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Category: Trade

  • MIL-OSI: Amundi: Launch of the capital increase reserved for employees

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Launch of the capital increase reserved for employees

    Amundi launches a capital increase reserved for employees (under the name We Share Amundi). This capital increase was initially decided on 6 February 2024 under the terms specified below.

    This offer reflects Amundi’s desire to involve employees not only in the Company’s development but also in the creation of economic value. This will strengthen the employees’ sense of belonging.

    The discount offered to employees will be 30%, as for the five previous capital increase reserved for employees.

    Eligible employees can subscribe to the offering between 23 September and 4 October 2024 included. The capital increase is scheduled for 31 October 2024 and the newly issued Amundi shares will be listed on Euronext Paris on 4 November 2024.

    As a reminder, employees currently own 1.41 % of Amundi’s share capital.

    The impact of this offering on the net earnings per share should be negligible. The maximum number of Amundi shares to be issued will be capped at 1,000,000 shares (i.e. less than 0.5% of the Company’s share capital and voting rights).

    Terms of the capital increase

    Issuer

    Amundi, a French limited company (société anonyme) with share capital of €511.619.085 and with its offices located at 91-93, Boulevard Pasteur, 75015 Paris, France, registered with the Paris Trade and Companies Registry under number 314 222 902 (the “Company”).

    Securities offered

    The offering is a capital increase in cash reserved for employees, employees who have taken early retirement and retired employees of Amundi Group companies that are members of the UES Amundi Company Savings Plan (“PEE”) or Amundi’s International Group Savings Plan (“PEGI”). The capital increase will be carried out pursuant to Resolution 24 of the Annual General Meeting of 12 May 2023, without preferential shareholder subscription rights.

    The capital increase will be capped at 1,000,000 shares with a par value of €2.50 per share. The newly issued shares will be fully assimilated to existing ordinary shares.

    Amundi will request that the newly issued shares under the offering be admitted for trading on Euronext Paris as soon as possible after the capital increase is completed, currently scheduled for 31 October 2024. These shares will be listed on the same line as the existing shares, under ISIN code FR0004125920.

    Terms of the 2024 offering

    We Share Amundi is being made available to employees in France and Amundi Group entities in the following countries: Austria, Czech Republic, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, Malaysia, Singapore, Spain, Taiwan, United Kingdom and United States.

    Employees of companies that are members of the PEE or PEGI, with at least three months of employment, whether consecutive or not, between 1 January 2023 and the last day of the subscription period, as well as retired employees in France that have kept assets in the PEE, are eligible to the 2023 offering.

    The subscription price is set at 47.00 euros. This subscription price is the average of the share opening price over the 20 trading days between 23 August and 19 September 2024 (included), minus a 30% discount.

    Eligible employees can subscribe to the offering between 23 September 2024 and 4 October 2024 included. Shares can be subscribed to via the FCPE (Employment Shareholding Fund) AMUNDI ACTIONNARIAT      RELAIS 2024 or FCPE AMUNDI SHARES RELAIS 2024, with the exception of certain countries where shares will be subscribed to directly. Once the capital increase is completed, and following decisions by the funds’ Supervisory Boards and the approval of the French Autorité des Marchés Financiers (AMF), the FCPE AMUNDI ACTIONNARIAT RELAIS 2024 will be merged into the FCPE AMUNDI ACTIONNARIAT, and the FCPE AMUNDI SHARES RELAIS 2024 will be merged into the FCPE AMUNDI SHARES.

    The voting rights attached to the shares held via the Funds will be exercised by the Fund’s Supervisory Board. The voting rights attached to the directly-held shares will be exercised by the subscribers.

    The shares subscribed to under We Share Amundi will be subject to a five-year lock-up period, unless an early-exit event occurs as described in the PEE or PEGI plan rules. Early-exit events will be adjusted where applicable for certain countries.

    An employee can invest up to a maximum of €40,000. This cap is assessed on all the employee shareholding operations of the Crédit Agricole group in which Amundi employees could participate in 2024. Employees may finance their subscription by making voluntary contributions to the plans, up to the annual cap on investments in employee savings plans which is set at 25% of their gross annual compensation. Members of the UES Amundi PEE are also entitled to use their     assets held in another specific fund of the PEE.

    Should subscription requests exceed the maximum number of shares available under the offering, the smallest subscriptions will be fully honoured while the highest subscriptions will be subject to successive caps until all available shares are subscribed. In France, any cap on subscriptions will first be applied to portions of subscriptions financed by voluntary contributions, then on the subscriptions financed by the transfer of available assets held in another specific fund of the PEE, and finally on the subscriptions financed by the transfer of unavailable assets held in another specific fund of the PEE.

    Disclaimer

    This press release is for information only and is not a solicitation to subscribe to Amundi shares.

    We Share Amundi is strictly reserved to the eligible employees mentioned in this release and shall only be available in countries where such an offer has been registered with the competent local authorities, or the latter has been notified thereof, and/or following the approval of a prospectus by the competent local authorities, or if an exemption has been granted from the obligation to publish a prospectus or to register the offering with the authorities, or to notify the latter thereof.

    More generally, We Share Amundi will only be available in countries where all required registration and/or notification procedures have been completed and the necessary authorizations obtained.

    Contact

    For any questions about We Share Amundi, eligible employees may contact their Head of Human Resources or visit the following website: www.weshare.amundi.com

    ***

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players1, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.15 trillion of assets2.

    With its six international investment hubs3, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society

    www.amundi.com    

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com


    1Source: IPE “Top 500 Asset Managers” published in June 2023, based on assets under management as at 31/12/2022
    2Amundi data as at 31/12/2023
    3Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    • Amundi 2024 – PR EN – Launch of the capital increase reserved for employees_

    The MIL Network –

    September 29, 2024
  • MIL-OSI: 21.co Integrates Chainlink Proof of Reserve To Increase Transparency of its Wrapped Bitcoin (21BTC) on Solana and Ethereum

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, 23 September 2024 – 21.co, the parent company of 21Shares – one of the world’s largest issuers of crypto exchange traded products (ETPs), today announced the integration of the industry-standard Chainlink Proof of Reserve on both Solana and Ethereum mainnets to increase the transparency of 21.co Wrapped Bitcoin (21BTC). The firm is leveraging Chainlink Proof of Reserve within 21.co’s digital asset management platform Onyx to automate real-time reserve verification and enable secure minting of 21BTC.

    In May 2024, 21.co announced the launch of 21BTC on Solana, offering users native access to Bitcoin on Solana through a simple and secure solution that creates cross-chain compatibility, liquidity and utility. Earlier this month, the firm announced the expansion of its Wrapped Bitcoin ecosystem with the launch of 21BTC on Ethereum with one of the world’s largest market makers, Flow Traders. 21.co wrapped Bitcoin is built by institutions and for the digital asset community with institutional security and strong mechanisms to help ensure user protection.

    Chainlink has securely enabled over $15 trillion in transaction value and its infrastructure is seamless to integrate, time-tested in production, and provides ease of integration and widespread adoption – making Chainlink 21.co’s preferred decentralized computing platform and recommended service for bringing reserve data onchain.

    21BTC is a native Solana and a native Ethereum token, fully backed 1:1 by Bitcoin reserves held in cold storage and institutional custody. Timely updates on the status of those BTC reserves are delivered onchain via Chainlink Proof of Reserve, giving users greater visibility and stronger assurances that 21BTC is fully collateralized. Ultimately, this makes Bitcoin, the largest digital asset by market cap and proven store of value with deep liquidity, more easily and securely accessible across the Solana and Ethereum ecosystems.

    Key benefits of Chainlink Proof of Reserve include:

    • Programmatic Utility — By bringing reserve data onchain, protocols can build automated logic around the reserve data backing an asset thus building new use cases and features such as automated onchain risk management.
    • Confidence — With secure minting, Proof of Reserve protects against malicious minting by embedding cryptographic guarantees that new tokens minted are backed by reserves, helping to prevent infinite mint attacks.
    • Decentralized — As the industry-standard solution, Chainlink Proof of Reserve Feeds are decentralized at the data source and oracle node level, eliminating central points of failure in the sourcing and delivery of external data to Solana and Ethereum.
    • Transparent — Chainlink Proof of Reserve Feeds can be monitored by anyone in real-time, allowing any user to independently verify asset collateralization, bringing increased transparency and trust to onchain products.

    “21Shares and Chainlink have played fundamentally important roles in ensuring the adoption of a more secure blockchain infrastructure, and we’re excited to see 21Shares integrate Chainlink Proof of Reserve to support 21BTC. Proof of Reserve’s role in enabling a secure minting function is a key step to creating a reliable framework that allows for the tokenization of trillions of dollars in value.”— Johann Eid, Chief Business Officer at Chainlink Labs.

    “The industry-standard Chainlink Proof of Reserve is critical for providing transparency into the reserves backing 21BTC, helping to secure its minting function and supporting its widespread adoption across the Solana and Ethereum ecosystems. By securing the minting function and providing timely and reliable monitoring of reserves, Proof of Reserve gives users greater assurances that 21BTC is fully backed by BTC 1:1.”— Eliezer Ndinga, Head of Strategy and Business Development, Digital Assets at 21.co.

    About 21.co
    21.co is the world’s leader in providing access to crypto through traditional finance and decentralized finance. 21.co offers cryptocurrency exchange traded products (ETPs) via its 21Shares affiliate, as well as blockchain infrastructure technology. 21.co’s products are built on its proprietary operating system, Onyx, which is also distributed to third parties. The company was founded in 2018 by Hany Rashwan and Ophelia Snyder. For more information, please visit www.21.co.

    About Chainlink
    Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $12 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.

    Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

    Disclaimer

    21.co Wrapped Tokens are not available in certain jurisdictions, including the United States. These Tokens are not available to US Persons and US Persons will not be permitted to mint/burn.

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or any other regulated products in any jurisdiction. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.

    +++

    The MIL Network –

    September 29, 2024
  • MIL-OSI Security: IAEA Board of Governors Elects New Chairperson for 2024-2025

    Source: International Atomic Energy Agency – IAEA

    Ambassador Philbert Abaka Johnson. (Photo: A. Barber-Huescar/IAEA)

    The IAEA Board of Governors elected Ambassador Philbert Abaka Johnson as the Chairperson of the IAEA’s Board of Governors for 2024–2025. His one-year term commences today. He succeeds Ambassador Holger Federico Martinsen of Argentina.

    Ambassador Johnson is the Permanent Representative of Ghana to the Agency, the United Nations Offices and other International Organizations in Vienna. Since his appointment in 2020, he has chaired the 54th Session of the United Nations Commission on International Trade Law (UNCITRAL), Subsidiary Body III of the Tenth Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), the standing open-ended intergovernmental working group on improving the governance and financial situation of the United Nations Office on Drugs and Crime (FINGOV), the Commission on Narcotic Drugs, and the Vienna-based African Group. He is currently serving as Co-Chair for the preparations of the Ministerial Conference on Nuclear Science, Application and Technology and Technical Cooperation in 2024.

    A career diplomat with close to 30 years of experience, Ambassador Johnson’s first diplomatic assignment was in Liberia in 1995. He has since served in multiple Ghana Missions in Switzerland, the Russian Federation, Belgium, Canada and New York and has held numerous positions in the Ministry of Foreign Affairs and Regional Integration, including as the first Director of the Diaspora Affairs Bureau in 2014. Before his appointment in Vienna, he was the Director of Africa and Regional Integration Bureau and Head of the Economic Community of West African States (ECOWAS) National Office from 2019 to 2020 and contributed towards Ghana’s bid to host the African Continental Free Trade Area (AfCFTA) Secretariat and the establishment of the ECOWAS Early Warning Centre in Accra.

    Ambassador Johnson holds a Bachelor of Arts degree in History and a Diploma in Education from the University of Cape Coast, as well as two master’s degrees: a Master’s of International Affairs from the Legon Centre for International Affairs & Diplomacy in Ghana, and a Master’s of International Law and Economics from the World Trade Institute in Switzerland. He has participated in various courses on leadership and diplomacy and was the recipient of the Best Ghana Diplomatic Mission Award for 2024.

    MIL Security OSI –

    September 29, 2024
  • MIL-OSI USA: ***MEDIA ADVISORY*** Cassidy Announces Themes of Upcoming Energy Security Summit in Baton Rouge

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA), member of the Senate Energy and Natural Resources Committee, announced the themes of his upcoming summit, “Louisiana Energy Security Summit: Unleashing American Abundance in a Changing Global Landscape,” in Baton Rouge on Wednesday, October 16, 2024. The Energy Security Summit will bring together leaders from the federal, state, and local government, industry, research community, and more. Speakers and the full agenda will be announced in the coming weeks.
    Themes will be the guide panels and fireside chats throughout the day-long summit. They include:

    Advancing Energy Security in a Changing Global Landscape
    Exposing Threats to Global Trade and Energy Security
    Implications for U.S. Industries and Competitiveness
    Supporting Accountability and Fair Competition in Global Trade 
    Enhancing U.S. Competitiveness Through Louisiana’s Industrial Exports
    Strengthening U.S. Geopolitical Influence and Advancing Energy Security

    Registration is open to attend in-person HERE.
    Press must RSVP to shawn_hanscom@cassidy.senate.gov.
    WHAT: Energy Security Summit
    WHO: Senator Bill Cassidy (R-LA)
    WHEN: Wednesday, October 16
                   9:00am – 4:00pm CT  
    WHERE: Louisiana State Museum – Capitol Park Museum
                     660 N. 4th Street
                     Baton Rouge, LA 70802
    Background
    Cassidy frequently highlights the geopolitical challenges confronting U.S. manufacturers operating internationally. Adversaries exploit lax environmental and labor standards to gain an unfair trade advantage over American companies. Cassidy advocates for a U.S. foreign policy integrating national, economic, and energy security.
    He and U.S. Senator Lindsey Graham (R-SC) introduced their Foreign Pollution Fee Act to level the playing field with Chinese manufacturing and expand American production.
    Earlier this month, he released the 3rd episode of Bill on the Hill, which highlights his Foreign Pollution Fee Act and discusses China’s growing economy and military at the expense of the American worker. After hearing fellow Americans share his concerns, Cassidy presented his plan to address the nexus between economic development, national security, and the environment. His Foreign Pollution Fee Act would even the playing field while holding China accountable.
    He penned editorials in Foreign Affairs, The Washington Times, and jointly in the USA Today Network with State Senator Caleb Kleinpeter (R-Port Allen), and State Representative Blake Miguez (R-Erath) discussing the geopolitical threats China poses to U.S. global standing. Cassidy also joined Greta Van Susteren on Newsmax to discuss his foreign pollution fee, noting the competitive advantage China receives from intentionally ignoring environmental standards. 
    Last Spring, the Louisiana Senate and House of Representatives unanimously adopted a resolution urging Congress to pursue an industrial manufacturing and trade policy to counter competition from China. Learn more here. 
    Last Congress, Cassidy released a landmark energy policy outline in response to the Biden administration’s assault on domestic energy. The outline details how we can successfully reset U.S. energy policy, including Cassidy’s plan for an Energy Operation Warp Speed to cut permitting red tape and unleash domestic energy and manufacturing. In support of this complete vision and in addition to the Foreign Pollution Fee, Cassidy led Republican colleagues in opposition to a domestic carbon tax and introduced the first comprehensive judicial reform for permitting bill. He also pushed back on disastrous proposals from the Biden administration to limit development in the Outer Continental Shelf with the introduction of the WHALE Act and the Offshore Energy Security Act of 2023.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Brunei Darussalam

    Source: IMF – News in Russian

    September 23, 2024

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded on September 16, 2024 the Article IV consultation[1] with Brunei Darussalam on a lapse-of-time basis[2].

    Brunei’s real GDP rose by 1.4 percent in 2023 after two years of recession, mainly driven by the non-oil and gas (O&G) sector and the earlier-than-anticipated production from the new Salman oil field in Q4 2023. Inflation fell, reaching 0.4 percent in 2023 compared to 3.7 percent in 2022, supported by the easing of post-pandemic supply chain disruptions, the softening commodity prices, as well as large subsidies and price controls. The fiscal and external position deteriorated in 2023 reflecting weaker O&G production and prices. The current account was also impacted by higher service imports and net income outflows. The banking sector remains stable, liquid, and well capitalized with declining non-performing loans. 

    The recovery is anticipated to continue and risks to the outlook are broadly balanced. Growth is forecasted at about 2.4 percent in 2024 on the back of expected increase in O&G production, including from the new offshore oil fields and rebound in downstream sector, while domestic non-O&G non-tradeable sector growth is expected to plateau. Inflation is expected to remain unchanged at 0.5 percent in 2024, and fiscal and external balances would stabilize alongside O&G prices. Near-term risks tilted downward due to external factors and O&G production challenges. New O&G field discoveries would provide significant upside, while accounting for decarbonization pressures. Structural reform implementation, with product diversification and technological advancement, could boost productivity, but economic and social challenges would remain with adoption of artificial intelligence.

    Executive Board Assessment

    In concluding the 2024 Article IV consultation with Brunei Darussalam, Executive Directors endorsed staff’s appraisal, as follows:

    Growth rebounded moderately in 2023. The stronger-than-expected growth turnaround was supported by a new O&G field coming to stream in late 2023, a high interest rate environment and post-pandemic momentum boosting finance, transport, and hospitality. However, persistent O&G production challenges and maintenance related disruptions in downstream activities along with lower O&G prices weakened the fiscal and external positions in 2023. Consequently, the external position for 2023 remained substantially weaker than suggested by fundamentals and desirable policies and the output gap is assessed to be negative. Disinflation continued mainly due to easing supply chain disruptions and the softening of commodity prices, aided by continuing large scale subsidies and price controls.

    The narrowing output gap, O&G revenue uncertainty and long-term decarbonization trends warrant a prudent fiscal stance, while protecting the vulnerable and public investment. While the use of fiscal buffers in FY 2023/24 was appropriate in view of the cyclical position and to support economic recovery, restoring fiscal buffers through growth-friendly fiscal consolidation should be prioritized going forward. This will require enhanced revenue generation, and could be supported by a low-rate carbon tax, and expenditure rationalization—including via more targeted subsidies.  These efforts should be guided by a fiscal consolidation plan with clear fiscal targets. Plans to establish a MTFF and fiscal anchors, strengthening fiscal risk management and transparency are welcome.

    The currency board arrangement with Singapore is sound and has played a key role in supporting Brunei’s macroeconomic and financial sector stability. Efforts to improve monetary operations, by including Singapore’s interbank transactions in its analysis to understand the influence of Singapore’s policy rates since January 2024, and continuing to narrow the corridor by raising the SFDR, integrating I-bills into the Asset Maintenance Ratio and launching a website for better communication on monetary policies, are welcome. Enhancing inter-agency cooperation regarding the issuance and management of sukuks will be helpful. Over the medium-term, the BDCB is encouraged to build internal capacity in liquidity forecasting to calibrate the issuance of the I-bills and consider establishing a single treasury account. 

    The financial sector remained stable with strong capital and liquidity buffers. Systemic risk is assessed to be contained. Careful tracking of credit growth in both offshore and domestic personal loans is warranted, as declining oil prices could pose risks, despite low NPLs. Ensuring that that the foreign loans continue to be invested in highly credit-rated assets will help to mitigate credit risk. For domestic lending, continuing to deploy prudential measures like capping the Total Debt Service Ratio, assessing unsecured personal loan exposure, and maintaining NPL standards are welcome measures. Authorities are encouraged to stay on track with plans to implement Basel III standards for better liquidity management by the end-2024. Implementation of stress tests is recommended, while considering stress testing for climate transition and physical risks. Efforts to further strengthen prudential frameworks, develop a long-term sukuk markets, green taxonomy and unify disclosure standards, and to improve AML/CFT effectiveness will help to deepen markets, and support long-term green projects. The authorities’ commitment to continue implementing the recommended actions in the APG’s Mutual Evaluation Report is welcome.

    The authorities’ commitment  to ambitious and sustained structural reforms will be critical to ensure growth and diversification, including by transitioning to a low-carbon economy.  Reaching the authorities’ net zero emissions goal by 2050, will require continued development of  the non-O&G sector, including through adoption of green technologies. Continued skill development, while addressing AI-related challenges and closing structural gaps in the first-generation reform areas (external sector trade facilitation, improving business regulation, and governance) vis-à-vis top peers, will be key to facilitate FDI and PPPs. Completing the 2025 National Adaptation Plan and a Climate Vulnerability Assessment should support the prioritization of adaptation strategies.

    Data provided to the Fund has some shortcomings that somewhat hamper surveillance and data quality should be strengthened. Steps are needed to close the identified data gaps in national income, prices, external and fiscal sectors. Efforts for improving external sector data through a survey to better gauge trends in errors and omissions, and payables/receivables and strengthening public financial management (PFM) to build more transparent and accountable fiscal systems and aligning these further with GFSM (2014) are welcome, as are plans to enhance dissemination via the Fund’s e-GDDS portal.

    Table 1. Brunei Darussalam: Selected Economic and Financial Indicators, 2019–29

    Area: 5,765 sq. kilometers

                         

    Population (2023): 450,500

                         

    Nominal GDP per capita (2023): US$33,581.1

                         

    Main export destinations (2023): Australia (21.5 percent), China (16.9), and Singapore (16.7)

               

    Unemployment rate (2023): 5.1%

                         

    Labor force participation rate (2023): total 67.2; male 75.8%; female 57.3%

         

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

                 

    Est.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Output and Prices

                         
     

    Nominal GDP (millions of Brunei dollars)

    18,375

    16,564

    18,822

    23,003

    20,319

    20,893

    22,197

    23,073

    24,081

    25,153

    26,447

     

    Nominal non-oil and gas GDP (millions of Brunei dollars)

    8,268

    8,868

    9,790

    11,043

    10,883

    11,386

    12,411

    13,620

    15,045

    16,281

    17,717

     

    Real GDP (percentage change) 1/

    3.9

    1.1

    -1.6

    -1.6

    1.4

    2.4

    2.6

    2.6

    2.7

    2.9

    3.1

       

    Oil and gas sector GDP

    3.9

    -4.9

    -4.8

    -7.3

    -2.0

    2.6

    3.1

    3.1

    1.7

    1.1

    1.0

       

    Non-oil and gas sector GDP

    3.9

    8.9

    2.0

    4.3

    4.5

    2.1

    2.0

    2.1

    3.5

    4.4

    4.7

     

    Oil production (‘000 barrels/day)

    121

    110

    107

    92

    74

    84

    94

    94

    99

    90

    90

     

    Natural gas output (millions BTUs/day)

    1,402

    1,358

    1,253

    1,151

    1,214

    1,226

    1,201

    1,220

    1,277

    1,313

    1,313

     

    Average Brunei oil price (U.S. dollars per barrel)

    68.6

    43.3

    72.1

    107.7

    87.1

    89.5

    83.3

    79.9

    77.0

    75.1

    73.8

     

    Average Brunei gas price (U.S. dollars per million BTU)

    9.1

    6.7

    9.1

    14.4

    10.9

    8.6

    9.9

    8.7

    7.8

    7.4

    7.0

     

    Consumer prices (period average, percentage change)

    -0.4

    1.9

    1.7

    3.7

    0.4

    0.5

    1.0

    1.0

    1.0

    1.0

    1.0

         

    (Fiscal Year, In percent of GDP)

    Public Finances: Budgetary Central Government

                         
     

    Total revenue

    26.4

    12.6

    24.0

    28.3

    17.3

    19.3

    18.9

    17.5

    16.3

    15.5

    15.1

       

    Oil and gas

    19.8

    7.7

    20.2

    24.5

    13.0

    13.6

    13.4

    12.2

    11.1

    10.1

    9.5

       

    Other

    6.5

    5.0

    3.8

    3.9

    4.3

    5.6

    5.5

    5.3

    5.2

    5.4

    5.6

     

    Total Expenditure

    31.9

    32.6

    29.1

    26.7

    29.2

    29.4

    28.6

    27.8

    26.9

    25.9

    25.1

       

    Current

    29.5

    31.3

    28.0

    25.7

    27.4

    27.0

    26.2

    25.4

    24.5

    23.6

    22.8

       

    Capital

    2.4

    1.3

    1.1

    1.0

    1.8

    2.4

    2.3

    2.3

    2.3

    2.3

    2.3

     

    Overall balance 2/

    -5.6

    -20.0

    -5.1

    1.6

    -11.8

    -10.1

    -9.6

    -10.2

    -10.5

    -10.4

    -9.9

     

    Overall primary balance excluding royalties

    -22.7

    -25.8

    -22.5

    -19.8

    -22.6

    -21.5

    -20.7

    -20.2

    -19.6

    -18.7

    -17.7

     

    Non-oil and Gas Balance (In percent of non-oil and gas GDP)

    -49.5

    -46.1

    -44.3

    -40.2

    -41.8

    -39.2

    -36.5

    -33.7

    -31.1

    -28.6

    -26.1

         

    (12-month percent change)

    Money and Banking

                         
     

    Private Sector Credit

    2.0

    0.2

    2.7

    6.0

    3.9

    2.0

    2.0

    2.0

    2.0

    2.0

    2.0

     

    Narrow money

    6.6

    20.8

    6.5

    1.2

    0.7

    3.8

    3.8

    3.8

    3.8

    3.8

    3.8

     

    Broad money

    4.3

    -0.4

    2.7

    1.3

    2.7

    2.6

    2.7

    2.7

    2.7

    2.7

    2.7

         

    (In millions of U.S. dollars, unless otherwise indicated)

    Balance of Payments

                         
     

    Goods

    2,211

    1,359

    2,679

    5,153

    3,808

    3,966

    4,264

    4,121

    3,925

    4,013

    4,131

       

    Exports

    7,210

    6,535

    11,001

    14,130

    11,264

    11,416

    11,987

    12,098

    12,024

    12,390

    12,780

       

       Of which: oil and gas

    3,244

    2,943

    4,730

    5,660

    4,185

    3,867

    4,387

    4,243

    3,798

    3,668

    3,617

       

    Imports

    4,999

    5,176

    8,322

    8,977

    7,456

    7,450

    7,723

    7,977

    8,099

    8,377

    8,649

     

    Services (net)

    -1,189

    -855

    -696

    -848

    -1,305

    -1,324

    -1,271

    -1,173

    -1,086

    -1,029

    -989

     

    Primary Income (net)

    362

    360

    90

    -370

    194

    327

    226

    193

    146

    119

    83

     

    Secondary Income (net)

    -490

    -350

    -502

    -671

    -749

    -641

    -687

    -692

    -673

    -684

    -683

     

    Current Account Balance

    894

    514

    1,570

    3,264

    1,949

    2,328

    2,532

    2,448

    2,311

    2,419

    2,541

     

    Current Account Balance (in percent of GDP)

    6.6

    4.3

    11.2

    19.6

    12.9

    15.0

    15.5

    14.4

    13.0

    13.0

    13.0

     

    Gross Official Reserves 3/

    4,273

    3,997

    4,980

    5,035

    4,485

    4,583

    4,682

    4,780

    4,879

    4,977

    5,075

       

    In months of next year’s imports of goods and services

    8.0

    5.2

    5.9

    6.6

    5.9

    5.9

    5.9

    5.9

    5.9

    5.9

    5.9

     

    Brunei dollars per U.S. dollar (period average)

    1.36

    1.38

    1.34

    1.38

    1.34

    …

    …

    …

    …

    …

    …

     

    Brunei dollar per U.S. dollar (end of period)

    1.35

    1.34

    1.36

    1.35

    1.33

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Brunei authorities; and Fund staff estimates and projections.

    1/ Non-oil and gas GDP includes the downstream sector.

    2/ In absence of government debt and interest payments, this is also primary balance.

    3/ Comprises foreign exchange assets of Brunei Darussalam Central Bank, SDR holdings, and reserve position in the Fund.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/23/pr-24340-brunei-imf-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

    September 29, 2024
  • MIL-OSI USA: MEMORANDUM: EXECUTIVE ORDER NUMBER 24-208 (Emergency Management – Potential Tropical Cyclone Nine)

    Source: US State of Florida

    TO:                Members of the Press

    FROM:          Bryan Griffin, Director of Communications, Governor Ron DeSantis

    DATE:           Monday, September 23, 2024

    RE:                Executive Order Number 24-208 (Emergency Management – Potential Tropical Cyclone Nine)

    Today, Governor Ron DeSantis issued Executive Order (EO) 24-208, Emergency Management – Potential Tropical Cyclone Nine, declaring a state of emergency in 41 Florida counties ahead of the storm.

    To read the full executive order, click here or read below:

    STATE OF FLORIDA
    OFFICE OF THE GOVERNOR
    EXECUTIVE ORDER NUMBER 24-208
    (Emergency Management – Potential Tropical Cyclone Nine)

    WHEREAS, as of 11:00 AM EDT on Monday, September 23, 2024, showers and thunderstorms located over the northwestern Caribbean Sea and portions of Central America have been associated with a broad area of low pressure, now identified as Potential Tropical Cyclone Nine; and

    WHEREAS, based on atmospheric and oceanic data, highly conducive environmental conditions are forecast to organize and develop Potential Tropical Cyclone Nine into a tropical depression or tropical storm during the next day or two over the northwestern Caribbean Sea and southeastern Gulf of Mexico, where further development and strengthening is expected; and

    WHEREAS, forecast models indicate that this system will have a vast areal extent, and its impact will likely extend well beyond its center, along the northeast Gulf Coast; and

    WHEREAS, there is a significant threat of storm surge, coastal flooding and erosion, heavy rainfall and flash flooding, and damaging winds to the Florida Gulf Coast; and

    WHEREAS, due to the impacts from Hurricane Debby, the water tables and riverine levels across North and West-Central Florida remain above normal, and the additional incoming heavy rainfall will likely cause significant riverine flooding for an extended period; and

    WHEREAS, the incoming heavy rainfall, flooding, and gusty winds will cause widespread power outages due to fallen trees and powerlines; and

    WHEREAS,
    these conditions could damage the operational capability of major interstates, roadways, bridges, airports, schools, hospitals, power grids and other critical infrastructure; and

    WHEREAS, as Governor of Florida, I am responsible to meet the dangers presented to the State of Florida and its people by this emergency.

    NOW, THEREFORE, I, Ron DeSantis, as Governor of Florida, by virtue of the authority vested in me by Article IV, Section 1(a) of the Florida Constitution and by the Florida Emergency Management Act, as amended, and all other applicable laws, promulgate the following Executive Order, to take immediate effect:

    Section 1.        Because of the foregoing conditions, which are projected to constitute a major disaster, I declare that a state of emergency exists in Alachua, Bay, Bradford, Calhoun, Charlotte, Citrus, Collier, Columbia, Dixie, Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Sumter, Suwannee, Taylor, Union, Wakulla, Walton, and Washington counties.

    Section 2.        I designate the Executive Director of the Division of Emergency Management (“Director”) as the State Coordinating Officer for the duration of this emergency and direct him to execute the State’s Comprehensive Emergency Management Plan and other response, recovery, and mitigation plans necessary to cope with the emergency, including any logistical, rescue or evacuation operations.  Pursuant to section 252.36(1)(a), Florida Statutes, I delegate to the State Coordinating Officer the authority to exercise those powers delineated in sections 252.36(6)-(12), Florida Statutes, which he shall exercise as needed to meet this emergency, subject to the limitations of section 252.33, Florida Statutes.  In exercising the powers delegated by this Executive Order, the State Coordinating Officer shall confer with the Governor to the fullest extent practicable.  The State Coordinating Officer shall also have the authority to:

    A. Invoke and administer the Emergency Management Assistance Compact (“EMAC”) (sections 252.921-252.9335, Florida Statutes) and other compacts and agreements existing between the State of Florida and other states, and the further authority to coordinate the allocation of resources from such other states that are made available to Florida under such compacts and agreements so as to best meet this emergency.

    B. Seek direct assistance and enter into agreements with any and all agencies of the federal government as may be needed to meet this emergency.

    C. Direct all state, regional, and local governmental agencies, including law enforcement agencies, to identify personnel needed from those agencies to assist in meeting the response, recovery, and mitigation needs created by this emergency, and to place all such personnel under the direct command and coordination of the State Coordinating Officer to meet this emergency.

    D. Direct the actions of any state agency as necessary to implement the Federal Emergency Management Agency’s National Disaster Recovery Framework.

    E. Designate Deputy State Coordinating Officers and Deputy State Disaster Recovery Coordinators, as necessary.

    F. Suspend the effect of any statute, rule, or order that would in any way prevent, hinder, or delay any mitigation, response, or recovery action necessary to cope with this emergency. In accordance with section 252.3611(1), Florida Statutes, any such order, declaration, or other action shall specify each statute or rule being amended or waived, if applicable, and the expiration date for the order or action.

    G. Enter orders as may be needed to implement any of the foregoing powers; however, the requirements of sections 252.46 and 120.54(4), Florida Statutes, do not apply to any such orders issued by the State Coordinating Officer.  No such order shall remain in effect beyond the expiration of this Executive Order, including any extension thereof.

    Section 3.        I order the Adjutant General to activate the Florida National Guard, as needed, to deal with this emergency.  I further order the Director of the Florida State Guard to activate the Florida State Guard, as needed, to respond to this emergency.

    Section 4.        I find that the special duties and responsibilities resting upon some state, regional, and local agencies and other governmental bodies in responding to this emergency may require them to suspend or waive certain statutes, rules, ordinances, and orders they administer.  Therefore, I issue the following authorizations:

    A. Pursuant to section 252.36(6)(a), Florida Statutes, the Executive Office of the Governor may suspend all statutes and rules affecting budgeting to the extent necessary to provide budget authority for state agencies to cope with this emergency.  The requirements of sections 252.46 and 120.54(4), Florida Statutes, do not apply to any such suspension issued by the Executive Office of the Governor.  No such suspension shall remain in effect beyond the expiration of this Executive Order, including any extension thereof.

    B. Each state agency may suspend the provisions of any regulatory statute prescribing the procedures for conduct of state business or the orders or rules of that agency, if strict compliance with the provisions of any such statute, order, or rule would in any way prevent, hinder, or delay necessary action in coping with the emergency.  This includes, but is not limited to, the authority to suspend any and all statutes, rules, ordinances, or orders which affect leasing, printing, purchasing, travel, and the condition of employment and the compensation of employees.  In accordance with section 252.3611(1), Florida Statutes, any agency order, declaration, or other action suspending a statute or rule shall specify each statute or rule being amended or waived, if applicable, and the expiration date for the order or action.  The requirements of sections 252.46 and 120.54(4), Florida Statutes, shall not apply to any such suspension issued by a state agency. No such suspension shall remain in effect beyond the expiration of this Executive Order, including any extension thereof.

    C. In accordance with section 252.38(3), Florida Statutes, each political subdivision within the State of Florida may waive the procedures and formalities otherwise required of the political subdivision by law pertaining to:

    1) Performance of public work and taking whatever prudent action is necessary to ensure the health, safety, and welfare of the community;

    2) Following local procurement and contracting policies;

    3) Entering into contracts; however, political subdivisions are cautioned against entering into time and materials contracts without a ceiling as defined by 2 CFR 200.318(j) or cost plus a percentage of cost contracts prohibited by 2 CFR 200.324(d);

    4) Incurring obligations;

    5) Employment of permanent and temporary workers;

    6) Utilization of volunteer workers;

    7) Rental of equipment;

    8) Acquisition and distribution, with or without compensation, of supplies, materials, and facilities; and

    9) Appropriation and expenditure of public funds.

    D. All agencies whose employees are certified as disaster service volunteers within the meaning of section 110.120(2)(d), Florida Statutes, may, in accordance with section 110.120(3), Florida Statutes, release any such employees for such service as requested by the employee to meet this emergency.

    E. The Secretary of the Florida Department of Transportation (DOT) may:

    1) Waive the collection of tolls and other fees and charges for the use of the Turnpike and other public highways, to the extent such waiver may be needed to provide emergency assistance or facilitate the evacuation of the affected counties;

    2) Manage the flow of traffic or close any and all roads, highways, and portions of highways as may be needed for the safe and efficient transportation of evacuees to those counties that the State Coordinating Officer may designate as destination counties for evacuees in this emergency;

    3) Suspend enforcement of the registration requirements pursuant to section 316.545(4), Florida Statutes, for commercial motor vehicles that enter Florida to provide emergency services or supplies, to transport emergency equipment, supplies or personnel, or to transport FEMA mobile homes or office style mobile homes into or from Florida;

    4) Waive by special permit the warning signal requirements in the Utility Accommodations Manual to accommodate public utility companies from other jurisdictions which render assistance in restoring vital services; and

    5) Waive the size and weight restrictions for divisible loads on any vehicles transporting emergency equipment, services, supplies, and agricultural commodities and citrus as recommended by the Commissioner of Agriculture, allowing the establishment of alternate size and weight restrictions for all such vehicles for the duration of the emergency.  The DOT shall issue permits and such vehicles shall be subject to such special conditions as the DOT may endorse on any such permits.

    Nothing in this Executive Order shall be construed to allow any vehicle to exceed weight limits posted for bridges and like structures, or relieve any vehicle or the carrier, owner, or driver of any vehicle from compliance with any restrictions other than those specified in this Executive Order, or from any statute, rule, order, or other legal requirement not specifically waived or suspended herein or by supplemental order by the State Coordinating Officer.

    F. The Executive Director of the Department of Highway Safety and Motor Vehicles (DHSMV) may:

    1) Suspend enforcement of the registration requirements pursuant to sections 316.545(4) and 320.0715, Florida Statutes, for commercial motor vehicles that enter Florida to provide emergency services or supplies, to transport emergency equipment, supplies or personnel, or to transport FEMA mobile homes or office style mobile homes into or from Florida;

    2) Waive the hours-of-service requirements for such vehicles;

    3) Suspend the enforcement of the licensing and registration requirements under the International Fuel Tax Agreement (IFTA) pursuant to chapter 207, Florida Statutes, and the International Registration Plan (IRP) pursuant to section 320.0715, Florida Statutes, for motor carriers or drivers operating commercial motor vehicles that are properly registered in other jurisdictions and that are participating in emergency relief efforts through the transportation of equipment and supplies or providing other assistance in the form of emergency services;

    4) Waive fees for duplicate or replacement vessel registration certificates, vessel title certificates, vehicle license plates, vehicle registration certificates, vehicle tag certificates, vehicle title certificates, handicapped parking permits, replacement drivers’ licenses, and replacement identification cards and to waive the additional fees for the late renewal of or application for such licenses, certificates, and documents due to the effects of adverse weather conditions; and

    5) Defer administrative actions and waive fees imposed by law for the late renewal or application for the above licenses, certificates, and documents, which were delayed due to the effects of adverse weather conditions, including in counties wherein the DHSMV has closed offices, or any office of the County Tax Collector that acts on behalf of the DHSMV to process renewals has closed offices due to adverse weather conditions.  Recordkeeping and other applicable requirements for existing IFTA and IRP licensees and registrants are not affected by this Executive Order.  The DHSMV shall promptly notify the State Coordinating Officer when the waiver is no longer necessary.

    G. In accordance with section 465.0275(2), Florida Statutes, pharmacists may dispense up to a 30-day emergency prescription refill of maintenance medication to persons who reside in an area or county covered under this Executive Order and to emergency personnel who have been activated by their state or local agency but who do not reside in an area or county covered by this Executive Order.  In accordance with section 465.019(4)(b), Florida Statutes, a hospital that operates a Class II or Class III institutional pharmacy located in an area or county covered under this Executive Order may prescribe and dispense a supply of medicinal drug lasting up to 72 hours.

    H. All state agencies responsible for the use of state buildings and facilities may close such buildings and facilities in those portions of the State affected by this emergency, to the extent necessary to meet this emergency.  I direct each state agency to report the closure of any State building or facility to the WebEOC system utilized by the Division of Emergency Management.  Under the authority contained in section 252.36, Florida Statutes, I direct each county to report the closure of any building or facility operated or maintained by the county or any political subdivision on a daily basis to the WebEOC system.  Furthermore, I direct the Secretary of the Department of Management Services to:

    1) Maintain an accurate and up-to-date list of all such closures; and

    2) Provide that list daily to the State Coordinating Officer.

    I. All State agencies may abrogate the time requirements, notice requirements, and deadlines for final action on applications for permits, licenses, rates, and other approvals under any statutes or rules under which such application are deemed to be approved unless disapproved in writing by specified deadlines.  All such time requirements that have not yet expired as of the date of this Executive Order are suspended and tolled to the extent necessary to meet this emergency.

    J. All agencies shall implement Selected Exempt Services (SES) Extraordinary Payment Plans and Career Service Regular Compensatory Leave Payment Plans for:

    1) All essential agency personnel who are required to work extraordinary hours when state-owned or state-operated facilities are closed in response to an emergency condition.  Employees who are eligible to receive extraordinary pay under the agency’s activated plan shall accrue special compensatory leave credits for work performed during facility closures up to the number of hours in the employee’s established workday.  For these employees, any additional time worked beyond the employee’s established workday during facility closures will result in extraordinary pay;

    2) All agency personnel who are assigned to the State Emergency Operations Center and are required to work extraordinary hours; and

    3)  All agency personnel who are deployed throughout the state in response to an emergency condition and are required to work extraordinary hours.

    K. All State agencies may waive the forty-day time limit to issue a warrant pursuant to section 215.422(3)(b), Florida Statutes.  This waiver applies to invoices and reimbursement requests arising from this emergency that were received, inspected, and approved by the agency prior to the expiration of this Executive Order, including any extension thereof.  This waiver of section 215.422(3)(b), Florida Statutes, and all waivers based upon this waiver shall expire upon the expiration of this Executive Order, including any extension thereof.

    L. The provisions of section 934.50, Florida Statutes, excluding subsection (4), are waived for state and local agencies conducting emergency operations arising from the state of emergency for the limited purpose of capturing aerial evidence concerning the amount of damage sustained to private and public property; to assist in search, rescue, and recovery activities; and prevent imminent danger to life or serious damage to property.

    Section 5.        All public facilities, including elementary and secondary schools, community colleges, state universities, and other facilities owned or leased by the state, regional or local governments that are suitable for use as public shelters shall be made available at the request of the local emergency management agencies to ensure the proper reception and care of all evacuees.  Under the authority contained in section 252.36, Florida Statutes, I direct the Superintendent of each public-school district in the State of Florida to report the closure of any school within its district to the Commissioner of the Florida Department of Education.  Furthermore, I direct the Commissioner of the Department of Education to:

    A. Maintain an accurate and up-to-date list of all such closures; and

    B. Provide that list daily to the State Coordinating Officer.

     Section 6.        I find that the demands placed upon funds specifically appropriated to state and local agencies for disaster relief or response are unreasonably great and that such funds may be inadequate to pay the costs of coping with this emergency.  In accordance with section 252.37(2), Florida Statutes, I direct that sufficient funds be made available, as needed, by transferring and expending moneys from the Emergency Preparedness and Response Fund.

     Section 7.        All state agencies entering emergency orders, emergency rules, or other emergency actions in response to this emergency shall advise the State Coordinating Officer contemporaneously or as soon as practicable thereafter, and, pursuant to section 252.36(3)(b), Florida Statutes, shall submit the order or declaration to the Division of Administrative Hearings within five (5) days of issuance.

    Section 8.        Medical professionals and workers, social workers, and counselors with good and valid professional licenses issued by states other than the State of Florida may render such services in Florida during this emergency for persons affected by this emergency with the condition that such services be rendered to such persons free of charge, and with the further condition that such services be rendered under the auspices of the American Red Cross or the Florida Department of Health.

    Section 9. Pursuant to section 501.160, Florida Statutes, it is unlawful and a violation of section 501.204, Florida Statutes, for a person to rent or sell or offer to rent or sell at an unconscionable price within the area for which the state of emergency is declared, any essential commodity including, but not limited to, supplies, services, provisions, or equipment that is necessary for consumption or use as a direct result of the emergency.

    Section 10.        Under the authority contained in sections 252.36(6)(a), (g), and (m), Florida Statutes, I direct that, for the purposes of this emergency, the term “essentials”, as defined by section 252.359(2), Florida Statutes, shall be the same as and no more expansive than the term “commodity”, as defined by section 501.160(1)(a), Florida Statutes (hereinafter referred to collectively or alternatively as “essential commodities”).  Accordingly, any person who delivers essential commodities to a location in the area(s) declared to be under a state of emergency by this Executive Order, and when necessary to ensure that those commodities are made available to the public, may travel within evacuated areas and exceed curfews, provided the State Coordinating Officer determines, after consultation with the appropriate Emergency Support Function(s), that:

    A. Law enforcement officials in the declared area(s) can provide adequate security to protect the essential commodities from theft;

    B. The weight of a delivery vehicle will not jeopardize the structural integrity of any roadway or bridge located within the declared area;

    C. Delivery vehicles will not negatively impact evacuation activities in the declared area(s); and

    D. Delivery vehicles will not negatively impact any response or recovery activities occurring within the declared area(s).

    After consulting with the appropriate Emergency Support Function(s), and after consulting with local officials, the State Coordinating Officer may dictate the routes of ingress, egress, and movement within the declared area(s) that drivers must follow when delivering essential commodities.

    Provided he or she is actually delivering medications, any person authorized to deliver medications under chapter 893, Florida Statutes, qualifies as a person delivering essential commodities.

    In order to qualify as a person delivering essential commodities under this section, a person must be in the process of delivering essential commodities only.  If an individual is transporting both essential and non-essential commodities, then this section shall not provide any authorization for that individual to enter into or move within the declared area(s).

    Section 11.        Consistent with Executive Order 80-29, nothing in this Executive Order shall prevent local jurisdictions in any area not declared to be under a state of emergency by this Executive Order from taking prompt and necessary action to save lives and protect the property of their citizens, including the authority to compel and direct timely evacuation when necessary.

    Section 12.         I authorize the Florida Housing Finance Corporation to distribute funds pursuant to section 420.9073, Florida Statutes, to any county, municipality, or other political subdivision located within the area(s) declared to be under a state of emergency by this Executive Order.  The authority of the Florida Housing Finance Corporation to distribute funds in connection with this emergency shall expire six months after the expiration of this Executive Order, including any extension thereof.

         Section 13.      All actions taken by the Director of the Division of Emergency Management with respect to this emergency before the issuance of this Executive Order are ratified.

    Section 14.     This Executive Order is effective immediately and shall expire sixty (60) days from this date unless extended.

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: CFTC Orders Piper Sandler to Pay $2 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods

    Source: US Commodity Futures Trading Commission

    Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Piper Sandler Hedging Services LLC, an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to its business as a CFTC registrant.

    The order requires Piper Sander to pay a $2 million civil monetary penalty; to cease and desist from further violations of recordkeeping and supervision requirements; and to engage in specified remedial undertakings. Piper Sandler admits the facts detailed in the order.

    Cases Background

    The order finds that from at least 2019 to the present, Piper Sandler employees, including those at senior levels, communicated using unapproved communication methods, including messages sent via personal text. The firm was required to keep certain of these written communications because they related to the firm’s business as a CFTC registrant. These written communications generally were not maintained and preserved by Piper Sandler, and the firm generally would not have been able to provide them promptly to the CFTC if and when requested. 

    The order further finds the use of unapproved communication methods violated Piper Sandler’s internal policies and procedures, which broadly prohibited business-related communication taking place via unapproved methods. Further, some of the same supervisory personnel responsible for ensuring compliance with the firm’s policies and procedures themselves used non-approved methods of communication to engage in business-related communications, in violation of firm policy.

    Since December 2021, the CFTC has imposed $1.207 billion in civil monetary penalties on 26 financial institutions for their use of unapproved methods of communication, in violation of CFTC recordkeeping and supervision requirements. [See CFTC Press Release Nos. 8470-21; 8599-22; 8699-23; 8701-23; 8762-23; 8763-23; 8794-23; 8880-24; 8943-24; 8945-24]

    Related Civil Actions

    The Securities and Exchange Commission recently announced entry of an order filing and settling charges against a Piper Sandler affiliate and imposing a civil monetary penalty for recordkeeping and supervision violations related to the use of unapproved methods of communication.

    ******

    The Division of Enforcement staff responsible for these actions are Devin Cain; Alejandra de Urioste; R. Stephen Painter, Jr.; Lenel Hickson, Jr.; and Manal M. Sultan.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Dissenting Statement of Commissioner Caroline D. Pham on Off-Channel Communications Enforcement Action

    Source: US Commodity Futures Trading Commission







    /PressRoom/SpeechesTestimony/phamstatement092324

    Skip to main content

    September 23, 2024

    Washington, DC – Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham today released the following statement on the CFTC’s settlement order regarding Piper Sandler Hedging Services LLC:

    “Once again, the CFTC has no evidence that a violation of CFTC recordkeeping rules for introducing brokers (IBs) actually occurred.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC

    Source: US Commodity Futures Trading Commission

    I respectfully dissent from the Commission’s[1] enforcement action settling charges against Piper Sandler Hedging Services, LLC (“Piper Sandler” or “Respondent”).

    Despite the Commodity Futures Trading Commission imposing more than $1.1 billion in offline communication-related civil monetary penalties across more than 20 recent actions[2], I fear this particular case sends the message that everything is a business record, even if such a conclusion has no foundation in the Commodity Exchange Act (“CEA”) or CFTC regulations.

    Enforcement is one of many tools available in our regulatory toolbox to promote a culture of compliance with our regulated entities.  Our policy divisions can conduct targeted examinations, issue guidance, and work with our self-regulatory organizations on their compliance efforts.  Our enforcement authorities should not be our default tool and should only be wielded after ensuring our expectations for compliance with our regulations are clearly communicated to impacted entities.  Only after the Commission fulfills that fundamental responsibility should we use our enforcement function to pursue those who either have no interest in complying or who have failed in their attempts to comply.

    As I have said before, regulation through enforcement is the antithesis of regulatory clarity and transparency.[3]  Unfortunately, without providing additional clarity into how our Division of Enforcement is approaching recordkeeping requirements, including those in Regulation 1.35 which are implicated in today’s settlement, regulated entities and their associated persons are left to determine what constitutes a violation under the looming threat of a visit from our enforcement attorneys.

    Transaction-Related Records Should Be Preserved

    I do not dispute that business related records identified under the CEA and CFTC regulations must be preserved to facilitate an effective regulatory and enforcement program, and I have approved other offline communication cases when the surrounding circumstances warrant such support.  However, the mere existence of business-related communications occurring through unofficial channels is not necessarily a violation.  The threshold inquiry is whether an entity failed to preserve a record they were required to preserve.

    Conclusory statements in settlement orders that business related communications occurred via unofficial channels offer no explanation on how a particular respondent violated the CEA or CFTC regulations.  More importantly, these statements fail to offer any guidance to other similarly situated entities on compliance with these requirements to avoid becoming the next respondent in a CFTC enforcement matter.

    Recordkeeping Requirements Are Not One Size Fits All

    The CEA and CFTC regulations do not require every record of every business activity to be preserved.  Instead, Congress developed a recordkeeping framework which varies based on the category of the entity.[4]  Under this umbrella, the Commission and its staff have developed recordkeeping requirements tailored to respective market participants.

    For example, Section 4g(a) of the CEA requires introducing brokers (IBs), to “keep books and records pertaining to such transactions and positions … as may be required by the Commission.”[5]  Compare that to Section 4n of the CEA, which requires registered commodity pool operators and commodity trading advisors to “maintain books and records and file such reports in such form and manner as may be prescribed by the Commission.”  It is significant that Section 4g of the CEA, the section at issue in today’s enforcement action, is limited to records pertaining to transactions and positions, whereas Section 4n of the CEA lacks such limitation.[6]

                Regulation 1.35 – Tailored Transactional Records

    The Commission has consistently respected these statutory distinctions when adopting numerous modifications to Regulation 1.35, its principal recordkeeping rule for intermediaries, including IBs.

    Regulation 1.35 imposes categorical recordkeeping requirements on futures commission merchants, retail foreign exchange dealers, IBs and designated contract market and swap execution facility members.[7]  In fact, the basic provisions of Regulation 1.35 have remained in place since as early as 1938.[8]  Importantly, Regulation 1.35 requires preservation of records related to transactions and has never, or at least for the past 86 years, contained a general mandate to preserve all records.[9]

    Regardless of intermediary, Regulation 1.35 identifies two major types of records required to be maintained: (1) transaction records (consisting of both “commodity interest and related records” and “original source documents”); and, (2) pre-trade communications (both “oral” and “written”).[10]  All of the key record types defined in Regulation 1.35 are framed around the statutory construction discussed above and therefore, must be related to transactions—in a commodity interest and any related cash or forward transactions.[11]  Furthermore, Regulation 1.35(a) requires the records, except for pre-trade communications, to be “kept in a form and manner that allows for the identification of a particular transaction.”[12]  When the Commission first added the “particular transaction” provision to the regulation, it stated the purpose of the rule would be satisfied “when a market participant can identify those records that pertain to a particular transaction,”[13] versus requiring that all records on all transactions be maintained in a specific manner.

    The rule has been expanded several times as both new registrants have been added to the Commission’s jurisdiction and as technological changes have necessitated revised requirements.[14]  In each case, the Commission has carefully balanced the application of these requirements, not only on different market participants and intermediaries, but also by size and type within certain categories.  These revisions were done to acknowledge that for certain intermediaries, particularly IBs, the burden and costs associated with complying with Commission’s recordkeeping requirements may be significant without substantial benefit.[15] 

    Most importantly in this regard, small IBs – those earning less than $5 million in aggregate gross revenue over a three-year period – have been specifically carved out of certain recordkeeping requirements in Regulation 1.35.  Again, this was done citing the Commission’s concerns “regarding costs and the availability of relevant technology,” and further noting such a balancing would, “achieve the Commission’s objectives and the benefits of promoting market integrity and protecting customers albeit at lower cost.”[16]  Like many rules in Part 1 of the CFTC’s regulations, Regulation 1.35’s requirements vary by entity size and type, reflect the Commission’s long history of carefully weighing the cost and benefits of recordkeeping requirements, and strategically balance these policy considerations.

    Any action by the Commission should respect these important considerations made when adopting our rules around recordkeeping requirements.  Recognizing that our rules must evolve as technology and businesses evolve, the Commission’s approach to this evolution should be clear and should only occur in a public and transparent manner.  Using enforcement to influence that change is the opposite of clarity and transparency.

    The Pitfalls of Interpreting Settlements

    Despite statutory and regulatory intricacies, of the more than 20 recent settlements related to violations of both Section 4g of the CEA and Regulation 1.35, most of these settlement orders[17] include essentially the same boilerplate language in the legal discussion section of the order.  

    The sole application of law to facts in the legal discussion section of these orders is or closely mirrors the following, “[a]s a result of the widespread use of unapproved methods of communication by [firm or their] employees, which communications were not preserved and maintained, [respondent[s]] failed to keep full, complete, and systematic records of all transactions relating to its business of dealing in commodity interests, in violation of Section 4g of the Act and Regulation 1.35.”[18]

    Unfortunately, neither the fact nor the summary sections of these orders facilitate a greater understanding of the regulation, the alleged violation, or how the regulation has been applied in the settlement.  Furthermore, these orders refer to “business-related communications”, “messages related to [ the respondent’s] business as a Commission registrant”, “unapproved communication methods … to engage in firm business”, and “conducted firm business via unapproved methods.”  These generic references, such as “business” and “firm”, fail to describe the substance of the communications at issue or to explain the kind of record that serves as the basis for the alleged violation.  Without more information and context, others subject to the same regulations have limited ability to understand potential compliance risks and costs when deciding whether to remain in or to exit a line of business subject to CFTC regulation.

    No doubt, the inability to accurately gauge compliance risks and the costs of records management systems could lead to further consolidation in the industry, a trend we are already witnessing.

    A Clearer Path Forward

    Without additional context or further clarification by the Commission, entities subject to Section 4g of the CEA and Regulation 1.35 are left with little insight into how the Division of Enforcement construes violations when settling these matters.

    Unfortunately, I cannot support further settlements with IBs concerning offline communications violations until such time as the Commission as a whole, not just the Division of Enforcement, uses the actual words of the statute and the implementing regulation to clarify how an IB can properly comply with recordkeeping requirements.

    For these reasons, I respectfully dissent.


    [1] This statement will refer to the Commodity Futures Trading Commission as the “Commission”, “CFTC”, or “Agency.” All web pages cited herein were last visited on September 11, 2024.

    [4] See e.g., 7 U.S.C. §§ 6(a), 6g(a), 6i, 6n(3)(A), 6r(c), 6s, 6t, 7b-3(f)(10).

    [5] 7 U.S.C. § 6g(a) (emphasis added).

    [6] Had Congress intended to impose on introducing brokers broader recordkeeping requirements as it did in Section 4n of the CEA, it could have amended Section 4g to match the preexisting language of Section 4n. Compare, 7 U.S.C. § 6g with 7 U.S.C. § 6n.  Congress had such opportunity but declined to do so when both sections of the CEA were last modified by the Futures Trading Act of 1982, which broadened Section 4g’s recordkeeping requirements to include introducing brokers (IBs).  Pub. L. 97–444, title II, §209, Jan. 11, 1983, 96 Stat. 2302.

    [7] 17 C.F.R. § 1.35.

    [8] GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT, 17 CFR, 1938 ed. [901, 913].

    [10] 17 C.F.R. § 1.35(a)(1)(i), (ii) and (iii) (emphasis added).

    [11] 17 C.F.R. § 1.35(a)(1)(i) and (iii).

    [12] 17 C.F.R. § 1.35(a)(5).

    [13] Records of Commodity Interest and Related Cash or Forward Transactions, 80 FR 80247, 80249 (Dec. 24, 2015).  When the Commission modified Regulation 1.35(a)(5) to eliminate the form and manner provision, it slightly modified the particular transaction provision; however, the operative language described in the quote above was unaffected.

    [14] This includes the addition of IBs in 1982. Supra n.6.  As well as the more recent addition of members of swap execution facilities in the 2012 amendments. See Adaption of Regulation to incorporate Swap, Notice of Proposed Rulemaking, 76 FR 33066, 33072 (June 7, 2011).

    [15] Adaptation of Regulations to Incorporate Swaps—Records of Transactions, Final Rule,77 FR 75523, 75528 (Dec. 21, 2012).

    [16] Id.

    [17] In re JPMorgan Chase Bank, N.A., CFTC No. 22-07, 2021 WL 6098347 (Dec. 17, 2021) (consent order) ($75 million CMP); In re Bank of Am., N.A., CFTC No. 22-38, 2022 WL 4733591 (Sept. 27, 2022) (consent order) ($100 million CMP); In re Barclays Bank PLC, CFTC No. 22-39, 2022 WL 4733593 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Goldman Sachs & Co. LLC, CFTC No. 22-40, 2022 WL 4733598 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Nomura Glob. Fin. Prods. Inc., CFTC No. 22-41, 2022 WL 4733602 (Sept. 27, 2022) (consent order) ($50 million CMP); In re UBS AG, CFTC No. 22-42, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Jefferies Fin. Servs., Inc., CFTC No. 22-43, 2022 WL 4733600 (Sept. 27, 2022) (consent order) ($30 million CMP); In re Morgan Stanley & Co. LLC, CFTC No. 22-44, 2022 WL 4733603 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Cantor Fitzgerald & Co., CFTC No. 22-45, 2022 WL 4733597 (Sept. 27, 2022) (consent order) ($6 million CMP); In re Citibank, N.A., CFTC No. 22-46, 2022 WL 4733594 (consent order) (Sept. 27, 2022) ($75 million CMP); In re Credit Suisse Int’l, CFTC No. 22-47, 2022 WL 4733595 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Deutsche Bank AG, CFTC No. 22-48, 2022 WL 4733596 (Sept. 27, 2022) (consent order) ($75 million CMP); In re Bank of Nova Scotia, CFTC No. 23-25, 2023 WL 3455084 (May 11, 2023) (consent order) ($15 million CMP); In re HSBC Bank USA, N.A., CFTC No. 23-27, 2023 WL 3496489 (May 12, 2023) (consent order) ($30 million CMP); In re Wedbush Secs. Inc., CFTC No. 23-37, 2023 WL 5089708 (Aug. 8, 2023) (consent order) ($6 million CMP); In re Wells Fargo Bank NA, CFTC No. 23-36, 2023 WL 5089709 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Société Générale, CFTC No. 23-35, 2023 WL 5089710 (Aug. 8, 2023) (consent order) ($75 million CMP); In re BNP Paribas S.A., CFTC No. 23-33, 2023 WL 5089707 (Aug. 8, 2023) (consent order) ($75 million CMP); In re Interactive Brokers Corp., CFTC No. 23-56, 2023 WL 6442571 (Sept. 29, 2023) (consent order) ($20 million CMP); In re Oppenheimer & Co. Inc., CFTC No. 24-04, 2024 WL 1236474 (Mar. 19, 2024) (consent order) ($1 million CMP); In re Cowen & Co., CFTC No. 24-11, 2024 WL 3844670 (Aug. 13, 2024) (consent order) ($3 million CMP).

    [18] Id. Both CFTC No. 24-04 and CFTC No. 24-11 omit the word widespread in front of the word use. However, the orders otherwise follow the quotation above.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Europe: Answer to a written question – Turkey – an unreliable acceding country – E-001429/2024(ASW)

    Source: European Parliament

    Türkiye is a candidate country, a key regional player and a North Atlantic Treaty Organisation (NATO) member. Russia’s war of aggression against Ukraine has highlighted Türkiye’s relevance as a regional actor, especially in the Black Sea.

    Türkiye has supported the sovereignty and territorial integrity of Ukraine, voting in favour of the relevant resolutions at the United Nations (UN) General Assembly, engaged politically, economically and diplomatically, facilitating the export of Ukrainian grain and prisoner exchanges.

    In August 2024, Türkiye ratified the free trade agreement with Ukraine[1]. While a strategic partner for Ukraine in the defence sector, Türkiye maintains strong trade, economic and political relations with Russia.

    Türkiye has refrained from aligning with the EU’s restrictive measures against Russia, keeping its position of not supporting those adopted outside the UN framework.

    As the EU and Türkiye share a customs union, the EU has called consistently on Türkiye to implement additional measures to effectively prevent the circumvention of EU restrictive measures and this has led to some progress.

    Türkiye took some measures throughout 2023 to prevent the transit and re-export of sanctioned goods to Russia notably what concerns the items in the common high priority (CHP/battlefield) list of 50 harmonised system (HS) codes.

    The Commission continues to actively monitor the trade data and exchanging with Türkiye. The EU Sanctions Envoy leads the cooperation efforts, latest discussed with Türkiye at the High-Level Dialogue on Trade (8 July 2024)[2].

    In its 2023 enlargement report[3], the EU called on Türkiye, as a candidate country, to align with the EU’s restrictive measures against Russia.

    • [1] https://www.resmigazete.gov.tr/eskiler/2024/08/20240802.pdf (Türkiye’s Official Gazette, Law no. 7523).
    • [2] https://ec.europa.eu/commission/presscorner/detail/en/statement_24_3684
    • [3] https://neighbourhood-enlargement.ec.europa.eu/document/download/eb90aefd-897b-43e9-8373-bf59c239217f_en?filename=SWD_2023_696%20T%C3%BCrkiye%20report.pdf

    MIL OSI Europe News –

    September 29, 2024
  • MIL-OSI Economics: Dispute panel established to review certain tax credits under US Inflation Reduction Act

    Source: World Trade Organization

    DS623: United States — Certain Tax Credits Under the Inflation Reduction Act

    China submitted its second request to establish a panel to determine whether certain tax credits under the United States Inflation Reduction Act (IRA) are in line with WTO rules. The United States said it was not in a position to agree to China’s first request in July, justifying its actions as necessary to combat climate change. China stated that the IRA’s subsidies favour US goods over imports, violating WTO rules prohibiting such discrimination.

    The United States expressed disappointment over China’s decision to pursue a panel request and reiterated that the IRA is its most significant step toward clean energy, aimed at ensuring secure and sustainable supply chains for a global clean energy future.

    The DSB agreed to the establishment of the panel. Argentina, Australia, Brazil, Canada, Colombia, the European Union, Indonesia, Israel, Japan, Korea, Norway, the Russian Federation, Singapore, Switzerland, Thailand, Türkiye, the United Kingdom and Venezuela reserved their third party rights to participate in the panel proceedings.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    For the 12th time, the United States raised the matter of the panel ruling in DS597 at a DSB meeting. The US said it was raising the matter again as a result of recent developments in Hong Kong, China regarding free speech and human rights. The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China criticized the US for once again raising this matter at the DSB. It referred to previous WTO panels that dismissed US claims that invoking national security in defense of a trade-restrictive measure is entirely self-judging.  Any objections should be heard by the WTO’s Appellate Body, which remains blocked due to the US refusal to allow appointment of new Appellate Body members, said Hong Kong, China.

    China reiterated its firm belief that a restored appeal mechanism is the proper place to address claims of panel error made by the US and rejected in the strongest terms what it said was US interference in the internal affairs of another WTO member.

    Appellate Body appointments

    Speaking on behalf of 130 members, Colombia introduced for the 79th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States repeated that it does not support the proposed decision to commence the appointment of Appellate Body members as its longstanding concerns with WTO dispute settlement remain unaddressed.

    Twenty members then took the floor to comment. Many of these members referred to their previous statements made on this matter at earlier DSB meetings and underlined the urgent need to meet the mandates set out at the 12th and 13th Ministerial Conferences in 2022 and early 2024 respectively to conduct discussions with the view to having a fully and well-functioning dispute settlement system accessible to all members by 2024.

    Several members welcomed the progress being made in the formal dispute settlement reform process now underway and the need to accelerate discussions to achieve the 2024 goal.

    Colombia, speaking on behalf of the 130 members, said it regretted that for the 79th occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the DSU to fill the vacancies as they arise, Colombia said for the group.

    The DSB chair, Ambassador Saqer Abdullah Almoqbel (Saudi Arabia), concluded by expressing his full support for the facilitator in the dispute settlement reform discussions, Ambassador Usha Dwarka-Canabady of Mauritius, in her efforts towards achieving a positive outcome within the mandated time frame.

    Other business

    Surveillance of implementation

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 28 October.

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    MIL OSI Economics –

    September 29, 2024
  • MIL-OSI Economics: Piero Cipollone: From dependency to autonomy: the role of a digital euro in the European payment landscape

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 23 September 2024

    It is a pleasure to be here today to meet the new members of this Committee and to update you on the status of the digital euro project. Let me also congratulate Madame Lalucq on her election as ECON Chair.

    The ECB appreciates the open and valuable exchanges we have had with the ECON Committee on the digital euro since the beginning of the project. I am fully committed to continuing these exchanges and look forward to our future discussions.

    Today I will focus on three key areas. First, Europe’s dependency on foreign players for retail payments. Second, the benefits of a digital euro for everyone, including consumers, merchants and banks. And third, the progress we have made on the digital euro project so far.

    Foreign dominance in the European payment landscape

    Fast-forward to the year 2030. Imagine you are at the football World Cup in Spain. You want to buy a drink, but you can only pay with Alipay. This scenario is not as far-fetched as it may seem: this summer, buying tickets for the European Football Championships in Germany was only possible with Chinese or American means of payment.

    Could you imagine this happening in the United States? Going to the finals of the American football league, for example, and having no American means of payment available? I certainly cannot.

    The Eurosystem will of course continue to ensure that people in Europe can pay with cash.[1] However, cash is becoming less and less popular as digital payments and online shopping grow.[2]

    For example, more and more people are buying their groceries online. But you can’t use cash to pay for these. More often than not, the only option is PayPal or an international card scheme like Visa or Mastercard.

    And more and more people are using digital wallets like PayPal or Apple Pay on their mobile phones. By 2027 these platforms are expected to handle 40% of e-commerce and 27% of in-store payments in Europe.[3]

    At the same time, the share of companies in the euro area not accepting cash has been increasing significantly.[4]

    These developments are contributing to the marginalisation of elderly and less tech-savvy people. They also make us dependent on non-European companies, which is risky.

    Imagine what would happen if you could not pay digitally. For example, two weeks ago significant parts of the European card payments market were shut down for almost an entire day.[5] Just like with electricity, gas or water, we don’t think about payments until they stop working. For energy, we had to learn this the hard way following Russia’s invasion of Ukraine. For payments, we owe it to Europeans to do better.

    We need our own strong digital payments system.[6] We can achieve this by bringing central bank money into the digital era with the introduction of a digital euro: a digital form of cash, issued by the central bank and available to everyone in the euro area.[7]

    A digital euro would strengthen Europe’s financial sovereignty and resilience because it would be built with European technology and infrastructure. It would empower Europe to independently develop and manage digital payment solutions, supporting the further deepening of the Single Market.[8]

    But most importantly, the digital euro would offer tangible benefits to all stakeholders – consumers, merchants and banks.

    Benefits for European citizens

    We strongly support the Single Currency Package[9], which will ensure that cash remains widely accessible and accepted. At the same time, it will pave the way for a digital euro, which would take the advantages of cash into the digital world.

    Consumers could use a digital euro for all payments, everywhere in the euro area, also when shopping online. With a digital euro, making or receiving payments would be free of charge and as easy as using cash today. Consumers would need to use only one device and remember just one password. In addition, having a single means of payment for all circumstances would make it easier for users to have an overview of their expenditure.

    Importantly, a digital euro would seek to promote digital financial inclusion by ensuring that no one is left behind.[10] It would be accessible to everyone across the euro area, via a mobile app or a physical card, so everyone can choose the technology that they are most comfortable with, no matter how old or tech-savvy they are.

    Finally, a digital euro would offer the best possible privacy and data protection afforded by the current technology used in large payment systems.[11] From the outset, ensuring user privacy has been a central focus of the digital euro project.

    A digital euro would be available both online and offline.[12] With the offline functionality, users would enjoy cash-like privacy. The details of your offline payments would only be known to you and the recipient. For online payments, too, we would ensure that your personal data remain your own. The Eurosystem will not be able to identify you, nor directly link you to your payments.[13]

    New opportunities for merchants

    A digital euro would also bring new opportunities for European merchants.

    Right now, merchants in Europe are largely dependent on a handful of dominant online or card payment methods, often relying on non-European providers. International card schemes currently account for 64% of card transactions in the euro area.[14]

    This costs European merchants a lot of money. They collectively pay a significant amount each year to international card schemes like Visa or Mastercard. And the cost is mostly borne by smaller merchants, who incur charges three to four times higher than those of their larger competitors.[15]

    A digital euro would include safeguards for merchants by capping the fees they pay to banks for processing payments.[16] A digital euro would thus narrow the gap between what smaller and larger merchants are charged for digital payments.

    By providing a true alternative to existing payment solutions, a digital euro would also put all merchants, large and small, in a stronger position to negotiate better conditions with other providers. Finally, it could provide a safety net for merchants in case of network or power outages, thanks to its offline functionality.[17]

    Benefits for banks

    Banks would benefit too, particularly in our rapidly evolving payment landscape, in which new players – especially big tech companies from outside Europe – are increasingly entering the market. The banks would be remunerated for the services they offer, while the Eurosystem would cover the costs of the digital euro scheme and infrastructure.

    When you compare a digital euro with services like PayPal or Apple Pay, the benefits for banks become even clearer. For instance, banks do not earn anything if people top up their PayPal wallet via direct debit. And with Apple Pay, banks actually have to pay a fee just to let their cards be used in Apple Wallet.

    A digital euro would also open up a new source of revenue by allowing banks to provide value-added services to their customers.[18]

    We are working closely with the market to ensure that a digital euro leverages the existing standards as much as possible, which would keep costs down and support Europe’s competitive payment landscape.[19]

    Moreover, cards and applications currently available in only one or a handful of Member States could use these standards to reach customers across the euro area without the need to invest in new acceptance infrastructure. Therefore, a digital euro would mean that European payment service providers could offer their customers the convenience of using their product everywhere in the euro area – just like international card companies. It would also strengthen banks’ negotiating positions vis-à-vis these companies.

    Finally, banks and other payment service providers would be responsible for distributing a digital euro, thus serving as the sole point of contact for digital euro users. So a digital euro could help banks retain their customers in the face of growing payments competition.

    Project preparation phase at full speed

    Let me now give you a brief update on where we stand with the project.[20]

    We started the investigation phase back in 2021 and are now at the midpoint of the preparation phase, with roughly one more year to go.

    One of our key focus areas during this phase is to develop a methodology for determining the maximum amount of digital euro a person could hold at any time.[21] The holding limits are important to ensure financial stability and prevent large-scale transfers from bank deposits to digital euro, especially during crises.

    These limits would be high enough to avoid negatively affecting the digital euro user experience.[22]

    Experts from the ECB, the national central banks in the Eurosystem and national competent authorities, building on their unique know-how, have started to identify the factors that could influence the holding limit calibration, on the basis of three key areas defined in the draft Regulation: usability, monetary policy and financial stability.[23]

    While the exact holding limits would be defined closer to the potential launch and on the basis of a well-defined governance process enshrined in the draft Regulation,[the ECB’s Governing Council will decide whether to move to the next phase of the project. But the Governing Council will not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    Conclusion

    To conclude, introducing a digital euro across the euro area would take time, but it is key for Europe’s future. Countries across the world are exploring retail central bank digital currencies. If we want to be standard-setters and keep our position among the frontrunners, we need to move swiftly.

    A digital euro is a common European project, which is why we are talking to all the relevant stakeholders and carefully listening to their views and concerns. I also remain committed to engaging regularly with the European Parliament.

    Introducing a digital euro that all banks and other providers make available to their customers and that all merchants accept, everywhere in the euro area, would take several years. Market participants need certainty to invest in the digital euro and this requires coordination between co-legislators and the central bank.

    I appreciate all the work that the ECON Committee has done on the digital euro so far. The legislative discussions are now in your hands. The ECB is of course ready to engage with the negotiating team and to provide continued technical support when needed.

    It is important that the legislative and technical work advance in parallel, swiftly and in close cooperation. Together, we can ensure that the digital euro strengthens Europe’s financial sovereignty and serves all its citizens.

    MIL OSI Economics –

    September 29, 2024
  • MIL-OSI USA News: U.S.-UAE Joint Leaders’ Statement Dynamic Strategic  Partners

    Source: The White House

    His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States.  The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration.  The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters.  The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance.  The five decades of U.S.-UAE ties and friendship are rooted in a strong foundation of close collaboration that has underpinned our countries’ prosperity and security. 

    The leaders welcomed the significant progress between the United Arab Emirates and the United States during their tenure through cooperation in building trusted technology ecosystems, the Partnership for Global Infrastructure and Investment (PGI), the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) initiative, and the Economic Policy Dialogue (EPD), all of which serve to uplift economic and trade ties between the two countries. 

    On particular issues of discussion:

    Dynamic Strategic Partnership: Trade and Advanced Technology

    Our countries’ strong foundation of partnership is reflected in our close alignment on key economic objectives and in the excellence of our private sectors that generate more than $40 billion of bilateral trade annually and an access of $26 billion of U.S. exports to the UAE.  The Leaders charted an ambitious course for the United Arab Emirates and the United States to lead global efforts to develop and expand new fields central to the global economy, particularly in advanced technologies and the clean energy required to power Artificial Intelligence.

    They welcomed the partnership between Microsoft and UAE’s Group 42 (G42) through Microsoft’s $1.5 billion investment in April 2024.  This investment is accelerating joint AI development to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.

    The leaders further welcomed Microsoft and G42’s ongoing digital transformation in Kenya, which will leverage 1GW of geothermal energy to power data-centers to enable the deployment of cloud infrastructure and AI services for the public sector and regulated industries as well as enterprises.  Further, the partnership will support the development of local Large Language Models and the establishment of an East African Innovation Lab.  Additionally, the partnership hopes to encourage international and local connectivity investments, and collaboration with the government of Kenya to enable digital transformation programs across East Africa.

    These initiatives mark the beginning of our partnership and investments in the responsible deployment of advanced technologies, clean energy, and frontier technologies that will be the engine that powers our interconnected world.

    To meet the promise of this transformational moment and harness the potential of leading-edge technologies to improve human welfare globally, President Biden and His Highness President Sheikh Mohamed bin Zayed welcomed the Common Principles for Cooperation on AI, endorsed today by National Security Advisor Jake Sullivan and UAE National Security Advisor Tahnoon bin Zayed, and through which the United States and the United Arab Emirates aim to further strengthen cooperation, develop regulatory frameworks, promote the safe and trusted deployment of critical and emerging technologies, and enable enhanced support for joint private-public sector research and academic exchanges.  

    Building on our collaboration in the field of advanced technology, this partnership incorporates safeguards to protect the national security of both countries, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while creating jobs and facilitating the protection of advanced U.S. technologies and respect for international principles, best practices, and human rights.  Moving forward, the leaders decided to promote the expansion of relationships among scientific, academic, and research and development communities. 

    Strengthening Critical Infrastructure and Supply Chain Resiliencies

    The leaders reviewed progress on efforts to build a more interconnected, integrated world in committing to secure and resilient supply chains through the Partnership for Global Infrastructure and Investment (PGI). 

    His Highness President Sheikh Mohamed bin Zayed and President Biden discussed progress on the landmark India-Middle East-Europe Economic Corridor (IMEC) launched at the 2023 G20 Leaders’ Summit in New Delhi together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union.  The leaders reaffirmed that the corridor – connecting India to Europe by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece – will generate economic growth, incentivize new investments, increase efficiencies and reduce costs, enhance economic unity, generate jobs, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East. 

    They underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication. The two leaders emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth.

    The leaders also reaffirmed their commitment to continue their efforts with international partners and the private sector to connect the continents to commercial hubs and facilitate the development and export of clean energy; support existing trade and manufacturing synergies; strengthen food security and supply chains; and link energy grids and tele-communication lines through undersea cables to expand access to electricity, enable innovation of advanced clean energy technology, and connect communities to secure and stable internet.

    The leaders additionally discussed the importance of ongoing efforts to cooperate on strategic investments in hard infrastructure and critical minerals-supply chains in Africa and emerging markets globally.  These investments aim to diversify sourcing of critical minerals that are essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles.  President Biden recognized the United Arab Emirates’ leadership in strategic investments globally to ensure reliable access to critical infrastructure including, ports, mines, and logistics hubs through the Abu Dhabi Investment Authority, the Abu Dhabi Developmental Holding Company, Abu Dhabi Ports, and DP World. 

    Both leaders committed to remain in close touch on future investment opportunities and maintain cooperation on strategic investments.  

    The leaders additionally highlighted that the U.S.–UAE 123 Agreement, which provides a comprehensive framework for peaceful nuclear cooperation based on a mutual commitment to nuclear nonproliferation, is the “gold standard” for securing and propelling the next generation of technologies.

    Partnering to Protect our Planet Through the Clean Energy Transition

    The leaders underscored the importance of U.S.-UAE leadership at COP28, which galvanized world leaders to take action and address the climate crisis.  President Biden thanked His Highness President Sheikh Mohamed bin Zayed for his extraordinary commitment that was central to the groundbreaking outcomes at COP28 in Dubai resulting in the UAE Consensus. 

    The two leaders recognized that this moment represents a unique opportunity to create sustainable and clean energy jobs, revitalize communities, improve quality of life, and power digital infrastructure with renewable energy across both countries and around the globe.  In this context, the two leaders affirmed their shared commitment to protecting our precious planet and securing a sustainable future for humanity through united leadership across various platforms, including the upcoming COP29 and beyond, which will serve to advance climate action and strengthen global partnerships.

    The two leaders expressed their determination to leverage visionary initiatives, including the Partnership for Accelerating Clean Energy (PACE), the Agricultural Innovation Mission for Climate (AIM4C), the First Movers Coalition, the Net Zero Producers Forum, the Global Methane Pledge, Carbon Management Challenge, the Oil and Gas Decarbonization Charter (OGDC), the Industrial Transition Accelerator (ITA), the Global Biofuels Alliance, and Global Flaring and Methane Reduction (GFMR) Trust Fund; and encourage commercial partnerships to decarbonize our energy systems, reduce emissions in pursuit of a net zero economy, and deliver prosperity to future generations. 

    President Biden and His Highness President Sheikh Mohamed bin Zayed reaffirmed their strong commitment to collaborate on sustainability and climate resilience, emphasizing their commitment to addressing global challenges through innovative solutions. The two leaders underscored their joint efforts in advancing agri-tech and vertical farming innovations, key drivers in enhancing food security for future generations. They highlighted ongoing cooperation in humanitarian initiatives aimed at addressing food insecurity in vulnerable regions, particularly through agricultural development and capacity building in climate affected areas. Recognizing the impact of climate change on public health, the leaders emphasized the need to integrate health resilience into comprehensive climate action strategies.

    President Biden also congratulated the United Arab Emirates on its many successes in its two Years of Sustainability (2023-2024), including the recent announcement on co-hosting the next UN Water Conference in 2026 with Senegal, noting the critical importance of accessible and affordable clean water to all; and its significance within various sectors in the clean energy transition, addressing climate change, and the sustainable development agenda.

    Partnership to Accelerate Clean Energy (PACE)

    Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, the United States and the UAE are announcing several initiatives that will continue our efforts to ensure a swift and smooth transition towards clean energy. The United States and United Arab Emirates remain committed to investing together in Africa and working to end energy poverty across sub-Saharan Africa.  Today, the UAE-based Averi Finance and AMEA Power are both private sector partners under the U.S.-led Power Africa Initiative, joining an existing partnership with UAE-based company Phanes. As private sector partners, these firms will be offered tailored assistance from transaction advisors and technical experts and can benefit from services offered by participating U.S. government departments and agencies.

    To support the Power Africa initiative, Averi Finance intends to facilitate $5 billion in investments, build 3GW of power generation projects, construct over 3,000 kilometers of transmission or distribution lines, establish over 500,000 new home and business connections, and aim for a CO2 equivalent reduction or avoidance of 90 million tons.  AMEA Power and Power Africa have recently entered into a partnership to accelerate power projects.  AMEA Power is targeting 5GW of renewable energy capacity in Africa by 2030, and to realize this target, intends to mobilize $5 billion in capital. 

    Additionally, under PACE, ADNOC has announced a 35 percent stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.  This facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors.  Plynth Energy – a recently established Abu Dhabi government-owned early-stage fund focused on fusion technologies and supply chains – invested in the U.S. company Zap Energy, which plans to build scalable and commercially-viable fusion energy.  This investment will help fund the further development of Zap Energy’s small-format commercial fusion technology. Zap Energy is a participant in the U.S. Department of Energy’s (DOE) Milestone-Based Fusion Development Program, and will receive DOE funding based on reaching development milestones to support the design of a fusion pilot plant.

    Lastly, as two of over 155 participants in the Global Methane Pledge, the U.S. and the UAE will accelerate their respective domestic methane reductions, work together to support countries undertaking methane abatement, and call on others to do the same by advancing methane reduction projects, strengthening methane standards and regulations, addressing methane super emitter events, and identifying appropriate financing for methane reduction.

    Partners in Space Exploration

    As founding nation members of the Artemis Accords, His Highness President Sheikh Mohamed bin Zayed and President Biden reinforced the U.S. and UAE’s groundbreaking cooperation in space, the future of human exploration, and our shared interest in deepening our understanding of the universe. 

    The leaders recalled the role of this partnership in the historic launch of the first Arab probe to Mars, the Hope Probe in 2021, and the resulting and ongoing global scientific collaboration and contribution to the study of Mars’ atmosphere.  This strategic partnership in deep space missions is further exemplified by the UAE Space Agency’s announcement of the Emirates Mission to the Asteroid Belt, the first multi-asteroid tour and landing mission to the main belt, with the partner, Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder.

    The leaders highlighted the January 2024 Mohammed bin Rashid Space Center agreement with NASA for the Center to provide an airlock for Gateway, humanity’s first space station to orbit the Moon supported by NASA’s missions for long-term Moon exploration under the Artemis Program.  The airlock will allow crew and equipment transfers to-and-from the habitable environment of Gateway’s pressurized modules to the vacuum of space.  This agreement will also enable the first Emirati astronaut to fly to the Gateway for joint exploration of the Moon. 

    This cooperation builds on NASA and the UAE’s previous human spaceflight collaboration.  In 2019, Hazaa Al Mansouri became the first Emirati astronaut to fly to space during a visit to the International Space Station (ISS), where he worked with NASA to perform experiments and educational outreach.  A second Emirati astronaut, Sultan Al Neyadi, launched to the ISS in 2023, where he participated in the floating laboratory’s scientific research to advance human knowledge and improve life on Earth.  The leaders welcomed continued training of astronauts, including two Emirati astronaut candidates in training at the Johnson Space Center, as well as ongoing work on Mars research and scientific studies to support mutual exploration goals.

    Sharing the common spirit and ambition of humanity’s journey in space, the leaders reaffirmed the principles of the Artemis Accords to explore and use outer space for peaceful purposes and usher in a new era of exploration, as well as obligations under the Outer Space Treaty, including the requirement that countries not place in orbit around the Earth any objects carrying nuclear weapons or any other kind of weapons of mass destruction.

    Partners in Security and Defense

    His Highness President Sheikh Mohamed and President Biden praised the strong security and defense partnership with the UAE.  President Biden strongly affirmed the United States’ commitment to the United Arab Emirates’ security and territorial defense, and to facilitating its ability to obtain necessary capabilities to defend its people and territory against external threats.  The leaders reaffirmed their commitment to a strong bilateral security and defense relationship and to expanding defense and security cooperation to bolster joint defense capabilities against external threats, including through the Department of Defense’s State Partnership Program.

    The leaders affirmed a shared vision of an interconnected, peaceful, tolerant, and prosperous region as outlined by President Biden during the GCC+3 Summit Meeting in Jeddah, Saudi Arabia, on July 16, 2022.  They reviewed the proud legacy of standing shoulder-to-shoulder, in peace and in conflict, including the UAE’s support for American-led counterterrorism missions since the attacks in New York, Pennsylvania, and Washington on September 11, 2001, to deter threats, de-escalate conflicts, and reduce tensions globally.  Specifically, the leaders recalled the United States and the United Arab Emirates standing alongside each other in the global coalition against Da’esh, and prior conflicts: Somalia, the Balkans, Iraq, Afghanistan, and Libya.

    The leaders reviewed ongoing initiatives and investments in advanced systems that have made the United Arab Emirates one of the most capable U.S. military partners in the region, in addition to a robust schedule of bilateral and multilateral exercises.  They underscored the importance of strengthening efforts to combat regional threats, advance counterterrorism initiatives, reinforce maritime security and counter-piracy efforts, increase security cooperation, and intercept illicit shipments of weaponry and technology. 

    The leaders discussed deepening investment in U.S. defense systems and acknowledged that military-to-military cooperation with the United Arab Emirates’ armed services helps ensure interoperability with the United States through the provision of advanced defense articles and services.  They further decided to explore potential investment in our most advanced defense systems and to maintain regular exchanges to deepen partnership in research and development. 

    The leaders reaffirmed the 2017 Defense Cooperation Agreement, an important step for both countries that underscored their vital and longstanding collaboration in defeating terrorist groups, such as Da’esh and al-Qaida, securing regional stability, and combatting threats against their common interests including terrorist financing.  They underscored the importance of the annual Joint Military Dialogue as the foremost bilateral defense forum for advancing the U.S.-UAE defense partnership, including reviewing shared security interests, as well as discussing strategic objectives for the relationship and challenges in the region, such as maritime security, counter-piracy, counterterrorism cooperation, and domain awareness in the Middle East, the Indian Ocean, and East Africa.  They further noted the recognition by the Security Council in Resolution 2686 that hate speech, racism, racial discrimination, xenophobia, related forms of intolerance, gender discrimination and acts of extremism can contribute to driving the outbreak, escalation and recurrence of conflict.   

    Designation as a Major Defense Partner of the United States

    Acknowledging the U.S. and UAE’s deepening security partnership and cooperation in advanced technology and acquisition, shared interest in preventing conflict and de-escalation, President Biden today recognized the United Arab Emirates as a Major Defense Partner of the United States, joined by only India, to further enhance defense cooperation and security in the Middle East, East Africa, and the Indian Ocean regions.  This unique designation as a Major Defense Partner will allow for unprecedented cooperation through joint training, exercises, and military-to-military collaboration, between the military forces of the United States, the UAE, and India, as well as other common military partners, in furtherance of regional stability.

    Both leaders committed to close and sustained cooperation among our militaries. 

    Partners in a Stable, Integrated, and Prosperous Middle East and Wider Region

    The leaders stressed the importance of reaching a peaceful solution to the dispute over the three islands, Greater Tunb, Lesser Tunb, and Abu Musa, through bilateral negotiations or the International Court of Justice, in accordance with the rules of international law including the UN Charter.

    The leaders discussed persisting and emerging threats to peace and stability in the Middle East and the wider region.  They renewed their commitment to upholding international law, particularly international humanitarian law, work with parties to resolve conflicts and protect civilians, and to provide urgently needed aid to alleviate human suffering.  They reiterated the importance of sustainable and enduring solutions to the security threats in the region, including those posed by non-state terrorist actors.  They discussed the enduring importance of the Abraham Accords and continuing on the path of peace, integration, and prosperity in the region.

    The leaders discussed the war in Gaza. They underscored their commitment to continue working together towards ending the conflict, calling for a lasting and sustainable ceasefire and the release of hostages and detainees in accordance with the United Nations Security Council Resolution (UNSCR) 2735, and affirmed that all sides to the conflict must adhere to their obligations under international humanitarian law. President Biden commended the UAE’s extraordinary humanitarian efforts in Gaza, which have been critical in addressing the humanitarian crisis, including through the launch of a maritime corridor for movement of aid, opening a field hospital in Gaza, and supporting evacuations of wounded civilians and cancer patients.

    The two leaders emphasized the ongoing need for the urgent, unhindered, and sustained delivery of life-saving humanitarian assistance, at a scale commensurate with the growing needs among the civilian population throughout Gaza.  They called on all parties to ensure the safety, security, and sustained access of aid workers to all those in need, and to create the conditions needed to facilitate an effective humanitarian response in Gaza.

    His Highness President Sheikh Mohamed commended the mediation efforts by the United States, along with Egypt and Qatar, to reach a lasting and sustainable ceasefire and hostage release deal to help end the war in Gaza.  His Highness also echoed the principles laid out by President Biden on May 31, 2024, and stressed the importance of building on this proposal in order to create a serious political horizon for negotiation.  To that end, the leaders discussed a path to stabilization and recovery that responds to the humanitarian crisis, establishes law and order, and lays the groundwork for responsible governance.  The leaders expressed their commitment to the two-State solution, wherein a sovereign and contiguous Palestinian state lives side-by-side in peace and security with Israel, as the only way to resolve the Israeli-Palestinian conflict in accordance with the internationally-recognized parameters and the Arab Peace Initiative.  They stressed the need to refrain from all unilateral measures that undermine the two-State solution, and to preserve the historic status quo of Jerusalem’s holy sites, recognizing the special role of the Hashemite Kingdom of Jordan in this regard.

    On the conflict in Sudan, the leaders expressed their deep concern over the tragic impact the violence has had on the Sudanese people and on neighboring countries.  Both leaders expressed alarm at the millions of individuals who have been displaced by the war, the hundreds of thousands experiencing famine, and the atrocities committed by the belligerents against the civilian population.  They stressed that there can be no military solution to the conflict in Sudan and underscored their firm and unwavering position on the imperative for concrete and immediate action to achieve a lasting cessation of hostilities, the return to the political process, and transition to civilian-led governance.

    Both leaders reaffirmed their shared commitment to de-escalate the conflict, alleviate the suffering of the people of Sudan, ensure humanitarian assistance reaches the Sudanese people, and prevent Sudan from attracting transnational terrorist networks once again. Noting their shared concern about the risk of imminent atrocities, particularly as fighting continues in Darfur, they underscored that all parties to the conflict must comply with their obligations under international humanitarian law, and all individuals and groups that commit war crimes must be held accountable.  The leaders emphasized that the priority right now must be the protection of civilians, particularly women, children and the elderly, securing humanitarian pauses in order to scale up and facilitate the movement of humanitarian assistance into the country and across conflict lines, and ensuring the delivery of aid to those in need, especially to the most vulnerable.

    Partners in Cyberspace

    The leaders emphasized that safety and stability in cyberspace is critical for digital economic growth and development, and reaffirmed their commitment to an open, interoperable, secure, and reliable internet, underpinned by the multistakeholder model of internet governance. 

    They committed to deepen cooperation on cybersecurity and to enhance cyber collaboration to protect critical infrastructure, counter malicious cyber activity by state and non-state actors, and noted that the UAE’s significant contributions to the International Counter Ransomware Initiative reflects the strength of our cooperation.  The leaders committed to promote stability in cyberspace based on the applicability of international law including the United Nations Charter, the promotion of voluntary norms of responsible state behavior during peacetime, and the development and implementation of confidence building measures between states. 

    Looking Forward

    The United States and the United Arab Emirates are both entrepreneurial nations, joined together by a relentless focus on the future.  Our aspirations are rooted in a common resolve to pursue innovative partnerships in new fields, including AI, food security, infrastructure investment, and supply chain resilience, even as we continue to strengthen the foundational element of our partnership: our longstanding people-to-people ties.  These connections between our countries drive progress and expand horizons, from clean energy technologies, to AI, defense cooperation, space exploration, and ongoing coordination across priority areas of science, education, and culture.  This first-ever official visit by a President of the United Arab Emirates to the United States sets a new foundation for our countries’ cooperation for decades to come

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: United  States and United Arab Emirates Cooperation on Artificial  Intelligence

    US Senate News:

    Source: The White House
    Building on the common vision of President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan to advance safe, secure, and trustworthy artificial intelligence (AI), U.S. Assistant to the President for National Security Affairs Jake Sullivan and UAE National Security Advisor H.H. Sheikh Tahnoon bin Zayed Al Nahyan reaffirmed the shared intention of the United States (U.S.) and the United Arab Emirates (UAE) to promote cooperation in AI and related technologies. This statement also signals our shared commitment to develop a government-to-government memorandum of understanding on AI between the U.S. and the UAE.
    Common Principles for Cooperation
    We recognize the tremendous potential of AI for good, including to accelerate economic growth, transform education and healthcare, create jobs, and drive environmental sustainability. At the same time, we acknowledge the challenges and risks of this emerging technology and the vital importance of safeguards and protections with respect to the most advanced technologies.
    Recognizing the importance for each of our nations to pursue their own national AI and advanced technologies strategies, and in order to fully realize the benefits of AI and technology, the U.S. and the UAE affirm the importance of deepening bilateral ties and strengthening cooperation between our governments, companies, and workforces.
    In particular, we intend to closely collaborate to:
    Advance Safe, Secure, and Trustworthy AI: Foster acceptance of international AI frameworks, principles, and standards to help ensure the responsible and reliable development and use of AI technologies that are explainable and equitable, that safeguard human rights and fundamental freedoms, that promote international norms, best practices, and the interoperability in AI governance.
    Align Regulatory Frameworks to Strengthen Innovation Ecosystems: Further the alignment of regulatory frameworks and rules for AI and related technologies to safeguard national security interests, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while facilitating protection of advanced technologies and respect for international principles and best practices
    Promote Ethical AI Research and Development: Conduct ethical AI research and development by prioritizing research addressing bias, discrimination, and ensuring fairness in AI algorithms.
    Broadening and Deepening Cooperation in AI Protection and Cybersecurity: Promote an open, interoperable, secure, and reliable cybersecurity environment and cyber incident response strategies that foster efficiency and resilience of critical infrastructure, whilst managing related emerging technology risks.
    Facilitate Opportunities for Trusted Trade and Investment: Support and facilitate bilateral investment and efficient licensing to seize opportunities for developing robust and secure AI infrastructure.
    Talent Development and Exchange: Foster talent development to facilitate knowledge exchange and development between the nations through joint training programs and workshops for AI researchers, engineers and policymakers.
    Promote Clean Energy for the AI Future: Build on our ongoing bilateral cooperation through the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) to meet the energy demands of AI systems with clean energy sources, consistent with our shared commitment to combatting climate change.
    Support AI for Sustainable Development in Developing Countries: Foster inclusive, responsible, and sustainable capacity building with respect to AI and AI infrastructure to address the world’s greatest challenges, and close digital divides, globally, and in particular across the Middle East and North Africa.
    Conclusion
    President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan directed relevant officials to develop a U.S.-UAE government-to-government memorandum of understanding to build upon this shared vision overseen by a High-Level Mechanism which includes the appropriate talents and experience to accomplish the task.
    The U.S. and the UAE look forward to deepening collaboration across AI and related technologies to propel their strategic partnership forward, delivering a more prosperous, secure future for their peoples, underpinned by a shared commitment to safe, secure, and trustworthy AI.
    Jake Sullivan                                                                                   U.S. Assistant to the President for National Security Affairs                        
    Tahnoon bin Zayed Al NahyanUAE National Security Advisor

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders’ Unfair Advantage in Stock Sales

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Legislation closes 8-K trading gap, preventing executives from profiting before significant problems are disclosed to the SEC, public
    U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event – such as bankruptcy or an acquisition – and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing – giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.
    “The 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit – before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,” said Senator Van Hollen.
    “The integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,” said Congressman Brad Sherman. “As Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.”
    This legislation has been endorsed by the Healthy Markets Association.
    The text of the bill is available here.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    If you have an investment account at a SIPC member brokerage firm that closes due to bankruptcy or other financial difficulties, here are some steps to take and issues to consider if you need to file a claim for SIPC protection.

    IMPORTANT: THE CLOSURE OF A SIPC-MEMBER BROKERAGE FIRM MAY NOT REQUIRE A PROTECTION PROCEEDING OR THE FILING OF A CLAIM FOR SIPC PROTECTION.  A CLOSED SIPC MEMBER MAY BE ABLE TO TRANSFER ITS CUSTOMER ACCOUNTS TO ANOTHER SIPC-MEMBER BROKERAGE FIRM WITHOUT THE NEED FOR SIPC’S INTERVENTION.  THE APPROPRIATE REGULATORS WILL MONITOR THESE CLOSURES, AND IF SIPC INITIATES A PROTECTION PROCEEDING TO LIQUIDATE A BROKERAGE FIRM, ITS CUSTOMERS WILL BE NOTIFIED OF THE CLAIMS PROCESS.

    Once I have a securities account with a SIPC member, how does SIPC protection work?

    SIPC initiates a customer protection proceeding

    SIPC protection applies only when a brokerage firm is unable to meet its obligations to customers and has been placed in liquidation under the Securities Investor Protection Act of 1970 (SIPA).  SIPC relies upon regulators such as the SEC or the Financial Industry Regulatory Authority (FINRA) to notify SIPC when customers need its protection.

    When SIPC determines that a brokerage firm (1) has failed or is danger of failing to meet its obligations to customers and (2) meets a specified condition such as insolvency or an inability to meet certain financial responsibility guidelines, SIPC will ask a court to place the brokerage firm into liquidation under SIPA for the protection of its customers and appoint a trustee to oversee the liquidation of its brokerage business.  This date usually is considered the “filing date,” which will be used to value the securities in customer accounts.

    Importantly, SIPC also pays the administrative costs of the liquidation, including attorneys’ fees, if the brokerage firm is insolvent.  This means that even if the brokerage firm lacks funds to pay the costs of the liquidation, the trustee can still process claims, distribute customer property, and recover stolen or fraudulently transferred customer property.

    You must file a claim in the liquidation

    The trustee’s primary goal in the liquidation is the prompt return of customer property to customers.  You will be notified of the liquidation and mailed a claim form, and you must file a timely claim with the trustee.  On the claim form, you should describe, as of the filing date, the cash and securities that are owed to you by the brokerage firm and the cash and securities that you owe to the brokerage firm.

    Customer claims are given two deadlines, each calculated from the date of notice of the commencement of the liquidation is published: If you file a claim within the first deadline (set by the court, usually either 30 or 60 days) and request that the trustee return securities custodied with the broker, the trustee must return the securities unless they are unavailable and cannot be purchased in a fair and orderly market. If you file after the first deadline but within a six-month deadline set under SIPA, the trustee has the option of delivering securities or paying the cash value of the securities as of the filing date, depending upon which is more economical.  Claims filed after the six-month deadline will be denied as untimely, and the customer property is forfeited.  Except for very narrow exceptions inapplicable to most customers, this deadline cannot be extended.

    As the customer, you must establish the validity of your claim and your entitlement to assets.  If possible, you should provide any documents that support your claim, including copies of account statements, trade confirmations, and any relevant correspondence with the brokerage firm.  If needed, the trustee may ask you for more information. The trustee will also have access to the brokerage firm’s books and records and in most cases will be able to use those records to determine what you are owed.

    You may also make a claim for unauthorized trading to recover the property which was the subject of the unauthorized trade.  You must support your claim with evidence that the trade was unauthorized, typically in the form of a timely written complaint to your brokerage firm.  Otherwise, you could be deemed to have accepted the trade.

    The trustee satisfies claims

    Brokerage firms, under regulation by the SEC and FINRA, are required to segregate customer property from the brokerage firm’s business. This means that if a brokerage firm fails, all customer property should be intact, separate from the failed business.  If possible, the trustee in a SIPA liquidation will attempt to bulk transfer customer accounts to a new brokerage firm, and you could have access to your account as quickly as within a week.  While this can be accomplished without you filing a claim, you should still do so in case the transfer does not make your account whole.

    The trustee pools the available customer property custodied with the brokerage,  excluding customer name securities, and distributes it to customers with valid claims on a prorated basis.  Securities are valued as of the filing date.  The trustee may also bring legal actions to recover stolen or fraudulently transferred customer property, for further distribution to customers.  Customer name securities are treated separately and are delivered to the customer in whose name they are registered – i.e., not on a prorated basis – provided that the customer is not indebted to the member.

    • To illustrate, suppose you have a valid claim for shares of Company ABC registered in your name worth $300,000, plus $1,000,000 in securities registered in “street” name.  The trustee recovers 75% of the customer property the brokerage firm owes its customers.  The trustee will deliver to you the shares of Company ABC, assuming the shares are in the broker’s custody, plus $750,000 of customer property, either as securities or cash in lieu of securities, depending on the availability of securities and when you filed your claim.  The shortfall of $250,000 will be satisfied by a SIPC advance.

    SIPC may advance up to $500,000 per customer (including a $250,000 limit on cash in the account) for customer protection.  The benefit of this advance is two-fold.  First, the trustee can use it to accelerate the satisfaction of claims while the trustee gathers and recovers customer property.  Second, if the trustee’s prorated distribution of customer property does not fully satisfy your claim, the advance can be used to restore missing property and cover any shortfall.  To illustrate these limits:

    • Customer A has a valid claim for $400,000 in securities and $200,000 in cash.  SIPC will advance $500,000 for this customer’s protection.  The remaining $100,000 may be distributed as part of Customer A’s prorated share of customer property.
    • Customer B has a valid claim for $200,000 in securities and $400,000 in cash.  SIPC can only advance $450,000 for this customer’s protection: $200,000 for securities and the limit of $250,000 for cash.  The remaining $150,000 may be distributed as part of Customer B’s prorated share of customer property.

    If your customer claim is not fully satisfied by the trustee’s prorated distribution of customer property plus the SIPC advance of up to $500,000, then you will become a general creditor.  The unsatisfied portion of your customer claim becomes an unsecured creditor claim against the general estate (i.e., the unsecured business assets, excluding customer property) of the brokerage firm in liquidation.

    What About Excess SIPC Coverage?

    SIPC’s protection is provided under federal law, and it does not offer any way to purchase additional protection.  Brokerage firms, however, may have insurance policies called “excess SIPC coverage” which apply once SIPC protection is exhausted and may partially cover remaining losses.  Excess SIPC coverage is offered by private insurance carriers to brokerage firms and may operate differently than the protections available under SIPA.  SIPC does not maintain information about excess SIPC coverage or monitor or regulate such offerings.  Questions about excess SIPC coverage should be directed to your brokerage firm.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 1: SIPC Basics) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-101)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Union Minister Shri Jyotiraditya M. Scindia addresses press conference to share important decisions and achievements taken by the Department of Posts in the 100 days of the third term of Prime Minister Shri Narendra Modi

    Source: Government of India (2)

    Union Minister Shri Jyotiraditya M. Scindia addresses press conference to share important decisions and achievements taken by the Department of Posts in the 100 days of the third term of Prime Minister Shri Narendra Modi

    15,466 Dak Chaupals conducted nationwide

    3400+ exporters onboarded on Dak Ghar Niryat Kendra

    DIGIPIN pilot completed in 1 town & 10 villages

    Posted On: 23 SEP 2024 8:14PM by PIB Delhi

    Union Minister Shri Jyotiraditya M Scindia along with Minister of State for Communications and Rural Development, Dr. Pemmasani Chandra Sekhar today addressed the media on achievements of the Ministry of Communications (DoT& DoP) and Ministry of Development of Northeastern Region (DONER)in 100 days of the Government in New Delhi. Secretary (Telecom), Secretary (Department of Post), Secretary DONER and senior officials of the ministries were present.

    Speaking at the Conference, Minister Scindia shared that “With the resolve of ‘Dak Sewa, Jan Sewa’ the India Post Department in the last 100 Days has focused on amplifying financial inclusion, incorporating new technology and applying a new approach to policy reforms.”

     

       

    Press Conference at National Media Centre

    The Department of Posts has accomplished significant milestones as part of its 100-day action plan, aimed at enhanced service delivery and operational efficiency for the benefit of the nation. Through a series of strategic initiatives, the Department has not only streamlined its services but also brought essential government schemes and programs closer to citizens, particularly in rural areas. From empowering rural exporters to creating a digital infrastructure for standardized addressing, the Department’s efforts have touched various facets of citizens’ lives. Key objectives such as holding more than 5000 Dak Chaupals, onboarding more than 3000 exporters on Dak Ghar Niryat Kendra, launching DIGIPIN as pilot in 1 town & 10 villages have successfully been completed.

    Details on the above achievements:

    Dak Chaupal: Bringing services to rural doorsteps –

    The Dak Chaupal initiative has proven to be a resounding success, with the Department organizing 15,163 Dak Chaupals nationwide, far surpassing the initial expectations. These Chaupals have facilitated vital government services directly at the rural level, engaging over 8.52 lakh citizens, with 44% of participants being women. The Dak Chaupal initiative enabled on-spot account opening, Aadhaar updates, and enrolment in various government schemes like Jan Suraksha, thereby significantly enhancing the accessibility of essential services in rural regions in a manner that actively contributes to the broader goals of “Vittiya Sashakhtikaran and Samaveshan”.

    Utersoo, Srinagar, J&K

    Mandapeta, Rajahmundry
     Andhra Pradesh Circle

     

    Dak Ghar Niryat Kendra (DNK): Boosting rural exports

     

    Under the Dak Ghar Niryat Kendra (DNK) initiative, the Department on-boarded more than 3,400 new exporters to support rural and small-scale exporters. This program, closely aligned with the ‘One District—One Product’ initiative, has provided exporters with services such as market information, documentation support, and paperless customs clearance. By doing so, the DNK has empowered micro-entrepreneurs, artisans, and small businesses to access global markets through postal channels easily. In the past 100 days, over 1.07 lakh shipments were processed under the DNK scheme, resulting in Rs. 8.50 crore in postage revenue and an export value of Rs. 23.01 crore. Additionally, Seven Exporters awareness workshops involving DGFT, MSMEs, Export Promotion Councils, State authorities and exporters were also organized.

     

    Glimpses from the workshop on Dak Ghar Niryat Kendra at Indore

     

     

    Standardized Geo-Coded Addressing System: Revolutionizing service delivery

    The Standardized Geo-Coded Addressing System has also made significant strides with successfully completing a pilot program in 10 villages and 1 town. This initiative aims to establish a digital public infrastructure for a standardized, geo-coded addressing system in India, which can simplify addressing solutions for citizen-centric delivery of public and private services to enable “Address as a Service” (AaaS) in India. This will simplify addressing across India by using automated DIGIPIN allocation using SVAMITVA data and other open-source GIS data. The beta version of DIGIPIN was launched on 19th July 2024, marking a key achievement in developing this system. The Department has forged key partnerships, including an MoU with the National Remote Sensing Centre (ISRO) and the National Institute of Urban Affairs, to further enhance this initiative.

     

    These partnerships aim to leverage advanced technologies and expertise to provide precise mapping and addressing solutions, ultimately revolutionizing service delivery across the country. This grid-based system will be a robust pillar of Geospatial Governance, leading to enhancements in public service delivery, faster emergency response, and a significant boost to logistics efficiency.

     

    The Post Office Act, 2023

     

    The Post Office Act, 2023 came into effect on 18th June 2024, replacing the Indian Post Office Act of 1898. This forward-thinking legislation has modernized the postal system, addressing both contemporary challenges and future needs. By focusing on improving customer experiences and service delivery mechanisms, the new Act positions the Department of Posts to be more responsive to the evolving requirements of citizens, embodying the principle of “Dak Sewa Jan Sewa.” The subordinate legislation, including the Post Office Rules, 2024 and Regulations 2024, are currently in the process of issuance.

     

    Indo-Africa Postal Leaders Meet

     

    Visit to India Post Mail Processing facility in  Mumbai

     

    Delegates at the closing ceremony of the

    India Africa Postal Leaders Meet

    The Indo-Africa Postal Leaders Meet, the first such event, was hosted by India from June 21st to 25th, 2024. It brought together over 50 senior delegates from 22 African countries, alongside representatives from the Universal Postal Union. The event highlighted India’s successful postal service model and underscored the critical role of postal services in financial inclusion and capacity building. It also opened new avenues for collaboration in postal technology and service delivery under the South-South and Triangular Cooperation framework.

    Delegates visit to Dak Chaupal in

    Navi Mumbai  Region

     

    Tracked Packet Service expansion

     

    On the sidelines of the Asia Pacific Postal Union Executive Council meeting in Siem Reap, Cambodia, on 17th Aug 2024, India Post & Thailand Post signed the commercial document for a competitive bilateral exchange of Tracked Packet service between the two countries. This is an important step towards promoting cross border e-commerce exports.

     

     

     

    DBT disbursal to beneficiaries of Mukhyamantri Majhi Ladki Bahin Yojana

     

    The scheme Mukhyamantri Majhi Ladki Bahin, launched by the Maharashtra Government in June 2024, aims to provide financial assistance and empowerment to women in the state and provides for disbursal of Rs.1,500 every month to eligible women, among other benefits. The IPPB has successfully disbursed approximately 465.5 crores in accounts of 15.51 lakh beneficiaries.

     

    MoU between Department of Posts & Khadi and Village Industries Commission

     

    Unit Verification

    A New Memorandum of Understanding was signed between the Department of Posts & Khadi and Village Industries Commission on 20.8.2024 for Physical Verification of the units set up by first-generation entrepreneurs. This verification will facilitate the adjustment of government subsidy to the loan account of beneficiaries under the Prime Minister’s Employment Generation Programme (PMEGP). Around 1.35 lakh PMEGP units will be verified by the end of FY 2024-25. Proof of concept has been completed successfully, and Roll out for the actual Physical Verification process PAN India will start after the completion of training to Officials of the Department of Posts .

     

    Increasing E-Commerce footprint in the NER

     

    In a major boost to its e-commerce operations, the Department entered into a strategic partnership with Amazon on 27th June 2024 to enhance its delivery services across the Northeast Region (NER). Under this collaboration, consignments booked in Guwahati are seamlessly transmitted and delivered by the Department to all states in the region. The range of items being handled includes apparel, household goods, mobile accessories, beauty products, books, toys, appliances, and sporting goods among others. In just the last two months, approximately 35,000 consignments have been successfully booked, generating a revenue of Rs. 31 lakh. This partnership is a significant step towards strengthening the Department’s e-commerce capabilities in the NER, improving access to essential products, and boosting regional connectivity through its extensive postal network.

     

    Leveraging PM Gati Shakti National Master Plan

     

    The Department of Posts has gone live on the National Master Plan (NMP) portal, marking a key step in enhancing infrastructure and operational planning through geospatial technology. The Department now has its own dedicated layer on the NMP, alongside a separate portal embedded within it. Over 1.29 lakh assets of the Department have been mapped on this platform, organized into 14 data layers (4 administrative and 10 thematic) with detailed attributes for optimized decision-making.

    The use of layers and attributes of other Ministries/Departments on NMP and the Department of Posts’ layers by functional divisions/field formations of the Department will be a vital tool for functional divisions of the Department and administrative units for planning postal infrastructure and operations. Possible use cases are (a) visualization of all postal facilities on a single map for more efficient planning, (b) PIN code mapping, (c) route optimization (trucking routes, postmen’s beat), (d) planning outreach programmes for special schemes, (e) estates planning – ownership of land, category of land – forest etc.

     

     

    In consultation with the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry and Bhaskaracharya Institute for Space Applications and Geoinformatics       (BISAG-N), Gandhinagar, an application has also been developed free of cost for the Department of Posts. With this application, additional assets can be mapped on NMP and already mapped assets can be updated so that postal infrastructure data is the latest available data. Circle/Region/Division /Functional Divisions of the Postal Directorate will be able to use the data.

     

     

     

    Under the able guidance of the Hon’ble Minister of Communications Shri Jyotiraditya Scindia, the Department of Posts seeks to enhance citizens’ quality of life and promote inclusive growth and development nationwide through these new initiatives.

     

    *****

    MG/PD/DP

    (Release ID: 2058028) Visitor Counter : 10

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI USA: Deputy Administrator Isobel Coleman at the United Nations Development Program Event “Mobilizing Africa’s Sixth Region: Helping Educate and Skill Africa for the 21st Century”

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Good afternoon. Thank you to our colleagues at UNDP for bringing us together today, and to our partners joining the discussion. 

    It’s a pleasure to be with you as we explore the promise of African-led innovation in education, technology, and entrepreneurship to drive global progress.

    All of us here today know that the African continent is a powerhouse of promise. This year, the continent is poised to be the world’s second fastest-growing region – Africa is home to 12 of the 20 fastest growing economies on the planet. 

    The African continent also boasts an exceptionally young and growing population, with 60 percent of its inhabitants under the age of 25, and by 2040, Africa will have the largest workforce in the world – larger than China and India combined.

    If we are going to achieve the SDGs and build the peaceful and prosperous world we all seek to advance, we must invest in harnessing that enormous potential. 

    This past March, I visited Atlanta to take part in the Phambili Trade and Innovation Event. While in Atlanta, I started discussing with Helene Gayle, the President of Spellman college, the potential for connecting American Historically Black Colleges and Universities, or HBCUs, with universities and colleges in Africa – harnessing cultural ties, and connecting young people pursuing careers in STEM on both sides of the world, empowering the next generation of students that could develop relationships and trade between the continent and the United States. 

    Since then, USAID has been in conversation with Spellman and other HBCUs about making this idea a reality, starting with one class that could count toward the HBCU students’ college degrees. 

    The idea blossomed, and in May of this year, USAID officially announced the launch of this program during the official visit of Kenyan President Ruto to the United States.

    EdTech Africa will pilot in Kenya featuring a select cohort of students from two to three HBCUs in the United States – Howard University and the Atlanta University Consortium – and three Kenyan Universities – University of Nairobi, University of Embu, and the Open University of Kenya – focusing on data science.

    In addition to academic coursework, the partnership will provide workforce development training in association which will require a collaborative project as a capstone to the class. 

    They will also participate in an entrepreneurship bootcamp in Atlanta sponsored by Mastercard and project based work sponsored by Microsoft at their Microsoft Africa Research Institute in Nairobi. 

    This hands-on approach will equip students with the skills and knowledge needed to succeed in today’s competitive job market. 

    This is just the first partnership under EdTech Africa that will develop enduring connections with industry and between African and U.S. institutions focused on technology research and development and private-sector job growth. 

    The EdTech Africa initiative is poised to make a significant impact at a time when Africa is experiencing rapid digital transformation characterized by technological advancements, increased connectivity, and emerging job opportunities. 

    To thrive in this new digital landscape, a safe and secure ecosystem is essential, and the EdTech Africa initiative will contribute to building such an environment. 

    The United States is eager to partner with Africa to uplift the next generation of innovative, African-led solutions – helping generate broadly shared opportunity and prosperity that benefits families and communities across the continent, and sustainable growth that benefits economies across the world. 

    These are just a few of the ways USAID is investing in Africa’s future. 

    But we know our work is not done. 

    The African continent is teeming with potential to drive the next generation of global progress, and now, it’s up to all of us – governments, partner countries, UN organizations, and the private sector – to invest in that potential.

    Thank you.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: CFTC Orders Illinois Futures Commission Merchant to Pay More Than $980,000 for Supervision Failures

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today issued an order filing and settling charges against NinjaTrader Clearing, LLC dba NinjaTrader, Tradovate and TransAct Futures (NTC), a registered Futures Commission Merchant that operates out of Deer Park, Illinois.

    The CFTC order finds NTC failed to have adequate policies and procedures governing the emergency handling of accounts and did not exercise sufficient oversight over its employees’ handling of accounts in response to a statutory restraining order issued in CFTC v. Patel, Case No. 22-cv-80092 (S.D. Fla. 2022). 

    The CFTC order requires NTC to pay a $750,000 civil monetary penalty, cease and desist from further violations of CFTC regulations, and pay restitution in the amount of $233,425 to the court-appointed receiver for distribution to the victims of the fraud prosecuted in that action. 

    Case Background

    The CFTC order finds that from at least Dec. 31, 2020, to the present, NTC failed to diligently supervise its employees’ handling of accounts that needed to be frozen, disabled, or otherwise restricted on an emergency basis. 

    Specifically, in January 2022, NTC failed to diligently supervise its employees’ handling of accounts NTC held or managed under the name Rajiv Patel. NTC did not have adequate policies and procedures and did not adequately oversee its employees to ensure NTC implemented the SRO entered by the court in connection with the fraud perpetrated by Patel and his company, Bluprint LLC.

    As a result of these deficiencies, NTC failed to take diligent steps to understand and implement the SRO. These failures resulted in positions in the Patel accounts remaining open for several days after the SRO was served, during which time they lost more than $200,000 in value.

    The Division of Enforcement staff responsible for this matter are Elsie Robinson, Monique McElwee, Jeff Le Riche, Christopher Reed, and Charles Marvine. 

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Neal Statement on USTR Enforcement Action under the U.S.-Peru Trade Promotion Agreement

    Source: United States House of Representatives – Congressman Richard Neal (D-MA)

    Ways and Means Committee Ranking Member released the following statement after the United States Trade Representative (USTR) announced enforcement action under the United States-Peru Trade Promotion Agreement (PTPA):

    “Today’s timber enforcement action demonstrates the unwavering commitment of USTR and the Biden-Harris Administration to protecting our workers and environment. Step-by-step the Administration and House Democrats are shaping international trade to be a force for good in our communities, with House Democrats leading the effort to include the first-of-its-kind timber agreement in the Peru FTA. We structured the agreement to ensure that Peruvian timber doesn’t contribute to deforestation and that illegal loggers who do engage in unfair trade practices are held accountable. With this strong enforcement, we are standing up for American workers, our industry, and environment.

    Ways and Means Ranking Member Neal continued, “The U.S. Trade Representative, Ambassador Katherine Tai, deserves credit for her unfailing commitment to enforcing trade rules, with Congressman Earl Blumenauer as the driving force behind the Peruvian Forestry Annex when it was negotiated and leading on every major environmental advancement in trade policy for the two decades. Earl’s leadership will be sorely missed, but his legacy will endure and House Democrats will proudly carry his mantel forward.” 

    The PTPA contains a landmark Environment Chapter and Forest Annex, which includes a requirement for Peru to conduct audits and verifications of particular timber producers and exporters upon request from the United States. The agreement also provides for U.S. participation in the verification process and permits the United States to take compliance measures based on the results of a verification. Since the signing of the PTPA, the United States and Peru have cooperated in efforts to ensure the sustainable management of natural resources, however serious concerns about illegal logging in Peru remain. 

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI USA: Dingell Announces $50 Million for Battery Manufacturing in Van Buren Township

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) today announced Cabot Corporation will receive $50 million from the Department of Energy (DOE) to build the first commercial-scale facility in the U.S. to produce critical components for lithium-ion batteries in Van Buren Township. The grant was awarded under the DOE’s Infrastructure Investment and Jobs Act’s Battery Materials Processing and Battery Manufacturing funding opportunity as part of a $355 total million investment in battery manufacturing in Michigan. 

    “Our state is driving the next generation of auto innovation and technology, and there’s no better place for this plant than here in Southeast Michigan. To keep America a global leader in EVs and manufacturing, we must ensure electric vehicles, their batteries, all their components, and their infrastructure are built here at home,” Dingell said. “This investment will strengthen our domestic battery supply chain, create good paying union jobs, support Michigan’s auto leadership, and advance our transition to a clean-energy future.”

    “We are grateful for the Department of Energy’s support in selecting Cabot Corporation for this significant grant, which underscores the importance of building a strong domestic supply chain for critical battery materials in the U.S. With the strong support of Congresswoman Dingell and other congressional leaders, we are confident this project will contribute meaningfully to the future of clean energy and drive sustainable innovation in Michigan and the U.S.,” said Martin O’Neill, Cabot Corporation, Senior Vice President, Government Affairs and Chief Sustainability Officer. “This funding accelerates our efforts to establish the first U.S. commercial-scale production facility of battery-grade carbon nanotubes and conductive additive dispersions located here in Michigan. We are excited about the opportunities this project brings to the state, not only in terms of job creation and local economic growth, but also in advancing the clean energy transition.”

    Cabot Corporation will build and operate a plant capable of producing an initial ~1,000 tons per year of battery-grade carbon nanotubes (CNTs) and up to 12,000 tons per year of conductive additive (CA) dispersions at a commercial scale to support the domestic lithium-ion battery supply chain. Conductive additives, including CNTs, are indispensable ingredients in battery electrodes, connecting active materials within a conductive matrix. Without conductive additives, lithium-ion batteries do not work. Cabot’s plant will be the first production-scale facility to manufacture and supply battery-grade CNTs and CA dispersions in the U.S., expanding U.S. capabilities in advanced battery manufacturing, reducing reliance on imports, and strengthening national security. 

    The facility is expected to employ approximately 85 permanent workers and more than 250 tradespeople during construction. Cabot will work with the local government to sign a Good Neighbor Agreement and has signed a Memorandum of Understanding (MOU) with the North American Building Trades Union (NABTU) for construction of the facility and a neutrality agreement with the International Chemical Workers Union Council (ICWUC) for the operations of the facility. Cabot will also partner with local and regional universities, colleges, and trade schools to implement internship programs, support STEM career development, and promote training opportunities to develop a qualified and skilled domestic workforce.

    Learn more about the project here.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Global: Can you trust companies that say their plastic products are recyclable? US regulators may crack down on deceptive claims

    Source: The Conversation – USA – By Patrick Parenteau, Professor of Law Emeritus, Vermont Law & Graduate School

    Keurig, maker of K-Cup single-use coffee pods, was recently fined for claiming the pods were recyclable. Dixie D. Vereen/For The Washington Post, via Getty Images

    Plastic is a fast-growing segment of U.S. municipal solid waste, and most of it ends up in the environment. Just 9% of plastic collected in municipal solid waste was recycled as of 2018, the most recent year for which national data is available. The rest was burned in waste-to-energy plants or buried in landfills.

    Manufacturers assert that better recycling is the optimal way to reduce plastic pollution. But critics argue that the industry often exaggerates how readily items can actually be recycled. In September 2024, beverage company Keurig Dr Pepper was fined US$1.5 million for inaccurately claiming that its K-Cup coffee pods were recyclable after two large recycling companies said they could not process the cups. California is suing ExxonMobil, accusing the company of falsely promoting plastic products as recyclable.

    Environmental law scholar Patrick Parenteau explains why claims about recyclability have confused consumers, and how forthcoming guidelines from the U.S. Federal Trade Commission may address this problem.

    Why do manufacturers need guidance on what ‘recyclable’ means?

    Stating that a product is recyclable means that it can be collected, separated or otherwise recovered from the waste stream for reuse or in the manufacture of other products. But defining exactly what that means is difficult for several reasons:

    • Different U.S. states have different recycling regulations and guidelines, which can affect what is considered recyclable in a given location.

    • The availability and quality of recycling infrastructure also varies from place to place. Even if a product technically is recyclable, a local recycling facility may not be able to accept it because its equipment can’t process it.

    • If no market demand for the recycled material exists, recycling companies may be unlikely to accept it.

    Most plastic goods that consumers put in their recycle bins aren’t recycled, despite the “chasing arrow” label. Critics say manufacturers have deceived the public to avert plastic bans.

    What is the Federal Trade Commission’s role?

    Public concern about plastic pollution has skyrocketed in recent years. A 2020 survey found that globally, 91% of consumers were concerned about plastic waste.

    Once plastic enters the environment, it can take 1,000 years or more to decompose, depending on environmental conditions. Exposure through ingestion, inhalation or in drinking water poses potential risks to human health and wildlife.

    The Federal Trade Commission’s role is to protect the public from deceptive or unfair business practices and unfair methods of competition. Every year, it brings hundreds of cases against individuals and companies for violating consumer protection and competition laws. These cases can involve fraud, scams, identity theft, false advertising, privacy violations, anticompetitive behavior and more.

    The FTC publishes references called the Green Guides, which are designed to help marketers avoid making environmental claims that mislead consumers. The guides were first issued in 1992 and were revised in 1996, 1998 and 2012. While the guides themselves are not enforceable, the commission can use them to prove that a claim is deceptive, in violation of federal law.

    The guidance they provide includes:

    • General principles that apply to all environmental marketing claims

    • How consumers are likely to interpret claims, and how marketers can substantiate these claims

    • How marketers can qualify their claims to avoid deceiving consumers

    The agency monitors environmentally themed marketing for potentially deceptive claims and evaluates compliance with the FTC Act of 1914 by reference to the Green Guides. Marketing inconsistent with the Green Guides may be considered unfair or deceptive under Section 5 of the FTC Act.

    Courts also refer to the Green Guides when they evaluate claims for false advertising in private litigation.

    Currently, the Green Guides state that marketers should qualify claims that products are recyclable when recycling facilities are not available to at least 60% of consumers or communities where a product is sold.

    How is the agency addressing recyclability claims?

    The FTC is reviewing the Green Guides and issued a request for public comment on the guides in late 2022. In May 2023, the agency convened a workshop called Talking Trash at the FTC: Recycling Claims and the Green Guides.

    This meeting focused on the 60% processing threshold for recyclability claims. It also addressed potential confusion created by the “chasing arrows” recycling symbol, which often identifies the type of plastic resin used in a product, using the numbers 1 through 7.

    Many critics argue that consumers may see the symbol and assume that a product is recyclable, even though municipal recycling programs are not widely available for some types of resins. Other labels use a version of the symbol for products such as single-use grocery bags that aren’t accepted in most curbside recycling programs but can be dropped off at designated stores for recycling.

    The FTC has sought public comments on specific characteristics that make products recyclable. It also has asked whether unqualified recyclability claims should be made when recycling facilities are available to a “substantial majority” of consumers or communities where the item is sold – even if the item is not ultimately recycled due to market demand, budgetary constraints or other factors.

    What are companies and environmental advocates saying?

    Organizations representing environmental interests, recycling businesses and the waste and packaging industries have offered numerous suggestions for updating the Green Guides. For example:

    • The U.S. Environmental Protection Agency urged the FTC to increase its threshold for recyclability claims beyond the current 60% rate. The EPA said that products and packaging “should not be considered recyclable without strong end markets in which they can reliably be sold for a price higher than the cost of disposal.” It also recommended requiring companies’ recyclability claims to be reviewed and certified by outside experts.

    • The Consumer Brands Association, which represents the U.S. Chamber of Commerce, the Plastics Industry Association and other commercial interests, called for more research into public understanding of environmental marketing claims. To help companies avoid making deceptive advertising claims, it urged the FTC to provide more detailed explanations, with examples of acceptable marketing.

    • The Association of Plastic Recyclers encouraged the FTC to increase enforcement against deceptive unqualified claims of both recyclability and recycled content. It recommended providing stronger, more prescriptive guidance; publicizing specific examples from the marketplace of deceptive representations; and sending warning letters when companies appear to be making unsubstantiated claims. It also asked the FTC to maintain its current recyclability claim threshold at 60% and to update the Green Guides again within five years instead of 10.

    • A coalition of environmental groups, including Greenpeace USA and the Center for Biological Diversity, urged the commission to codify the Green Guides into binding rules. They also argued that for goods that require in-store drop-off, companies should have to prove that processors can capture and recycle at least 75% of the material.

    The FTC has not set a date for publishing a final version of the revised Green Guides. All eyes will be on the agency to see how far it is willing to go to police recycling claims by manufacturers in this $90 billion U.S. industry.

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

    – ref. Can you trust companies that say their plastic products are recyclable? US regulators may crack down on deceptive claims – https://theconversation.com/can-you-trust-companies-that-say-their-plastic-products-are-recyclable-us-regulators-may-crack-down-on-deceptive-claims-239156

    MIL OSI – Global Reports –

    September 29, 2024
  • MIL-OSI Asia-Pac: Ministry of Power under the able leadership of Prime Minister Shri Narendra Modi has achieved remarkable milestones during the first 100 days : Shri Manohar Lal

    Source: Government of India

    Ministry of Power under the able leadership of Prime Minister Shri Narendra Modi has achieved remarkable milestones during the first 100 days : Shri Manohar Lal

    National Electricity Plan 2023 to 2032 for Central and State Transmission Systems has been finalised.

    83596 Particularly Vulnerable Tribal Group (PVTG) households located in remote and far flung areas have been electrified.

    49,512 Agricultural Feeders where Agriculture load is more than 30% have already been segregated

    Posted On: 23 SEP 2024 6:38PM by PIB Delhi

    “Ministry of Power under the able leadership of Prime Minister Shri Narendra Modi has achieved remarkable milestones during the first 100 days of the new Government” remarked the Union Minister for Power and Housing & Urban Affairs at a press conference in New Delhi today.

    The Union Minister also said that the Ministry prepared its 100 Days Plan with a vision to strengthen the power infrastructure, enhance capacity, increase connectivity and expanding international reach.

    He said that the achievements in power sector during this period shows the Ministry’s focus on Policy Reforms and introduction of new initiatives which will go a long way in strengthening and empowering the Indian power sector.

    Speaking on the National Electricity Plan Union Minister said that National Electricity Plan 2023 to 2032 for Central and State Transmission Systems has been finalised.  This plan is aimed at meeting a peak demand of 458 GW by 2032. 

    Under the previous plan 2017-22, about 17,700 ckm lines and 73 GVA transformation capacity were added annually.  Under the new plan, transmission network in the country will be expanded from 4.85 lakh ckm in 2024 to 6.48 lakh ckm in 2032.  During the same period the transformation capacity will increase from 1,251 GVA to 2,342 GVA.

    Nine High Voltage Direct Current (HVDC) lines of 33.25 GW capacity will be added in addition to 33.5 GW presently operating.  Inter-Regional transfer capacity will increase from 119 GW to 168 GW.  This plan covers the network of 220 kV and above. 

    Union Minister informed that the total cost of the plan is Rs 9.15 lakh Cr.  This plan will help in meeting the increasing electricity demand, facilitate RE integration and green hydrogen loads into the grid.

    The Union Minister also said that 50 GW ISTS Capacity has been approved.The transmission network of 335 GW is planned to evacuate 280 GW of Variable Renewable Energy (VRE) to the Inter-State Transmission System (ISTS) by 2030. 

    Out of this, 42 GW has already been completed, 85 GW is under construction, and 75 GW is under bidding. Balance 82 GW will be approved in due course.

    Transmission Schemes corresponding to 50.9 GW capacity have been approved during the 100 days.  The total estimated cost of the approved projects is Rs. 60,676 Cr. 

    The approval covers transmission systems for Gujarat (14.5 GW RE), Andhra Pradesh (12.5 GW RE), Rajasthan (7.5 GW RE), Tamil Nadu (3.5 GW RE), Karnataka (7 GW RE), Maharashtra (1.5 GW RE), Madhya Pradesh (1.2 GW Thermal power), Jammu & Kashmir (1.5 GW Hydro power), and Chhattisgarh (1.7 GW). 

    The approved transmission system includes the evacuation of renewable electricity, including offshore wind power in Gujarat and Tamil Nadu.  This will support the power requirements of planned Green Hydrogen and Green Ammonia projects in these states, as well as pumped storage potential near in Maharashtra.  Additionally, the approved system will facilitate the evacuation of hydro power from Jammu & Kashmir and thermal power from Madhya Pradesh and Chhattisgarh.

    Highlighting another major achievement Union Minister Shri Manohar Lal informed that 83596 Particularly Vulnerable Tribal Group (PVTG) households located in remote and far flung areas have been electrified.

    Speaking on agricultural feeders Union Minister informed that out of 80,631 feeders, 49,512 agricultural feeders where agriculture load is more than 30% have already been segregated.  Segregation of the remaining 31,119 feasible feeders have been sanctioned to provide reliable daytime power supply to farmers. The union minister informed that the cost of this is Rs 43,169 crore.

    Speaking on the occasion Union Minister also informed that a specialized Computer Security Incident Response Team for the power sector (CSIRT-Power) has been established.  The facility is equipped with advanced infrastructure, cutting-edge cybersecurity tools, and key resources, CSIRT-Power is now well-prepared to tackle emerging cyber threats in power sector.

    Union Minister Shri Manohar Lal also said that revised guidelines for EV charging infrastructure, “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure-2024” have been issued to support creation of a nationwide connected and interoperable EV charging network.

    The provisions under these guidelines serve as a blueprint to expedite deployment of EV charging infrastructure to cater to future EV charging demand.  This will help increase the charging stations to about 01 lakh by 2030.  Major features of the guidelines include:

    1. Standard procedure and timelines for grant of electricity connections for charging
    2. use of open communication protocols to enable interoperability of EV chargers
    3. Criteria for optimal selection of locations for siting Public EV charging stations in urban areas and along highways
    4. Transparency in charging fee structure:  electricity tariff capped at Average Cost of Supply (ACOS) till FY 2028; tariff subsidy charging during solar hours increased from 20% of ACOS to 30%.
    5. Improvement in charging business viability
    6. Safety and connectivity requirements for users and EV chargers specified
    7. Promotion of use of innovative technologies like Vehicle to Grid discharging, Pantograph Charging.                               

     

    He also informed that India has taken a major step toward a greener future with the introduction of two new building codes: the Energy Conservation and Sustainable Building Code (ECSBC) for commercial buildings and the Eco Niwas Samhita (ENS) for residential buildings. The revised codes apply to large commercial buildings and multi-storied residential complexes with a connected electricity load of 100 kW or more, which means the codes will impact big offices, shopping malls, and apartment buildings and will help in further reduction of 18% electricity consumption.  Additionally, it incorporates sustainability features related to natural cooling, ventilation, water, and wastewater disposal.  States may adopt these building codes.

    Union minister also informed India has a Pumped Storage Project (PSP) potential of more than 184 GW.  We have planned to add 39 GW of PSP capacity by 2030 to address storage and grid stability needs, he added.  Presently, 4.7 GW has been installed.  Around 6.47 GW capacity is under construction, 60 GW is under various stages of survey and investigation.  Contracts for additional 3.77 GW of PSP have now been awarded.

    Union Minister Shri Manohar Lal also said that we are transitioning large industrial consumers currently participating in the energy efficiency reduction regime (Perform Achieve Trade Scheme) to a GHG emissions reduction regime.

    He also said that to facilitate this shift, we have established a framework for an Indian Carbon Market.  We have also published procedures for accrediting carbon verifiers of emissions reduction to verify emissions reductions.

    These measures will enable the pricing of greenhouse gas (GHG) emissions reduction and the trading of carbon credit certificates.  We intend to operationalise the trading of certificates of mandatory sectors by October 2026 and of voluntary sectors by April 2026.

    Union Minister also said that a new Central Financial Assistance (CFA) scheme has been approved to support the development of 15 GW of hydro capacity in the North Eastern States.  Under this scheme, the central government will provide equity assistance of up to 24% of the project equity, with a maximum of Rs. 750 crore per project, to encourage participation from North Eastern States.  This will facilitate investments and create significant direct employment opportunities for locals. The implementation period is from 2024-25 to 2031-32. The total cost is Rs. 4136 crore.

    In the first 100 days the scope of budgetary support for the cost of enabling infrastructure for Hydro Electric Projects and Pumped Storage Projects (PSPs) has been expanded.  In addition to roads and bridges, the support now includes financing for transmission lines, ropeways, railway sidings, and communication infrastructure.  Projects exceeding 200 MW will receive ₹0.75 crore per MW of support, while projects up to 200 MW will receive ₹1 crore per MW.  Hydro projects with a capacity exceeding 25 MW, including private sector projects, awarded before 1st July, 2028, are eligible for this support.  The implementation period is from 2024-25 to FY 2031-32.  The total outlay for the scheme is Rs. 12,461 cr.  This will support the development of 31 GW hydro potential including 15 GW of PSPs.

    Talking about the Lower Arun Hydro Electric Project Shri Manohar Lal said that  The Lower Arun Hydro Electric Project (669 MW) in Nepal has now been approved by Government of India.  The project cost is 5792 Cr.  The implementation period is 60 months.

    While India aggressively pursues energy transition goals, ensuring energy security remains paramount. Union Minister also informed that to meet the peak demand and base load requirements of a rapidly expanding economy, Ministry of Power has prioritized thermal capacity addition. Currently, the total thermal capacity: Coal and Lignite based stands at 217 GW. In addition, 28.4 GW capacity is under construction, out of which 14 GW capacity is likely to be commissioned by FY 2025. Further, 58.4 GW is at various stages of; planning, statutory clearances and bidding. Also, in the last 100 days, Ministry have awarded 12.8 GW of new coal based thermal capacity.

    ***

    Sushil Kumar

    (Release ID: 2057980) Visitor Counter : 67

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Union Finance Minister Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24th to 28th Sept. 2024

    Source: Government of India

    Union Finance Minister Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24th to 28th Sept. 2024

    Union Finance Minister will attend 9th Annual Meeting of Board of Governors of AIIB during the visit

    Smt. Sitharaman will also sign Bilateral Investment Treaty (BIT) between India and Uzbekistan

    The Union Finance Minister will hold important bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President

    Posted On: 23 SEP 2024 6:35PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on an official visit to Uzbekistan from 24thto 28thSeptember, 2024. The Union Finance Minister will lead the Indian delegation of officials from the Ministry of Finance.

     

    During the visit, Smt. Sitharaman will attend the Ninth Annual Meeting of Board of Governors of Asian Infrastructure Investment Bank (AIIB) scheduled in Samarkand on 25thand 26thSeptember 2024, besides other important bilateral meetings with her counterparts from Uzbekistan, Qatar, China, and AIIB President.

    In the Annual Meeting of AIIB, the Union Finance Minister will attend as the Indian Governor to the AIIB. India is the second largest shareholder of the bank. The multilateral discussions centred around a broad spectrum of important global issues relevant to the development agenda.

    As part of the official visit, the Union Finance Minister is expected to call-on H.E Shavkat Mirziyoyev, President of Uzbekistan.

    During the visit, the Union Finance Minister will sign a Bilateral Investment Treaty (BIT) between India and Uzbekistan. The BIT will be signed by the Union Finance Minister and Uzbekistan Minister for Investment, Industry and Trade. The treaty aims to promote more extensive economic cooperation for the mutual benefit of both countries on a long-term basis.

    The Union Finance Minister will also participate in the India-Uzbekistan Business forum discussions, jointly organised as well as represented by industry captains from both the countries.

    Besides the above engagement, Smt. Sitharaman will also visit the Samarkand State University and Lal Bahadur Shastri Monument in Tashkent. The Union Finance Minister will also interact with Indian diaspora representing leading voices from multiple sectors.

    About AIIB and Annual Meetings

    The AIIB Annual Meeting witnesses’ participation of delegations from around 80 countries, and other international organisations. As a multilateral development bank, AIIB is focused on developing sustainable infrastructure in Asia and in promoting investments in infrastructure and other productive sectors with a view to foster sustainable economic development, create wealth and improve infrastructure connectivity.

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    NB/KMN

    (Release ID: 2057978) Visitor Counter : 80

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI USA: CFTC Announces Four Orders Granting Whistleblower Awards – Marking the Most in a Single Day

    Source: US Commodity Futures Trading Commission

    Washington, D.C. — The Commodity Futures Trading Commission today announced awards totaling approximately $4.5 million for whistleblowers who, collectively, provided information that led to the success of multiple enforcement actions, brought by the CFTC and another authority. The four orders granting awards, to a total of seven whistleblowers, are the most the CFTC has issued on a single day.

    The orders recognize the award recipients for their distinctive contributions:

    • Four whistleblowers who, as victims of fraud, significantly contributed to the resolution of both a CFTC action and a related criminal action, providing insight into the broad scope of the misconduct and enabling the identification of additional victims.
    • A separate whistleblower victim whose tip alerted the CFTC to a new fraud by a repeat offender, and whose ongoing assistance helped uncover additional evidence of misconduct that led to additional charges.
    • A market participant whistleblower whose information led the CFTC to look into different conduct as part of an existing investigation, and which led directly to important evidence supporting the CFTC’s charges.
    • A whistleblower who, as an employee with compliance/internal audit responsibilities, reported violations internally, then waited at least 120 days to contact the CFTC after no meaningful remedial action was taken. The award for this whistleblower is the second involving the CFTC’s 120-day safe harbor provision for such employees, following the first such award earlier this year [See CFTC Press Release No. 8878-24].

    “Whistleblowers provide information from a variety of vantage points that helps preserve market integrity and fairness,” said Director of Enforcement Ian McGinley. “The multiple awards the CFTC is granting today serve as a warning to would-be wrongdoers across the markets we oversee that anyone may blow the whistle on their misconduct.”

    “Today’s awards illustrate the CFTC’s Whistleblower Program is open to nearly anyone who voluntarily provides original information about a violation, including victims, witnesses, insiders, market participants, and employees,” said Whistleblower Office Director Brian Young. “Our Whistleblower Program remains committed to rewarding meritorious whistleblowers expeditiously for their information and assistance.”

    With today’s four orders, the CFTC has issued 12 orders granting whistleblower awards this fiscal year, the most on record.

    Whistleblower Office staff responsible for these awards are Counsel to the Director William Durbin, Senior Attorney Advisor Laurence Tai, and Attorney Advisor Rachel Anderson Rynders.

    About the CFTC’s Whistleblower Program

    The Whistleblower Program was created under Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Since issuing its first award in 2014, the CFTC has granted whistleblower awards amounting to approximately $380 million. Those awards are associated with enforcement actions that have resulted in monetary sanctions totaling nearly $3.2 billion. The CFTC issues awards related not only to the agency’s enforcement actions, but also in connection with related actions brought by other domestic or foreign regulators, if certain conditions are met.

    The Commodity Exchange Act (CEA) provides confidentiality protections for whistleblowers. Regardless of whether the CFTC grants an award, the CFTC will not disclose any information that could reasonably be expected to reveal a whistleblower’s identity, except in limited circumstances. Consistent with this confidentiality protection, the CFTC will not disclose the name of the enforcement action in which the whistleblower provided information or the exact dollar amount of the award granted.

    Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected. All whistleblower awards are paid from the CFTC’s Customer Protection Fund, which was established by Congress, and is financed entirely through monetary sanctions paid to the CFTC by violators of the CEA. No money is taken or withheld from injured customers to fund the program.

    * * * * *

    Anyone with information related to potential violations of the CEA or the CFTC’s rules and regulations can submit a tip electronically by filing a Form TCR (Tip, Complaint or Referral) online.

    Visit Whistleblower.gov for more information about CFTC’s Whistleblower program.

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Vice-President to visit Uttar Pradesh on September 25, 2024

    Source: Government of India

    Vice-President to visit Uttar Pradesh on September 25, 2024

    VP to be Chief Guest at 2nd Uttar Pradesh International Trade Show at Gautam Buddha Nagar

    The Vice-President, Shri Jagdeep Dhankhar will visit Gautam Buddha Nagar, Uttar Pradesh on September 25, 2024.

    Posted On: 23 SEP 2024 6:34PM by PIB Delhi

    During his visit, the Vice-President will preside over the inaugural session of Uttar Pradesh International Trade Show (UPITS) 2024, where he will deliver the keynote address.

    This is the 2nd edition of UPITS, which is set to take place from September 25-29, 2024. The event will showcase the trade and culture of Uttar Pradesh, and will also highlight Vietnam as the Partner Country. The first edition of UPITS was inaugurated by the President of India, Smt. Droupadi Murmu.

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    JK/RC/SM

    (Release ID: 2057976) Visitor Counter : 18

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI Asia-Pac: Department of Consumer Affairs, Government of India focuses on ‘Consumer Care’ and ‘Consumer Rights’ for 100 Days Action Plan

    Source: Government of India

    Posted On: 23 SEP 2024 5:35PM by PIB Delhi

    The Department of Consumer Affairs (DoCA) under Ministry of Consumer Affairs, Food and Public Distribution is focussing on Hon’ble Prime Minister’s vision of ‘Consumer Care’ during the first 100 Days of the Government of India.

    Briefing the press on the thrust of the Department, Smt Nidhi Khare, Secretary, DoCA said that enhancing consumer rights, price monitoring of essential food items and improving food distribution systems across the nation were given priority by improving the institutional processes. She briefly highlighted the following key accomplishments:

    1.Expansion of Price Monitoring System (PMS) App: The Department of Consumer Affairs (DoCA) monitors the daily retail and wholesale price of identified essential food items through daily retail and wholesale prices reported by the Price Reporting Centres under the Consumer Affairs, Food & Civil Supply Department in the States and UTs. 

    On August 1, 2024, the Union Minister launched revamped price monitoring app PMS App 4.0, which now includes 16 additional food commodities such as Jowar (whole), Bajra (whole), Ragi (whole), Maida (wheat), Suji (whole), Black Pepper (whole), Coriander (whole, dry), Cumin Seed (whole), Red Chillies (dry, loose with stem), Turmeric powder, Banana, Desi Ghee, Butter (pasteurized, salted), Eggs (farm eggs, medium size), Besan, Brinjal. The total number of food commodities under the Price Monitoring System has increased from 22 to 38, improving market oversight.

    Year-on-year inflation rate (3.65%) based on All India Consumer Price Index (CPI) for the month of August, 2024, is second lowest in the last five years. Consumer Food Price Index (CFPI) based Food inflation for August 2024 is the second lowest since June, 2023.

    2. Onion Procurement for Buffer Stock: a quantity of 4.70 LMT of Rabi-2024 onion has been procured by NCCF and NAFED for the Price Stabilization Fund (PSF) buffer against target of 5 LMT. Monitoring of procurement and disposal is being conducted by SupplyValid to ensure transparency and accountability in Onion Operations. Government has started sale of onions through NCCF, NAFED at Rs. 35/kg from 5th September, 2024 to stabilize onion market prices and to provide relief to consumers. Retails disposal is being done in major consumption centres across the country such as Delhi, Mumbai, Chennai, Bangalore etc. Further, bulk disposal has also been initiated by the government.

    3. Procurement of Pulses under PSS and PSF: a quantity of 2.47 LMT of Masur (R-24) and 43,125 MT of Chana(R-24) has been procured under PSS at MSP and a quantity of 11,000 MT of Chana (R-24) procured under PSF at market rates. Further, a quantity of 2.51 LMT of Summer Moong (2024) procured under PSS at MSP. NAFED and NCCF are continuously registering farmers on their respective portals for the procurement of Tur, Urad, Chana, and other crops to ensure remunerative prices in on going and further operations.

    4. Approval of PM-AASHA Scheme: The Union Cabinet, on 18.9.2024, has approved the continuation of Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA). The integration of the Price Support Scheme (PSS), Price Stabilization Fund (PSF), Price Deficit Payment Scheme (POPS), and Market Intervention Scheme (MIS) under PM-AASHA will ensure improved implementation. The integrated PM-AASHA Scheme aims to control price volatility and ensure affordable essential commodities for consumers while offering fair prices to farmers. The PSF scheme has been extended to protect consumers from price volatility in essential agri-horticultural commodities, including pulses and onions. Strategic buffer stocks maintained to prevent hoarding and speculation. PSF interventions also include subsidized retail sales of Bharat Dals, Bharat Atta, and Bharat Rice.

    5. USA Drone Certification, EV Battery Testing and Quality Testing of fertilizers by National Test House:

    • NTH Ghaziabad has achieved a significant milestone by receiving provisional approval from the Quality Council of India (QCI) as a Certification Body for Type Certification of Drones, making it the first Central Government entity to offer this certification specifically for drones.
    • NTH is committed to delivering these services at competitive fees among the lowest in the industry and with a quicker turnaround than its competitors. Recently, NTH has entered into a MoU with the Bureau of Energy Efficiency (BEE) to enhance the Standards & Labelling (S&L) Program. This collaboration designates NTH as a Referral Laboratory for disputed samples, provides training for BEE officers and involves reviewing existing programs while addressing technical concerns.
    • To further bolster its capabilities, NTH is establishing advanced testing facilities for “ElectricVehicle Batteries and Charging Stations” in Mumbai, Bengaluru and Kolkata, with the Bengaluru facility’s foundation stone laid on August 22, 2024. Additionally, NTH continues to engage in “quality testing of Fertilizers” as a Third Referee Analysis in partnership with the Ministry of Agriculture, Govt. of India deploying modern equipment across its labs to ensure efficient and accurate testing services.

     

    6. Standardization, Conformity Assessment, Hallmarking Test and Management of Lab Infrastructure by BIS:

    The Bureau of Indian Standards (BIS) is committed to ensuring the development of robust standards across industries, fostering uniformity and interoperability. Our focus on conformity assessment plays a critical role in reducing trade barriers, enhancing product safety, and boosting consumer confidence. Market surveillance is integral to our approach, guaranteeing that certified products continue to meet established standards even after reaching consumers, thus safeguarding their interests and ensuring long-term compliance with safety regulations. As part of our initiative, BIS set an ambitious target to grant 1,500 new product certifications, while also aiming to conduct 40,000 market surveillance inspections and 15,000 factory audits. We are pleased to report significant progress, with 3,516 new product certifications already granted and extensive surveillance efforts resulting in 27,314 market checks and 20,242 factory inspections.

    To date, BIS has published a total of 22,268 standards along with harmonizing 6,549 ISO standards and 2,566 IEC standards along with international standards reflecting our dedication to meeting with international benchmarks. Additionally, the automation of XRF (X-Ray Fluorescence) machines has been successfully implemented as of September 1, 2024. This advancement allows for faster and more accurate analysis of material composition, enhancing quality control in metallurgy and ensuring adherence to industry standards.

    BIS’s ongoing efforts in product certification and market surveillance not only promote safety and quality but also strengthen consumer trust and foster a competitive marketplace. We remain dedicated to continuous improvement and collaboration with stakeholders to enhance compliance and ensure the highest standards across all sectors.

    7. Installation of Time Dissemination Equipment at RRSLs:

    Precise time is essential for country’s strategic and non-strategic sectors. Considering the importance of dissemination of Indian Standard Time (IST), the project has been undertaken by the Department of Consumer Affairs in association with National Physical Laboratory and ISRO.  The project aims to create technology and infrastructure to disseminate IST from five sites across India. Under the 100 days achievement, it was decided to install the timing equipment at Regional Reference Standard Laboratory, Ahmedabad and Bengaluru, which has been installed.  At other three RRSLs these instruments are being installed.   The project includes Dissemination of Indian Standard Time (IST) through 5 RRSLs (Regional Reference Standard Laboratories) and Establishment of one DRC (Disaster Recovery Centre) at RRSL, Bengaluru linked with BIPM (International Bureau of Weights & Measures).

    It is most critical for Strategic sectors, Navigation, Digital archiving, Transportation, International Trade, National Security, Weather forecasting, disaster management, Power grids, Exploring underground resources, Electronic transactions and cybercrimes.

    8.  Signing of Safety Pledge by e-commerce platforms to ensure consumer care:

    In alignment with the idea espoused by the Hon’ble Prime Minister at the B20 Summit India 2023 that businesses must consider a paradigm shift from “consumer rights” to “consumer care”, the DoCA finalized a “safety Pledge” in consultation with all the stakeholders as part of its one of the 100 days action plan to prioritize consumers safety.  The safety pledge   is a voluntary commitment of online platforms with respect to the safety of goods sold to consumers. The objective of this pledge is to serve as a public commitment by e-commerce platforms to prioritize consumer safety, enhance confidence among consumers while shopping online, encouraging platforms to go beyond their legal obligations to improve consumer safety and augment innovation and new approaches to promote safety compliances. The principles of Safety Pledge is detecting and preventing the sale of unsafe products co-operating with statutory authorities responsible for product safety, raising consumer product safety awareness amongst third party sellers and empowering consumers on product safety issues.

    *****

    AD/NS

    (Release ID: 2057940) Visitor Counter : 9

    MIL OSI Asia Pacific News –

    September 29, 2024
  • MIL-OSI USA: House Passes Congressman Valadao’s Online Dating Safety Act

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    WASHINGTON – Today the House unanimously passed H.R. 6125, the Online Dating Safety Act. Congressman David G. Valadao (CA-22) and Congresswoman Brittany Pettersen (CO-07) introduced the bipartisan bill last year, which would require dating apps and services to issue fraud ban notifications to users who have interacted with a person removed from the app. The Federal Trade Commission reported that romance scams resulted in victims losing $1.3 billion in 2022 alone.

    “With more and more people using online dating services, there are a number of bad actors who use these platforms to commit fraud,” said Congressman Valadao.  “These apps have been around for over 10 years, but still there are little safeguards in place to protect users. The Online Dating Safety Act is an important step to enhance online safety, combat fraud, and help people make more informed decisions. I look forward to working with my Senate colleagues to get this bill across the finish line.”

    “Online dating services are being used as a platform for bad actors to target and exploit individuals, yet protections continue to lag behind,” said Congresswoman Pettersen. “Notifying users if they have been in contact with a potential scammer is a basic security feature that every online dating service should provide. This bipartisan bill will help reduce online crime and keep people safe from online scammers. I’m grateful this legislation has passed the House with bipartisan support, and I will keep working to see it signed into law.”

    “As Americans increasingly use online dating services, con artists are attempting to prey on people searching for companionship, particularly seniors. I commend Rep. Valadao for his leadership on this bill to give adults of every age the information they need to protect themselves from romance scams online,” said House Energy and Commerce Committee Chair Cathy McMorris Rodgers.

    Congressman Valadao spoke on the House Floor during debate on the legislation. Watch his remarks here.

    Remarks as prepared:

    M. Speaker.,

    I rise to urge support for my bill, the Online Dating Safety Act.

    Each year, millions of people are deceived, defrauded, or misled by users of online dating apps.

    While it’s sadly common to see people lie about things like their age or occupation, this bill takes aim at the more sinister fraudsters who make their livelihoods preying on vulnerable individuals.

    According to the Federal Trade Commission, romance scams resulted in victims losing $1.3 billion in 2022 alone, with senior citizens being the most at-risk age group.

    There are countless horror stories of people being conned out of their entire life savings, all because they trusted someone they met online.

    Individuals who meet online often take their conversations to other communication platforms, so even when a fraudulent account is removed, someone might not know they are talking to someone who has been removed from the platform.

    This bill requires the dating platform to issue fraud ban notifications to users who have ever interacted with a person who has been removed from the app for fraudulent activity.

    While we can’t stop all criminals, this is a simple and important step to fill a communication gap and help people make more informed decisions about who they’re really talking to.

    These apps have been around for over 10 years, but still there are little safeguards in place to protect users.

    I urge my colleagues to support this bill to help prevent this widespread fraud.

    Thank you and I yield back.

    Background:

    Over 55 million Americans reported using an online dating service in 2022. As Americans continue to go online to find meaningful relationships, scammers are following suit. The Federal Trade Commission reported that romance scams resulted in victims losing $1.3 billion in 2022 alone. When an online dating service provider becomes aware of a user committing fraudulent activity, such as illegally obtaining money, the online dating service provider immediately deactivates the fraudulent user’s account. However, individuals who meet online often take their conversations to other communication platforms, so even when a fraudulent account is removed, an individual might not know they are still communicating with someone who has been removed from the dating platform. The Online Dating Safety Act seeks to fill this communication gap by requiring these platforms to send a fraud ban notification to anyone who has communicated with someone with a fraudulent account.  

    Read the full text of the bill here.

    ###

    MIL OSI USA News –

    September 29, 2024
  • MIL-OSI Australia: 209-2024: Scheduled Service Disruption: Friday 27 September to Sunday 29 September 2024 – BICON, DAFF messaging, SeaPest

    Source: Australia Government Statements – Agriculture

    23 September 2024

    Who does this notice affect?

    All clients required to use the department’s Biosecurity Import Conditions System (BICON) during this planned maintenance period.

    All clients submitting the below declarations:

    • Full Import Declaration (FID)
    • Long Form Self Assessed Clearance (LFSAC)
    • Short Form Self Assessed Clearance (SFSAC)
    • Cargo Report Self Assessed Clearance (CRSAC)
    • Cargo Report Personal Effects (PE)

    …

    MIL OSI News –

    September 29, 2024
  • MIL-OSI: Virtune AB (Publ) announces its expansion into the Netherlands through the listing of Virtune Staked Solana ETP on Euronext Amsterdam

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, 23rd of September 2024 — Virtune, a Swedish regulated digital asset manager and issuer of crypto Exchange Traded Products (ETPs) based in Stockholm, Sweden, announces its expansion into the Netherlands through the listing of its Virtune Staked Solana ETP on Euronext Amsterdam.

    With strong traction and consistent inflows in the Nordic regions driven by increasing interest and crypto adoption, expanding into the Netherlands is a strategic milestone for Virtune. Virtune has since its inception in May 2023 been growing rapidly in the Nordics where it has listed a total of 12 products and reached more than 31 000 investors in its products in just about one year.

    The key success factors have been an educational focus, a transparent market approach and through its regulated status. This move not only addresses growing investor enthusiasm but also enhances our market presence across Europe.

    Christopher Kock, CEO of Virtune, stated:

    “We are thrilled to expand into the Netherlands with the introduction of our Staked Solana ETP to the Dutch investor community after its successful launch in the Nordic markets. Since our inception in May 2023, we have worked tirelessly to drive crypto adoption through educational efforts in the Nordics and we are excited to extend these efforts to the Dutch financial market. This ETP provides investors with enhanced exposure to Solana, one of the leading and most influential blockchains globally, while also offering additional returns through included staking.”

    About Virtune Staked Solana ETP
    Virtune Staked Solana ETP provides exposure to Solana combined with the benefits of staking. With staking incorporated, the ETP offers an additional annual return of approximately 3% on the investment made in the ETP, while at the same time offering an attractive annual fee of 0.95%.

    Like all of Virtune’s ETPs, Virtune Staked Solana ETP is 100% physically backed and fully collateralized, is denominated in EUR for the Dutch audience and is available on brokerage platforms like Degiro. Virtune uses Coinbase as the crypto custodian where the underlying SOL tokens are being stored with highest institutional grade security in cold-storage. The underlying SOL tokens are being staked directly from cold-storage and the staking rewards are being reflected in the daily price of the ETP.

    Key Product Information:

    Exposure to Solana with approximately 3% annual return through staking
    100% physically backed by SOL
    0.95% annual management fee
    Non-custodial staking

    Virtune Staked Solana ETP:

    Trading Currency: EUR
    First Day of Trading: Tuesday, 17th of September 2024
    Euronext Exchange Ticker: VRTS
    Bloomberg Ticker: VIRSOL
    ISIN: SE0021309754
    Exchanges: Euronext Amsterdam, Euronext Paris, Nasdaq Stockholm

    About Virtune AB (Publ)
    Virtune is a registered financial institution with the Swedish Financial Supervisory Authority (FSA) for trading and managing digital assets and has an approved EU Base Prospectus, renewed with the Swedish FSA on April 5, 2024 which has enabled Virtune’s strategy of listing ETPs on regulated European exchanges. Virtune’s mission is to provide seamless access to crypto assets for both institutional and retail investors through innovative ETPs, transparency, and education.

    Virtune has a wide offering of crypto ETPs that includes Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune Crypto Top 10 Index ETP, Virtune XRP ETP, Virtune Chainlink ETP, Virtune Avalanche ETP, Virtune Staked Polkadot ETP, Virtune Staked Polygon ETP, Virtune Arbitrum ETP and Virtune Staked Cardano ETP.

    About Solana
    Solana is a high-performance blockchain platform designed to offer fast and scalable decentralized application operations and cryptocurrency transactions. By using a unique consensus mechanism known as Proof of History (PoH) along with Proof of Stake (PoS), Solana can handle thousands of transactions per second with low transaction costs, which is a significant improvement over older blockchains like Bitcoin and Ethereum. This combination of technologies not only allows for instant transaction verification but also a significant increase in network throughput without compromising security or decentralization.

    About staking
    Staking enables crypto asset owners to earn passive income by participating in the validation and confirmation of transactions on a blockchain through a process known as Proof of Stake. This mechanism is a fundamental component of Proof of Stake blockchains, like Ethereum and Solana, and plays a vital role in ensuring the security and authenticity of blockchain transactions. To facilitate a transaction on the blockchain securely and accurately, a validator must stake a certain amount of crypto asset as a guarantee of the transaction’s legitimacy.

    The validator aims to stake as much crypto assets as possible to increase the likelihood of receiving rewards, which are paid out in the same type of crypto asset that was staked. For instance, if you stake Solana, you receive additional SOL tokens as a reward. The annual reward percentage for staking can vary and may range from 0-14% or higher for some blockchains. Most crypto asset holders cannot act as validators themselves, as it requires significant amounts of crypto assets. Therefore, many choose to stake their assets through an established and trusted validator. Virtune includes staking rewards in its products that have ‘staked’ included in their names.

    Flow Traders will act as the market maker for the ETP, ensuring that Dutch investors can access the product easily and efficiently during Euronext market hours.

    Stockholm, 23rd of September 2024

    For further inquiries, please contact:
    Christopher Kock, CEO & Member of the Board of Directors
    Email: hello@virtune.com

    About Virtune AB (Publ)
    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges.

    With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    The MIL Network –

    September 29, 2024
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