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  • MIL-OSI USA: South Africa Country Analysis Brief

    Source: US Energy Information Administration

    Petroleum & Other Liquids

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    Exploration and reserves, storage, imports and exports, production, prices, sales.

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    Sales, revenue and prices, power plants, fuel use, stocks, generation, trade, demand & emissions.

    Coal

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    Comprehensive data summaries, comparisons, analysis, and projections integrated across all energy sources.

    MIL OSI USA News –

  • MIL-OSI USA: From Policy to Action: Anna-Michelle McSorley Focuses on Health Equity for Latinos

    Source: US State of Connecticut

    Anna-Michelle McSorley, assistant professor of allied health sciences, joined the faculty of the College of Agriculture, Health and Natural Resources (CAHNR) this fall. Her work focuses on addressing health inequities related to policies and data collection for Latinos, particularly Puerto Ricans.

    “I’m well-situated at UConn to engage with the very population that is migrating from that territorial context into the state of Connecticut,” McSorley says.

    According to the most recent U.S. Census data, 18.6% of Connecticut’s population is Hispanic or Latino, equating to more than 670,000 people. Puerto Ricans constitute the largest Latino group within this population, representing roughly 45%. Nearly six million Puerto Ricans live outside of Puerto Rico in the States in total.

    McSorley is based at UConn Waterbury. Waterbury has a large Latino population, including more than 110,000 Puerto Ricans. This positions McSorley well to engage directly with the communities her research stands to impact.

    “It’s the rigor of research translated into policy action to benefit the people we are trying to serve,” McSorley says.

    Much of McSorley’s work focuses on Puerto Rico, which is neither an independent nation nor a state, but a territory of the United States.

    McSorley, who identifies as a “Nuyorican” raised between New York and Puerto Rico, understood this unique status from a young age. She realized there was something about how she was able to travel between the U.S. and Puerto Rico that was distinct from other Latino communities and countries.

    “I started thinking about that very early in my life,” McSorley says. “Then, through my education, I was able to pinpoint this difference, identify policies and structures that affect it, and have the vocabulary to highlight it as part of my research.”

    In her research, McSorley takes an expansive view of the federal and local policies, systems, and agencies that affect our health.

    “I think of traditional health policies,” McSorley says. “But I also think of others in our social sphere, like economic policies, that also ultimately shape health outcomes.”

    McSorley recently contributed three papers to a historical special edition of the American Journal of Public Health – the first to exclusively focus on Latino health issues – in which Puerto Rico is prominently featured.

    McSorley was the first author on one of these papers focusing on three key policy areas contributing to health and health care inequities in Puerto Rico: FEMA, Medicaid, and political representation in the island area.

    McSorley and her collaborators assess the ways in which the distribution of FEMA aid and Medicaid funds to the territory perpetuate health disparities.

    McSorley’s paper also highlights the role of political representation, or the lack thereof, in the differential application of federal policies in the territory of Puerto Rico.

    “Yes, these are matters of health policy,” says McSorley. “However, it’s also a question of political processes, potential political biases, and power dynamics.”

    As a territory, Puerto Rico is not a self-governing state. Puerto Ricans in Puerto Rico are U.S. citizens but cannot vote in presidential elections. They are governed by policies enacted by the U.S. Congress, thousands of miles away.

    In a major election year, Puerto Rico’s unresolved status as a territory could become a mobilizing issue across the Latino community, McSorley says.

    Anna-Michelle McSorley from the Department of Allied Health Sciences at UConn Waterbury. (Jason Sheldon/UConn photo)

    “After all, what is being observed in Puerto Rico also serves as a sort of ‘canary in the coal mine’ for communities across the States,” says McSorley. “For instance, the Medicaid block grant structure employed in Puerto Rico has been proposed as an alternative Medicaid funding structure in the States. If applied, this could lead to the same types of cuts to benefits we see in Puerto Rico.”

    The other papers to which McSorley contributed in this edition focus on improving data collected on Latino groups. Data often treats Latino populations as a monolith. However, this group includes dozens of unique populations.

    One paper calls for better empirical methods for data collection and health statistics that more accurately represent the population. The second paper focuses on Latino reproductive health inequities.

    “I want to address data gaps,” McSorley says. “How we collect data on Latinos, and Puerto Ricans specifically in the U.S. or the territory matters in terms of honoring different needs of populations.”

    This work relates to CAHNR’s Strategic Vision area focused on Promoting Diversity, Equity, Inclusion, and Justice and Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI USA: Biomedical Engineering Scientist Receives $1.5 Million General Medicine Grant

    Source: US State of Connecticut

    An accomplished bioengineering researcher at UConn’s College of Engineering (CoE) has received a $1.5 million National Institute of Health grant for his pioneering work in the field of computation-aided molecular design of DNA-inspired Janus Base Nanopieces (JBNps). These are a family of novel biomaterials that mimic DNA and are used in therapeutic and regenerative treatments for people with arthritis, cancer, and neurological diseases.

    “JBNps have a distinct advantage for delivery into ‘hard-to-penetrate’ tissues such as articular cartilage, solid tumors, kidneys and the central nervous system,” says Biomedical Engineering Associate Professor Yupeng Chen. “The impact in treatments will be significant.”

    Chen is the principal investigator and grant recipient, and is studying the impact of manipulating Messenger RNA (mRNA), a molecule that carries the genetic instructions from DNA in the cell nucleus to the ribosomes in the cytoplasm, where those instructions are used to build proteins.

    Essentially, Chen explains, mRNA acts like a “message carrier” to tell the cell which proteins to make.

    “We will develop a novel delivery technology by manipulating the bio-interface properties of the DNA-inspired Janus Base Nanopieces,” Chen says. “JBNps are slimmer than conventional spherical particles, allowing for enhanced infiltration into tissue matrices and barriers.”

    Messenger RNA, Chen adds, is the key ingredient in COVID-19 vaccines and anti-inflammatory drugs and offers the potential for myriad other applications. But there are numerous obstacles to overcome, he states. Unlike many chemical molecules or antibody proteins, mRNAs need to be delivered into cell cytoplasm to be functional. Various types of materials have been developed for successful intracellular delivery of small RNAs, but it is still a major challenge to achieve effective delivery of mRNAs at both cellular and systemic levels.

    Yupeng Chen (photo by Christopher LaRosa)

    Chen cites the study of arthritis as an example. Infiltrating articular cartilage, he says, poses a significant delivery challenge because its matrix has minuscule pore sizes. As a result, no disease-modifying drug exists to treat this condition. JBNps, he explains are smaller and more effectively shaped than the formulations currently being used. They are manufactured through the non-covalent assembly of Janus Bases, allowing researchers to control their formulations and properties by simply mixing different types of Janus Bases.

    “For instance, we can use sidechain-modified Janus Bases for endosomal escape, zwitterion-modified ones for improved biodistribution, and unmodified Janus Bases as the basic building blocks for mRNA loading,” Chen says. “Additionally, focusing on molecule-linked Janus bases can be used for tissue targeting. In this way, JBNps can be easily tailored for a variety of purposes. We expect to develop sidechain-modified JBNps for the most effective mRNA delivery to treat cartilage diseases such as arthritis.”

    Last year, Chen and a student team received international notoriety when NASA astronauts aboard the International Space Station (ISS) conducted an inflight, microgravity proof-of-concept study involving the fabrication of JBNps. During their experimentation, the astronauts communicated directly with Chen and some of his students via Axiom Space and Eascra Biotech as implementation and industry partners at their lab on the UConn campus in Storrs, Connecticut.

    During the course of this four-year grant, Chen will be working with Dr. Ying Li from the University of Wisconsin, an expert in multiscale computational modeling and machine learning; and Dr. Harvey Lodish from MIT, who will provide expertise in cell and RNA biology and therapeutic development. Their proposal, he adds, is built on successful preliminary results and recent publication in high-impact journals such as in PNAS, Science Advances, Angewandte Chemie, ACS Nano, Advanced Functional Materials, Biomaterials, Computational Mechanics, and others.

    MIL OSI USA News –

  • MIL-OSI USA: Husky Back on Football Field Thanks to UConn Health Sports Medicine

    Source: US State of Connecticut

    Like most children in Germany, Alex Honig played soccer, but he fell in love with football. Following in the footsteps of his father, who played football in Germany, he moved onto flag football, then tackle around age 13. He was rated the No. 1 quarterback and overall player in Germany, and excelled for the Schwäbisch Hall Unicorns, one of the top American football youth teams in Germany.

    His college career started at Texas Christian University (TCU) and in 2023 he transferred to UConn. He played tight end in the first two games of the 2023 season before he suffered an injury during a routine block at Georgia State, costing him the rest of the season.

    Dr. Robert Arciero, Sports Medicine Division chief in UConn Health’s Department of Orthopedic Surgery and head orthopedic team physician at UConn, saw Honig when the team returned.

    Dr. Robert Arciero, Sports Medicine Division chief in UConn Health’s Department of Orthopedic Surgery and head orthopedic team physician at UConn

    “It was obvious on the physical exam that Honig tore the ligament holding the kneecap,” Arciero says. “He’s a big man and plays in a rough sport, where you hit people on purpose, so it became obvious, to get him back and have him not have a recurrent dislocating patella, that we needed to fix it by repairing the ligament. And in his case, augmenting it with a graph to make it stronger.”

    The team physicians from UConn Health help maximize performance, prevent injuries and get UConn athletes back on the field or court after illness or injury.

    Arciero explains that every individual athlete gets the same level of care, which includes a topflight training staff at UConn, where trainers are with the athletes every time they are on the court or field. When they get injured, the team physicians are on speed dial. In Storrs, the team physicians see the athletes once a week and are able to see an athlete within hours of an injury. At UConn Health, advanced imaging capabilities enable prompt MRIs and CT scans.

    “Frankly our surgery center has some of the most experienced anesthesiologists, surgical techs, nurses, and staff, which is why I bring my athletes here,” says Arciero ” because I know I am going to give them the best shot I can. It all comes from a mindset and dedication, but then having all these pieces in place that can respond make it top notch.

    “We get many people back to being active, but getting athletes back to the elite level at the same professional level is the thing that drives us.”

    If you play sports, you are potentially going to get hurt. The team physicians rapidly evaluate, diagnose and put treatment into place whether it is nonsurgical, rehabilitative, or in-depth surgery.

    “The goal: They are happy and can return to their sport at the same level,” Arciero says. “That’s the key.”

    Alex Honig, UConn Football (Photo Credit: UConn Athletics)

    When Honig was taken out of the game, he realized he had a long road to recovery.

    “Dr. Arciero walked me through the injury and laid out what I needed to recover,” says Honig.  “I never had surgery before, and he was really good at explaining everything to me, including the surgery and the recovery process.”

    “You have a discussion. Some people would argue that you can fix this without an operation, and that would be applicable to someone who is sedentary, where you let the ligament try to heal on his own, but this does not define Alex, who works out every day and plays a collision sport. So, it became a discussion with him. I told him we could choose not to operate on it, but if we chose that route, it would become a recurrent problem,” explains Arciero.

    Trust is crucial for team physicians and athletes, and in addition to reputation, Arciero says the other part of trust is face time.

    “Being with the team, showing up early on a travel flight, talking to the kids and coaches, and balancing that with being like paint on the wall, because no one likes the team doctor,” Arciero says.  “We are like the grim reaper: We usually have bad news, and the only time we have good news is when we tell them they can go back to play.

    “It’s important to talk to them about their problems, they are pretty smart, they have a lot of resources, and they will challenge you, but you need to sit with them, look them in the eye and answer their questions, and really make an effort that they understand – that’s how you build trust. You also have to be able to bring the goods and have good outcomes.”

    According to Honig, the first few days were tough. Using crutches, sleeping and moving around were hard. He had to relearn how to walk, and the rehab was different from what he was used to when working out with heavy weights.

    Honig says he had lots of support, listened to his body and talked with the doctors regularly, including weekly check-ins with Arciero to make sure rehab was going well. Honig found it easy to set goals and work toward them.

    “It’s scary, but following the guiding hands of the doctors and the trainers who have been here before and are supportive, their confidence is contagious, and you trust them,” says Honig.

    He adds: “Football is unique: you practice and prepare all year and have 12 chances to play the game after preparing all year. It was important for me to find a way to support the team while focusing on rehab.”

    By January he felt confident running again. By spring practice in March, he was cleared to practice and play in the spring game while wearing a brace.

    “It felt good and got the excitement going again. Personally, I feel like I have developed and changed my perspective,” says Honig.

    Honig is back on the field, playing well in what has become an exciting season for the football team. He feels faster and stronger this season.

    “Nothing makes me happier to see the player back on the field, when you see them on the sideline coming back after an injury and they say, ‘It’s all you, doc.’ That’s all I need,” says Arciero. “That’s what keeps a sports physician taking care of athletes.”

    UConn Health Orthopedics and Sports Medicine has a long tradition of providing medical care for the UConn Huskies, professional sports teams, and other organizations, and is proud to help keep some of the world’s top athletes on the field, on the court, and in the game.

    And the best news? You don’t have to be a Husky to be seen by a Husky. UConn Health believes that everyone deserves world-class orthopedic care whether you’re an elite athlete, weekend warrior, or you hurt your shoulder while mowing the lawn.

    Learn more about UConn Health Orthopedics and Sports Medicine or request an appointment with a  doctor.

    MIL OSI USA News –

  • MIL-OSI Australia: Stopping schemes to illegally access super

    Source: Australian Department of Revenue

    How we are protecting super

    We’re working to protect Australians’ retirement savings from schemes to illegally access super by:

    These approaches will help prevent the creation of an SMSF for the purpose of illegal access of super.

    Find out more about illegal early release of super.

    SMSF registration process

    The SMSF registration process helps safeguard retirement savings by preventing the inappropriate establishment of SMSFs. It can take up to 56 days before an SMSF is shown on SFLU as a regulated fund.

    Once a new SMSF is displayed on SFLU, it will initially be given a status of ‘Registered’. This status is allocated to all SMSFs on registration and will be updated within 7 days to ‘Complying’ when the SMSF receives its Notice of Compliance.

    An Australian business number (ABN) for the fund will be issued before the election to be regulated is processed. This means that you can use the ABN to establish a bank account for the SMSF.

    If we identify a problem with a new registration, we will immediately contact the authorised contact for the SMSF.

    We have updated SFLU to provide clearer information about the complying and regulatory status of SMSFs and identify SMSFs that we have concerns about.

    SMSF member verification system

    When Australian Prudential Regulation Authority (APRA) regulated funds and SMSFs receive a request to rollover their member’s super balance to an SMSF, they must use the SMSF verification service (SVS) to confirm:

    • the ABN in the request is registered as an SMSF
    • SMSF status (complying or regulated)
    • the tax file number (TFN) of the member requesting the rollover is associated with the SMSF
    • the TFN of the member requesting the rollover is not compromised
    • no verified date of death exists for that member
    • SMSF bank details in the rollover request match those held by the ATO
    • Electronic Service Address (ESA) in the rollover request matches that held by the ATO.

    If a fund suspects fraud or illegal early access

    When an APRA-regulated fund receives a transfer or rollover request and they suspect they’re dealing with fraud or illegal early access activity, you should:

    We will investigate all reports of suspicious transactions.

    Depending on the suspicious transaction, you may also have obligations to report to Australian Transaction Reports and Analysis Centre (AUSTRAC)External Link and relevant law enforcement agencies.

    Keep your SMSF details up to date with us

    Keeping your details up to date with us will help reduce the risk of fraud and illegal early access.

    It’s also important because when someone initiates a rollover request into an SMSF, the SVS will verify the fund and member details. If the SVS indicates the SMSF doesn’t have a ‘registered’ or ‘complying’ status, they will not be able to receive a rollover. If the transferring fund suspects any illegal activity, they will report it to us and may also be required to report it to relevant law enforcement agencies.

    You need to ensure your SMSF membership details are recorded correctly and notify us of changes. This includes your fund’s:

    • bank account
    • electronic service address.
    • trustees
    • directors of the corporate trustee
    • members
    • contact details (contact person, phone, email address and fax numbers)
    • address (postal, registered or address for service of fund notices)
    • fund status.

    Alerts for changes

    To safeguard retirement savings and reduce the risk of fraud, we send an email or text alert (or both) when there is a change to the SMSF’s:

    • financial institution account details
    • ESA
    • authorised contact
    • members.

    If you receive an alert and did not authorise or know about the changes outlined, you should take action immediately.

    Phone us on 13 10 20 between 8:00 am and 6:00 pm Monday to Friday if you’re concerned that without your consent or knowledge:

    • an SMSF has been established, or
    • changes have been made to your existing SMSF.

    Have your TFN or ABN ready to establish your identity before you phone us.

    MIL OSI News –

  • MIL-OSI USA: Gov. Justice delivers $1 million Abandoned Mine Land Economic Revitalization grant to Mylan Park

    Source: US State of West Virginia

    The AMLER program aims to repurpose abandoned mine lands for sustainable economic development across West Virginia, with Mylan Park serving as a prime example of successful revitalization.

    About Mylan Park
    Over the past 20 years, Mylan Park has grown from four baseball and softball fields into full-service sports, recreation, wellness, and events complex spanning 400 beautiful acres. Mylan Park is also proud to be home to a variety of social, training, and educational organizations operating within the park footprint and serving the greater Morgantown community daily through their non-profit and service-oriented missions.

    Today, Mylan Park is recognized as one of West Virginia’s most dynamic venues for users and events of all walks. Owned and operated by the non-profit 501c3 Mylan Park Foundation, Mylan Park now offers 14 indoor and outdoor facilities comprising over 60 acres of athletic field space and more than 180,000 sq. ft. of indoor sport, recreation, and event venues. Each unique component of the park ensures that there is something for everyone and that Mylan Park is truly a place the entire community can enjoy.

    In recent years, the state has awarded the Mylan Park Foundation a $3.75 million grant from the AMLER program and a $3.5 million grant from the West Virginia Water Development Authority. The AMLER grant is supporting the development of Mylan Park’s new RV campground, and the Water Development Authority’s funds have been used to returf the park’s ballfields, upgrade the ballfield facility, and install pickleball courts.

    MIL OSI USA News –

  • MIL-OSI: Sono Group N.V. to Present at the AI & Technology Virtual Investor Conference October 31st

    Source: GlobeNewswire (MIL-OSI)

    MUNICH, Oct. 29, 2024 (GLOBE NEWSWIRE) — The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”) is pleased to announce that George O’Leary, Managing Director, CEO and CFO of Sono, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.

    DATE: October 31st
    TIME: 1:00 – 1:30 pm ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings: November 1, 4 and 5

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    About Sono Group N.V.

    Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Their disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. The companies’ unmatched solar technology has multiple applications in commercial vehicles such as buses, trailers, trucks, vans and recreational vehicles.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Sono Group N.V.
    Press:
    press@sonomotors.com | ir.sonomotors.com/news-events
    Investors:
    ir@sonomotors.com | ir.sonomotors.com
    LinkedIn:
    https://www.linkedin.com/company/sonogroupnv

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: SBB Research Group Foundation Awards Additional Grants to 3 Illinois Nonprofits

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — The SBB Research Group Foundation invited three prior grant recipients to share updates on their critical efforts to support the local community. The Foundation awarded additional grants to further each of the respective organization’s missions (organizations listed alphabetically): 

    • The Dragonfly Foundation (Highland Park, IL) provides support and resources to pediatric cancer patients and their families by partnering with local hospitals during diagnosis, treatment, and beyond. The initial grant supported pediatric cancer patients and families at eight Chicagoland hospitals. The funds covered urgent needs, including rent, lodging during treatment, winter clothing, and groceries.
    • Project Kennedy (Glenwood, IL) leverages their platform to foster awareness and support individuals battling cancer, their loved ones, and their communities. They offer emotional support, inspiring those touched by the challenges of cancer. With the initial grant Project Kennedy awarded two scholarships, delivered ’Kare Baskets’, provided groceries to 10 families, and distributed Easter bags to children being treated for cancer at their four partner hospitals.
    • Willow House (Bannockburn, IL) is dedicated to offering grief support and educational resources to young individuals, families, schools, and other affected communities coping with the loss of a family member. They aspire to ensure that no child, teenager, or parent undergoes the grieving process alone. Willow House used the initial grant to enhance their Expressive Arts program, providing art supplies for three monthly groups with 58 attendees, over half of whom were children under 18. The funds also supported their Spanish-speaking groups by marketing programs, translating materials, and supplying meeting resources.

    “We are happy to support these incredible organizations as they continue their essential work, providing critical resources and support to families facing cancer and grief in our community,” said Matt Aven, co-founder and board member of the SBB Research Group Foundation. 

    The Foundation encourages any 501(c)(3) nonprofit organization to apply for a grant at sbbrg.org/apply-for-grant. Donations are awarded to different organizations monthly.

    About the SBB Research Group Foundation 

    The SBB Research Group Foundation is a 501(c)(3) nonprofit that furthers the philanthropic mission of SBB Research Group LLC (SBBRG), a Chicago-based investment management firm led by Sam Barnett, Ph.D., and Matt Aven. The Foundation provides grants to support ambitious organizations solving unmet needs with thoughtful, long-term strategies. In addition, the Foundation sponsors the SBBRG STEM Scholarship, which supports students pursuing science, technology, engineering, and mathematics degrees. 

    Contact: Erin Noonan 
    Organization: SBB Research Group Foundation 
    Email: grants@sbbrg.org
    Address: 450 Skokie Blvd, Building 600, Northbrook, IL 60062, United States 
    Phone: 1-847-656-1111
    Website: https://www.sbbrg.org

    The MIL Network –

  • MIL-OSI: World’s Lowest Fee Bitcoin and Ether ETPs (Ticker: BTC, Ticker: ETH) Garner $750,000,000 Inflows in First Three Months of Trading

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Grayscale Investments®, an asset management firm with over a decade of expertise in crypto investing, offering more than 25 crypto investment products, and manager of Grayscale® Bitcoin Mini Trust  (NYSE Arca: BTC) and Grayscale® Ethereum Mini Trust (NYSE Arca: ETH), today announced that its lowest-fee* Bitcoin and Ether ETPs – symbols: BTC and ETH – have together garnered more than $750,000,000 inflows since the products launched on July 31, 2024, and July 23, 2024, respectively, just three months ago. 

    Grayscale Bitcoin Mini Trust (“BTC”) and Grayscale Ethereum Mini Trust (“ETH”), exchange traded products, are not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds. 

    “Crypto is still in the very early stages of adoption, and the success of BTC and ETH to-date is emblematic of strong client demand for low-cost ETPs that enable simple, convenient, flexible exposure to top crypto assets,” said John Hoffman Grayscale Managing Director, Head of Distribution and Partnerships. “Grayscale has long prioritized bridging the gap between traditional finance and the crypto ecosystem because we believe our clients deserve the ability to gain exposure to digital assets through the trusted ETP wrapper. The Grayscale team is focused on helping all investors navigate the digital asset class, as they seek to future-proof their financial portfolios and practices.”  

    Since July 2024: 

    • Grayscale® Bitcoin Mini Trust (NYSE Arca: BTC) is the lowest-cost Bitcoin ETP in the world with over $2B AUM, as of October 24, 2024, at 0.15% (15bps) annually.  
    • Grayscale® Ethereum Mini Trust (NYSE Arca: ETH) is the lowest-fee Ether ETP in the world with over $1B AUM, as of October 24, 2024, at 0.15% (15bps) annually.  
    • Combined, BTC and ETH, have generated net inflows of over $750,000,000 to-date. 

    Symbols: BTC and ETH are the most cost-effective financial products for investors looking to gain exposure to Bitcoin and Ether, the market-leading assets in the transformational blockchain technology industry. 

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    For additional information about ETH, please visit: https://etfs.grayscale.com/eth  

    * BTC is low cost based on gross expense ratio at 0.15%. ETH is low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the Trust reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. See prospectus for additional fee waiver information. Brokerage fees and other expenses may still apply. 

    Please read the prospectuses carefully before investing in BTC and ETH (the “Trusts”). Foreside Fund Services, LLC is the Marketing Agent for the Trusts. 

    An investment in the Trusts is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Trusts is not an investment in Ether or Bitcoin. Investing involves significant risk, including possible loss of principle.   

    About Grayscale Investments® 

    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.  

    Media Contact 
    Jennifer Rosenthal
    press@grayscale.com 

    Client Contact 
    866-775-0313
    info@grayscale.com 

    The MIL Network –

  • MIL-OSI: Eagle Bancorp Montana Earns $2.7 Million, or $0.34 per Diluted Share, in the Third Quarter of 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., Oct. 29, 2024 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $2.7 million, or $0.34 per diluted share, in the third quarter of 2024, compared to $1.7 million, or $0.22 per diluted share, in the preceding quarter, and $2.6 million, or $0.34 per diluted share, in the third quarter of 2023. In the first nine months of 2024, net income was $6.3 million, or $0.81 per diluted share, compared to $7.9 million, or $1.01 per diluted share, in the first nine months of 2023.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on October 17, 2024. The dividend will be payable December 6, 2024, to shareholders of record November 15, 2024. The current dividend represents an annualized yield of 3.49% based on recent market prices.

    “We produced improved top and bottom line operating results during the third quarter of 2024, with net interest income and noninterest income both increasing compared to the second quarter of 2024,” said Laura F. Clark, President and CEO. “As in previous quarters, we continued to remain selective on the loans we added during the quarter, while adhering to disciplined loan pricing. The result was tempered loan growth during the third quarter of 1.1%, and 4.0% year-over-year. Total deposits increased 2.0% during the quarter over the linked quarter, as we continue to maintain our attractive deposit mix. With our strong deposit franchise, pristine credit quality, and ample capital levels, we are well positioned for growth throughout the remainder of the year and into 2025.”

    Third Quarter 2024 Highlights (at or for the three-month period ended September 30, 2024, except where noted):

    • Net income was $2.7 million, or $0.34 per diluted share, in the third quarter of 2024, compared to $1.7 million, or $0.22 per diluted share, in the preceding quarter, and $2.6 million, or $0.34 per diluted share, in the third quarter a year ago.
    • Net interest margin (“NIM”) was 3.34% in the third quarter of 2024, a seven basis point contraction compared to 3.41% in the preceding quarter and the third quarter a year ago.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) were $20.8 million in the third quarter of 2024, compared to $19.9 million in the preceding quarter and $21.6 million in the third quarter a year ago.
    • The accretion of the loan purchase discount into loan interest income from acquisitions was $167,000 in the third quarter of 2024, compared to accretion on purchased loans from acquisitions of $304,000 in the preceding quarter.
    • Total loans increased 4.0% to $1.53 billion, at September 30, 2024, compared to $1.48 billion a year earlier, and increased 1.1% compared to $1.52 billion at June 30, 2024.
    • Total deposits increased $35.0 million or 2.2% to $1.65 billion at September 30, 2024, compared to a year earlier, and increased $31.6 million or 2.0%, compared to June 30, 2024.
    • The allowance for credit losses represented 1.12% of portfolio loans and 356.7% of nonperforming loans at September 30, 2024, compared to 1.10% of portfolio loans and 209.3% of nonperforming loans at September 30, 2023.
    • The Company’s available borrowing capacity was approximately $348.1 million at September 30, 2024.
            September 30, 2024
    (Dollars in thousands)     Borrowings Outstanding Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 219,167 $ 219,365
    Federal Reserve Bank discount window   –   28,734
    Correspondent bank lines of credit   –   100,000
    Total       $ 219,167 $ 348,099
               
    • The Company paid a quarterly cash dividend in the second quarter of $0.1425 per share on September 6, 2024, to shareholders of record August 16, 2024.

    Balance Sheet Results

    Eagle’s total assets increased 4.0% to $2.15 billion at September 30, 2024, compared to $2.06 billion a year ago, and increased 2.2% compared to $2.10 billion three months earlier. The investment securities portfolio totaled $307.0 million at September 30, 2024, compared to $308.8 million a year ago, and $306.9 million at June 30, 2024.

    Eagle originated $58.0 million in new residential mortgages during the quarter and sold $51.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.31%. This production compares to residential mortgage originations of $60.6 million in the preceding quarter with sales of $53.2 million and an average gross margin on sale of mortgage loans of approximately 3.01%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $58.9 million, or 4.0%, compared to a year ago, and $17.2 million, or 1.1%, from three months earlier. Commercial real estate loans increased 5.2% to $644.0 million at September 30, 2024, compared to $612.0 million a year earlier. Commercial real estate loans were comprised of 69.3% non-owner occupied and 30.7% owner occupied at September 30, 2024. Agricultural and farmland loans increased 5.8% to $290.0 million at September 30, 2024, compared to $274.1 million a year earlier. Residential mortgage loans increased 6.7% to $156.8 million, compared to $146.9 million a year earlier. Commercial loans increased 10.2% to $143.2 million, compared to $130.0 million a year ago. Commercial construction and development loans decreased 17.3% to $125.3 million, compared to $151.6 million a year ago. Home equity loans increased 12.5% to $93.6 million, residential construction loans increased 8.5% to $52.2 million, and consumer loans decreased 1.3% to $29.4 million, compared to a year ago.

    “Our deposit mix continued to shift towards higher yielding deposits due to the higher interest rate environment. However, we anticipate deposit rates will continue to stabilize or improve following the recent Fed rate cuts,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.65 billion at September 30, 2024, compared to $1.62 billion at September 30, 2023, and at June 30, 2024. Noninterest-bearing checking accounts represented 25.4%, interest-bearing checking accounts represented 12.7%, savings accounts represented 12.9%, money market accounts comprised 21.3% and time certificates of deposit made up 27.7% of the total deposit portfolio at September 30, 2024. Time certificates of deposit include $22.1 million in brokered certificates at September 30, 2024, compared to $40.0 million at September 30, 2023, and $26.2 million at June 30, 2024. The average cost of total deposits was 1.76% in the third quarter of 2024, compared to 1.70% in the preceding quarter and 1.28% in the third quarter of 2023. The estimated amount of uninsured deposits was approximately $307.0 million, or 18% of total deposits, at September 30, 2024, compared to $284.0 million, or 17% of total deposits, at June 30, 2024.

    Shareholders’ equity was $177.7 million at September 30, 2024, compared to $157.3 million a year earlier and $170.2 million three months earlier. Book value per share increased to $22.17 at September 30, 2024, compared to $19.69 a year earlier and $21.23 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, was $17.23 at September 30, 2024, compared to $14.55 a year earlier and $16.25 three months earlier.  

    Operating Results

    “Our core NIM declined slightly during the third quarter, compared to the preceding quarter, due to relatively flat yields on interest earning assets and cost of funds expansion,” said Clark. “We anticipate continued stabilization and eventual improvement in our cost of funds as we continue through this rate cycle.”

    Eagle’s NIM was 3.34% in the third quarter of 2024, a seven basis point contraction compared to 3.41% in both the preceding quarter and the third quarter a year ago. The interest accretion on acquired loans totaled $167,000 and resulted in a three basis-point increase in the NIM during the third quarter of 2024, compared to $304,000 and a seven basis-point increase in the NIM during the preceding quarter. Funding costs for the third quarter of 2024 were 2.89%, compared to 2.78% in the second quarter of 2024 and 2.37% in the third quarter of 2023. Average yields on interest earning assets for the third quarter of 2024 increased to 5.66%, compared to 5.64% in the second quarter of 2024 and 5.27% in the third quarter a year ago. For the first nine months of 2024, the NIM was 3.36% compared to 3.57% for the first nine months of 2023.

    Net interest income, before the provision for credit losses, increased to $15.8 million in the third quarter of 2024, compared to $15.6 million in both the second quarter of 2024, and in the third quarter of 2023. Year-to-date, net interest income decreased 1.3% to $46.6 million, compared to $47.3 million in the same period one year earlier.

    Revenues for the third quarter of 2024 increased 4.4% to $20.8 million, compared to $19.9 million in the preceding quarter and decreased 3.9% compared to $21.6 million in the third quarter a year ago. In the first nine months of 2024, revenues were $59.9 million, compared to $64.2 million in the first nine months of 2023. The decrease compared to the first nine months a year ago was largely due to lower volumes in mortgage banking activity.

    Total noninterest income increased 16.7% to $5.0 million in the third quarter of 2024, compared to $4.3 million in the preceding quarter, and decreased 17.4% compared to $6.0 million in the third quarter a year ago. The increase from the preceding quarter was largely due to income from bank owned life insurance of $724,000. Net mortgage banking income, the largest component of noninterest income, totaled $2.6 million in the third quarter of 2024, compared to $2.4 million in the preceding quarter and $4.3 million in the third quarter a year ago. This decrease compared to the third quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans. This was impacted by lower mortgage loan volumes. In the first nine months of 2024, noninterest income decreased 21.9% to $13.2 million, compared to $16.9 million in the first nine months of 2023. Net mortgage banking income decreased 36.0% to $7.2 million in the first nine months of 2024, compared to $11.3 million in the first nine months of 2023. These decreases were driven by a decline in net gain on sale of mortgage loans.

    Third quarter noninterest expense was $17.3 million, which was unchanged compared to the preceding quarter and a 3.4% decrease compared to $17.9 million in the third quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. In the first nine months of 2024, noninterest expense decreased 3.0% to $51.6 million, compared to $53.2 million in the first nine months of 2023.

    For the third quarter of 2024, the Company recorded income tax expense of $529,000. This compared to income tax expense of $444,000 in the preceding quarter and $524,000 in the third quarter of 2023. The effective tax rate for the third quarter of 2024 was 16.3%, compared to 16.6% for the third quarter of 2023. The year-to-date effective tax rate was 17.5% for 2024 compared to 19.5% for the same period in 2023.

    Credit Quality

    During the third quarter of 2024, Eagle recorded a provision for credit losses of $277,000. This compared to a $412,000 provision for credit losses in the preceding quarter and $588,000 in the third quarter a year ago. The allowance for credit losses represented 356.7% of nonperforming loans at September 30, 2024, compared to 330.8% three months earlier and 209.3% a year earlier. Nonperforming loans were $4.8 million at September 30, 2024, $5.1 million at June 30, 2024, and $7.8 million a year earlier.

    Net loan charge-offs totaled $17,000 in the third quarter of 2024, compared to net loan charge-offs of $2,000 in the preceding quarter and net loan charge-offs of $108,000 in the third quarter a year ago. The allowance for credit losses was $17.1 million, or 1.12% of total loans, at September 30, 2024, compared to $16.8 million, or 1.11% of total loans, at June 30, 2024, and $16.2 million, or 1.10% of total loans, a year ago.

    Capital Management

    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.56% at September 30, 2024, from 5.75% a year ago and 6.33% three months earlier. As of September 30, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 9.87% as of September 30, 2024.

    About the Company

    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected including the ability of the U.S. Congress to increase the U.S. statutory debt limit, as needed, as well as the impact of the 2024 U.S. presidential election; the emergence or continuation of widespread health emergencies or pandemics including the magnitude and duration of the COVID-19 pandemic, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment, the ultimate extent of the impacts on our business, financial position, results of operations, liquidity and prospects, continued deterioration in general business and economic conditions could adversely affect our revenues and the values of our assets and liabilities, lead to a tightening of credit and increase stock price volatility, and potential impairment charges; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and performance trends, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

                   
    Balance Sheet              
    (Dollars in thousands, except per share data)       (Unaudited)  
                September 30, June 30, September 30,
                  2024     2024     2023  
                     
    Assets:              
      Cash and due from banks       $ 22,954   $ 22,361   $ 19,743  
      Interest bearing deposits in banks       19,035     1,401     1,040  
      Federal funds sold           200     –     –  
      Total cash and cash equivalents       42,189     23,762     20,783  
      Securities available-for-sale, at fair value       306,982     306,869     308,786  
      Federal Home Loan Bank (“FHLB”) stock       11,218     10,136     10,438  
      Federal Reserve Bank (“FRB”) stock       4,131     4,131     4,131  
      Mortgage loans held-for-sale, at fair value       13,429     10,518     17,880  
      Loans:              
      Real estate loans:            
      Residential 1-4 family         156,811     157,053     146,938  
      Residential 1-4 family construction       52,217     50,228     48,135  
      Commercial real estate         644,019     627,326     611,963  
      Commercial construction and development     125,323     137,427     151,614  
      Farmland           145,356     142,353     143,789  
      Other loans:              
      Home equity           93,646     93,213     83,221  
      Consumer           29,445     29,118     29,832  
      Commercial           143,190     143,641     129,952  
      Agricultural           144,645     137,134     130,329  
      Total loans           1,534,652     1,517,493     1,475,773  
      Allowance for credit losses         (17,130 )   (16,830 )   (16,230 )
      Net loans           1,517,522     1,500,663     1,459,543  
      Accrued interest and dividends receivable       14,844     13,195     13,657  
      Mortgage servicing rights, net         15,443     15,614     15,738  
      Assets held-for-sale, at cost         257     257     –  
      Premises and equipment, net         100,297     98,397     92,979  
      Cash surrender value of life insurance, net       52,852     48,529     47,647  
      Goodwill           34,740     34,740     34,740  
      Core deposit intangible, net         4,834     5,168     6,264  
      Other assets           26,375     26,976     30,478  
      Total assets         $ 2,145,113   $ 2,098,955   $ 2,063,064  
                     
    Liabilities:              
      Deposit accounts:              
      Noninterest bearing       $ 419,760   $ 400,113   $ 435,655  
      Interest bearing           1,230,752     1,218,752     1,179,823  
      Total deposits         1,650,512     1,618,865     1,615,478  
      Accrued expenses and other liabilities       38,593     35,804     31,597  
      FHLB advances and other borrowings       219,167     215,050     199,757  
      Other long-term debt, net         59,111     59,074     58,962  
      Total liabilities         1,967,383     1,928,793     1,905,794  
                     
    Shareholders’ Equity:              
      Preferred stock (par value $0.01 per share; 1,000,000 shares      
      authorized; no shares issued or outstanding)     –     –     –  
      Common stock (par value $0.01; 20,000,000 shares authorized;      
      8,507,429 shares issued; 8,016,784, 8,016,784 and 7,988,132      
      shares outstanding at September 30, 2024, June 30, 2024 and      
      September 30, 2023, respectively       85     85     85  
      Additional paid-in capital         109,040     108,962     109,422  
      Unallocated common stock held by Employee Stock Ownership Plan   (4,154 )   (4,297 )   (4,727 )
      Treasury stock, at cost (490,645, 490,645 and 519,297 shares at      
      September 30, 2024, June 30, 2024 and September 30, 2023, respectively)           (11,124 )   (11,124 )   (11,574 )
      Retained earnings           98,979     97,413     94,979  
      Accumulated other comprehensive loss, net of tax     (15,096 )   (20,877 )   (30,915 )
      Total shareholders’ equity       177,730     170,162     157,270  
      Total liabilities and shareholders’ equity   $ 2,145,113   $ 2,098,955   $ 2,063,064  
                     
    Income Statement      (Unaudited)   (Unaudited)
    (Dollars in thousands, except per share data)     Three Months Ended   Nine Months Ended
                  September 30, June 30, September 30,   September 30,
                    2024   2024   2023     2024   2023  
    Interest and dividend income:                
      Interest and fees on loans     $ 23,802 $ 22,782 $ 21,068   $ 68,526 $ 57,942  
      Securities available-for-sale       2,598   2,631   2,794     7,953   8,586  
      FRB and FHLB dividends       266   264   212     777   480  
      Other interest income       94   145   20     268   66  
        Total interest and dividend income       26,760   25,822   24,094     77,524   67,074  
    Interest expense:                  
      Interest expense on deposits       7,190   6,884   5,152     20,622   11,767  
      FHLB advances and other borrowings       3,084   2,625   2,672     8,206   5,993  
      Other long-term debt       684   681   683     2,048   2,035  
        Total interest expense       10,958   10,190   8,507     30,876   19,795  
    Net interest income         15,802   15,632   15,587     46,648   47,279  
    Provision for credit losses       277   412   588     554   1,186  
        Net interest income after provision for credit losses     15,525   15,220   14,999     46,094   46,093  
                             
    Noninterest income:                
      Service charges on deposit accounts       430   428   447     1,258   1,313  
      Mortgage banking, net       2,602   2,417   4,338     7,196   11,252  
      Interchange and ATM fees       662   640   643     1,865   1,861  
      Appreciation in cash surrender value of life insurance     1,038   320   382     1,646   1,165  
      Net loss on sale of available-for-sale securities       –   –   –     –   (222 )
      Other noninterest income       251   464   225     1,239   1,541  
        Total noninterest income       4,983   4,269   6,035     13,204   16,910  
                             
    Noninterest expense:                
      Salaries and employee benefits       9,894   10,273   10,837     29,885   31,614  
      Occupancy and equipment expense       2,134   2,104   1,956     6,337   6,100  
      Data processing       1,587   1,382   1,486     4,494   4,270  
      Advertising         277   316   340     846   930  
      Amortization         337   348   386     1,054   1,201  
      Loan costs         385   412   517     1,195   1,426  
      FDIC insurance premiums       295   284   301     878   862  
      Professional and examination fees       438   423   408     1,345   1,484  
      Other noninterest expense       1,923   1,765   1,644     5,576   5,311  
        Total noninterest expense       17,270   17,307   17,875     51,610   53,198  
                             
    Income before provision for income taxes       3,238   2,182   3,159     7,688   9,805  
    Provision for income taxes       529   444   524     1,343   1,913  
    Net income         $ 2,709 $ 1,738 $ 2,635   $ 6,345 $ 7,892  
                             
    Basic earnings per common share     $ 0.35 $ 0.22 $ 0.34   $ 0.81 $ 1.01  
    Diluted earnings per common share     $ 0.34 $ 0.22 $ 0.34   $ 0.81 $ 1.01  
                             
    Basic weighted average shares outstanding       7,836,921   7,830,925   7,784,279     7,830,947   7,787,987  
                             
    Diluted weighted average shares outstanding       7,860,138   7,845,272   7,791,966     7,848,196   7,792,593  
                             
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three or Nine Months Ended
          September 30, June 30, September 30,
            2024     2024     2023  
               
    Mortgage Banking Activity (For the quarter):      
      Net gain on sale of mortgage loans $ 1,691   $ 1,600   $ 3,591  
      Net change in fair value of loans held-for-sale and derivatives   159     12     (71 )
      Mortgage servicing income, net   752     805     818  
      Mortgage banking, net   $ 2,602   $ 2,417   $ 4,338  
               
    Mortgage Banking Activity (Year-to-date):      
      Net gain on sale of mortgage loans $ 4,705     $ 8,551  
      Net change in fair value of loans held-for-sale and derivatives   (2 )     234  
      Mortgage servicing income, net   2,493       2,467  
      Mortgage banking, net   $ 7,196     $ 11,252  
               
    Performance Ratios (For the quarter):      
      Return on average assets   0.51 %   0.33 %   0.51 %
      Return on average equity   6.56 %   4.30 %   6.63 %
      Yield on average interest earning assets   5.66 %   5.64 %   5.27 %
      Cost of funds     2.89 %   2.78 %   2.37 %
      Net interest margin   3.34 %   3.41 %   3.41 %
      Core efficiency ratio*   81.47 %   85.22 %   80.89 %
               
    Performance Ratios (Year-to-date):      
      Return on average assets   0.41 %     0.53 %
      Return on average equity   5.19 %     6.54 %
      Yield on average interest earning assets   5.59 %     5.07 %
      Cost of funds     2.78 %     1.94 %
      Net interest margin   3.36 %     3.57 %
      Core efficiency ratio*   84.47 %     81.01 %
               
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.    
               
               
    ADDITIONAL FINANCIAL INFORMATION      
    (Dollars in thousands, except per share data)      
            (Unaudited)  
    Asset Quality Ratios and Data: As of or for the Three Months Ended
          September 30, June 30, September 30,
            2024     2024     2023  
               
      Nonaccrual loans   $ 3,859   $ 4,012   $ 7,753  
      Loans 90 days past due and still accruing   944     1,076     –  
      Total nonperforming loans     4,803     5,088     7,753  
      Other real estate owned and other repossessed assets   4     4     –  
      Total nonperforming assets   $ 4,807   $ 5,092   $ 7,753  
               
      Nonperforming loans / portfolio loans   0.31 %   0.34 %   0.53 %
      Nonperforming assets / assets   0.22 %   0.24 %   0.38 %
      Allowance for credit losses / portfolio loans   1.12 %   1.11 %   1.10 %
      Allowance for credit losses/ nonperforming loans   356.65 %   330.78 %   209.34 %
      Gross loan charge-offs for the quarter $ 22   $ 12   $ 122  
      Gross loan recoveries for the quarter $ 5   $ 10   $ 14  
      Net loan charge-offs for the quarter $ 17   $ 2   $ 108  
               
               
          September 30, June 30, September 30,
            2024     2024     2023  
    Capital Data (At quarter end):      
      Common shareholders’ equity (book value) per share $ 22.17   $ 21.23   $ 19.69  
      Tangible book value per share** $ 17.23   $ 16.25   $ 14.55  
      Shares outstanding   8,016,784     8,016,784     7,988,132  
      Tangible common equity to tangible assets***   6.56 %   6.33 %   5.75 %
               
    Other Information:        
      Average investment securities for the quarter $ 305,730   $ 306,207   $ 319,308  
      Average investment securities year-to-date $ 308,688   $ 310,168   $ 335,898  
      Average loans for the quarter **** $ 1,547,246   $ 1,513,313   $ 1,476,584  
      Average loans year-to-date **** $ 1,519,951   $ 1,506,303   $ 1,417,291  
      Average earning assets for the quarter $ 1,874,669   $ 1,837,418   $ 1,812,610  
      Average earning assets year-to-date $ 1,847,468   $ 1,833,867   $ 1,768,361  
      Average total assets for the quarter $ 2,116,839   $ 2,077,448   $ 2,052,443  
      Average total assets year-to-date $ 2,086,951   $ 2,072,013   $ 1,999,864  
      Average deposits for the quarter $ 1,622,254   $ 1,625,882   $ 1,602,770  
      Average deposits year-to-date $ 1,624,936   $ 1,625,826   $ 1,596,201  
      Average equity for the quarter $ 165,162   $ 161,533   $ 158,933  
      Average equity year-to-date $ 163,106   $ 162,084   $ 160,917  
               
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,  
    less goodwill and core deposit intangible, by common shares outstanding.      
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’  
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.  
    **** Includes loans held for sale      
           
    Reconciliation of Non-GAAP Financial Measures              
                           
    Core Efficiency Ratio     (Unaudited)     (Unaudited)  
    (Dollars in thousands)   Three Months Ended   Nine Months Ended  
              September 30, June 30, September 30,   September 30,  
                2024     2024     2023       2024     2023    
    Calculation of Core Efficiency Ratio:              
      Noninterest expense $ 17,270   $ 17,307   $ 17,875     $ 51,610   $ 53,198    
      Intangible asset amortization   (337 )   (348 )   (386 )     (1,054 )   (1,201 )  
        Core efficiency ratio numerator   16,933     16,959     17,489       50,556     51,997    
                           
      Net interest income   15,802     15,632     15,587       46,648     47,279    
      Noninterest income   4,983     4,269     6,035       13,204     16,910    
        Core efficiency ratio denominator   20,785     19,901     21,622       59,852     64,189    
                           
      Core efficiency ratio (non-GAAP)   81.47 %   85.22 %   80.89 %     84.47 %   81.01 %  
                           
    Tangible Book Value and Tangible Assets   (Unaudited)
    (Dollars in thousands, except per share data)   September 30, June 30, September 30,
                  2024     2024     2023  
    Tangible Book Value:            
      Shareholders’ equity     $ 177,730   $ 170,162   $ 157,270  
      Goodwill and core deposit intangible, net     (39,574 )   (39,908 )   (41,004 )
        Tangible common shareholders’ equity (non-GAAP) $ 138,156   $ 130,254   $ 116,266  
                     
      Common shares outstanding at end of period   8,016,784     8,016,784     7,988,132  
                     
      Common shareholders’ equity (book value) per share (GAAP) $ 22.17   $ 21.23   $ 19.69  
                     
      Tangible common shareholders’ equity (tangible book value)      
        per share (non-GAAP)     $ 17.23   $ 16.25   $ 14.55  
                     
    Tangible Assets:            
      Total assets       $ 2,145,113   $ 2,098,955   $ 2,063,064  
      Goodwill and core deposit intangible, net     (39,574 )   (39,908 )   (41,004 )
        Tangible assets (non-GAAP)   $ 2,105,539   $ 2,059,047   $ 2,022,060  
                     
      Tangible common shareholders’ equity to tangible assets      
        (non-GAAP)         6.56 %   6.33 %   5.75 %
                     
    Contacts: Laura F. Clark, President and CEO
      (406) 457-4007
      Miranda J. Spaulding, SVP and CFO
      (406) 441-5010  

    The MIL Network –

  • MIL-OSI: MEF Releases 2025 NaaS Industry Blueprint to Accelerate Innovation Across Automated Ecosystem

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) —  MEF, a global industry association of network, cloud, security, and technology providers accelerating enterprise digital transformation, today announced the availability of its 2025 NaaS Industry Blueprint, outlining the next phase in the evolution of Network-as-a-Service.

    “Our 2025 NaaS Industry Blueprint unites industry stakeholders around a shared vision for NaaS and serves as a comprehensive guide for service providers to develop, deliver, and manage NaaS offerings across a standards-based automated ecosystem,” said blueprint author Stan Hubbard, Principal Analyst, MEF. “In the coming months, our focus is on deepening collaboration across the ecosystem to unlock the market’s full potential and meet the surging enterprise demand for high-performance, AI-driven, and cloud-optimized networks.”

    Enterprises are increasingly turning to NaaS, which is uniquely positioned to meet top priorities for digital transformation, including enhanced cybersecurity, cloud migration, and support for AI and GenAI workloads. MEF’s 2025 NaaS Industry Blueprint highlights how the rapid rise of GenAI has unlocked new NaaS-related revenue opportunities for service providers, particularly in multi-cloud environments.

    The 2025 NaaS Industry Blueprint serves as a foundational resource for service providers, cloud providers, technology suppliers, and other ecosystem participants, emphasizing the need for collaboration across multiple fronts to maximize market opportunities. The blueprint identifies key areas for alignment and collaboration, providing progress updates to guide companies in these efforts, including:

    • Unified Definition of NaaS: Establishes a clear definition of NaaS integrating on-demand connectivity, application assurance, cybersecurity, and multi-cloud networking within an automated ecosystem.
    • Key NaaS Features: Identifies 36 key features, including 20 essential customer-facing features highlighted in MEF’s NaaS Customer Experience white paper.
    • NaaS Use Cases: Explores customer requirements and service provider solutions for four core NaaS use cases—on-demand connectivity, SD-WAN, Secure Access Service Edge (SASE), and multi-cloud connectivity.
    • NaaS Automated Ecosystem: Reports progress on the NaaS automated ecosystem built on standardized services and Lifecycle Service Orchestration (LSO) APIs that automate business and operational functions between ecosystem participants.

    The blueprint also highlights MEF’s ongoing efforts to extend NaaS capabilities to enterprise customers, enabling organizations to leverage standardized MEF LSO APIs for greater control, flexibility, and visibility over their network environments. MEF’s recently released NaaS Customer Experience white paper identifies what enterprises can expect from NaaS offerings, including cloud-like scalability, dynamic connectivity, real-time performance insights, and enhanced cybersecurity.

    MEF’s test and certification programs play a pivotal role in accelerating NaaS adoption by building trust and ensuring interoperability across the ecosystem. Certification programs validate that service and technology providers meet the stringent requirements for delivering automation-ready NaaS services. As of October 2024, 15 technology and service providers have achieved MEF 3.0 certification for SASE and SD-WAN. Growing industry commitment to certified and standardized services provides enterprises and service providers with the confidence to invest in and deploy NaaS solutions at scale.

    The NaaS Industry Blueprint is available for download at MEF.net/NaaS. For more information about MEF standards, automation APIs, and certifications, visit MEF.net.

    About MEF
    MEF is a global consortium of service, cloud, cybersecurity, and technology providers collaborating to accelerate enterprise digital transformation. It delivers standards-based frameworks, services, technologies, APIs, and certification programs to enable Network-as-a-Service (NaaS) across an automated ecosystem. MEF is the defining authority for certified Lifecycle Service Orchestration (LSO) business and operational APIs and Carrier Ethernet, SASE, SD-WAN, Zero Trust, and Security Service Edge (SSE) technologies and services. MEF’s Global NaaS Event (GNE) convenes industry leaders building and delivering the next generation of NaaS solutions. For more information about MEF, visit MEF.net and follow us on LinkedIn and Twitter. 

    Media Contact:
    Melissa Power
    MEF
    pr@mef.net

    The MIL Network –

  • MIL-OSI: AutoScheduler Adds Vice President of Customer Success to Reinforce Focus on Successful Customer Implementations

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 29, 2024 (GLOBE NEWSWIRE) — AutoScheduler.AI, an innovative Warehouse Orchestration Platform and WMS accelerator, announces that Ian Johnston has joined the company as the Vice President of Customer Success. He will replace Stephen Zujkowski, who is retiring. Ian has over a decade of experience in supply chain operations, logistics management, and strategic leadership. He will use his expertise to help AutoScheduler’s customers gain value and success from deploying AutoScheduler solutions. He will be the face of success for all AutoScheduler’s customers, ensuring the talented implementation team continues delivering exceptional services and fostering true partnerships.

    “As a leader within Amazon, Ian has demonstrated a deep understanding of operational planning and championed many technology implementations that enabled transformative changes within numerous operations,” says Keith Moore, CEO of AutoScheduler.AI. “His rich and diverse experience in leading and supporting innovation and a keen understanding of driving customer excellence make him a perfect fit for this pivotal role at AutoScheduler.AI.”

    “I am looking forward to setting new benchmarks for excellence in customer success with the best project delivery experiences, clear communications, and robust customer relationships, enabling AutoScheduler.AI to be the market leader in warehouse orchestration,” says Ian Johnston, Vice President, Customer Success, AutoScheduler.AI. “I am dedicated to driving value for clients through our innovative solutions and aligning AutoScheduler’s capabilities with customer needs.”

    As Vice President of Customer Success, Ian oversees the strategy, execution, and management of all aspects of customer deployment and satisfaction. He will ensure that customers derive maximum value from AutoScheduler, leading to improved fulfillment, better labor utilization, and lower costs. As the leader in the Customer Success organization, he will drive measurable positive business outcomes, customer satisfaction, retention, and expansion across the customer base.

    Before joining AutoScheduler.AI, Ian served as Director of Supply Chain at Amazon, overseeing North America’s largest heavy bulky logistics network, which included managing demand forecasting, capacity management, and product development for the U.S. and Canada. Ian’s leadership contributed to significant advancements in operational efficiency, including the development of several novel planning products that enhanced forecast accuracy and capacity flexibility, reducing Amazon’s cost to serve and improving delivery speeds. Prior to Amazon, Ian served as a Marine Infantry Officer, where he led combat operations in Afghanistan and deterrence operations in Southeast Asia. He later served at the White House, supporting two administrations and several high-profile events.

    Ian holds an MBA from the University of Virginia’s Darden School of Business, a BA in Political Science with a minor in Spanish from The Citadel, and is actively pursuing a Master of Science in Real Estate at the University of San Diego.

    About AutoScheduler.AI
    AutoScheduler.AI orchestrates warehouse activities directly on top of your WMS, optimizing operations for peak performance. Developed alongside industry leaders like P&G and successfully deployed at prominent companies such as Pepsi, General Mills, and Unilever, our AI and Machine Learning platform seamlessly integrates with your existing systems. Focused on labor planning, inventory workflow, human-robotics interaction, and space utilization, we streamline operations, reducing travel and inventory handling while maximizing OTIF rates and labor efficiency. With prescriptive analytics driving insights, our clients harness the power to enhance efficiencies and generate value across their supply chains. Reach out to us at info@autoscheduler.ai for more information.

    Contact:
    Becky Boyd
    MediaFirst PR
    Becky@MediaFirst.Net
    Cell: (404) 421-8497

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/199e4f06-1419-40e1-8665-b27f4eb199cd

    The MIL Network –

  • MIL-OSI: New CINQ by Coinstar™ Digital Wallet Launches Crypto and Stablecoin Capabilities Powered by Zero Hash

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, today announced its partnership with Coinstar®, LLC, a global financial services leader, to embed crypto payments capabilities within CINQ by Coinstar™, a new digital wallet designed to expand how consumers use and manage their finances. This collaboration allows up to 9,500 of Coinstar’s 17,000+ network of kiosks across the U.S. to facilitate cash-to-crypto transactions.

    Through a partnership with Zero Hash, CINQ by Coinstar has launched with the initial ability to purchase cryptocurrency and stablecoins with cash at more than 9,500 Coinstar kiosks across the U.S., or through the CINQ by Coinstar mobile app. Users of the CINQ by Coinstar app, powered by Zero Hash, can seamlessly move in, out and between cash, stablecoins and crypto. A broader range of digital payment services for the CINQ by Coinstar wallet are expected to follow in 2025 as recently announced by Coinstar.

    The overarching objective of the partnership is to provide a seamless mechanism of dollar digitalization to the large percentage of underbanked and underserved households within the United States. Specifically: 

    • The unbanked who now have access to an electronic cash account
      • 6% of Adult Americans are unbanked; 24.6 million Americans are underbanked (Source: Fed Reserve, 2024)
    • The immigrant remitting money home
      • About half of all remittances are cash-based among the most common users (Source: Visa, 2023)

    “Zero Hash is delighted to partner with Coinstar, a household brand in money transformation for more than 30 years. Its vast network of self-serve kiosks and mobile apps will help further expand access to the underbanked and immigrants looking to remit funds. Upwards of 50% of remittances are cash-based and the multiple “hops” in remittance often mean these transfers incur high fees. Linking this cash infrastructure to the “network of networks” which is crypto and stablecoins, provides a key unlock for cheaper and quicker remittances for example,” said Edward Woodford, CEO and Founder at Zero Hash. “ CINQ by Coinstar has been able to seamlessly embed our regulatory compliant infrastructure to support new ways for cash-preferred customers to move safely and seamlessly between fiat and crypto use cases.”

    Powered by Zero Hash’s identity verification service, every customer is validated before cash can be entered into the kiosk for crypto, stablecoin and fiat transactions. Additional controls include Documentary Verification and Liveness Verification before certain services may be enabled. Users can buy over 25 crypto and stablecoin assets with paper currency at Coinstar kiosks in major grocery stores across North America as well as through the CINQ by Coinstar mobile app. Users can also connect multiple bank accounts, with Zero Hash’s platform facilitating USD deposits via ACH, allowing users to hold balances in cash or crypto and easily manage their financial needs.

    “Zero Hash has been an incredible partner in helping us extend our trusted services into the digital world,” said Kevin McColly, CEO of Coinstar. “Their secure and industry leading crypto and stablecoin infrastructure has allowed us to seamlessly bridge the gap between cash and cryptocurrency, making it easier for our customers to access and manage their finances.” 

    There are two ways to get started buying cryptocurrency through Zero Hash at Coinstar kiosks:

    1. Download the CINQ by Coinstar app, verify your account and visit a Coinstar kiosk with your cash. Or connect your bank account in the app and get started immediately.
    2. Visit a Coinstar kiosk, select cryptocurrency from the options and choose CINQ by Coinstar to get started with your crypto purchase through Zero Hash. Enter your mobile number at the kiosk and last 4 SSN or Date of Birth, then download the CINQ by Coinstar app and complete your account setup.

    To learn more about CINQ by Coinstar and follow along for additional product innovations, visit www.cinqwallet.com, or to find a CINQ by Coinstar enabled kiosk, visit our kiosk finder here.1 

    1: The CINQ by Coinstar wallet is available in all 50 states. However, Zero Hash enabled Kiosks are not currently available in all states, including the state of New York.  Transactional limits may also apply.

    About Zero Hash  
    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises and Fortune 500 companies build a diverse range of use cases: cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets and on and off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001.  This registration enables Zero Hash to offer its crypto services in Australia.  Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP)  number FSP1004503.  A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services.  Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator.  Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684).  Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Connect with Zero Hash
    Website | Twitter | LinkedIn | Medium

    Zero Hash Contact

    Shaun O’keeffe

    (855) 744-7333

    media@zerohash.com

    Zero Hash Disclosures
    Zero Hash services and product offerings, including the availability of kiosk services, may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers. 

    About Coinstar, LLC
    Coinstar® is a global leader in money transformation and the largest physical self-serve financial network with a digital wallet, CINQ by Coinstar. Through its digital wallet, mobile app and network of 24,000 kiosks in North America and Europe, Coinstar offers a wide range of financial services which enable users to transform their physical currency. Its reliable payment solutions offer one-stop shopping experiences at convenient kiosk locations including coin conversion to cash, NO FEE eGift cards and charitable donations as well as account transfer services powered by our bank partners. Users can also move money and transact more seamlessly in the digital world through CINQ by Coinstar with the ability to buy, sell and transfer cryptocurrencies in its initial rollout. For brand advertisers, Coinstar offers adPlanet™ Retail Media Group, which enables lead generation on the interactive kiosk screen and a digital out of home network that delivers advertising via high-definition screens on top of Coinstar kiosks at select retail and grocery locations. For more information on Coinstar, visit www.coinstar.com.

    The MIL Network –

  • MIL-OSI: 15 Leading Technology and Service Providers Achieve SASE Certification in Industry’s Only Independent Certification Program

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — MEF, a global consortium of network, cloud, security, and technology providers driving enterprise digital transformation, today announced significant advancements in its MEF 3.0 Secure Access Service Edge (SASE) Certification Program. Technology providers Fortinet and Versa have achieved full SASE certification, while service providers AT&T, BT, Colt, Comcast Business, Console Connect, Liberty Latin America, Lumen, Orange Business, TPG, and Verizon have also earned full SASE certification. Additionally, technology providers Broadcom Inc. and Palo Alto Networks, and service provider Sparkle, are expected to achieve full SASE certification shortly. Organizations that achieve SASE certification through MEF’s rigorous independent program receive a rating on product effectiveness and are listed in MEF’s registry of certified companies. SASE certification is now available to all MEF members.

    “As cyber threats continue to escalate in complexity and frequency, enterprises need absolute confidence in their security solutions,” said Nan Chen, Chief Executive Officer, MEF. “MEF’s independent SASE certification program provides that assurance, enabling organizations to choose validated solutions that protect their digital assets and support their transformation initiatives.”

    Validated Security for the Enterprise
    MEF’s comprehensive certification program addresses today’s critical cybersecurity threats through rigorous testing of SASE, which includes Software-Defined Wide Area Network (SD-WAN), Security Service Edge (SSE), and Zero Trust (ZT) capabilities. The program is delivered in partnership with CyberRatings.org (CRO), a world-class testing laboratory that ensures transparency and confidence in cybersecurity solutions.

    Technology providers must successfully complete all three certification modules to achieve full SASE certification. Service providers can achieve certification by integrating MEF-certified technology solutions, ensuring enterprise customers can trust the security and performance of their provider’s ecosystem.

    “Building secure, high-performing networks is critical to enterprise success,” said Pascal Menezes, Chief Technology Officer, MEF. “By achieving SASE certification, technology and service providers are proving their commitment to delivering reliable, scalable, and secure solutions.”

    Setting the Standard for Network Security
    The certification program validates compliance with MEF standards, including MEF SD-WAN (MEF 70.1) and industry-first standards for SASE (MEF 117) and Zero Trust (MEF 118). Certified solutions receive detailed ratings displayed in MEF’s certification registry, enabling enterprises to make informed decisions about their security investments.

    As SASE becomes central to Network-as-a-Service (NaaS) offerings, certified solutions give enterprises confidence in the cybersecurity embedded within their network environments. To help organizations navigate this landscape, MEF recently released its “State of the Industry Report: SASE – Validating Cyber Defense in an Era of Unprecedented Threats.“

    More information about MEF’s SASE certification program can be found here.

    SASE certifications and advancements will be featured at MEF’s Global Network-as-a-Service Event (GNE) from Oct 28–30, 2024, in Dallas, Texas. Visit gne.mef.net.

    About MEF
    MEF is a global consortium of service, cloud, cybersecurity, and technology providers collaborating to accelerate enterprise digital transformation. It delivers standards-based frameworks, services, technologies, APIs, and certification programs to enable Network-as-a-Service (NaaS) across an automated ecosystem. MEF is the defining authority for certified Lifecycle Service Orchestration (LSO) business and operational APIs and Carrier Ethernet, SASE, SD-WAN, Zero Trust, and Security Service Edge (SSE) technologies and services. MEF’s Global NaaS Event (GNE) convenes industry leaders building, delivering and consuming the next generation of NaaS solutions. For more information about MEF, visit MEF.net and follow us on LinkedIn, Twitter and YouTube. 

    Media Contact:
    Melissa Power
    MEF
    pr@mef.net

    Here’s what certified organizations have to say about the importance of certification.

    “It’s a tough environment for businesses: they’re facing wider attack surfaces and increasingly sophisticated threats, so it’s no surprise that many are looking to bolster their SD-WAN services with SASE’s advanced security features. MEF’s rigorous certification program gives businesses the peace of mind that comes from knowing their service providers meet the highest industry standards. At Colt, we’re very proud of our MEF 3.0 SASE Certification—it recognizes our ongoing commitment to delivering industry-leading customer experience while supporting our customers to improve their security posture.” – Tyler Hemmen, Vice President Enterprise Products and Solutions, Colt Technology Services

    “At Comcast Business, we are proud to be among the first to receive MEF 3.0 Secure Access Service Edge (SASE) Certification. This achievement highlights our dedication to providing advanced technology solutions that address the evolving needs of our customers. SASE-based services offer businesses a unified approach to security and network access, ensuring that their data is protected, and their operations remain seamless, regardless of location.” – Bob Victor, Senior Vice President of Customer Solutions, Comcast Business

    “At Console Connect, we’re thrilled to announce we’ve achieved MEF 3.0 SASE Certification, placing us among the first global NaaS providers to receive this certification. This validates our commitment to delivering secure and high-performance data-movement solutions to enterprises in over 100 countries. By leveraging SD-WAN, SSE, and Zero Trust, we offer enhanced security and operational efficiency for all enterprise data-movement needs. This certification isn’t just a win for Console Connect, it’s a step forward for the entire industry in defining and delivering enterprise-grade SASE solutions.” – Paul Gampe, Chief Technology Officer, Console Connect, MEF Board of Directors

    “Fortinet’s Unified SASE solution aligns perfectly with our founding principle of converging networking and security to help our customers reduce complexity, improve security, and centralize management. We’re proud to achieve the highest rating possible— a AAA rating— on the MEF 3.0 SASE Certification, which includes testing across SD-WAN, SSE, and Zero Trust. This recognition adds to our growing list of third-party validations and underscores our commitment to providing reliable, scalable, and innovative solutions for our customers.” – John Maddison, Chief Marketing Officer, Fortinet

     “Lumen is excited to reinforce our leadership within the MEF community by being among the first to achieve certification under the MEF 3.0 Secure Access Service Edge (SASE) standard. For customers leveraging Lumen’s Private Connectivity Fabric as their trusted multi-cloud interconnect, the ability to integrate robust, policy-driven overlay networks is a crucial value-added service that ensures enterprise-class security for diverse customer workloads.” – Carole Gridley, Senior Vice President of Product, Lumen

    “Delivering secure, scalable, and high-performance services to meet the digital infrastructure needs of enterprises is at the heart of everything we do at Orange Business. Achieving MEF 3.0 SASE Certification underscores our dedication to providing trusted and robust services that simplify network and security integration for our global customers. This certification validates our ability to deliver the total experience that is a priority for businesses today, especially given the dynamic cybersecurity landscape.” – Usman Javaid, Chief Products and Marketing Officer, Orange Business

    “MEF’s SASE certification testing is a game-changer for the industry, providing a rigorous, standardized framework to validate the security and performance of converged network solutions. This certification not only strengthens customer confidence but also ensures that vendors like Palo Alto Networks are meeting the highest benchmarks for Secure Access Service Edge technologies. By participating in MEF’s testing, we are positioning Palo Alto Networks as a leader in delivering trusted, high-quality solutions that drive innovation and reliability.” – Samaresh Nair, Director of Product Management, Palo Alto Networks

    “TPG Telecom is always committed to ensuring our network, design, and products meet the latest industry standards. Achieving the MEF 3.0 SD-WAN Certification enhances our operational efficiency, boosts our skills, and gives our customers added confidence in our expertise. This is a testament to our dedication to delivering high-quality, future-proof SD-WAN solutions to meet the dynamic needs of TPG Telecom’s customers.” – Marco Chan, General Manager of Technology, Enterprise, Government and Wholesale, TPG Telecom

    “We are delighted to be one of the first companies to achieve an AAA rating and full MEF certification for our SD-WAN, SSE, and ZTNA solutions. With global demand for SASE accelerating, real-world testing is essential for identifying the right products and technology as opposed to relying on vendor claims or qualitative analysis. The MEF 3.0 SASE Certification program delivers the concrete results and data to help organizations make informed decisions.” – Kelly Ahuja, Chief Executive Officer, Versa

    The MIL Network –

  • MIL-OSI Economics: A test of resolve: credible resolution following the 2023 banking turmoil

    Source: Bank for International Settlements

    Introduction

    I would like to welcome you all to the Resolution Conference 2024, the first that has been co-organised by the BIS Financial Stability Institute (FSI), the Financial Stability Board (FSB) and the International Association of Deposit Insurers (IADI). This event is motivated by the banking turmoil in March 2023. The 18 months that have passed since those events have given time to reflect seriously on it and derive some lessons. This conference provides an opportunity to take stock, compare notes and try to identify a productive way forward.

    Scene-setting

    It is now commonplace to say that the March 2023 failures of several US regional banks, followed a week later by the near failure of Credit Suisse, were the first meaningful test of the international resolution framework that was put in place following the Great Financial Crisis (GFC).

    The headline message is that large bank failures did not lead to a systemic crisis. Authorities managed them in an orderly manner with no ultimate loss to public funds. Creditors and shareholders bore losses. In the case of Credit Suisse, there was a significant writedown of loss-absorbing instruments. This is a noteworthy achievement, and stands in stark contrast to the GFC.

    The extensive work to put in place cross-border cooperative arrangements has demonstrably strengthened the financial system. The outcomes might have been very different without the planning and coordination that took place between home and host authorities, and the understanding and trust that have been developed.

    However, work remains to be done. The reports published last year by the FSB and IADI set out lessons learned for resolution and deposit insurance.1 They include the risk of faster failures, accelerated by digital technologies; the scope of resolution planning and requirements for loss-absorbing capacity (LAC); and flexibility in resolution strategies. Other reports, including by the Basel Committee on Banking Supervision, elaborate on the supervisory shortcomings and the vulnerabilities arising from large quantities of uninsured deposits. Work on all these issues is ongoing.

    In any case, I would like to concentrate my remarks on two elements of the bank resolution framework that I think must be tackled as we go forward. The first is the power to bail-in creditors as a key element of resolution strategies. The second is the need to put in place effective facilities for providing liquidity in resolution. The events of March 2023 highlighted the importance of both. They are also among the elements of a resolution framework that are most challenging to implement.

    The credibility of bail-in

    Bail-in powers are core to the resolution framework adopted after the GFC. Bail-in allows a systemically important bank to be recapitalised without the need to find a buyer for its business or to split up its operations, at least in the short term. Appropriate liabilities absorb losses without putting a failing bank into insolvency. Crucially, it is designed to ensure that a bank’s owners and investors, rather than depositors or taxpayers, bear the costs of resolution costs.

    In practice, a bail-in is a highly complex transaction involving multiple parties, and a huge amount of work has been carried out on how to execute it. A typical bail-in would involve multiple valuations; a mechanism to write down and cancel instruments, which are likely to be traded; and the issuance of new shares to the bailed-in debt holders. The process has been mapped out in detail by resolution authorities. However, a full bail-in strategy remains untested.

    Credit Suisse had a resolution strategy based on bail-in, and FINMA and key host authorities had prepared extensively to execute that strategy.

    In the end, the Swiss authorities chose not to follow the resolution playbook because they had another option that achieved their objectives: a state-brokered commercial merger of Credit Suisse and UBS. Nevertheless, the contractual writedown of all the outstanding Additional Tier 1 (AT1) capital instruments issued by Credit Suisse was a key element of the transaction. The writedown extinguished liabilities amounting to CHF 16 billion from the bank’s balance sheet.2

    Although the writedown was more limited than that planned under the full bail-in strategy for Credit Suisse, it demonstrates that bail-in is a core instrument in the crisis management framework. Contrary to what some commentators have feared, a substantial debt writedown is possible and can be executed without significant systemic disruption.

    Nevertheless, there are a few lessons to draw from this to reinforce that bail-in is credible and feasible.

    Flexible resolution toolkits

    First, authorities need flexibility. Planning is essential, but it cannot be prescriptive. We cannot know with absolute confidence in advance how a failure will happen and what actions will best safeguard financial stability. Accordingly, authorities need options so that they can shape their response to the circumstances of a failure. This implies a toolkit approach under which authorities can combine the use of different tools.

    The Credit Suisse transaction demonstrated that, even in the case of a global systemically important bank (G-SIB), bail-in may not be an exclusive strategy, but debt writedown could be a core element. Moreover, bail-in is not a tool exclusively for G-SIBs. For other banks, the writedown of liabilities in resolution can finance transfers of business and reduce the demands on industry-funded sources such as deposit insurance funds.

    Flexibility of this kind brings operational complexities. A toolbox approach means that authorities and firms need to accommodate different options in resolution planning. Banks will need the systems and capabilities to support those options. Key aspects of resolvability such as structure and LAC may become even more complex. However, an effective toolbox approach will further reduce the residual risk that public funds will be needed in crisis management.

    Loss-absorbing capacity

    Second, for bail-in to be credible banks must have liabilities that can be written down with legal certainty and without systemic impact. The FSB’s TLAC standard ensures this for G-SIBs. Some jurisdictions have extended similar requirements for LAC to other banks that could be systemic in failure.

    For example, the EU requirement for resolution-related LAC, the minimum requirement for own funds and eligible liabilities (MREL) – applies to all banks. The amount above the regulatory minimum required for individual banks is based on their resolution strategy. It aims to ensure that any bank that is expected to be resolved rather than wound up maintains LAC in sufficient quantity and quality to absorb losses and recapitalise it in resolution.

    The US financial regulators have consulted on a proposal to require banks with $100 billion or more in assets to maintain a layer of long-term debt. This additional LAC would be used, in the event of a bank’s failure, to absorb losses and increase the resolution options. It should also foster depositor confidence among uninsured deposits.

    The three US regional banks that failed in 2023 had little or no outstanding long-term debt. It has been observed elsewhere that if the proposed requirement had applied to Silicon Valley Bank and Signature Bank, they might have been resolved within the FDIC’s normal funding constraints, without a systemic risk exception being required.3

    If bail-in is to help fund resolution transfers, there need to be instruments that can be written down. The amounts are lower than that needed to recapitalise the bank and finance restructuring in a “pure” bail-in. Nevertheless, calibrating those requirements may be challenging.

    Moreover, meeting LAC requirements should not put banks’ legitimate business models in jeopardy. This is particularly relevant for banks that are predominantly deposit funded. A pragmatic way to alleviate the challenges for those banks is to take account of the resolution funding available from external sources, such as deposit insurance or resolution funds, when setting LAC requirements.4

    Liquidity for crisis management

    Let me turn now to liquidity for crisis management. Resolution powers can recapitalise a failing bank through bail-in. However, capital is not enough on its own. Without liquidity, the resolution will fail.

    Market funding will almost certainly not be available to a bank following its resolution until counterparty confidence can be restored. Resolution frameworks therefore require a credible source of liquidity, at the necessary scale and for a sufficient period of time to allow a resolved firm to return to market-based funding.

    This is recognised by the FSB, which has published two sets of guidance on funding in resolution. However, the arrangements in place vary considerably across jurisdictions and in many cases are not designed for the resolution needs of systemically important banks.

    The liquidity arrangements that were needed in the case of Credit Suisse support this point. The Swiss government had been working on a public liquidity backstop, but this was not yet in place in March 2023. Accordingly, the authorities had to adopt emergency legislation to enable the Swiss National Bank (SNB) to provide a liquidity facility of up to CHF 200 billion. Part of that lending was uncollateralised and coupled with a privileged bankruptcy status for the SNB and part was backed by a guarantee from the Swiss state.

    This case illustrates that ordinary central bank lending arrangements, including emergency liquidity assistance, may not be sufficient for resolution. The amount of liquidity needed by a systemically important bank will be considerable and required over an extended period. Moreover, lending may need to be secured against a wider range of assets or, in extreme circumstances, be uncollateralised. Arrangements for resolution funding must meet these needs. This implies a fiscal backstop to increase the firepower where that is needed.

    A fiscal backstop might appear to introduce a risk to public funds, something that the framework for ending “too big to fail” was designed to avoid. But the risks of loss to public funds should be low. It’s worth noting that all lending in relation to Credit Suisse was repaid, and no losses were incurred by the SNB or the Swiss state under its indemnity. If resolution is effective, the bank will be viable and the borrowing should be repaid.

    Concluding remarks

    I will end where I began. Financial crises provide a good opportunity to identify flaws or shortcomings in the policy framework. The March 2023 banking turmoil was the most significant banking crisis since the GFC and the subsequent policy reforms. Therefore, we should grasp this opportunity to draw lessons.

    Overall, authorities managed to preserve financial stability. In Switzerland, that was accomplished, despite the failure of a G-SIB, without any cost to the taxpayer. This was a remarkable achievement, and the resolution framework developed after the GFC contributed to that.

    But we also need to take note of the obstacles encountered in the process. In particular, it is clear that maximising the potential of bail-in and the provision of liquidity in resolution are pending tasks that need to be addressed.

    Work to do that is ongoing, and this conference is a small but significant part of that process. I am delighted that so many people have come to Basel to participate, and I expect productive discussions during the day.

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Finance and Biodiversity Day of 16th United Nations Conference on Biological Diversity (COP16) – transcript of video recording

    Source: Bank for International Settlements

    The global economy and finance need nature to survive. Analysis by the ECB shows that the economy depends critically on nature: 72% of non-financial businesses in the euro area – around 4.2 million individual companies – would experience significant problems as a result of ecosystem degradation. These businesses rely on ecosystem services like fertile soils, timber and clean water. And 75% of bank loans are tied to these businesses. So, if they run into trouble, the banks that finance them will too. This interdependence underscores why the ECB made nature one of the focus areas of its climate and nature plan for 2024 and 2025. It is also why we push banks under our supervision to manage all material nature-related risks.

    The ECB does not stand alone in recognising this threat. The value of nature for the economy is acknowledged by the global Network of Central Banks and Supervisors for Greening the Financial System, which has 141 members worldwide. Additionally, a recent stocktake by the Financial Stability Board showed that a growing number of policy authorities around the world are considering the potential implications of nature-related risks for financial stability.

    In recognition of the vital importance of nature for the economy, international fora must ensure that nature considerations are fully integrated into regulation and supervision, alongside ongoing efforts to account for climate-related considerations. This starts with identifying exposures and vulnerabilities to nature-related risks.

    While central banks and supervisors are not nature policymakers, we must take nature into account to fulfil our mandate of price stability and safe and sound banks. Otherwise, we risk failing to deliver on our mandate.

    My message on this Finance and Biodiversity Day is clear: if you destroy nature, you destroy the economy. The right conditions must be established for nature – and consequently the economy – to thrive. The economy needs nature to survive. Financial stability needs nature to survive. To deliver on our mandate, we need nature to survive. And the survival of nature requires financing. Therefore, your success here in Cali is vitally important.

    Thank you. Buena suerte.

    MIL OSI Economics –

  • MIL-OSI Economics: Andrew Bailey: Michael D Gill Memorial Society Lecture

    Source: Bank for International Settlements

    Quite simply, I wish I was not giving this lecture today. Or, perhaps better, I wish I was giving it with Mike Gill here to participate. But, only one of those is possible due to his tragic and senseless killing. I am sure I am not alone in thinking that when these events happen to people we do not know, we find a sort of anesthetised isolation by resorting to commenting on the public policy implications in a rather dehumanised way. But when it happens to someone we knew, hugely liked and respected, who was without question a good person, then it is almost natural to be lost for words. It has taken me a long time to compose thoughts on someone to and about whom I could say so much in life.

    There is an old saying that someone is a pillar of society. They are the people who support and hold society together. Well, Mike was without question a pillar of society. He was generous, kind, thoughtful and very supportive. Kristina, Sean, Brian, and Annika, as you know even better than us, he was an outstanding person.

    But Mike was not a pillar of society in the sense of that term of someone who was stuck in the past, holding together a world that was lost. He was a moderniser, and that was why it was so appropriate that he served at the CFTC, which has its history but also is at one of the cutting edges of finance. Mike loved that. He talked at length about visiting farms with Chris and about the technology changing farms and agricultural markets. But he was also an enthusiast to find an appropriate treatment of cryptocurrency in derivatives markets.

    The second thing about Mike and his work here at the CFTC that naturally brought us together was that he was a passionate internationalist. And he always seemed happy to visit London, and it was always good to see him there. Our international travel went further. There is a memorable, for me certainly, picture of the two of us on a boat trip in Sydney Harbour in 2019.

    It wasn’t just the travel. Mike was, like Chris, an internationalist through and through. I spent time with Mike after the UK’s Brexit Referendum in 2016. I am strictly neutral on Brexit as a public official. I knew then that our job was to work out how to implement something that, let’s be honest, had not been planned. In the area of financial services, clearing was going to be probably the hardest area for us, because – and I will come back to this point – it is inherently international in many parts, and particularly the parts we do in London. I knew immediately after the Referendum that it was critical for the UK not to become isolated and certainly not isolationist. That would be the road to a very bad outcome for the City of London. We needed friends, both in deeds and words, those who would be prepared to stand by us, and put up with uncertainty while we worked out the best course. Chris, you and Mike were those people – friends when we were in some need.

    Now, it is the case that, as a internationalist, Mike arrived in the world of clearing at the right time. It is a fairly esoteric activity, always important, but also often in the background. We quite like it to be humming away safely in the background. But the Global Financial crisis had emphasised that we had undervalued its importance, that the world would have been safer if we had put It more into the centre of the financial system.

    But, to do that it must be done safely and soundly. Unsafe clearing would be worse than no clearing, it would amount to concentrating the risk in one unsafe house.

    And so, if we are asked to list the very big financial system changes post financial crisis, we should naturally start by saying that we have put clearing at the heart of the system. Central Counterparties (CCPs) are a key to mitigating counterparty credit risk, which has become even more relevant following the crisis and, in so doing, bring significant financial stability benefits. The experience of the collapse of Lehman Brothers demonstrated that CCPs should be able to dampen the shock of a major counterparty credit failure. One of my abiding memories of the Lehman weekend was the attempt to organise an ad-hoc trade position compression exercise, to net down the positions. It wasn’t possible, and the hard lesson was that only permanent institutional structures with clearing houses at their heart can achieve the ends we desired.

    But, of course, we know that CCPs, can pose significant risks to the stability of the financial system if they are not properly managed. A consequence of central clearing is that CCPs themselves become a financial network which can bring about the contagion of financial instability if they are not robustly established and operated. In line with G20 commitments following the Financial Crisis, the introduction of mandatory clearing for various classes of over-the-counter derivatives has driven an increase in the systemic importance of CCPs.

    In the banking world, that tendency for banks to grow and become more globally systemic led to hostility to allowing very large banks which could be too big to fail. Clearing is different. Its not just that clearing didn’t cause the crisis, though just to be clear, it didn’t. Rather, its more than that. Up to some point, and that point can naturally be large, there are benefits of scale and scope in clearing. Yes, there is contagion risk if a CCP fails, and especially where it is large in its market, but there are real benefits of scope and scale.

    And, this naturally leads to the international dimension that Mike so much emphasised. The global nature of many financial markets means that clearing is naturally a
    cross-border activity. Cross-border clearing also brings significant benefits. A single CCP operating across multiple jurisdictions and currencies can provide efficiencies and reduce risk through multilateral settling of exposures across counterparties in different jurisdictions.

    This puts an obligation on us as regulators of clearing houses. We have a duty to enable the safe operation of the global financial system. Public authorities have risen to this duty, supervising standards on CCPs have been strengthened and new international standards have driven the establishment of credible CCP resolution regimes. We also have a deep sense of responsibility for the impact of our actions on other countries. And, we take this very seriously, as we must. In the UK, as the regulator we are required in any exercise of our rule-making power to consider the effects of these rules on the financial stability of any country where one of our clearing houses provides services, and we must act in a way that does not favour one jurisdiction over another.

    This is of course all common sense. We all recognise that the interconnectedness of global markets means that any shocks in one part of the world can quickly reverberate and cause stress elsewhere. But common sense though it is, I can tell you that it’s a lot easier to put into practice when you are working with someone like Mike Gill, who wants to get things done and is at heart an internationalist.

    And, so it should be no surprise that during the period Mike was here at the CFTC, things did get done, and they continue to get done building on his legacy.

    There is another feature of clearing that is distinctive. As I said earlier, by its very nature it concentrates the risks associated with the trades being cleared. That’s how and why CCPs are such crucial nodes in the financial system. But it also means that if a CCP doesn’t manage its risk well, the concentration magnifies the impact of the problem. Moreover, CCPs tend to be highly interconnected because the instruments they clear are likewise interconnected – think about the different ways to trade interest rate risk. A small number of CCPs provide most of the capacity in over the counter derivatives clearing. And, a small number of clearing members provide the majority of clearing services to clients at all of these big CCPs. These firms are also providing key services to the CCPs, such as settlement, custody and liquidity backstops.

    We can take a few points from this. Clearing is quite complicated and technical as an activity. I’m going to stick my neck out and suggest that here in Washington, conversations in bars are not of the sort: “tell me how does margining in a clearing house work”. Its notoriously a dry subject, but important, hugely so. But therein lies a risk – even at international meetings there can seem to be other things to talk about, happily so, and that can lead to problems of neglect.

    Except, onto the scene came Mike Gill and Chris Giancarlo. The enthusiasts had arrived. Suddenly, it seemed a pleasure to talk about clearing. The fun kids talked about clearing. The serious point is that supervising big CCPs requires deep cooperation between authorities across multiple jurisdictions. It requires cooperation not fragmentation. We knew how to do that, but it always seemed harder to put in practice than it should have done. We don’t like economic fragmentation in the world, rightly so, but somehow arguments are made that its ok to do so for clearing. No it isn’t as a matter of fact, because such a view defies the logic of how financial markets work. Supervising and regulatory cooperation is a key part of the right approach.

    I want to finish by looking forwards. I think that is what Mike would want, because it was very much as I remember him. There was always something new and interesting, whether it was drones overseeing crop production or crypto assets.

    The importance and role of clearing continues to grow rapidly. A few facts help to illustrate the importance of clearing. I will focus on UK-US clearing facts. The notional amount of OTC derivatives cleared by UK CCPs with US counterparties continues to be greater than that cleared with any other jurisdiction. Across the three UK CCPs, 38% of margin is derived from US clearing members, and volumes have been larger this year than last, which was also up on previous years.

    Overall, one thing that lies behind this growth is a rise in non-bank financial intermediation versus bank intermediation. We should not be surprised at this. But let me go back to 2008 and the Lehman weekend for a moment. The attempt to put in place an ad-hoc trade compression process – to net down exposures – reflected in the main banks having – sloppily – built up very large derivative books, and not managed them effectively. I remember several CEOs told me at the time that it just had not occurred to them that they needed to manage these books efficiently.

    Indeed, it was very clear that for quite a few, there was very little awareness of the problem that was building up. It was too easy to pile trade upon trade with little regard for the need to risk manage these books throughly.

    And then the music stopped, and suddenly what had been out of sight and out of mind in the good times became a problem. Outsized books had to be managed down by banks. Today that legacy is behind us. But the scale of derivative activity has nonetheless grown much further. That growth has provided important hedging benefits, and it has enabled much larger position limits to exist, concentrated more in the non-bank sector, but inevitably with links into the banking system. The so-called basis trade is a good example of this.

    These developments leave us with major puzzles. Is there a scale of activity beyond which stress sets in when it has to be unwound quite suddenly? What would be the effects of that stress? And how do we model such a fluid landscape, where stress could emerge in several places at once? Better tools of diagnosis are important here.

    At the Bank of England we have designed and run something we call the System Wide Exploratory Scenario, which seeks to synthesise the effects of some severe but plausible shocks passing through the financial system. Over 50 firms have participated, as have the clearing houses that support the activity. This is not a stress test in the now quite traditional individual bank by bank sense. It is a market-wide test designed to simulate shocks – it’s a flow test, designed to find obstructions and concentrations of risks and correlated positions that might otherwise be opaque. It is I think an important step forward in testing behavioural reactions to stress including how risks might cascade across markets. And, it will give us a better answer in terms of the effectiveness of CCPs in managing market-wide risks. The results should be published by the end of the year. It’s the sort of new thing that I think Mike would have appreciated, and been enthusiastic about.

    The Bank of England and the CFTC have a longstanding relationship of cooperation on CCPs. Mike added his special qualities to that relationship. Its our duty to carry his work forward, but even more so to do it in his spirit, the one we enjoyed and miss so much.

    Thank you.

    I would like to thank Sarah Breeden, Karen Jude, Harsh Mehta, Ruth Smith, Sam Woods, Shane Scott, Sasha Mills, Deborah Potts, Thomas Ferry, Konstantina Drakouli, Marc Ledroux, Barry King and Priya Mistry for their help in the preparation of these remarks.

    MIL OSI Economics –

  • MIL-OSI Economics: Risk reduction redefined: How compromise assessment helps strengthen cyberdefenses

    Source: Securelist – Kaspersky

    Headline: Risk reduction redefined: How compromise assessment helps strengthen cyberdefenses

    Introduction

    Organizations often rely on a layered defense strategy, yet breaches still occur, slipping past multiple levels of protection unnoticed. This is where compromise assessment enters the game. The primary objective of these services is risk reduction. They help discover active cyberattacks as well as unnoticed sophisticated attacks that occurred in the past by doing the following:

    • Tool-assisted scanning of all endpoints;
    • Host and network equipment log analysis;
    • Threat intelligence analysis, including darknet search;
    • Initial incident response to contain discovered threats.

    In this article, we delve into the root causes of real-world cases from our practice, where despite having numerous security controls in place, the organizations still found themselves compromised. In all the cases in question, compromise assessment was the last line of defense that successfully detected incidents.

    Patch management issues

    The vulnerability patching process typically takes time for a variety of reasons: from actual patch release all the way to identifying vulnerable assets and “properly” patching them, considering any pre-existing asset inventory and whether the accountable personnel will learn about the vulnerability in time. There are multiple factors that may delay this process, including formality in business continuity requirements, e.g. inability to reboot the server without a downtime window.

    That’s why insufficient patch management processes on the customer side are one of the most common root causes of incidents we observe in compromise assessment projects. Moreover, exploitation of a public-facing application was the root cause in 42.37% of cases investigated by the Kaspersky Global Emergency Response Team (GERT) in 2023.

    During the investigation of one case, we identified that the web server was patched a month after the attacker infiltrated the network: this delay was a treasure trove for the threat actor, since the organization was left unprotected and the attack went unnoticed.

    • Immediately after compromising the server, the attacker deployed a SILENTTRINITY C2 stager.
    • They attempted to dump credentials via a custom packed version of Mimikatz on the first day, and by dumping the LSASS process memory to disk on the fourth day.
    • During that month, they conducted internal reconnaissance of SMB shares until they obtained the credentials of the domain administrator.

    Policy violations by employees

    Most organizations focus on external threats; however, policy violations pose a major risk, with 51% of SMB incidents and 43% of enterprise incidents involving IT security policy violations caused by employees. An “employee” here is any person who has a regular employee’s level of access to the organization’s systems.

    In one of our compromise assessments, we identified an incident whose root cause was traced to a contracted cybersecurity consultant. During an interim report meeting, we presented a list of compromised accounts (a result of darknet search playbook execution) to the customer’s board of directors along with statistics on the accounts on the list. Of all the compromised accounts, 71% belonged to the customer’s employees, with 63% of these being employees’ accounts in the services accessible from outside the company.

    Statistics on the organization’s compromised accounts. Source: Kaspersky Digital Footprint Intelligence

    The list contained a C-level officer’s account, among others. Since this was a critical situation, with everyone suspecting that officer’s laptop had been compromised, we ran a quick investigation during the meeting and figured out that credentials had been leaked from a third-party consultant’s machine. The chairman created an account in an external system with his own corporate email and shared the credentials with the consultant. Since it was clear that consultant’s laptop might contain other confidential data, we developed the following tactical response plan.

    1. Collect a forensic triage package from the consultant’s laptop.
      • Analyze the package to identify all leaked credentials.
      • Check the consultant’s laptop for malware.
      • Run a keyword-based search to identify potential leaked documents.
    2. Review email/VPN/other logs of likely affected services available from outside the organization to detect any abnormal activity by compromised accounts.
    3. Double-check if multi-factor authentication was enabled for the compromised accounts at the time of compromise.
    4. Update the incident response plan based on the findings. Reset the password and install a new OS image on the laptop at a minimum.

    This incident could have been prevented by ensuring that employees and any third party with access to the network followed the policies. This is easy to say but it sometimes gets tricky and requires time, effort and deep technical knowledge in practice.

    MSP/MSSP issues

    Usually, MSSPs are more focused on continuous monitoring and alerting, ignoring detection gaps identification and visibility enhancements: a periodic review of the customer’s event audit policy, enabling a disabled log source or highlighting a poorly configured log source. For example, the X-Forwarded-For HTTP header is often not enabled on web servers. As a result, the SOC can’t see the original IP of the connection and determine the attack source, which complicates incident investigation.

    In our compromise assessment practice, we frequently identify incidents that external SOCs have missed. During one project, we reviewed third-party antivirus logs and identified multiple webshell detections on the same server for several days.

    Day from first exploit attempt File path Verdict Message
    Day 1 C:Windows[redacte
    d for privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software deleted
    successfully
    Day 2 C:Windows[redacte
    d for privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software deleted
    successfully
    Day 3 C:Windows[redacte
    d for privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software deleted
    successfully
    Day 4 C:Windows[redacte
    d for privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software deleted
    successfully
    Day 7 C:Program FilesCommon
    Filesmicrosoft sharedWeb
    Server
    Extensions16TEMPLATELA
    YOUTS[redacted for
    privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software
    deleted successfully
    Day 9 C:Windows[redacte
    d for privacy].aspx    		 Backdoor.ASP.WEBS
    HELL.SM    		 Malicious software deleted
    successfully

    The MSSP SOC analysts had failed to raise an alert, because the malware was deleted by the antivirus each time. This is a textbook example of a junior’s mistake. If a motivated adversary has access to the server via a vulnerability, they would try a range of techniques and tactics to try to bypass security. This is where the human analyst’s attention is needed to add an additional layer of protection and prevent this from happening.

    This was exactly our case: the Kaspersky experts initiated deep forensic analysis and found out that the attacker tried different webshells over a few weeks. They finally found one that was not detectable by the AV vendor at the time, so they were able to get into the network. Further investigation revealed that the entire domain remained compromised for several months.

    Monitoring and verifying the quality of service from your MSP or MSSP is often challenging. Contractual agreements typically prevent clients from accessing the provider’s internal systems for a thorough review. Additionally, customers may lack the technical expertise or time required to oversee every action taken by their subcontractors.

    MSPs and subcontractors might not have enough cybersecurity awareness, which poses a challenge, where they might inadvertently expose the network to a cybersecurity risk by misconfiguring some security control or not following the best practice.

    Incomplete incident response

    Post-breach eradication of a threat actor requires planning of multiple actions to ensure complete removal of the attacker from the network or systems:

    • Removal of malware, scripts, tools, and backdoors installed by the attacker.
    • Changing the passwords for the compromised accounts and deleting any unauthorized service accounts that attackers might have created
    • Rolling back system configurations that might increase the attack surface or introduce new vulnerabilities

    Even after the malware is deleted, certain forensic artifacts remain in the system. Therefore, it is common to identify past attacks during compromise assessment. Intentional misconfiguration introduced by an attacker is a rarer case, but we occasionally find that enterprise incident response teams fail to eradicate these procedures.

    As part of the Active Directory configuration review playbook, Kaspersky analysts identified a Group Policy with several suspicious properties.

    1. A modification to the AllowReversiblePasswordEncryption property of each AD account, which made domain controllers store passwords in decryptable form (without using the one-way hash function). This configuration would enable the attacker to dump credentials in plaintext via attacks like DCSync.
    2. Disabling the audit of operations related to Kerberos Tickets. This configuration would hide attacker logons on all endpoints managed via Active Directory.

    False sense of security

    It’s crucial to remember that the effectiveness of even top-tier products is at its highest when these are properly installed, configured, and integrated. Without proper configuration, organizations cannot fully harness the potential of their cybersecurity solutions, which hinders their ability to create a robust defense.

    In our compromise assessment practice, we have witnessed several cases, listed below, which were detected because specialized scanners were deployed alongside an existing AV/EDR solution, providing a second layer of detection capabilities.

    • Absence of detection rules. The customer’s antivirus was unable to detect a pivotnacci webshell because the vendor did not have a defined detection rule.
    • Outdated malware signatures. The client antivirus was unable to detect malware because the network port listening to the central update server was blocked by a firewall, preventing the antivirus from receiving the latest updates.
    • Shadow IT. The customer’s antivirus was not deployed on certain servers because those servers were not part of Active Directory, which left them unprotected.

    Conclusion

    Compromise assessment has proven to be an indispensable component in the broader cybersecurity strategy of these organizations. The cases discussed above underscore that no security measure, no matter how advanced, is entirely foolproof. From internal policy violations to patch management failures and overlooked misconfigurations by third-party service providers, the risks are manifold and often hidden in plain sight. These examples highlight that a false sense of security can be more dangerous than no security at all, as it leaves organizations vulnerable to threats that might have otherwise been detected with thorough, periodic assessments.

    By integrating compromise assessment into the security framework, organizations can uncover these hidden threats, address vulnerabilities that slip through the cracks, and ultimately strengthen their overall security posture. In a world where cyberthreats are constantly evolving, the proactive identification and mitigation of potential compromises is not just advisable but also necessary. This approach ensures that organizations are not only reacting to breaches but are continuously verifying the effectiveness of their defenses, thereby reducing the risk of undetected compromises and safeguarding their assets more effectively.

    MIL OSI Economics –

  • MIL-OSI Global: Four reasons weight-loss jabs alone won’t help get people back to work

    Source: The Conversation – UK – By Lucie Nield, Senior Lecturer in Nutrition and Dietetics, Sheffield Hallam University

    Weight-loss injectables don’t address the many core reasons for why weight gain and unemployment occur in the first place. oleschwander/ Shutterstock

    Prime Minister Keir Starmer and health secretary Wes Streeting have recently discussed plans to trial weight-loss injections for around 250,000 people with obesity who are unemployed in a bid to get them back into work, ease pressure on the NHS and boost the economy.

    Obesity is estimated to cost UK society around £35 billion annually. This is due to lower productivity and higher NHS treatment costs.

    Around 26% of the English adult population (approximately 15 million) are considered obese. However, it’s not known what proportion of unemployed people are obese.

    While weight-loss injections have proven to be very effective in helping people who are obese to lose weight and lower their risk of certain chronic diseases, there are many reasons why these drugs alone won’t help tackle obesity and unemployment rates in the UK.

    1. Lack of capacity

    The majority of UK people who are obese are likely to meet the National Institute for Health and Care Excellence’s eligibility criteria for weight-loss injections.

    But prescribing these drugs is just one part of the equation. Eligible patients will require support from specialist services who provide guidance in making the appropriate lifestyle changes (such as to their diet) to successfully lose weight while on these drugs. This is crucial, as all of the weight-loss injection trials to date have involved a behaviour change component. This may potentially be key to the successful weight losses observed in these studies.

    However, current demand for weight-loss services is already outstripping capacity. Nearly half of eligible patients in England are unable to get an appointment with a specialist team. Weight-loss injections can only be prescribed through such services currently. If the government is to roll out the proposed programme, they will need to rethink the way weight-loss services are delivered so all eligible patients can access support.

    2. Won’t work for everyone

    Weight-loss jabs don’t necessarily work for everyone. One study found that 9-15% of participants who took the drug tirzepatide (Mounjaro) did not lose clinically significant amounts of weight.

    Weight-loss jabs may also cause intolerable side-effects for some. Trials have shown between 4-8% of participants couldn’t tolerate the side-effects, causing them to drop out of the study. Constipation, diarrhoea and nausea are some of the most commonly reported.

    People with certain health conditions may be unable to use weight-loss injections – such as those with inflammatory bowel disease and pancreatitis. In such cases, weight-loss jabs may worsen symptoms or interact with the prescription drugs used to manage these conditions, increasing risk of harm.

    There are many reasons why weight-loss jabs may not work for a person.
    Douglas Cliff/ Shutterstock

    Additionally, some people may not want to take an injection – whether that’s simply due to personal preference or even fear of needles.

    3. Obesity is a complex issue

    There are many complex factors that contribute to weight gain – such as opportunities for physical activity, access to healthy foods and levels of deprivation in a community. Prescribing weight-loss jabs to help people lose weight may not be effective long-term if the rest of these factors are not also addressed.

    A more effective way of seeing significant, sustainable reductions in obesity levels across a population is by using a “whole systems approach”. This would address to the multiple environmental, social and economic factors that contribute to obesity.

    Where whole systems approaches have been embedded in healthcare design and delivery, they have led to improvements in services and patient outcomes – including obesity-related metrics (such as patients making healthier food choices and being more active).

    However, one limitation to whole systems approaches is challenges in measuring impact. This can reduce political will to implement these approaches.

    4. Obesity stigma

    Obesity stigma in the workplace is a huge barrier to satisfactory employment and leads to poor wellbeing and burnout.

    Obesity stigma in the workplace perpetuates harmful weight-based stereotypes that overweight and obese people are lazy, unsuccessful, unintelligent and lack willpower. As a result, people with obesity are more likely to be in insecure and lower-paid jobs than those who may be considered of a healthy weight.

    It’s also well-evidenced that regular exposure to stigmatising, isolating and degrading prejudices has long-term consequences on physical and mental health – and may lead to problems such as binge eating and depression.This can lead to a loss of productivity, absenteeism and loneliness.

    Prescribing weight-loss jabs to help a person lose weight doesn’t address the core reasons for why they may have been absent from work or unemployed in the first place. Nor does it help to address the mental health struggles they may still harbour as a result of discrimination they might have experienced.

    5. Barriers to employment

    Weight loss alone does not begin to address the complex physical and mental health reasons for why a person might be unemployed. A person may also be unemployed due to factors such as caring responsibilities or disability.

    Current prescribing restrictions also limit some injections to a maximum of 24 months (although further trials are ongoing). This means that even if a person has successfully lost weight, they may regain that weight again when they stop using the drug. This could mean any health problems they experienced prior to losing weight (and which may have prevented them from being in employment) could reemerge.

    There are better ways of getting people back into work than prescribing weight-loss jabs. Flexible working approaches, for instance, may make it easier for someone who is unemployed due to caring responsibilities or health problems to transition back into employment. Supportive policies and workplace wellbeing programmes may be a more cost-effective way of helping people to overcome barriers, improve their health and transition back into work.

    Lucie Nield has received funding from The National Institute for Health Research (NIHR) for evaluation of children’s weight management services.

    Lucie Nield sits on the Board of Trustees for Darnall Wellbeing (a local community service organisation).

    – ref. Four reasons weight-loss jabs alone won’t help get people back to work – https://theconversation.com/four-reasons-weight-loss-jabs-alone-wont-help-get-people-back-to-work-241835

    MIL OSI – Global Reports –

  • MIL-OSI Global: Humans evolved to share beds – how your sleeping companions may affect you now

    Source: The Conversation – UK – By Goffredina Spanò, Lecturer in Developmental Cognitive Neuroscience, Kingston University

    Jacob Lund/Shutterstock

    Recent research on animal sleep behaviour has revealed that sleep is influenced by the animals around them. Olive baboons, for instance, sleep less as group sizes increase, while mice can synchronise their rapid eye movement (REM) cycles.

    In western society, many people expect to sleep alone, if not with a romantic partner. But as with other group-living animals, human co-sleeping is common, despite some cultural and age-related variation. And in many cultures, bedsharing with a relative is considered typical.

    Apart from western countries, caregiver-infant co-sleeping is common, with rates as high as 60-100% in parts of South America, Asia and Africa.

    Despite its prevalence, infant co-sleeping is controversial. Some western perspectives, that value self-reliance, argue that sleeping alone promotes self-soothing when the baby wakes in the night. But evolutionary scientists argue that co-sleeping has been important to help keep infants warm and safe throughout human existence.

    Many cultures do not expect babies to self-soothe when they wake in the night and see night wakings as a normal part of breastfeeding and development.

    Concerns about Sudden Infant Death Syndrome (Sids) have often led paediatricians to discourage bed-sharing. However, when studies control for other Sids risk factors including unsafe sleeping surfaces, Sids risk does not seem to differ statistically between co-sleeping and solitary sleeping infants.

    This may be one reason why agencies such as the American Academy of Pediatrics, the National Institute for Health and Care Excellence and the NHS either recommend that infants “sleep in the parents’ room, close to the parents’ bed, but on a separate surface,” or, if bedsharing, to make sure that the infant “sleeps on a firm, flat mattress” without pillows and duvets, rather than discouraging co-sleeping altogether.

    Researchers don’t yet know whether co-sleeping causes differences in sleep or, whether co-sleeping happens because of these differences. However, experiments in the 1990s suggested that co-sleeping can encourage more sustained and frequent bouts of breastfeeding. Using sensors to measure brain activity, this research also suggested that infants’ and caregivers’ sleep may be lighter during co-sleeping. But researchers speculated that this lighter sleep may actually help protect against Sids by providing infants more opportunities to rouse from sleep and develop better control over their respiratory system.

    Other advocates believe that co-sleeping benefits infants’ emotional and mental health by promoting parent-child bonding and aiding infants’ stress hormone regulation. However, current data is inconclusive, with most studies showing mixed findings or no differences between co-sleepers and solitary sleepers with respect to short and long-term mental health.

    Co-sleeping in childhood

    Childhood co-sleeping past infancy is also fairly common according to worldwide surveys. A 2010 survey of over 7,000 UK families found 6% of children were constant bedsharers up to at least four years old.

    Some families adopt co-sleeping in response to their child having trouble sleeping. But child-parent bedsharing in many countries, including some western countries like Sweden where children often co-sleep with parents until school age, is viewed culturally as part of a nurturing environment.

    It’s normal for children to bedshare in many parts of the world.
    Yuri A/ Shutterstock

    It is also common for siblings to share a room or even a bed. A 2021 US study found that over 36% of young children aged three to five years bedshared in some form overnight, whether with caregivers, siblings, pets or some combination. Co-sleeping decreases but is still present among older children, with up to 13.8% of co-sleeping parents in Australia, the UK and other countries reporting that their child was between five and 12 years old when they engaged in co-sleeping.

    Two recent US studies using wrist-worn actigraphs (motion sensors) to track sleep indicated that kids who bedshare may have shorter sleep durations than children who sleep alone. But this shorter sleep duration is not explained by greater disruption during sleep. Instead, bedsharing children may lose sleep by going to bed later than solitary sleepers.

    The benefits and downsides of co-sleeping may also differ in children with conditions such as autism spectrum disorder, mental health disorders and chronic illnesses. These children may experience heightened anxiety, sensory sensitivities and physical discomfort that make falling and staying asleep difficult. For them, co-sleeping can provide reassurance.

    Adults sharing beds

    According to a 2018 survey from the US National Sleep Foundation, 80-89% of adults who live with their significant other share a bed with them. Adult bedsharing has shifted over time from pre-industrial communal arrangements, including whole families and other household guests, to solo sleeping in response to hygiene concerns as germ theory became accepted.

    Many couples find that bedsharing boosts their sense of closeness. Research shows that bedsharing with your partner can lead to longer sleep times and a feeling of better sleep overall.

    Bedsharing couples also often get into sync with each other’s sleep stages, which can enhance that feeling of intimacy. However, it’s not all rosy. Some studies indicate that females in heterosexual relationships may struggle more with sleep quality when bedsharing, as they can be more easily disturbed by their male partner’s movements. Also, bedsharers can have less deep sleep than when sleeping alone, even though they feel like their sleep is better together.

    Many questions about co-sleeping remain unanswered. For instance, we don’t fully understand the developmental effects of co-sleeping on children, or the benefits of co-sleeping for adults beyond female-male romantic partners. But, some work suggests that co-sleeping can comfort us, similar to other forms of social contact, and help to enhance physical synchrony between parents and children.

    Co-sleeping doesn’t have a one-size-fits-all answer. But remember that western norms aren’t necessarily the ones we have evolved with. So consider factors such as sleep disorders, health and age in your decision to co-sleep, rather than what everyone else is doing.

    Gina Mason receives funding from the American Academy of Sleep Medicine Foundation (grant #334-BS-24). The views expressed herein are her own, and do not represent the official views of the Academy or any other professional organization with which she is affiliated.

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

    – ref. Humans evolved to share beds – how your sleeping companions may affect you now – https://theconversation.com/humans-evolved-to-share-beds-how-your-sleeping-companions-may-affect-you-now-241803

    MIL OSI – Global Reports –

  • MIL-OSI China: Xi holds talks with Finnish president

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 29 — Chinese President Xi Jinping held talks with Finnish President Alexander Stubb in Beijing on Tuesday.

    Xi noted that Finland was one of the first Western countries to establish diplomatic ties with the People’s Republic of China and the first Western country to sign an intergovernmental trade agreement with China.

    Since the establishment of diplomatic ties, China and Finland have always enjoyed friendly relations based on mutual respect and trust, setting a fine example of state-to-state relations that transcends historical, cultural and institutional differences, and promotes equal exchanges, Xi said.

    “As the world is undergoing accelerated changes unseen in a century and the risks and challenges facing human society are increasing, the future-oriented new-type cooperative partnership between China and Finland holds exceptional value and should be cherished and advanced,” Xi said.

    China is willing to work with Finland to strengthen strategic cooperation, carry forward friendly traditions, and further advance this cooperative partnership to better benefit the two countries and peoples and make new contributions to world peace and development, Xi added.

    MIL OSI China News –

  • MIL-OSI China: China to experience warmer November: meteorologist

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 29 — Most parts of China are expected to register above-normal temperatures in November this year, according to the National Climate Center on Tuesday.

    Specifically, temperatures in parts of northeastern, northwestern, northern and eastern China will be notably higher next month, said Jia Xiaolong, deputy head of the center, at a press conference.

    High temperatures, dry and windy weather and less precipitation will increase the risks of meteorological drought, as well as forest and grassland fires in parts of eastern and central China, as well as Yunnan Province in the southwest, said Jia.

    Provincial-level regions of Inner Mongolia, Heilongjiang, Xinjiang, Jiangsu, Shanghai, Zhejiang and Hainan will see more rainfall in November, said Jia.

    He advised areas expecting more precipitation in November to take preventive measures against the adverse effects of low temperatures and rain and snow-related disasters on transportation, energy, electricity and people’s health.

    MIL OSI China News –

  • MIL-OSI Security: Defense News: Ceremonial Signing Celebrates Department of the Navy-Sourcewell Partnership

    Source: United States Navy

    Brenda Johnson-Turner, Deputy Assistant Secretary of the Navy for Installations and Facilities, along with senior leaders from the Navy and Marine Corps signed the new agreement with Sourcewell representatives at the Defense Communities Installation Innovation Forum conference in San Antonio, TX, Oct. 28. 

    “I am truly excited about our new agreement with Sourcewell,” stated Ms. Johnson-Turner, “as a department, we must use the authorities Congress grants in innovative and sound ways to meet our installation missions in a fiscally constrained environment.  The IGSA authority is a terrific tool, and this particular agreement with Sourcewell will provide new opportunities for our Navy and Marine Corps teams to ensure our installations are ready to support the needs of our warfighters.”

    The agreement aims to increase Navy and Marine Corps buying power by decreasing procurement costs and delivery timelines for various installation-support services, supplies, and equipment. It also allows Navy and Marine Corps installations to leverage Sourcewell’s extensive list of competitively awarded contracts to procure goods and services faster.  This translates to increased opportunity to buy down risk to naval missions and forces by ensuring U.S. tax dollars approved for Department of the Navy spending go further in meeting infrastructure and base support requirements.  Installations will be able to request Sourcewell’s services in key areas to include installation supplies, equipment, services, and small-scale construction projects.

    “It’s an honor to work with Navy and Marine Corps installations, providing efficient and effective support so they can achieve mission success,” said Dr. Chad Coauette, Sourcewell Chief Executive Officer. “This agreement enables our team to work with installation leadership to procure goods and services through local businesses whenever possible. By awarding supplier contracts at the corporate level, Sourcewell makes it possible for installations to work with local authorized dealers and contractors.”

    This is the second IGSA between Sourcewell and a Department of Defense military department. Earlier this year, Sourcewell signed a similar agreement with the U.S. Army.

    MIL Security OSI –

  • MIL-OSI Europe: Malware targeting millions of people taken down by international coalition

    Source: European Union 2

    A global operation, supported by Eurojust, has led to the takedown of servers of infostealers, a type of malware used to steal personal data and conduct cybercrimes worldwide. With millions targeted, it was one of the largest malware platforms globally. Learn more.

    MIL OSI Europe News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the 110th Meeting of the Development Committee

    Source: United Nations secretary general

    Chair,

    Excellencies,

    Let me begin by acknowledging the inspired leadership of Ajay and Kristalina, and thanking them for their support at the UN High-Level Week.

    This week, our global economy has been diagnosed as suffering from low growth, and high debt.

    This toxic combination further exacerbates a sustainable development crisis for millions of people across the world.

    With only 17 per cent of SDG targets on track, hunger is rising, global temperatures are soaring, conflicts are spreading, and the fight for gender equality is floundering.

    Financing challenges are at the heart of this crisis.

    Financing gaps are growing.

    Debt service is crowding out investments.

    And economies are repeatedly rocked by external shocks that our financial system cannot contain.

    Last month, against geopolitical tensions, Heads of States from the Global North and South agreed a Pact for the Future.

    The Pact lays the foundations for a future-ready world.

    It commits to deepen multilateralism to rescue the SDGs;

    To guide us through a new era of technology;

    to renew our approach to restoring and keeping peace;

    and to accelerate reform of the international financial architecture to reflect today’s world and meet today’s challenges.

    Here, the Pact urges specific actions:

    To raise the voice and representation of developing countries…

    To scale up development finance…

    To promote sustainable borrowing, and resolve debt crises as and before they occur…

    And to strengthen the global safety net. 

    Agreements reached at the United Nations cannot deliver change overnight. But they provide a powerful political signal for action in other fora – including this one.

    Over the last two weeks, we have seen important steps forward.

    The World Bank’s reduction of its equity to loan ratio frees up an additional $30 billion in lending.

    And the IMF’s overhaul of its surcharge policy will lessen the penalty borne by countries most dependent on support.

    We must now build on these steps, with urgency, to meet the needs and expectations of Member States and their people.

    This brings me to one commitment that we must deliver this year.

    IDA is the largest and most powerful instrument of financial assistance to the world’s poorest and most vulnerable countries.

     That’s why the Pact for the Future urges Member States to deliver a robust 21st replenishment, to enable IDA to continue its vital work.

    The Secretary-General and I wholeheartedly endorse this.

    Another commitment is to seize the opportunity approved by the Fund to rechannel SDRs to acquire hybrid capital in our multilateral development banks. Champions of this initiative believe we can get this done by next month’s G20 summit.   

    I look forward to working with the Bank and Fund to deliver other commitments in the Pact: from reviewing the sovereign debt architecture, to improving access to concessional finance.

    With next year’s Fourth International Conference on Financing for Development, we have a once-in-a-decade opportunity to transform financing for sustainable development to deliver the SDGs.

    To do this for a future ready World Bank, we must work better together at the country level surging combined expertise and resources in support of our commitments to countries and their people.

    Let’s work together to deliver this.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI Canada: Seizure of contraband and unauthorized items at Millhaven Institution

    Source: Government of Canada News (2)

    On October 24, 2024, as a result of the vigilance of staff members, a package containing contraband and unauthorized items was seized at Millhaven Institution, a maximum-security federal institution.

    October 29, 2024 – Kingston, Ontario – Correctional Service Canada

    On October 24, 2024, as a result of the vigilance of staff members, a package containing contraband and unauthorized items was seized at Millhaven Institution, a maximum-security federal institution.

    The items seized included tobacco, crystal methamphetamine, an edged weapon, as well as a cell phone and cell phone accessory. The total estimated institutional value of this seizure is $196,400.

    The Correctional Service of Canada (CSC) uses a number of tools to prevent drugs from entering its institutions. These tools include ion scanners and drug-detector dogs to search buildings, personal property, inmates, and visitors.

    CSC has heightened measures to prevent contraband from entering its institutions in order to help ensure a safe and secure environment for everyone. CSC also works in partnership with the police to take action against those who attempt to introduce contraband into correctional institutions.

    CSC has also set up a telephone tip line for all federal institutions so that it may receive additional information about activities relating to security at CSC institutions. These activities may be related to drug use or trafficking that may threaten the safety and security of visitors, inmates, and staff members working at CSC institutions.

    The toll-free number, 1‑866‑780‑3784, helps ensure that the information shared is protected and that callers remain anonymous.

    Mike Shrider
    Regional Communications Manager
    Regional Headquarters, Ontario
    GEN-ONT-MEDIA@csc-scc.gc.ca
    613-530-6941

    MIL OSI Canada News –

  • MIL-OSI USA: DoD Releases National Defense Industrial Strategy Implementation Plan

    Source: United States Department of Defense

    The Department of Defense (DoD) today published the unclassified National Defense Industrial Strategy Implementation Plan (NDIS-IP), detailing how the DoD will achieve the four strategic priorities laid out in the NDIS. Released by the Office of the Assistant Secretary of Defense for Industrial Base Policy (OASD(IBP)), the document outlines ongoing and future actions that DoD is currently taking, and will continue to take, to modernize the defense industrial base.

    The NDIS-IP describes six cross-cutting initiatives, and associated lines of effort, that will enable the DoD to achieve a more resilient defense industrial ecosystem and buy-down risks. In addition to detailing the work being done across the Services and DoD components, the NDIS-IP demonstrates activities and initiatives which the U.S. Government, private industry, and international allies and stakeholders are undertaking, emphasizing that this effort cannot be a DoD-only initiative.

    “This implementation plan offers industry, global allies, and partners clear direction on the Department’s priorities for industrial capacity building” said Assistant Secretary of Defense for Industrial Base Policy, Dr. Laura Taylor-Kale. “Implementing these initiatives will require coordinated efforts across the DoD, and support and cooperation from our interagency, industry, and international stakeholders, as well as our champions in Congress.” 

    To further demonstrate the NDIS “in action,” the OASD(IBP) announced another Defense Industrial Base Consortium (DIBC) Other Transaction Agreement (OTA) request for white papers (RWP) for “Critical Chemicals for Defense” in September. The DIBC OTA enables rapid research and allows access to commercial solutions for defense requirements and innovations from industry, academia, and non-traditional contractors. More information about the DIBC OTA and the newest RWP can be found at the DIBC’s website.

    An NDIS-IP Classified Annex is forthcoming and will further detail vulnerabilities and articulate the necessary steps the DoD is taking to ensure its resilience and strength.

    The unclassified NDIS-IP is available at: https://www.businessdefense.gov/docs/ndis/NDIS-Implementation-Plan-FY2025.pdf.

    MIL OSI USA News –

  • MIL-OSI USA: IAM Air Transport, Rail Leaders Elected to Top ITF Positions as Transportation Workers Unite in Global Solidarity; Put Women, Young Workers at Forefront

    Source: US GOIAM Union

    IAM air transport and rail industry leaders from across the United States and Canada were elected to top positions at the recent International Transport Workers’ Federation (ITF) Global Congress.

    The IAM, North America’s largest transportation union, is taking a leading role worldwide as transport workers find themselves at the forefront of multiple crises – from war, political instability and the rise of far-right governments to the climate crisis.

    “The IAM has long known that our strength relies greatly on workers uniting worldwide to confront the multi-national corporations we deal with every day,” said IAM Air Transport Territory General Vice President Richie Johnsen. “Together with the ITF and its affiliates in the transportation sector, we are closer than ever to balancing the scales for industry workers across the globe.”

    The Congress, held in Marrakech, Morocco, focused on building a comprehensive vision for the ITF for the next five years. Six critical demands – rights, equality, safety, accountability, sustainability and a future that works for workers – are forming the basis to build a safer, fairer and more sustainable transport industry.

    “As the theme of this ITF Congress says, the IAM has always been proud to move the world forward,” said IAM Air Transport Territory Chief of Staff Edison Fraser. “As we turn the page from a global pandemic, it is more important than ever that transportation workers across the world unite.”

    The following IAM leaders were elected to ITF positions:

    • Richie Johnsen, IAM Air Transport Territory General Vice President: ITF Executive Board
    • Edison Fraser, IAM Air Transport Territory Chief of Staff: ITF North America and Caribbean Civil Aviation Chairperson
    • Arthur Maratea, TCU/IAM National President: ITF Railway Workers Section Co-Chair
    • Julie Frietchen, IAM Women’s and Young Workers Director: ITF North America Regional Representative USA – Women’s Committee
    • Keith Aiken, IAM Canadian Airline Coordinator: ITF Vice Chairperson – Ground Handling Committee
    • Zach Coker, IAM District 142 Organizing Director: ITF North America Regional Representative USA – Young Workers

    “Rail workers are standing up and fighting back against corporate greed and the short-sighted profit goals of Wall Street,” said TCU/IAM National President Arthur Maratea. “It’s critical that these fights be waged on at a global scale and with the backing of every rail worker across the world.”

    The ITF represents 18.5 million transport workers worldwide from more than 150 countries.

    “Women and young people are helping to lead a worldwide resurgence of union activism,” said IAM Women’s and Young Workers Director Julie Frietchen. “In the IAM and the ITF, we are proud to be leading the way toward making our diversity our greatest strength.”

    Click here for more coverage of ITF’s 46th Congress, the first of which to be held in the Arab world.

    “The strength of the IAM has always been our ability to bring workers together and fight for a common cause,” said IAM Canadian Airline Coordinator Keith Aiken. “Transportation workers in Canada and across the globe are ready for a new era of worker power that transforms our industries for the betterment of working families and passengers.”

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    MIL OSI USA News –

  • MIL-OSI USA: New NASA Instrument for Studying Snowpack Completes Airborne Testing

    Source: NASA

    The Rocky Mountains in Colorado, as seen from the International Space Station. Snowmelt from the mountainous western United States is an essential natural resource, making up as much as 75% of some states’ annual freshwater supply.

    Summer heat has significant effects in the mountainous regions of the western United States. Melted snow washes from snowy peaks into the rivers, reservoirs, and streams that supply millions of Americans with freshwater—as much as 75% of the annual freshwater supply for some states.

    But as climate change brings winter temperatures to new highs, these summer rushes of freshwater can sometimes slow to a trickle.

    “The runoff supports cities most people wouldn’t expect,” explained Chris Derksen, a glaciologist and Research Scientist with Environment and Climate Change Canada. “Big cities like San Francisco and Los Angeles get water from snowmelt.”

    To forecast snowmelt with greater accuracy, NASA’s Earth Science Technology Office (ESTO) and a team of researchers from the University of Massachusetts, Amherst, are developing SNOWWI, a dual-frequency synthetic aperture radar that could one day be the cornerstone of future missions dedicated to measuring snow mass on a global scale – something the science community lacks.

    SNOWWI aims to fill this technology gap. In January and March 2024, the SNOWWI research team passed a key milestone, flying their prototype for the first time aboard a small, twin-engine aircraft in Grand Mesa, Colorado, and gathering useful data on the area’s winter snowfields.

    “I’d say the big development is that we’ve gone from pieces of hardware in a lab to something that makes meaningful data,” explained Paul Siqueira, professor of engineering at the University of Massachusetts, Amherst, and principal investigator for SNOWWI.

    SNOWWI stands for Snow Water-equivalent Wide Swath Interferometer and Scatterometer. The instrument probes snowpack with two Ku-band radar signals: a high-frequency signal that interacts with individual snow grains, and a low-frequency signal that passes through the snowpack to the ground. 

    The high-frequency signal gives researchers a clear look at the consistency of the snowpack, while the low-frequency signal helps researchers determine its total depth.

    “Having two frequencies allows us to better separate the influence of the snow microstructure from the influence of the snow depth,” said Derksen, who participated in the Grand Mesa field campaign. “One frequency is good, two frequencies are better.”

    The SNOWWI team in Grand Mesa, preparing to flight test their instrument. From an altitude of 4 kilometers (2.5 miles), SNOWWI can map 100 square kilometers (about 38 square miles) in just 30 minutes.

    As both of those scattered signals interact with the snowpack and bounce back towards the instrument, they lose energy. SNOWWI measures that lost energy, and researchers later correlate those losses to features within the snowpack, especially its depth, density, and mass.

    From an airborne platform with an altitude of 2.5 miles (4 kilometers), SNOWWI could map 40 square miles (100 square kilometers) of snowy terrain in just 30 minutes. From space, SNOWWI’s coverage would be even greater. Siqueira is working with Capella Space to develop a space-ready SNOWWI for satellite missions.

    But there’s still much work to be done before SNOWWI visits space. Siqueira plans to lead another field campaign, this time in the mountains of Idaho. Grand Mesa is relatively flat, and Siqueira wants to see how well SNOWWI can measure snowpack tucked in the folds of complex, asymmetrical terrain.

    For Derksen, who spends much of his time quantifying the freshwater content of snowpack in Canada, having a reliable database of global snowpack measurements would be game-changing.

    “Snowmelt is money. It has intrinsic economic value,” he said. “If you want your salmon to run in mountain streams in the spring, you must have snowmelt. But unlike other natural resources, at this time, we really can’t monitor it very well.”

    For information about opportunities to collaborate with NASA on novel, Earth-observing instruments, see ESTO’s catalog of open solicitations with its Instrument Incubator Program here.

    Project Leads: Dr. Paul Siqueira, University of Massachusetts (Principal Investigator); Hans-Peter Marshall, University of Idaho (Co-Investigator)

    Sponsoring Organizations: NASA’s Earth Science Technology Office (ESTO), Instrument Incubator Program (IIP)

    MIL OSI USA News –

  • MIL-OSI USA: Public-Private Analytic Exchange Program Virtual Fall Info Session #7

    Source: US Department of Homeland Security

    Headline: Public-Private Analytic Exchange Program Virtual Fall Info Session #7

    Public-Private Analytic Exchange Program Virtual Fall Info Session #7
    jesse.kerzner

    The Public-Private Analytic Exchange Program (AEP), sponsored by the Department of Homeland Security’s Office of Intelligence and Analysis on behalf of the Office of the Director of National Intelligence, invite you to attend the upcoming AEP Virtual Fall Info Session #7. 

    The AEP facilitates collaborative partnerships between private and public sector analysts by forming several teams to address national and homeland security issues. Participants work to create unclassified joint analytic deliverables of interest to both the private and public sector. You must be a U.S. Citizen to participate.

    The AEP info session includes a detailed program overview, the importance of the program, the relationships built between the public and private sector, and how to apply. You will hear former AEP participants share their experience. We encourage everyone to come with questions for discussion!

    The information session will be held on Tuesday, October 29, 2024, from 12:00 pm to 12:45 pm ET. 

    Click here to register for the October 29th information session.

    To learn more about how to apply to the 2025 AEP, please visit our website or email the AEP Staff at AEP@hq.dhs.gov

    MIL OSI USA News –