F24 Resilience News Digest – May Edition

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Welcome to the monthly F24 Resilience News Digest. In each edition, we bring you the most relevant news and event updates from around the globe. Follow us to keep up with the latest in the industry.

Cyclone Mocha: At least six killed, hundreds injured after powerful storm batters Myanmar

Cyclone Mocha, one of the strongest cyclones to hit the Bay of Bengal, killed at least five people in Myanmar as it left a trail of destruction. Already conflict-torn Rakhine State was hit hardest, with 210km/h winds. The storm also caused evacuations, damaged communication lines and hampered investigation efforts, leaving vulnerable local communities, including displaced people, in urgent need of assistance.

Learn how Public Warning Systems can help during natural disasters.

IRS deploys cyber attachés to fight cybercrime abroad

IRS Criminal Investigations (CI) is launching a pilot program in June, deploying cyber attachés to four continents to combat cybercrime. These associates will focus on tax and financial crimes related to cryptocurrencies, decentralized finance, peer-to-peer payments, and hybrid services. South America and Europe. CI chief Jim Lee stressed the importance of providing overseas counterparts with the tools and expertise needed to effectively combat cybercrime. In addition, it should be noted that Rakhine State in Myanmar has been hit by strong typhoons, causing extensive damage to homes and infrastructure.

Australians in disaster zones to receive phone alerts to improve emergency response

The Australian government is planning to test a new emergency messaging system that will provide phone alerts to people in disaster zones. The system aims to deliver urgent warnings and advice during fires, floods, and other public safety crises. The notifications will be prominent on phone screens, ensuring they are not overlooked or mistaken for scam texts. The system, inspired by similar ones in the UK and New Zealand, aims to improve emergency response, prevent the spread of misinformation, and provide accurate information to multicultural communities. The system will be designed, tested, and expected to launch in 2024 after an 18-month test period.

Crisis management of chip shortages on the table of EU negotiators

EU negotiators are discussing crisis management of chip shortages in the context of the upcoming Chips Act. The legislation aims to boost the EU’s semiconductor capacity and includes a mechanism for preventing and managing shortages. The discussions revolve around early warning indicators, the identification of key market actors, preventive measures, critical sectors eligible for emergency measures, the activation of the crisis stage, information gathering, priority orders, and common purchases. Controversial points include the definition of the crisis stage and the inclusion of critical sectors in the Chips Act or the Directive on critical entities.

German government pledges more financial support to address refugee crisis

German Chancellor Olaf Scholz has announced an additional €1 billion ($1.1 billion) in funding from the central government to support local authorities in regards to the refugee crisis. The funds aim to alleviate the burden on municipalities and will be used for digitalization in immigration offices. The central government and federal states will meet again in November to discuss further financial support and long-term cost-sharing strategy. The number of asylum applications has increased by nearly 78% in the first four months of the year, with a significant number of refugees coming from Ukraine.

EU’s, Ukraine’s economies show resilience amid Russia’s war – EC’s assessment

The EU spring economic forecast showed higher-than-expected economic growth indicators for the EU and Ukraine despite the Russian war. European Economic Affairs Commissioner Paolo Gentiloni acknowledged the uncertainty the war brought to the EU economy but praised its remarkable resilience thanks to effective energy crisis management and coordinated fiscal policy. Gas prices will continue to fall, creating a favorable environment for gas savings. EU economic growth is expected to be 1.7% in 2024, and inflation in the eurozone is expected to fall from 5.8% this year to 2.8% in 2024. Ukraine referred to as the middle income country showed outstanding strength during the war although the conflict led to a severe recession . The national recovery process is expected to begin in mid-2024, requiring significant investment, construction and ambitious reform efforts to make progress on the road to EU integration.

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