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Category: Artificial Intelligence

  • MIL-OSI: SalesHood Launches Interactive Mutual Action Plans in Digital Sales Rooms to Scale Repeatable B2B Sales Execution

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, California, Oct. 28, 2024 (GLOBE NEWSWIRE) — SalesHood, a leading revenue enablement platform provider, is excited to announce the launch of Mutual Action Plans (MAPs) in its Digital Sales Rooms. This new offering  fosters stronger collaboration between sales teams and their buyers, driving more predictable and successful sales outcomes. Based on Q3 2024 customer feedback, SalesHood’s Digital Sales Rooms have driven win rate increases ranging from 57% to as much as 200%.

    The newly released interactive sales tool empowers sales and customer success teams to co-create Mutual Action Plans with their buyers, outlining the key milestones, responsibilities, and timelines required to deliver value to a customer and close a deal. 

    As per the 2024 Gartner® ’s Market Guide for Digital Sales Rooms, one of the key findings includes: “Improved buyer-seller engagement leads to higher-quality deals, which is what chief sales officers (CSOs) are searching for to drive high-quality purchases that lead to improved long-term revenue results.”

    SalesHood’s MAPs are a collaborative resource ensuring that buyers and sellers are aligned, reducing friction and accelerating the sales process. SalesHood’s MAPs feature is seamlessly integrated into its existing platform, making it easy for sales teams to adopt and use. 

    Elay Cohen, CEO and Co-founder of SalesHood, stated, “We’re thrilled to bring Mutual Action Plans to our customers. This new feature underscores our commitment to empowering sales teams with the tools they need to succeed in today’s competitive market. By enabling stronger collaboration between sales teams and their buyers, we believe that MAPs will be a game-changer for our customers.”

    With the introduction of MAPs, SalesHood continues to set the standard for sales enablement and revenue acceleration. This new feature aligns with the company’s mission to help sales organizations close more deals faster and with greater predictability.

    New Mutual Action Plans capabilities:

    • Milestone Tracking: Empower buyers and sellers to co-create, align and track shared timelines, decision-making milestones and compelling events, driving joint accountability throughout the buyer’s journey.
    • Tasks and Notifications: Assign milestones to decision team members, complete with due dates and ownership. Automatic notifications for overdue tasks create urgency and ensure progress.
    • AI-Powered Recap Summaries: Leverage generative GenAI to summarize key call points and generate actionable next steps, ensuring clarity and efficient follow-up.
    • Salesforce Integration: Seamlessly sync buyer engagement data and sales activities with Salesforce for enhanced pipeline management and streamlined CRM updates.
    • Embedded Collaboration in Digital Sales Rooms: Mutual Action Plans are seamlessly embedded into Digital Sales Rooms, enabling real-time collaboration on timelines, tasks, next steps, and shared resources in a unified digital workspace.

    For more information about SalesHood’s Digital Sales Rooms and Mutual Action Plans, please visit https://saleshood.com. 

    You can also take a self-guided tour https://saleshood.com/digital-sales-rooms/guided-tour. 

    Gartner Disclaimer:
    Gartner, Market Guide for Digital Sales Rooms,  Melissa Hilbert ,  Varun Agarwal , et al., 26 February 2024
    GARTNER is registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

    About SalesHood

    SalesHood is a global leader in revenue enablement on a mission to empower salespeople to sell better. SalesHood’s comprehensive and award winning Revenue Enablement Platform powers repeatable sales execution, guiding sellers on what to do and what to share. SalesHood AI delivers highly personalized training, coaching and selling experiences across the customer journey. Trusted by high-growth, high-performing companies, SalesHood is purpose-built to deliver fast revenue results. Companies like Copado, Ewing-Foley, Frontline Education, Olo, Sage, SmartRecruiters, and Planview use SalesHood to realize increase sales productivity and win-rates. For more information, please visit https://saleshood.com/

    Contact
    media@saleshood.com

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: PM speech in Birmingham: 28 October 2024

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Keir Starmer makes a speech in Birmingham.

    Location:
    Birmingham
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    It’s always great to be here in Birmingham. A city that is at the heart, not just of our country but also – our plans for growth – as we announced two weeks ago £500m worth of new investment in battery storage will create the jobs of the future right here. And that’s a snapshot of the Britain we are building this week and beyond. 

    Our economy – stabilised. 

    The foundations – fixed. 

    Hope in the future – restored.  

    Another step taken on the long, difficult, but resolute path that we will walk.

    Towards a Britain returned to the service of working people.

    I said on the steps of Downing Street – the day after the election that this would be a government for the working people of this country. 

    That, when the cameras stopped rolling. When that black door closed. We would carry their hopes and aspirations with us. 

    That the basic, completely reasonable desire to want a better future for your family. That would become the driving purpose of this Government. 

    Now, I will never stand here and tell you to feel better, if you don’t. And I will never ask you to feel grateful for what you should expect as a given.  

    Trust in my project to return Britain to the service of working people can only be earned through actions not words: Change must be felt. 

    But every decision we have made. Every decision that we will make in the future will be made with working people in our minds’ eye. People who have been working harder and harder for years, just to stand still. 

    People doing the right thing maybe still finding a little bit of money to put away. Paying their way – even in the cost-of-living crisis but who feel this country no longer gives them or their children a fair chance. 

    People stuck on an NHS waiting list whose town centre is blighted by anti-social behaviour who can’t afford to buy a place they call home or can’t afford the home they have, because of the mortgage bombshell. 

    And people who feel ignored as their lives, no matter how hard they work slide into greater insecurity. Scared of the postman coming down the path – will it be another bill I can’t afford?

    People like that video, we just watched. [Political content removed]

    I know some people want to have a debate about this and I know there will always be the exception that proves the rule. Welcome to the wonders of a diverse country!  

    But I also know that the working people of this country know exactly who they are and that – they are the golden thread that runs through our agenda. Every single one of our national missions is about delivering for them. 

    And we are getting on with the job. That’s why we reformed planning rules to get Britain building again – restore the dream of home ownership.  

    It’s why we ended junior doctor strikes to lift the pressure on our NHS. Start cutting waiting lists. 

    It’s why we stopped the riots with tough sentences for violent thugs. 

    Launched a Border Security Command to smash the people-smugglers. 

    Switched on Great British Energy to get Putin’s boot off our throat. Make our country more secure. Create good jobs – right across the country. 

    And it’s also why we’ve started the work of changing our economy. Stabilising it. Fixing its foundations. 

    But also – changing how it works for them. An employment bill that will finally make work pay.  That will contribute to growth and raise living standards for working people. A direct response to the cost-of-living crisis, we were elected to tackle for them. Because let me tell you, it is working people who pay the price when their Government fails to deliver economic stability. They’ve had enough of slow growth, stagnant living standards and crumbling public services.

    They know that austerity is no solution. And they’ve seen the chaos when politicians let borrowing get out of control.

    We choose a different path. Honest, responsible, long-term decisions in the interests of working people.

    Because it’s stability that means we can invest. And reform that will maximise that investment. £63 billion worth of investment secured from business two weeks ago – a record-breaking show of confidence in our plan for growth.  

    That’s investment that will create tens of thousands of jobs. Good jobs – in every corner of the country. 

    I know some people will recoil when we say we have to take the tough decisions needed to fix the foundations. 

    This doesn’t happen by accident it’s because business can see we are fixing the foundations. Everyone who finds damp in their house – know they have a decision. Paint over it or strip it out, pull off the plaster, deal with it once and for all. 

    So, I will defend our tough decisions all day long.

    It’s the right thing for our country. The only way you get the investment we need. Stability. Investment. Reform.

    That is how we fix the NHS, rebuild Britain, and protect the payslips of working people, delivering on our mandate of change.  

    That’s what the Budget this week will be about.  It’s what every week of this Government will be about. 

    A Budget for working people, from a government for working people. Because returning Britain to their service, that’s our fundamental cause – and it never changes. 

    It will also be the first budget delivered by a woman – ever. That is a moment of pride. That is a moment of pride. When Rachel Reeves stands up – she will be making history – young women and girls will watching across the country. They will look up – and they will notice.   

    It will also be a Budget which will show to the British people that we won’t be distracted from our task.  

    We will stick to our long-term plan.  Run towards the tough decisions, rip-off the short-term sticking plasters, so we can lead our country finally but decisively out of this ‘pay-more, get less’ doom-loop [political content removed].

    Of course there will still be tough decisions. Rebuilding Britain and delivering growth, that will take the skills and effort of all of us. 

    That is why this Budget will also Get Britain Working. It will pave the way for reforms that tackle the root causes of economic inactivity, make sure – that those who can work, do work. 

    [Political content removed] we will always help those who cannot support themselves, but the UK is the only G7 country where economic inactivity is still higher than it was before Covid.

    That is not just bad for our economy, it’s also bad for all those who are locked out of opportunity. So the Chancellor will announce £240 million in funding to provide local services that can help people back into work, and the dignity it brings.

    A Britain that works for working people. With all those who can, playing their part.

    We will also be ruthless in clamping down on government waste, just as we will be ruthless on clamping down on tax avoidance, so the British people that every penny counts.

    Every single person in this country had to do that during the cost-of-living crisis and government must be no different. 

    And frankly, when we’re asking broader shoulders to carry a higher burden on tax, that determination to be more productive and efficient in government, that’s the very least their contribution deserves.  

    Look – nobody wants higher taxes, just like nobody wants public spending cuts. But we have to be realistic about where we are as a country. This is not 1997, when the economy was decent but public services were on their knees.  And it’s not 2010, where public services were strong, but the public finances were weak. We have to deal with both sides of that coin.

    These are unprecedented circumstances, but the budget the Chancellor will deliver on Wednesday, will prevent devastating austerity in our public services and prevent a disastrous path for our public finances.

    [Political content removed]  

    And yes – things are worse than we could possibly have expected during the election – the Budget will set that out very clearly. 

    I mean – just look at the state of our prisons last week.

    [Political content removed]

    On Rwanda, asylum hotels, propping up failing train companies [Political content removed] .  An economy riddled with weakness on productivity and investment. A state that needs urgent modernisation to face down the challenge of a volatile world.  

    A country where people don’t just lack faith in politicians to fix any of this but also wonder – whether Britain can. Whether we still have the resources to move forward or whether decline is now an incurable disease.

    [Political content removed]

    I expect to be judged on my ability to deal with this. I expect to be judged on my ability to deal with it. Politics is always a choice. So we won’t hide from our decisions on Wednesday or for that matter, any day. 

    Besides, as I said two weeks ago at our International Investment Summit we have huge assets in this country. Leading positions in the industries of the future:

    Clean energy, artificial intelligence, life sciences, the creative industries, a technology sector that is the envy of Europe. A heritage steeped in science, trade and innovation. And values. Values deep in the bones of this nation and which say, to the world – this country is open for business. This country respects diversity and difference under the same flag. 

    We are still the country, known all around the world for our pragmatism and our creativity, the ingenuity and industry of our people and so if we do grasp the nettle on our economy, if we do fix those foundations, stick to those values and deliver the change working people need we won’t just get through this – better days are ahead. 

    Seriously – this is an economic plan that will change long-term British growth for the better. We are tackling the biggest challenges in our economy.  

    Higher investment – we’re dealing with it.

    Planning – we’re reforming it.

    The labour market – we’re getting people back to work, but also making sure work pays. 

    On competition – we’re stripping out the needless regulation that holds back private investment and all of this built on that foundation of economic stability. This is what fixing the foundations means.  

    What delivering change means. Everyone in this country will benefit from this. Everyone can wake up on Thursday and see that a new future is being built. A better future. But I tell you now – what we can’t do. Is waste any more time. 

    Politics is a choice and it’s time to choose a clear path.  

    It’s time to embrace the harsh light of fiscal reality. So we can come together behind a credible, long-term plan.  

    It’s time we ran towards the tough decisions because ignoring them set us on the path of decline. 

    It’s time we ignored the populist chorus of easy answers because we saw what happens if you reject the constraints of economic stability and we’re never going back to that. 

    That is our choice. Stability – to prevent chaos.

    Borrowing that will drive long-term growth.

    Tax rises – to prevent austerity and rebuild public services.

    We choose – to protect working people.

    We choose – to get the NHS back on its feet.

    We choose – to fix the foundations reject decline and rebuild our country with investment. 

    And while I’m sure you understand I can’t get into individual measures before Wednesday. I will say this. 

    If people want to criticise the path we choose – that’s their prerogative. But let them then spell out a different direction. 

    If they think the state has grown too big let them tell working people which public services they would cut. 

    If they think tax rises are unfair let them tell working people which taxes they’d raise instead. 

    If they don’t see our long-term investment in infrastructure as necessary let them explain to working people how they would grow the economy for them. 

    [Political content removed]

    Because I have said it before and I will say it again the time is long overdue for politicians in this country, to level with you, honestly about the trade-offs this country faces. 

    To stop insulting your intelligence with the chicanery of easy answers. Working people know that hard choices are necessary. 

    [Political content removed]

    They lived through the cost-of-living crisis so they know that the things they want from us:

    Protecting their living standards. 

    Rebuilding our nation.

    Fixing our public services.

    They know – that this can only be achieved alongside economic stability. There are no short-cuts. 

    No, what they want to see on Wednesday is a country on a different path. Making different choices. They don’t want to pay the price anymore, in times of crisis because our economic foundations are weak and they don’t want to see the proceeds of growth which could serve their family, their community, their public services – instead – always serving those at the top. 

    They want change and that is what they will get. 

    Because that is the mandate we were elected to deliver and the only path consistent with our driving purpose to return Britain to the service of working people.

    That purpose also runs through the priorities we set out in our manifesto. 

    The national missions which capture the hope working people have for the future of our country. Look – there is a paradox in politics at the moment.  

    All around the world, traditional values. Democratic values. Values that have underpinned the way countries like ours have operated for years. The pragmatism that is part of our identity, it’s under attack. 

    Why? 

    Because people – working people most of all have lost faith it can still deliver for their family. And yet, at the same time, what people want from politics that hasn’t changed. 

    People want a stable economy, they want their country to be safe, their borders secure. Economic security, national security, border security. Those are still the foundations everything rests upon. 

    And then beyond that they want exactly what those national missions promise. 

    A growing economy.

    Safer streets.

    Clean British energy in their home. 

    Opportunities for their children.

    And an NHS that is there when they need it. 

    I know populism preys on the fears people have that these things no longer belong to them.  But I have never felt the right response is to ignore those concerns rather than showing that they can still be delivered. 

    So I am never going to pick just one of these missions – and say that’s everything because every single one of them matters to working people. And for the same reason – I will never turn away from them either. 

    In fact, because I know actions speak louder than words because I expect to be judged by the British people.  

    In the coming weeks, on every mission, we will publish clear ambitions for this Parliament and we will also track our progress against them, so that every single person in this country can see exactly how we measure up to things that matter to them. 

    [Political content removed]

    They want to see us build 1.5m homes, make sure a record number of children start school ready to learn, raise living standards so that there is more cash in their pocket, restore confidence crime will be punished. Guaranteed neighbourhood policing in every community. 

    Make our energy system more secure by harnessing clean British energy, accelerating towards net-zero. 

    And on our NHS, they want us to cut waiting times dramatically and meet the 18-week target – that is still the best benchmark for an NHS that is back on its feet facing the future, once more – a beacon of pride to the world.

    These are my priorities for change and I won’t change course.  

    The budget will light the way and we will use the power of government.

    Stability, investment and reform, partnership across the whole of society, galvanised by clear objectives.

    To deliver on the priorities of the British people.  

    The foundations – fixed.  

    Public services – renewed. 

    A country rebuilt by investment.

    Released from decline.

    Returned once more.

    To the service of working people. 

    Now that is the course we set this week.

    That is the driving purpose of this government.

    That is the change we will deliver.

    Thank you very much.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Speech: PM speech in Birmingham: 28 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Keir Starmer makes a speech in Birmingham.

    Location:
    Birmingham
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    It’s always great to be here in Birmingham. A city that is at the heart, not just of our country but also – our plans for growth – as we announced two weeks ago £500m worth of new investment in battery storage will create the jobs of the future right here. And that’s a snapshot of the Britain we are building this week and beyond. 

    Our economy – stabilised. 

    The foundations – fixed. 

    Hope in the future – restored.  

    Another step taken on the long, difficult, but resolute path that we will walk.

    Towards a Britain returned to the service of working people.

    I said on the steps of Downing Street – the day after the election that this would be a government for the working people of this country. 

    That, when the cameras stopped rolling. When that black door closed. We would carry their hopes and aspirations with us. 

    That the basic, completely reasonable desire to want a better future for your family. That would become the driving purpose of this Government. 

    Now, I will never stand here and tell you to feel better, if you don’t. And I will never ask you to feel grateful for what you should expect as a given.  

    Trust in my project to return Britain to the service of working people can only be earned through actions not words: Change must be felt. 

    But every decision we have made. Every decision that we will make in the future will be made with working people in our minds’ eye. People who have been working harder and harder for years, just to stand still. 

    People doing the right thing maybe still finding a little bit of money to put away. Paying their way – even in the cost-of-living crisis but who feel this country no longer gives them or their children a fair chance. 

    People stuck on an NHS waiting list whose town centre is blighted by anti-social behaviour who can’t afford to buy a place they call home or can’t afford the home they have, because of the mortgage bombshell. 

    And people who feel ignored as their lives, no matter how hard they work slide into greater insecurity. Scared of the postman coming down the path – will it be another bill I can’t afford?

    People like that video, we just watched. [Political content removed]

    I know some people want to have a debate about this and I know there will always be the exception that proves the rule. Welcome to the wonders of a diverse country!  

    But I also know that the working people of this country know exactly who they are and that – they are the golden thread that runs through our agenda. Every single one of our national missions is about delivering for them. 

    And we are getting on with the job. That’s why we reformed planning rules to get Britain building again – restore the dream of home ownership.  

    It’s why we ended junior doctor strikes to lift the pressure on our NHS. Start cutting waiting lists. 

    It’s why we stopped the riots with tough sentences for violent thugs. 

    Launched a Border Security Command to smash the people-smugglers. 

    Switched on Great British Energy to get Putin’s boot off our throat. Make our country more secure. Create good jobs – right across the country. 

    And it’s also why we’ve started the work of changing our economy. Stabilising it. Fixing its foundations. 

    But also – changing how it works for them. An employment bill that will finally make work pay.  That will contribute to growth and raise living standards for working people. A direct response to the cost-of-living crisis, we were elected to tackle for them. Because let me tell you, it is working people who pay the price when their Government fails to deliver economic stability. They’ve had enough of slow growth, stagnant living standards and crumbling public services.

    They know that austerity is no solution. And they’ve seen the chaos when politicians let borrowing get out of control.

    We choose a different path. Honest, responsible, long-term decisions in the interests of working people.

    Because it’s stability that means we can invest. And reform that will maximise that investment. £63 billion worth of investment secured from business two weeks ago – a record-breaking show of confidence in our plan for growth.  

    That’s investment that will create tens of thousands of jobs. Good jobs – in every corner of the country. 

    I know some people will recoil when we say we have to take the tough decisions needed to fix the foundations. 

    This doesn’t happen by accident it’s because business can see we are fixing the foundations. Everyone who finds damp in their house – know they have a decision. Paint over it or strip it out, pull off the plaster, deal with it once and for all. 

    So, I will defend our tough decisions all day long.

    It’s the right thing for our country. The only way you get the investment we need. Stability. Investment. Reform.

    That is how we fix the NHS, rebuild Britain, and protect the payslips of working people, delivering on our mandate of change.  

    That’s what the Budget this week will be about.  It’s what every week of this Government will be about. 

    A Budget for working people, from a government for working people. Because returning Britain to their service, that’s our fundamental cause – and it never changes. 

    It will also be the first budget delivered by a woman – ever. That is a moment of pride. That is a moment of pride. When Rachel Reeves stands up – she will be making history – young women and girls will watching across the country. They will look up – and they will notice.   

    It will also be a Budget which will show to the British people that we won’t be distracted from our task.  

    We will stick to our long-term plan.  Run towards the tough decisions, rip-off the short-term sticking plasters, so we can lead our country finally but decisively out of this ‘pay-more, get less’ doom-loop [political content removed].

    Of course there will still be tough decisions. Rebuilding Britain and delivering growth, that will take the skills and effort of all of us. 

    That is why this Budget will also Get Britain Working. It will pave the way for reforms that tackle the root causes of economic inactivity, make sure – that those who can work, do work. 

    [Political content removed] we will always help those who cannot support themselves, but the UK is the only G7 country where economic inactivity is still higher than it was before Covid.

    That is not just bad for our economy, it’s also bad for all those who are locked out of opportunity. So the Chancellor will announce £240 million in funding to provide local services that can help people back into work, and the dignity it brings.

    A Britain that works for working people. With all those who can, playing their part.

    We will also be ruthless in clamping down on government waste, just as we will be ruthless on clamping down on tax avoidance, so the British people that every penny counts.

    Every single person in this country had to do that during the cost-of-living crisis and government must be no different. 

    And frankly, when we’re asking broader shoulders to carry a higher burden on tax, that determination to be more productive and efficient in government, that’s the very least their contribution deserves.  

    Look – nobody wants higher taxes, just like nobody wants public spending cuts. But we have to be realistic about where we are as a country. This is not 1997, when the economy was decent but public services were on their knees.  And it’s not 2010, where public services were strong, but the public finances were weak. We have to deal with both sides of that coin.

    These are unprecedented circumstances, but the budget the Chancellor will deliver on Wednesday, will prevent devastating austerity in our public services and prevent a disastrous path for our public finances.

    [Political content removed]  

    And yes – things are worse than we could possibly have expected during the election – the Budget will set that out very clearly. 

    I mean – just look at the state of our prisons last week.

    [Political content removed]

    On Rwanda, asylum hotels, propping up failing train companies [Political content removed] .  An economy riddled with weakness on productivity and investment. A state that needs urgent modernisation to face down the challenge of a volatile world.  

    A country where people don’t just lack faith in politicians to fix any of this but also wonder – whether Britain can. Whether we still have the resources to move forward or whether decline is now an incurable disease.

    [Political content removed]

    I expect to be judged on my ability to deal with this. I expect to be judged on my ability to deal with it. Politics is always a choice. So we won’t hide from our decisions on Wednesday or for that matter, any day. 

    Besides, as I said two weeks ago at our International Investment Summit we have huge assets in this country. Leading positions in the industries of the future:

    Clean energy, artificial intelligence, life sciences, the creative industries, a technology sector that is the envy of Europe. A heritage steeped in science, trade and innovation. And values. Values deep in the bones of this nation and which say, to the world – this country is open for business. This country respects diversity and difference under the same flag. 

    We are still the country, known all around the world for our pragmatism and our creativity, the ingenuity and industry of our people and so if we do grasp the nettle on our economy, if we do fix those foundations, stick to those values and deliver the change working people need we won’t just get through this – better days are ahead. 

    Seriously – this is an economic plan that will change long-term British growth for the better. We are tackling the biggest challenges in our economy.  

    Higher investment – we’re dealing with it.

    Planning – we’re reforming it.

    The labour market – we’re getting people back to work, but also making sure work pays. 

    On competition – we’re stripping out the needless regulation that holds back private investment and all of this built on that foundation of economic stability. This is what fixing the foundations means.  

    What delivering change means. Everyone in this country will benefit from this. Everyone can wake up on Thursday and see that a new future is being built. A better future. But I tell you now – what we can’t do. Is waste any more time. 

    Politics is a choice and it’s time to choose a clear path.  

    It’s time to embrace the harsh light of fiscal reality. So we can come together behind a credible, long-term plan.  

    It’s time we ran towards the tough decisions because ignoring them set us on the path of decline. 

    It’s time we ignored the populist chorus of easy answers because we saw what happens if you reject the constraints of economic stability and we’re never going back to that. 

    That is our choice. Stability – to prevent chaos.

    Borrowing that will drive long-term growth.

    Tax rises – to prevent austerity and rebuild public services.

    We choose – to protect working people.

    We choose – to get the NHS back on its feet.

    We choose – to fix the foundations reject decline and rebuild our country with investment. 

    And while I’m sure you understand I can’t get into individual measures before Wednesday. I will say this. 

    If people want to criticise the path we choose – that’s their prerogative. But let them then spell out a different direction. 

    If they think the state has grown too big let them tell working people which public services they would cut. 

    If they think tax rises are unfair let them tell working people which taxes they’d raise instead. 

    If they don’t see our long-term investment in infrastructure as necessary let them explain to working people how they would grow the economy for them. 

    [Political content removed]

    Because I have said it before and I will say it again the time is long overdue for politicians in this country, to level with you, honestly about the trade-offs this country faces. 

    To stop insulting your intelligence with the chicanery of easy answers. Working people know that hard choices are necessary. 

    [Political content removed]

    They lived through the cost-of-living crisis so they know that the things they want from us:

    Protecting their living standards. 

    Rebuilding our nation.

    Fixing our public services.

    They know – that this can only be achieved alongside economic stability. There are no short-cuts. 

    No, what they want to see on Wednesday is a country on a different path. Making different choices. They don’t want to pay the price anymore, in times of crisis because our economic foundations are weak and they don’t want to see the proceeds of growth which could serve their family, their community, their public services – instead – always serving those at the top. 

    They want change and that is what they will get. 

    Because that is the mandate we were elected to deliver and the only path consistent with our driving purpose to return Britain to the service of working people.

    That purpose also runs through the priorities we set out in our manifesto. 

    The national missions which capture the hope working people have for the future of our country. Look – there is a paradox in politics at the moment.  

    All around the world, traditional values. Democratic values. Values that have underpinned the way countries like ours have operated for years. The pragmatism that is part of our identity, it’s under attack. 

    Why? 

    Because people – working people most of all have lost faith it can still deliver for their family. And yet, at the same time, what people want from politics that hasn’t changed. 

    People want a stable economy, they want their country to be safe, their borders secure. Economic security, national security, border security. Those are still the foundations everything rests upon. 

    And then beyond that they want exactly what those national missions promise. 

    A growing economy.

    Safer streets.

    Clean British energy in their home. 

    Opportunities for their children.

    And an NHS that is there when they need it. 

    I know populism preys on the fears people have that these things no longer belong to them.  But I have never felt the right response is to ignore those concerns rather than showing that they can still be delivered. 

    So I am never going to pick just one of these missions – and say that’s everything because every single one of them matters to working people. And for the same reason – I will never turn away from them either. 

    In fact, because I know actions speak louder than words because I expect to be judged by the British people.  

    In the coming weeks, on every mission, we will publish clear ambitions for this Parliament and we will also track our progress against them, so that every single person in this country can see exactly how we measure up to things that matter to them. 

    [Political content removed]

    They want to see us build 1.5m homes, make sure a record number of children start school ready to learn, raise living standards so that there is more cash in their pocket, restore confidence crime will be punished. Guaranteed neighbourhood policing in every community. 

    Make our energy system more secure by harnessing clean British energy, accelerating towards net-zero. 

    And on our NHS, they want us to cut waiting times dramatically and meet the 18-week target – that is still the best benchmark for an NHS that is back on its feet facing the future, once more – a beacon of pride to the world.

    These are my priorities for change and I won’t change course.  

    The budget will light the way and we will use the power of government.

    Stability, investment and reform, partnership across the whole of society, galvanised by clear objectives.

    To deliver on the priorities of the British people.  

    The foundations – fixed.  

    Public services – renewed. 

    A country rebuilt by investment.

    Released from decline.

    Returned once more.

    To the service of working people. 

    Now that is the course we set this week.

    That is the driving purpose of this government.

    That is the change we will deliver.

    Thank you very much.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: STMicroelectronics’ innovative biosensing technology enables next-generation wearables for individual healthcare and fitness

    Source: GlobeNewswire (MIL-OSI)

    STMicroelectronics’ innovative biosensing technology
    enables next-generation wearables for individual healthcare and fitness

    Highly integrated biosensor device combines input channel for cardio and neurological sensing with motion tracking and embedded AI core

    Demonstration to take place at Electronica 2024, Munich, November 12-15

    Geneva, Switzerland, October 28, 2024 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has introduced a new bio-sensing chip for the next generations of healthcare wearables like smart watches, sports bands, connected rings, or smart glasses. The ST1VAFE3BX chip combines a high-accuracy biopotential input with ST’s proven inertial sensing and AI core, which performs activity detection in the chip to ensure faster performance with lower power consumption.

    “Wearable electronics is the critical enabling technology for the upsurge in individual health awareness and fitness. Today, everyone can have heart-rate monitoring, activity tracking, and geographical location on their wrist,” said Simone Ferri, APMS Group VP, MEMS Sub-Group General Manager at STMicroelectronics. “Our latest biosensor chip now raises the game in wearables, delivering motion and body-signal sensing in an ultra-compact form-factor with frugal power budget.”

    Analysts at Yole Development see opportunities for wearable monitors transcending the general wellness market, including consumer healthcare devices that are approved by health organizations and available over the counter1. By creating a complete precision sensor input in silicon, ST’s chip-design experts are facilitating innovation in all segments, with advanced capabilities such as heart-rate variability, cognitive function, and mental state.

    The ST1VAFE3BX provides opportunities to extend wearable applications beyond the wrist to other locations on the body, such as intelligent patches for lifestyle or medical monitoring purposes. ST customers BM Innovations GmbH (BMI) and Pison are working at the frontiers in this sector and have quickly adopted the new sensor to drive new-product development.

    BMI is an electronic design contracting company experienced in wireless sensing and with an extensive portfolio of projects including several leading-edge heart rate and performance monitoring systems. “ST’s new biosensor has enabled us to develop the next generation of precise athlete performance monitoring systems including ECG analysis in a chest band or a small patch,” said Richard Mayerhofer, Managing Director BM innovations GmbH. “Combining the analog signal from the vAFE with motion data from the acceleration sensor within a compact single package facilitates precise and context-aware data analysis. And with additional support for our AI algorithms directly on the sensor, this is exactly what we have been looking for.”

    David Cipoletta, CTO of Pison, a developer focusing on advanced technologies to enhance health and human potential, added, “ST’s new biosensor stands out as a great solution for smartwatch gesture recognition, cognitive performance, and neurological health. Leveraging this advancement, we have significantly enhanced the functionality and user experience of our wearable devices.”

    The ST1VAFE3BX is in production now in a 2mm x 2mm 12-lead LGA package and available from the eSTore (free samples available) and distributors from $1.50 for orders of 1000 units.

    Visitors to Electronica 2024, the major industry trade event happening in Munich November 12-15, can see the ST1VAFE3BX in a sensing technologies demonstration at the ST booth, Hall C3 101. More information is available online at www.st.com/biosensors

    Further technical information

    The analog front-end circuits for biopotential sensors are difficult to design and subject to unpredictable effects such as skin preparation and the position of electrodes attached to the body. The ST1VAFE3BX provides a complete vertical analog front end (vAFE) that simplifies the detection of different types of vital signs that can indicate physical or emotional state.

    Manufacturers of wellness and healthcare devices can thus extend their product ranges to include functionality such as electrocardiography (ECG), electroencephalography (EEG), seismocardiography (SCG), and electroneurography (ENG). This can drive the emergence of new devices that are affordable, easy to use, and reliably indicate health status or physiological responses to events such as stress or excitement. The future could contain a greater diversity of wearable devices that can contribute towards enhanced healthcare, fitness, and self-awareness.

    Bringing this precision front end on-chip, the ST1VAFE3BX is building on ST’s established competencies in MEMS (microelectromechanical systems) devices by integrating an accelerometer for inertial sensing. The accelerometer provides information about the wearer’s movement, which is synchronized with the biopotential sensing to help the application infer any link between measured signals and physical activity.

    The ST1VAFE3BX also integrates ST’s machine-learning core (MLC) and finite state machine (FSM) that enable product designers to implement simple decision trees for neural processing on the chip. These AI skills let the sensor handle functions such as activity detection autonomously, offloading the main host CPU to accelerate system responses and minimize power consumption. In this way, ST’s sensors let smart devices provide more sophisticated functions and operate for longer between battery charging, enhancing usability. ST also provides software tools like MEMS Studio in the ST Edge AI Suite dedicated to helping designers unleash the maximum performance from the ST1VAFE3BX, including tools for configuring decision trees in the MLC.

    The ST1VAFE3BX’s bio-detection signal channel comprises the vAFE with programmable gain and 12-bit ADC resolution. The maximum output data rate of 3200Hz is suitable for a wide variety of biopotential measurements to quantify heart, brain, and muscular activity.
    The device is powered from a supply voltage in the range 1.62V to 3.6V and has typical operating current of just 50µA, which can be cut to just 2.2µA in power-saving mode.

    The integrated low-noise accelerometer has programmable full-scale range from ±2g to ±16g.
    In addition to the machine-learning core and programmable finite state machine, which can provide functionality such as activity detection, the ST1VAFE3BX implements advanced pedometer, step detector, and step counting functions.

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    For Press Information Contact:

    Alexis Breton        
    Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    1 Report “Sensors and Actuators for Wearables 2023” (www.yolegroup.com)

    Attachments

    The MIL Network –

  • MIL-OSI Europe: Exploring the Future of Cash in Germany — A Foresight Study | Guest contribution in Central Bank Payments News

    Source: Deutsche Bundesbank in English

    Safeguarding the role of cash …
    Many continue to experience the payment landscape in Germany as being shaped by cash. But in Germany, too, the use of cash has been declining for some years now. The coronavirus pandemic has significantly accelerated change processes in payment behaviour. While cash payments accounted for 82.5% of total transactions in 2008, their share fell to 51% in 2023. At the same time, we see an increase in the use of debit cards (27% in 2023) and mobile payments (6% in 2023).
    Nevertheless, cash remains an important part of economic life in Germany. Consumers expect to be able to pay with cash and want to maintain the freedom of choice between cash and cashless means of payment. On top of consumers’ preferences in favour of cash, the Bundesbank considers resilience, crisis preparedness, and inclusivity for all groups in society as further reasons why cash should be firmly anchored in the payment landscape. A functioning cash infrastructure with good access to cash and high acceptance rates of cash is crucial for this.
    The Bundesbank has a statutory mandate to facilitate the smooth functioning of cash and cashless payments. Together with the other Eurosystem central banks, the Bundesbank works to ensure that euro cash remains generally available and accepted as a means of payment and store of value. That said, some developments such as the declining use of cash for payments and the thinning out of ATM networks suggest that a future with cash cannot be taken for granted.
    … calls for future-oriented research
    With this in mind, the Bundesbank has turned its attention to exploring what sort of long-term future cash might have in Germany. In order to be able to proactively shape the evolution of cash in light of the trends we are currently seeing, we need an idea of the environment in which cash will be embedded in future. What developments and trends will influence the payment landscape and the cash cycle over the next 15 to 20 years?
    To take due account of the intricacies of the way in which cash is embedded in social and economic structures, a future-oriented study design is called for. One option is to take the strategic foresight route. The Bundesbank has therefore commissioned a study looking at the cash of the future, which uses this kind of method.
    Future scenarios for Germany’s payment landscape
    A commonly used approach in strategic foresight involves the development of future scenarios. These scenarios are hypothetical visions of the future on a set topic. The scenarios presented in the study describe potential futures for cash and the cash cycle in Germany from the perspective of the year 2037. They show alternative development paths and the influencing factors behind them.
    The scenarios are based on empirical evidence and were developed by strategic foresight experts working with established academic methods. It is important to appreciate that scenarios are not forecasts and, as such, do not represent precise predictions of a future that will definitely come to pass. What scenarios actually provide us with is a way to orient ourselves. What developments are possible, what are the dependencies between different developments and what are the consequences? The scenarios can thus play a role in decision-making and strategy-building and aid communication with stakeholders and the general public.
    A total of three scenarios were developed. In all three scenarios, cash use continues, albeit to different degrees. In all scenarios, cash is the only means of payment available as a fallback option in the event of technical outages.
    The hyperdigital payment world — artificially intelligent, convenient, and vulnerable
    This scenario is characterised by economic and social transformation aimed at safeguarding peace and prosperity. Geopolitical shifts and far-reaching digitalisation are the driving forces of this transformation. All areas of life are highly digitalised, and that includes making payments. The digital euro has already been introduced as legal tender. The majority of the public has a high degree of confidence in digital solutions, in the government, and in the providers of cashless means of payment. In this scenario, cash serves, at most, as a store of value.
    Cash has all but disappeared from everyday payment situations. Only 15% of all transactions are settled using cash in 2037. Payments between individuals are almost exclusively made via payment apps.
    Conventional online commerce, in which cash plays virtually no role, continues to grow strongly. When it comes to bricks-and mortar retail, hardly any checkouts are staffed anymore. Only a scarce few self-checkouts still accept cash payments. With a small number of exceptions, local governments, authorities, and public enterprises do not provide facilities for paying in cash either.
    Banks have massively thinned out their ATM network. With the disappearance of staffed checkouts in the retail sector and the cutback in cash payment options for customers, in-store cash withdrawal services — which are currently still commonplace — vanish as well. Cost pressures on the cash cycle increase considerably up to the end of the decade. Only a small number of effective measures to cut costs in the cash cycle are implemented.
    In accordance with an EU regulation, the Federal Government responds to the massive decline in the use of cash, adopting statutory standards to secure a basic level of cash provision for retailers and the general public. The aim of this move is to maintain the cash infrastructure in case there is a crisis.
    In summary, this scenario shows us a highly digitalised world in which cash plays only a minor role. It is barely able to perform its function as a crisis preparedness measure.
    The cash renaissance payment world — smart, self-determined, and resilient
    The world of this scenario has been shaped by the coronavirus pandemic, climate change, advances in general-purpose artificial intelligence (AI) and the war in Ukraine. On the back of recent experiences, the public has become more aware of the need to prepare for disasters and crises.
    Moreover, many people fear heteronomy and the notion of being controlled by self-learning AI systems trained on mass data. Ambitious individuals tending towards alternative lifestyles are advocating for the right to an analogue life, drawing attention to the dangers of AI and calling for data minimisation and digital sovereignty.
    The benefits of cash are being rediscovered. Cash is associated with values such as sovereignty, independence, and constructive rebellion. This heightened awareness of the benefits of cash gradually spreads into society’s centre ground. Despite the stabilising effects on cash use, cash made up less than 50% of transactions at the end of the 2020s.
    Policymakers were aware of the public’s desire for freedom of choice, as well as of the significance of cash for certain groups in society. Considerations around resilience and autonomy in payments prompted the Federal Government to take regulatory steps to strengthen cash as a means of payment. At the beginning of the 2030s, the Federal Government recommended that retailers should, as a basic principle, accept cash. All of the major supermarket chains offer both staffed checkouts and self-checkouts with cash payment modules.
    Due to an EU regulation on access to cash, the trend towards branch closures and the thinning out of the ATM network started to slow again from the mid-2020s. Clear regulation for maintaining cash infrastructures gives cash cycle stakeholders greater certainty for investing in innovation and cost-saving measures.
    All in all, in this scenario, we see parts of society circling back to cash and its benefits, meaning that cash use is declining only slowly and stabilises in the 2030s.
    The vanishing hybrid payment world — pluralistic, segregated, and indifferent
    In the 2020s, there was significantly greater individualisation and pluralisation in people’s living standards, lifestyles, and personal environments compared with the 2010s. Members of more progressive milieus, in particular, are regarded as early adopters when it comes to innovations in cashless payment instruments. But still, even those who mainly opt for cashless payments often carry an “emergency stash” of a few notes in their smartphone case or in their bag or pocket.
    At the end of the 2030s, cash is still being used by a large part of the population to pay street vendors, when tipping, as a gift to friends or family and when paying smaller amounts. The decline in cash use is gradual (31% of all transactions in 2037).
    The remaining bricks-and-mortar retailers are aware of the diverse preferences of their customer base. This means there is huge variation in terms of cashier system facilities and cash acceptance. However, bricks-and-mortar retailers encourage customers to use cashless payment methods. Public authorities are also coming to favour cashless means of payment.
    Banks continued to significantly reduce the number of their branches and ATMs throughout the country up to the end of the 2020s. As the share of cash is shrinking, less and less cash is coming into shop tills, meaning that in-store cash withdrawal services
    deteriorate. Overall, it becomes harder to access cash.
    A major crisis or disaster that could draw society’s attention to cash as a resilient means of payment fails to materialise. A pro-cash movement among the general public cannot be orchestrated in an increasingly segregated society. This means there is no political pressure to act and no resistance against the gradual decline of cash.
    A downward spiral is created: the use of cash continues to decline as access to and acceptance of cash become restricted. The fixed costs for the supply and removal of cash appear disproportionately high as cash volumes fall. Options for accessing cash and situations where it is accepted are therefore limited further. A hybrid payment landscape — something desired by large parts of society — slowly but surely disappears as it becomes more and more difficult to actually use cash.
    Current developments
    Once scenarios have been developed, they should be checked against current developments from time to time. It is important to bear in mind that certain trends already visible today might appear in one scenario or another but this does not necessarily mean that a particular scenario will occur. Nor do these trends make it more likely that one of the scenarios will prevail. This is because the developments described in the scenarios should not be looked at in isolation; it is only through their interplay that they mesh to form a holistic projection of the payment landscape in 2037.
    Cashless payments more convenient
    Recently published research by the Bundesbank shows that cash currently accounts for 51% of all transactions in Germany. Contactless cards and mobile payment methods are being used more and more frequently. Cashless means of payment are increasingly perceived as more convenient, faster, and easier than cash. These are characteristics regarded as key reasons in deciding for or against a means of payment in the “hyperdigital payment world” and “hybrid payment world” scenarios. On top of this, acceptance of cashless means of payment has risen sharply, including in former cash strongholds such as restaurants and cafés and the services industry. Against this background, the general trend of declining cash usage in the scenarios appears highly plausible.
    Cash availability and acceptance declining
    Acceptance of cash in Germany remains high, although it is slightly declining. Cash payments are almost universally accepted at retail outlets for day-to-day purchases. At retail outlets for durable goods and in the food services sector, acceptance has somewhat deteriorated. In public administration, meanwhile, cash acceptance is low and falling.
    As anticipated in all three scenarios, the number of ATMs and bank offices is declining sharply. The number of ATMs fell by 12% between 2019 and 2023. A weakening of this decline in the mid-2020s does not seem to be on the cards so far. As things currently stand, legal framework conditions creating guaranteed access to cash are lacking. Although more and more people are making use of the option to withdraw cash in shops, Germany’s Retail Federation (Handelsverband) is warning of service constraints if the declining propensity to pay in cash results in there not being enough cash in registers. These developments make a downward spiral of declining cash usage, acceptance of cash, and cash availability highly likely.
    Cash should not be taken for granted
    Cash use does not increase again in any of the scenarios. While the share of cash payments does slowly stabilise in the “cash renaissance” scenario, it steadily contracts in the other two. That said, neither of those two scenarios anticipate a complete disappearance of cash. But two of three scenarios — as well as the developments that we are currently seeing — suggest that its stabilising function and freedom of choice between cash and digital payments are not fully given anymore.
    The Bundesbank considers cash to be its core physical product and takes active measures to safeguard its continued existence and future use alongside its complement, the digital euro. However, the Bundesbank, too, has to adapt to the changing payment landscape. Under its new branch strategy the Bundesbank is aiming to create a more efficient branch network. Branch closures will go hand in hand with extensive investment into new and modern branches. Increased automation and simpler access routes for CIT companies will ensure a secure and efficient supply of cash in the long term.
    Society and policymakers called to action
    The scenarios also show that the responsibility does not lie solely with the Bundesbank. The Bundesbank’s measures will not be adequate unless they are accompanied by action from policymakers and society. That is why it is initiating further collaborative activities. The National Cash Forum brings the relevant stakeholders to the table to lay the groundwork for enhancing and stabilising the cash cycle. A joint dialogue with various interest groups from society culminated in position papers expressing a clear commitment to cash. We at the Bundesbank are committed to contributing to a future with cash.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI USA: Sen. Donzella James to Hold Senate Urban Affairs Committee Meeting on Home Owners/Property Owners/Condominium Owners Associations, Sapelo Island Tragedy

    Source: US State of Georgia

    ATLANTA (October 28, 2024) — On Thursday, October 31,at 11:00 a.m., the Senate Committee on Urban Affairs, chaired by Sen. Donzella James (D–Atlanta), will hold its third meeting of the interim.

    MEETING DETAILS:                      

    • Date: Thursday, October 31, 2024
    • Time: 11:00 a.m.
    • Location: 450 State Capitol, 206 Washington St SW, Atlanta, GA, 30334
    • Open to the Public: The event is open to the public. The committee meeting will be live-streamed on the Senate website here.

    ABOUT THE MEETING:         

    From 11:00 a.m. to 12:30 p.m., Chairwoman James and committee members will discuss property owners, condominium owners and homeowners’ associations (HOAs). The committee will then recess for a 12:30 to 1:00 p.m. press conference regarding the October 19 Sapelo Island gangway collapse.

    Following the press conference, the committee will reconvene to discuss the gangway collapse at Sapelo Island. The committee will specifically examine safety procedures taken by state and county authorities and propose protocols to prevent future tragedies.

    MEDIA OPPORTUNITIES:
    We kindly request that members of the media confirm their attendance in advance by contacting Jantz Womack at SenatePressInquiries@senate.ga.gov.

    # # # #

    Sen. Donzella James serves as the Chair of the Senate Committee on Urban Affairs. She represents the 35th Senate District, which includes portions of Douglas and Fulton counties. She may be reached by phone at 404.463.1379 or by email at donzella.james@senate.ga.gov

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Lord Mayor of Leeds to open major Commonwealth trade and investment conference

    Source: City of Leeds

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, is set to welcome guests from across the Commonwealth to a major trade and Investment conference in Leeds tomorrow (Tuesday 29 October). 

    The Trade and Investment Opportunities in the Commonwealth conference has been organised by law firm, Womble Bond Dickinson, and is being jointly hosted by Leeds City Council and West Yorkshire Combined Authority.

    The conference will feature a range of speakers including; Megan Wood, Trade Commissioner at the Canadian High Commissioner in London, Dr Olushola Kolawole, lecturer at the University of Bradford’s School of Management, and the Pakistani Consul General in Bradford, Zahid Jatoi. Several influential British-based groups, such as the Ethnic Minority Business and Policy Forum and British Friends of Pakistan, will also attend along with Chief Executive of West & North Yorkshire Chamber of Commerce James Mason.

    The event brings together experts from India, Canada, Pakistan, and Nigeria to reflect on the outcomes of the Commonwealth Heads of Government Meeting (CHOGM) 2024, held in Samoa last week, and will explore how the UK’s commercial links to the Commonwealth can be enhanced. 

    The 56 nations of the Commonwealth are among the UK’s largest and fastest-growing trading partners. The UK exports £83 billion to Commonwealth markets annually, which accounts for 10% of overall UK exports, with significant further trade and investment opportunities for companies in West Yorkshire.

    The event will be an opportunity to encourage further West Yorkshire-Commonwealth trade, upskill businesses on commercial opportunities in the Commonwealth, and highlight the synergies around culture, education, and diasporic communities. It supports our mission to create an economy that works for everyone as set out in the Leeds Inclusive Growth Strategy.

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, said: “It gives me the greatest pleasure to welcome our distinguished Commonwealth guests and partners to Leeds.

    “I look forward to discussing furthering trade, culture, and education opportunities for our city, region and the Commonwealth markets. Leeds has a vibrant range of industries that would directly benefit from increasing opportunities with our Commonwealth partners, especially in our professional and financial services, advanced manufacturing, and digital and technology sectors, highlighted as growth-driving sectors in the UK’s recent Modern Industrial Strategy Green Paper.

    “The strength of our city and a driver of its success is its diversity, vibrancy, and people. Forging closer links with our Commonwealth partners is a great opportunity to build on that diversity, create new ideas and investment opportunities and succeed together.”

    Leeds City Council deputy leader and executive member for economy, transport, and sustainable development Councillor Jonathan Pryor said:

    “We are delighted that Leeds is hosting honoured guests from around the world to this trade and investment conference. As a city Leeds is very proud of the diverse make-up of our communities, and this is reflected in our commitment to welcome and support international trade and businesses to invest here.

    “As one of the leading UK cities for private-sector job creation, international investment and supporting business creation and growth across a wide-ranging economy, we very much look forward to this conference and the benefits it can help deliver through further strengthening international relationships and boosting the city and regional economy for all to benefit from.”

    Notes for editors:

    Leeds City Council Inclusive Growth Strategy: https://www.inclusivegrowthleeds.com/ 

    West Yorkshire Trade and Investment Statistics

    • India: 629 West Yorkshire businesses export goods to India at a total value of £126m, and 963 West Yorkshire businesses import goods from India at a total value of £356m. The value of services exported from West Yorkshire is £113m, and the total value of services imported from India to West Yorkshire is £134m. Total bilateral trade in goods and services between West Yorkshire and India is worth £729 million.
    • Indian Tech company Mastek delivers significant UK digital infrastructure projects (including the NHS Spine, and MOD contracts). Mastek has a substantial presence in Leeds including an ambitious new graduate programme. Mastek continues to strengthen its Leeds operation, recently creating an additional 200 new jobs.
    • In 2021 Mphasis launched a new UK Centre of Excellence in Leeds for their insurance clients. In 2022, Mphasis, announced plans to create an additional 1,000 new jobs in West Yorkshire. The investment will be worth tens of millions of pounds to the West Yorkshire economy.
    • Prime Focus Technologies create high-tech AI-enabled software for the media and entertainment industry.  Leeds is home to their UK headquarters and new state-of-the-art Media Centre which delivers Media and Online services for Channel 4 and other media companies.
    • The latest published figures are for the 2021/22 academic year and show the count of Indian students at West Yorkshire institutions to be 4,080. Indian visitors to Yorkshire as a whole spend £14 million annually. British Indian’s make up roughly 2.7% of the population in West Yorkshire which is higher than most groups except for British Pakistani’s (10.7%).
    • Pakistan: Pakistani’s make up the largest West Yorkshire Diaspora group, with 10.7% of the population.
    • Yorkshire and Humber accounted for over 5% of UK exports to Pakistan in 2023, with a value of £23 million and over 7% of imports from Pakistan, valued at £111 million.
    • Pakistan’s trade with the UK is covered by the Developing Countries Trading Scheme, which allows for preferential and tariff free trade on many products. 94% of goods exported from Pakistan to the UK are covered by the scheme, reducing tariffs by £120 million. Trade is expected to double between 2022-25.
    • The UK is Pakistan’s largest export destination in Europe and the third globally.
    • Canada: In 2023, the value of UK goods traded between Yorkshire and the Humber and Canada amounted to £442 million in exports (7.8% of total exports) and £0.3 billion in imports (5.1% of total imports).
    • With both Canada and the UK being signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), 99% of goods traded between CPTPP member countries will be tariff-free. This is projected to diversify both countries’ supply chains within the broader Asia-Pacific region whilst boosting trade, investment and innovation in sectors such as automotive, pharmaceuticals, and machinery.
    • Leeds-based construction company Turner & Townsend have developed a strong presence in Canada with offices in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver.
    • In the UK in 2020-21 the total number of Canadian students was 6615 while the amount of Canadian academic staff amounted to 1635. Academic partnership has seen 40,745 UK publications co-authored with Canadians, between 2018-2021.
    • Nigeria: In 2023, Yorkshire and Humber was the largest UK regional exporter to Nigeria, accounting for 45.5% of exports worth £661 million. In terms of imports, the region imported £29 million of goods from Nigeria during the same period.
    • The UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.
    • In 2022/23 Nigerian students were the third largest international group in Yorkshire. Council figures suggest that between 2018/19 and 2022/23 the number of students coming from Nigeria to Leeds Beckett rose from 17 to 677.

    ENDS

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

    MIL OSI United Kingdom –

  • MIL-OSI USA: Bovine H5N1 influenza from infected worker transmissible and lethal in animal models

    Source: US Department of Health and Human Services – 2

    Media Advisory

    Monday, October 28, 2024

    Some antiviral drugs highly effective against bovine H5N1

    What

    A highly pathogenic avian influenza (HPAI) H5N1 virus, isolated from the eye of a farm worker who became infected through contact with dairy cows, was lethal in mice and ferrets infected in a high-containment laboratory environment, according to a new study in Nature. The study investigators also found that the virus isolated from the worker, who experienced mild inflammation of the cornea (conjunctivitis), could be transmitted through the air between separated ferrets and might be capable of binding to and replicating in human respiratory tract cells.

    The virus isolated from the worker is called huTX37-H5N1 and has a mutation (PB2-E627K) frequently seen in avian influenza viruses that replicate in mammals, typically making virus replication more efficient. These mutations underscore the need for continued monitoring and evaluation of viruses from the current H5N1 outbreak.

    The study also showed that a bovine H5N1 virus is susceptible to the antiviral drugs favipiravir and baloxavir marboxil (brand name Xofluza) of the polymerase inhibitor class, as well as the neuraminidase inhibitor zanamivir. The virus is less sensitive to oseltamivir (Tamiflu), another neuraminidase inhibitor.

    In laboratory experiments, huTX37-H5N1 replicated in human cornea and lung cells. The scientists determined the lethal dose of huTX37-H5N1 as less than 1 plaque-forming unit (PFU) in mice, compared to 31.6 PFU as the lethal dose of a bovine H5N1 virus isolated from the milk of a lactating cow. The huTX37-H5N1 virus also infected each of 15 different mouse tissues tested, with the highest virus levels found in respiratory tissues.

    Researchers also infected ferrets with a high dose of huTX37-H5N1. Flu infections in ferrets more closely resemble human flu infections than those in mice. All infected ferrets died within 5 days and scientists found huTX37-H5N1 virus in all the tissues sampled, with high levels in the respiratory system. In a prior study, the researchers had infected ferrets with a bovine H5N1 virus and, although it caused severe disease, lethality was limited.

    To evaluate respiratory transmission, the scientists placed healthy ferrets in cages about 5 centimeters away from ferrets infected one day earlier with one of four decreasing doses of huTX37-H5N1. All directly infected ferrets died within 6 days and, depending on the exposure dose, between 17% and 33% of the nearby animals became infected via respiratory droplet transmission. These results indicate that a bovine HPAI H5 virus isolated from an infected person can transmit among mammals via respiratory droplets, though with limited efficiency.

    The authors note that the person infected with the huTX37-H5N1 virus did not develop severe illness. In fact, human cases reported from the current outbreak have mostly experienced conjunctivitis and/or mild respiratory symptoms. The researchers speculate that eye infection with a low dose of bovine H5N1 virus might result in localized conjunctivitis without severe disease in humans. Multiple exposures to seasonal human influenza viruses, they say, might provide people with low levels of protection against currently circulating HPAI H5N1 viruses—though additional study is needed.

    In summary, this study characterizes the huTX37-H5N1 isolate, finding that it may be capable of replicating in cells of the respiratory tract in humans, that it is pathogenic in mice and ferrets, and that it is capable of being transmitted by the respiratory route in ferrets. The authors note that “based in these observations, every effort should be made to contain HPAI H5N1 outbreaks in dairy cattle to limit the possibility of further human infections.”

    Scientists from the University of Wisconsin at Madison led the research with collaborators from Shizuoka and Tokyo Universities and the Research Center for Global Viral Diseases in Japan. The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health, funded much of the work through its Centers of Excellence for Influenza Research and Response program.

    Articles

    C Gu et al. A human isolate of bovine H5N1 is transmissible and lethal in animal models. Nature DOI: 10.1038/s41586-024-08254-7 (2024).

    A Eisfeld et al. Pathogenicity and transmissibility of bovine H5N1 influenza virus in mice and ferrets. Nature DOI: 10.1038/s41586-024-07766-6 (2024).

    Who

    Lauren Byrd-Leotis, Ph.D., with the Viral Respiratory Diseases Section of NIAID’s Division of Microbiology and Infectious Diseases, is available to discuss the findings. 

    NIAID conducts and supports research—at NIH, throughout the United States, and worldwide—to study the causes of infectious and immune-mediated diseases, and to develop better means of preventing, diagnosing and treating these illnesses. News releases, fact sheets and other NIAID-related materials are available on the NIAID website.  

    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.

    NIH…Turning Discovery Into Health®

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Team Minot remains ready during Global Thunder 25

    Source: United States Strategic Command

    MINOT AIR FORCE BASE, N.D.  –  

     Global Thunder 25, the most recent iteration of U.S.
    Strategic Command’s annual field training and command and control exercise, commenced here
    Oct. 15.

    Global Thunder exercises are annual Department of Defense training opportunities designed to
    train forces and assess joint operational readiness and are not held in response to current real-
    world events.

    GT25 provided training opportunities and exercise scenarios for all USSTRATCOM mission
    areas, with a specific focus on nuclear readiness. Airmen and B-52H Stratofortresses assigned to
    the 2nd Bomb Wing at Barksdale AFB, Louisiana, integrated with 5th Bomb Wing Airmen to
    assess their readiness on the installation while 91st Missile Wing personnel ran exercise
    scenarios at nearby missile alert facilities.

    “Team Minot is composed of exceptional, mission-focused Airmen,” said Col. Jesse Lamarand,
    5th BW commander. “The 5th BW Warbirds in concert with the 2nd BW Strikers were incredible
    to watch during this exercise. The ability to credibly convey readiness and lethality is a key
    component to strategic deterrence, and GT25 allowed us to do so.”

    During the exercise, personnel assigned to the 5th BW and 91st MW tested their ability to
    maintain a safe, secure, effective and ready strategic deterrent force by sustaining simulated alert
    operations for more than a week. Defenders, aircraft maintainers, aircrew, missileers, munitions
    specialists, airfield management personnel, food service specialists, and other mission essential
    personnel worked around the clock amid heightened security conditions to accomplish exercise
    objectives.

    “I couldn’t be prouder of the effort the Roughrider Airmen put in during Global Thunder. They
    are on watch 24/7/365 ensuring we’re available to provide combat capability and lethality that
    national leaders use to deter potential adversaries from considering an attack against the U.S. and
    our allies,” said Col. Jimmy Schlabach, 91st MW commander. “Flexing our full readiness
    capabilities to confront uncertainty during exercises like this ensures we maintain the effective
    and ready force necessary to safeguard global security and stability by identifying strengths in
    our force and ways for us to improve.”

    The training opportunities presented by GT25 enable 5th BW and 91st MW personnel to
    maintain a high state of readiness and proficiency, validating Team Minot’s always-ready global
    strike capability.

    MIL Security OSI –

  • MIL-OSI: NVIDIA Ethernet Networking Accelerates World’s Largest AI Supercomputer, Built by xAI

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) — NVIDIA today announced that xAI’s Colossus supercomputer cluster comprising 100,000 NVIDIA Hopper Tensor Core GPUs in Memphis, Tennessee, achieved this massive scale by using the NVIDIA Spectrum-X™ Ethernet networking platform, which is designed to deliver superior performance to multi-tenant, hyperscale AI factories using standards-based Ethernet, for its Remote Direct Memory Access (RDMA) network.

    Colossus, the world’s largest AI supercomputer, is being used to train xAI’s Grok family of large language models, with chatbots offered as a feature for X Premium subscribers. xAI is in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs.

    The supporting facility and state-of-the-art supercomputer was built by xAI and NVIDIA in just 122 days, instead of the typical timeframe for systems of this size that can take many months to years. It took 19 days from the time the first rack rolled onto the floor until training began.

    While training the extremely large Grok model, Colossus achieves unprecedented network performance. Across all three tiers of the network fabric, the system has experienced zero application latency degradation or packet loss due to flow collisions. It has maintained 95% data throughput enabled by Spectrum-X congestion control.

    This level of performance cannot be achieved at scale with standard Ethernet, which creates thousands of flow collisions while delivering only 60% data throughput.

    “AI is becoming mission-critical and requires increased performance, security, scalability and cost-efficiency,” said Gilad Shainer, senior vice president of networking at NVIDIA. “The NVIDIA Spectrum-X Ethernet networking platform is designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerates the development, deployment and time to market of AI solutions.”

    “Colossus is the most powerful training system in the world,” said Elon Musk on X. “Nice work by xAI team, NVIDIA and our many partners/suppliers.”

    “xAI has built the world’s largest, most-powerful supercomputer,” said a spokesperson for xAI. “NVIDIA’s Hopper GPUs and Spectrum-X allow us to push the boundaries of training AI models at a massive-scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard.”

    At the heart of the Spectrum-X platform is the Spectrum SN5600 Ethernet switch, which supports port speeds of up to 800Gb/s and is based on the Spectrum-4 switch ASIC. xAI chose to pair the Spectrum-X SN5600 switch with NVIDIA BlueField-3® SuperNICs for unprecedented performance.

    Spectrum-X Ethernet networking for AI brings advanced features that deliver highly effective and scalable bandwidth with low latency and short tail latency, previously exclusive to InfiniBand. These features include adaptive routing with NVIDIA Direct Data Placement technology, congestion control, as well as enhanced AI fabric visibility and performance isolation — all key requirements for multi-tenant generative AI clouds and large enterprise environments.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:
    Alex Shapiro
    NVIDIA Corporation
    +1-415-608-5044
    ashapiro@nvidia.com

    Certain statements in this press release including, but not limited to, statements as to: the benefits, impact, and performance of NVIDIA’s products, services, and technologies, including NVIDIA Hopper Tensor Core GPUs, NVIDIA Spectrum-X Ethernet networking platform, NVIDIA Spectrum SN5600 Ethernet switch, Spectrum-4 switch ASIC, and NVIDIA BlueField-3 SuperNICs; features of xAI’s Colossus supercomputer cluster; xAI being in the process of doubling the size of Colossus to a combined total of 200,000 NVIDIA Hopper GPUs; the NVIDIA Spectrum-X Ethernet networking platform being designed to provide innovators such as xAI with faster processing, analysis and execution of AI workloads, and in turn accelerating the development, deployment and time to market of AI solutions; NVIDIA’s Hopper GPUs and Spectrum-X allowing xAI to push the boundaries of training AI models at a massive scale, creating a super-accelerated and optimized AI factory based on the Ethernet standard are forward-looking statements that are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic conditions; our reliance on third parties to manufacture, assemble, package and test our products; the impact of technological development and competition; development of new products and technologies or enhancements to our existing product and technologies; market acceptance of our products or our partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of our products or technologies when integrated into systems; as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2024 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, NVIDIA Spectrum-X and BlueField are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32f7e01d-2845-40ac-9a09-2226d1f79ec0

    The MIL Network –

  • MIL-OSI Economics: Eddie Yue: Keynote address – Hong Kong FinTech Week 2024

    Source: Bank for International Settlements

    Good morning everyone. Welcome to the 9th Hong Kong FinTech Week, an annual event where vision, inspiration and innovation come together to shape the future of fintech.  It’s wonderful to welcome so many old and new friends today to discuss this exciting topic.

    This year’s theme is “Illuminating New Pathways in Fintech”. It captures where we are right now – at a critical juncture on our fintech journey.  We are seeing an unprecedented acceleration in financial development, fuelled by cutting-edge technologies.

    Having arrived at this point after marking a number of significant milestones along the way, it’s perhaps time to take stock and ask ourselves “What’s on the horizon for Fintech?”

    What we have learned from innovation and fintech

    Before I delve into that question, let’s revisit our overarching vision, which is to nurture a vibrant fintech ecosystem. Like instruments in an orchestra, so do individual players in the fintech ecosystem, whether they are agile start-ups or established institutions, each have their own parts to play. 

    But let’s be honest, a vibrant fintech ecosystem cannot be built overnight. Technology is continuously disrupting everything, including our financial markets.  For many of us, embracing change isn’t always easy, and sometimes the process of driving innovation may even feel uncomfortable and disorienting.  But change is often also a good opportunity to reflect on how we can innovate to better serve the greater good.

    Our Fintech 2025 strategy is a powerful testament to our commitment to innovation. Over the last few years, we have driven some positive transformations in our fintech ecosystem, and I would like to take the next few minutes to share three lessons we have learned along the way.

    First, innovation is not an end in itself, but a means to solve real-world problems. Whether it’s faster payments or better banking access for SMEs, technology is a means to help transform everyday experience and bring benefits to the real economy.  One area we’ve been focusing on is enhancing cross-border payments.  The link between our Faster Payment System (FPS) and Thailand’s PromptPay is one example, providing consumers with a seamless cross-border payment experience and bringing us closer to a world of truly borderless transactions.  Another example is the cross-boundary e-CNY pilot, which allows Hong Kong people to set up e-CNY wallets locally, with linkage to the FPS for cross-boundary payments.  Whether you are buying coffee in Bangkok or settling a bill in a Shenzhen restaurant, payment is as simple as if you were in Hong Kong.

    Another example is the use of technology to address long-standing pain points in the data ecosystem. By linking up isolated data islands and combining sources from the public and private sectors, we are expanding and diversifying our data network.  The linkage between HKMA’s Commercial Data Interchange and the Government’s data gateway is now fully operational, helping to address the industry’s need for government data which can be used to support the credit needs of SMEs.  

    The second thing we have learned is the need to be bold in driving innovation. We need to have an “explorer” mindset to try out innovative ideas even if they are only at a formative stage.  One good example is tokenisation, which is just taking shape as we pioneer different use cases and solutions with Project Ensemble to explore and define the tokenisation landscape.  Working with the industry, we hope to showcase how innovation and regulation can work together to create new opportunities for our financial markets. 

    But a major trend like this inevitably comes with a need for clear guidance and market confidence, and we value your feedback and views as we navigate this evolving landscape. That is why we have been engaging with market players through the Ensemble and stablecoin sandboxes to help us formulate regulatory requirements that are risk-based and fit-for-purpose.

    Our third lesson is the importance of collaboration. Innovation thrives when we come together – cross-sector and cross-border partnerships let us tap into network effects and our collective knowledge, while playing to our individual strengths.

    Numerous collaborations are underway between the HKMA, various jurisdictions, and fintech players from both local and global markets. These partnerships, big and small, have proved to be essential building blocks that support further progress.

    I’ve talked about the three lessons we’ve learned so far: focus on real-world problems, be bold and be collaborative. These lessons are steering us into the next phase of our fintech journey.

    “What’s on the horizon for fintech?”

    So what’s this next phase? While we have yet to chart out our Fintech 2030 Strategy, I can think of two areas that the HKMA should focus on in the next few years. 

    Our first area of focus is tokenisation, including the novel idea of “Finternet” coined by the Bank for International Settlements (BIS). Let me first make clear that tokenisation is not the same as crypto-assets.  There has been some confusion because they both ride on blockchain technology, but don’t mix them up.  Crypto-assets are mostly speculative and our stance is to let the market grow and develop while putting guardrails around it to protect investors.  Tokenisation, on the other hand, is an innovative way to record the value and ownership of money and assets in digital form on a programmable ledger.  This will make it much easier for individuals, corporates, and financial institutions to access and trade these assets, thereby creating a more inclusive ecosystem that benefits everyone, whoever and wherever they are.

    We believe that tokenisation has the potential to create hyper-connectivity among users, data, and services that is essential to drive economic progress. This calls for a visionary shift to align with the constant advances in technology.

    The BIS has also recently introduced the “Finternet” concept. This envisions an internet-like network of interoperable financial ecosystems that places individuals and businesses at the heart of financial interactions.    

    Many of the ideas and concepts from the “Finternet” resonate closely with the HKMA’s tokenisation project. We envision a future where tokenisation integrates seamlessly with financial and real-world assets, enabling operations and transactions otherwise impossible with today’s technology.  Now you might be wondering, how can something as virtual as tokenisation connect with tangible assets?

    Let’s look at trade finance. Imagine you’re an SME importing goods from overseas.  Traditionally, you’d face a mountain of paper documents, like bills of lading and invoices.  With tokenised electronic bills of lading, you can now transfer these digital assets to a financial institution in exchange for funding. 

    Unlike a mere PDF copy of a bill of lading, this approach allows you to track real-time shipment status on the blockchain, eliminates paper, reduces the need for verification, and lowers fraud risks. We are actively exploring this through the Ensemble Sandbox to resolve frictions in trade finance.

    Tokenisation also ties in with green and sustainable finance, as it may open up new business models and opportunities for businesses and investors. For example, tokenised carbon credits traded on blockchain offer better transparency and credibility in carbon data, helping us tackle the issue of double counting that bedevils carbon trading today. 

    Another example can be found in the infrastructure for the electric vehicle (EV) industry. By leveraging real-time data from EV charging stations, we can turn the energy generated into a tokenised revenue stream for institutional investors.  We are looking closely at this model, as it has the potential to be replicated in various settings, mobilising funds to support the transition to a low-carbon economy.

    Our second area of focus is Artificial Intelligence (A.I.) and data, which will help build a smarter and data-driven financial future for everyone. I would like to expand on those two keywords “Smarter” and “Data-driven”.  When I say “Smarter”, I’m talking about the need to promote digitalisation in the banking industry, while ensuring we have the right safeguards in place. 

    In recent years, the banking industry has been leveraging A.I. to promote efficiency, analyse data, and enhance customer experience. The HKMA stance is clear: we are committed to encouraging responsible A.I. adoption.  Back in 2019, we already outlined the high-level principles on the use of A.I. by banks, and this policy guidance remains relevant today.

    Then we see the explosive uptake of Generative A.I. (GenA.I.) in the past two years. GenA.I. has the potential to transform how financial institutions operate, innovate, and engage with their customers.  As we stand at the dawn of this revolution, the HKMA recognises the opportunity to provide more targeted support to accelerate GenA.I. development, by collaborating with the best minds from various sectors.  To achieve this, we have launched various cross-sectoral initiatives, including the FiNETech series, research projects, and training sessions, all aimed at expediting digital transformation.

    Financial institutions are actively exploring the vast potential of GenA.I., from risk assessment to anti-fraud measures and customer interactions. In August this year, we launched the GenA.I.  Sandbox in collaboration with Cyberport to unlock the full potential of tailored GenA.I.  applications catering to the unique needs of Hong Kong’s financial market.  This innovative platform allows banks to pilot GenA.I.  use cases in a risk-managed environment, complete with technical support and targeted supervisory feedback.

    As we move forward, the HKMA will take an interactive and iterative approach, carefully evaluating the results of the Sandbox trials and sharing best practices. We will also provide additional supervisory guidance as necessary to ensure that the adoption of GenA.I. promotes responsible innovation, while maintaining the integrity of the banking sector.

    So, what about “Data-driven”? The aim here is to harness the power of data to reinforce Hong Kong’s leading position as a smart digital economy, both locally and globally.  To do that, open data flow is key.  Domestically, our two initiatives – Commercial Data Interchange and Interbank Account Data Sharing – will continue to integrate data networks which used to run in isolated silos.  This will help simplify KYC and credit risk assessments, thereby helping SMEs secure bank financing more easily, faster, and hopefully more cheaply.

    Meanwhile, we are working closely with the Mainland to facilitate cross-boundary data sharing, first by expediting the pilot for cross-boundary credit referencing with Mainland credit reference platforms.  This will allow SMEs with cross-boundary operations to use this full set of credit data to enhance their access to bank financing.  Internationally, we are collaborating with the BIS Innovation Hub on Project Aperta, which aims to connect domestic open finance infrastructures across jurisdictions, to enable secure and consumer-consented sharing of financial data.   Seamless cross-border data portability will allow consumers to open overseas accounts much faster, and speed up international trade at reduced cost.

    Closing

    What the future may hold for us is uncertain, but we are committed to charting the next phase of financial innovation with continuing efforts in the two areas I just talked about: tokenisation and AI.

    Ultimately, we envision a borderless fintech ecosystem where innovation will drive business development.  To realise this vision, we must dream big and push the boundaries of what is possible.   Let’s all embrace the spirit of innovation and collaboration as we move forward together. 

    If we liken our Fintech journey to an orchestra playing a symphony, we are about to begin the next movement of our fintech symphony.  We don’t know whether it will be “allegro”, or “adagio”.  What we know is that the stage is already set, the instruments are tuned, and the world is waiting.  Hong Kong’s commitment to shaping a vibrant and dynamic financial future has never been stronger.

    Thank you and I hope you gain inspiration from the coming week.

    MIL OSI Economics –

  • MIL-OSI: Old National, Axletree Solutions Collaborate for New Level of Secure Transaction Messaging Leveraging Swift

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) and Axletree Solutions today announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

    Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

    “Our partnership with Axletree allows Old National to meet the technology needs of many of our financial institution and corporate customers,” said Joe Wicklander, President of Treasury Management, Merchant Services and Financial Institutions for Old National Bank. “Our clients continue to invest in automation to leverage their ERP systems, treasury workstations, and accounting platforms, and we thank Axletree for their commitment to providing innovative solutions that allow our clients to be even more successful.”

    Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

    Swift messaging supported by Old National will include Single Customer Credit Transfer, General Financial Institution Transfer, Bank to Bank Free Format Message, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Message, and Customer Detailed Statement Message. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include:

    • Wire transfer payments and confirmations
    • ACH payments and confirmations
    • Prior-day and current-day information reporting in BAI2 format
    • Integrated payable files in ISO 20022, CSV and EDI formats

    “We are thrilled to partner with Old National Bank to improve its secure financial messaging experience via Swift,” said Jeff Ferguson, Director of Business Development for Axletree Solutions. “Through the use of our solution Symmetree by Axletree®, Axletree was able to help Old National Bank’s legacy systems create, translate and transport Swift-ready messages to facilitate its secure financial messaging needs. Axletree’s connection with Swift will also allow Old National customers to trace their cross-border Swift transactions in real-time. We thank Old National Bank for allowing us to show how Axletree provides its customers with ‘peace of mind.’”

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    ABOUT AXLETREE
    Axletree Solutions, a premier financial technology provider since 2002, empowers businesses with seamless bank connectivity and enterprise integration. As North America’s first SWIFT Service Bureau for Banks and Corporates, Axletree has evolved into a global leader in financial transaction and payments solutions. Processing over $100 billion USD daily, Axletree transmits transactions from any system, across any network, anywhere in the world. The company’s innovative technology and client-centric approach have established it as a trusted partner for secure, mission-critical services, reinforcing Axletree’s role as the central communication pathway for its clients’ financial operations. With a comprehensive solution suite covering the entire payment lifecycle, Axletree enables organizations to realize efficiencies and reduce costs by replacing complex manual processes with automation. As the company expands its global presence through the Americas, Europe, Middle East, and Asia-Pacific, Axletree continues to drive efficiency and integration for the world’s largest organizations, guaranteeing seamless connectivity and peace of mind.

    ABOUT SWIFT
    Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. They provide communities with a platform for messaging and standards for communicating and offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products and services connect more than 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, they enable a global community of users to communicate securely, exchanging standardized financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centers.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    The MIL Network –

  • MIL-OSI: GTreasury Wins Euromoney’s ‘Best FX Tech Provider for Corporates’ Award

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 28, 2024 (GLOBE NEWSWIRE) — GTreasury, the pioneer and global leader in Digital Treasury Solutions for the Office of the CFO, today announced that the company has been named the Best FX Tech Provider for Corporates in Euromoney’s 2024 Foreign Exchange Awards. The recognition underscores GTreasury’s commitment to innovation and excellence in providing cutting-edge foreign exchange solutions that address the complex and evolving needs of modern businesses.

    “We’re proud that our best-in-class FX solution—built for the office of the CFO and corporate treasury teams—has earned this highly respected recognition from Euromoney,” says Ben Hipwell, group product manager, GTreasury. “Over the past year, we’ve seen a marked increase in customer demand for cutting-edge FX capabilities, and we’ve been able to meet those requirements head on and deliver customers significant financial benefits.”

    GTreasury’s world-class treasury and risk management platform provides treasury and finance teams with a powerful and data orchestrated ecosystem that includes solutions built to minimize foreign currency exposure risk. The platform’s modular solution architecture allows companies to configure their FX risk management approach to their specific requirements, whether they’re multinational corporations dealing with multiple currencies or growing businesses expanding into international markets.

    Key features of GTreasury’s award-winning FX risk management solution includes:

    • Comprehensive exposure management: GTreasury’s FX solution module enables customers to manage the full lifecycle of foreign currency exposures and derivatives from a single source of truth. This centralized approach simplifies data collection, improves visibility, and enhances decision-making processes.
    • Advanced forecasting and analytics: Leveraging machine learning algorithms, the platform provides sophisticated forecasting capabilities, helping treasury teams anticipate and prepare for potential currency fluctuations.
    • Automated hedge accounting: The solution generates ASC 815/IFRS 9-compliant documentation, runs effectiveness assessments, and prepares journal entries in both summary and detail formats. This automation significantly reduces the time and effort required for regulatory compliance.
    • Real-time market data integration: GTreasury’s platform integrates with leading market data providers, ensuring that treasury teams have access to up-to-the-minute currency rates and market insights.
    • Customizable reporting and dashboards: Users can create tailored reports and interactive dashboards, facilitating clear communication of FX positions and performance to stakeholders across the organization.

    “In a volatile global economy, effective FX risk management is more crucial than ever for corporate financial health,” said Hipwell. “Our solution not only helps companies mitigate currency risks, but also uncovers opportunities for strategic advantage. We’re committed to ensuring that our customers always have access to the most advanced tools in the market.”

    About GTreasury

    GTreasury is the pioneer and global leader in Advanced Treasury Solutions for the Office of the CFO. For nearly 40 years, GTreasury has delivered industry-leading solutions spanning cash, payments, debt, derivatives, investments, and exposures across a scalable suite of fit-for-purpose solutions. Trusted by over 800 customers across 160 countries, GTreasury provides treasury and finance teams with the ability to connect, compile, and manage mission-critical data to optimize cash flows and capital structures. To learn more, visit GTreasury.com.

    GTreasury is headquartered in Chicago, with locations serving EMEA (London) and APAC (Sydney, Singapore, and Manila).

    The MIL Network –

  • MIL-OSI Banking: Apple Intelligence is available today on iPhone, iPad, and Mac

    Source: Apple

    Headline: Apple Intelligence is available today on iPhone, iPad, and Mac

    October 28, 2024

    PRESS RELEASE

    Apple Intelligence is available today on iPhone, iPad, and Mac

    Users can now tap into Apple Intelligence to refine their writing; summarize notifications, mail, and messages; experience a more natural and capable Siri; remove distracting objects from images with Clean Up; and more

    CUPERTINO, CALIFORNIA Apple today announced the first set of Apple Intelligence features for iPhone, iPad, and Mac users is now available through a free software update with the release of iOS 18.1, iPadOS 18.1, and macOS Sequoia 15.1. Apple Intelligence is the personal intelligence system that harnesses the power of Apple silicon to understand and create language and images, take action across apps, and draw from personal context to simplify and accelerate everyday tasks while taking an extraordinary step forward for privacy in AI. Today marks the availability of the first set of features, with many more rolling out in the coming months.

    “Apple Intelligence introduces a new era for iPhone, iPad, and Mac, delivering brand-new experiences and tools that will transform what our users can accomplish,” said Tim Cook, Apple’s CEO. “Apple Intelligence builds on years of innovation in AI and machine learning to put Apple’s generative models at the core of our devices, giving our users a personal intelligence system that is easy to use — all while protecting their privacy. Apple Intelligence is generative AI in a way that only Apple can deliver, and we’re incredibly excited about its ability to enrich our users’ lives.”

    “Apple Intelligence unlocks exciting new capabilities that make your iPhone, iPad, and Mac even more helpful and useful, from Writing Tools to help refine your writing, to summarized notifications that surface what’s most important, to the ability to search for almost anything in your photos and videos by simply describing it,” said Craig Federighi, Apple’s senior vice president of Software Engineering. “And it’s all built on a foundation of privacy with on-device processing and Private Cloud Compute, a groundbreaking new approach that extends the privacy and security of iPhone into the cloud to protect users’ information. We are thrilled to bring the first set of Apple Intelligence features to users today, and this is just the beginning.”

    Systemwide Writing Tools

    Deeply integrated across iOS, iPadOS, and macOS, Writing Tools allow users to refine their language by rewriting, proofreading, and summarizing text virtually everywhere they write, including Mail, Messages, Notes, Pages, and third-party apps.

    With Rewrite, Apple Intelligence allows users to choose from different versions of what they have written, and adjust the tone — professional, concise, or friendly — to suit the audience and task at hand. Proofread checks grammar, word choice, and sentence structure while also suggesting edits — along with explanations of the edits — that users can review or quickly accept. Users can also select text and have it summarized in the form of a digestible paragraph, bulleted key points, a table, or a list.

    More Natural and Conversational Siri

    Siri becomes more natural, flexible, and deeply integrated into the system experience. It has a brand-new design with an elegant glowing light that wraps around the edge of the screen when active on iPhone, iPad, or CarPlay. On Mac, users can place Siri anywhere on their desktop to access it easily as they work. Users can type to Siri at any time on iPhone, iPad, and Mac, and can switch fluidly between text and voice as they use Siri to accelerate everyday tasks. With richer language-understanding capabilities, Siri can follow along when users stumble over their words and maintain context from one request to the next. In addition, with extensive product knowledge, Siri can now answer thousands of questions about the features and settings of Apple products. Users can learn everything from how to take a screen recording to how to easily share a Wi-Fi password.

    More Intelligent Photos App

    The Photos app is even more intelligent with many new capabilities. Natural language search gives users the ability to search for just about anything by simply describing what they are looking for, like “Maya skateboarding in a tie-dye shirt.” This works across videos, too, so users can search for something that happened in a specific segment of the video and go right to it. Search also offers smart completion suggestions to help users quickly complete a search.

    For those times when an unwanted object or person ends up in the frame of a photo, the Clean Up tool gives users a way to remove distracting elements while staying true to the moment as they intended to capture it.

    The Memories feature now gives users the ability to create the movies they want to see by simply typing a description.1 Using language and image understanding, Apple Intelligence will pick out the best photos and videos based on a user’s description, craft a storyline with chapters based on themes identified from the photos, and arrange them into a movie with its own narrative arc.

    New Ways to Prioritize and Stay Focused

    Staying on top of emails has never been easier. Priority Messages, a new section at the top of the inbox in Mail, shows the most urgent emails, like a same-day invitation to lunch or a boarding pass. Across their inbox, users can see summaries without needing to open a message, and for long threads, they can tap or click Summarize to view pertinent details. Additionally, Smart Reply provides suggestions for a quick response and will identify questions in an email to ensure everything is answered.

    Apple Intelligence helps users prioritize and stay in the moment with notification summaries that allow users to scan long or stacked notifications with key details right on the Lock Screen, such as when a group chat is particularly active. A new Focus, Reduce Interruptions, surfaces only the notifications that might need immediate attention.

    In the Notes and Phone apps, users can now record, transcribe, and summarize audio. When a recording is initiated while on a call in the Phone app, participants are automatically notified, and once the call ends, Apple Intelligence generates a summary to help recall key points.

    Many More Features to Come

    New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months.

    Apple Intelligence will add new ways for users to express themselves visually. Emoji will be taken to an entirely new level with the ability to create original Genmoji by simply typing a description, and can also be personalized using a photo of a friend or family member. Image Playground will allow users to create playful images in moments. Image Wand will make notes more visually engaging by turning rough sketches into delightful images. When a user circles an empty space, Image Wand will create an image using context from the surrounding area.

    In December, Writing Tools will get even more powerful with the ability for users to describe a specific change they want to apply to their text, like making a dinner party invite read like a poem, or adding more dynamic action words to a résumé. And users will have the option to access ChatGPT’s broad world knowledge within Writing Tools and Siri, allowing them to benefit from its image- and document-understanding capabilities without needing to jump between tools.

    Also coming in December, a new visual intelligence experience will build on Apple Intelligence and help users learn about objects and places instantly, thanks to the new Camera Control on the iPhone 16 lineup.2 Users will be able to pull up details about a restaurant in front of them and interact with information — for example, translating text from one language to another.3 Camera Control will also serve as a gateway to third-party tools with specific domain expertise, like when users want to search Google for where they can buy an item, or benefit from ChatGPT’s problem-solving skills. Users are in control of when third-party tools are used and what information is shared.

    In the months to come, Priority Notifications will surface what’s most important, and Siri will become even more capable, with the ability to draw on a user’s personal context to deliver intelligence that’s tailored to them. Siri will also gain onscreen awareness, as well as be able to take hundreds of new actions in and across Apple and third-party apps.

    Breakthrough Privacy Protections

    Designed to protect users’ privacy at every step, Apple Intelligence uses on-device processing, meaning that many of the models that power it run entirely on device. For requests that require more processing power, Private Cloud Compute extends the privacy and security of Apple devices into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill their request. In a first for the industry, independent experts can inspect the code that runs on Apple silicon servers to continuously verify this privacy promise — an extraordinary step forward for privacy in AI.

    Users can choose whether or not to enable the ChatGPT integration, which is available as part of using Siri, Writing Tools, or visual intelligence with Camera Control. Users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

    Availability

    • The first set of Apple Intelligence features is available now as a free software update with iOS 18.1, iPadOS 18.1, and macOS Sequoia 15.1, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English.
    • Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will be available for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.
    • Apple Intelligence is available on iPhone 16, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, iPhone 15 Pro, iPhone 15 Pro Max, iPad with A17 Pro or M1 and later, and Mac with M1 and later.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    1. Create a Memory Movie is available on iPhone and iPad, and will be available on Mac in the coming months.
    2. Camera Control is available on iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max.
    3. Information about places of interest will be available in the U.S. to start, with support for additional regions in the months to come.

    Press Contacts

    Nadine Haija

    Apple

    nhaija@apple.com

    Jacqueline Roy

    Apple

    jacqueline_roy@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Global Banks –

  • MIL-OSI Banking: Apple introduces new iMac supercharged by M4 and Apple Intelligence

    Source: Apple

    Headline: Apple introduces new iMac supercharged by M4 and Apple Intelligence

    October 28, 2024

    PRESS RELEASE

    Apple unveils the new iMac with M4, supercharged by Apple Intelligence and available in fresh colors

    The world’s best all-in-one desktop features even more performance, a nano-texture display option, a 12MP Center Stage camera, and Thunderbolt 4 connectivity — all in a strikingly thin design

    CUPERTINO, CALIFORNIA Apple today announced the new iMac, featuring the powerful M4 chip and Apple Intelligence, in its stunning, ultra-thin design. With M4, iMac is up to 1.7x faster for daily productivity, and up to 2.1x faster for demanding workflows like photo editing and gaming, compared to iMac with M1.1 With the Neural Engine in M4, iMac is the world’s best all-in-one for AI and is built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves, while protecting their privacy. The new iMac is available in an array of beautiful new colors, and the 24-inch 4.5K Retina display offers a new nano-texture glass option.2 iMac features a new 12MP Center Stage camera with Desk View, up to four Thunderbolt 4 ports,3 and color-matched accessories that include USB-C. Starting at just $1,299, now with 16GB of unified memory, the new iMac is available to pre-order today, with availability beginning Friday, November 8.

    “iMac is beloved by millions of users, from families at home to entrepreneurs hard at work. With the incredible features of Apple Intelligence and the powerful performance of Apple silicon, the new iMac changes the game once again,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “With M4 and Apple Intelligence, gorgeous new colors that pop in any space, an advanced 12MP Center Stage camera, and a new nano-texture glass display option, it’s a whole new era for iMac.”

    Supercharged by M4

    The M4 chip brings a boost in performance to iMac. Featuring a more capable CPU with the world’s fastest CPU core,4 the new iMac is up to 1.7x faster than iMac with M1. Users will feel this performance across everyday activities like multitasking between their favorite apps and browsing webpages in Safari. And with an immensely powerful GPU featuring Apple’s most advanced graphics architecture, iMac with M4 handles more intense workloads like photo editing and gaming up to 2.1x faster than iMac with M1. This also enables a smoother gameplay experience in titles like the upcoming Civilization VII. The new iMac comes standard with 16GB of faster unified memory — configurable up to 32GB. The Neural Engine in M4 is now over 3x faster than on iMac with M1, making it the world’s best all-in-one for AI, and accelerating the pace at which users can get things done.

    M4 takes iMac performance even further:

    • Families, small businesses, and entrepreneurs can fly through daily productivity tasks with up to 1.7x faster performance1 in apps like Microsoft Excel, and up to 1.5x faster browsing performance5 in Safari compared to iMac with M1.
    • Gamers can enjoy incredibly smooth gameplay, with up to 2x higher frame rates5 than on iMac with M1.
    • Content creators can edit like never before, with up to 2.1x faster photo and video editing performance when applying complex filters and effects in apps like Adobe Photoshop1 and Adobe Premiere Pro5 compared to iMac with M1.
    • Compared to the most popular 24-inch all-in-one PC with the latest Intel Core 7 processor, the new iMac is up to 4.5x faster.1
    • Compared to the most popular Intel-based iMac model, the new iMac is up to 6x faster.1

    A New Era with Apple Intelligence on the Mac

    Apple Intelligence ushers in a new era for the Mac, bringing personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.

    Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

    Array of Gorgeous New Colors

    The new iMac comes in seven vibrant colors, bringing fresh shades of green, yellow, orange, pink, purple, and blue, alongside silver. The back of iMac features bold colors designed to stand out, while the front expresses subtle shades of the new palette so users can focus on doing their best work. Every iMac comes with a color-matched Magic Keyboard and Magic Mouse or optional Magic Trackpad, all of which now feature a USB-C port, so users can charge their favorite devices with a single cable.

    New Nano-Texture Display Option

    The expansive 24-inch 4.5K Retina display on iMac is its highest-rated feature, and for the first time, it’s available with a nano-texture glass option that drastically reduces reflections and glare, while maintaining outstanding image quality.2 With nano-texture glass, users can place iMac in even more spaces, such as a sun-drenched living room or bright storefront.

    Enhanced Video Calls with 12MP Center Stage Camera

    A new 12MP Center Stage camera with support for Desk View makes video calls even more engaging. Center Stage keeps everyone perfectly centered on a video call — great for families gathered on FaceTime. Desk View makes use of the wide-angle lens to simultaneously show the user and a top-down view of their desk, which is useful for educators presenting a lesson to students, or creators showing off their latest DIY project. Rounding out the unrivaled audio and video experience is the beloved studio-quality three-microphone array with beamforming and an immersive six-speaker sound system.

    Advanced Connectivity

    On the new iMac, all four USB-C ports support Thunderbolt 4 for superfast data transfers, so users can connect even more accessories like external storage, docks, and up to two 6K external displays, creating a massive canvas with more than 50M pixels for users to spread out their work.3 iMac also supports both Wi-Fi 6E and Bluetooth 5.3. And with the advanced security of Touch ID, users can easily and securely unlock their computer, make online purchases with Apple Pay, and download apps.6 Additionally, Touch ID works with Fast User Switching, so customers can switch between different user profiles with just the press of a finger.

    An Unrivaled Experience with macOS Sequoia

    macOS Sequoia completes the new iMac experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and its notifications directly from their Mac.7 Safari, the world’s fastest browser,8 now offers Highlights, which quickly pulls up relevant information from a site; a smarter, redesigned Reader with a table of contents and high-level summary; and a new Video Viewer to watch videos without distractions. With Distraction Control, users can hide items on a webpage that they may find disruptive to their browsing. Gaming gets even more immersive with features like Personalized Spatial Audio and improvements to Game Mode, along with a breadth of exciting titles, including the upcoming Assassin’s Creed Shadows. Easier window tiling means users can stay organized with a windows layout that works best for them. The all-new Passwords app gives convenient access to passwords, passkeys, and other credentials, all stored in one place. And users can apply beautiful new built-in backgrounds for video calls, including a variety of color gradients and system wallpapers, or upload their own photos.

    Better for the Environment

    The new iMac with M4 is designed with the environment in mind, with 100 percent recycled aluminum in the stand, and 100 percent recycled gold plating, tin soldering, and copper in multiple printed circuit boards. iMac meets Apple’s high standards for energy efficiency, and is free of mercury, brominated flame retardants, and PVC. New this year, the packaging of iMac is entirely fiber-based, bringing Apple closer to its goal to remove plastic from its packaging by 2025.

    Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.

    Pricing and Availability

    • Customers can pre-order the new iMac with M4 starting today, October 28, on apple.com/store and in the Apple Store app in 28 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, beginning Friday, November 8.
    • iMac starts at $1,299 (U.S.) and $1,249 (U.S.) for education, and is available in green, yellow, orange, pink, purple, blue, and silver. It features an 8-core CPU, an 8-core GPU, 16GB of unified memory configurable up to 24GB, 256GB SSD configurable up to 1TB, two Thunderbolt/USB 4 ports, Magic Keyboard, and Magic Mouse or Magic Trackpad.
    • iMac with a 10-core CPU and 10-core GPU starts at $1,499 (U.S.) and $1,399 (U.S.) for education, and is available in green, yellow, orange, pink, purple, blue, and silver. It features 16GB of unified memory configurable up to 32GB, 256GB SSD configurable up to 2TB, four Thunderbolt 4 ports, Magic Keyboard with Touch ID, and Magic Mouse or Magic Trackpad.
    • Additional technical specifications — including the nano-texture display option, configure-to-order options, and accessories — are available at apple.com/mac.
    • With Apple Trade In, customers can trade in their current computer and get credit toward a new Mac. Customers can visit apple.com/shop/trade-in to see what their device is worth.
    • Apple Intelligence is available now as a free software update for Mac with M1 and later, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English. The first set of features is in beta and available with macOS Sequoia 15.1, with more features rolling out in the months to come.
    • Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will add support for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.
    • AppleCare+ for Mac provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know Mac best.
    • Every customer who buys directly from Apple Retail gets access to Personal Setup. In these guided online sessions, a Specialist can walk them through setup, or focus on features that help them make the most of their new device. Customers can also learn more about getting started with their new device with a Today at Apple session at their nearest Apple Store.

    About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    1. Testing was conducted by Apple in September and October 2024. See apple.com/imac for more information.
    2. Actual diagonal screen measurement is 23.5 inches. Nano-texture display is an option on models with 10-core CPU and 10-core GPU.
    3. All four USB-C ports support Thunderbolt 4 on models with 10-core CPU and 10-core GPU.
    4. Testing was conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
    5. Results are compared to previous-generation 24-inch iMac systems with Apple M1, 8-core CPU, 8-core GPU, 16GB of RAM, and 2TB SSD.
    6. iMac with 8-core CPU and 8-core GPU can configure to Magic Keyboard with Touch ID and Numeric Keypad, and iMac with 10-core CPU and 10-core GPU comes standard with Touch ID.
    7. Available on Mac computers with Apple silicon and Intel-based Mac computers with a T2 Security Chip. Requires that the user’s iPhone and Mac are signed in with the same Apple Account using two-factor authentication, their iPhone and Mac are near each other and have Bluetooth and Wi-Fi turned on, and their Mac is not using AirPlay or Sidecar. Some iPhone features (e.g., camera and microphone) are not compatible with iPhone Mirroring.
    8. Testing was conducted by Apple in August 2024. See apple.com/safari for more information.

    Press Contacts

    Michelle Del Rio

    Apple

    mr_delrio@apple.com

    Starlayne Meza

    Apple

    starlayne_meza@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: First tenants move into pioneering affordable homes in Edinburgh

    Source: Scotland – City of Edinburgh

    Tenants have moved into the first ‘net zero ready’ affordable homes to be delivered in Granton Waterfront.

    A housing emergency was declared in Edinburgh last year and the 75 energy efficient homes for social and mid-market rent at Granton Station View built by CCG (Scotland) Ltd on behalf of the Council are part of the local authority’s £1.3bn regeneration of the area to provide much needed affordable housing.  

    The project is part of the major transformation of Granton Waterfront to create a new coastal town in the north of the city with tenants and homeowners also due to start moving into over 400 ‘net zero ready’ homes for social rent, mid-market rent and homes for sale at Western Villages throughout next year.  Work is also well underway to deliver a further 143 ‘net zero ready’ social and mid-market rent homes at Silverlea due for completion in Summer 2026.

    The homes at Granton Station View are the first Edinburgh Home Demonstrator (EHD) programme pilot which is part of a collaborative programme between local and national government, academia and the construction industry that has developed a new model for delivering affordable housing in Edinburgh and South East Scotland City Region Deal. The homes will help to reduce greenhouse gas emissions and support the city’s 2030 net zero target. The homes were largely manufactured offsite and have high performance energy efficient features which will help reduce utility bills for tenants. Features include triple glazing, communal zero direct emissions heating as well as solar panels linked to the communal energy centre being provided. The University of Edinburgh will monitor the energy efficiency of the building design for the first year.

    Granton Station View was supported by of over £6.6m funding from the Scottish Government’s Affordable Housing Supply Programme (ASHP).  

    Other innovative features in the development include an underground waste collection system, cycle parking twice the capacity of the residents living there and links to existing and established walking, cycling and wheeling routes.

    Three commercial spaces are also situated underneath the homes at Granton Station View providing business and employment opportunities for the area. Two of the spaces have recently been let out ensuring that residents of Granton Station View will have access to a local convenience store with a post office and a fitness gym.

    As well as delivering over 3,500 ‘net zero’ homes in the next 10 years, the wider £1.3 billion Granton Waterfront regeneration will include a primary school, a health centre, commercial and cultural space as well as a new public park at the iconic Granton Gasholder, currently being restored.

    Council leader Cammy Day said:

    Today’s announcement is welcome news as the housing emergency we declared last year means we have a chronic shortage of housing in the city.

    Despite Scottish Government cuts in affordable housing, the homes at Granton Station View are part of an exciting pilot project which will not just help us ease this shortage but will provide many individuals and families with comfortable modern homes using the very latest technology to keep energy bills down.

    I wish everyone moving into Granton Station View well and look forward to seeing hundreds of other individuals and families move into the high-quality homes we are delivering at Western Villages and Silverlea as part of our wider £1.3bn regeneration of Granton Waterfront.

    Social Justice Secretary Shirley-Anne Somerville said:

    I am pleased that the City of Edinburgh Council has delivered 75 high-quality, energy-efficient homes for social and Mid-Market Rent in Granton. These homes were backed by over £6.6 million of Scottish Government funding and they will help to meet the needs of the local community for generations to come, whilst supporting Scotland’s net-zero ambitions.

    We remain focused on delivering 110,000 affordable homes across Scotland by 2032 with at least 70% for social rent and 10% in our rural and island communities.

    CCG (Scotland) Managing Director, David Wylie, said:

    Scotland is in a housing emergency and our planet is in the midst of a climate emergency. Both issues are some of the most challenging that will face this generation and it is fundamental that we tackle both in equal measure by delivering more, sustainable homes like we have here at Granton Station View.

    Through our own, pioneering construction methods and a new delivery model that focuses on streamlined procurement and collaborative working, we have unlocked brownfield land and evidenced that a just net zero transition is achievable, the needs of our communities can be met, and our carbon impact can be significantly lowered.

    We thank the partners of the Edinburgh Home Demonstrator programme for their support during construction, and we look forward to continuing our work with the Council at Western Villages where a further 444 net zero ready homes, including 56 for sale from CCG Homes, will be completed in 2025.

     The EHD programme has developed a housing delivery model for ‘net zero ready’ homes across the six council areas in the City Region Deal. As part of this programme, in Edinburgh, there are also 140 affordable homes being built in Greendykes which will be ready in 2027 and another 40 affordable homes currently being designed for Burdiehouse Crescent. These homes will have similar energy saving features.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial news: Conference “Ethics and AI: on the edge of technology and human values” was held with the support of the Moscow Exchange

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 24–25, 2024, the annual conference “Ethics and AI: on the Edge of Technology and Human Values” was held, organized by the Institute of Compliance and Business Ethics of the Higher School of Law at the National Research University Higher School of Economics with the support of the Moscow Exchange.

    The conference was attended by experts in the field of compliance, including representatives of regulators and major domestic companies, as well as scientific and professional communities.

    The conference discussed global trends in compliance and the use of artificial intelligence technologies to automate it. An exchange of practical developments and innovative solutions in the field of compliance took place, and changes in the regulatory environment were analyzed.

    Irina Grekova, Managing Director for Compliance and Business Ethics at Moscow Exchange:

    “The Russian compliance community continues to actively develop, adapting to modern realities and implementing best practices. Strengthening interaction between business, government agencies and expert organizations remains an important area. The conference once again confirmed that compliance today has become a full-fledged interdisciplinary science that requires the involvement of specialists of different levels: lawyers, economists, IT specialists and ethics specialists. All of them are developing their field, and by combining efforts, they provide a synergy effect in protecting and developing business. Moscow Exchange Group pays special attention to issues of increasing the transparency and efficiency of internal control procedures, as well as training employees and raising their awareness of compliance with regulatory requirements. In addition, we are expanding the use of digital tools to optimize compliance processes, which allows us to promptly identify potential threats and prevent violations of the law.”

    The conference included an award ceremony for the winners of the Compliance 2024 award. The award’s expert council awarded:

    Alfa-Bank – for the best EdTech solution in business education on compliance topics for entrepreneurs; MTS – for the use of modern technologies in creating the methodology and tools for managing SCM; B1 Group of Companies – for creating its own best compliance practices in the changing conditions in the field of professional audit services; KSK LLC – for its original approach to implementing a compliance culture taking into account limitations and opportunities; Anton Kuznetsov, Deputy Director of the Anti-Corruption Policy and Corporate Ethics Department at NOVATEK – for a proactive response to modern challenges and threats; Oksana Kaminskaya, Chairperson of the AML/CFT Committee at the Association of Belarusian Banks – for the effective implementation of compliance practices in the financial sector in the Republic of Belarus; Daria Afanasyeva, leading specialist of the Competence and Corruption Prevention Center of ANO Moscow Directorate of Transport Services – for an inspiring start in compliance.

    The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n74360

    MIL OSI Russia News –

  • MIL-OSI USA: Rep. Cuellar Announces $2,690,608 in Federal Funding in Support of Mental Health Professionals for San Antonio Independent School District

    Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

    SAN ANTONIO, TX – Today, Congressman Henry Cuellar (TX-28), Ph.D. announced $2,690,608 in federal funding in support of mental health professionals for the San Antonio Independent School District (SAISD).  

    “This year, I secured $2,690,608 in federal funding from the Department of Education’s Mental Health Service Professional Demonstration Grant for the San Antonio Independent School District,” said Dr. Cuellar, a Senior Member of the House Appropriations Committee. “Our communities need more licensed mental health professionals, and SAISD is helping train the next generation of this crucial sector in San Antonio. I would like to thank Stephanie Ratliff, Principal of Herff Elementary, Tony Thompson, Chief of Staff for SAISD, and Gabriella Bello, Counselor for SAISD, for being here today and for their efforts in providing mental health resources for students in San Antonio.”  

    This funding supports a five-year project, Con Cariño: School Mental Health with Heart, which assists with SAISD’s internship-to-employment pipeline for licensed Master Social workers by adding a new pathway for counseling interns. 

    There is a demand for more licensed mental health professionals in SAISD. The grant funding for the Con Cariño project supports four social work interns and two school psychology counseling interns that will help meet this demand.  

    As part of the Con Cariño project, local graduate students can work with children, gain real-world experience to advance their careers, and get paid to do so. The program also helps with the costs of licensing exams and their preparation. Some interns have returned to work full-time after completing their internships, helping SAISD retain a workforce that understands the community and the needs of its students.  

    Congressman Cuellar has previously helped SAISD by securing $36,511,343 in federal funding for school lunch reimbursements in 2023, $344,000 in federal funding from the Title I, School Improvement Grant in FY24, and $494,304 in federal funding from the FY22 COPS School Violence Prevention Program.  

    Congressman Cuellar will continue to support San Antonio schools with the federal funding they need for more mental health resources. 

    MIL OSI USA News –

  • MIL-OSI: Fresche Solutions Introduces AI-Celerate to Power the IBM i Community on Their Enterprise AI Journeys

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Fresche Solutions (“Fresche”, “Company”), a global leader in IBM i management and modernization, proudly introduces AI-Celerate, a 12-week strategic advisory framework to enable organizations to design an enterprise AI technology roadmap tailored for IBM i systems and beyond.

    This groundbreaking advisory service propels business transformation through the strategic adoption of artificial intelligence. AI-Celerate centers on personalized AI assessments, strategies, and roadmaps that resonate with each organization’s unique needs and digital ambitions.

    “AI has become a transformative force, and many businesses strive to integrate it effectively and measure ROI,” stated Joe Zarrehparvar, CEO of Fresche Solutions. “With experience serving over 2500 customers globally, our team at Fresche understands the market dynamics and challenges IBM i organizations face in adopting AI into their business processes. AI thrives on data and IBM i environments provide exactly that – rich, historical data that help drive meaningful AI initiatives. We’ve already seen considerable engagement from our customers on how to strategically use their IBM i’s vast data to power their AI engine. AI-Celerate guides executives through AI adoption complexities, prioritizing alignment with each customer’s unique technology roadmap and digital transformation goals. I am confident this momentum will continue to grow,” added Zarrehparvar.

    “IBM i serves as a robust and versatile foundation for AI applications, offering unmatched stability and flexibility for integration. While consistent, high-quality data is essential for AI success. IBM i’s architecture provides the reliability and security needed to maintain data integrity and ensure businesses can confidently scale AI initiatives,” said Monica Sanchez, VP, Strategic Transformation, Fresche Solutions. “This combination of advanced data handling, security, and performance positions AI and IBM i as a powerful pairing that can transform how businesses operate, compete, and innovate,” stated Sanchez.

    AI-Celerate is a proprietary strategic advisory framework for Enterprise AI, from discovery and business case to adoption of a technology roadmap. It empowers informed decision-making and ensures successful AI integration to pave the way for future growth.

    On November 19th, the Company is set to introduce AI-Celerate with a live webinar featuring Chris Koppe, SVP, Strategic Advisory Services and Monica Sanchez, VP, Strategic Transformation. Register here to save your seat and be part of this exclusive session.

    For a deep dive on how to accelerate your organization’s Enterprise AI journey, don’t miss our white paper, Enterprise AI for IBM i: Craft an AI Transformation Strategy for Growth.

    ABOUT FRESCHE SOLUTIONS 
    Pioneers in IT modernization, Fresche manages, modernizes, and maximizes the value of IBM i business critical systems. Our winning IP and proven solutions in Modernization, Cloud, Software and Application Services, and Strategy have earned the trust of global leaders from 2500+ companies. Transform your IT challenges into future growth and innovation with Fresche Solutions. Learn more at www.freschesolutions.com.

    Media Contact:  
    Aneta Ranstoller 
    VP, Marketing 
    Fresche Solutions Inc. 
    aneta.ranstoller@freschesolutions.com 
    +1 800 361 6782 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/87800e5d-241a-4405-acb4-0a14645dc66e

    The MIL Network –

  • MIL-OSI Economics: Streamline collaboration with new chat and channels experience in Microsoft Teams

    Source: Microsoft

    Headline: Streamline collaboration with new chat and channels experience in Microsoft Teams

    Working together can turn great ideas into reality and bring people together as a team. We’ve been paying attention to our customers’ evolving needs in the AI-powered workplace, which require faster, simpler, and smarter solutions to achieve more. Over the past year, we’ve made Microsoft Teams twice as fast and added new features like intelligent recap for meetings; custom emojis for fun and expression; co-editable code blocks for developers; “Meet now” for quick, informal huddle in chat; and more.

    We’re thrilled to announce the next step in our journey to shape the future of collaboration with the introduction of the new chat and channels experience. This new experience is designed to help you collaborate more efficiently and effectively. It’s simple by default, enabling everyone to stay on top of what matters, and it’s powerful on demand, allowing you to organize information and communicate your way. The new chat and channels experience is coming to public preview in November.

    [embedded content]

    “The redesigned Microsoft Teams chat & channels experience has simplified the way we work at T‑Mobile. It has streamlined our communication, and our employees appreciate the flexibility to customize Teams to match the way they like to collaborate.”

    —Aravind Manchireddy, SVP, Technology Operations, T‑Mobile

    Simple by default

    The pace of work has increased exponentially, making it more challenging to keep up with the high volume of conversations, manage messages scattered across different locations, and find information. We’ve redesigned the chat and channels experience to simplify your digital workspace by bringing chats, teams, and channels into one place under Chat. This integrates both chat and channels into your critical workflows, making it easier to access, triage, and organize your conversations.

    At launch, a self-service, guided onboarding flow within the product will help users discover the new experience and configure it to their preferences. Users who prefer to keep chat and channels separate can easily do so during the onboarding process, or at any time later, without needing IT assistance.

    The new @mentions view helps you get up to speed on messages directed at you in one place, ensuring conversations that require your attention do not slip through the cracks. Breeze through your daily triage with the new filters that help you focus on what’s important now, like unread messages in chats or channels, without muted conversations or meeting chats getting in the way. Catch up asynchronously on meeting chats at your convenience with Copilot meeting recap.

    Powerful on demand

    Communicating and collaborating with multiple people on multiple projects can feel like trying to keep your desk or office organized. Just as a cluttered workspace can make it harder to find what you need and stay productive, a busy digital workspace can make it challenging to catch up, find information, and stay effective throughout the day. The new chat and channels experience in Teams empowers you to organize your work environment to fit your needs. With custom sections, you can bring all relevant conversations on a project or topic together into one place, be it in chats, channels, meetings, including Teams bots or AI agents. The new favorites section is available for everyone by default, bringing together all your pinned chats and channels from the previous experience.

    Every user has a unique way of working. Now, you can customize Teams chat and channels to align with your personal workflow and preferred information consumption style. With new controls, you can choose to view chat and channels separately, see message previews, or display all channels in a single list. This way, you create a digital workspace that truly helps you soar.

    See what’s next for the new chat and channels experience in Teams

    Embark on your journey with the new chat and channels experience today and transform the way you connect, focus, and collaborate. Join hundreds of customers like VML, who are using the new chat and channels experience as part of the Teams private preview program.

    Your work isn’t limited to just a desktop, so we’re excited to bring the new chat and channels experience to all devices for seamless productivity. This is coming to desktop, mobile, iOS, and Android, ensuring you can stay connected and efficient wherever you are.

    We’re just getting started, and we’re committed to making Teams more streamlined and simpler with enhancements like threaded conversations. We’re beginning to test threaded conversations with customers this quarter and will expand testing in early 2025, with broad availability expected in mid-2025.

    To learn more and deep dive into the full list of features, visit the Tech Community blog and the new Microsoft Adoption page. Customers with access to Teams public preview will be able to try out the new interface starting in November 2024. To activate, choose “Get started” when you see the welcome screen for the new chat and channels experience.

    For the latest research insights on the future of work and generative AI, visit WorkLab. 

    MIL OSI Economics –

  • MIL-OSI: Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Source: GlobeNewswire (MIL-OSI)

    Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Paris, 28 October 2024 – 18.45

    The rating agency Fitch affirmed today Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

    Fitch has also affirmed Coface SA’s Long-Term Issuer Default Rating (IDR) at ‘A+’, with a stable outlook.

    The rating action reflects “Coface’s very strong company profile and capitalisation, as well as a strong profitability through the cycle”. The stable outlook reflects Fitch’s view that “Coface continues to maintain sufficient rating headroom to withstand weaker macro-economic conditions and rising corporate default risk over the next 12-24 months”.

    In Fitch’s press release, the rating agency recognises Coface’s “very strong, well established and geographically diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “factoring, information services and other fee-based activities enhance Coface’s business diversification”.

    Fitch views Coface’s financial performance “as strong across the economic cycle, underpinned by underwriting profitability and effective risk management and reinsurance”.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    2024 FINANCIAL CALENDAR
    9M-2024 results: 5 November 2024 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
    http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognised provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2023, Coface employed ~4,970 people and registered a turnover of €1.87 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Mnémonique: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30, 2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023. In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the nine months ended September 30, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, offset by a reduction in interest rates towards the end of the third quarter of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months and nine months ended September 30, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.62%, a return on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04% for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company generated a return on average total assets ratio of 2.61%, a return on average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%.
    • Net interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively, for the three months and nine months ended September 30, 2024 compared to the same periods in 2023.
    • Our commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million at September 30, 2024 compared to $719.6 million at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $203.8 million, or 11.6%, to $2.0 billion at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.

    Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million at September 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million in net loans, and stock repurchases of $2.4 million.

    Equity securities increased $2.4 million, or 13.5%, to $20.5 million at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate volatility during the nine months ended September 30, 2024.

    Securities held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023 due to $810,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $173.6 million, or 11.0%, to $1.8 billion at September 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $569.2 million during the nine months ended September 30, 2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the nine months ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans, $4.2 million in multi-family loans, and $600,000 in mixed-use loans.

    Loan originations during the nine months ended September 30, 2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.  

    Premises and equipment decreased $507,000, or 2.0%, to $24.9 million at September 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $217,000, or 23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $486,000, or 1.9%, to $25.6 million at September 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5 million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30, 2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value of the foreclosed property.

    Right of use assets — operating decreased $422,000, or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets decreased $548,000, or 6.8%, to $7.5 million at September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of $184,000.

    Total deposits increased $228.0 million, or 16.3%, to $1.6 billion at September 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $230.5 million, or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.

    Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30, 2024.

    Advance payments by borrowers for taxes and insurance increased $442,000, or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real estate tax payments by borrowers.

    Lease liability – operating decreased $384,000, or 8.3%, to $4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $2.4 million, or 17.8%, to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30, 2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000 in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income, partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.

    Results of Operations for the Three Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $26.3 million for the three months ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase in net interest income of $1.2 million, or 4.6%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances on our savings and club deposits.

    Total interest and dividend income increased $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30, 2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30, 2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30, 2024.

    Interest expense increased $4.9 million, or 48.9%, to $14.9 million for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing liabilities of  $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion for the three months ended September 30, 2023.

    Our net interest margin decreased 72 basis points, or 11.3%, to 5.68% for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity securities of $4,000.

    With respect to the allowance for credit losses for loans, we charged-off $82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30, 2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the three months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of $1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities, $225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially offset by a decrease of $114,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30, 2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market interest rate volatility during the quarter ended September 30, 2024.

    The increase of $225,000 in other loan fees and service charges was due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000 in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense, $39,000 in other operating expense, and $5,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.9 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30, 2024 and 2023, respectively.

    Results of Operations for the Nine Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $77.5 million for the nine months ended September 30, 2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of $5.5 million, or 7.7%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the nine months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our savings and club deposits.

    Total interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30, 2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19 basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.

    Interest expense increased $18.7 million, or 79.9%, to $42.0 million for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million for the nine months ended September 30, 2023.

    Net interest margin decreased 80 basis points, or 12.2%, for the nine months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily attributed to favorable trends in the economy.   The credit loss expense reduction for off-balance sheet commitments of $130,000 for the nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments during the quarter ended September 30, 2024.

    The credit loss expense of $767,000 for the nine months ended September 30, 2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.

    We charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the nine months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the nine months ended September 30, 2024 was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000, or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000 in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI income and $343,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30, 2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during the nine months ended September 30, 2024.

    The increase of $196,000 in other loan fees and service charges was due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account fees.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the nine months ended September 30, 2023. The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.4 million at September 30, 2024 compared to $5.8 million at December 31, 2023. At September 30, 2024 and December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. The other non-performing assets consisted of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.27% at September 30, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of September 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at September 30, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at September 30, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $908,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.73% as of September 30, 2024.   At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal Reserve Bank of New York, $14.8 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of September 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of September 30, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
      September 30,   December 31,
      2024   2023
      (In thousands, except share
      and per share amounts)
    ASSETS          
    Cash and amounts due from depository institutions $ 16,023     $ 13,394  
    Interest-bearing deposits   81,766       55,277  
    Total cash and cash equivalents   97,789       68,671  
    Certificates of deposit   100       100  
    Equity securities   20,547       18,102  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $136, respectively)   15,061       15,860  
    Loans receivable   1,760,504       1,586,721  
    Deferred loan (fees) costs, net   (245 )     176  
    Allowance for credit losses   (4,833 )     (5,093 )
    Net loans   1,755,426       1,581,804  
    Premises and equipment, net   24,945       25,452  
    Investments in restricted stock, at cost   712       929  
    Bank owned life insurance   25,568       25,082  
    Accrued interest receivable   13,463       12,311  
    Real estate owned   978       1,456  
    Property held for investment   1,380       1,407  
    Right of Use Assets – Operating   4,144       4,566  
    Right of Use Assets – Financing   348       351  
    Other assets   7,496       8,044  
    Total assets $ 1,967,957     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:          
    Deposits:          
    Non-interest bearing $ 267,592     $ 300,184  
    Interest bearing   1,360,475       1,099,852  
    Total deposits   1,628,067       1,400,036  
    Advance payments by borrowers for taxes and insurance   2,462       2,020  
    Borrowings   7,000       64,000  
    Lease Liability – Operating   4,241       4,625  
    Lease Liability – Financing   599       571  
    Accounts payable and accrued expenses   15,965       13,558  
    Total liabilities   1,658,334       1,484,810  
               
    Stockholders’ equity:          
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,020,602 shares and 14,144,856 shares outstanding, respectively   140       142  
    Additional paid-in capital   109,368       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (5,911 )     (6,563 )
    Retained earnings   205,699       175,505  
    Accumulated other comprehensive income   327       317  
    Total stockholders’ equity   309,623       279,325  
    Total liabilities and stockholders’ equity $ 1,967,957     $ 1,764,135  
               
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
                  (In thousands, except per share amounts)
    INTEREST INCOME:                      
    Loans $ 39,484   $ 33,757     $ 114,821     $ 91,826  
    Interest-earning deposits   1,472     1,181       4,058       2,886  
    Securities   227     199       662       650  
    Total Interest Income   41,183     35,137       119,541       95,362  
    INTEREST EXPENSE:                      
    Deposits   14,630     9,889       40,459       23,050  
    Borrowings   257     109       1,559       299  
    Financing lease   10     10       29       28  
    Total Interest Expense   14,897     10,008       42,047       23,377  
    Net Interest Income   26,286     25,129       77,494       71,985  
    Provision for (reversal of) credit loss   105     156       (286 )     767  
    Net Interest Income after Provision for (Reversal of) Credit Loss   26,181     24,973       77,780       71,218  
    NON-INTEREST INCOME:                      
    Other loan fees and service charges   589     364       1,613       1,417  
    Earnings on bank owned life insurance   167     153       486       857  
    Investment advisory fees   –     114       –       343  
    Unrealized gain (loss) on equity securities   547     (430 )     445       (327 )
    Other   46     20       90       67  
    Total Non-Interest Income   1,349     221       2,634       2,357  
    NON-INTEREST EXPENSES:                      
    Salaries and employee benefits   5,135     4,700       15,738       14,079  
    Occupancy expense   735     616       2,116       1,890  
    Equipment   187     240       661       844  
    Outside data processing   681     569       1,924       1,638  
    Advertising   128     133       310       420  
    Real estate owned expense   488     11       527       52  
    Other   2,607     2,646       7,864       7,064  
    Total Non-Interest Expenses   9,961     8,915       29,140       25,987  
    INCOME BEFORE PROVISION FOR INCOME TAXES   17,569     16,279       51,274       47,588  
    PROVISION FOR INCOME TAXES   4,883     4,436       14,416       13,413  
    NET INCOME $ 12,686   $ 11,843     $ 36,858     $ 34,175  
                           
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                      
    Earnings per share – basic $ 0.97     $ 0.80     $ 2.81     $ 2.42  
    Earnings per share – diluted   0.95       0.80       2.78       2.41  
    Weighted average shares outstanding – basic   13,075       14,743       13,108       14,143  
    Weighted average shares outstanding – diluted   13,417       14,822       13,279       14,192  
    Performance ratios/data:                      
    Return on average total assets   2.62 %     2.87 %     2.61 %     2.95 %
    Return on average shareholders’ equity   16.48 %     17.26 %     16.55 %     16.95 %
    Net interest income $ 26,286     $ 25,129     $ 77,494     $ 71,985  
    Net interest margin   5.68 %     6.40 %     5.74 %     6.54 %
    Efficiency ratio   36.04 %     35.17 %     36.37 %     34.96 %
    Net charge-off ratio   0.02 %     0.02 %     0.01 %     0.03 %
                           
    Loan portfolio composition:               September 30, 2024     December 31, 2023
    One-to-four family             $ 3,507     $ 5,252  
    Multi-family               202,516       198,927  
    Mixed-use               28,399       29,643  
    Total residential real estate               234,422       233,822  
    Non-residential real estate               30,312       21,130  
    Construction               1,368,222       1,219,413  
    Commercial and industrial               125,520       111,116  
    Consumer               2,028       1,240  
    Gross loans               1,760,504       1,586,721  
    Deferred loan (fees) costs, net               (245 )     176  
    Total loans             $ 1,760,259     $ 1,586,897  
    Asset quality data:                      
    Loans past due over 90 days and still accruing             $ –     $ –  
    Non-accrual loans               4,413       4,385  
    OREO property               978       1,456  
    Total non-performing assets             $ 5,391     $ 5,841  
                           
    Allowance for credit losses to total loans               0.27 %     0.32 %
    Allowance for credit losses to non-performing loans               109.52 %     116.15 %
    Non-performing loans to total loans               0.25 %     0.28 %
    Non-performing assets to total assets               0.27 %     0.33 %
                           
    Bank’s Regulatory Capital ratios:                      
    Total capital to risk-weighted assets               14.04 %     14.11 %
    Common equity tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 leverage ratio               14.76 %     16.21 %
                               
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,717,875     $ 39,484     9.19 %   $ 1,446,946     $ 33,757     9.33 %
    Securities   34,920       212     2.43 %     33,754       181     2.14 %
    Federal Home Loan Bank stock   712       15     8.43 %     929       18     7.75 %
    Other interest-earning assets   98,903       1,472     5.95 %     88,156       1,181     5.36 %
    Total interest-earning assets   1,852,410       41,183     8.89 %     1,569,785       35,137     8.95 %
    Allowance for credit losses   (4,914 )                 (4,404 )            
    Non-interest-earning assets   90,313                   85,133              
    Total assets $ 1,937,809                 $ 1,650,514              
                                       
    Interest-bearing demand deposit $ 228,975     $ 2,423     4.23 %   $ 78,768     $ 522     2.65 %
    Savings and club accounts   140,047       848     2.42 %     235,613       1,624     2.76 %
    Certificates of deposit   946,290       11,359     4.80 %     707,142       7,743     4.38 %
    Total interest-bearing deposits   1,315,312       14,630     4.45 %     1,021,523       9,889     3.87 %
    Borrowed money   23,603       267     4.52 %     15,631       119     3.05 %
    Total interest-bearing liabilities   1,338,915       14,897     4.45 %     1,037,154       10,008     3.86 %
    Non-interest-bearing demand deposit   271,207                   322,213              
    Other non-interest-bearing liabilities   19,758                   16,694              
    Total liabilities   1,629,880                   1,376,061              
    Equity   307,929                   274,453              
    Total liabilities and equity $ 1,937,809                 $ 1,650,514              
                                       
    Net interest income / interest spread       $ 26,286     4.44 %         $ 25,129     5.09 %
    Net interest rate margin               5.68 %                 6.40 %
    Net interest earning assets $ 513,495                 $ 532,631              
    Average interest-earning assets                                  
    to interest-bearing liabilities   138.35 %                 151.36 %            
                                           
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,672,582     $ 114,821     9.15 %   $ 1,353,446     $ 91,826     9.05 %
    Securities   34,071       607     2.38 %     39,375       589     1.99 %
    Federal Home Loan Bank stock   752       55     9.75 %     1,002       61     8.12 %
    Other interest-earning assets   93,417       4,058     5.79 %     74,308       2,886     5.18 %
    Total interest-earning assets   1,800,822       119,541     8.85 %     1,468,131       95,362     8.66 %
    Allowance for credit losses   (4,977 )                 (4,640 )            
    Non-interest-earning assets   90,087                   83,200              
    Total assets $ 1,885,932                 $ 1,546,691              
                                       
    Interest-bearing demand deposit $ 202,097     $ 6,300     4.16 %   $ 84,920     $ 1,433     2.25 %
    Savings and club accounts   160,296       3,032     2.52 %     262,977       5,373     2.72 %
    Certificates of deposit   880,741       31,127     4.71 %     567,378       16,244     3.82 %
    Total interest-bearing deposits   1,243,134       40,459     4.34 %     915,275       23,050     3.36 %
    Borrowed money   43,916       1,588     4.82 %     16,216       327     2.69 %
    Total interest-bearing liabilities   1,287,050       42,047     4.36 %     931,491       23,377     3.35 %
    Non-interest-bearing demand deposit   282,786                   329,993              
    Other non-interest-bearing liabilities   19,163                   16,373              
    Total liabilities   1,588,999                   1,277,857              
    Equity   296,933                   268,834              
    Total liabilities and equity $ 1,885,932                 $ 1,546,691              
                                       
    Net interest income / interest spread       $ 77,494     4.49 %         $ 71,985     5.31 %
    Net interest rate margin               5.74 %                 6.54 %
    Net interest earning assets $ 513,772                 $ 536,640              
    Average interest-earning assets                                  
    to interest-bearing liabilities   139.92 %                 157.61 %            

    The MIL Network –

  • MIL-OSI Canada: Regional Artificial Intelligence Initiative will support AI innovation and adoption in British Columbia

    Source: Government of Canada News

    PacifiCan funding of over $32 million will help businesses bring new technologies to market and adopt AI 

    October 28, 2024 – Burnaby, British Columbia – PacifiCan               

    Artificial Intelligence (AI) is a transformational opportunity for British Columbians. With a strong AI ecosystem – one that includes researchers developing technology, companies creating AI-based solutions to the world’s challenges, and adopters putting the power of AI to work in their operations – British Columbian businesses are well-positioned to leverage the power of AI to drive innovation across the province, creating jobs and economic growth.

    Today, the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced that businesses and not-for-profit organizations will be able to apply for funding from the new Regional Artificial Intelligence Initiative in British Columbia beginning November 18. In British Columbia, PacifiCan will deliver the RAII with $32.2 million, making investments that help businesses commercialize and adopt AI technologies. 

    To ensure that Canada stays at the forefront of innovation, the Government of Canada is making strategic investments that will help drive AI adoption across the country. This includes $200 million over five years for Canada’s regional development agencies (RDAs) to deliver the Regional Artificial Intelligence Initiative (RAII) to help businesses bring new AI technologies to market and speed up AI adoption across the country. 

    In British Columbia, PacifiCan will prioritize projects that not only have strong economic benefits but also bring positive outcomes for human health, the environment, and/or economic resilience and productivity across a wide range of sectors. PacifiCan will welcome project ideas from both businesses and not-for-profit organizations.

    PacifiCan is investing in British Columbian businesses, workers and organizations to ensure they have access to the tools they need to succeed at home and compete in the global economy.

    More information is available on PacifiCan’s web page: Regional Artificial Intelligence Initiative – Canada.ca

    MIL OSI Canada News –

  • MIL-OSI Global: How a crisis of truth is putting US electoral system under stress

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    America is in the grip of a crisis of truth and its political and electoral systems are under duress. Losing the connection between what is true and what is fiction could have enormous consequence in the middle of this US election campaign.

    Academics refer to this as an epistemological crisis, a situation where different people believe different “truths” and it becomes difficult to get a shared understanding of key facts. This, they argue, can lead to polarisation and potentially, even, an ungovernable country, based on an inability to decide on what is factually correct.

    Jonathan Rauch, the journalist and author of The Constitution of Knowledge: A Defense of Truth, says historically disagreement about what is true has, on some occasions, led to untold killing and suffering.

    Right now in the US, it’s clear that there are massive differences in what people believe is true. Polls show, for instance, that around 69% of Republicans and Republican-leaning voters think the 2020 election result was not legitimate and that Joe Biden did not win.

    This division is amplified by what is happening in and around the campaigns, and the use of new and developing techniques. The Trump campaign, for instance, continues to make claims that the 2020 election was stolen.

    Sharing misinformation (that is, when inaccurate content is disseminated but not with the intent to mislead) has always been part of political life, but it is now quickly amplified by social media. Spreading disinformation takes this to the next level, when organisations or individuals deliberately spread lies. But the means to do so have grown more sophisticated, as demonstrated in the recent Moldovan election, where a massive Russian disinformation campaign was discovered.

    History reminds us that fake news is at a premium during wartime and the world is currently experiencing two major conflicts. In both cases, the geopolitical consequences for the US are sky-high.

    By spring 2024, US news media were reporting on Russia’s potential to interfere in the US election. The US administration’s position on the Ukraine war in particular matters greatly to the Kremlin, and it is no secret that a Donald Trump victory would suit Putin far better than a continuation of the Ukraine-funding Democrat alternative.

    What is an epistemological crisis?

    In September, US officials warned of election threats, not only from Russia but also Iran and China. Former director of the US Cyber-Security and Infrastructure Agency, Chris Krebs, stated that 2024 is “lining up to be a busy election interference season”. What makes these multi-faceted and constantly evolving threats even harder to manage is the fact that Maga influencers are embroiled in the proceedings. This makes a unified American response against an external threat all but impossible.



    Read more:
    Why do millions of Americans believe the 2020 presidential election was ‘stolen’ from Donald Trump?

    One recent such example involved a company in Tennessee which was used by members of the Russian state-owned broadcaster RT (formerly Russia Today) to spread Russia-friendly content. The content-creators were paid US$10 million (£7.7 million) by RT to publish pro-Russia videos in English on a range of social media platforms. The RT employees were charged with conspiracy to commit money laundering and violating the Foreign Agent Registration Act.

    This is one of many developments by the foreign interference machine as the election on November 5 nears. Other incidents include dozens of internet domains used by the Kremlin to spread disinformation on websites designed to look like news sites and to undermine support for Ukraine. The US government response to these complex and boundary-blurring threats is complicated by the tension between maintaining discretion and informing the public.

    Old challenges, new technology

    Looking back, the 2016 presidential campaign and subsequent victory for Trump brought many firsts, some comical, others deadly serious in this post-truth arena. The lighter side included inaccurate claims made by White House press secretary Sean Spicer about the size of Trump’s 2017 inauguration crowd. When Trump advisor Kellyanne Conway declared on television to have “alternative facts” to those reported by the media on the crowd size, her phrase entered general use.

    With hindsight, such falsehoods now seem a little quaint, as the images from the day told the truth better than any script. Far more disturbingly, Russia’s Project Lakhta involved a “hacking and disinformation campaign” described in Special Counsel Robert Mueller’s 2019 Report as vast and complex in scale. The scheme involved human and technological input and targeted politicians on the political left and right, with a view to causing maximum disruption. Just a year later, Russia interfered in the 2020 race, this time spreading falsehoods about Biden and working in Trump’s favour.

    Fast forward to 2024 and we are awash with AI-created images and writing. Now any sort of lie is possible. Deep fakes, voice, image and video manipulation now mean that we literally can no longer believe our ears and eyes.

    Kellyanne Conway on alternative facts.

    Meanwhile, back on the campaign trail in 2024, Team Trump demonstrates few qualms when dishing out alternative facts. A long-time proponent of “truthful hyperbole” the former real-estate dealer takes exaggeration to a point no longer on the scale. From sharing an AI-generated image of Taylor Swift endorsing him (she soon backed his opponent) to claims that helicopters were not getting through with hurricane relief, the news cycle is awash with baseless content.

    An inevitable outcome of this crisis and conflict over truth is voters’ confusion and disengagement, and increasing public tension, with a new poll reporting that the majority of Americans are expecting violence after the election.

    Voters deserve to know whether what they know is real, but in this campaign it is increasingly clear that they don’t and the consequences of this could be stark.

    Clodagh Harrington 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. How a crisis of truth is putting US electoral system under stress – https://theconversation.com/how-a-crisis-of-truth-is-putting-us-electoral-system-under-stress-242046

    MIL OSI – Global Reports –

  • MIL-OSI USA: Merkley, Wyden, Hoyle: $10.2 Million in Bipartisan Infrastructure Law Funding to Boost Eugene Transportation Projects

    Source: United States House of Representatives – Representative Val Hoyle (OR-04)

    October 28, 2024

    For Immediate Release: October 28, 2024

    WASHINGTON D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden and U.S. Representative Val Hoyle announced today $10,215,123 in Bipartisan Infrastructure Law funds are headed to the Eugene area for two transportation projects. The federal grants awarded will support the deployment of a mobility app for residents and fund airport terminal reconstruction efforts at Eugene Airport (EUG), also known as Mahlon Sweet Field.

    “Oregonians in every corner of our state should be able to get where they need to go safely and efficiently,” U.S. Senator Jeff Merkley said. “The Bipartisan Infrastructure Law was a once-in-a-generation investment that is bringing critical federal dollars to our communities for major transportation projects. These latest funds to the Eugene area will bring a first-of-its-kind app for everyone from students to rural Oregonians to connect with regional transportation options, as well as funds for energy efficiency and capacity upgrades at Eugene Airport. I’ll keep fighting for investments like these to better connect cities and towns across Oregon.”

    “From mass transit on the ground to travel by air, I’m gratified these federal resources are headed to Eugene so Oregonians in and around the city can more easily get from Point A to Point B,” U.S. Senator Ron Wyden said. “I worked to pass the Bipartisan Infrastructure Law to generate investments just like these that expand modern, safe and energy-smart transportation opportunities throughout our state. And I’ll keep battling to bring similar transportation funds from this landmark law to every nook and cranny of Oregon.”

    “The $5.3 million for LTD’s first-of-its-kind mobility app will help students with transportation challenges get to and from school and the $5 million for Eugene Airport will help us keep pace with the 41% growth in passenger growth over the last 5 years,” U.S. Representative Val Hoyle said. “I would like to thank Senators Merkley and Wyden, local leaders, as well as Secretary Buttigieg, the Department of Transportation, and the White House, for helping us ensure that Oregonian tax dollars always come back home to Oregon to invest in our local priorities and communities.” 

    The two U.S. Department of Transportation awards and project descriptions can be found below:

    $5,215,123 for Lane Transit District (LTD)’s Regional Mobility-Enabling Service Hub (Regional MESH). Regional MESH will create a first-of-its-kind regional mobility management platform integrating diverse transit services for users, including school transportation, into one planning platform, design and deploy on-demand transit in a low-income school district and optimize existing fixed-route rural transit service. Data from trip queries from an associated trip planning app will inform future transit planning and performance management. This funding comes from the Federal Highway Administration’s Advanced Transportation Technologies and Innovative Mobility Deployment (ATTAIN) Program.

    $5,000,000 for Eugene Airport to fund a portion of the Concourse A reconstruction and connector bridge expansion project including restroom and utilities upgrades to increase energy efficiency and capacity. This funding comes from the Federal Aviation Administration’s Airport Terminal Program.

    “LTD has the necessary expertise to build a reliable and affordable practical service,” said Jameson Auten, LTD’s Chief Executive Officer. “We are grateful for the support that got us here from U.S. Senators Jeff Merkley and Ron Wyden, and U.S. Representative Val Hoyle.”

    “We are so grateful to be awarded this competitive Airport Terminal Program (ATP) grant. This is the first step in furthering terminal expansion plans at the Eugene Airport to better serve our regional community,” said Cathryn Stephens, Airport Director.

    ###

    MIL OSI USA News –

  • MIL-OSI Global: Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt

    Source: The Conversation – UK – By Rachel Williams, Reader in Human Resource Management, Cardiff University

    shutterstock SAI SU PAW KA/Shutterstock

    If you’re a pet owner, you may have noticed increases in your vet bills in recent years. The average cost of pet booster injections increased by 48% in the UK between 2020 and early 2024, while pet insurance prices rose by 21% in the year to March. Many families are struggling to afford care for their pets.

    But this situation isn’t just about rising prices – it’s about how these changes are affecting the people at the heart of veterinary care. For the past three years, I’ve been studying the experiences of early-career vets and what I’ve found is unsettling.

    The vets I spoke to described an emotional and ethical struggle that goes far beyond routine pet care. They’re increasingly having to balance the cost of treatment with the welfare of animals – sometimes being forced to euthanise otherwise healthy pets because the owners can’t afford treatment.

    Concerns about veterinary fees are also receiving national attention. The Competition and Markets Authority (CMA) is conducting an investigation into the sector, citing a lack of transparency in pricing and the dominance of corporate ownership. For example, 60% of UK vet practices are owned by just six companies, including VetPartners, MediVet and IVC.

    Strikes at branches of Valley Vets in south Wales – the first in the UK veterinary sector – have also drawn attention to the issue of pay and the rising cost of treatment. Staff at the practice, owned by York-based VetPartners, are demanding a fair wage and pushing back against fee hikes that are pricing owners out of care.

    For vets, the stakes are high. Many enter the profession out of a love for animals, but increasing costs force them into difficult conversations with owners who can’t afford the necessary treatment.

    One early-career vet I interviewed described treating a four-month-old puppy with a broken leg. The owners couldn’t pay for surgery and had to make the heartbreaking decision to put the dog down. This not only caused distress to the family but also to the veterinary team performing the procedure.

    Prevention

    Veterinary practices are increasingly promoting preventative care to help avoid costly treatment down the road. But some pet owners view this merely as an attempt to maximise profit.

    The Royal College of Veterinary Surgeons (RCVS), which regulates the sector, has expressed concern about a rise in abusive behaviour towards vets. The RCVS is encouraging owners to raise fee issues with practice owners rather than individual vets. Many practices have started removing abusive clients from their client lists, though some vets I spoke to were unhappy that abusive clients were allowed to return.

    Vet students are taught how to discuss costs with clients. For many new vets, however, these conversations are nerve-wracking, particularly when charges are high. Several vets described how they “forgot” to charge for items or charged reduced amounts when they believed the fees were too high. In some cases, the vets believed that managers chose not to notice, whereas others were criticised.

    But as vets gained experience, they also began to charge more accurately, partly due to valuing their training and expertise. They also realised that if they reduced a bill, clients were more likely to complain if the next vet charged correctly.

    60% of UK vet practices are owned by just six companies.
    FamVeld/Shutterstock

    I found evidence that over time some vets became less emotionally attached to their patients, particularly when they had no long-term relationship with the owner. They always wanted to reduce suffering and provide the best care. At the same time, though, they were exasperated at owners who acquired pets without investigating future costs or who failed to set money aside for emergencies.

    Some also expressed frustration at the owners of their practices imposing large fee increases. They described being ignored when warning managers that further fee increases would lead to a reduction in clients, and vindicated when clients left and associated income reduced.

    The CMA review could potentially reshape the veterinary sector, introducing greater price transparency and competition. The RCVS has welcomed the investigation, seeing it as an opportunity for much needed legislative reform.

    It is also seeking to extend its regulatory oversight to entire veterinary practices, not just individual vets and nurses. But it has warned the CMA to be cautious of breaking up businesses as this may lead to the closure of practices and leave pet owners without access to veterinary care.

    Crossroads

    The veterinary profession is at a crossroads. Rising costs, recruitment and retention challenges, as well as increasing emotional burnout are driving many vets to leave the profession. Meanwhile, pet owners are left struggling with tough decisions about how much care they can afford for their beloved animals.

    There are no easy answers. Teaching veterinary students how to offer treatment options that fit different budgets could help reduce the emotional burden on both vets and owners. Addressing vet retention through manageable working hours, supportive workplaces and fair salaries may also reduce pressures.

    Transparent pricing and educating owners about the real costs of pet care may help to enable more informed decisions. And giving vets a say in business and pricing decisions could help practices balance financial sustainability with compassionate animal care.

    Rachel Williams 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. Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt – https://theconversation.com/rising-vet-fees-leave-pet-owners-facing-tough-choices-and-vets-often-bear-the-brunt-241647

    MIL OSI – Global Reports –

  • MIL-OSI USA: October 28th, 2024 Heinrich, Luján, Leger Fernández Welcome Over $1 Million to Break Down Barriers to Home Ownership for New Mexicans Living With HIV/AIDS

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    SANTA FE, N.M. — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representative Teresa Leger Fernández (D-N.M.) welcomed $1,345,637 for the Santa Fe Housing Trust to provide more pathways to first-time home ownership to 2,050 New Mexicans living with HIV/AIDS. 

    This grant is funded through the U.S. Department of Housing and Urban Development’s Housing Opportunities for Persons With AIDS (HOPWA) Program. The HOPWA program is the only federal program dedicated to the housing needs of people living with HIV/AIDS and their families.

    During the domestic HIV/AIDS crisis, individuals surviving with HIV/AIDS faced barriers to employment and incurred expensive medical costs. This trend continues and disproportionately impact low-income individuals who are struggling to afford stable housing even before diagnosis and treatment. The financial and health vulnerabilities associated with HIV/AIDS often result in housing instability and homelessness. Research shows individuals living with HIV/AIDS who have a stable place to live have more positive health outcomes and spend less time in hospitals or emergency rooms.

    “We should be making it easier for all New Mexicans to become homeowners. Full stop,”said Heinrich. “This funding will break down barriers for individuals living with HIV/AIDS to become first-time home buyers, ensuring more folks have a safe and secure place to call home. I’ll keep fighting to increase our housing stock, bring down the cost of housing, and ensure all people in our state have a shot at achieving the dream of home ownership.”

    “No New Mexican should ever worry about whether they will have a safe place to sleep at night,” said Luján. “I’m proud to welcome more than $1.3 million in federal funding that will help allow New Mexicans living with HIV/AIDS to secure permanent, stable housing so they can focus on their health. I will continue to fight to expand housing options for all New Mexicans.”

    “Home is more than a roof you live under, it provides safety and stability,” said Leger Fernández. “As we work to tackle the home affordability crisis across the country, we must use all tools available to help. We know one of the biggest hurdles homebuyers face is saving up for a downpayment. This $1.3 million for the Santa Fe Housing Trust will provide funding for important services like down payment reduction assistance for first-time home buyers living with HIV/AIDS. I’ll continue to fight for funding that helps our communities through legislation like my Home of Your Own Act which would also help first time homebuyers with down payment assistance.”

    Background

    Heinrich, Luján, and Leger Fernández are tireless advocates for lowering housing costs, increasing housing supply, and expanding housing affordability and access for families in New Mexico.

    Through Heinrich’s role as a member of the Senate Appropriations Committee, particularly through his seat as Chairman of the Senate Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies, Heinrich has worked to deliver millions of dollars to New Mexico for renters and home buyers.

    Most recently, Heinrich secured Committee support for the following investments in Fiscal Year 2025 (FY25) Appropriations:

    In Heinrich’s Fiscal Year 2024 Agriculture Appropriations Bill, he secured $1.6 billion for rental assistance, an increase of $120 million over Fiscal Year 2023. Heinrich’s 2024 Appropriations Bill also provided for a pilot program that decoupled rental assistance from Multifamily Direct Loans, preventing thousands of low-income families from losing rental assistance.

    Additionally, Heinrich secured $1,100,000 through the Fiscal Year 2024 Appropriations process for Santa Fe Habitat for Humanity to develop land into a mixed-income development focused on building 25 to 30 housing units for working families. In total, Heinrich has secured $14,500,000 in Congressionally Directed Spending (CDS) for northern New Mexico to address the housing shortage.

    In May, Heinrich, Luján, Leger Fernández, and the N.M. Congressional Delegation welcomed $11.8 million from the U.S. Department of Housing to support public housing authorities build, renovate, and modernize public housing across New Mexico.

    In February, Heinrich, Luján, Leger Fernández, and the N.M. Congressional Delegation welcomed more than $16 million in federal funding from the U.S. Department of Housing and Urban Development’s (HUD) Continuum of Care program to support New Mexico projects that provide housing assistance and supportive services to people experiencing homelessness.

    Luján has also been a champion of expanding access to affordable housing for all New Mexicans. Earlier this year, Luján partnered with Heinrich to push for more funding for Tribal housing programs.

    Through Luján’s work on the Senate Committee on Health, Education, Labor and Pensions, Luján has also fought to secure critical support for individuals living with HIV/AIDS.

    Luján introduced the bipartisan Ryan White PrEP Availability Act, bipartisan legislation to increase flexibility for Ryan White HIV/AIDS Program clinics, which provide care and treatment for individuals living with HIV/AIDS.

    In the Fiscal Year 2023 (FY23) Appropriations package, Luján secured $300,000 to advance the goals of his Oral Health Literacy Act and support the Ryan White HIV/AIDS Program.

    Heinrich and Luján have also introduced a number of bills to tackle New Mexico’s housing crisis.

    Last month, Heinrich introduced the New Homes Tax Credit Act, legislation that would provide tax credits to incentivize new investments and additional resources for single-family home construction and renovations for working families. The bill would address the lack of housing inventory for individuals and families whose incomes are up to 120 percent of the area median income (AMI), particularly including in areas where middle-income families have historically been priced out. In Albuquerque, Santa Fe, and Las Cruces, New Mexico, for example, this added housing inventory would benefit families with annual incomes of up to $103,680, $109,800, and $78,960, respectively.

    At a recent roundtable conversation with local educators in Albuquerque, Heinrich announced his Educator Down Payment Assistance Act, legislation designed to help more educators and school staff in New Mexico purchase a home and keep teachers in the communities where they teach.  

    In March, Heinrich co-led the First-Time Homebuyer Tax Credit Act, legislation to support homeownership among lower- and middle-income Americans by establishing a refundable tax credit worth up to 10 percent of a home’s purchase price – up to a maximum of $15,000 – for first-time homebuyers. 

    Heinrich also cosponsored the Housing for All Act, comprehensive legislation to expand access to affordable housing in New Mexico and supporting those experiencing homelessness. The bill would invest in proven solutions and provide a historic level of federal funding for strategic, existing programs to keep people housed and reduce homelessness, as well as for innovative, locally developed solutions to help vulnerable populations experiencing homelessness.

    Last year, Heinrich introduced the Affordable Housing Credit Improvement Act, which would help build over 14,000 new affordable homes in New Mexico over the next decade, generating over $2.5 billion in wages and business income. The legislation would support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit, our country’s most successful affordable housing program.    

    Heinrich also introduced the Delivering Essential Protection, Opportunity, and Security for Tenants (DEPOSIT) Act, which would help an estimated 12,000 New Mexican families access rental housing through the Housing Choice Voucher Program to pay security deposits and get into a rental home. Luján is also a cosponsor of this bill.

    In January, as Chairman of the U.S. Joint Economic Committee (JEC), Heinrich released a report highlighting policy approaches to increasing housing supply in America. Heinrich also chaired a JEC hearing on the report. His full opening statement can be found here.

    Luján introduced the bipartisan Homes for Every Local Protector, Educator, and Responder Act of 2023 or the HELPER Act of 2023, legislation that would establish a new home loan program under the Federal Housing Administration (FHA) to make homeownership more accessible to teachers and first responders.

    Luján also introduced the bipartisan Reforming Disaster Recovery Act, legislation that would establish a community disaster assistance fund for housing.

    Additionally, Luján introduced bipartisan legislation to expand Native American housing programs that builds on successful Native American housing programs at the Department of Housing and Urban Development (HUD) authorized by the Native American Housing Assistance and Self-Determination Act (NAHASDA).

    Luján and Heinrich introduced the bipartisan Native American Rural Homeownership Improvement Act of 2021, legislation that would expand an existing U.S. Department of Agriculture (USDA) pilot program and deploy loans to eligible Native borrowers.

    MIL OSI USA News –

  • MIL-OSI Canada: Media Registration – Canadian and Korean defence and foreign ministers to meet in Ottawa

    Source: Government of Canada News

    October 28, 2024 – The Honourable, Mélanie Joly, Minister of Foreign Affairs, and The Honourable, Bill Blair, Minister of National Defence, will meet with Republic of Korea Foreign Minister Cho Tae-yul and Minister of National Defence Kim Yong-hyun to deepen our close cooperation and work together as strategic partners in the Indo-Pacific and North Pacific.

    October 28, 2024 – The Honourable, Mélanie Joly, Minister of Foreign Affairs, and The Honourable, Bill Blair, Minister of National Defence, will meet with Republic of Korea Foreign Minister Cho Tae-yul and Minister of National Defence Kim Yong-hyun to deepen our close cooperation and work together as strategic partners in the Indo-Pacific and North Pacific.

    Ahead of the bilateral meeting, the following will be open to media:

    WELCOMING CEREMONY

    Minister Blair and Minister Kim will participate in a welcoming ceremony, including an honour guard, at National Defence Headquarters.

    Date: Friday, November 1, 2024
    Time:     10:30 am EDT
    Place: National Defence Headquarters, 101 Colonel By Drive, Ottawa, ON, K1A 0K2

    Notes for media:

    1. Open coverage
    2. Media representatives who wish to attend the event must arrive before 10:15 am EDT.
    3. Media interested in participating should register with National Defence’s media relations office at mlo-blm@forces.gc.ca to confirm their attendance.

    MEDIA AVAILABILITY

    To conclude the day, meetings will be followed by a media availability with the Honourable, Mélanie Joly, Minister of Foreign Affairs, the Honourable, Bill Blair, Minister of National Defence, and with Republic of Korea Foreign Minister Cho Tae-yul and Minister of National Defence Kim Yong-hyun.

    Date: Friday, November 1, 2024
    Time:     2:45 pm – 3:00 pm EDT
    Place: Ottawa, Ontario

    Notes for media:

    1. Media representatives who wish to participate must register ahead of the event. Registration is open to journalists (print, radio, television, news agencies and online media) who are on assignment with a bona fide media organization. 
    2. Media representatives who wish to attend the event must arrive before 2:30 pm EDT.
    3. Media are asked to confirm their attendance by contacting media@international.gc.ca. The exact address will be shared following confirmation.

    Simon Lafortune
    Press Secretary and Communications Advisor
    Office of the Minister of National Defence
    Email: Simon.Lafortune2@forces.gc.ca

    Media Relations
    Department of National Defence
    Phone: 613-904-3333
    Email: mlo-blm@forces.gc.ca

    MIL OSI Canada News –

  • MIL-OSI: Red Cat to Supply FlightWave Edge 130 Blue Systems to Royal Australian Navy

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, Oct. 28, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced a new contract and order for 12 of its FlightWave Edge 130 Blue system from the Royal Australian Navy. The contract was secured through Criterion Solutions Pty Ltd., an Australian-based distributor of intelligence, surveillance, reconnaissance and information technology solutions.

    FlightWave, an industry-leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

    “Our mission is to equip warfighters around the globe with cutting-edge sUAS technology. The Edge 130 Blue, with its advanced long-range surveillance and reconnaissance capabilities, offers a significant advantage in maritime and other challenging environments,” stated Jeff Thompson, CEO of Red Cat. “We are excited to expand our partnership with the Australian defense forces through this initial tranche of Edge 130 units. Their investment in small ISR and precision strike drones is vital for enhancing security and stability in the Indo-Pacific region.”

    The Edge 130 Blue is a UAS-certified military-grade tricopter for long-range mapping, inspection, surveillance, and reconnaissance needs. Designed specifically for government and military applications, the Edge 130 Blue can be assembled and hand-launched in just one minute by a single user to capture high-accuracy aerial imagery with medium-range autonomy. Weighing in at only 1200g, the Edge has a 60+ minute flight time in forward mode, an industry-leading endurance among all other Blue UAS-approved drones available.

    Earlier this month, Red Cat introduced its ARACHNID™ family of unmanned intelligence, surveillance, and reconnaissance (ISR) and precision strike systems at AUSA 2024 Annual Meeting and Exposition in Washington D.C. As part of its ongoing innovation, Red Cat’s product roadmap includes TRICHON™, which will build upon the FlightWave Edge 130 Blue.

    About Red Cat, Inc.
    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    About FlightWave
    FlightWave Aerospace Systems Corporation is an industry leading manufacturer of dual-use VTOL drones, sensors and software solutions located in Santa Monica, CA. FlightWave designs and manufactures the Edge 130 VTOL drone and payload cameras for the commercial, defense, security, and intelligence markets. The fully-autonomous Edge 130 sUAS has the best flight endurance in the industry and with AI edge compute capabilities, provides superior aerial data capture to both the commercial and defense markets.

    Forward-Looking Statements 
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    The MIL Network –

  • MIL-Evening Report: What is AI superintelligence? Could it destroy humanity? And is it really almost here?

    Source: The Conversation (Au and NZ) – By Flora Salim, Professor, School of Computer Science and Engineering, inaugural Cisco Chair of Digital Transport & AI, UNSW Sydney

    Maxim Berg / Unsplash

    In 2014, the British philosopher Nick Bostrom published a book about the future of artificial intelligence (AI) with the ominous title Superintelligence: Paths, Dangers, Strategies. It proved highly influential in promoting the idea that advanced AI systems – “superintelligences” more capable than humans – might one day take over the world and destroy humanity.

    A decade later, OpenAI boss Sam Altman says superintelligence may only be “a few thousand days” away. A year ago, Altman’s OpenAI cofounder Ilya Sutskever set up a team within the company to focus on “safe superintelligence”, but he and his team have now raised a billion dollars to create a startup of their own to pursue this goal.

    What exactly are they talking about? Broadly speaking, superintelligence is anything more intelligent than humans. But unpacking what that might mean in practice can get a bit tricky.

    Different kinds of AI

    In my view the most useful way to think about different levels and kinds of intelligence in AI was developed by US computer scientist Meredith Ringel Morris and her colleagues at Google.

    Their framework lists six levels of AI performance: no AI, emerging, competent, expert, virtuoso and superhuman. It also makes an important distinction between narrow systems, which can carry out a small range of tasks, and more general systems.

    A narrow, no-AI system is something like a calculator. It carries out various mathematical tasks according to a set of explicitly programmed rules.

    There are already plenty of very successful narrow AI systems. Morris gives the Deep Blue chess program that famously defeated world champion Garry Kasparov way back in 1997 as an example of a virtuoso-level narrow AI system.

    Some narrow systems even have superhuman capabilities. One example is Alphafold, which uses machine learning to predict the structure of protein molecules, and whose creators won the Nobel Prize in Chemistry this year.

    What about general systems? This is software that can tackle a much wider range of tasks, including things like learning new skills.

    A general no-AI system might be something like Amazon’s Mechanical Turk: it can do a wide range of things, but it does them by asking real people.

    Overall, general AI systems are far less advanced than their narrow cousins. According to Morris, the state-of-the-art language models behind chatbots such as ChatGPT are general AI – but they are so far at the “emerging” level (meaning they are “equal to or somewhat better than an unskilled human”), and yet to reach “competent” (as good as 50% of skilled adults).

    So by this reckoning, we are still some distance from general superintelligence.

    How intelligent is AI right now?

    As Morris points out, precisely determining where any given system sits would depend on having reliable tests or benchmarks.

    Depending on our benchmarks, an image-generating system such as DALL-E might be at virtuoso level (because it can produce images 99% of humans could not draw or paint), or it might be emerging (because it produces errors no human would, such as mutant hands and impossible objects).

    There is significant debate even about the capabilities of current systems. One notable 2023 paper argued GPT-4 showed “sparks of artificial general intelligence”.

    OpenAI says its latest language model, o1, can “perform complex reasoning” and “rivals the performance of human experts” on many benchmarks.

    However, a recent paper from Apple researchers found o1 and many other language models have significant trouble solving genuine mathematical reasoning problems. Their experiments show the outputs of these models seem to resemble sophisticated pattern-matching rather than true advanced reasoning. This indicates superintelligence is not as imminent as many have suggested.

    Will AI keep getting smarter?

    Some people think the rapid pace of AI progress over the past few years will continue or even accelerate. Tech companies are investing hundreds of billions of dollars in AI hardware and capabilities, so this doesn’t seem impossible.

    If this happens, we may indeed see general superintelligence within the “few thousand days” proposed by Sam Altman (that’s a decade or so in less scifi terms). Sutskever and his team mentioned a similar timeframe in their superalignment article.

    Many recent successes in AI have come from the application of a technique called “deep learning”, which, in simplistic terms, finds associative patterns in gigantic collections of data. Indeed, this year’s Nobel Prize in Physics has been awarded to John Hopfield and also the “Godfather of AI” Geoffrey Hinton, for their invention of Hopfield Networks and Boltzmann machine, which are the foundation for many powerful deep learning models used today.

    General systems such as ChatGPT have relied on data generated by humans, much of it in the form of text from books and websites. Improvements in their capabilities have largely come from increasing the scale of the systems and the amount of data on which they are trained.

    However, there may not be enough human-generated data to take this process much further (although efforts to use data more efficiently, generate synthetic data, and improve transfer of skills between different domains may bring improvements). Even if there were enough data, some researchers say language models such as ChatGPT are fundamentally incapable of reaching what Morris would call general competence.

    One recent paper has suggested an essential feature of superintelligence would be open-endedness, at least from a human perspective. It would need to be able to continuously generate outputs that a human observer would regard as novel and be able to learn from.

    Existing foundation models are not trained in an open-ended way, and existing open-ended systems are quite narrow. This paper also highlights how either novelty or learnability alone is not enough. A new type of open-ended foundation model is needed to achieve superintelligence.

    What are the risks?

    So what does all this mean for the risks of AI? In the short term, at least, we don’t need to worry about superintelligent AI taking over the world.

    But that’s not to say AI doesn’t present risks. Again, Morris and co have thought this through: as AI systems gain great capability, they may also gain greater autonomy. Different levels of capability and autonomy present different risks.

    For example, when AI systems have little autonomy and people use them as a kind of consultant – when we ask ChatGPT to summarise documents, say, or let the YouTube algorithm shape our viewing habits – we might face a risk of over-trusting or over-relying on them.

    In the meantime, Morris points out other risks to watch out for as AI systems become more capable, ranging from people forming parasocial relationships with AI systems to mass job displacement and society-wide ennui.

    What’s next?

    Let’s suppose we do one day have superintelligent, fully autonomous AI agents. Will we then face the risk they could concentrate power or act against human interests?

    Not necessarily. Autonomy and control can go hand in hand. A system can be highly automated, yet provide a high level of human control.

    Like many in the AI research community, I believe safe superintelligence is feasible. However, building it will be a complex and multidisciplinary task, and researchers will have to tread unbeaten paths to get there.

    Flora Salim receives funding from Australian Research Council and Cisco. She acknowledges the support from the ARC Centre of Excellence for Automated Decision-Making and Society (ADM+S) (CE200100005).

    – ref. What is AI superintelligence? Could it destroy humanity? And is it really almost here? – https://theconversation.com/what-is-ai-superintelligence-could-it-destroy-humanity-and-is-it-really-almost-here-240682

    MIL OSI Analysis – EveningReport.nz –