajinder Singh Bhatia and captains of the industry were among those present on the occasion. The theme of the session was ‘Empowering Indian Defence Industry: Catalysing Exports and Indigenous Innovation’. It served as a forum for stakeholders to discuss India’s growing role as a global defence exporter and innovation hub.

    ****

    VK/Savvy/KB

    (Release ID: 2061953) Visitor Counter : 16

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Review of agreements with third countries to introduce mirror clauses – E-001852/2024

    Source: European Parliament

    Question for written answer  E-001852/2024
    to the Commission
    Rule 144
    Carmen Crespo Díaz (PPE)

    European producers are in dire straits as a direct consequence of the increase in production costs, ongoing geopolitical conflicts and a price crisis which is due in part to overlaps with the timing of imports from third countries.

    Imports from third countries create unfair competition because they do not have to meet the environmental, social and economic requirements that apply for European producers. This is causing profitability problems for European farmers. It is also undermining the generational renewal required to guarantee the future of farming in Europe, and therefore also the food security of the people of Europe, who cannot rely on third countries.

    In view of the above:

    Is the Commission intending to review trade agreements with third countries so as to introduce mirror clauses?

    Submitted: 27.9.2024

    Last updated: 4 October 2024

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Coming up next week at the London Assembly W/C 7 October

    Source: Mayor of London

    PUBLIC MEETINGS

    Wednesday 9 October

    Policing protests in London

    Police and Crime Committee – The Chamber, City Hall, Kamal Chunchie Way, 10am

    Policing protests and large-scale events in the capital is putting increased strain on the Metropolitan Police Service, with the Met describing protests since October 2023 as the “greatest period of sustained pressure since the Olympics in 2012.”

    The Police and Crime Committee will hold the first meeting of its investigation into public order policing in London.

    Panel 1: 10:00am – 11:30am

    • Matt Parr, former Inspector, HMICFRS
    • Lord Walney, former Government Independent Adviser on Political Violence and Disruption
    • Kirsty Brimelow KC, Barrister, Doughty Street Chambers

    Panel 2: 11:35am – 1:00pm

    • Jodie Beck, Policy and Campaigns Officer, Liberty
    • Professor Geoff Pearson, Professor of Law at the University of Manchester and Academic Director of the N8 Policing Research Partnership
    • Tom Southerden, Programme Director, Law & Human Rights, Amnesty International
    • David Spencer, Head of Crime and Justice, Policy Exchange

    MEDIA CONTACT: Tony Smyth on 07763 251727/ [email protected]

    Wednesday 9 October

    ‘Social value’ in planning and regeneration

    Planning and Regeneration Committee – The Chamber, City Hall, Kamal Chunchie Way, 2pm

    The London Plan does not define ‘social value’, but it is referred to in various policies and supporting texts.

    In the first meeting of its investigation into how social value is considered in planning decisions for markets and arches, the Planning and Regeneration Committee will question experts, local authorities and industry representatives about what it means, how it’s measured, and how it can make a difference to Londoners.

    The guests are:

    Panel 1: 2.00pm – 3.15pm

    • Maria Adebowale-Schwarte, Commissioner for the London Sustainable Development Commission
    • Tony Burton, Founder of Civic Voice and Chair of Community Review Panels in Old Oak & Park Royal and Dacorum
    • Dr Myfanwy Taylor, Lecturer in Urban Economics and Planning, University College London
    • Guy Battle, Chief Executive Officer at Social Value Portal
    • Stephanie Edwards, Co-Founding Director Urban Symbiotics

    Panel 2: 3.30pm – 4.45pm

    • Krissie Nicolson, CEO London Trades Guild
    • Nicholas Kasic, manager of Portobello Road Market and convener of the London Street Trading Benchmarking Group 
    • Sarah Goldzweig, Research and Project Officer at Latin Elephant
    • Stephen Biggs, Corporate Director, Community Wealth Building, London Borough of Islington 
    • Bryce Tudball, Head of Spatial Planning, London Borough of Haringey

    MEDIA CONTACT: Josh Hunt on 07763 252310 / [email protected]

    Thursday 10 October

    Mayor’s Question Time

    The Chamber, City Hall, Kamal Chunchie Way, 10am

    The Mayor of London, Sadiq Khan, will face questions from London Assembly Members.

    Topics include:

    • Aligning the Budget with Manifesto Commitments
    • Night-Time Economy
    • Net zero targets and advertising on the TfL network
    • Cleaning Up London’s Waterways

    MEDIA CONTACT: Alison Bell on 07887 832 918 / [email protected]

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Access to finance remains a challenge for SMMEs

    Source: South Africa News Agency

    While government is fully cognisant that access to finance remains the most significant barrier to entry for new venture creation, small, medium and micro enterprises (SMMEs) and entrepreneurship, steps are being taken to address this.

    This is according to the Deputy Minister of Trade, Industry and Competition, Zuko Godlimpi, who was during the Financial Inclusion Week session in Johannesburg.

    “The consequences of government inability to increase the pace of transformation after 30 years are evidenced by the lack of economic growth, unsustainably high levels of unemployment, widening inequality and market concentration,” Godlimpi said.

    “Though government policies have worked to dismantle many structures of the apartheid state and increase living standards, these efforts have not translated into the creation of job opportunities for many South Africans,” he said.

    Godlimpi pointed out that the Department of Trade, Industry and Competition (the dtic) and its agencies, which include the Industrial Development Corporation (IDC) and the National Empowerment Fund (NEF), have managed to attract new business projects in which they will be investing R78 billion.

    “We have also agreed to push the dtic and its entities to go beyond the Treasury standards to pay SMMEs. This ensures that we, as an institution of nine branches and 18 entities, do not contribute to the barriers that constrain our SMMEs.”

    Glodlimpi explained that on the policy front, government is aware that SMMEs find it difficult to access different forms of finance, including debt.

    He said when SMMEs approach debt markets, they are often faced with onerous credit checks and, at times, fall victim to negative reinforcement tools such as credit bureaus due to a lack of access to patient capital.

    “When a small business owner misses debt repayment due to delayed payments from clients and, in many instances, the government, they are blacklisted. According to [the] Small Enterprise Development Agency’s SMME Quarterly and Stats SA, SMMEs contribute about 59% of total employment in the country,” he said.

    Godlimpi said this picture demonstrates the unsustainable structure of credit market in South Africa, which is embedded in a consumption logic rather than a developmental and investment orientation.

    “As part of the Minister Parks Tau’s new wall-to-wall approach, we have begun to look at sharing important economic data within the dtic to enhance our understanding of the economy and achieve complementarity in deploying the various tools to achieve our industrial policy objectives,” said Godlimpi. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Flourishing Lives: all welcome at our Older Persons’ Day pop-up events

    Source: St Albans City and District

    Publication date:

    Four fun and informative pop-up events are to be held across St Albans District to celebrate Older Persons’ Day.

    St Albans City and District Council has organised the events, called Flourishing Lives, along with partner organisations to highlight the contribution older people make to our community.

    There will be opportunities to socialise and find out about services that keep older residents safe, connected and independent.

    Anyone can drop in for a chat over a cup of tea at the pop-up events in St Albans, Wheathampstead, London Colney and Redbourn.

    Council officers will be available to explain a range of services including housing and the welfare benefits older people may be entitled to.

    Citizens Advice, Communities 1st, Age UK and other groups which work with older people will be present. Information on issues such as the location of warm spaces during cold spells will be available.

    Representatives from Hertfordshire Police, Trading Standards and the Fire Service may be in attendance to talk about issues such as crime prevention.

    Free refreshments will be provided with the pop-ups taking place at:

    • Wheathampstead, Marford Memorial Hall, Monday 21 October, 10am to 12:30pm;
    • St Albans Civic Centre, Wednesday 23 October, 1pm to 3:30pm;
    • Redbourn Village Hall, Thursday 24 October, 9:30am to 12pm;
    • London Colney Caledon Centre, Monday 28 October 10am to 12:30pm.

    The International Day of Older Persons is celebrated around the world every year in early October and is followed by weeks of special events.

    Amanda Foley, the Council’s Chief Executive, said:

    It is important that we join in with organisations all over the world to celebrate our fantastic older people and the great contribution they make to our communities.

    We also want to make older people aware of all the services and opportunities available to them so they can lead fulflling lives and not become socially isolated.

    These free events offer information about how to participate in a range of social and fund activities, including art and keep-fit clubs. There will be details about volunteering too.

    These are relaxed occasions. Everyone is welcome to drop in for a chat, pick up leaflets, discover new activities and discuss any issues they have.

    Media contact: John McJannet, Principal Communications Officer, St Albans City and District Council: 01727-919533; john.mcjannet@stalbans.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 02.10.2024 – repurchases resumed following a temporary pause

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    2 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 02.10.2024 – repurchases resumed following a temporary pause

    Espoo, Finland – As announced on 16 August 2024, Nokia’s share buybacks were paused until after the Infinera shareholders’ special meeting. The special meeting took place on 1 October 2024 as planned, and the buybacks have therefore been resumed. On 2 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,283,714 3.93
    CEUX 599,119 3.93
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,882,833 3.93

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 2 October 2024 was EUR 7,404,806. After the disclosed transactions, Nokia Corporation holds 151,369,770 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI USA: Millions of Californians to receive average $71 credit on October electric bills

    Source: US State of California 2

    Oct 2, 2024

    What you need to know: California’s Cap-and-Trade Program is providing an average $71 electricity bill credit to millions of customers of investor-owned utilities, including PG&E, Southern California Edison, and SDG&E, among others. 

    SACRAMENTO – Governor Gavin Newsom today announced that more than 11.5 million Californian households will automatically see savings on their October electricity bill through the California Climate Credit, funded by the state’s innovative Cap-and-Trade Program. 

    This credit will average $71 per electric bill customer. Including credits that went out in April, Californians will receive an average of $217 in bill credits during 2024. Since 2014, Californian households have already received an average of $971 in combined automatic April and October climate credits on their utility bills, totaling more than $14 billion statewide.

    “Thanks to our state’s Cap-and-Trade program, millions of Californians will see an average credit of $71 on their electric bills this month. Not only does this credit provide much-needed relief for families, it’s helping Californians make the switch to cleaner energy.”

    Governor Gavin Newsom

    Electricity bill credits this month will range from approximately $32 to $174. More than 1 million small businesses are also expected to receive the credit. Customers may remember receiving a similar credit on electricity bills in April. 

    The California Climate Credit comes from the State’s Cap-and-Trade Program, which collects funds by requiring companies to pay for climate pollution, and is managed by the California Air Resources Board. The credit on utility bills represents the consumer’s share of the payments from the State’s program. 

    Press Releases, Recent News

    Recent news

    Oct 2, 2024

    News What you need to know: The largest river restoration project in American history has officially completed all of the work to remove the dams, a massive infrastructure project that was done ahead of schedule and on budget. Work will continue for several years…

    Oct 2, 2024

    News What you need to know: With California experiencing climate-driven extremes in weather, the state is continuing to take aggressive action to protect and expand the state’s water supplies, including prioritizing groundwater recharge and infrastructure improvements…

    Oct 2, 2024

    News What you need to know: California is investing record amounts of federal funding and implementing new measures to save lives following an increase in traffic fatalities. SACRAMENTO – As states across the nation, including California, continue to see an increase…

    MIL OSI USA News –

  • MIL-OSI Economics: Lancement du cours régional de politique commerciale de l’OMC au Togo

    Source: World Trade Organization

    Pendant huit semaines, les participants aborderont la modernisation et la réforme du système commercial multilatéral, l’Accord sur les subventions à la pêche et les initiatives numériques et écologiques qui façonnent l’avenir du commerce mondial. Ils échangeront avec des experts de l’OMC et régionaux, ainsi que des académiciens de l’Université de Lomé, partenaire de l’OMC depuis 2023 dans l’organisation de ce cours.

    Dans un message vidéo diffusé lors de la cérémonie d’ouverture, Jean-Marie Paugam, Directeur général adjoint de l’OMC, a souligné l’importance de ce cours conçu pour répondre au contexte spécifique des questions émergentes dans la région. Il a déclaré: “Ce cours régional de politique commerciale mettra un accent particulier sur le contexte spécifique des politiques commerciales des pays francophones d’Afrique et leurs liens avec les accords de l’OMC. Il vous offrira également une plateforme pour réfléchir sur la manière dont le système commercial multilatéral peut être renforcé, réformé et modernisé. C’est une réflexion cruciale, surtout dans le cadre du débat actuel sur la pertinence du système commercial mondial.”

    S’exprimant au nom du Président de la République — Son Excellence Monsieur Faure Essozimna Gnassingbe — le Ministre délégué auprès du Ministre du Commerce, de l’artisanat et de la consommation locale, le professeur Kossivi Hounake, a remercié l’OMC d’avoir renouvelé sa confiance au Togo pour accueillir ce cours. Il a souligné l’importance de la coopération technique de l’OMC pour renforcer les capacités commerciales des pays d’Afrique et favoriser leur intégration dans l’économie mondiale. “Le bon fonctionnement d’un système commercial multilatéral exige, au-delà des règles, un système de suivi efficace. Il demande aussi que les Etats membres de l’OMC comprennent les possibilités que ces règles offrent afin que chacun d’entre eux soit en mesure d’en tirer pleinement profit.”

    Monsieur Kanka-Malik Natchaba, Ministre de l’Enseignement supérieur et de la recherche du Togo, a souligné le rôle de l’éducation comme vecteur fondamental de progrès socio-économique. “Je suis convaincu que cette formation contribuera encore davantage à renforcer les compétences des apprenants et décideurs politiques dans le domaine de la politique commerciale et qu’elle aidera les pays africains francophones à se positionner de manière plus efficace et plus équitable au sein du système commercial mondial,” a-t-il déclaré.

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: DDG Ellard spotlights role of the WTO, current priorities

    Source: World Trade Organization

    DDG Ellard began by discussing the WTO’s main functions: negotiations, trade monitoring, and dispute settlement. She also highlighted the importance of the technical assistance provided to developing members and least-developed country (LDC) members. Despite the rise of regional trade agreements, she noted that approximately 75% of global trade still operates under WTO rules. She emphasized the consensus-based nature of decision-making at the WTO, which ensures that all members, regardless of size or wealth, have an equal voice.

    DDG Ellard then outlined the Organization’s current negotiating priorities. First, she stressed the importance of bringing into force the Agreement on Fisheries Subsidies, adopted in June 2022, to end the worst form of fisheries subsidies. To do this, 111 WTO members — two-thirds of the WTO membership — must accept the Agreement; currently, 83 have done so, leaving 28 remaining for entry into force. She also highlighted the ongoing negotiations on the second part of the Agreement, which aims to address overcapacity and overfishing. “Maintaining momentum, especially at senior levels, is crucial for achieving the political will needed to conclude these negotiations,” she stated. She further underscored the need to find a way to incorporate plurilateral efforts of WTO members, namely the Investment Facilitation for Development Agreement and outcomes of the Joint Statement Initiative on E-commerce, into the WTO rulebook.

    DDG Ellard also discussed the vital role of committees in monitoring the implementation of WTO agreements. “Transparency and notifications are essential to our work — they are the glue that binds compliance and accountability,” she explained. She emphasized the importance of the Sanitary and Phytosanitary (SPS) and Technical Barriers to Trade (TBT) committees in addressing specific trade concerns, noting that only a small fraction of these concerns escalates into formal disputes. She also highlighted the ePing platform, which provides easy access to notifications and specific trade concerns raised in the SPS and TBT committees, accessible to both governments and the private sector.

    Regarding dispute settlement, DDG Ellard commended the efforts of Ambassador Usha Dwarka-Canabady of Mauritius and the six co-facilitators on dispute settlement reform in assisting in the ongoing negotiations among WTO members to deliver a fully and well-functioning system by 2024, as mandated by ministers at the 12th and 13th Ministerial Conferences. DDG Ellard noted that although the Appellate Body is currently non-operational, the dispute settlement system still functions, as members continue to bring disputes to the WTO, with seven new cases initiated this year and seven panel proceedings ongoing.

    In discussing broader WTO reform, DDG Ellard acknowledged that while all members agree on the need for reform, their priorities differ. She outlined three main areas of focus: (i) reforming substantive rules through negotiations; (ii) improving the deliberative function related to how business is conducted within committees, councils, and other bodies; and (iii) enhancing the Secretariat’s support for WTO members.

    In conclusion, DDG Ellard emphasized the WTO’s vital role as a forum for members to engage across geopolitical fault lines and navigate complex trade issues collaboratively to avoid fragmentation. Pointing to the millions who have been lifted out of poverty since the WTO was created, she highlighted that this approach not only strengthens the multilateral trading system but also contributes to greater global stability and sharing the benefits of trade.

    Share

    MIL OSI Economics –

  • MIL-OSI Economics: DG discusses strategies for navigating new environmental regulations with industry leaders

    Source: WTO

    Headline: DG discusses strategies for navigating new environmental regulations with industry leaders

    The Director-General highlighted a marked increase in environment-related measures, noting that 8,661 environment-related notifications have been submitted to various WTO committees since 1997. She acknowledged the importance of robust environmental standards, traceability and certification systems in the interconnected global market but pointed out that “these measures present significant challenges for market actors, especially in developing countries where businesses may need to comply with divergent standards to access international markets.”
    DG Okonjo-Iweala stressed the need to design new regulations carefully, ensuring that small producers in developing economies are integrated into global value chains rather than marginalized or excluded from the global market. She also emphasized the importance of developing robust traceability, verification and certification systems — often referred to as “quality infrastructure” — to bridge the information gap and reduce the costs of complying with regulations.
    Business leaders from the coffee, cocoa and palm oil sectors, alongside representatives from certification organizations, stressed the importance of balancing strong environmental protection with the practical challenges of compliance.
    They highlighted the need for clearer regulations, harmonized standards and aligned certification requirements to prevent confusion and reduce compliance costs. They also emphasized the importance of increased technical and financial support to help small producers navigate challenges and adapt to the evolving regulatory environment.
    DG Okonjo-Iweala expressed her gratitude for the productive discussions, noting that they represented the first step toward continued dialogue in the future.
    She said the key messages from today’s meeting would be shared with relevant policymakers. At the same time, she encouraged the business community to identify the opportunities presented by the new regulations while addressing the associated challenges.
    Looking ahead, the Director-General highlighted the critical need to address regulatory fragmentation. She emphasized that, in the long term, fostering stronger dialogue between policymakers and businesses is essential to ensure that new sustainability regulations “do not end up harming small farmers”.

    Share

    MIL OSI Economics –