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Category: Transport

  • MIL-OSI Submissions: Global Bodies – WHO recognizes healthy, innovative cities across Asia

    Source: World Health Organization (WHO)

    SEOUL, Republic of Korea l 25 September 2024 — Eight cities across Asia were recognized today by the World Health Organization (WHO) Western Pacific Region for outstanding contributions to urban health. The 2024 WHO Healthy Cities Recognition Awards were presented during the 10th Global Conference of the Alliance for Healthy Cities taking place this week in Seoul, Republic of Korea, with the theme “Smarter and Healthier Cities for a Better Future”.

    “Urbanization is not just a challenge − it is an opportunity,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific. “With more than half of the world’s population now living in cities, we have a responsibility to ensure that our urban spaces are designed to promote health, equity and well-being for all. The cities we are recognizing today have shown that through innovation, collaboration and strategic governance, we can build a healthier future for generations to come.”

    Award-winning cities and initiatives

    This year’s awards were presented to cities in Japan, the Philippines, the Republic of Korea and Singapore for exceptional achievements promoting health and well-being across eight categories:

    “Safe, Sustainable and Health-Enabling Transport System”: Owariasahi City, Japan

    o   Owariasahi City’s comprehensive approach to traffic safety, particularly for vulnerable groups like children, older people and people with disabilities, has led to a significant reduction in deaths from road traffic crashes. The city’s green and user-friendly transport system exemplifies how urban mobility can promote the health and safety of all residents.

    “Tobacco-Free City for Future Generations”: Carmona City, Cavite, Philippines

    o   Carmona City’s tobacco control measures, focused on protecting children and young people, have gone beyond local ordinances to create a tobacco-free environment. The city’s strategic approach involves community engagement to safeguard future generations from the harmful effects of tobacco.

    “Age-Friendly Cities: Bridging Generations for a Healthier Tomorrow”: Seoul Metropolitan Government, Republic of Korea

    Seoul’s “Healthy Ageing Support” initiative focuses on bridging generations through intergenerational activities that foster mutual support between younger and older residents. The programme, run by the Seoul Metropolitan Health and Well-Ageing Centre, is a model for how cities can adapt to the challenges of an ageing population through collaboration, innovation and inclusivity.

    “Let’s Be Active!”: Songpa District, Seoul, Republic of Korea

    Songpa has promoted active living through creation of a 21-kilometre walking and running trail and a 15-kilometre bike path, supported by public bike-sharing systems. These efforts benefit visually impaired and older residents in particular. The “G-EYE” app provides barrier-free navigation, including sound signals and location-based assistance, ensuring safe and independent walking for the visually impaired. For older residents, 35 shelters, 305 benches and accessible exercise equipment have been installed, providing comfortable rest stops and encouraging physical activity. These initiatives have increased walking and cycling rates, emphasizing the importance of accessibility and equity in urban transport planning.

    “Community Engagement to Advance Health Equity”: Dong-gu District, Gwangju, Republic of Korea

    Dong-gu’s community-driven approach to health equity addresses both housing and urban development, creating policies shaped by the voices of local residents. The project empowers communities to engage in decision-making processes that directly impact their living conditions, fostering greater health equity.

    “Climate Resilience and Environmental Sustainability for Health in Cities”: Chungju City, Republic of Korea

    Chungju’s ecological parks and carbon sinks offer green spaces for physical activity and contribute significantly to climate resilience. Combined with educational programmes and long-term budget planning, these initiatives demonstrate a sustainable model for other cities facing environmental health challenges.

    “Safeguarding Communities Against Alcohol-Related Harms”: Dobong-gu District, Seoul, Republic of Korea

    Dobong-gu has implemented a comprehensive alcohol reduction strategy, particularly focused on women, resulting in a measurable decrease in binge drinking and alcohol-related health issues. By engaging various sectors to support alcohol use disorder recovery and treatment, the district is addressing an important public health concern.

    “Transforming Food Environments for Healthy Diets and Optimal Nutrition”: Singapore

    o   Singapore’s front-of-pack labelling system and ban on advertising of unhealthy drinks have empowered consumers to make healthier choices. These government initiatives have also driven the beverage industry to reformulate products, showing how actions from cities can help to shape food environments in ways that improve public health.

    “WHO Regional Director’s Special Award”: Pasig City, Metro Manila, Philippines

    Pasig City in the National Capital Region of the Philippines received the WHO Regional Director’s Special Award this year in recognition of its long track record of implementing Healthy Cities activities and promoting the approach nationally and internationally. An active member of the Alliance for Healthy Cities, Pasig City continues to play a key role in advancing Healthy Cities in the Philippines..

    Pasig is among the early adopters of WHO’s Urban Governance for Health and Well-being initiative which supports local actions that promote good governance for health. The city’s community engagement efforts, driven by a participatory and multisectoral approach, aims to improve the health and well-being of its population.

    Pasig’s achievements in building a healthier, more sustainable environment through innovative actions has set a benchmark for other cities to follow, inspiring similar initiatives across the country. By implementing greening projects, the reforestation of the Marikina Watershed and the establishment of bike lanes and a bike-sharing programme, the city has improved its climate resilience and urban mobility. Programmes like the Civil Society Organization (CSO) Academy empower local organizations through capacity-building focused on health and social issues, while the city’s skills development and livelihood training programmes strengthen residents’ economic and social well-being.

    Speaking at the 10th Global Conference of the Alliance for Healthy Cities in Seoul, Dr Susan Mercado, Director of Programme Management for WHO in the Western Pacific Region, emphasized: “Cities are our hope for immediate action. Cities are our hope for innovation when changes like climate or conflict or communicable diseases threaten lives. Cities are catalysts for the health and well-being of humanity, and our cities in the Western Pacific need to be safe havens in the context of a changing planet.”

    Urbanization as a catalyst for health and well-being

    More than half (58%) of the population in the Western Pacific Region − some 1.1 billion people − now live in cities. The rapid pace of urbanization presents both opportunities and challenges for public health. By adopting sustainable urban policies, cities can promote health, provide equitable access and protect populations while ensuring health equity remains at the forefront of urban development.

    “Urbanization is not just about building cities; it is about building futures,” added Dr Mercado. “By harnessing the power of urbanization, we can turn cities into engines of health and well-being, paving the way for a healthier, more equitable world.”

    Smarter and healthier cities for all

    The WHO Healthy Cities Recognition Awards highlight the transformative potential of urban environments in promoting health and well-being. By prioritizing health equity, sustainability and innovation, the recognized cities are leading the way towards a future where urbanization drives positive change, creating healthier, more inclusive communities.

    “As cities continue to grow, we must ensure that no one is left behind,” emphasized Dr Piukala, stressing the importance of inclusivity and access to health for all. “Healthy cities are for everyone. They should provide opportunities for all citizens to live healthier, more fulfilling lives, regardless of their background or circumstances.”

    WHO remains dedicated to building healthier, more resilient and sustainable cities for the future. Urbanization offers a unique opportunity to improve people’s well-being, and the Alliance for Healthy Cities has demonstrated that change is possible. Through collective action, cities can become smarter, healthier and more inclusive, ensuring a safer and healthier world for future generations.

    Notes:

    Since 2004, the WHO Healthy Cities Recognition Awards have provided a platform for cities to showcase best practices in areas such as healthy ageing, urban mobility, health equity, climate resilience, environmental sustainability, tobacco and alcohol control, healthy diets and health-enabling societies. This year’s awardees exemplify how the Healthy Cities approach and urbanization can be harnessed as a positive force for health, safety and sustainable development.

    MIL OSI – Submitted News –

    September 29, 2024

  • MIL-OSI Video: From Policy to Action: Putting Plans to Work Through Plan Implementation

    Source: United States of America – Federal Government Departments (video statements)

    Building a strong hazard mitigation planning framework is crucial to advancing mitigation. This webinar covers the benefits of plan implementation and the tools to get there. The Ohio Emergency Management Agency shares how their portal is supporting plan and project information. Learn how the Oneida Nation took a proactive approach to risk reduction and coordinating with other partners. Hear how Dauphin County, Pennsylvania fostered a robust annual review process. Learn how to streamline and amplify planning efforts in ways that support the whole community.

    Timestamps:

    00:00 Introduction

    4:06 Shubha Shrivastava
    Shubha Shrivastava is a Mitigation Planner with FEMA’s National Mitigation Planning Program. Shubha will talk about the process of moving from planning to action and the steps you should take to keep your plan a living document.

    19:00 Steve Ferryman and Luan Nguyen
    Steve Ferryman is the Mitigation Branch Chief for the Ohio Emergency Management Agency (or EMA), and Luan Nguyen is the State Mitigation Planner also with Ohio EMA. Steve and Luan will share how Ohio’s Mitigation Information Portal tracks and supports local mitigation action.

    45:10 Kaylynn Gresham
    Kaylynn Gresham is the Emergency Management Director for Oneida Nation. Kaylynn will discuss how the Oneida Nation took a proactive approach to risk reduction and coordinating with other partners.

    56:01 Lexi Passaro
    Lexi Passaro is the Planning Specialist for Dauphin County, Pennsylvania Office of Emergency Management. Lexi will share how the county fostered a robust annual review process to keep their plan current and maintain partnerships to carry out action.

    1:16:05 Q&A Discussion

    1:29:18 Resources and Contacts

    https://www.youtube.com/watch?v=HBuZ5i7xdk8

    MIL OSI Video –

    September 29, 2024

  • MIL-OSI Asia-Pac: CHP investigates outbreak of Carbapenemase-producing Enterobacteriaceae at elderly home in Sheung Shui

    Source: Hong Kong Government special administrative region

    CHP investigates outbreak of Carbapenemase-producing Enterobacteriaceae at elderly home in Sheung Shui
    CHP investigates outbreak of Carbapenemase-producing Enterobacteriaceae at elderly home in Sheung Shui
    ******************************************************************************************

         The Centre for Health Protection (CHP) of the Department of Health is today (September 25) investigating an outbreak of Carbapenemase-producing Enterobacteriaceae (CPE) at a residential care home for the elderly (RCHE) in Sheung Shui, and reminded the public to maintain strict personal and environmental hygiene and to use antibiotics properly.     The CHP received notification from the Hospital Authority that an 89-year-old female resident of the aforementioned RCHE attended a follow-up consultation at a public hospital for her underlying illness on August 26 and was found to have a fever. Her urine sample tested positive for CPE upon laboratory testing, and the clinical diagnosis was urinary tract infection. Upon receiving the notification, the CHP carried out an epidemiological investigation and found that two female residents, aged 79 and 91, who had previously acquired the infection during hospitalisation and been identified as carrier cases, might be the source. A site inspection was conducted on September 10 by the CHP. It was found that the RCHE had yet to fully implement relevant infection control measures, which caused the transmission in the RCHE. The CHP conducted contact tracing and screening at the RCHE and found that the rectal swabs of 16 other female residents, aged between 70 and 103, also tested positive for CPE. All 16 residents remain asymptomatic and are in stable condition.     The CHP conducted another site inspection yesterday (September 24) and advised the RCHE again to adopt and reinforce necessary infection control measures against CPE, including maintaining good environmental hygiene and hand hygiene for staff and residents. The RCHE has been put under medical surveillance.     The CHP’s investigations are ongoing.     RCHEs are reminded to follow the Guidelines on Prevention of Communicable Diseases in Residential Care Homes for the Elderly on detection, prevention and control of infections. If there is suspicion of an infectious disease outbreak, the institution should report to the CHP promptly for follow-up.     A spokesman for the CHP said, “Enterobacteriaceae (for example, E. coli and Klebsiella) are common pathogens that can cause infections at different body sites including urinary tract infections, intra-abdominal infections or bacteraemia. CPE are enterobacteriaceae that produce carbapenemase – an enzyme that can deactivate carbapenems and other beta-lactam antibiotics such as penicillins. These bacteria are commonly resistant to multiple antibiotics, limiting therapeutic options, and may render severe clinical infections difficult to treat. The range of diseases associated with CPE varies from asymptomatic carriage to potentially life-threatening or fatal infections. The level of risk depends on which part of the body is affected by the infection and the general health of the patient.”     ​​The spokesman added that proper use of antibiotics and maintaining good personal and environmental hygiene, especially hand hygiene, are important for the prevention of emergence and cross-transmission of multi-drug resistant organisms (MDROs) like CPE. In addition, susceptible individuals such as the elderly, infants and young children, pregnant women and people with weakened immunity can lower the risk of contracting MDROs by not eating raw or undercooked foods.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:30

    NNNN

    MIL OSI Asia Pacific News –

    September 29, 2024

  • MIL-OSI Russia: SUM staff and students took part in the International Forum “Digital Transportation – 2024”

    MIL OSI Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On September 23-24, 2024, the Lomonosov cluster hosted the II International Forum “Digital Transportation”, in which a group of teachers and scientists from the State University of Management took part, and our volunteers helped in the organization.

    For the second year in a row, the forum has brought together industry leaders, experts and government officials. The focus is on the main trends and key tasks of the transport and logistics complex, innovative digital solutions, import substitution issues and ensuring the technological sovereignty of our country.

    The Forum was attended by the Minister of Transport of the Russian Federation Roman Starovoit, his deputy for digitalization Dmitry Bakanov, CEO of PJSC Aeroflot Sergey Aleksandrovsky, Chairman of the Board of JSC Russian Railways Oleg Belozerov, Chairman of the Board of Directors of Sitronics Group Nikolay Pozhidaev, CEO of JSC GLONASS Alexey Raikevich, Director of Digitalization of the State Corporation Rosatom Ekaterina Solntseva, Vice President of the FESCO Transport Group Dmitry Surovets.

    From the State University of Management in the business program of the forum, Professor of the Department of Transport Complex Management Vladimir Savchenko-Belsky, Associate Professor of the Department of Transport Complex Management Artem Merenkov, Associate Professor of the Department of Project Management Svetlana Sycheva, and Director of the Business Incubator Dmitry Rogov took part.

    Participants discussed advanced technologies in the field of digitalization of transportation, the introduction of unmanned systems on land, in water and in the air, cybersecurity issues, the use of “big data”, mechanisms and projects for the transition from import independence to the export of large digital platforms in the field of transport, logistics and tourism services. Experts shared their experience in implementing digital solutions in state and municipal administration to improve management efficiency and provide better services to citizens and spoke about the most ambitious plans for the near future. A separate session was devoted to staffing the industry.

    The forum was also attended by students of the Institute of Industry Management studying in the educational programs “Logistics and Supply Chain Management”, “Transport and Logistics Systems Management”, “Automotive Business Management” and “Project Management”. And 13 students of our university helped in organizing the Forum as volunteers.

    For students studying in a specialized field, it is especially important to attend such events in order to delve deeper into the specifics of their future profession, get acquainted with innovative solutions, learn about current trends in the industry and establish useful contacts with potential employers.

    The Forum is organized by the Digital Transport and Logistics Association with the support of the Ministry of Transport of the Russian Federation.

    Subscribe to the TG channel “Our GUU” Date of publication: 09/25/2024

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

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

    SUM staff and students took part in the International Forum “Digital Transportation – 2024”

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

    MIL OSI Russia News –

    September 29, 2024

  • MIL-OSI USA: US Department of Labor files suit to recover unpaid overtime wages, damages for more than 180 shortchanged Coway USA workers

    Source: US Department of Labor

    LOS ANGELES – The U.S. Department of Labor has filed a suit in the U.S. District Court for the Central District of California alleging that Coway USA Inc., a Los Angeles-based company that sells, leases and services household appliances, failed to pay overtime wages earned by more than 180 employees, a violation of the Fair Labor Standards Act. 

    The action follows an investigation by the department’s Wage and Hour Division that found Coway knowingly shortchanged employees who serviced and maintained company products by falsifying employment records to hide all hours worked by employees. The investigation also revealed that Coway failed to account or pay for time spent by employees on calls with customers, loading and unloading vehicles with products for delivery, trips to the warehouse to pick up inventory and attending mandatory trainings. Additionally, Coway automatically deducted 30 minutes per day for lunch even though employees worked through lunch to meet customer needs or stay on schedule.

    In addition to falsifying records, the department alleges that Coway utilized a flawed methodology for purposes of computing overtime pay, further reducing their overtime liability and depriving employees of their overtime wages. 

    The division estimates Coway owes hundreds of thousands of dollars in unpaid overtime wages to more than 180 employees. In addition to seeking the recovery of all unpaid wages, the department is seeking an equal amount in liquidated damages. 

    “Coway knowingly violated federal law by depriving workers of their hard-earned overtime pay and falsifying the hours they worked,” explained Regional Solicitor Marc Pilotin in San Francisco. “Coway’s violations have to be remedied and the company must be brought into compliance to ensure workers are fully and accurately compensated.”  

    “Our investigation found Coway, with brand ambassadors such as Korean pop band BTS, failed to pay more than 180 workers their overtime wages,” said Wage and Hour Division District Director Kimchi Bui in Los Angeles. “Employers can pay by piece-rate based on the number of units employees service, but they must pay overtime using the correct methodology and accounting for all hours worked.”

    Based in Los Angeles, Coway USA Inc. is a subsidiary of international household appliance manufacturer Coway Co. Ltd. The company produces water purifiers, air purifiers, bidets, water softeners and mattresses from South Korea.

    The Wage and Hour Division’s Los Angeles District Office conducted the investigation. The regional Office of the Solicitor in San Francisco is litigating the case in court.

    Learn more about the Wage and Hour Division, including a search tool to use if you think you may be owed back wages collected by the division and how to file an online complaint. For confidential compliance assistance, employees and employers can call the agency’s toll-free helpline at 866-4US-WAGE (487-9243), regardless of where they are from. The division can speak with callers in more than 200 languages.

    Download the agency’s new Timesheet App for iOS and Android devices – available in English and Spanish – to ensure hours and pay are accurate.

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI USA: Administrator Samantha Power at the Clinton Global Initiative

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you so much. And, President Clinton, just the good that you have done in your life as President, before you were president at CGI [Clinton Global Initiative], just thank you so much. Thank you, truly.

    So, I have been working for three decades in the international domain, seeking ways to improve and save lives. And, honestly, never in my career have I seen such a compelling, low-cost opportunity to make such a massive impact on a major global killer. 

    The scale of lead poisoning around the world is actually mind boggling. Right now, in low- and middle-income countries, half of children have elevated blood lead levels – lead that slows their brain development, harms their bodies, and can even kill them. Imagine: one in two kids. 

    The damage that lead is causing to children’s brains is actually estimated to account for 20 percent of the education gap between high- and low-income countries. Every year, lead poisoning is estimated to cost the global economy a trillion dollars, and it kills at least 1.5 million people, as you just heard. 

    But, none of this has to happen. This problem is solvable. 

    Decades ago, we banned leaded gasoline, long the biggest source of lead exposure here in the United States. And then, we worked with countries across the planet to phase out lead from gas, which continues to save over a million lives every year. 

    Of course, in high income countries, we didn’t stop with gasoline. We worked to remove lead from consumer products and to clean up industrial operations that leach lead into the environment. But, for those sources, we didn’t replicate the playbook in other countries, so kids there simply continue to be poisoned. 

    Well, it is time to change that – and, partner countries abroad have started leading the way. 

    Countries like Bangladesh and Malawi, for instance, have launched campaigns that eliminated lead from spices and paint for a total cost of just a few million dollars or less. 

    In just the eight months since we began a concerted push to galvanize awareness and support for this global issue, six countries have committed to banning lead in paint. They are showing us that stopping lead pollution at its source is both achievable and it is affordable. 

    USAID, UNICEF, and Open Philanthropy are announcing a Clinton Global Initiative Commitment to Action to launch the Partnership for a Lead Free Future — a global coalition to end childhood lead poisoning in developing countries once and for all. 

    Up to now, as you heard, just $15 million a year in donor capital was supporting this effort. Well, today, on behalf of the Partnership, we are delighted to commit $150 million to get the lead out. This is ten times the previous annual funding levels. This is remarkable, but it is just the start. 

    We need you all to help generate more resources and more awareness that gets governments and companies to act. So we hope you will join us and come together to help put an end to one of the great injustices of our time. 

    Thank you so much. 

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI USA: Western Global Airlines to pay $84K to resolve gender wage discrimination alleged in federal review

    Source: US Department of Labor

    ESTERO, FL – The U.S. Department of Labor announced its Office of Federal Contract Compliance Programs and Western Global Airlines Inc. have entered into a conciliation agreement in which the employer will pay $84,727 in back wages and interest to resolve alleged gender-based pay discrimination at the company’s Estero facility. 

    A routine compliance review of Western Global Airlines initially raised concerns about base pay and bonuses for female managers, support professionals, technicians and administrators. The agency determined the employer’s actions violated Executive Order 11246, which prohibits federal contractors from discriminating in employment based on race, color, religion, sex, sexual orientation, gender identity or national origin.

    Western Global Airlines agreed to resolve the OFCCP’s preliminary findings by paying 18 female workers $79,977 in back wages and interest, as well as $4,750 in bonuses. As part of the agreement, the employer will conduct an annual review of its compensation policies and practices and provide training to company officials responsible for determining compensation. During the agency’s compliance evaluation, the employer also made $157,500 in pay equity adjustments to female employees.

    “As a federal contractor, Western Global Airlines Inc. must ensure their employment practices are free of discrimination, provide all employees with equal employment opportunities and audit their processes to make sure no barriers to equal employment exist,” said Office of Federal Contract Compliance Programs Acting Southeast Regional Director Diana Sen. 

    View the conciliation agreement. 

    Since 2023, Western Global Airlines Inc. has been paid more than $4.5 million in federal contracts to provide scheduled freight air transportation services to the Department of Defense’s U.S. Transportation Command.   

    OFCCP launched the Class Member Locator to identify applicants or workers who may be entitled to monetary relief and/or consideration for job placement as a result of OFCCP’s compliance evaluations and complaint investigations. 

    In addition to Executive Order 11246, OFCCP enforces Section 503 of the Rehabilitation Act of 1973, and the Vietnam Era Veterans’ Readjustment Assistance Act of 1974. Together, these laws prohibit employment discrimination.

    Learn more about OFCCP.

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI USA: Office of the Governor – News Release – Gov. Green Lauds Top State Manager, Employee and Team of the Year

    Source: US State of Hawaii

    JOSH GREEN, M.D.

    GOVERNOR
    KE KIAʻĀINA

    GOVERNOR GREEN LAUDS TOP STATE MANAGER, EMPLOYEE AND TEAM OF THE YEAR

    FOR IMMEDIATE RELEASE
    September 24, 2024

    HONOLULU — Governor Josh Green, M.D., today recognized winners of the Governor’s Awards, designed to honor state Executive Branch employees, managers and work teams who exemplify the highest caliber of public service and dedication in serving the people of Hawai‘i. The statewide program is administered by the Department of Human Resources Development.

    “Public employees have made important contributions to our continuing efforts to improve the efficiency and quality of government services,” said Governor Green. “We are honored to work with such dedicated individuals and appreciate all they do each and every day.”

    Governor Green presented the awards for:

    STATE MANAGER OF THE YEAR: Joanna Seto, Administrator, Department of Health

    Faced with extraordinary responsibilities, including the Red Hill Fuel crisis, Joanna’s skills and successes have never been more apparent than after the Maui wildfires. She actively led her team through the response and recovery phases and continues to help hone their skills to assist the community in rehabilitating the environment. Leading by example, her team is committed to its mission – to protect human health and the environment.

    STATE EMPLOYEE OF THE YEAR: Heidi Taogoshi, Registered Nurse, Department of Health

    In the aftermath of the Maui Wildfires, Heidi quickly assessed the needs of the Lahaina community resulting in the deployment of mobile medical teams and the conversion of an abandoned state building into a health care clinic to provide essential services to those affected by the wildfires. With her guidance, management of the clinic was transferred to community providers, ensuring continued services to the people of Lahaina.

    STATE TEAM OF THE YEAR: UH Maui College Culinary Arts Team, University of Hawai‘i

    When the UH Maui College Pa‘ina Building was transformed into a fire relief food hub after the wildfires, the Culinary Arts team worked with organizations to prepare meals for residents displaced by the fire. The team also created a Disaster Relief Food Preparation Experience course, designed for students to work with industry chefs and instructors to learn about disaster relief food preparation and distribution.

    The three winners were selected from 56 exceptional groups and individual nominees.  A volunteer Selection Committee of four prominent members of the community carefully reviewed the 56 nomination packets and rated them according to defined categories.  The committee presented its recommendations for the three awards to Governor Green.

    The four members of this year’s Selection Committee are: Hawai‘i Public Radio host and news team member Catherine Cruz; City and County of Honolulu Homeless Coordinator Sam Moku; Hawai‘i Convention Center/ASM Global General Manager Teri Orton, and Office of the Governor Chief of Staff Brooke Wilson.

    At this year’s ceremony, Governor Green also recognized the recipients of the 2020 Governor’s Awards for Employee, Manager and Team of the Year for their outstanding achievements due to the cancellation of the May 2020 ceremony during the COVID-19 pandemic.

    The 2020 Selection Committee, comprising John Gotanda, president, Hawai‘i Pacific University; Catherine Cruz, host and news team member, Hawai‘i Public Radio; Marc Alexander, then-executive director, Mayor’s Office of Housing; Terri Funakoshi, director of operations, YWCA O‘ahu; and Jason Hagiwara, president and general Manager, KITV4 Island Television, selected the award recipients from 53 exceptional groups and individual nominees. They are:

    2020 STATE MANAGER OF THE YEAR: BONNIE KAHAKUI, state procurement assistant administrator, Department of Accounting and General Services

    Bonnie sets the pace in her office, always looking ahead and focusing on improving practices and procedures. She launched a new Learning Management System, recording more than 14,000 attendees at procurement training workshops and worked to broaden the purchasing process and take advantage of Amazon’s wide selection. Bonnie also led a statewide initiative to procure electric vehicles and infrastructure to help reduce Hawai‘i’s carbon footprint.

    2020 STATE EMPLOYEE OF THE YEAR: JANIS MATSUNAGA, entomologist, Department of Agriculture

    She is a leading expert in the field, editor of the Proceedings of the Hawaiian Entomological Society and is one of the longest serving officers in the 100-plus year history of the Hawaiian Entomological Society. Through emails or social media, Ms. Matsunaga will often bring peace of mind to the residents of Hawai‘i by defining problems with beetles infesting cabinetry or address insect problems that exist in their homes.

    2020 STATE TEAM OF THE YEAR: CORRECTIONS PROGRAMS SERVICES (CPS) – EDUCATION BRANCH, Department of Public Safety

    Education gives us knowledge and provides the necessary skills to navigate the world around us. When inmates become students of the Education Branch, they are more likely to find employment, make a positive contribution to society and strengthen family relations. The public benefits from reduced government costs, decreased crime rates, safer communities and a reduced tendency of convicted criminals to reoffend. In 2019, the Team produced 28 GED graduates, with 3 students passing the HiSET. (The Department of Public Safety was redesignated as the Department of Corrections and Rehabilitation effective January 1, 2024.)

    “These individuals have selflessly given of themselves to enrich the lives of those they serve,” said Governor Green. “Their accomplishments perpetuate the aloha spirit and make our state a special place to live and work.”

    Photos from today’s awards ceremony will be uploaded here.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    Erin Conner
    Executive Specialist
    Department of Human Resources Development
    Phone: 808-587-1120
    Email: [email protected]

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI USA: NEW PUBLIC PRESCHOOLS OPEN FOR WINDWARD OʻAHU KEIKI

    Source: US State of Hawaii

    HONOLULU — In a milestone for early education in Windward Oʻahu, Benjamin Parker Elementary School has opened two new public preschool classrooms—the first of their kind in Kāneʻohe. As part of the Ready Keiki initiative to ensure universal access to preschool, the new public pre-K classrooms represent an important step in increasing access to early education for the Kāneʻohe community.

    Lieutenant Governor Sylvia Luke visited one of the two classrooms on Monday, joined by Executive Office on Early Learning (EOEL) Director Yuuko Arikawa-Cross and area legislators: Representative Lisa Kitagawa, Representative Scot Z. Matayoshi, and Senator Jarrett Keohokalole.

    The two classrooms, when filled, will serve up to 40 keiki, with each classroom accommodating 20 students. Priority enrollment was given to keiki experiencing specific learning, language, and family situations. Open enrollment for the remaining seats begins on October 1, and families living or working in Windward Oʻahu are encouraged to apply for their keiki.

    “The opening of these two preschool classrooms at Benjamin Parker is not only a huge step for our Windward Oʻahu community but a testament to the importance of expanding early education across the state,” said Lt. Gov. Luke. “Whether here in Kāneʻohe, Hilo, or Wailuku, keiki across Hawaiʻi, no matter where they live, should have access to high-quality early education.”

    The community has provided input on the need for increased child care and preschool options for the Windward side, supported by population data on where 3- and 4-year-olds are located.

    “We’ve listened to the community and know that early learning is key to success in school and life. These new classrooms are a direct response to that need, and we couldn’t be more thrilled to see them open in Kāneʻohe,” said Yuuko Arikawa-Cross, EOEL Director. “We are grateful to our partners for making this a reality for our keiki.”

    Principal Patricia Macadangdang of Benjamin Parker Elementary highlighted the positive impact these preschool classrooms will have on both students and families. “Pre-K has already made a big difference here at Ben Parker. Our keiki will be coming to kindergarten better prepared, and their families are excited to have this opportunity so close to their homes or work,” she said.

    Beginning October 1, families and caregivers can apply for open enrollment to EOEL’s Public Prekindergarten Program using the online portal at earlylearning.ehawaii.gov.

    All families, regardless of priority group, are encouraged to apply. For more information, please contact EOEL at (808) 784-5350.

    To view all child care centers and public and private preschools in Windward Oʻahu, visit readykeiki.org/map.

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI USA: Office of the Governor – Statement – Gov. Green and AG Lopez Call for Federal Mediation in Hospital Labor Dispute

    Source: US State of Hawaii

    JOSH GREEN, M.D.

    GOVERNOR
    KE KIAʻĀINA

    GOVERNOR GREEN AND ATTORNEY GENERAL LOPEZ CALL FOR FEDERAL MEDIATION IN HOSPITAL LABOR DISPUTE

    FOR IMMEDIATE RELEASE
    September 24, 2024

    HONOLULU — As labor negotiations between Hawai‘i Pacific Health and the Hawai‘i Nurses Association continue, Governor Josh Green, M.D., and Attorney General Anne Lopez are urging both parties to seek federal mediation to reach a swift, fair resolution that benefits Hawai‘i’s health care system.

    “Our nurses are a critical piece of our health care system in Hawai‘i,” said Governor Green. “I encourage both parties, who I respect, to request the assistance of a federal mediator. A neutral mediator can help break through barriers and guide both sides toward a fair agreement that serves our community and allows us to care for our sickest children.”

    “During this phase of the negotiation, with a federal mediator, I would ask that both parties ensure that no services are interrupted at Kapi‘olani and that the nurses continue to receive their health benefits. These gestures of good faith should help the parties move forward.”

    Attorney General Lopez clarified the Governor’s legal limitations. “The Governor cannot intervene in private negotiations, but he is ready to assist through mediation if both parties request it.”

    Governor Green called for calm dialogue, emphasizing the importance of working together with aloha. “Now more than ever, we must remain focused on resolution. With mediation, I believe we can find a solution that serves the people of Hawai‘i.”

    “I have sent a letter to hospital leadership and the union encouraging them to take these steps,” he said.

    The Governor also offered state resources, including conference rooms, as neutral spaces for discussions, reaffirming his commitment to support any mediation efforts.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    Dave Day
    Special Assistant to the Attorney General
    Office: 808-586-1284
    Email: [email protected]
    Web: http://ag.hawaii.gov

    Toni Schwartz
    Public Information Officer
    Hawai‘i Department of the Attorney General
    Office: 808-586-1252
    Cell: 808-379-9249
    Email: [email protected]
    Web: http://ag.hawaii.gov

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI Translation: AMERICA/HAITI – Father Massimo Miraglio: “we continue with courage and determination our commitment alongside the people so that one day they may have a dignified life”

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    Wednesday, September 25, 2024

    MM

    by Antonella PrennaPourcine (Agenzia Fides) – “Although the international spotlight on Haiti has been turned off for some time now, newspapers and media no longer talk about it, the situation has absolutely not changed or improved”. Father Massimo Miraglio, a Camillian missionary, tells Fides the reality he found upon his return to Haiti after a long and forced Italian break. “Despite the intervention of the UN forces led by the Kenyan group, which arrived on the island last 25 June, and these days reinforced with additional Jamaican and Belizean forces, the context is always one of degradation. We can say that the presence of these forces in Haiti is almost inoperative. They complain about lack of material, fear of loss of human lives, and fairly restrictive rules of engagement – ​​the missionary remarks. In fact, the capital Port au Prince continues to be in the hands of armed gangs, sowing terror among the people. All activities continue to be almost paralyzed. The entrance to both the south and north of the capital are completely blocked, you can only pass after paying bribes to the various groups that stop along the way. However, this only applies to public transport and trucks which in many cases are seized instead of being allowed to pass. Even the exit that leads to Jeremie, 200 km south of the capital, is now totally closed, it is practically impossible to get there by land. And it is in this tragically sad context for the majority of the Haitian population that the school year will open on October 1st” explains Father Massimo, who has been on the island for almost twenty years. “We cannot hide the fact that the school year will open with many apprehensions and a thousand difficulties. Many children will not go to school and many schools will remain closed, especially in Port au Prince due to the presence of armed gangs. Many children will not be able to go to school because they do not have the money necessary to buy the minimum materials to be able to access teaching. Let us remember that in Haiti 80% of schools are private and costs increase more every year while families continue to fall into poverty.” Even in Jeremie – where the Camillians have a community – the situation is dramatic and many children will not be able to start the school year on time on October 1st. “Books, like all school supplies, are prohibitively expensive and arrive with difficulty from the capital. As well as the uniform and school bag for the students. Finding a decent pair of shoes to send them to school has become truly challenging and very expensive. In short, it promises to be a truly difficult school year for the children of Haiti” adds Fr. Miraglio. “In our parish of Our Lady of Help in Pourcine, in the mountainous hinterland of Jeremie, this year we will have 250 pupils enrolled in primary school and nursery school” explains Fr. Massimo who is the parish priest (see Fides 28/9/2023). We managed to build two small, very simple structures, with local wood, tents and sheet metal, where six primary school classes and two nursery school classes will be hosted. With equally great difficulty we managed to complete the teaching staff. They are all very young, the only ones who agree to come and teach in such distant places, despite the idea of ​​having a salary. It will be the second year that the ‘Our Lady of Perpetual Help’ school will open here in the Pic-Makaya mountains.” Among the various projects that the missionaries try to carry forward on the Caribbean island the Camillian emerges as the absolute priority of a clinic doctor. “We would like to create a small clinic in the parish to avoid the large movements to which those who become ill are subjected, our Foyer Saint Camille in Port au Prince is very far away. Furthermore, this week, with a group of Cuban doctors and the support of a local organization, we will organize a mobile clinic with which we can give an initial welcome to the sick in a mountain area and bring together people from two nearby valleys. This too is an arduous undertaking because to reach the place where we would like to take the clinic more than four hours are needed on foot and the same number to be able to return to the paths along the slopes which are very dangerous, especially in this period of rain.”“Following the charism of our Founder, San Camillo, we want to work in the area alongside groups of chronically ill people, children with nutritional problems, elderly people who are often abandoned and alone in their homes. We hope to be able to create a clinic by 2025, we are very grateful to the organization Madian Orizzonti, of the Camillian Missionaries of Turin, which supports us with great affection and we trust in the support of many other people who will meet us on our journey.”“In Unfortunately, at the moment the province is also not free from problems due to the enormous difficulties in communicating with the capital. Being able to receive goods of all kinds from Port au Prince is very complicated, as Haiti is a country where everything is very centralized and everything comes from the capital. In recent times, even transport from the province to the capital Jeremie is difficult due to the increase in the cost of diesel and petrol.” from the source to the center of the village. And it is very important not only because it will shorten the distances from the source to the valley, where most people live, but above all because we will be able to make the water drinkable and avoid/limit the continuous and frequent epidemics of cholera and intestinal diseases. Together with the aqueduct, work to support agriculture continues. In the next few months we hope to launch a coffee production nursery in the area which in the past had provided a certain prosperity. However, let us not lose hope and continue to fight to create better living conditions – concludes Father Miraglio. The aqueduct, the schools, the nursery, the mobile clinics, are all important aspects to revive the hope of the population and ensure that their living conditions can improve and keep people from abandoning these countryside locations to come and gather in metropolises or provincial towns which are already, like Jeremie, overloaded with people, where it is not possible to provide work or hope to these people who leave the countryside to go to the city. We continue our commitment with courage and determination alongside this peasant population, we try to support their faith, to accompany them so that one day they can achieve dignified living standards”. (Agenzia Fides 25/9/2024)MM

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

    MIL Translation OSI

    September 29, 2024

  • MIL-OSI Economics: Swaminathan J: Reaching the unreached – ensuring last mile connectivity of banking services

    Source: Bank for International Settlements

    Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

    Let me begin by complimenting Bengaluru Regional Office of the Reserve Bank of India for organising this conference with an apt theme – Reaching the Unreached – Ensuring Last Mile Connectivity of Banking Services. The theme reminds us that financial inclusion is an ongoing journey. While significant progress has been made in this journey, there is still some distance to be traversed. I must also thank the Bengaluru Regional Office for selecting this place, Hubballi, for this conference, a place where I served as a young officer of State Bank of India, some thirty years ago – which brings back lots of nostalgic memories of the basic banking that we used to do over three decades ago.

    India’s journey towards inclusive development after independence has been marked by several initiatives aimed at reducing poverty and improving living standards. Measures like expanding access to essential services such as education, healthcare and sanitation, and creating productive employment opportunities for all sections of the population have seen tremendous progress. Ensuring that the benefits of economic growth are shared by all segments of society, including marginalised groups has been the cornerstone of these initiatives. It has been a multifaceted journey with significant achievements in terms of economic growth, poverty alleviation, improvements in education and health care, etc.

    In the relatively early days of this journey, the Lead Bank Scheme was institutionalised in 1969 and since then the Scheme has served as an important tool in enhancing credit flow to the sectors that have been identified as national priority and to the underserved population of the country, boosting economic growth at all levels, e.g., block level, district level and state level.

    Over more than half a century since its inception, the Scheme has evolved in line with the development agenda for the country. The Lead Bank Scheme relies on a co-ordinated approach at all levels amongst banks, financial institutions and the government machinery for effective delivery of banking services to all sections of the economy. This co-ordinated approach has yielded significant results in terms of expanding banking access and improvement in the flow of priority sector credit.

    More recently it has also led to the expansion of digital payments with SLBCs taking the lead role in the objective of making every district in the country digitally enabled. I am happy to note that 354 districts are now digitally enabled. Ten states including Karnataka and six Union Territories have achieved 100 per cent coverage of districts under this initiative.

    Indeed, the Lead Bank Scheme can be a powerful tool to bring about transformative change. As LDMs, DDMs and LDOs, you are the very pillars on which this scheme rests, playing a crucial role in driving financial inclusion at grassroots level. Your efforts in extending banking services and credit access to underserved regions would undoubtedly bring immense satisfaction to all involved. Having served as the Convenor for the SLBC in Telangana, I can personally attest to the deep fulfilment that comes from making a tangible difference in people’s lives through the LBS fora.

    A common question we face is, are we doing enough? How much more remains to be done? In 2021, the Reserve Bank introduced the Financial Inclusion Index (FI-Index), which tracks progress across 97 indicators in three key dimensions: (i) Access (ii) Usage (iii) Quality. The Index which was at 53.9 in March 2021 now stands at 64.2 for March 2024 as a testimony to the efforts that has been put in by all of you.

    India has made significant strides in enhancing ‘access’ to banking and financial services, reaching even the most remote areas. However, there is still considerable ground to cover in deepening financial inclusion. This requires greater focus on promoting ‘usage’ and improving the ‘quality’ of services. In both these critical areas, the role of Lead District Managers from the banks and District Development Managers from NABARD is indispensable.

    In this context, I would like to outline a few key expectations.

    Know your district well

    Firstly, it is imperative that you cultivate a deep understanding of your respective districts-so, you should truly ‘Know Your Districts’ well. This knowledge will form a solid foundation for comprehensive district profiles, covering a wide range of critical data. Such profiles could include detailed demographic information, agricultural trends, banking penetration and activities, industrial profiles, and the various performance metrics under the Annual Credit Plans (ACP).

    Knowing your districts well, you can leverage upon data analytics and field surveys to gain insights into economic activities, local credit needs, and barriers to credit access. A holistic understanding of your district will enable you to identify gaps in financial inclusion, assess the credit needs of different sectors, and design targeted strategies for intervention. It will also help you to identify the root causes of the various issues observed in your districts. By staying attuned to your districts, you can provide invaluable feedback to the SLBCs, enabling the formulation of targeted and effective credit plans, and foster sustainable economic growth and development.

    Formulation of targeted and effective credit plans, a bottom up approach

    Secondly, building upon your strong understanding of your district, the formulation, monitoring, and implementation of Credit Plans must follow a granular bottom-up approach.

    The principal phase of credit planning is done by DDMs by preparing the Potential Linked Credit Plans (PLPs) for all the districts in the State by mapping credit potential under Priority Sector Lending (PSL). The preparation of PLPs involves assessment of block-wise and sector-wise potential. LDMs conceptualise the block credit plans at the grassroots level which aggregate into district credit plans, ultimately converging to shape the comprehensive state-level Annual Credit Plan. While doing so, target setting for credit disbursement needs to be aspirational while being realistic. LDMs must take into account the scope for lending indicated in the Potential Linked Plan as well as the past record of achievement in credit disbursement while formalising the credit plans for the blocks and districts under their charge.

    Address the gaps

    Thirdly, we need to address the remaining gaps. Although credit delivery to priority sectors has progressed over time, there is still significant work to be done especially with regard to Micro, Small and Medium Enterprises. Similarly, nearly half of Self-Help Groups (SHGs) are yet to be linked to formal credit, and a large proportion of small and marginal farmers still lack access to bank financing. Therefore, we must factor in the credit requirements of these segments in PLPs as well as in block and district-level credit strategies.

    MSMEs are crucial to India realising her demographic dividend. One of the key requirements in this regard is increasing the female labour participation rate. Various studies1 have shown that businesses with at least one women founder have a more inclusive work culture, employ more women than men and generate more revenue. However, less than 20 per cent of MSMEs are owned by women. Women entrepreneurs often encounter major hurdles, such as limited access to funding, societal barriers, and challenges in obtaining affordable finance.

    It is therefore crucial to bridge the gender gap. At the district level, this can be addressed by offering support to women-led enterprises through government-sponsored programmes and tailored banking schemes for women-owned businesses. Additionally, efforts must be made to raise awareness among potential women entrepreneurs about these opportunities and provide them with necessary guidance and support.

    Financial literacy

    Fourthly, we need to bolster financial literacy. Strengthening the supply-side is crucial, but holistic financial inclusion also necessitates demand-side initiatives. Financial literacy stands as a fundamental building block. It is not just about access, it is about empowering individuals to make informed choices. Financial literacy is the ability of people to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

    Members of public should be made aware of various financial products available to them, be it social security products such as insurance and pension schemes, which will cover their risks or loan products with significant subsidies that will enable them to undertake productive economic activities. A special focus needs to be given to Digital Financial Literacy for improving public confidence in undertaking digital transactions. This will enable banks to explore avenues for wider adoption of fintech, to provide seamless and frictionless credit.

    At the block level, financial literacy is being promoted through Centres for Financial Literacy (CFLs), established by NGOs with funding support from the RBI, NABARD, and banks. The reach of CFLs has expanded significantly, with 2,421 CFLs now operating across almost every block in the country. In Karnataka alone, 79 CFLs and 177 Financial Literacy Centres (FLCs) are spreading awareness of financial products at the grassroots level. LDMs must play a crucial role in ensuring that FLCs perform their functions effectively, supporting CFLs, participating in CFL camps, and facilitating the linkage of financial services while overseeing the proper conduct of these camps.

    In conclusion, I encourage you to give your best, set exemplary standards, and become pioneers in developmental activities, ensuring continued progress of your districts and the State of Karnataka.

    As you may be aware, the Reserve Bank of India is celebrating 90 years of its foundation this year. Looking ahead to the next decade, our journey towards RBI@100, we have formulated strategies aimed at positioning the Reserve Bank as a model central bank of the Global South. One of our key objectives is to deepen financial inclusion by enhancing the Accessibility, Availability, and Quality of financial services for all segments of society. I urge each of you to actively support us in realizing this vision by contributing to inclusive growth, ensuring that no one is left behind in accessing essential financial services, and fostering economic empowerment at the grassroots level.

    I would like to leave you with a quote from Rashtrakavi Kuvempu (an extract from his epic work “Malegaḷalli madumagaḷu”):

    ಇಲ್ಲಿಯಾರೂ ಮುಖ್ಯರಲ್ಲ
    Illi yaaroo mukhyaralla
    No one is precious here

    ಯಾರೂ ಅಮುಖ್ಯರಲ್ಲ
    Yaroo amukhyaralla
    No one is unimportant here

    ಇಲ್ಲಿ ಎಲ್ಲಕ್ಕೂ ಇದೆ ಅರ್ಥ
    Illi ellakkoo ide artha
    Everything has significance here

    ಯಾವುದೂ ಅಲ್ಲ ವ್ಯರ್ಥ
    Yavudoo alla vyartha
    Nothing is useless

    ನೀರೆಲ್ಲವೂ ತೀರ್ಥ!
    Neerellevoo theertha!
    All the water is holy!

    In the context of today’s gathering, it would mean: All groups of people are equally important and should be financially included; every effort taken for financial inclusion is meaningful and nothing goes wasted.

    With this I would like to end with my best wishes to each one of you. Thank you!

    MIL OSI Economics –

    September 29, 2024

  • MIL-OSI Economics: Michelle W Bowman: Recent views on monetary policy and the economic outlook

    Source: Bank for International Settlements

    Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry.

    In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy.

    Update on the Most Recent FOMC Meeting

    In order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings.

    As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5-1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress.

    Economic Conditions and Outlook

    In recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12-month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal.

    Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years.

    Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August.

    Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic.

    The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment.

    The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level-a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data.

    Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth.

    The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August.

    Preference for a More Measured Recalibration of Policy

    The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting.

    First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions.

    Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target.

    I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting.

    Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach would also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures.

    Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner.

    Ongoing Risks to the Outlook

    Turning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.

    In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall.

    Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term.

    In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions.

    The Path Forward

    Despite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target.

    I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions.

    By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook.

    During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate.

    Closing Thoughts

    In closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting.

    I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.

    MIL OSI Economics –

    September 29, 2024

  • MIL-OSI Economics: Tiff Macklem: Economic growth during uncertain times

    Source: Bank for International Settlements

    Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum.

    Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks.

    Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers.

    Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it.

    There is political uncertainty. And fiscal uncertainty.

    As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth.

    But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence.

    Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage.

    With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic.

    Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries.

    In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks of rapid advances in artificial intelligence. These are two key areas where we can reduce uncertainty through good policy and far-sighted business leadership.

    At the same time, we need to recognize that new uncertainties are a new reality, and we must be ready for the inevitable shocks in a more turbulent world. That puts a priority on risk management and investments in resilience.

    A key function of financial institutions is to help households and businesses manage the risks they face. Financial institutions also have a responsibility to manage their own risks prudently so that they do not themselves become a source of uncertainty and instability.

    As Canada’s central bank, we have a role to play in mitigating and managing risks and uncertainty. Our primary mandate is price stability-in other words, low, stable and predictable inflation. We also have mandates to foster a stable financial system and ensure safe and efficient payments.

    Let me say a few words on financial stability and payments. And then I’ll finish with some thoughts on monetary policy.

    Our financial stability focus is on risks that could lead to system-wide stress. And we publish these findings in our annual Financial Stability Report (FSR).1

    In our most recent FSR, published in May, we reported that Canadian mortgage holders had experienced a modest increase in levels of financial stress. Since then, we’ve observed that arrears on mortgages have continued to rise, although they remain below pre-pandemic levels. It also appears that these households have not leaned on revolving credit products such as lines of credit and credit cards to a greater degree than before the pandemic.

    But there is a notable increase in financial stress among borrowers without a mortgage, mainly renters. During the pandemic, for most credit products, the share of these borrowers missing payments reached historical lows. However, we’re now seeing a larger share of these borrowers lagging behind on credit card and auto loan payments. Over the past year the share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit has continued to climb. And this share is now above typical historical levels. This is concerning.

    Our responsibilities related to payments require us to adapt to increasing digitalization. Innovation in payments continues to accelerate.

    In 2021, the Bank assumed a new mandate for the supervision of retail payment service providers. Starting November 1st of this year, more than 3,000 service providers will need to register with the Bank and follow new rules aimed at safeguarding consumers and protecting the integrity of retail payments.  

    We are also looking at the bigger picture of payment innovation, both in Canada and around the world. As part of this work, in the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.

    But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.

    Now, let me circle back to monetary policy.

    In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.

    Our most recent decision on September 4th reflected two main considerations.

    First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.

    Since then, we’ve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%–3% inflation-control band. We need to stick the landing.

    What does this mean for interest rates? With the continued progress we’ve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.

    As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.

    Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.

    We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.

    Our next decision is October 23rd. And we will have a revised economic outlook at that time.

    With those introductory thoughts, let’s get the discussion started.

    I would like to thank Russell Barnett, Claudia Godbout and Brian Peterson for their help in preparing these remarks.

    MIL OSI Economics –

    September 29, 2024

  • MIL-OSI Economics: Alessandra Perrazzelli: Steering the transition to a quantum-safe world. An internationally coordinated approach

    Source: Bank for International Settlements

    Introduction

    Good morning and a very warm welcome to this important workshop on how to build a quantum-safe financial system.* I would like to start by thanking Prof. Cirac Sasturain and all the participants in the panel sessions for their insightful and thought-provoking contributions. Let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in Rome. Your presence and contributions are vital for the success of this workshop. I am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system’s transition towards a quantum-safe world.

    Quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. Thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current ‘digital economy’ to a new era of ‘quantum economy’. Such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration.

    As central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. It is part of our duty to promote and actively participate in the discussion on how to ensure the financial system’s transition to the quantum era in the safest possible way, considering the limitations of current technology.

    Quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. In fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum-safe world.

    With today’s workshop, we intend to launch a discussion on a possible path for steering the financial system’s migration to quantum resilience, within the framework of an internationally coordinated approach involving all the stakeholders: authorities, financial industry, technology providers and academia.

    1. The quantum financial system of the future: timeline, opportunities and risks

    The quantum revolution is already happening, although the exact timeline for its full deployment can hardly be predicted. Innovation in this field is characterized by pivotal and often unexpected transformative breakthroughs leading to sudden acceleration, and sustained by consistent and sizeable public and private investments. The explosion of artificial intelligence technologies, whose interplay with quantum computing holds the potential for both steering and accelerating the development of far-reaching solutions, is making this path even more unpredictable. Against this backdrop of high uncertainty, we expect that the quantum machine capacity necessary to give rise to a significant cybersecurity threat will be achieved in a foreseeable future.1

    The financial sector plays a dual role that enables it to look at the quantum phenomenon from two distinct perspectives: firstly, as a user, keen on embracing the capacity of quantum computing for innovation, and secondly, as a highly vulnerable target for quantum-powered cyberattacks.

    Although the use of quantum computing in the financial sector is still at an immature stage, experimental results already highlight its ability to improve key financial processes, such as risk and portfolio management, payment services and computationally intensive simulation-based tasks (e.g. analyses related to fraud detection and prevention, and anti-money laundering).

    Exploiting the benefits of quantum computing also presents unique challenges for financial institutions. Like other enabling technologies, quantum computing raises issues related to equitable access and market competitiveness; the full integration of this technology into legacy systems poses significant hurdles. Furthermore, the very nature of quantum computing entails a substantial paradigm shift in how financial services operate. Regulators must carefully navigate the new environment to support the smooth adoption and avoid misuse of these technologies from the private and public sectors.

    Quantum technologies also bring new risks for the financial sector. In particular, such technologies could be exploited to break the encryption algorithms currently underpinning the security of critical communication systems and digital assets.

    Critical financial infrastructures are among the main targets of cyberattacks based on quantum computing. They include the financial infrastructures of the future – which will support, for instance, central bank digital currencies and crypto-assets – as the two techniques of key encapsulation and digital signature currently used are both based on asymmetric encryption, which is vulnerable to the quantum threat. It will be of outmost importance to factor in the risks stemming from quantum computing when designing the central bank digital currencies.

    This risk is already on the table with the practice of ‘harvest now, decrypt later’ used by malicious actors. Information embedded in contracts currently in force needs to be kept secret for years to come. Even just the possibility that some of it will be exposed – as soon as the technology becomes available – is already a potential blow to trust.

    2. The state of the art: one problem, many potential technical approaches

    As we will see through the lunch session, some solutions to mitigate cyber issues are already available. The heart of cybersecurity lies in cryptography, which – from encrypting data to securing online transactions – is the guardian of our digital world.

    As the financial industry and governments prepare to protect against quantum threats, it is necessary that they become ‘crypto-agile’, adopting a multifaceted security strategy that incorporates a range of easily upgradable quantum-resistant solution. The showcase exercise that will be performed in this session will demonstrate that there are two different but complementary approaches that can be used in order to deal with quantum-safe cryptography.

    On the one hand, we can take advantage of quantum properties to establish secure communication channels between parties, where any attempt to eavesdrop or intercept the exchange of encryption keys is detected. On the other hand, considering that the cryptography involves the use of mathematical algorithms to transform readable data into encrypted data and vice versa, it is possible to replace the current algorithms (unbreakable now, but solvable with quantum computing) with others that are more difficult to solve, even for a quantum computer.

    Each one of these technologies – or a combination of them – will allow full end-to-end security in our digital communications. At the same time, however, these technologies are all extremely demanding in terms of time and resources. At the current state of the technology, embracing the quantum physics approach is estimated to impose costs of a higher order of magnitude, though it appears to provide a definitive solution to the quantum threat. The showcase exercise will demonstrate how some solutions already available to the market work, leveraging the points I have just mentioned.

    Clearly, this is not a technological dilemma that can be solved with a black-or-white answer, and what is optimal now may not be optimal in the medium or long term. Migrating the whole financial system toward a quantum-safe setup is a dynamic process requiring a multifaceted approach. Whatever strategy is chosen, though, we need to have interoperable solutions working at all times for the financial industry within a single jurisdiction and between different jurisdictions.

    3. Why authorities should act now

    Numerous public and private initiatives have been launched to develop what are known as ‘quantum-safe’ solutions. However, some key elements of uncertainty are hampering the market’s ability to effectively embrace the migration to quantum-resilient solutions.

    First, while the implementation timeline for the quantum threat is by no means certain, short-term risk mitigation costs are significant. Second, there is a lack of agreement on a sound migration approach and on suitable interoperable technical standards. Third, the regulatory and capability landscape is fragmented across jurisdictions. These are all obstacles to a timely and orderly transition.

    Despite growing awareness of the quantum threat, a comprehensive and widely shared action plan in this area remains elusive. The lack of harmonized regulations and of clear international guidelines and standards concerning the transition to a quantum-safe world may induce protracted inertia in the financial system’s migration efforts.

    The global nature of the financial system, the interconnectedness of intermediaries within the financial industry, and between them and the technology providers, call for public authorities to take a whole-of-government approach towards addressing the common threat posed by quantum technology. This includes fostering a dialogue between all relevant public and private stakeholders, aimed at establishing priority areas of intervention and ensuring a common path towards a quantum-safe economy through proactive cooperation and international coordination.

    A systematic approach involving all international stakeholders is particularly important for financial infrastructures, given their high interconnectedness. We need to protect all links of the chain, especially the weakest.

    4. A common path to a quantum-resilient financial system

    All these elements make the discussion on the migration strategy something that cannot be put off any longer. The importance of preparing the financial system for the transition to quantum computing is at the heart of this workshop. This is the right time to address the challenges of the transition to quantum computing, to agree on the respective roles of public authorities and of the private sector, and to take concrete action.

    To protect the financial system from the threats posed by quantum computing, the Bank of Italy is proposing – in the context of the ongoing work on risks from emerging technologies affecting the financial system that is being carried out in the G7 Finance Track – that G7 member countries jointly develop a ‘common roadmap for quantum resilience’, providing a unified policy framework for the actions needed to steer the transition to a quantum-safe financial system through an international cooperation approach.

    The roadmap should include all initiatives that are essential for a quantum-resilient financial system and could be implemented under the responsibility of different multinational organizations. The monitoring, coordination and governance of the overall roadmap should be undertaken at the highest political level. For example, a shared response at the level of G7 countries would provide a benchmark that could outline the way forward for other jurisdictions so as to cover, eventually, the global financial system.

    Whichever migration path we decide to adopt, it has to fulfil certain requirements. First, it needs to build on existing regulation in order to capitalize on best practices and, possibly, avoid over-regulation.

    Second, it will entail the standardization of the approaches taken to risk mitigation across jurisdictions, so as to enable synergies and speed up the transition, as the suppliers of technical solutions will work based on shared guidelines.

    Third, financial industry players as well as hardware and software providers must participate in the design of the strategy. Their involvement is necessary in order to devise a way forward that hinges on the best and most up-to-date technologies in a field where innovation is characterized by sudden accelerations.

    Fourth, preservation of interoperability and quality of services must remain the guiding principle of this transition process together with its gradual and safe implementation and with the principle of proportionality, to strike a balance between short-term fixes and long-term solutions. Continuous monitoring of the progress achieved and of the resources absorbed in this endeavour will be important: on this basis, the roadmap commitments can be reassessed along the way, including with respect to the timeline, by accelerating or delaying some milestones as needed.

    Finally, international coordination is a key aspect. The G7 Cyber Expert Group could be the right forum for operatively managing the quantum resilience migration roadmap, as well as for drafting policy guidelines. Other multinational institutions already involved in the adoption of quantum technologies in the financial system, such as the BIS and the standard setting bodies, could contribute proactively in defining guidelines and standards as cornerstones of the migration.

    Due to their critical role, financial markets and payment infrastructures, including those that will be supporting the central bank digital currencies, deserve particular attention. The CPMI-IOSCO could be the right organization to lead the work for the quantum resilience of these crucial nodes of the financial system.

    * * *

    Let me conclude by thanking you all for gathering today to discuss this extremely important topic. Hopefully, the discussion that we initiated today will continue in a fruitful way in the immediate future to deliver as quickly as possible a migration roadmap which can be embraced by all G7 members and possibly also shared with G20 and other countries for wider adoption.

    * I would like to thank Silvia Vori, Valerio Paolo Vacca, Giuseppe Bruno, Lorenzo Bencivelli, Mauro De Santis, Cristina Andriani, Sabina Marchetti, Antonio Castellucci and Giovanna Piantanida for their contributions to this speech.

    MIL OSI Economics –

    September 29, 2024

  • MIL-OSI Asia-Pac: Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)

    Source: Hong Kong Government special administrative region

    Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)
    Oil Street Art Space new exhibition showcases creative ceramic artworks (with photos)
    *************************************************************************************

         ​The Oil Street Art Space (Oi!) launched the Archaic Curator Series in 2022 and has invited Chinese art historians and curators to collaborate on exhibitions that engage with traditional Chinese art through innovative forms of expression, bridging the old and the new. The third exhibition of the series, “Archaic Curator Series: The Charm of Colour – Travel with Ceramics through Time and Space”, will be held from tomorrow (September 26) until January 31 next year at Oi! Glassie to showcase creative ceramic artworks.     The guest curator and Associate Curator (Antiquities) of the Art Museum of the Chinese University of Hong Kong (CUHK), Dr Wang Guanyu, invited three artists from Jingdezhen and Hong Kong – Gu Yue, Fiona Wong and Caroline Cheng – to participate in the exhibition. Inspired by the CUHK Art Museum’s collection, the three artists infuse their own technical artistry and aesthetics into their works to showcase their personal understanding and interpretation of contemporary ceramic art.     Jingdezhen, also known as the millennium porcelain capital, is renowned for its rich ceramic heritage. Gu Yue, a graduate of Jingdezhen Ceramic University, draws inspiration from flowers and nature to express the vibrant spirit of the new generation of ceramic artists. His works skilfully blend traditional moulding and decorative techniques with contemporary aesthetics. Fiona Wong, who focuses on exploring soil and studying Hong Kong’s culture, draws inspiration from the stories surrounding Nam Koo Terrace, a century-old mansion in Wan Chai. Her artwork comprises a set of 3D-printed containers modelled on the patterned tiles of Nam Koo Terrace and an assembly of ceramic tiles recomposing a historical map of Wan Chai, to guide visitors to uncover the narratives behind contemporary urban development. Artist Caroline Cheng and her team have developed a method to upcycle ceramic waste into malleable clay, challenging the conventional perceptions of ceramics. Visitors to the exhibition can admire her latest works, crafted from this sustainable material.     There are different public engagement programmes in this exhibition. In the “A Tour to Travel with Ceramics through Time and Space” guided tour, docents will lead visitors to explore the two exhibitions at Oi! and the CUHK Art Museum. An education gallery will be set up at G/F Oi! Glassie. During the exhibition period, staff members will act as lab technicians and guide visitors to discover the secrets of ceramic production in a lively and interesting way. In addition, visitors can select a special ceramic colour in the Ceramic Colour Exploration Zone to create a personalised postcard to take home as a cherished souvenir.     During the exhibition period, the CUHK Art Museum will also showcase “Amazing Clay: Masterpieces from the Ceramic Collection of CUHK Art Museum” to enrich visitors’ appreciation of the beauty of traditional Chinese ceramics.     “Archaic Curator Series: The Charm of Colour – Travel with Ceramics through Time and Space” is presented by the Leisure and Cultural Services Department (LCSD) and the CUHK, and organised by Oi! and the Art Museum of CUHK. For more details about the exhibition and registration of programmes, please visit Oi! website at www.apo.hk/en/web/apo/oi_the_charm_of_colour.html, Facebook and Instagram or call 2512 3000. The exhibition is one of the activities under the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:40

    NNNN

    MIL OSI Asia Pacific News –

    September 29, 2024

  • MIL-OSI Asia-Pac: Final elector registers released

    Source: Hong Kong Information Services

    The 2024 final registers of electors for geographical constituencies (GCs), functional constituencies (FCs) and Election Committee subsectors (ECSSs) were released today, the Registration & Electoral Office announced.

    A total of 4,210,384 electors are carried in the final register for GCs, it added.

    The final register for FCs contains 190,016 individual electors and 8,141 corporate electors, comprising a total of 198,157.

    Meanwhile, the final register for ECSSs contains 3,267 individual voters and 5,389 corporate voters, adding up to a total of 8,656.

    Relevant statistics have been uploaded to the voter registration website.

    Notices on the inspection of the final registers of electors were gazetted today.

    According to law, a copy of registers containing entries relating to individuals may only be shown in accordance with the statutory requirements, and made available for inspection by specified persons only. 

    A copy of registers containing entries of corporate electors may be inspected by any member of the public. 

    MIL OSI Asia Pacific News –

    September 29, 2024

  • MIL-OSI Asia-Pac: eHealth applicable at 3 GBA hospitals

    Source: Hong Kong Information Services

    The Health Bureau announced today that from September 30, the new functions of the “Cross-boundary Health Record” and “Personal Folder” in the eHealth mobile app will be applicable at three more hospitals under the Elderly Health Care Voucher Greater Bay Area Pilot Scheme.

    Such hospitals include the Nansha Division of The First Affiliated Hospital of Sun Yat-sen University, the Dongguan Tungwah Hospital, and the Shenzhen New Frontier United Family Hospital.

    The goal of the move is to enhance the continuity of medical care for Hong Kong citizens through facilitating their secure use of electronic health records (eHRs) across the boundary, the bureau explained.

    Starting next Monday, eligible senior citizens who use Elderly Health Care Vouchers at the three hospitals can apply for their eHRs deposited in eHealth over the past three years through the “Cross-boundary Health Record” function in advance.

    Upon verification, a “File QR Code” and a “Password QR Code” will be sent to the user via the eHealth app. Healthcare professionals can then access and browse the eHRs by scanning the two QR codes presented by the user at the time of consultation to assist in diagnoses and treatment.

    Following system enhancements, the time required for preparing eHRs has been reduced to no more than 24 hours, meaning that patients should submit their applications one day prior to consultation, the bureau advised.

    It added that patients can deposit medical-related records obtained during consultations received outside Hong Kong into their eHealth personal accounts.

    This is done through eHealth’s “Personal Folder” function, which can facilitate the storage and use of personal medical-related records obtained in and outside Hong Kong. Authorised healthcare providers in Hong Kong can access such records through eHealth during follow-up consultations.

    MIL OSI Asia Pacific News –

    September 29, 2024

  • MIL-OSI Translation: 25/09/2024 Speech by Minister Radosław Sikorski during the UN Security Council debate

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    On Tuesday, September 24, Minister of Foreign Affairs Radosław Sikorski spoke during the UN Security Council debate. Madam Chairwoman! Ladies and Gentlemen! The Russian ambassador announced that this debate would consist of “platitudinous statements dictated by Brussels” – this is a lie. I assure you that what you are about to hear I wrote myself. The Russian ambassador claims that Russia does not bomb civilian targets – this is another lie. Two weeks ago I visited Lviv, a city in Ukraine, where a Russian Kalibr missile hit a tenement house. In front of a man’s eyes, his wife and three daughters were pulled out of the rubble – all dead. They were all civilians, all lived far from the front line, all were killed. The Russian ambassador spoke about the children’s cemetery in Gaza, which is indeed a tragic situation. Well, Ukrainian children are not only a target for bombs. Thousands of them have been kidnapped and taken deep into Russia, where they are brainwashed to strip them of their memories and national identity. Russia claims that these children are orphans left to fend for themselves in a war zone. And another lie. Many of them have been separated from their parents, either by accident during attacks or deliberately by the invading army. Independent reports have revealed that, quote: “officials are deporting Ukrainian children to Russia or to Russian-occupied territories without their consent, lying to them that their parents do not want them, using them for propaganda purposes, and placing them with Russian families and granting them Russian citizenship.” In special camps, the abducted children are given “patriotic education” and a hotline is set up to connect them with potential “foster families” who are promised money. In addition, Mr. Putin signed a decree introducing an accelerated procedure for granting Russian citizenship to stolen Ukrainian children. These are not accidental war losses. Para planificar, which was created before the war and is now being ruthlessly implemented. UN investigators have recognized these actions as war crimes. In October 2022, the International Criminal Court issued an arrest warrant for Vladimir Putin. Ambassador Nebenzia and Russian propagandists like to call the democratically elected Ukrainian rulers Nazis – as you have just heard. It so happens that in Poland I live three kilometers from Potulice, where a Nazi filtration camp was located during World War II. We know that thousands of children were imprisoned there – from Poland and from the Soviet Union, from the areas of Smolensk and Vitebsk. Up to 800 of them died in the camp, but thousands were transferred to the West to be Germanized there. Children with blond hair and blue eyes – Aryan – were considered racially appropriate. So I have a few questions for the Russian ambassador and his superiors: What is the difference between what you are doing to the kidnapped Ukrainian children and what the German Nazis did to your children and ours? How many Russian officials have adopted stolen Ukrainian children, following the example – as reported by the BBC – of Sergei Mironov, former chairman of the Russian Federation Council? When will you return the remaining thousands of stolen Ukrainian children to Ukraine? Do you know that stealing children from another country is tantamount to genocide, as recently confirmed by the Parliamentary Assembly of the Council of Europe? Do you remember that diplomats and propagandists of a genocidal regime are also criminals – as Soviet prosecutors argued at Nuremberg, referring to Ribbentrop and Streicher? The permanent members of the UN Security Council are supposed to be guardians of peace, not wage their own wars, using this is someone else’s children. The couple brings shame to Russia, which is neither forgiven nor forgotten. And by the way – since Embajador Nebenzia denies that the Soviets collaborated with the Nazis during the invasion of Poland in 1939, here is a photo from their joint parade. I am sure you recognize the Soviet uniforms. Thank you very much!

    MILES AXIS

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

    MIL Translation OSI

    September 29, 2024

  • MIL-OSI Security: Grand Barachois  — Have you seen this stolen car?

    Source: Royal Canadian Mounted Police

    The Shediac RCMP is asking for the public’s help to locate a stolen car from Grand Barachois, N.B.

    The theft is believed to have occurred in the overnight hours of September 12, 2024, on Peat Moss Road in Grand Barachois.

    The vehicle is described as a white 2011 Honda Civic, with New Brunswick licence plate KCJ 643 and vehicle identification number 2HGFG1A6XBH001784.

    If you have seen the car since the evening of September 12, or if you have information that could help further the investigation, please contact the Shediac RCMP at 506-533-5151. Information can also be provided anonymously through Crime Stoppers at 1-800-222-TIPS (8477), by downloading the secure P3 Mobile App, or by Secure Web Tips at www.crimenb.ca .

    MIL Security OSI –

    September 29, 2024

  • MIL-OSI Translation: 24.09.2024 Breslavia “Reconstruction plus” – investments for the safety of all of us

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    El primer ministro Donald Tusk took part in a meeting of the crisis staff in Wrocław. The Prime Minister announced investments in flood protection infrastructure under the “Reconstruction plus” program, which will help reduce the scale of possible damage in the future. The government will also strengthen the Territorial Defense Forces, which have proven to be of great support in recent days. Crisis staff meeting in WrocławEl Primer Minister Donald Tusk returned to Lower Silesia after the meeting of the Council of Ministers to take part in the crisis staff meeting in Wrocław. The head of government asked for information important for citizens to be provided in the most transparent way possible. “I appreciate the professional information very much, of course, but today we have the opportunity to explain in an understandable way whether and what may threaten people in the event of a flood wave in those towns where “it is working at the moment,” the Prime Minister said to the representatives of the services present at the meeting. The Head of Government thanked all residents and services for the effort they put into strengthening security and rebuilding the areas affected by the flood. “Reconstruction plus” – ready for bold investments Program ” “Reconstruction plus” means new and better infrastructure that will help protect us against further natural disasters. “Nature will not change, or rather it will change for the worse. We will not be able to prevent such phenomena from occurring, but we must be better prepared for it. And here we have a very serious job to do,” the Prime Minister announced. The state and local governments will have to, among others: quickly develop necessary solutions for the future through public consultations. The result of this work will be investments that may seem burdensome to some – such as the construction of further reservoirs – but it is about our common safety. “We know well what would happen without the reservoir in Racibórz,” noted the Prime Minister. The government will take responsibility for making the decision. regarding needed investments. However, the Prime Minister asked local government officials for support in dialogue with residents. “We want you to participate very actively in the conversation and in convincing people. Para bromear also affects the interests of those who live there today and work there, and who may be flooded again in a year, in five, in seven years. We will have to make optimal decisions together,” explained the Prime Minister. The government will provide financing for investments in infrastructure. “Wisdom and political responsibility always require us to use such crises and disasters to intensively repair the reality around us,” concluded Donald Tusk. Conversations with residents should be honest so that everyone understands why certain actions are necessary. The Territorial Defense Forces passed the test. The Council of Ministers today adopted – in addition to the special act helping flood victims – a draft law supporting entrepreneurs who employ soldiers of the Territorial Defense Forces and Active Reserve. “The state appreciates those employers who, as part of corporate social responsibility, employ soldiers of the Territorial Defense Forces,” emphasized Deputy Minister of National Defense Władysław Kosiniak-Kamysz. The head of the Ministry of Defense presented the main solutions introduced by these regulations, including tax relief for companies employing Territorial Defense Forces soldiers. “Para bromear en este momento, in which it must be said very clearly – the Territorial Defense Forces have proven themselves in a critical situation in an unequivocally positive way” – concluded Donald Tusk. The state will strive to develop the Territorial Defense Forces and increase their effectiveness. Plan for the coming days Donald Tusk asked local government officials for precise information regarding their needs not only in the fight against the element, but also with its effects, e.g. in terms of waste disposal and collection. . But if you need other types of help – human, organizational, technical – I would ask for as detailed information as possible. We will bend over backwards to help you, not only by financing these very demanding projects,” declared the head of government. Water levels are falling in many places, but the services are still carefully monitoring the embankments and flood protection infrastructure. According to forecasts, today at midnight, for the first time in many days, the water in Wrocław will be below the alarm level. “It is too early to announce the end of the flood threat in Wrocław. The pressure on the embankments is, of course, present, but it is certainly a turning point – at least here in Lower Silesia” – Donald Tusk commented on the forecasts. The next meeting of the crisis staff in the capital of the Lower Silesian Voivodeship will be held on Tuesday at 8:00. Afterwards, the Prime Minister will return to Warsaw, where the government will submit information to the Sejm regarding actions taken during the flood. On Saturday, the Council of Ministers will again consider the state budget for next year. “I am talking about the necessary expenses related to repairing the effects of the flood. We will also want to make the first presentation of losses and, above all, how to overcome this collapse in many places and what projects we are preparing,” announced the head of government. In the following days, visits to the Lubuskie and West Pomeranian Voivodeships, where the flood wave is passing, will be possible.

    MILES AXIS

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

    MIL Translation OSI

    September 29, 2024

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on Fund of Funds ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions on the following YieldMax™ ETFs:

    ETF
    Ticker    1    		 ETF Name Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4    		 30-Day
    SEC Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs $0.2220 Weekly 64.49% 65.73% 9/26/2024 9/27/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs $0.1701 Weekly 45.49% 50.80% 9/26/2024 9/27/2024

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

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

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

    2   The Distribution Rate shown is as of close on September 24, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3   The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended August 31, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  As of the date hereof, distributions for YMAX and YMAG have included return of investor capital. For additional information, please visit http://www.yieldmaxetfs.com/TaxInfo.

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

    Standardized Performance

    For YMAX, click here. For YMAG, click here.

    Prospectuses

    Click here.

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

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

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

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

    Risk Disclosures (the following risks are applicable to all YieldMax ETFs shown in the table above)

    Investing involves risk. Principal loss is possible.

    Underlying Security Risk. Each Underlying YieldMax™ ETF invests in options contracts that are based on the value of its Underlying Security. This subjects each Underlying YieldMax™ ETF to certain of the same risks as if it owned shares of its Underlying Security, even though it does not. As a result, each Underlying YieldMax™ ETF is subject to the risks associated with the industry of the corresponding Underlying Issuer.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Each Underlying YieldMax™ ETF’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or Underlying YieldMax™ ETF’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The Underlying YieldMax™ ETFs investment strategies are options-based. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are

    affected by fiscal and monetary policies and by national and international policies, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. Each Underlying YieldMax™ ETF aims to provide current income, although there’s no guarantee of distribution in any given period, and the distribution amounts may vary significantly. Distributions may consist of capital returns, reducing each Underlying YieldMax™ ETF’s NAV and trading price over time, thus potentially leading to significant losses for investors (including the Fund), especially as an Underlying YieldMax™ ETF’s returns exclude any dividends paid by the Underlying Security, which may result in lesser income compared to a direct investment in the Underlying Security.

    NAV Erosion Risk Due to Distributions. When an Underlying YieldMax™ ETF makes a distribution, its NAV typically drops by the distribution amount on the related ex-dividend date. The repetitive payment of distributions may significantly erode an Underlying YieldMax™ ETF’s NAV and trading price over time, potentially resulting in notable losses for investors (including the Fund).

    Call Writing Strategy Risk. The continuous application of each Underlying YieldMax™ ETF’s call writing strategy impacts its ability to participate in the positive price returns of its Underlying Security, which in turn affects each Underlying YieldMax™ ETF’s returns both during the term of the sold call options and over longer time frames. An Underlying YieldMax™ ETF’s participation in its Underlying Security’s positive price returns and its own returns will depend not only on the Underlying Security’s price but also on the path the Underlying Security’s price takes over time, illustrating that certain price trajectories of the Underlying Security could lead to suboptimal outcomes for the Underlying YieldMax™ ETF.

    Single Issuer Risk. Each Underlying YieldMax™ ETF, focusing on an individual security (Underlying Security), may experience more volatility compared to traditional pooled investments or the market generally due to issuer-specific attributes. Its performance may deviate from that of diversified investments or the overall market, making it potentially more susceptible to the specific performance and risks associated with the Underlying Security.

    High Portfolio Turnover Risk. Each Underlying YieldMax™ ETF may actively and frequently trade all or a significant portion of the Underlying YieldMax™ ETF’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Underlying YieldMax™ ETF’s expenses.

    Counterparty Risk. Each Underlying YieldMax™ ETF faces counterparty risk through its investments in options contracts, held via clearing members due to its non-membership in clearing houses, with the risk exacerbated if a clearing member defaults or if limited clearing members are willing to transact on its behalf. This risk is also magnified as the Underlying YieldMax™ ETF primarily focuses on options contracts on a single security, potentially leading to losses or hindrance in implementing its investment strategy if adverse situations with clearing members arise.

    Price Participation Risk. Each Underlying YieldMax™ ETF employs a strategy of selling call option contracts, limiting its participation in the value increase of the Underlying Security during the call period. Should an Underlying Security’s value increase beyond the sold call options’ strike price, the Underlying YieldMax™ ETF may not experience the same extent of increase, potentially underperforming the Underlying Security and experiencing a NAV decrease, especially given its full exposure to any value decrease of the Underlying Security over the call period.

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

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

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

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

    © 2024 YieldMax™ ETFs

    The MIL Network –

    September 29, 2024

  • MIL-OSI: Totalkredit and competition authorities reach agreement about Totalkredit partnership – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen A/S and the press

    25 September 2024

    Totalkredit and competition authorities reach agreement about Totalkredit partnership

    Totalkredit and Nykredit have entered into an agreement with the Danish Competition and Consumer Authority. In 2003 the Danish competition authorities approved the Totalkredit partnership. The agreement concerns the exit terms of the agreement behind the Totalkredit partnership.

    Since October 2020, Totalkredit has been in continuous dialogue with the Danish Competition and Consumer Authority. Over the past almost four years, the authorities have carried out extensive market research and submitted two draft agreements to competitors and Totalkredit partner banks for consultation.

    Totalkredit and the authorities have had constructive talks. Throughout the process, it has been essential for Totalkredit to make sure that – together with the Totalkredit partner banks – we can continue to offer the most attractive mortgage loans all over Denmark. It has also been crucial for Totalkredit to preserve a key characteristic of the Danish mortgage system: That all homeowners, in all parts of Denmark, pay the same price for their mortgage loans.

    Based on the market research conducted and the continuous dialogue between the parties, Totalkredit and the Danish competition authorities have reached an agreement. The agreement includes the following amendments to the Totalkredit partnership agreement:

    Going forward, in case the partner banks leave the Totalkredit partnership and enter into new partnerships, they can keep 100% of future commission payments for loans distributed by them against continuing to provide security for the loans. At the same time, the partner banks will be able to distribute mortgage loans to homeowners from non-vertically integrated mortgage loan providers, including new or existing small mortgage lenders. Also, the partner banks will remain free to partner up with providers other than Totalkredit on the funding of secured homeowner bank loans.

    Michael Rasmussen, Chair of the Board of Directors of Totalkredit and Group Chief Executive of Nykredit, says:

    • ”I am pleased that there is now clarity about the framework of the Totalkredit partnership. For Totalkredit, it has been imperative to reach an agreement that provides the best possible foundation for continuing our strong, long-term partnership with the Totalkredit partner banks so that we remain able to offer the best and most attractive loans in the market to Danish homeowners all over the country.”
    • “Totalkredit’s product offering is highly competitive. We see that an increasing number of Danish homeowners opt for Totalkredit as their home finance provider. This can be attributed to our KundeKroner discounts that enable us to offer the most attractive mortgage loans in the market, and our partner banks that provide sound, local advisory services all over the country. This is in contrast to the largest banks in Denmark, which have in recent years closed branches and withdrawn from large parts of Denmark, especially outside the big cities.”

    With the agreement, the Danish competition authorities have provided clarity about the framework of the Totalkredit partnership, and it is therefore natural that we will now, together with the Totalkredit partner banks, start looking at ways to modernise our partnership within the new framework.

    For press enquiries, please call +45 31 21 06 39.

    Attachment

    • Totalkredit and competition authorities reach agreement about Totalkredit partnership

    The MIL Network –

    September 29, 2024

  • MIL-OSI Submissions: Economy – Earnings season, not central banks, will now drive markets – deVere Group

    Source: deVere Group

    September 25 2024 – With central banks beginning to lower interest rates, earnings season will be a primary driver of stock markets, affirms the CEO of one of the world’s largest independent financial advisory and asset management organizations.

    Nigel Green of deVere Group is weighing in ahead of the critical reporting season which moves up a gear next week and as US futures dipped on Wednesday morning as Wall Street seems on track to extend its impressive September gains.

    “As the Federal Reserve, and its global central bank peers, shift gears by lowering interest rates, the spotlight is turning to the broader economy, raising the stakes for the upcoming Q3 earnings season,” he says.

    “Investors are now eagerly awaiting company reports that will provide crucial insights into how key businesses are doing.

    “With the recent rate cuts signaling concerns about economic growth, corporate performance and guidance will play a critical role in shaping market sentiment and investment strategies in the coming months.”

    This move has shifted investor focus from the central bank’s actions to the overall health of the economy.

    “As interest rates drop, the effectiveness of this monetary easing in stimulating growth and sustaining corporate profitability becomes a key concern for market participants,” notes the deVere CEO.

    While the rate cut provides some relief from borrowing costs, it also indicates that the economic outlook may be less robust than previously thought.

    This has raised the importance of corporate earnings reports as investors seek tangible data on how companies are coping with challenges such as changing consumer demand.

    Nigel Green continues: “Beyond the top-line and bottom-line numbers, the commentary from corporate leaders will be particularly telling. Executives’ perspectives on demand trends, cost pressures, and strategic adjustments will provide deeper insights into the business climate and potential growth opportunities or pitfalls.”

    As the Q3 earnings season ramps up, it is likely to bring increased market volatility.

    “Unexpected earnings results or cautious forward guidance is going to trigger sharp market moves, particularly in sectors most sensitive to economic changes, consumer discretionary, financials, and industrials. Investors should be prepared for a period of heightened activity and adjust their strategies accordingly,” he confirms.

    Financials and consumer goods companies typically report early, followed by tech and industrial firms.

    The deVere Group CEO concludes: “This earnings season will be the true barometer of economic health.

    “As companies report their results, the narratives they share will carry more weight than any central bank policy change.

    “The earnings we see in the coming weeks will not only illuminate the resilience of businesses, but also provide crucial insights for investors facing this transitional phase.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News –

    September 29, 2024

  • MIL-OSI USA: Good Things Are in the Air in Oregon

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    Tuesday, September 24, 2024
    Two recent events in Oregon point to things looking up in the state. Last week I felt like I was walking on air when I took part in the tip-off of the WNBA awarding an expansion franchise to Portland. Last month, I was jazzed to see small, locally produced UAV businesses accelerate up in Pendleton. 
    Back in February 2023, a team of Oregonians passionate about women’s sports, gathered at my friend Jenny Nguyen’s “The Sports Bra” in Portland with WNBA Commissioner Cathy Engelbert. 
    At that roundtable with women athletes, women’s sports executives and coaches from all over the state, Oregon put on a world-class show of support for women’s sports.
    The question that night was not “whether” Portland would get a WNBA team, but “when.” We know now that our team will take the court in 2026 and I’m already hearing reports of Oregonians planning in Portland, huddling in Hermiston, meeting in McMinnville and brainstorming in Beaverton to discuss what the team’s name should be.    
    The fact that the WNBA chose Portland for its next team is a ‘nothing-but-net’ kind of endorsement and  is definitely one for the W column. Not only will the team generate positive economic impact for local  restaurants, hotels and shops, it will also create memorable experiences for families to build on their hoops dreams in Portland.   
    Chalking up another W for Oregon, last month I was delighted to see the good work of the UAS Accelerator in Pendleton and how it is helping small, local businesses take flight by producing and refining UAVs right here in Oregon.  
    It’s clear that UAVs can be literal lifesavers in emergencies like wildfires where the terrain can be treacherous and hard to reach. UAVs also help the environment by using precise spraying methods, which reduce the unintentional spread and needless overuse of herbicides and fertilizers, as well as conserving energy and water.  And potentially the application with the most impact is the security that comes with domestically-produced technology—the kind of technology we depend on in emergencies must be resistant to foreign interference.   
    That’s a W for crucial technology and another for generating meaningful jobs for Oregonians. 
    The potential to create good-paying jobs is always on my radar, and I was particularly struck with Phenix Solutions Inc. out of McMinnville. Its Ultra 2XL UAV model’s ability to haul heavy loads of water or equipment to aid with emergencies in difficult terrain has already earned it contracts with the U.S. Navy and U.S. Air Force, with potential for much more.
    Phenix Solutions is not only innovating with fire-fighting technology the West Coast so dearly needs in an escalating climate crisis, it’s also creating job opportunities for Oregonians, making it possible for them to buy homes and raise families outside of Portland. Phenix Solutions currently employs 20 people with an average salary of $123,000; it predicts that number of employees will increase by 50% in 2025.
    These high-flying successes for Oregon could not have been achieved alone, but rather could only be reached by Oregonians lifting each other up and engaging in the Oregon Way.
    Whether it’s working together to create meaningful experiences for Oregonians, creating domestic solutions to common challenges, or enhancing our local economy, when Oregonians work together we can reach stratospheric heights.  

    MIL OSI USA News –

    September 29, 2024

  • MIL-OSI United Kingdom: GPs join University to train the next generation of doctors GPs from across the north-east are helping to support the next generation of doctors at the University of Aberdeen.

    Source: University of Aberdeen

    The GP tutorsGPs from across the north-east are helping to support the next generation of doctors at the University of Aberdeen.
    They have returned to the classroom as part-time tutors to provide interactive, immersive clinical training to students – roles taken on in addition to their commitments at their practices.
    To help deliver the increased GP teaching at the University, ten new GP tutors have joined the 12 already supporting students on the medicine degree course as student numbers have swelled. In the third-year cohort which undertakes training in General Practice, student numbers have risen from 217 two years ago to 279 for the current academic year.
    The tutors will support the delivery of a more experiential learning style as part of a new curriculum introduced in 2022 designed to support students in readiness for their clinical placements in Year 4.
    The teaching sessions involve active participation from students, including role play, case-based discussions, practicing writing referral letters or interpreting blood results, and video consulting with real patients.
    Feedback from medical students has been positive. One previous third-year student said: “It has been one of my favourite aspects of Y3 and given me a great insight to GP world, so much so that now it is a real consideration in my future career.” Another added: “GP teaching this year was amazing and it provided interactive, diverse teaching opportunities that catered to a variety of learners and I can only commend the team for their work. Truly amazing!”
    GP tutors have also indicated the benefits of taking on the role with a tutor who has taught since 2022 saying: “In order to facilitate training of GPs of the future – ones who actually want to be GPs – we need to expose students to teaching from those who have genuine, day-to-day experience of the clinical work.  It allows the sessions to be engaging and realistic, gives the students an idea of how things actually work in practice and gives us an opportunity to inspire future GPs.”
    Dr Naomi Dow, GP and Senior Clinical Lecturer at the University of Aberdeen said: “Despite the pressure on GPs locally and nationally, we have filled all positions, and now have a team of enthusiastic GPs ready to teach our large year group of 279 students.
    “Aberdeen medical students now have far more exposure to General Practice than they did even five years ago and we hope this will encourage more students into the field and provide them with a wider range of options when it comes to choosing their clinical specialisms.”

    MIL OSI United Kingdom –

    September 29, 2024

  • MIL-OSI United Kingdom: Drive to Net Zero Wins Award

    Source: Scotland – City of Dundee

    Dundee City Council is celebrating more national success for its drive to net zero and use of electric vehicles.  

    Logistics UK recently announced the winners of its Van Awards 2024.   

    Dundee City Council won the Van Decarbonisation category against competition from industry giants like Aspire Defence, John Lewis Partnership, Reflex Vehicle Hire, Speedy Hire and the AA.   

    The award put a national spotlight on Dundee’s electrification and decarbonisation strategy  

    Simultaneously, Dundee City Council will now be shortlisted for the Van Business of the Year category at the prestigious Logistics Awards 2024 taking place in December.  

    Fair Work, Economic Growth and Infrastructure convener Cllr Steven Rome said: “This award represents more national recognition for the journey Dundee is undertaking.    

    “We have accomplished much, and we are working on actions set out in the Council’s Net Zero Transition Plan to become a more sustainable city and a more modern council.” 

    Kevin Green, Director of Policy & Communications at Logistics UK said: “The competition was fierce this year and being selected as a finalist is a great achievement itself.  Over three million people employed across industries ranging from engineering and construction to emergency and rescue services rely on a van for their job, so it is impossible to understate the contribution the sector makes to all our lives and the broader economy.”  

    MIL OSI United Kingdom –

    September 29, 2024

  • MIL-OSI United Kingdom: Building climate resilience

    Source: Scottish Government

    Plan to help communities understand how climate change impacts their lives.  

    Communities and businesses across Scotland will be given support and tools to help tackle the unavoidable impacts of climate change as part of the Scottish Government’s new National Adaptation Plan.

    The Scottish National Adaptation Plan 2024-2029 (SNAP3) sets out a comprehensive suite of more than 200 actions and proposals for managing the current and future impacts of climate change in Scotland.

    Climate change means Scotland will experience more extreme weather. Flooding, water scarcity and hot weather can damage our environment, disrupt public transport and affect our supply of foods, vital goods and services. This means that households, communities, businesses and organisations across Scotland are having to consider the impacts of climate change more than ever. 

    It includes how sectors including agriculture, transport and health as well as businesses and communities will prepare for more extreme weather events, such as flooding, water scarcity and extreme periods of heat. These include:

    • £5.5 million of funding this year to complete a national network of Community Climate Action Hubs to drive locally-led climate action across Scotland
    • investing £400million investment to Scotland’s railway infrastructure to reduce weather-related disruption
    • facilitating peer-to-peer support to local governments and public services to prepare for the impacts of climate change for local populations
    • providing advice and support to businesses on how they can future proof their workplaces through practical check-lists on how to prepare for the impacts of climate change
    • ensuring the NHS Scotland estate is prepared and equipped to deal with extreme heat and flooding

    Launching the plan at a visit to the Restoring the River Leven project, First Minister John Swinney said: 

    “While we must ensure Scotland continues to play its part in addressing the causes of climate change, we must also be ready to deal with the impacts that are already locked in giving us wetter winters, drier summers and more weather-related disruption.

    “Our new Adaptation Plan is our most comprehensive response to protecting people’s lives and livelihoods against the risks of climate change – with over 200 actions to build climate resilience in our communities, businesses, public services and natural environment. 

    “I am proud to lead a Scotland that is driving forward the race to net zero, whilst ensuring that our country is ready for the impacts of climate change that we are already experiencing. This can be demonstrated through the Leven River Restoration Project, which has adapted the local landscape to help reduce the amount of flooding in the area, whilst restoring and encouraging wildlife and nature to flourish. It is a fantastic example of how collaborative working can use nature to adapt to the challenges we face at the same time as delivering benefit for the local community.” 

    Nicole Paterson, Chief Executive of the Scottish Environment protection Agency (SEPA), said:

    “Scotland’s natural environment is globally renowned and our water environment, as we can see in Leven today, is central to our environmental, economic and social success. Scotland’s water quality is at its highest level ever, with more than 87% of our water environment achieving good or high classification for water quality, with an ambition to go further.

    “Our climate is already changing and as Scotland’s environment agency, we’re at the forefront of working with partners to respond and adapt. The Water Environment Fund, including The Leven Project, is a very visible story for change and a great example of how public, private and community sector partners can successfully collaborate to improve water environments, boost flood resilience and deliver community benefits.

    “In Scotland’s Climate Week, it’s fitting that we hear directly from young people and community partner’s who’ve worked so hard locally and who’s future depends on the work that together we do today.”

    Fife Council Leader Councillor David Ross said:

    “Fife Council welcomes the Scottish Government’s new Climate Change Adaptation Plan, which marks an important step forward in the collective fight against climate change.

    “Much has changed since Fife Council declared a Climate Emergency in 2019 and, although we have made significant progress on a number of fronts, we are committed to helping our communities prepare for, and respond to, the effects of climate change.

    “The First Minister’s visit to the Restoring the River Leven project highlights the remarkable progress that can be achieved through strong partnership working, in this instance between Fife Council, SEPA, Fife Coast and Countryside Trust and local communities.

    “This close collaboration has also led to – and will lead to – additional benefits through the Levenmouth Connectivity Project, the Active Travel Network and River Park Routes as well as The River Park Project that sit alongside the restoration project as part of the wider Leven Programme.

    “Fife Council remains fully committed to leading the way in tackling climate change and we are proud to be part of initiatives that not only restore our natural environment but also build resilience for the future.”

    Jeremy Harris, CEO at Fife Coast and Countryside Trust, said: 

    “This project to restore the River Leven is a working example of different organisations coming together to deliver something that directly contributes to the outcomes laid out in the new Scottish National Adaptation Plan. The carefully considered interventions already under way will return the river to its more natural flowing state ensuring that nature connects through the Leven catchment and delivers direct benefits to the local communities.

    “Improved infrastructure with the river at its centre will serve the surrounding communities and enrich the lives of those who make use of it. At Fife Coast and Countryside Trust our mission is to connect environment and people and this river restoration project, running through the heart of Levenmouth, is a wonderful example of how to do just that. I look forward to seeing the natural world and local communities flourish thanks to this work for years to come.”

    Background  

    Scottish National Adaptation Plan 2024-2029 – gov.scot (www.gov.scot)

    MIL OSI United Kingdom –

    September 29, 2024

  • MIL-OSI United Kingdom: World Rivers Day 2024: Removing fish barriers across South West

    Source: United Kingdom – Executive Government & Departments

    Fish have been moving more freely thanks to joint efforts to remove manmade barriers blocking them from going home to spawn or reach vital habitats.

    Before and after a weir was removed from the River Camel Credit: Westcountry Rivers Trust

    World Rivers Day, which happens on the fourth Sunday of September, is a global event which celebrates rivers around the world – including the River Camel in Cornwall and River Tarrant in Dorset where the Environment Agency and partner organisations have worked hard to remove weirs in the past year.  Staff have also been investigating the River Teign to draw up a detailed map of 59 manmade structures and a further 79 obstacles to inform future action. 

    An Environment Agency spokesperson said:

    World Rivers Day is an excellent reminder to celebrate what we have and the vital work that is being undertaken to protect and improve our rivers   

    The cost of removing these legacy structures when demands on rivers were different are prohibitive. But thanks to partnership help from bodies like Westcountry Rivers Trust and Wessex Rivers Trust, we are overcoming these obstacles.  

    There are many pressures on fish including the iconic salmon which is seeing a global decline in numbers. Removing historic obstacles is one way to improve their future and enhance the environment that they live in.

    This weir on the River Camel was causing issues for fish Credit: Westcountry Rivers Trust

    How the River Camel looks now the weir has been removed Credit: Westcountry Rivers Trust

    Alongside removing obstacles in the river, initiatives like reducing the canopy of forested areas to let more light into habitats and slowing the flow of water with leaky dams have improved the environment for the wildlife dependent on both rivers.  

    Laurence Couldrick, Chief Executive Officer for Westcountry Rivers Trust, said:

    The two barrier removals on the upper River Camel have contributed to safeguarding this beautiful Cornish river and many of the protected species that rely on free-flowing rivers.   

    As well as removing barriers to fish passage this also provides numerous ecological benefits such as restoring natural flow regimes, improving sediment transport, improved water quality, enhanced biodiversity and improving climate resilience.

    A spokesperson for the National Trust said:

    Partnerships are a powerful tool to unlock benefits for our catchments and maximise the positive impacts of any project.   

    In priority rivers for Atlantic Salmon in the South West such as the Teign, Lemon and Plym we are working closely with the Environment Agency, Rivers Trusts and other partners to undertake monitoring, enhance habitats and remove or provide solutions to the presence of barriers, with wider benefits to local wildlife and communities.

    Background

    Read our World Rivers Day 2024 blog by our director of water about the biggest causes of river pollution.

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    Published 25 September 2024

    MIL OSI United Kingdom –

    September 29, 2024

  • MIL-OSI Russia: Polytechnic University Higher School of Engineering and Economics Wins BRICS Megagrant Competition

    MIL OSI Translation. Region: Russian Federation –

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

    A team of researchers from the Higher School of Engineering and Economics (VIES) of the Institute of Industrial Management, Economics and Trade, together with colleagues from India and China, have won an international mega-grant from the BRICS framework program. Over the course of three years, the research team will analyze and evaluate the sustainable development of industrial and regional structures in the countries participating in the project.

    The project of the Higher School of Engineering and Economics, developed jointly with scientists from India and China, received funding under the BRICS STI Framework Programme Call 2023: Climate Change Adaptation and Mitigation.

    The BRICS Framework Programme for Scientific and Technological Integration (BRICS STI FP) is aimed at supporting advanced technical, economic, environmental and social solutions in priority areas for ensuring the progressive development of the Commonwealth countries and bringing a synergistic effect. The programme envisages an annual competition for mega-grants for the implementation of international research projects involving participants from BRICS member states jointly carrying out fundamental, applied and innovative research.

    A total of 104 applications were submitted for the competition in 2024. The project of the team of researchers from the Higher School of Engineering and Economics led by the director of VIES Dmitry Rodionov on the topic “Managing the sustainable development of industrial structures within the framework of the Water-Energy-Food concept” became one of 19 winning projects that were selected for financial support.

    The research project of the SPbPU team of scientists is based on the latest concept of “Water-Energy-Food”. The work will involve a comprehensive systemic study in three areas: analysis and assessment of the potential for sustainable development in the fuel and energy complex, mechanical engineering and the agro-industrial complex in Russia, India and China. The central link in the study is the economic and mathematical block “Systemic Modeling of Industrial and Regional Structure Development Management Processes” under the supervision of Doctor of Economics Andrey Zaitsev. The best mathematical models and tool developments will be implemented in decision-making systems in managing the sustainable development of industrial structures in Russia, China and India.

    The success of the project in the grant competition was largely determined by the scientific competencies and creative potential of the VIESH team, including both experienced scientists – doctors of science (D. G. Rodionov, N. G. Viktorova, I. A. Rudskaya, A. A. Zaitsev), and young researchers trained by the school, including those who received PhD degrees in the dissertation councils of the Polytechnic University (N. D. Dmitriev, A. S. Furtatova, D. D. Tutueva, D. A. Kryzhko). The team included researchers involved in the economics of energy, water resources, the agro-industrial complex, and the development of mathematical and statistical methods in economics.

    The project will be implemented with the support of industrial partner Neo Engineering LLC.

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

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

    https://vvv.spbstu.ru/media/nevs/achivments/higher-engineering-economics-school-polytechnic-winner-of-the-competition-for-a-mega-grant-bri/

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

    MIL OSI Russia News –

    September 29, 2024
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