Australia government promises 'back in black' budget in election run-up

Reuters | April 02, 2019

Australia’s conservative government on Tuesday proposed tax cuts for low and middle-income earners and record spending on health and education while promising the first budget surplus in more than a decade, shaping its pitch for votes in an imminent election. Treasurer Josh Frydenberg offered A$158 billion ($112 billion) in tax cuts over the next decade primarily aimed at middle-income earners, on top of tax cuts of A$144 billion last year, as the coalition government, which is trailing in opinion polls, tries to win over voters.

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The Economy isn't going to recover. The government knows this and is getting ready, but in ways that are very disturbing...

Spotlight

The Economy isn't going to recover. The government knows this and is getting ready, but in ways that are very disturbing...

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GOVERNMENT BUSINESS

NuWave Solutions Acquires ProModel Government Services

NuWave Solutions | December 23, 2020

NuWave Solutions ("NuWave"), a main supplier of information the executives, progressed analytics, man-made consciousness, cloud solutions and innovations to the Federal Government, reported today that it has obtained ProModel Government Services (or "the Company") from ProModel Corporation. ProModel Government Services is a coordinated supplier of strategic prescient and prescriptive analytic software solutions for choice help to the Department of Defense and U.S. Government. Terms of the exchange were not unveiled. This is the subsequent securing finished by NuWave since being gained by AE Industrial Partners, LP ("AEI") in June 2020, following its procurement of BigBear recently. AEI is a private value firm spend significant time in Aerospace, Defense and Government Services, Power Generation, and Specialty Industrial business sectors. For over 25 years, ProModel Government Services has fabricated inventive and versatile custom model-based software solutions to envision mind boggling and unique information, synchronize operational requirements, moderate hazard and advance assets to help vital and strategic choices for the Department of Defense and other Federal Government offices. The Company's innovation solutions give close to constant situational familiarity with the current climate and a prescient perspective on the future climate dependent on the present choices. Its solutions operationalize and robotize divergent information and business measures, altogether improving clients' "choice space" and empowering Federal Government associations to make fast, educated choices that straightforwardly sway current and future guard status. "It's critical that the Department of Defense and other government organizations not only make the best decisions for today, but also have the tools to accurately predict how those decisions will impact future plans. ProModel Government Services is uniquely qualified to help federal government agencies with their decision making, and help ensure that their processes are more efficient and resources are better managed," said Dr. Reggie Brothers, CEO of NuWave. "The technologies and methodologies developed by ProModel Government Services are best in class, and NuWave is excited to welcome them into our growing family of companies." "It's an exciting opportunity for our team to join NuWave, a national security focused advanced analytics company that deeply understands the unique challenges and opportunities of our sector," said Carl Napoletano, Senior Vice President and General Manager of ProModel Government Services. "Being part of NuWave will provide us with greater support and additional solution offerings, which will benefit both our customers and employees alike." "ProModel Government Services' deep mission intimacy and ability to create technology-driven solutions for their customer is incredibly impressive," said Jeffrey Hart, Principal at AEI. "When we initially partnered with NuWave, we set out to create a platform focused on information and decision dominance, and ProModel Government Services significantly contributes to our vision and value proposition." "We believe the combination of ProModel Government Services and NuWave provides government organizations and commercial customers proven methodologies and technologies that can reduce risk by increasing confidence in their predictive decision making," said Kirk Konert, Partner at AEI. "As a recognized leader in analytical technology solutions, we are proud that NuWave is well positioned to assist leading national security agencies when making critical decisions and planning for the future." Akerman LLP served as legal advisor and Ernst & Young LLP served as financial advisor to NuWave. Klehr Harrison Harvey Branzburg LLP served as legal advisor and Baird served as the financial advisor to ProModel Corporation. About NuWave Based in the Washington, D.C. metro area, NuWave is a leading provider of data management, advanced analytics, artificial intelligence, machine learning, and cloud solutions that delivers anticipatory intelligence and advanced decision support solutions and technologies to the Federal Government. NuWave provides innovative, customized solutions through development, selection, and integration of leading technologies. NuWave has unmatched expertise in advanced technologies across the analytics and data management lifecycle and applies its expertise and teamwork to give customers the ability to solve complex problems, communicate, and manage information. About ProModel Government Services ProModel Government Services is an agile provider of mission critical predictive and prescriptive analytic software solutions for decision support to the Department of Defense and U.S. Government. For more than 25 years, ProModel Government Services has built innovative and adaptable custom model-based software solutions to visualize complex and disparate data, synchronize operational needs, mitigate risk and optimize resources to support strategic and tactical decisions for the Department of Defense and other Federal Government agencies.

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GOVERNMENT BUSINESS

BlackBerry Achieves National Security Agency Approval for BlackBerry UEM

BlackBerry | November 20, 2020

BlackBerry Limited today declared that its BlackBerry® Unified Endpoint Manager (UEM) programming has accomplished National Security Agency (NSA) Commercial Solutions for Classified Program (CSfC) endorsement. The NSA ensures the United States' most basic data and frameworks against cyberattacks. The CSfC is a significant portion of the NSA's technique, guaranteeing that the U.S. government can use the business' generally secure and inventive network safety advancements to achieve their main goal targets. "BlackBerry and the NSA share a common mission to help make the nation safer," said John Chen, Executive Chairman & CEO, BlackBerry. "We are honored to receive approval from the NSA for BlackBerry UEM to be used to protect classified information. This adds to the portfolio of U.S. government certifications BlackBerry has received for UEM, including NIAP, DoDIN APL and FedRAMP." About BlackBerry BlackBerry provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including 175M cars on the road today. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint security management, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.

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GOVERNMENT BUSINESS

Ankura Advises Government of Puerto Rico in Largest Public Sector Restructuring in U.S. History

Ankura | March 17, 2022

Ankura Consulting, LLC, an independent global expert and advisory services firm, announced that on March 15, 2022, the Plan of Adjustment for the Commonwealth of Puerto Rico went effective. On January 18, 2022, U.S. District Court Judge Hon. Laura Taylor Swain approved the Plan of Adjustment that set the restructuring terms for approximately $34 billion of debt, which is the largest restructuring of municipal debt in U.S. history. The Plan of Adjustment paves the way for Puerto Rico to exit from bankruptcy with a stable and sustainable balance sheet. Through the implementation of the Plan of Adjustment, Puerto Rico reduces the total amount of central government debt from $34 billion to $7.4 billion; cuts Puerto Rico's maximum annual debt service payments from a maximum of $4.2 billion to $1.15 billion; and lowers per capita debt by 86%. "This is a great collective achievement for Puerto Rico, thanks to the fiscal and economic team of the Government, the Legislature, the Financial Oversight and Management Board (Oversight Board), and all those who have worked over the past five years to get to this historic moment," said Fernando Batlle, Ankura's Chairman of Latin America, who is leading all aspects of Ankura's advisory work for the Government. He continued, "The consummation of the Commonwealth Plan of Adjustment is the 'reset' button for Puerto Rico and starts a new era of fiscal stability with new opportunities to shape a successful, modern economy." Philip Gund, Global Leader of Ankura's Turnaround & Restructuring practice, commented, "Fernando and the Ankura team worked collaboratively with the Government, the Fiscal Oversight Board and its constituencies and advisors while keeping the best interests of the Commonwealth at the forefront of the restructuring." In addition to the rightsizing of the Commonwealth's balance sheet, the Plan of Adjustment also includes elements that promote and ensure that the Commonwealth maintains fiscally responsible policies and avoids the mistakes of the past, including: the establishment of debt management guidelines that govern future public indebtedness and the establishment and funding of a pension reserve trust to meet future pension obligations. The Plan of Adjustment puts Puerto Rico on a path to grow again the Island's economy, encouraging investment by restoring investors' confidence in Puerto Rico, which in turn will promote economic development and job creation." He continued, "We are honored to have been involved in this historic moment, and as our team continues to advise the Government in other initiatives, our goal will continue to be the betterment of the Commonwealth and its people." Kevin Lavin, CEO of Ankura About Ankura Ankura Consulting Group, LLC is an independent global expert services and advisory firm that delivers services and end-to-end solutions to help clients at critical inflection points related to change, risk, disputes, finance, performance, distress, and transformation. The Ankura team consists of more than 1,700 professionals serving 3000+ clients across 55 countries who are leaders in their respective fields and areas of expertise. Collaborative lateral thinking, hard-earned experience, expertise, and multidisciplinary capabilities drive results and Ankura is unrivaled in its ability to assist clients to Protect, Create and Recover Value.

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