NewzIntel.com

Category: Trade

  • MIL-OSI China: Haier breaks ground on $40M plant in Egypt

    Source: China State Council Information Office

    Chinese home appliance giant Haier held a groundbreaking ceremony on Monday for the second phase of its industrial park in Egypt in 10th of Ramadan, a city northeast of Cairo.

    The Haier Egypt Ecological Park is invested by Haier Smart Home Co., Ltd., a subsidiary of the Haier Group. Once fully built, the park will cover an area of 200,000 square meters and have an annual production capacity of more than 1.5 million units of home appliances.

    The second phase of the project, with an investment of about 40 million U.S. dollars, will mainly produce refrigerators and freezers.

    During the ceremony, Zhou Yunjie, chairman and CEO of Haier Group, said the first batch of products manufactured in the first phase of the park have been exported to Kenya in July. After the second phase of the project becomes operational, it will further help Egypt’s manufacturing industry to go global.

    Egyptian Minister of Investment and Foreign Trade Hassan El Khatib said Haier is the first Chinese enterprise to obtain a Golden License (Comprehensive Approval) from the Egyptian government, which makes it a role model for foreign enterprises investing in the Egyptian market.

    Zhang Tao, minister and deputy chief of mission of the Chinese Embassy in Egypt, said that the success of the first phase of the Haier Egypt Ecological Park has attracted more Chinese enterprises to invest and set up factories in Egypt, which promoted the upgrading of Egypt’s home appliance manufacturing industry, created jobs, trained outstanding talents, and increased Egypt’s foreign exchange incomes.

    The first phase of the industrial park was inaugurated in May, with trial production of air-conditioners, televisions, and washing machines.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: FS meets Spanish business leaders

    Source: Hong Kong Information Services

    Continuing his visit to Madrid, Spain, Financial Secretary Paul Chan yesterday spoke at a business lunch, met Spanish officials and visited local enterprises.

    Delivering a keynote speech at a lunch with about 150 leaders from Spain’s business, financial, and innovation and technology sectors, Mr Chan stressed that Hong Kong has restored its global connections following the COVID-19 pandemic, and is eager to deepen co-operation with Spain to deliver mutual benefits.

    With the advantages brought by “one country, two systems”, Hong Kong is solidifying its role as a super-connector, and welcomes Spanish enterprises to use the city as a springboard to tap into the vast markets of the Greater Bay Area, the Mainland, and Asia more broadly, he said.

    He added that through its mutual access schemes with the Mainland’s capital markets, Hong Kong provides a channel through which Spanish companies can easily attract funds.

    Furthermore, as Hong Kong’s green standards are compatible with those of the European Union, green projects in Europe can leverage Hong Kong as a fund-raising platform. Mr Chan elaborated that Hong Kong can also collaborate with Spain’s tech ecosystem across key sectors such as artificial intelligence, biotechnology, fintech, and new energy and new materials.

    In the afternoon, the finance chief met Spanish Secretary of State for Trade Amparo López Senovilla and briefed her on economic developments in Hong Kong. The two officials also held in-depth exchanges on the promotion of economic and trade co-operation and mutual investment.

    Additionally, Mr Chan led a delegation of Hong Kong tech startups on a visit to IMPACT, a Spanish startup accelerator, for an exchange of views on entrepreneurial strategies in the innovation and technology sector. He and the delegation also visited the Spanish telecommunications company Telefónica to learn about its development strategies in 5G telecommunications, the Internet of Things and Web3.0.

    The Financial Secretary was due to continue his stay in Madrid this morning before heading to London in the afternoon.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Arrington Introduces Legislation to Counter Unfair Foreign Trade Practices

    Source: United States House of Representatives – Congressman Jodey Arrington (TX-19)

    Washington, D.C. – House Budget Committee Chairman Jodey Arrington (TX-19) introduced H.R. 9724 – the Axing Nonmarket Tariff Evasion (ANTE) Act – legislation to defend the American economy from nonmarket entities using third countries to avoid U.S. trade enforcement.

    “For far too long, adversaries like China have cheated the American economy and cost the U.S. millions of jobs by utilizing unfair trade practices. President Trump took decisive action to curb this, but more still needs to be done,” said Chairman Arrington. “The Axing Non-Market Tariff Evasion (ANTE) Act would proactively stop foreign, state-owned businesses from using third countries as a backdoor to evade U.S. tariffs and bolster the American economy in the process.”

    “We appreciate Rep. Arrington’s leadership in introducing the Axing Non-Market Tariff Evasion Act. A strong domestic steel industry is necessary to support any of our country’s goals. China’s unfair trade practices are the number one threat to robust domestic production,” said Philip K. Bell, President, Steel Manufacturers Association. “Due to China’s Belt and Road Initiative, our members constantly play Whac-A-Mole attempting to combat dumping and trade cheating, as China moves production around the globe whenever the U.S. implements any action to level the playing field. This legislation provides our government tools to be more proactive in their fight against unfair trade practices. We look forward to working with you and your colleagues to support American workers and ensure our government can rapidly react to constantly evolving threats to our economy.” 

    “Chinese companies have become experts at tariff evasion, finding ways around U.S. tariffs in place to support manufacturing in America,” said James Warren, Forging Industry Association. “The Axing Nonmarket Tariff Evasion (ANTE) Act will proactively target tariff evasion as China uses third-party countries to undermine American manufacturing. It is time our manufacturers stop playing defense, this bill will proactively give policymakers the tools they need to strengthen the manufacturing industrial base.” 

    Background:

    • Highly subsidized state-owned enterprises like SAIC Motor controlled by non-market economies like China are setting up operations in other countries not subject to trade enforcement tariffs to export to the United States and avoid duties. This tariff evasion threatens American businesses, which risk losing market demand to entities that don’t play by the rules. 
    • While the U.S. has trade enforcement tools that address unfair nonmarket practices, there’s no trade law that addresses tariff evasion in a proactive and targeted manner. The Axing Non-Market Tariff Evasion (ANTE) Act would fill this void by amending Section 301 of the Trade Act of 1974 to require the U.S. International Trade Commission (USITC) to investigate whether a planned investment from a nonmarket economy, subject to Section 301 tariffs, into a third country, not subject to Section 301 tariffs, is being established to export to the U.S. and evade these tariffs.
    • If USITC determines that tariff evasion is occurring, it must notify the Office of the U.S. Trade Representative (USTR) or Congress, which have the ability to apply the Section 301 tariff on the nonmarket economy to the specific third country investment, even before the investment goes into operation.
    • The ANTE Act would allow the U.S. to proactively prevent nonmarket entities from using investments in third countries as a backdoor to avoid U.S. trade enforcement and defend American businesses against bad actors that seek to evade U.S. law.

    Broad Support:

    • In addition to the Steel Manufacturers Association and the Forging Industry Association, the following groups have endorsed Rep. Arrington’s ANTE Act:
      • National Council of Textile Organizations
      • National Tooling and Machining Association
      • American Mold Builders Association
      • Precision Metalforming Association

    ###

    MIL OSI USA News –

  • MIL-OSI United Nations: WFP and USAID spotlight local innovations to combat food insecurity in disaster-prone areas in the Philippines

    Source: World Food Programme

    QUEZON CITY – The United Nations World Food Programme (WFP) and the United States Agency for International Development (USAID) are hosting the Preparedness and Response Excellence in the Philippines (PREP) Forum on September 24 – 25, highlighting local solutions to tackle food insecurity in disaster-prone areas. Supported by USAID and the Australian Government’s Department of Foreign Affairs and Trade, this forum aims to enhance the Philippines’ emergency response and management capacities, supporting vulnerable Filipinos during natural disasters.

    “I am incredibly impressed at the speed of innovation in disaster management in the Philippines,” said USAID Philippines Deputy Mission Director Rebekah Eubanks. “As your friend, partner, and ally, the United States remains committed to strengthening our partnerships and working with the Philippine government to rebuild and restore lives following disasters.”

    Ahead of the forum, WFP launched the PREP Innovation Challenge in July to explore local solutions that tackle food insecurity. Participants in the challenge come from diverse sectors, including national Government, academia, private sector, and non-governmental organizations such as the University of the Philippines Resilience Institute Nationwide Operational Assessment of Hazards Center, the Department of Science and Technology Philippine Atmospheric, Geophysical and Astronomical Services Administration, CLIMBS Life and General Insurance Cooperative, and the Tarabang para sa Bicol, Inc.

    “What makes this year’s Forum special is our focus on innovation. WFP aims for the Forum to be a valuable platform where experts and stakeholders share solutions that will enhance the Philippines’ disaster management capacity. Innovative solutions can empower vulnerable communities to better prepare for and recover faster from climatic shocks and other crises,” said Regis Chapman, WFP Philippines Country Director.

    Going forward, WFP will collaborate with the local innovators to implement their solutions in at least one of the most disaster-prone provinces of the Philippines: Albay, Cagayan, Catanduanes, Dinagat Islands, Isabela, Maguindanao del Norte, Maguindanao del Sur, and Surigao del Norte. This joint venture will empower the most vulnerable communities to prepare for and recover faster from disasters and crises.

    The innovation challenge is part of WFP’s mission in the Philippines to help pilot and scale existing innovative approaches to improve food security in some of the most disaster-prone areas in close partnership with and support of the Government, donors, and partners.

    The Philippines is one of the world’s most disaster-prone countries. For the third consecutive year, the Philippines ranked 1st worldwide due to its exposure and susceptibility to natural hazards. 

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Twitter/X @wfp_media @wfp_philippines

    MIL OSI United Nations News –

  • MIL-OSI USA: ICYMI: Mullin to the Wall Street Journal: Where are the Senate Democrats on Fracking?

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    ICYMI: Mullin to the Wall Street Journal: Where are the Senate Democrats on Fracking?

    U.S. Senator Markwayne Mullin (R-OK) responded to a recent op-ed in the Wall Street Journal with a letter to the editor highlighting the importance of hydraulic fracturing (fracking) to support our allies and keep energy costs low.
    The letter can be found here and below.
    “Your editorial “Where’s Kamala on LNG Exports?” (Sept. 19) raises a question similar to the one I posed to my colleagues: Where are Senate Democrats on fracking?
    Hydraulic fracturing, or fracking, is essential to our ability to provide abundant, affordable energy to our citizens and allies. If House Democrats are writing to the White House in support of liquefied natural-gas exports, one might assume they should be in favor of fracking, too.
    I took to the floor with Sen. Katie Britt (R., Ala.) to request that the Senate pass the Protecting American Energy Production Act by unanimous consent. This bill, which would have prohibited the president from unilaterally canceling fracking projects, was immediately blocked. Ironically, one of the senators who opposed it was from Massachusetts, whose residents pay the nation’s highest electricity costs to heat their homes.
    Our allies want to do business with us, and our economy desperately needs it. Instead we’re letting the Organization of the Petroleum Exporting Countries set the world price for crude and allowing our adversaries to get rich off our backs. Never mind that we could produce the energy in a much cleaner and more efficient way.
    The world demand for fossil fuels is increasing. Why are we continuing the moratorium at the expense of the American taxpayer?”

    MIL OSI USA News –

  • MIL-OSI USA: PREPARED REMARKS: Sanders Leads HELP Committee Hearing with Novo Nordisk CEO on Outrageous Ozempic and Wegovy Prices

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    I want to thank Mr. Lars Jørgensen, the CEO of Novo Nordisk for being with us today for this very important hearing.
    The issue that we are discussing today is not complicated.  It has everything to do with the chart behind me which shows that Novo Nordisk’s diabetes drug Ozempic is sold in Canada for $155, in Denmark for $122, in France for $71 and in Germany for $59.
    In the United States Novo Nordisk charges us $969 – over 15 times more than they sell it for in Germany.
    Wegovy, Novo Nordisk’s weight loss drug is even more expensive.  As this chart shows, Wegovy is sold for $265 in Canada, $186 in Denmark, $137 in Germany and $92 in the United Kingdom.
    In the U.S., the list price for Wegovy is $1,349 a month – nearly 15 times as much as it costs in the United Kingdom.
    What we are dealing with today, is not just an issue of economics, it is not just an issue of corporate greed.  It is a profound moral issue.
    Novo Nordisk has developed game-changing drugs which, if made affordable, can save the lives of tens of thousands of Americans every year and significantly improve the quality of life of millions more. If made affordable.  If not made affordable Americans throughout this country will needlessly die and suffer. 
    As representatives of the American people, we cannot allow that to happen.
    And let’s be clear.  The outrageously high cost of Ozempic, Wegovy, and other prescription drugs is directly related to the broken, dysfunctional and cruel healthcare system in our country.
    While the current system makes huge profits for large drug companies like Novo Nordisk, huge profits for insurance companies, and huge profits for PBM’s, it is failing the needs of ordinary Americans. 
    In the United States today we spend almost twice as much, per capita, on health care as the people of any other country – nearly $13,500 for every man, woman and child – over 17% of our GDP.  
    Yet, despite this huge and unsustainable expenditure, we are the only major nation not to guarantee health care to all as a human right.
    Further, despite all of that spending, our healthcare outcomes are not particularly good.
    Today, over 85 million Americans are uninsured or under-insured, over 60,000 die every year because they don’t get to a doctor when they should, and our life expectancy, which is actually declining in many parts of this country, is far below most other wealthy countries. 
    So. What does all this have to do with Mr. Jørgensen, Novo Nordisk and our hearing today? A lot.
    The simple truth is that we pay, by far, the highest prices in the world for prescription drugs and that is a major factor in the healthcare crisis we are experiencing. How does that happen? What’s the connection?
    First, one out of four Americans are unable to afford the prescription drugs that their doctors prescribe.  
    Insanely, that means that millions of Americans go without the treatment their doctors prescribe.  The result: some will actually die and others will become much sicker than they should.  And millions will unnecessarily end up in emergency rooms or in hospitals at great expense to our health care system.  How crazy is that?
    Second, one of the reasons that hospital costs in this country are rapidly increasing has to do with the very high cost of prescription drugs. My local hospital in Burlington, a moderate sized hospital, told me that 20% of their budget is now devoted to the cost of prescription drugs – some of which now cost hundreds of thousands a year for the treatment of their patients.
    Third, a significant reason for the high cost of insurance policies in this country, and why insurance rates are going up, is due to the high cost of prescription drugs.  
    Yes.  Millions of Americans with decent health insurance pay minimal amounts for their prescription drugs.  That’s the good news.  
    The bad news is that they are paying a fortune in premiums, deductibles and co-payments for the insurance that covers those drugs.
    I should also add that if you’re a taxpayer in this country you’re paying higher taxes than you should because of the inflated costs that Medicare, Medicaid and other public health programs pay for prescription drugs.   
    That is the overview and why the issue that we’re discussing today is so very important. Now, let’s go to the particulars with regard to Novo Nordisk, Ozempic and Wegovy.
    Ozempic and Wegovy are different brand names for the same drug: semaglutide.  These drugs are transformative new treatments for diabetes and obesity that help people control their blood sugar and lose weight.
    Both are manufactured by Novo Nordisk and both are on track to be some of the best-selling and most profitable drugs in the history of the pharmaceutical industry.
    In fact, since 2018, Novo Nordisk has made nearly $50 billion in sales off of these two drugs. Importantly, 72% of that revenue coming from sales in the United States.
    In other words, the United States is Novo Nordisk’s cash cow for Ozempic and Wegovy.
    And given that these drugs will need to be taken over the course of a lifetime – Novo Nordisk can expect to receive tens of billions in sales and huge profits from these drugs year after year.  
    Now why does Novo Nordisk charge the American people such outrageously high prices for Ozempic and Wegovy?  Are they acting illegally by charging us such high prices?  Are they violating the law? 
    No.  They are not. What they are doing is perfectly lawful.  They are simply taking advantage of the fact that, until very recently, the United States has been the only major country not to negotiate the cost of prescription drugs.  In other words, Novo Nordisk and other drug companies can charge us as much as the market will bear – and that is exactly what they are doing.
    Now, in a few minutes when Mr. Jorgenson makes his presentation, I suspect that he will tell us that the healthcare system here is complex and that there is a difference between the list price and the net price as a result of the rebates that PBMs receive.
    And he’s right.
    But even factoring in all of the rebates that PBM’s receive, the net price for Ozempic is still nearly $600 – over 9 times as much as it costs in Germany.
    And the estimated net price of Wegovy is over $800 – nearly four and a half times as much as it costs in Denmark.
    What must also be understood is that not everybody can take advantage of the net price of these drugs.
    If you are uninsured you pay the full list price. 
    If you have a large deductible, you pay the full list price. 
    If you have co-insurance, the percentage of the price you pay at the pharmacy counter is based on the list price.
    And let’s be clear.  75% of Americans, over 190 million people, with insurance are unable to access Wegovy through their policies.
    Mr. Jorgensen may also tell us that Novo Nordisk is afraid that if it substantially reduced the list price for Ozempic and Wegovy, PBM’s may limit coverage for these drugs.
    Well, let me ease his concerns.  I am delighted to announce today that I have received commitments in writing from all of the major PBM’s that if Novo Nordisk substantially reduced the list price for Ozempic and Wegovy they would not limit coverage.  In fact, all of them told me they would be able to expand coverage for these drugs if the list price was reduced.  I ask unanimous consent to insert the letters I received from the PBM’s making this commitment into the record.
    Now, let me share with the Committee some other important information that we have uncovered as part of our investigation.
    Last week, I received a letter from over 250 doctors urging us to do everything we can to substantially reduce the price of these drugs.
    This should come as no surprise.
    What these doctors are telling us is that if the price of Ozempic and Wegovy is not substantially reduced, many of their patients who have diabetes and obesity will be unable to afford them.  Some of them will unnecessarily die and others will suffer a significant decline in their quality of life.  I ask unanimous consent to enter this letter into the record.
    Earlier this year, Dr. Alison Galvani, an epidemiologist at Yale university, conducted a study on Wegovy.  And what she found, and I hope Mr. Jorgensen pays attention to this, is that over 40,000 lives a year could be saved if Wegovy were made widely available at an affordable price to Americans who need this drug.  I ask unanimous consent to insert this study into the record. 
    A few months ago, Dr. Melissa Barber, a health care economist at Yale University, conducted a study on the cost of manufacturing Ozempic.  And what she found is that Ozempic can be profitably manufactured for less than $5 a month.
    We all know the cost of production is not the only expense for a drug company.  Pharmaceutical companies spend great sums on research and development to find new treatments with many of those products never coming to market.  We get that.  But it is important to know that this drug can be manufactured profitably for a few dollars a month.
    You may hear from Mr. Jørgensen that Novo Nordisk spent $21 billion on research and development since 2018.  I take his word on that.
    What he may not tell you is that Novo Nordisk spent $44 billion on stock buybacks and dividends over that same time period.
    In other words, since Ozempic came onto the market in 2018, Novo Nordisk spent over twice as much on stock buybacks and dividends than it spent on research and development.
    And let’s be clear.  Outrage over the high cost of Ozempic and other prescription drugs is not a partisan political issue. It’s not just Democrats.  It’s not just Republicans.  It’s not just Independents like me.  It’s the vast majority of the American people. 
    For example, Dale Folwell, the Republican treasurer of the state of North Carolina has told us that if he did not discontinue covering Wegovy for some 20,000 state workers in North Carolina he would have been forced to double health insurance premiums for teachers, firefighters and police officers in his state – regardless if they needed this drug or not.  He would have had to double health insurance premiums in the State of North Carolina.
    Blue Cross-Blue Shield of Michigan also announced that it would have to discontinue covering Wegovy because it was too expensive. 
    Even Elon Musk, not someone who shares my political views, recently posted on Twitter and I quote: “Solving obesity greatly reduces risk of other diseases, especially diabetes, and improves quality of life. We do need to find a way to make appetite inhibitors available to anyone who wants them.”
    And he’s right.
    Further, not only must we be concerned about lack of access to these drugs we have also got to take a serious look at the financial implications of what happens if the prices of these drugs are not substantially reduced.
    Bottom line: If just half of the adults in our country with obesity took weight loss drugs like Wegovy at current prices the cost would be astronomical and would have a devastating financial impact on our country and on federal and state budgets.
    The best estimate that I have seen suggests that if half of the adults in our country took these weight loss drugs, it would cost $411 billion per year.  That is $5 billion more than what Americans spent on all prescription drugs at the pharmacy counter in 2022.
    In other words, the outrageously high price of these drugs could bankrupt Medicare and radically increase insurance premiums to absolutely unaffordable rates.
    This does not have to happen.
    Over the last several months, I and my staff have been talking to a number of major generic pharmaceutical companies.
    These are large companies that supply hundreds of millions of prescriptions to many millions of Americans.
    And what these CEOs have told me is something of enormous consequence. 
    They have studied the matter and they tell me that they can sell a generic version of Ozempic, the exact same drug that Novo Nordisk is manufacturing, to Americans for less than $100 per month.
    Yes.  That’s right.
    Novo Nordisk charges us $969 a month for Ozempic.  These generic companies can sell this same product for less than $100 a month – less than ten percent of what Americans are currently paying.
    Let’s be clear.  Nobody here is asking Novo Nordisk to provide charity to the American people. Novo Nordisk has already made billions of dollars in profit off of these products and, in the coming years, will make many billions more.
    All we are saying, Mr. Jørgensen, is treat the American people the same way that you treat people in countries all over the world. Stop ripping us off. 
    A few months ago President Biden and I wrote an op-ed which appeared in USA today. And here is what the president and I said: 
    “If Novo Nordisk and other pharmaceutical companies refuse to substantially lower prescription drug prices in our country and end their greed, we will do everything within our power to end it for them. Novo Nordisk must substantially reduce the price of Ozempic and Wegovy.  As Americans we must not rest until every person in our country can afford the prescription drugs they need to lead healthy, happy and productive lives.”
    That’s what President Biden and I wrote a few months ago.  And that’s what I believe.  Prescription drugs in this country must be affordable and we must not be forced to pay far higher prices than people in other countries pay for the same exact product.
    This is especially true when we face a national emergency in terms of the twin epidemics of diabetes and obesity which, if not addressed with lower cost drugs, could cost us tens of thousands of lives and an unimaginable amount of money.
    And if taking the kind of action that must be taken means standing up to the 1,800 well-paid pharmaceutical lobbyists here on Capitol Hill, including more than a few from Novo Nordisk, so be it.  If it means refusing to be influenced by the massive amounts of campaign contributions that come from the pharmaceutical industry.  So be it. 
    Congress and the Administration have a moral responsibility to act boldly and act now.  
    Senator Cassidy, you are now recognized for an opening statement.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: UN Human Rights Council 57: UK Statement for Item 4 General Debate

    Source: United Kingdom – Executive Government & Departments 3

    Item 4: General Debate on the human rights situations that require the Council’s attention. Delivered by the UK’s Permanent Representative to the WTO & UN, Simon Manley.

    Location:
    Geneva
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Mr President, 

    Upholding the international rule of law lies at the heart of this Council, and we must call out violations wherever they occur. 

    The situation in Afghanistan is intolerable. The Taliban are imposing draconian controls on women and girls.

    In Iran, executions have surged. Women, girls and minority groups face repression. Journalists are silenced. The Fact-Finding Mission has said violations against protestors amount to crimes against humanity. Accountability for these violations is essential.

    We are of course deeply concerned over escalating human rights violations in the West Bank and Gaza, including the rights to life, health and free movement. We call for an immediate ceasefire, release of all hostages and protection of civilians. 

    In Xinjiang, we echo the statement made earlier by the US, while in Hong Kong, we call on the authorities to end politically motivated prosecutions, immediately release Jimmy Lai and cease attempts to apply Hong Kong law extra-territorially, including to individuals in the UK. China must uphold its human rights obligations.

    Reports of continuing Russian atrocities against Ukrainians are horrifying – not least the systematic and widespread use of torture against detainees. There must be no impunity. The rule of law must prevail.

    Updates to this page

    Published 24 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Carbeeza Inc. Announces Convertible Debenture Offering

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

    CALGARY, Alberta, Sept. 24, 2024 (GLOBE NEWSWIRE) — Carbeeza Inc. (“Carbeeza” or the “Company“) (TSXV:AUTO) (OTCQB: CRBAF), is pleased to announce a non-brokered private placement (the “Private Placement“) of 12% convertible unsecured debentures (the “Debentures“) for gross aggregate proceeds of up to $1,500,000. The net proceeds of the Debenture offering will be used by the Company to scale up the marketing campaign and for general corporate purposes. The Debentures have an issue price of $1,000 per Debenture and will bear interest at a rate of 12% per annum, payable in arrears on the maturity date. The Debentures will mature on the date that is twenty four months from the date of issuance. The Company concurrently announces that it has closed the first tranche of Debentures, closing on aggregate proceeds of $300,000.

    The Debentures will be convertible at any time prior to maturity at the option of the holders into units (“Units“) of the Company at a conversion price of $0.10 per common share (“Common Share”). The Units will consist of one Common Share and one full common share purchase warrant (“Warrant“) exercisable for a period of twenty four months from the closing date at a price of $0.20 per Warrant.

    At the Company’s option and subject to the approval of the TSX Venture Exchange (“TSXV”), any interest as may become due and payable on the outstanding principal amount may be satisfied by the issuance to the debenture holder of such number of Common Shares equal to the amount of interest payable divided by the greater of (i) the volume weighted average trading price of the Common Shares for the thirty (30) consecutive Trading Days ending on the fifth Trading Day before such date on the TSXV (“VWAP”); and (ii) the Market Price (as defined in TSXV Policy 1.1) on the date that the interest becomes payable. Also, at any time after the date that is one year from the date of the Debenture, the Company may issue a Forced Conversion Notice for the forced conversion of the principal amount of the then outstanding Debentures at the Conversion Price on not less than 30 days’ notice if the VWAP is greater than $0.30 for any 20 consecutive trading days on the TSXV.

    The Debentures, Common Shares and the Warrant Shares will be subject to a four month and one day hold period from the date of issuance in accordance with applicable securities laws and the policies of the Exchange. The Private Placement is expected to close on or around October 1, 2024 or such other date as may be determined by the directors of the Company.

    The Private Placement will be conducted pursuant to available prospectus exemptions including sales to accredited investors, family members, close friends and business associates of directors and officers of the Company, and to existing shareholders of the Company pursuant to the exemption set out in Alberta Securities Commission Rule 45-516 (Prospectus Exemptions for Retail Investors and Existing Security Holders) (the “Existing Shareholder Exemption“).

    The closing of the Private Placement is subject to regulatory approval including but not limited to, the approval of the TSXV.

    The remaining tranches of the Private Placement are expected to close on such date(s) as may be determined by the directors of the Company. The closing of the Private Placement is subject to regulatory approval including but not limited to, the approval of the TSXV.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    Carbeeza Inc.
    Carbeeza is a Canadian-based software company whose platform is targeted to the automotive marketplace. It is the first application to harness the power of Artificial Intelligence to accurately predict the best financing scenario for consumers, all while keeping the consumer anonymous. Using state-of-the-art technology, Carbeeza brings the process of buying a car right to the phone, tailor-made for the consumer. Carbeeza is highly beneficial to both consumers and auto dealers.

    ON BEHALF OF THE BOARD OF DIRECTORS OF CARBEEZA INC.
    Sandro Torrieri, Chief Executive Officer

    Neither the TSXV nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

    Certain information set forth in this news release contains forward-looking statements or information (“forward-looking statements”). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

    For further information please contact:
    Sandro Torrieri, Chief Executive Officer
    Email: Investorrelations@carbeeza.com
    Telephone: 1-855-216-8802
    Website: www.carbeeza.com  

    The MIL Network –

  • MIL-OSI Canada: Government of Saskatchewan Rejects Federal Oil and Gas Emissions Cap and Methane 75 Regulations

    Source: Government of Canada regional news

    Released on September 24, 2024

    Province Would Face Royalty and Tax Revenue Losses up to $7 Billion, Lost Government Revenues of $43 Billion, and up to 34,000 Job Losses by 2050, According to Independent Report

    In its new independent report, the Saskatchewan Economic Impact Assessment Tribunal has found that the federal oil and gas emissions cap and federal Methane 75 regulations would cause substantial economic damage to Saskatchewan.

    By 2050, with production caps and methane mandates in place, Saskatchewan’s oil production would fall by between 38 and 52 per cent, the province would face cumulative royalty and tax revenue losses of between $4.8 and $7.1 billion, and total lost government revenues would be up to $43.3 billion, according to the independent Report.

    “The Tribunal has, in several cases, relied on the same experts as the federal government and presented undeniable, quantitative data that these two federal mandates would be economically devastating to Saskatchewan,” Justice Minister and Attorney General Bronwyn Eyre said. “These mandates will lead to industrial winners and losers across the country and represent a sweeping constitutional overreach into the province’s exclusive jurisdiction over natural resources. This report arms us with additional, independent evidence to constitutionally challenge the two mandates.”

    The Report also found that, with these federal mandates in place, Saskatchewan’s economy would contract by 4.3 per cent by 2030, by 6.4 per cent by 2050, and that there would be a cumulative GDP impact by 2050 of $230 billion. Employment losses by 2050, relative to the status quo, would range from between 12,800 and 34,000 people.

    “The Explorers and Producers Association of Canada (EPAC) remains fundamentally opposed to the imposition of a federal emissions cap on Canadian oil and gas production,” EPAC President and CEO Tristan Goodman said. “This is unnecessary and unacceptable given Canadian producers’ ongoing efforts to reduce emissions. A federal emissions cap will introduce further investment uncertainty and has a likelihood of being found unconstitutional as seen in recent Supreme Court decisions. EPAC supports the goal of reducing methane emissions from the oil and gas sector and we believe this is strictly provincial jurisdiction. We look forward to working with the province of Saskatchewan to achieve their methane emissions reduction target. Federal intervention is not required.”

    These two mandates will also not reduce any global emissions, according to the Report, and production cuts in Canada will simply be back-filled by jurisdictions with weaker environmental standards. Between 2015 and 2023, provincially-regulated methane emissions in Saskatchewan fell by two-thirds.

    The Economic Impact Assessment Tribunal conducted its analysis and developed this report under the authority of The Saskatchewan First Act, which came into force in September 15, 2023. The Report was released yesterday and can be accessed within the background documents at the bottom of this page.

    Additional information about the Economic Impact Assessment Tribunal can be found at:

    https://www.saskatchewan.ca/government/news-and-media/2023/november/28/government-announces-first-impact-assessment-tribunal.

    https://www.saskatchewan.ca/government/news-and-media/2024/april/08/media-advisory.

    The Government of Saskatchewan would like to thank the Economic Assessment Tribunal for its independent, in-depth report. Members of the Tribunal are as follows:

    • Michael W. Milani (Chair);
    • Dr. Janice MacKinnon (Vice-Chair);
    • Kenneth From;
    • Dr. Stuart Smyth; and 
    • Estella Petersen.

    • Michael Milani, KC (Chair) is a senior partner (commercial and insolvency) at McDougall Gauley in Regina. Mr. Milani has previously served as Estey Chair in Business Law at the University of Saskatchewan’s College of Law, as President of the Law Society and Federation of Law Societies of Canada, and is the current Chair of the Law Reform Commission of Saskatchewan. In a legal capacity, he has undertaken various green energy projects for SaskPower, including negotiating power purchase agreements for wind and solar energy, as well as agreements for the engineering, procurement and construction of combined cycle gas plants.
    • Dr. Janice MacKinnon (Vice-Chair) is a fellow of the Royal Society of Canada, member of the Order of Canada, and former Saskatchewan Finance Minister. In 2017, she was appointed to the federal advisory panel on NAFTA and the Environment and, in 2019, was appointed by former Alberta Premier Jason Kenney to chair the Blue Ribbon panel on Alberta’s finances. She is a Professor of fiscal policy at the School of Public Health at the University of Saskatchewan and a senior fellow and member of the National Council at the C.D Howe Institute.
    • Kenneth From is the former President and CEO of SaskEnergy. He is also a former CEO of the Petroleum Technology Research Centre (PTRC) and the Technical Safety Authority of Saskatchewan (TSASK). Mr. From also previously served as an officer and director of Raven Oil Corporation from 2012-2016 and as President of Prairie Hunter Energy Corporation. A professional engineer, he was President (2003-2004) of the Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS).
    • Dr. Stuart Smyth is a professor at the University of Saskatchewan in the Department of Agricultural and Resource Economics. His research focuses on sustainability, agriculture and innovation. As U of S Agri-Food Innovation and Sustainability Enhancement Chair, Dr. Smyth has published over 100 academic articles and is recognized as a leading expert on barriers to innovation and regulatory efficiency.
    • Estella Peterson is an oil sands heavy equipment operator in Fort McMurray, AB. Originally from Saskatchewan and Treaty 4 Cowesess First Nation, Estella is part of Suncor Energy’s Aboriginal Ambassador program and is a freelance contributor, including to The Globe and Mail, on the economic importance of the natural resources sector to Indigenous communities.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan Exports to France, UK and Netherlands Nearly $1.2 Billion in 2023

    Source: Government of Canada regional news

    Released on September 24, 2024

    Exports to the Three Countries Increased by 34.4 Per Cent Compared to 2022 

    Saskatchewan’s trade relationship with the United Kingdom (UK), France and the Netherlands continued to strengthen in 2023. Data from Statistics Canada shows that the combined total value of exports for these three major nations totaled nearly $1.2 billion.

    The main driver of these exports was uranium, which accounted for 87.3 per cent of exports to the Netherlands, 70.8 per cent of exports to the UK, and 47.3 per cent of exports to France. Another 25.6 per cent of exports to France came from uranium ore and concentrates.

    From January to July 2024, Saskatchewan’s total exports to the Netherlands were $567.6 million, a 119.6 per cent increase compared to the same period in 2023. This increase is primarily due to a 143.5 per cent increase in the value of Saskatchewan uranium exports to the Netherlands.

    “Saskatchewan’s trade and investment offices in London and Germany have made tremendous progress forging new trade relationships in Europe, and we are seeing that work paying off with increased bi-lateral collaboration and record export numbers,” Trade and Export Development Minister Jeremy Harrison said. “Our government will continue working alongside our producers to promote Saskatchewan products to the world, while growing our economy and creating new jobs for our strong and vibrant communities.” 

    All three of these countries saw significant export gains in 2023 compared to 2022. Last year, Saskatchewan exported about $220.5 million of goods to France, which is a 68.7 per cent increase compared to 2022. Exports to the UK totaled $557.2 million in 2023, which is a 43.5 per cent increase from 2022, and exports to the Netherlands totaled $414.1 million, a 12.6 per cent increase from 2022.

    Agri-food also saw strong growth in these countries. In 2023, Saskatchewan was France’s largest supplier of lentils, with the total value of lentil exports reaching $24.2 million, a 44.3 per cent increase from 2022. Saskatchewan was also one of the Netherland’s top suppliers of mustard seeds, exporting about $7.9 million which is a 66.5 per cent increase from 2022. In the UK, Saskatchewan exported around $96.5 million worth of non-durum wheat, an increase of 5.3 per cent from 2022. Other top exports to these countries included chickpeas, canola seed, flaxseed and potash.

    In April of this year, Minister Harrison and French Minister Delegate for Foreign Trade, Economic Attractiveness, Francophonie, and French Nationals Abroad Franck Riester signed a new Letter of Intent (LOI) to explore, develop and cooperate on new projects related to strategic mineral resources. The LOI will focus on the regions’ shared goals of improving supply chain security and sustainability, and research and development for critical minerals. 

    The Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

    For more information visit investSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: Underwater Photogrammetry Reaches New Depths

    Source: US Geological Survey

    Underwater Photogrammetry Reaches New Depths

    Discover research that is advancing deep-sea modeling in the face of challenges posed by the marine environment

    A recent study from the U.S. Geological Survey offers a workflow for generating virtual maps of the deep seafloor from archived exploration dives. This work can help advance exploration of the deep-sea frontier and extends into other fields.

    In this study, coauthors Claudia Flores and Dr. Uri ten Brink demonstrate innovative thinking for modeling the seafloor, as well as reliable troubleshooting research practices in this field.

    To develop this workflow, two remotely operated vehicles (ROVs) collected underwater images of the Mona Rift seafloor, located northwest of Puerto Rico. The approach placed emphasis on human-data interaction to overcome the quality of captured footage. Adjusting components of the ROV and video apparatus addressed the challenges that occur when taking videos of the seafloor at depths larger than 1,000 meters, such as poor navigation and inconsistent lighting, color attenuation and distortion, and camera orientation with respect to the vehicle. Using their workflow, archived footage can be processed and modeled in three months.

    Flores and Dr. ten Brink also present an opportunity for education of the younger generation. During the study, the pair hosted two undergraduate summer students. The students quickly learned the workflow, and ultimately helped inform the process for the dives. Both students went on to present their work at a geological meeting at their schools and co-authored scientific papers.

    3D model of the Mona Rift generated using the photogrammetry workflow.

     

    The photogrammetry workflow is being used in other studies.

    The work presented in “Photogrammetry of the Deep Seafloor from Archived Unmanned Submersible Exploration Dives” is instrumental to marine geohazard science. A study published in 2023 used this workflow to investigate the source of the devastating October 11, 1918 tsunami in Puerto Rico. Scientists previously believed a particular submarine landslide was the source of the tsunami and as such, this tsunami was used as an example of an earthquake-induced landslide tsunami hazard. However, after developing a 3D model of the seafloor using the photogrammetry workflow, scientists determined the landslide scar, the mark left behind by the landslide, predated the 1918 tsunami. Sediment samples confirmed this result.

    Dive footage remains vital to understanding more about the ocean, the earth, assessing hazards, and beyond. This case study showcases the value of using the photogrammetry workflow to create a 3D model of the deep seafloor. The insights derived from using the workflow can improve understanding of past and recent natural hazards and help long-term planners better prepare for these events.  

    What is Photogrammetry? Why is it Important? 

    Photogrammetry is the process that generates 3D models by combining several video images. The practice captures photos of a targeted surface at different angles, enabling the surface to be processed in 3D later. When rendering virtual maps, photogrammetry allows for important details and measurements to be extracted from still images. Proper 3D maps of the seafloor can inform geological knowledge of the deep sea, provide context for natural events, and more.

    Nautilus dive on the Mona Rift western slope, off the coast of Puerto Rico. Credit: Ocean Exploration Trust and Sea Research Foundation

    MIL OSI USA News –

  • MIL-OSI: Sheikh Al Maktoum NEO Technologies Explores Investment Opportunities with Panama

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Sept. 24, 2024 (GLOBE NEWSWIRE) — Sheikh Al Maktoum NEO Technologies hosted a pivotal meeting at its Dubai offices with key officials from the Republic of Panama, signaling a potential new chapter of economic cooperation and investment between the innovative technology firm and the Latin American country.

    The discussions focused on unlocking strategic partnerships that could drive substantial mutual benefits in the sectors of finance, technology, and trade.

    In attendance were H.E. Eduardo Arango, Vice Minister of Domestic Trade of the Republic of Panama, Mr. Mickael Mosse, CEO and Founder of Sheikh Al Maktoum NEO Technologies, and Dr. Munir Ahmad, CEO of the Royal Office of H.H. Sheikh Abdul Hakim Al Maktoum. These influential figures engaged in comprehensive talks aimed at fostering investment ties, particularly in fintech and emerging technologies, where Sheikh Al Maktoum NEO Technologies has established itself as a leading force.

    “We see immense potential in collaborating with Panama, a country that serves as a gateway to the Latin American market,” said Mr. Mickael Mosse. “At Sheikh Al Maktoum NEO Technologies, we are continuously seeking strategic investment opportunities that align with our vision of driving innovation and expanding our global footprint. Panama presents a unique opportunity for us to bring our expertise in blockchain, AI, and digital banking to new markets, enhancing the technological landscape and facilitating stronger economic growth for both parties.”

    H.E. Eduardo Arango echoed this sentiment, emphasizing the mutual benefits of such cooperation. He said: “Panama is eager to explore partnerships that will enhance our financial and technological sectors. Sheikh Al Maktoum NEO Technologies has a proven track record in these fields, and we are excited about the possibilities that this collaboration could bring. This meeting is the first step in creating a framework for long-term investment and economic cooperation between our two entities.”

    One of the core aspects of the discussions revolved around the role of fintech in reshaping international trade and investment flows. Sheikh Al Maktoum NEO Technologies, renowned for its cutting-edge innovations in these areas, is poised to offer Panama access to technological solutions that could streamline trade, improve financial inclusion, and drive economic growth. Both parties explored joint ventures and investment vehicles that could fuel innovation, particularly in sectors like digital banking, cross-border payment systems, and sustainable technology infrastructure.

    Dr. Munir Ahmad underscored the importance of building sustainable and forward-looking investment partnerships. He said: “The exchange of ideas and expertise between Sheikh Al Maktoum NEO Technologies and Panama is key to realizing impactful growth. We are not just looking at immediate gains, but how we can co-create long-term value through collaborative projects that will benefit the economies and technological advancements in both regions.”

    The meeting on 23 September 2024 sets the stage for a future of heightened cooperation, with Sheikh Al Maktoum NEO Technologies eyeing Panama as a strategic partner in its broader global expansion strategy. By leveraging Panama’s unique position in Latin America and Sheikh Al Maktoum NEO Technologies’ leadership in fintech, the two sides are laying the foundation for significant investments that could transform the way trade and finance are conducted across borders.

    As discussions progress, the company remains committed to advancing international partnerships that not only bolster its position as a leader in technology but also contribute to economic progress and innovation in the markets it enters.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1397f13f-7b23-479d-b3e3-8de07006080f

    The MIL Network –

  • MIL-OSI USA: Cornyn, Colleagues’ Bill to Strengthen Cross-Border Trade, Guard Against Terrorism Heads to President’s Desk

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators John Cornyn (R-TX), Tom Carper (D-DE), James Lankford (R-OK), and Maggie Hassan (D-NH) released the following statements after their legislation to create a pilot program to strengthen the Customs Trade Partnership Against Terrorism (CTPAT) program passed the House and now heads to the President’s desk:

    “In order for America to remain competitive in global markets, we must ensure our ports are open, efficient, and secure,” said Sen. Cornyn. “This legislation would allow additional trusted trading partners to expedite shipments important to Texas’ economy while protecting against illegal goods and national security threats, and I urge the President to swiftly sign it into law.”

    “I am proud that the bipartisan Customs Trade Partnership Against Terrorism (CTPAT) Pilot Program Act passed in the House,” said Sen. Carper. “This commonsense bill will improve the reliability and efficiency of our supply chains in expediting the customs clearance process for trusted merchants. When President Biden signs this bill into law, the CTPAT Pilot Program will help reduce congestion at ports of entry and strengthen our national security.”

    “America’s supply chain security is essential to keeping food on the table and businesses up and running,” said Sen. Lankford. “This bill will create a new pilot program to strengthen standards for border security while streamlining our trade with other nations, and I look forward to seeing it become law in the days ahead.”

    “This bipartisan bill offers a commonsense approach that will both protect our national security and strengthen our supply chains,” said Sen. Hassan. “I’m pleased that it will now head to the President’s desk, as we continue to work together to help U.S. businesses thrive and outcompete the world.”

    The legislation was introduced in the House by Representatives Morgan Luttrell (TX-08), Elissa Slotkin (MI-07), Mariannette Miller-Meeks (IA-01), and Robert Menendez (NJ-08).

    Background:

    CTPAT was created as a part of the SAFE Port Act of 2006 to support secure cross-border trade through a fast-track, customs clearance process for trusted merchants who voluntarily submit themselves to enhanced security screening measures. The legislation would create a pilot program that would allow up to 20 trusted non-asset and asset based, third-party logistic providers (3PLs) to become CTPAT certified. The carrier companies would work with Customs and Border Protection to become CTPAT certified by meeting additional security requirements and participating in inspections throughout the cargo transit process.

    MIL OSI USA News –

  • MIL-OSI USA: CFTC Charges Four Entities for Failing to Register as FCMs

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission filed charges against four entities for failing to register as futures commission merchants. Each complaint seeks an order directing the entities to cease and desist from committing violations of the Commodity Exchange Act and CFTC regulations as charged.

    The four entities charged are:

    • cryptoiminerstrade.com allegedly based in New York and Los Angeles, claims to offer binary options based off the value of commodities like foreign currencies and cryptocurrencies, including Bitcoin. It claims to be “one of the leading platforms in the U.S. offering binary options, Forex and spreads.” It touts its ability to handle customer funds and further claims that it is regulated by the CFTC.
    • Expert Stocks Zone allegedly based in New York, claims to offer binary options based off the value of commodities like foreign currencies and cryptocurrencies, including Bitcoin. It claims to be “one of the leading platforms in the U.S. offering binary options, Forex and spreads.” It touts its ability to handle customer funds and claims that its “first priority is the security of our clients’ funds,” for which it has received awards.  It further claims that it is regulated by the CFTC.
    • FalconForexBot allegedly based in New York and Beaumont, Texas, claims to offer binary options based off the value of commodities like foreign currencies and cryptocurrencies including Bitcoin. It claims to be “one of the leading platforms in the U.S. offering binary options, Forex and spreads” and describes itself as a “a true opportunity to earn on cryptocurrency/binary.” It touts its ability to handle customer funds and claims that its “first priority is the security of our clients’ funds,” for which it has received awards.  It further claims that it is regulated by the CFTC.
    • swiftminingexpert.com allegedly based in New York and Los Angeles, claims to offer binary options based off the value of commodities like foreign currencies and cryptocurrencies, including Bitcoin. It claims to be “one of the leading platforms in the U.S. offering binary options, Forex and spreads.” It touts its ability to handle customer funds and further claims that it is regulated by the CFTC.

    The CFTC strongly urges the public to verify a company’s CFTC registration before committing funds.  If an entity is unregistered, a customer should be wary of providing funds to that entity. A company’s registration status can be found using NFA BASIC. 

    The Division of Enforcement staff responsible for this case are Leslie R. Kan, Michael Geiser, Elizabeth C. Brennan, David W. Oakland, Lara Turcik, K. Brent Tomer, Lenel Hickson Jr., and Manal M. Sultan.

    MIL OSI USA News –

  • MIL-OSI USA: Dissenting Statement of Commissioner Summer K. Mersinger Regarding cryptoiminerstrade.com, Expert Stocks Zone, FalconForexBot, and swiftminingexpert.com

    Source: US Commodity Futures Trading Commission

    Each of the four “Unregistered Entity Sweep” matters before the Commodity Futures Trading Commission[1] today seeks a cease-and-desist order and uses the Commission’s administrative process to avoid bringing these charges in the federal courts.  I respectfully dissent from the Commission’s use of administrative proceedings to bring an unregistered futures commission merchant (FCM) charge without identifying any relevant facts to support that charge.

    The recent U.S. Supreme Court decision in SEC v. Jarkesy[2] raises the level of scrutiny that any agency, including the Commission, should apply before employing the use of administrative proceedings.  In each of these four matters, I am concerned that there is insufficient evidence that the proposed respondent was acting as an FCM.  Specifically, while there may be sufficient evidence that the proposed respondent engaged in soliciting or in accepting orders for the relevant types of transactions, there is no evidence that the proposed respondent accepted money, securities, or property (or extended credit in lieu thereof) to margin, guarantee, or secure those trades or contracts.[3]

    FCMs are vital intermediaries in our markets and serve as critical agents to their customers in facilitating the execution and clearing of derivative transactions.  They are distinct from designated contract markets or swap execution facilities which execute derivative transactions, and from derivatives clearing organizations that clear derivative transactions.  They are also distinct from other intermediaries, such as commodity pool operators, commodity trading advisors, introducing brokers, and swap dealers.  Just because a person or entity may purport to accept money for a derivative transaction does not necessarily mean that it should be registered as an FCM or that an enforcement case should be brought against it if it did not do so.  This requires a deeper analysis, and, more importantly, evidence that the person or entity actually engaged or purported to engage in activity that meets the required elements of the FCM definition.

    While I support acting to stop entities from falsely claiming that they are registered with the Commission, I cannot support the unregistered FCM charges in this sweep without additional evidence.  Furthermore, when our Division of Enforcement utilizes administrative avenues to bring its cases, it must do so with careful and thorough consideration of the underlying evidence to ensure that any succeeding decisions under those cases by presiding officers or other administrative judges are limited to only those appropriate under the law.  Therefore, I dissent.

    [1] This statement will refer to the Commodity Futures Trading Commission as the “Commission” or “CFTC.”

    [2] Securities and Exchange Commission v. Jarkesy,144 S. Ct. 21 (2024).

    [3] See Commodity Exchange Act Section 1a(28), 7 U.S.C. §1a(28) (defining a futures commission merchant as “an individual, association, partnership, corporation, or trust that is engaged in soliciting or accepting orders for the purchase or sale of a commodity for future delivery; a security futures product; a swap; any agreement contract, or transaction described in section 2(c)(2)(C)i) or section 2(c)(2)(D)(i); any commodity option authorized under section 4c; or any leverage transaction authorized under section 19…and in or in connection with [those activities], accepts any money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom”).

    MIL OSI USA News –

  • MIL-OSI: FinTech360 Launches Cross-Device Trading Solutions to Meet Growing Mobile Demand in FinTech Industry

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Sept. 24, 2024 (GLOBE NEWSWIRE) — FinTech360, a leading B2B provider of fintech solutions for regulated forex brokers, today announced the launch of its new cross-device trading solutions, designed to meet the increasing demand for mobile-friendly platforms in the fintech industry. This innovative system enables brokers to offer seamless trading experiences across multiple devices, including Android, iOS, and web platforms, ensuring a consistent user experience and maximizing client engagement in a mobile-first world.

    With mobile traffic now accounting for the majority of user interactions in the financial sector, FinTech360’s new cross-device solutions come at a critical time for brokers seeking to stay competitive. The platform provides brokers with advanced tools for customer lifecycle management, CRM, payment gateways, and trading signals, all of which are accessible from any device, offering flexibility and convenience to both brokers and traders.

    “In response to the growing dominance of mobile usage in trading, we are proud to introduce our cross-device solutions, which allow brokers to offer their clients uninterrupted access to trading tools on any platform,” said Aaron Bitter, BDM of FinTech360. “We recognize that brokers need to cater to mobile-first users, and our new solutions provide the perfect balance between functionality and accessibility across all devices.”

    Innovative Cross-Device Features Tailored for Forex Brokers

    The new cross-device platform from FinTech360 is specifically designed for the unique needs of forex brokers, allowing them to engage with a broader client base by providing a seamless user interface across mobile apps and web-based platforms. As mobile trading continues to grow, the ability to offer a unified trading experience across different devices becomes essential for brokers looking to attract and retain clients.

    With enhanced functionality and a mobile-optimized interface, the platform empowers traders to access real-time data, execute trades, and monitor market movements on-the-go, all while enjoying the same high-quality experience whether they are using a mobile phone or desktop computer.

    FinTech360’s Continued Commitment to Innovation and Broker Success

    As part of this new launch, FinTech360 has integrated Acuity Trading’s AI-driven market analysis tools into its cross-device platform. This combination of AI technology and mobile optimization provides brokers with deeper market insights and more comprehensive trading strategies, helping them make informed decisions and better serve their clients.

    FinTech360 has long been recognized for its innovative fintech solutions tailored specifically for regulated brokers. The company’s full suite of services includes CRM systems, business intelligence tools, trading platforms, and affiliate network solutions, all designed to simplify broker operations and enhance overall efficiency. By focusing on creating flexible, scalable solutions, FinTech360 continues to empower brokers to thrive in a competitive market.

    For more information about FinTech360 and its latest cross-device trading solutions, visit FinTech360.

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

    The MIL Network –

  • MIL-OSI: Aptean Empowers Snack Connection B.V. With Cloud-Based ERP Solution Set

    Source: GlobeNewswire (MIL-OSI)

    ALPHARETTA, Ga., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, Aptean, a global provider of mission-critical enterprise software solutions, announced its recent collaboration with Snack Connection B.V., a prominent private label manufacturer of nut blends, seeds and sweet fruits in the Netherlands. The deal marks a significant step forward for the Dutch company as it embarks on a journey towards modernizing its business operations.

    Snack Connection, founded in 2010, has quickly established itself as a successful player in the European market, delivering high-quality products to various European retailers. The business differentiates itself by a wide variety of products, innovative packaging and an individual customer approach that ensures quick action and response. With a client-centric mindset and commitment to innovation and efficiency, the company sought a robust software solution to replace its current ERP system and drive operational excellence across two production sites in Giessen and Bergschenhoek, Netherlands.

    Recognizing the need for a transformative solution, Snack Connection selected the cloud-based Aptean Food & Beverage ERP, alongside Aptean Patch OEE and Aptean Business Intelligence, to streamline processes and enhance decision-making capabilities. The comprehensive suite of software solutions offered by Aptean aligns seamlessly with Snack Connection’s vision for a data-driven, paperless organization. Renowned for its maturity and comprehensive support, the software provides the company with essential features such as multiple location management, traceability functionalities and allergen registration, along with the ability to optimize production efficiency and gain valuable insights for informed decision-making.

    “Aptean’s solution suite is an all-in-one package with all the food-specific functionality we need. We believe we can benefit from this by standardizing our processes, based on the best practices on which the software is built,” said Martijn van Gink, ICT Manager at Snack Connection. “The decision to partner with Aptean was driven by our desire to modernize our operations and achieve greater efficiency. Aptean’s proven track record in the food and beverage industry, coupled with their commitment to understanding our unique needs and local business culture, made them the clear choice for us.”

    By standardizing processes and embracing cloud technology, Snack Connection anticipates shorter training periods for new hires and enhanced cybersecurity practices. Aptean’s local leadership and dedication to understanding Snack Connection’s business culture have further solidified the partnership, ensuring a smooth transition to the new software environment.

    “At Aptean, we believe that success is built on strong partnerships and a deep understanding of our customers’ businesses. We look forward to supporting Snack Connection as they leverage our industry-leading ERP solution to streamline operations, drive growth and maintain a competitive edge in today’s dynamic Food & Beverage market,” said Duane George, President EMEA and APAC at Aptean.

    About Snack Connection
    Snack Connection is a relatively young (established 2010) Dutch company specialized in purchasing, processing, mixing and packing nuts, kernels, seeds, subtropical fruits and related products. By means of two modern production facilities, located in Giessen and Bergschenhoek (Netherlands) and more than 150 dedicated and professional employees, Snack Connection has proven to be a reliable and flexible partner for several European retailers, B2B and Out of Home clients. Discover more about our passion for snacking excellence at www.snackconnection.nl.

    About Aptean 
    Aptean is a global provider of industry-specific software that helps manufacturers and distributors effectively run and grow their businesses. With rapid deployment, Aptean’s solutions and services help businesses of all sizes to be Ready for What’s Next, Now®. Aptean is headquartered in Alpharetta, Georgia and has offices in North America, Europe and Asia-Pacific. To learn more about Aptean and the markets we serve, visit www.aptean.com. 

    Aptean and Ready for What’s Next, Now are Registered Trademarks of Aptean, Inc. All other company and product names may be trademarks of the respective companies with which they are associated. 

    For Media Inquiries Please Contact
    MediaRelations@Aptean.com

    The MIL Network –

  • MIL-OSI Global: UK oil and gas workers risk becoming the ‘coal miners of our generation’

    Source: The Conversation – UK – By Freddie Daley, Research Associate, Centre for Global Political Economy, University of Sussex

    Grangemouth oil refinery is set to close in 2025 with the loss of 400 jobs. orxy / shutterstock

    At the end of September, the UK’s last remaining coal power plant, Ratcliffe-on-Soar in Nottinghamshire, will be retired. The closure of the plant should – and will – be celebrated by environmentalists, as the move away from coal has made Britain’s electricity much cleaner over the past decade. It is on this basis that the UK claims climate leadership.

    In the 1950s, coal provided the overwhelming majority of British energy, and as recently as 2012 it still generated 40%. By 2022, it was less than 2%. In a month’s time, it will be zero.

    Phasing out coal was a brutal and profound process. Organised labour was decimated, entire regions were forced into decline, and communities were left with sustained economic, social and health problems. The towering ghosts of power stations like Ratcliffe-on-Soar will haunt Britain’s ongoing effort to phase out North Sea oil and gas and replace it with clean energy.

    Towering ghosts: Ratcliffe-on-Soar power station.
    The Exposure / shutterstock

    And we are witnessing this haunting in real-time. After the Labour government announced its plans to end new licenses for oil and gas in British waters – necessary to meet the Paris Agreement – workers and trade unions feared history would repeat itself in terms of job losses and blighted communities.

    The general secretary of Unite, Sharon Graham, noted that without a more thorough plan, the policy risked creating “the coal miners of our generation”. A recent motion at the Trades Union Congress (TUC) gathering in Brighton called for no ban on oil and gas licensing before a fully funded jobs guarantee is agreed. The motion narrowly passed.

    Workers and unions are demanding a “just transition” from polluting industries into the clean industries of the future. But to achieve this, the UK government must learn from what happened with coal.

    Many places still rely on oil and gas jobs

    Although oil and gas are not as embedded throughout British life as coal once was, there are many settlements and larger areas still dependent on energy jobs. Grangemouth in central Scotland is a good example. In November 2023, the owner, Petroineos, announced plans to close the town’s oil refinery in 2025, bringing a century of production to an end at the cost of 400 jobs.

    Even if the UK government did issue new oil and gas licences, the North Sea faces structural decline. Production peaked around the turn of the century. Since 2014, as many as 200,000 jobs have been lost either offshore or along the supply chain onshore.

    From gas to wind?

    Planning for the end of fossil fuels is therefore an urgent endeavour. The dominant strategy for protecting skilled jobs is to transition workers into the industries set to replace North Sea production: wind energy and other low-carbon technologies.

    However, though Britain has developed a large wind power sector, it remains a major importer of turbines. Domestic manufacturing makes only a small contribution, and developers are not required to use British-made turbines or other parts, despite the jobs this would create.

    This has left Grangemouth workers discontented. When one of us (Ewan Gibbs) and Riyoko Shibe interviewed young refinery workers at Grangemouth earlier this year, many commented that there were relatively few jobs in renewables. When jobs were visible on LinkedIn and comparable job sites, one told us that “you’ll see there’s a big difference in terms and conditions”.

    Wind farms are relatively easy to run once installed, so most jobs are in building them.
    Kevin Shipp / shutterstock

    In its current form, the UK wind industry will find it hard to provide the types of secure ongoing employment that oil and gas historically has. Most jobs are in the construction and maintenance of wind farms, with the latter threatened by automation. Without public investment and a targeted industrial policy, Britain will remain a net importer of wind technology, and the phasing out of North Sea oil and gas will prove costly in job terms.



    Read more:
    Grangemouth job losses are a stark reminder of the cost of a greener industrial future

    More investment needed

    Britain’s lack of state intervention is not the norm. After all, more than half of British wind farms are state-owned, though less than 1% are owned by the UK government. Swedish, Norwegian, French, Irish and German state-owned entities are major players, but the biggest is Denmark’s Ørsted, a former oil company turned renewables giant which is mostly state-owned. In the UK’s most recent offshore wind auction, 70% of the projects were awarded to Ørsted.

    The newly launched Great British Energy could give the state a foothold in the North Sea once more. This publicly owned company plans to focus on domestic manufacturing and will invest in ports and other infrastructures to “unlock strategic bottlenecks”.

    But if such projects are to be meaningfully incorporated into a just transition, they will need to offer continuity and security to oil and gas workers. As one Grangemouth worker put it, referring to his colleagues facing the choice of either remaining unemployed locally or relocating to use their skills:

    They’re moving to the Middle East, they’re moving to the north-east of Scotland. They’re moving offshore, they’re moving to the Shetlands, and therefore it’s not a just transition, in my view, if we’re moving to these jobs.

    Another worker highlighted the risks that Grangemouth could join the coalfields in becoming “stranded” communities:

    We’ve got a community that’s been built round the site, we’ve got skills and we’ve got people that work there, we’ve got the infrastructure there – why should we not have these jobs when the time comes to move to these industries? Why can we not have it at Grangemouth?

    Britain’s push to phase out oil and gas is urgent and necessary, but it cannot follow the same trajectory as Britain’s exit from coal – lessons must be learned. The opportunities presented by the transition away from fossil fuels will only be fully realised if workers are at its centre.

    Freddie Daley receives funding from UKRI for the SUS-POL project at the University of Sussex, which explores fossil fuel phase-outs around the world. Freddie also campaigns on demand reduction with Badvertising.

    Ewan Gibbs received funding from a British Academy Wolfson Fellowship that supported this research (grant number: WF21210099).

    – ref. UK oil and gas workers risk becoming the ‘coal miners of our generation’ – https://theconversation.com/uk-oil-and-gas-workers-risk-becoming-the-coal-miners-of-our-generation-239262

    MIL OSI – Global Reports –

  • MIL-OSI Security: Fighting IP Crime: A global responsibility

    Source: Interpol (news and events)

    Experts from around the world gather to address intellectual property crime threat

    WILLEMSTAD, Curaçao – Law enforcement officials, security and industry experts are meeting in Curaçao to strengthen global partnerships and coordinate action to counter intellectual property (IP) crime.

    Affecting all sectors and all regions, the trade in fake and pirated goods by transnational organized crime groups is often linked to other crime types, such as human trafficking, corruption and money laundering.

    To counter this evolving threat, some 375 specialists from more than 65 countries are meeting at the 17th International Law Enforcement Intellectual Property (IP) Crime Conference to shape effective enforcement strategies.

    Co-hosted by INTERPOL, the Government of Curaçao and its partner the Curinde Free Trade Zone in partnership with UL Standards and Engagement, and delivered by the International IP Crime Investigators College (IIPCIC), this is the first time the event is being held in the Caribbean.

    The event also marks the creation of the first National IP Crime Task Force in Curaçao which will provide expert assistance in anti-counterfeiting activities.

    On behalf of the Council of Ministers, Curaçao’s Minister of Justice, Mr Shalten Hato said:

    “We must unite to fight crime. For Curaçao, the advantage of creating a dedicated task force goes beyond simply identifying criminals who travel internationally and tackling cross-border crime; the exchange of information is essential in helping us stay ahead of criminal activities.”

    INTERPOL Secretary General Jürgen Stock said:

    “With every region of the world and all industry sectors affected by intellectual property crime, a global and coordinated response is essential.

    “This conference will provide new impetus to our united efforts to tackle this threat, which not only harms public health, but also damages economies, undermining communities.”

    Focusing on Free Trade Zones and Supply Chain Security, the theme of the conference is “Reducing the Harm”, and will address the following three key areas:

    • Coordinating Responses
    • Aligning Resources
    • Leveraging Opportunities

    “We are a safety advocacy organization, and counterfeits represent the absence of safety,” said George Borlase, Interim Executive Director of UL Standards & Engagement.

    “We are proud to partner and co-host with INTERPOL, the Government of Curaçao, and the Curinde Free Trade Zone to convene key stakeholders and support information sharing that will lead to solutions that leave us better protected against the harms of counterfeits.”

    First held in 2007, the Law Enforcement IP Crime Conference has become the premiere event for law enforcement and private sector professionals.

    MIL Security OSI –

  • MIL-OSI Security: Bamboo Eagle: ‘Upping our game’ for Great Power Competition

    Source: United States INDO PACIFIC COMMAND

    NELLIS AIR FORCE BASE, Nevada  –  

    Exercise Bamboo Eagle 24-3 integrated U.S. Airmen, Guardians, Sailors, Marines, and allies from Australia and the United Kingdom into a combined force to train for a possible conflict in the era of Great Power Competition. Last month, the exercise conducted live-fly operations in the eastern Pacific and a simultaneous 24-hour live, virtual, and constructive, or LVC, rolling scenario, tackling issues involving distributed command and control, communications degradation, logistics and sustainment challenges, and fighting through the tyranny of distance.

    Bamboo Eagle 24-3 provided advanced expeditionary airbase training in a combat-representative environment utilizing distributed locations, or spokes, along the western United States. Red Flag and Agile Flag units were dispersed from hubs into spokes while maintaining sortie generation utilizing a centralized C2 force element, or C2FE. Agile combat employment, or ACE, concepts were incorporated into the exercise to provide full spectrum movement and maneuver and multi-hub operations under a singular operational C2 structure.

    “The Bamboo Eagle exercise series is so much more than Red Flag over water,” said U.S. Air Force Lt. Col. Michael Power, 505th Combat Training Squadron commander, Hurlburt Field, Florida. “The combination of an LVC environment spanning more than 850,000 square miles in a synthetic battlespace delivers the scope and scale necessary to prepare both tactical-level and operational-level warfighters for competition with the pacing challenge.”

    During Bamboo Eagle 24-1, the U.S. Air Force Warfare Center-led exercise focused on tactical operations while operational-level of war elements such as the air operations center, or AOC, Air Force forces staff and the Commander, AFFOR and Combined/Joint Forces Air Component Commander, were replicated by 505th CTS from Hurlburt Field. In a first for the Bamboo Eagle exercise series, the USAFWC called for the deployment of a fully resourced combat representative AOC and AFFOR to exercise and support multi-domain operations in a disaggregated high-end conflict during Bamboo Eagle 24-3.

    “Bamboo Eagle 24-3 built upon 24-1 in the operational C2 structure that assured the C2FEs had the operational echelon above them to provide critical guidance, support, and sustainment as the ACE scheme of maneuver was executed,” said U.S. Air Force Brig. Gen. Jesse Friedel, USAFWC deputy commander and Bamboo Eagle COMAFFOR and C/JFACC, Nellis AFB, Nevada. “The large-scale combat-representative exercise was successful at executing the C2 structure for Great Power Competition, focusing on mission command where there was centralized command and key distributed control, along with critical decentralized execution to assure we were synchronizing efforts to improve interoperability with our Nation’s joint force.”

    Another first for the Bamboo Eagle exercise series in 24-3 was incorporating operational-level planning and execution by subject matter experts from the entire wing and wing staff, including the 505th Training Squadron and 705th Training Squadron. Instructors from both training squadrons supported the AOC, AFFOR, air expeditionary wings, and COMAFFOR and C/JFACC.

    U.S., Australian, and U.K., tactical and operational C2 experts integrated to provide national expertise, independent/contingency communications, and to further development of tactics, techniques and procedures within Bamboo Eagle’s AOC.

    Air Operations Center

    “Generally, as an Air Force, we focus on the tactical aspect of war; exercises like Red Flag focus on tactics, but the level above that is the operational level of war, which we don’t practice very well,” said U.S. Air Force Col. Ryan Hayde, 505th Command and Control Wing commander and Bamboo Eagle AOC director. “Standing up a fully manned AOC allowed us the ability to synchronize efforts over time and space and to focus on the scale and scope in an Indo-Pacific large-scale conflict, which only the operational level of war is going to be able to solve, which is critical to winning the logistics fight, C2 fight, and long-range kill chain fight against a peer-to-peer adversary.”

    Exercise Bamboo Eagle saw momentous progress towards coalition integration within operational C2 since its first iteration in January 2024.

    “The significance of our coalition partners’ involvement during Bamboo Eagle cannot be overstated,” remarked Hayde. “Due to some breakthroughs in access, our partners were able to fight on our systems and lead AOC shifts, filling the top three AOC leadership roles.”

    During the exercise, simulated combat scenarios and live joint training operations provided a unique opportunity for military personnel from the U.S., Australia, and the U.K., to work closely together and enhance their collective capabilities.

    “U.K. and Royal Australian Air Force participants benefitted from unprecedented access to U.S. systems. This demonstrated the strength and effectiveness of multinational cooperation in achieving shared military objectives,” said Royal Air Force Wing Commander Richard Kinniburgh, U.K. exchange officer to the 505th CCW and Bamboo Eagle U.K. Detachment commander. “I, alongside my Australian counterpart, will endeavor to build upon these successes into exercise BE 25-1 and support the U.S. Air Force in sharing the access processes as best practice to enhance FVEY [Five Eyes] integration as widely as possible.”

    RAAF Squadron Leader Sean Bedford, Bamboo Eagle RAAF detachment commander, said, “The access to U.S. systems was beneficial. Individual (AOC) divisions seemed to appreciate the fact that we were there and actively working to integrate with our U.S. and U.K. counterparts. The opportunity to network and be inside the 613th AOC was a high point. Learning about and actively experiencing working within a U.S. AOC was an important aspect of the exercise. The good relationships between the three nations present were evident. U.S. members were happy to listen and consider what we had to say”.

    “Bamboo Eagle 24-3 has set a new standard for coalition integration for exercises and methodology that will be shared across the U.S. Air Force as best practice,” said Hayde.

    Air Force forces staff, also known as the AFFOR battle staff

    To provide a more robust combat-representative training environment for the AEWs, an AFFOR staff supported the dual-hatted COMAFFOR and C/JFACC’s operational and administrative control over Bamboo Eagle’s forces from the Shadow Operations Center-Nellis’ operations floor.

    “While the AOC and live-fly garner a lot of attention in these exercises, our ability to successfully operate ACE in the Indo-Pacific is critically reliant on the ability of the AFFOR. No longer is the AFFOR staff able to just focus on ‘deploy, sustain, and redeploy’…they are now more than ever critical to the employment of airpower!” said U.S. Air Force Lt. Col. Benjamin Lee, 705th TRS commander, Hurlburt Field, Florida

    “During a high-end conflict, communication between the deployed combat wings, the AOC and AFFOR battle staff is going to be critical to synchronize operations and maintain initiative,” said U.S. Air Force Col. Jason Wild, 99th Air Base Wing deputy commander, and Bamboo Eagle AFFOR battle staff director, Nellis AFB, Nevada. “Bamboo Eagle provided the perfect training ground to get much-needed repetition in executing operational C2.”

    Scope and Scale

    While Bamboo Eagle’s live environment introduced mission generation FEs, or MGFEs, to the challenges of ACE and synchronization of multi-domain effects, the virtual and constructive environments stressed the challenges of logistics and resource management for both the air component and subordinate wings and associated C2FEs.

    “If the all-domain combat power pulses answer the ‘so what?’ of generating combat air power, the operational environment at the scope and scale of the Indo-Pacific AOR [area of responsibility] of the synthetic battlespace begs the question ‘so how?’” said Power.

    Power continued, “…the complex live environment of Bamboo Eagle presented wing commanders with significant MG and combat application challenges. Yet, sortie generation and mission planning alone do not provide the combat-representative environment our warfighters need in preparation for Great Power Competition. Pairing live training audiences with a broad constructive and virtual wrap-around replicates the look and feel of major combat operations.”

    Live, Virtual, and Constructive

    The 705th Combat Training Squadron, also known as the Distributed Mission Operations Center, at Kirtland AFB, New Mexico, synchronized LVC environments and delivered robust training. The DMOC provided reps and sets for the entire C2 battle management enterprise, including aircrew flying strike aircraft and C2 platforms within a realistic combined scenario at a scope and scale not possible in the live-fly alone.

    This exercise included the first-ever lead wing participants at the DMOC, connected through a simultaneous LVC environment. During the exercise, the training audience addressed the challenges of tyranny of distance, time, and logistical strains of an Indo-Pacific Command fight within the constructive and virtual components, which were spread out over prolonged vulnerability periods or pulses.

    The 1st Fighter Wing participated as an expeditionary Lead Wing, engaging with live participants through a virtual environment representing realistic USINDOPACOM basing at the DMOC. The 1st FW managed dispersed operations while maintaining C2 and sortie generation through a centralized C2FE. ACE concepts were incorporated into the exercise to provide maneuver and multi-hub operations under a singular operational C2 structure.

    “In this iteration of Bamboo Eagle, we were able to provide a unique and challenging venue to train a lead wing C2FE, I think this is definitely a growth area for the DMOC that will meet an unfilled training need for wings as they prepare to for high-end conflict,” said U.S. Air Force Lt. Col. David Jones, 705th CTS/DMOC commander, Kirtland AFB, New Mexico.

    Network Architecture

    The 805th Combat Training Squadron’s, also known as the ShOC-N, ability to manage the network architecture in real time ensures that the LVC blends seamlessly into a single common operational picture. This ability took constructive data from the 505th CTS and virtual data from the 705th CTS and combines that with live instrumented range data from across multiple live-fly operating areas.

    “Exercise participants, regardless of echelon, are participating in a training construct that mimics adversary orders of battle, blue dispositions, and the tyranny of distance like no other exercise has to date,” said U.S. Air Force Lt. Col. Shawn Finney, 805th CTS/ShOC-N commander, Nellis AFB, Nevada. “The result is a combat-representative depiction of the scope and scale of peer conflict.”

    Importance of Communications

    Bamboo Eagle 24-3 marked the first utilization of the 613th AOC C2 Training Suite with strong support and collective ownership provided by the 56th Air and Space Communications Squadron and 505th Communications Squadron teams. The effective coordination and collaboration between these units played a crucial role in two main aspects. Firstly, it facilitated the development of Mission Ready Airmen, through scale and speed, with training focused on command, control, communications, computers, and intelligence, or C4I, skillsets needed for critical wartime operations. Secondly, it accelerated the development, integration, and testing of the communications and intelligence capabilities by utilizing models and simulations overlays into a comprehensive battlespace picture, becoming more combat representative by displaying unfolding events.

    “Meeting operational demands in an era of Great Power Competition by ensuring that the C2 architecture (systems, networks, satellite communications, and warfighting applications) captures evolving air, sea, space, and cyberspace challenges is my team’s goal,” said U.S. Air Force Maj. Crystal Lusardi, 505th CS commander, Hurlburt Field, Florida.

    Mission Under Test

    A key part of the 605th Test and Evaluation Squadron effort involved developing and executing the squadron’s first-ever mission-under-test observation and tactics investigation plan. This plan provided an end-to-end look at the complex process of planning and executing long-range kill-chains across 11 different lines of effort.

    “Executing our first-ever Mission Under Test observation and tactics investigation plan during Bamboo Eagle was a significant step forward for the 605th TES. This comprehensive approach allowed us to gain an unprecedented understanding of the complexities involved in planning and executing long-range kill chains, ultimately enabling us to identify vulnerabilities and improve coordination across the entire battlespace,” said U.S. Air Force Lt. Col. Brad Short, 605th TES commander, Hurlburt Field, Florida. “Our team’s efforts in evaluating non-traditional C2 and ISR [intelligence, surveillance, and reconnaissance] tactics demonstrated the incredible adaptability and ingenuity of our Airmen. We witnessed firsthand how these innovations can dramatically improve targeting and execution speeds on the battlefield.”

    Future of Bamboo Eagle

    “As the Air Force is reoptimizing for Great Power Competition, with a focus on realistic scenarios and large-scale exercises to identify gaps and weaknesses, the 505th Command and Control Wing must adopt an all-in mindset to address operational C2 potential peer-to-peer threats,” said Hayde. “As we prepare for REFORPAC [exercise Return of Forces Pacific], we will continue to robust our AFFOR and AOC contribution to further integrate operational-level C2 into future iterations of Bamboo Eagle to ensure that we practice how we’re going to fight.”

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Keynote speech by SJ at networking dinner of forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the keynote speech by the Secretary for Justice, Mr Paul Lam, SC, at the networking dinner of the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, on September 24:
     
    Ladies and gentlemen,
     
         Good evening, xin chào buổi tối. Frankly speaking, I do not think I can do a better job than all the eminent speakers who have spoken before me. So I am not going to say something new. Instead, I wish to do a very quick recap to sum up the key and essential points made by various speakers so that you can have a few takeaways after today’s event.

         I prefer to do it by once again referring to the theme of our forum, “The Common Law Gateway for Vietnamese Businesses to China and Beyond”, but I wish to focus on a few key phrases and do it in the reverse order. So I would like to focus on China and beyond first.

         We are lawyers coming from Hong Kong. As I said in my opening remarks, obviously there have been very close relationships between Hong Kong and Vietnam. But the reason why we are here is not simply because of Hong Kong, it is about something much bigger than Hong Kong. That is our country, China, and beyond.

         A number of speakers have referred to a very important concept known as the Guangdong-Hong Kong-Macao Greater Bay Area. And I wish to emphasise again the importance of the Greater Bay Area. You have been told that the Greater Bay Area consists of the Guangdong Province, in particular the nine cities in Guangdong Province, plus Hong Kong and Macao. To give you some ideas, the size of Greater Bay Area is almost like Croatia, a mid-size European country, with population around 86 million, similar to the population of Germany. If you look at what cities are situated within the Greater Bay Area, we have three very important cities: Guangzhou, of course, which is the capital of the province of Guangdong, a very important city in the southern part of China. And then you have Shenzhen, I think some of our speakers have mentioned Shenzhen, which is the innovation and high-tech hub, where you have the headquarters of Tencent, the factories of BYD and Huawei. All the advanced technology or high-tech innovative things are happening in Shenzhen, which is just across the border. And then of course you have Hong Kong, which is the international financial and trade centre.

         Although there are different bay areas in the world, we have the Tokyo Bay area, the San Francisco Bay Area, but I venture to say that they cannot be compared to Hong Kong because in the Greater Bay Area, you have one country but three different jurisdictions, including Mainland China, Hong Kong, and also Macao which used to be ruled by the Portuguese. So it is a very special place with huge potential. Hong Kong may well be your final destination for your business and business venture. But it also may not be your final destination. Maybe you will find much more opportunities in the Greater Bay Area in China. And then in China, very often there would be investments and other business ventures with other countries. So it is really “China and beyond”.

         Now moving to “Gateway”. I just mentioned that perhaps you will be more interested not just about opportunities for business investment in Hong Kong, but also those offered in Mainland China. And of course you would agree with me that legal service would be important. But you may wonder, if I wish to invest in Mainland China or co-operate with a Mainland partner, why shouldn’t I simply instruct a Mainland lawyer? Why shouldn’t I simply engage the legal service offered by Mainland China? And why should I do it via Hong Kong, which seems to be a little bit indirect or a bit convoluted. And of course, all the speakers who have spoken this afternoon have provided some very good answers. One of the key characteristics of this particular gateway, or using Hong Kong as a gateway, is our common law character, our common law tradition. But again, as pointed out by one of the participants who raised a question at the end of the first session, Hong Kong is definitely not the only common law jurisdiction in this world which can play the role as a gateway for the provision of legal service. I think my friend mentioned Singapore. Why not Singapore? Singapore is definitely a common law jurisdiction. Even in ASEAN, within the Southeast Asia, we have Malaysia which is also a common law jurisdiction. So it is our duty to explain to you a little further.

         What is so special about Hong Kong? I hate to compare Hong Kong with Singapore, but because this question has been raised, I think I have to answer that question as if I were being asked to answer that question by a judge in the court. So I have to give a direct answer. But as a government official, I have to be as diplomatic as possible. The way I put it is that we can and we will offer something that only Hong Kong can offer. We can offer something that Singapore will not be able to do. It is because of six factors, as the sum total of these six factors that make Hong Kong truly unique and peculiar, unparalleled. So what are these six factors? Now, here comes my summary of what you have heard this afternoon.

         First, Hong Kong provides a very stable legal environment. Stable in the sense that Hong Kong is the only common law jurisdiction within China. It is the only common law jurisdiction in China, and it will remain to be the only common law jurisdiction within China. The reason is that the common law system practiced in Hong Kong has been guaranteed by a constitutional document, which is our Basic Law. You can describe it as a mini-constitution. Now, there have been some queries in the past on certain wordings in our constitutional document. Some people questioned whether the principle of “one country, two systems” or the common law system practiced in Hong Kong will continue after 2047, which is the 50th anniversary of the resumption of sovereignty by China of Hong Kong. But that uncertainty has been removed very clearly by the leaders of China, in particular President Xi Jinping. Back in 2022, on July 1 when he came to Hong Kong, he made a very important speech, a very short speech. What is most telling is that in his very short speech, he mentioned the common law system in Hong Kong twice. He said that the common law system is a core element of the “one country, two systems” principle, which is a very good policy that is going to last basically forever. So there should be no doubt whatsoever that not only the principle of “one country, two systems”, but also our common law system will continue. So the first point “stability” – it is very stable.

         The second point is that our system is also very reliable. Now, that goes to the question of the existence of a very reputable and respected judiciary. When it comes to a judicial or legal system, two factors will be of crucial importance. First, quality, quality of justice, whether judges are smart enough to deliver true justice. Second, integrity, whether judges are seen to be able to discharge their duty fairly and impartially. Now, I think the Judiciary in Hong Kong fulfills these two very important essential criteria.

         In terms of quality, as my friends said this afternoon, all the judges, they enjoy very high standing in the world. Our Court of Final Appeal, I should mention that the judgments delivered by the judges of the Court of Final Appeal, they were cited in other common jurisdictions from time to time. And we have foreign judges sitting as part-time judges in Hong Kong. I also remember that one of the speakers mentioned the World Justice Project Rule of Law Index, Hong Kong ranked the 23rd out of 142 jurisdictions in the world. And I think we ranked the sixth in East Asia and the Pacific region. Ahead of the United States, and if I recall correctly, Spain, another major economy in the world.

         When it comes to integrity, once again my friends have informed you that how judges in Hong Kong are appointed. They are appointed completely independently by an independent statutory body. It is not possible for the executive to interfere with the performance of the judges. It is not possible for the executive to fire or sack any judges. And in fact, I have to tell you a very embarrassing piece of information which nobody dares mention, that is the Government lost cases before the court quite often. So I think that is a very good indication that judges in Hong Kong do exercise the judicial function very impartially.

         But for your interest, I am sure you would be concerned whether Mainland parties, in particular state-owned enterprises, or very important, powerful business entities in Mainland China, would they enjoy any undue advantage when they engage in litigation against foreign parties in Hong Kong? Once again I am very sure that if you look at records, if you look at judgments, we have open judgments, you will see many cases which are decided entirely on merits. Sometimes state-owned enterprises or Mainland parties win, sometimes they lose. But there is not a single piece of evidence suggesting that in deciding these cases, the court in Hong Kong has taken into account any consideration other than the law and the evidence. And the best evidence is contained in our judgments, which you can inspect and you can read for yourself. So this is the second factor: very reliable.

         Third factor: very business friendly. You have to remember that we have a bilingual legal system. So both English and Chinese are official languages. It is not just a working language, it is the official language by which we write our statute. We also use English in court proceedings, and very often in arbitration proceedings. This is an international language that is familiar to people outside Hong Kong, just like I am using English to communicate with you, hoping that you would be able to understand what I am trying to say.

         The second point as to why business friendly is about the content of the law, the content of our substantive law, in particular when it comes to international commercial law, investment law. They are all very international in the sense that its content is substantially similar to the law that you find in other developed countries, for example, the United Kingdom, Australia, and New Zealand. So the principles of substantive law would be very familiar to the international business community, so it is business friendly.

         The third point is that the Hong Kong Government has been very proactive to make Hong Kong a more attractive place for investment and doing business. I can give you some examples. For example, we are very active in promoting the establishment of family office in Hong Kong to encourage people to invest money to set up family office, in particular, for very resourceful families. In order to make this initiative attractive, we have amended our revenue law, our tax law, to lower our tax rate if you wish to set up family offices in Hong Kong. Another example is that our listing rules, IPO initial public offerings, if you wish to raise finance by getting your company publicly listed, the Hong Kong Stock Exchange has introduced a new scheme, it’s called SPAC (Special Purpose Acquisition Companies). The idea is very simple. It enables a company without any track record but so long as it fulfills some sorts of requirement to ensure that the investors’ interest will be protected, it will get the chance to be listed in Hong Kong. So I mean we are very proactive in making it more convenient. One of the speakers have mentioned about the difficulty of entering into Hong Kong because of the visa requirement. But as I said in my welcoming remarks, we are relaxing the restrictions or the requirement gradually. So starting from October last year, for the talents, they will be able to come to Hong Kong very easily. And for business travellers and for tourists, you will be able to obtain multiple visas very conveniently. And lastly, when it comes to arbitration, we have actually introduced a pilot scheme. At the moment, the arrangement is that if you are engaged and involved in the arbitration, no matter in what capacity, say, as arbitrator, as counsel, appearing for either party as a witness or even a party, you will be exempted from the need to obtain any visa if you come to Hong Kong for such purposes. So I would say that the difficulty is more apparent than real. So that is the third factor, business friendly.

         The fourth factor: it is very safe and secure to use Hong Kong as a platform for doing business and investment. You must be concerned whether your money, your property can go into Hong Kong and leave Hong Kong easily and freely, and what happens when your property and money is in Hong Kong. Under our constitutional document Basic Law, we guarantee freedom of movement of funds, money and goods. So you can come anytime and your money can leave anytime. There is no exchange control, there is no improper expropriation, and when your money and your property is in Hong Kong, it is completely safeguarded by a stringent set of regulations, not just by statutes, but by other important statutory bodies like the Hong Kong Monetary Authority, the Securities and Futures Commission. There are very strict regulations to ensure that your investment and your property will be protected. And of course, the quality and integrity of the law enforcement agencies will be important. One strength of Hong Kong is that there is no question, no issue or any concern about corruption at all. Hong Kong is the cleanest place, one of the cleanest places in the world that you can find. If you look at the figures, I think Hong Kong ranks among the top five when it comes to the absence of corruption.

         I wish to share a piece of information just to substantiate my confidence in the integrity of the financial market. A piece of latest news is that a British think tank just announced the Global Financial Centres Index. And Hong Kong had climbed back to the third place after New York and London. And this time we are ahead of Singapore. In 2022 up to last year, Hong Kong ranked the fourth for different reasons, but this year we managed to overtake Singapore to reclaim the third place, which I think is a very pertinent place. It served as a very good evidence of the competence of the people in Hong Kong’s financial market. So this is the fourth factor.

         The fifth factor is that Hong Kong provides dual connectivity. It allows you to connect to the world on the one hand, and also connect to the Mainland at the same time. My friend already said that Hong Kong has important legal connections with the rest of the world, for example, arbitral awards can be enforced and recognised because of the New York Convention. We have entered into a lot of arrangements with other international organisations. Important legal bodies would have their headquarters and offices in Hong Kong. Now this is where Singapore cannot be compared to Hong Kong – we have very special mutual legal assistance arrangements with Mainland China, which is made possible purely because Hong Kong is a part of China, though we practice different legal systems.

         I simply wish to refresh your memory by highlighting one example, which is the arrangement concerning the possibility of granting interim injunction in arbitral proceedings. As business people, it is no use at all to you to spend a lot of money on arbitration if at the end of the day, what you get is a piece of paper. What is the most important is that you will be able to enjoy the fruit in case you succeed in arbitration. That means pending the conclusion of the arbitration proceedings, you need to have sufficient safeguard to ensure that the asset at stake will be protected. In addition, sometimes it would require the preservation of evidence to ensure that the merit of case can be fully reflected in the course of the proceedings. The special arrangement is that if you start arbitral proceedings in Hong Kong by using one of the designated arbitration institutions, then the Mainland court will be very willing to provide you with the assistance by giving you the interim injunction, which is very useful. I don’t remember the figure, but the success rate is over 90 per cent. So this is the connectivity factor.

         The last factor which is most important, and is evident by the quality of the speakers who have spoken before me, that is Hong Kong has an abundant supply of truly international legal talent. If you are using our legal service, if you instruct a Hong Kong lawyer, you are not simply enjoying Hong Kong legal service. You are engaging a global counsel. You are engaging and instructing a truly international lawyer. And again, I wish to repeat or perhaps add some figures to substantiate my point. You were told that we have a divided legal profession consisting of barristers and solicitors. I give you the numbers again. I would stand to be corrected. At the moment, I think there are around 1 600 barristers in Hong Kong, and among them 108 are Senior Counsel. We have three Senior Counsel here with us today. So in a small group of 15 persons, we already have three Senior Counsel – Queenie Lau, SC, Derek Chan, SC, and myself. And when it comes to solicitors, the figures are even more impressive. I think we have more than 13 000 solicitors in Hong Kong. And the important thing is that, look at the number of law firms, we have more than 920 law firms. Among these 900 law firms, around 351 have foreign offices. So they are not local law firms, they have presence in other jurisdictions. And I think 80 something have offices in Mainland China. And when we come to registered foreign law firms, there are 77. As for registered foreign lawyers who specialised or qualified in different jurisdictions, I think the number exceeds 1 400. You can tell from the composition, not just the quantity or the number, but the composition, a lot of them are associated one way or the other with law firms in other jurisdictions. Either they have their own presence in other jurisdictions, or they are closely related with some other very close law firms in other jurisdictions. So my point is, when you get the service of a Hong Kong lawyer, you are getting world service. You don’t need to go anywhere. So this is the last factor, which I believe is the most important factor.

         And the other thing is that, as mentioned by some of our friends, when it comes to legal service, it is not just the legal knowledge that matters. At the end of the day, legal service is about resolving people’s problem. You have to understand culture. You have to understand the people. When you are doing business involving a Mainland element, because one of the speakers asked what the criteria of picking arbitrator or mediator are if Mainland element is involved, I think the answer should go beyond the choice of arbitrator and mediator. It goes to the choice of lawyer in general. I think you need to find someone who is not simply good at law but understands human nature and business culture. A good lawyer is somebody who is able to communicate with you, who can explain very technical matters in a way that you can understand, who can understand the whole business environment, who can understand why in a different jurisdiction, why in a different culture, things are done in a certain way, documents are drafted in a particular manner, why certain words are used, what’s the magic, what’s the hidden message. It is important for lawyers to be able to decipher all these subtle points. In Hong Kong, most of us are not just bilingual because we are Chinese, we understand the Chinese culture, we understand how things are done and said, but at the same time, we are trained by the common law tradition. So we are going to be a perfect interpreter, helping you to understand each other, to ensure that nothing will be lost in translation. I think that is a very important point when it comes to the choice of legal service.

         So to sum up, six factors: it’s stable, it’s reliable, it’s business friendly, it’s secure, it provides dual connectivity, it provides abundant supply of truly international legal talent.

         Maybe Singapore enjoys one or two or even five of the factors before, but I’m quite sure that if you do a checklist, Singapore will not be able to have all the ticks in all the six boxes. So it is really the sum total of these six factors which makes Hong Kong so unique.

         The last thing that I would like to say is that I would like you to visualise, to have a sort of mental picture as to what I am saying. I would like to draw an analogy. The legal service of Hong Kong provides is just like a multi-storey building. In one single building, you have a food hall consisting different types of restaurants. We have Michelin three star restaurants, we have restaurants serving Vietnamese food, and we have restaurants serving Chinese food. The point is whatever you need, they will be available, in terms of price or whatever. And the food will be extremely hygienic and the quality will be very high. I think that’s the concept, that’s the main picture that I would like you to have after today’s event. Thank you.      

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Statement: Meeting between the Foreign Ministers of the United Kingdom and Argentina

    Source: United Kingdom – Government Statements

    The Foreign Secretary and the Minister of Foreign Affairs, International Trade and Worship of Argentina made progress on different issues regarding the South Atlantic.

    Looking forward to a new era of constructive cooperation within the bilateral relationship, characterised by improved dialogue and confidence-building measures, the UK Foreign Secretary, David Lammy, and the Minister of Foreign Affairs, International Trade and Worship of Argentina, Diana Mondino, met in New York on 24 September and made progress towards a broad agenda covering different issues relating to the South Atlantic. It is agreed that the formula on the safeguards of sovereignty in paragraph 2 of the Joint Statement of 19 October 1989 applies to this agenda and its outcomes.

    The Parties have agreed to resume negotiations to complete the third phase of the Humanitarian Project Plan together with the International Committee of the Red Cross, and to organise a trip to the Islands by next-of-kin of fallen soldiers before the end of 2024, so that they can visit the graves of the soldiers laid there to rest.

    They also agreed on the need to take concrete steps in the area of fisheries conservation and towards improved connectivity, according to the agreements reached in 2018, including the resumption of the weekly Sao Paulo flight to the Islands that stopped once a month in Cordoba.

    These steps will enable progress towards a more ambitious agenda for co-operation in different areas, under the sovereignty formula, aimed at promoting human and economic development and strengthening links between the Islands and the continent.

    Both the Foreign Secretary and Foreign Minister Mondino welcomed the steps being taken to establish an improved bilateral relationship and agreed to speak again when opportunity allowed.

    Media enquiries

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    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 24 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Europe: At a Glance – Food waste: Every little effort makes a difference – 24-09-2024

    Source: European Parliament

    At least one billion meals are being wasted in households worldwide every day. This is the equivalent of a meal served every day to every single person in the world suffering from hunger. Importantly, when food is discarded, all the embedded energy and resources and their environmental consequences, such as greenhouse gas emissions – that accumulate along the food chain – still materialise with no benefit for human nutrition.

    MIL OSI Europe News –

  • MIL-OSI Russia: Financial news: On holding auctions on September 25, 2024 for the placement of OFZ issues No. 26247RMFS and No. 29025

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26247RMFS from 08.05.2024
    Date of the auction September 25, 2024
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU26247RMFS5
    ISIN code RU000A108EF8
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with variable coupon income
    State registration number of the issue 29025RMFS from 09/29/2023
    Date of the auction September 25, 2024
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU29025RMFS2
    ISIN code RU000A106Z61
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    Contact information for media 7 (495) 363-3232PR@moex.com

    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://www.moex.com/n73391

    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 Banking: Norhana Endut: Opening remarks – workshop on navigating climate risk stress testing in Malaysia

    Source: Bank for International Settlements

    A very good morning to everyone. It is my great honour to welcome you to this workshop on “Navigating Climate Risk Stress Testing in Malaysia: Catalysing Dialogue and Charting the Course”, jointly organised by Bank Negara Malaysia (BNM) and the Joint Committee on Climate Change (JC3) Sub-Committee 1 Transition and Physical Risk Working Groups. This capacity building workshop brings together financial industry players and experts in related fields to share experiences, learn best practices and exchange ideas as we collectively prepare to conduct our first industry-wide climate risk stress test.

    We firmly believe that climate change is an immediate challenge that poses risks to our financial system. To this end, allow me to describe how the central bank is approaching financial regulation in this space. In Malaysia, we have taken steps to put in place the foundational components to improve the ability of financial institutions to identify, measure and manage climate-related financial risks. There are five key pieces to these foundational components.

    Firstly, a climate taxonomy establishes a consistent and common classification system for the identification of climate-related exposures. Second, mandatory climate disclosures by financial institutions will create an impetus for financial institutions to obtain information on their borrowers and investee firms. This, in turn, creates a virtuous cycle of informational flow. Third, regulatory standards on the management of climate-related risks set expectations for financial institutions to reflect these risks in their governance, strategy and risk practices. Fourth is a focus on transition planning. This is to ensure financial institutions set clear climate goals and concrete transition plans. With these building blocks in place, we are now in a good position for the fifth component, which is to accelerate industry capabilities via the conduct of the industry-wide climate risk stress test.

    Ladies and gentlemen,
    Allow me to shed more light on the motivation behind the implementation of the Climate Risk Stress Test. The exercise is primarily intended to enhance capacity building among financial institutions in assessing how their business and operations could be affected by climate risks. Throughout the journey of conducting the stress test, financial institutions will uncover gaps related to data, technology, and methodologies. This serves as a starting point for the institution to assess their internal capability and find ways to address these gaps. In other words, the climate stress test is a forward-looking tool to help financial institutions in identifying, measuring and mitigating their climate risk exposures.

    When designing this stress test for Malaysia, at Bank Negara Malaysia, we have strived to incorporate learnings from other jurisdictions, including adapting and incorporating several Malaysia’s specific elements in terms of its economic structure and financial system. We have also incorporated feedback from domestic industry players. In this regard, I would like to take this opportunity to extend Bank Negara Malaysia’s gratitude to many of you here who have provided invaluable feedback during the drafting of the Methodology Paper and reporting template. We truly appreciate the open and collaborative spirit extended by everyone, an approach that continues even up to today.

    Climate risk stress testing is still in its infancy globally. Therefore, we have strived to balance between pragmatism and accuracy when specifying our requirements. Where possible we have tried to work around data limitations, lack of technical expertise as well as under-developed modelling techniques. However, considerable challenges remain for financial institutions to successfully run this stress test. We will journey with you through these challenges. It is as much a learning experience for Bank Negara Malaysia as it is for all the financial institutions running the stress test. That is one of the reasons we are all here today at this workshop.

    I believe that together we can overcome many of the hurdles. Climate risk is a collective action problem. It may be in each individual’s best interests to act selfishly, regardless of what other individuals do. However, if all individuals act selfishly, then the outcome for everyone is worse than if we all cooperate. At the country level we see this playing out in global emissions reduction. A single small country may feel that spending money to cut emissions may do little for global climate change, and hence choose not to do so. However, such situation could lead to some other, or even all, countries, to opt not to cut emission, and thus, we will end up in a bad outcome globally and having the adverse impact of unattended climate risks being faced collectively.

    At the individual financial institution level, the development of new approaches and techniques for stress testing would be crucial for measuring the risk of climate change. However, if each entity chooses to keep their advancements proprietary, industry adoption will be slow. Collaboration and knowledge sharing is needed to scale solutions and reduce costs.

    Therefore, I am hoping that for the next few hours, we will all make a conscious choice to participate in these sessions with a generous heart and an open mind. I hope everyone will choose to collaborate rather than compete, to share rather than hoard. In this regard, I am encouraged by the collective efforts by the industry in undertaking capacity building initiatives to upskill the financial institutions and exploring potential solutions to bridge the data gaps. Commendable efforts by the JC3 Sub-Committee 1 and 4 in leading training initiatives and Sub-Committee 5 in producing and refining the Climate Data Catalogue exemplify this collaborative spirit.

    Ladies and gentlemen,
    Some of you have been asking, what’s next after this stress test? I’d like to address this in some detail.

    Important to note is that the climate stress test, or CRST for short, is not an end in itself. It should not be viewed as merely a regulatory compliance exercise. Although BNM does not intend for the results of the inaugural stress test to calibrate capital requirements, we do expect financial institutions to take this exercise seriously. I strongly advise financial institutions to already start planning for how the results of the stress test could be used to inform strategic planning and management decision making.

    CRST results are more than just numbers. They provide important insights into how climate risks could impact the business and operations of an institution. Hence, active engagement from senior management and the Board throughout the CRST journey – not just when the final results are available – will be crucial to the success of this first exercise. Financial institutions need adequate internal support to address the challenges they face, and this requires buy-in from the top throughout the stress test exercise.

    Additionally, as climate risks continue to evolve, we expect climate risk stress tests to be a recurring exercise moving forward. As such, it is imperative that financial institutions continuously invest in enhancing their stress test capabilities, particularly in areas such as data collection, methodology and model development. This ongoing refinement is essential to ensure that the CRST remains relevant and responsive to the ever-evolving nature of climate risks.

    Before I conclude, I want to emphasise the overarching objective of the Climate Risk Stress Test in safeguarding our financial system. Through CRST, we are not only strengthening our institutions’ resilience to climate-related risks but also building a solid foundation for long-term sustainability.

    This workshop today provides a great opportunity to kickstart meaningful conversations around CRST. The agenda has been carefully curated to promote deep learning and knowledge sharing, with a strong emphasis on practical applications and addressing real-world challenges in conducting the stress test. I encourage all participants to actively engage and share insights throughout the workshop.

    Let me end with the words of Sir David Attenborough “If working apart we are a force powerful enough to destabilise our planet, surely working together, we are powerful enough to save it.” I urge you to stay committed to this journey, continue collaborating, and share your experiences. While past and current actions and inactions created today’s climate problems, our generation must lead the way in fixing it for our children. I have every confidence in our sector’s ability to rise to this challenge and lead the way in building a climate-resilient financial system.

    With this, I wish you a productive workshop ahead. Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Translation: 24.09.2024 Export of arms and military equipment from Poland. Informe for 2023

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Export of arms and military equipment from Poland. Informe for 202324.09.2024The Ministry of Foreign Affairs has prepared an annual report on the export of arms and military equipment for 2023. The data contained therein reflects the directions of activity of Polish arms exporters, which were largely influenced by the current security situation in Poland in the context of the ongoing war in Ukraine.

    Compared to the data for 2022, the value of actual exports and intra-EU transfers of arms and military equipment in 2023 increased by over 572 million euros and reached 1,753 million euros. This result largely shows the scale of supplies of arms and military equipment to Ukraine, which is fighting a defensive war. In the classification of recipients of products exported from Poland in terms of their value in 2023, the first place was taken by entities from Ukraine (approx. 81% of the export value), followed by the United States (7%) and Germany (1% each). Due to legal restrictions, the data for 2023 does not contain information on the permits issued, their value and the actual export of arms and military equipment transferred by the Polish authorities as a donation to Ukraine. We invite you to familiarize yourself with the content of the report, which is the fulfillment of Poland’s statutory obligation and international obligations regarding compliance with the principle of transparency of arms transfers. At the same time, it is an important source of knowledge on the principles of operation of the Polish system of export controls of goods, services and technologies of strategic importance to the security of the state.

    MaterialExport of arms and military equipment from Poland 2023 PLExport of arms and military equipment from Poland 2023_PL.pdf 1.32MB

    MILES AXIS

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

    MIL Translation OSI

  • MIL-OSI USA: Tuberville, Hagerty Introduce Legislation to Protect American Assets

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    In violation of USMCA, the Mexican President has repeatedly threatened to declare an American company’s property as a “Protected Natural Area” to unjustifiably seize their assets

    WASHINGTON – Yesterday,U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Bill Hagerty (R-TN) and colleagues in introducing the Defending American Property Abroad Act, legislation to impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets. This legislation responds to ongoing efforts by the Government of Mexico to seize a deep-water port owned by Alabama-based Vulcan Materials Company, which is a flagrant violation of the United States-Mexico-Canada Agreement (USMCA) governing trade between the two nations.

    Specifically, this legislation would prohibit vessels from entering a U.S. port if they had previously used a port, land, or infrastructure that had been illegally seized from a U.S. entity by a foreign nation in the Western Hemisphere. It also requires the Secretary of the Department of Homeland Security (DHS) to identify and ban illegally seized ports from U.S. trade and requires the United States Trade Representative to report to Congress on how such expropriations would be addressed during the upcoming review of the USMCA, scheduled for 2026.

    “For more than a year, Mexican President López Obrador has continued to show undue aggression toward American businesses, primarily Alabama’s Vulcan Materials,” said Senator Tuberville. “The continued escalation against Vulcan’s operation in Mexico is a disgrace to the longstanding trade agreement between our two countries that has been in place for 30 years. The Biden-Harris administration has refused to stand up to President López Obrador’s threats, which is why it’s time for Congress to take action and urgently move this legislation to ensure this doesn’t happen to more American companies under a new Mexican president.”

    U.S. Senators Tuberville and Hagerty were joined by U.S. Senators John Barrasso (R-WY), Katie Britt (R-AL), Ted Budd (R-NC), and Tim Kaine (D-VA) in co-sponsoring the legislation. 

    Full text of the bill can be found here. 

    BACKGROUND:

    In May 2022, Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan’s operations with false claims that the firm was violating its contract, and since then the Mexican Government, under AMLO’s direction, has waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and, at times, sending military and law enforcement to its facility in Quintana Roo, Mexico. Last month, AMLO announced that he is pushing to designate the port and mine a “Protected Natural Area.”

    The Alabama delegation has been united in advocating for Vulcan in its ongoing dispute with Mexico. Earlier this year, Senators Tuberville, Britt, Hagerty, and Kaine sent a letter to Alicia Bárcena, Secretary of Foreign Affairs of Mexico, urging her to take action regarding the Mexican government’s mistreatment of Vulcan Materials Company.

    Last year, the Alabama delegation met with Mexico’s Ambassador to the U.S. Moctezuma to advocate for Vulcan. In 2022, Senator Tuberville sent a letter with former Senator Richard Shelby and eight other U.S. senators calling on the Biden-Harris administration to discourage Mexican aggression against American companies with investments or operations in Mexico.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Indian Railways-Wabtec JV’s Marhowra Plant to Begin Exporting Evolution Series Locomotives to Africa by 2025

    Source: Government of India

    Indian Railways-Wabtec JV’s Marhowra Plant to Begin Exporting Evolution Series Locomotives to Africa by 2025

    India Set to Become Global Locomotive Manufacturing Hub with First-Ever Exports from Bihar’s Marhowra Plant

    Posted On: 24 SEP 2024 6:25PM by PIB Delhi

    Wabtec Locomotive Private Limited, a joint venture between Indian Railways and Wabtec, is expanding the capabilities of its plant to export locomotives to Africa. For the first time, the plant will manufacture locomotives for export to a global customer.

    The plant will supply Evolution Series ES43ACmi locomotives to global customers. The ES43ACmi is a locomotive featuring a 4,500 HP Evolution Series engine, offering best-in-class fuel efficiency and proven performance in high-temperature environments. The Marhowra plant will begin exporting these locomotives in 2025.

    This project is of strategic importance as it positions India as a global locomotive manufacturing hub and aligns with the “Make in India” and “Make for the World” initiatives under the “Atmanirbhar Bharat” vision of the Hon’ble Prime Minister. It will also enable the Marhowra plant to export standard-gauge locomotives globally, expanding the local supplier footprint and fostering long-term job creation, thereby benefiting the Indian economy.

    The success of the public-private partnership between the Ministry of Railways and Wabtec has positioned the Marhowra plant as a world-class global manufacturing site, utilizing an extensive local supplier base from across India. To date, around 650 locomotives have been manufactured and added to the Indian Railways locomotive fleet. The Ministry of Railways and Wabtec will continue to collaborate to enhance the plant’s capability and competitiveness, positioning it for sustainable, long-term export production work.

    The Marhowra plant, situated on 70 acres in Marhowra, Bihar, was established in 2018 to indigenously manufacture 1,000 state-of-the-art locomotives for Indian Railways. The plant provides employment to about 600 people and has been consistently delivering 100 locomotives annually to Indian Railways. It has also given a significant boost to industrial activities in the state.

    ******

    DT/SK

    (Release ID: 2058323) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Commerce and Industry Minister Shri Piyush Goyal attends 22nd CREDAI National Conference on second day of Australia visit

    Source: Government of India (2)

    Commerce and Industry Minister Shri Piyush Goyal attends 22nd CREDAI National Conference on second day of Australia visit

    Shri Goyal attends reception hosted by Parliamentary Friends of India and Australia-India Business Council at NSW Parliament

    Posted On: 24 SEP 2024 6:07PM by PIB Delhi

    In his ongoing visit to Australia from September 23-26, 2024, Shri Piyush Goyal, Union Minister for Commerce & Industry, had a number of productive engagements on the second day (September 24). He was the Chief Guest at the 22nd National Conference of the Confederation of Real Estate Developers’ Associations of India (CREDAI) in Sydney. The Conference brought together about 1100 real estate developers from India to Australia.

    In his address, the Minister urged the real estate industry to adopt even more effective measures for the well being of millions of workers employed in it. He appreciated the contribution of the real estate sector to the growth of the Indian economy and encouraged them to consider expanding their operations in international markets such as Australia.

    The Minister met Hon. Chris Minns MP, Premier of New South Wales at NSW Parliament and discussed the growing business and community linkages between India and Australia and the contribution of NSW to these ties. Minister attended a reception hosted in his honour by the Parliamentary Friends of India and Australia-India Business Council (AIBC) at the Parliament in which Ministers and Parliamentarians from NSW, including The Hon Anoulack Chanthivong MP, Minister for Industry and Trade of NSW and the Co-chairs of the NSW Parliamentary Friends of India, participated.

    Several prominent business leaders based in Australia were also present. Minister thanked them for the warm reception and highlighted that the bipartisan support for close India-Australia ties gave strength to the bilateral partnership & deepening economic engagement.

    The Minister addressed a gathering of various key stakeholders in the bilateral economic relationship organized by Asia Link Business (ALB), Australia India Institute and KPMG. He participated in a fireside chat with the CEO of ALB, Mr. Leigh Howard, and answered a range of questions. Discussions focussed on fostering stronger India-Australia partnership in key sectors viz renewable energy, digitisation, infrastructure, education, critical minerals, tourism, fintech, agritech, space etc. Minister was presented with a copy of the report on ‘Doing Business in India’ by ALB which will help Australian businesses in leveraging the vast opportunities presented by the Indian market.

    Minister met several emerging Indian origin and Australian leaders in different sectors at an event organized by the High Commission of India and the India-Australia Business Community Alliance (IABCA). Addressing the gathering, the Minister said that these success stories were a reflection of the opportunities that strong India-Australia relations present for the mutual benefit of their people.

    Minister interacted with the Committee members of the Australian (Sydney) Chapter of the Institute of Chartered Accountants of India and encouraged them to act as a living bridge to promote business ties between India and Australia.

    In the forenoon, the Minister participated virtually in the meeting of the Indo-Pacific Economic Framework. He emphasised that collective efforts and forward-thinking action plans in critical sectors such as semiconductors, critical minerals for clean energy, chemicals and healthcare are crucial for unlocking the framework’s full potential.

    After concluding his productive 2-day visit to Sydney focussed on business and community interactions, Minister travelled to Adelaide where he will Co-chair with Senator The Hon Don Farrell, Minister for Trade and Tourism of Australia, the 19th Joint Ministerial Commission meeting scheduled for September 25, 2024.

     

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  • MIL-OSI Asia-Pac: India attends Ministerial Meeting of Indo-Pacific Economic Framework for Prosperity

    Source: Government of India

    India attends Ministerial Meeting of Indo-Pacific Economic Framework for Prosperity

    IPEF partners welcome upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and IPEF Overarching Agreement under Indo-Pacific Economic Framework for Prosperity

    IPEF partners commit to continued progress at virtual Ministerial Meeting

    Posted On: 24 SEP 2024 3:47PM by PIB Delhi

    Union Commerce and Industry Minister Shri Piyush Goyal along with 13 other IPEF Ministers virtually attended the third Ministerial meeting focused on IPEF Pillar II, III, and IV.                

    In particular, Minister Goyal along with other IPEF Ministers welcomed the upcoming entry into force of the Clean Economy Agreement, Fair Economy Agreement, and the Overarching Agreement on IPEF on October 11, 2024, October 12, 2024, and October 11, 2024, respectively, and emphasized the significant opportunities to further deepen economic cooperation and deliver concrete benefits under the IPEF agreements through ongoing collaboration.

    Supply Chain Resilience

    In the virtual meeting, IPEF Ministers reviewed and appreciated the substantive progress made to operationalize the Supply Chain Agreement, deepening cooperation to build more competitive and resilient supply chains, better prepare for, prevent, and respond to supply chain disruptions when they happen, and ensure that regional supply chains raise up workers and respect labor rights.  They outlined concrete next steps for the upcoming months, building on the progress made by the Supply Chain Agreement’s three bodies: the Supply Chain Council, Crisis Response Network, and Labor Rights Advisory Board.  IPEF partners also highlighted the meaningful collaboration taking place under the Supply Chain Agreement which includes:

    The IPEF Ministers noted that the three supply chain bodies – the Supply Chain Council (Council), the Crisis Response Network (Network), and the Labor Rights Advisory Board (LRAB) – met virtually in July to elect leadership in which India was elected as Vice Chair of the Council with US as Chair; Korea as Chair and Japan as Vice Chair of the Network; and the United States as Chair and Fiji as Vice Chair of the LRAB.

    Minister Goyal noted that the formation of Action Plan teams in the first in person meeting of supply chain council held in Washington last week, for three critical sectors – semiconductors, critical minerals with a focus on batteries, and chemicals which are highly relevant today given their supply/production concentration and the experience learned from disruptions faced during the COVID-19 pandemic.

     

    The world has witnessed exponential growth in demand for clean energy solutions to meet respective climate goals. The paradigm shift towards a sustainable and low-carbon future has brought to the forefront of the critical importance in securing a reliable supply of minerals which are critical for green transition.

    The use of specific minerals is indispensable for the sectors including clean energy, electronics, defence, transportation, telecommunications, fertilisers, and pharmaceuticals. One of the key challenges in supply chains is risk on account of concentration of global capacities or resources, which can add to price volatility and supply uncertainty. The work under the Action Plan team needs to address this global concentration of supply chains in any form.

    The growing population puts immense pressure on limited agricultural land for higher yields and in this context, the importance of resilient supply chains for Agro-chemicals has become extremely important. According to an estimate, the Global Agrochemicals Market (fertilizers, pesticides, adjuvants, and plant regulators) is projected to reach USD 282.2 billion by 2028 from USD 235.2 billion by 2023, at a CAGR of 3.7%.

    Minister Goyal emphasized that healthcare including pharmaceuticals and medical devices is an extremely relevant area due to over concentration of global production of APIs and Key Starting Materials (KSMs) which can severely impair supply chain resilience and impact our capacity to address the healthcare needs of our economies. Besides, the multimodal transport systems including multimodal transport corridors, upgrades of logistics infrastructure, enhanced technological interoperability and data flows among freight and logistics enterprises, are some of the key areas which need to be focused upon.  

    Minister Goyal noted that IPEF’s focus on Logistics and Movement of Good aligns perfectly with Prime Minister Shri Narendra Modi’s vision of Gati Shakti initiative, which aims to improve logistics and transportation infrastructure across India through evidence based integrated planning. Further, data and analytics on one hand will help identify new opportunities for collaboration for better resilience amongst IPEF supply chains and on other will help identify structural and systemic risks, enhancing the Council’s ability to address current challenges. He emphasized the workforce development which is a key cross cutting component of building resilient supply chains across the IPEF region should include efforts to identify skill gaps, support reskilling and upskilling, and ensure skill qualification comparability across the region to facilitate workforce mobility.

     

     

    Crisis Response Network

    IPEF Ministers emphasized the importance of collaboration under the Crisis Response Network to help partners timely understand risks in their supply chains. They also reflected on the emergency simulation exercise conducted during the Crisis Response Network (CRN) in person meeting to assist partners in creating tailored systems for real-time monitoring and crisis preparedness.

    Clean Economy

    Agreement on Clean Economy intends to accelerate efforts of IPEF partners towards energy security and transition, climate resilience and adaptation, GHG emissions mitigation; find/develop innovative ways of reducing dependence on fossil fuel energy; promote technical cooperation, workforce development, capacity building, and research collaborations; and collaborate to facilitate development, access, and deployment of clean energy and climate-friendly technologies.  The IPEF partners welcomed the progress made on the eight Cooperative Work Programs (CWPs), which serve as one of the primary mechanisms under the Clean Economy Agreement for facilitating cooperation among participating IPEF partners on priority topics. Each CWP, as developed by the proposing IPEF partner or partners, in consultation with the other IPEF partners, has different objectives and workstreams to carry forward the collaborative work.  During the virtual Ministerial, the IPEF partners commended the progress made on the Clean Economy Agreement since the successful Ministerial and inaugural Clean Economy Investor Forum in June.

    The IPEF partners welcomed the continued efforts to build and sustain longer-term cooperation among various groupings of interested partners on a range of climate solutions through the CWP mechanism, in furtherance of the overarching goals of the IPEF Clean Economy Agreement, especially w.r.t hydrogen, carbon markets, and small modular reactors (SMRs) and e-waste urban mining proposed by India.

    IPEF Ministers expressed great satisfaction over the very successful first IPEF investor Forum held in Singapore which provided a common platform to the investors and the project proponents together and facilitated them to gainfully engage on a wide array of investment opportunities including innovative ideas in the space of climate friendly technologies.

    Fair Economy

              By strengthening anti-corruption efforts and enhancing the efficiency of tax administration, the IPEF partners are demonstrating their commitment to increased transparency and predictability, and thereby will be better positioned to expand their trade, investment ties and ensure the benefits of trade are broadly shared throughout their economies.

    The IPEF partners welcomed the next steps to implement the Agreement, including operationalizing the Technical Assistance and Capacity Building Coordination Group that will coordinate technical assistance and capacity building (TACB) under the Agreement’s Capacity Building Framework. Some of the TACB initiatives highlighted include:-

    • The US Department of Commerce’s Commercial Law Development Program (CLDP)’s  two-year program will offer IPEF partners TACB to help with implementation of the anti-corruption provisions of the Agreement, primarily focused on enforcement training centered on foreign bribery, corporate liability, and compliance.
    • In August 2024, the US Treasury Department’s Office of Technical Assistance (OTA)’s virtual workshop served as a forum for the IPEF partners to discuss the importance of effective tax administration to support economic and development objectives.
    • In October 2024, the US State Department, with the Malaysia Anti-Corruption Commission and the United Nations Office on Drugs and Crime, will hold an IPEF workshop focused on the implementation and enforcement of foreign bribery laws and another IPEF workshop on preventing corruption in public procurement, including tools to improve the effectiveness of oversight mechanisms, appeal systems, and potential remedies and legal options.

    Minister Goyal underscored that peer learning, knowledge sharing and capacity building initiatives under the Fair Economy agreement will remain key to achieving its objectives. India, under the dynamic leadership of Prime Minister Narendra Modi, has established a robust anti-corruption regime and has already implemented several legislative, administrative, and regulatory measures to address both corruption and promote tax transparency. 

    Minister Goyal emphasized that the full potential of IPEF can only be realised if each partner country brings their respective strengths to the table whether it is technological advancements or investment capacity or market potential or requisite resources including skilled workforce, to address various challenges of supply chain resilience or green transition.

    The IPEF partners agreed that the Ministers will continue to monitor the progress made to further operationalize the Supply Chain Agreement, the Clean Economy Agreement, the Fair Economy Agreement, and the IPEF Overarching arrangement, and look forward to the first meetings of the ministerial-level IPEF Council and IPEF Joint Commission established under the IPEF Overarching  Agreement .

    About IPEF

    IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA. The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.

    The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV). Agreement on Supply Chain Resilience (Pillars II) was signed in November 2023 and is in force since February 2024. Agreement on Clean Economy (Pillar-III), Agreement on Fair Economy (Pillar- IV) and the IPEF Overarching Agreement were signed by India early this week in Delaware, USA in the presence of the Prime Minister during his 3-day visit to the US.  India has maintained an observer status in Pillar-I.

    These agreements were negotiated in consultation with line Ministries/Departments including the Ministry of External Affairs and other relevant stakeholders.

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