Category: Asia

  • MIL-OSI USA: National Press Club

    Source: US Department of Veterans Affairs

    Good morning. Emily Wilkins, thanks for that kind introduction, and for leading this important organization. Let me recognize the Press Club’s American Legion Post and its commander, Tom Young, and all the Veterans Service Organizations represented here. Veterans Service Organizations are critical to helping us serve Vets, their family members, caregivers, and survivors.

    I want to thank all the journalists who served our country in uniform. Journalists like Thomas Gibbons-Neff, a Marine combat Vet and the son of a combat Vet, who writes powerfully now about the ongoing conflict in Ukraine. I’ve been particularly struck by his writing on the end of America’s deployments to and withdrawal from Afghanistan.

    While I want to be careful here as a non-Veteran myself, it struck me that his writing brought to life the painful experiences that thousands of his fellow Afghanistan Vets wrestle with to this day. Navy Veteran Zack Baddorf, founder of the group Military Veterans in Journalism, is helping ensure more Vets go into journalism, a vocation that is so important to our democracy that Vets have sacrificed everything to protect it.

    Zach’s getting more Vets into newsrooms around the country—improving coverage of Veterans issues and increasing trust in the media. To Thomas and Zack, to all Veteran journalists, and to all journalists—thank you.

    Veterans Day is around the corner, so now’s a good time to begin preparing our hearts and minds for that celebration—remembering, recognizing, and thanking all those men and women who have fought our nation’s wars and defended us during periods of restless peace. But our profound gratitude to Veterans goes beyond Veterans Day, because Vets continue serving this country long after they take off their uniforms.

    They’ve dedicated themselves to building an America that is stronger, freer, fairer for each new generation, that more perfect Union we all seek. Anchored by their commitment to service over self, they continue serving this country, always looking out for one another, with their enduring sense of duty, valor, and love of country. Veterans set the highest example of what it means to be an American citizen. So, at VA, we strive to serve Vets every bit as well as they served—and continue to serve—all of us. Veterans Day is a time to renew that commitment, renew what President Biden calls our country’s one truly sacred obligation—to prepare those we send into harm’s way, and to care for them and their families when they come home.

    Now, when I first spoke to the Press Club four years ago, the country was in a historic public health emergency, and VA’s employees were risking their lives to save the lives of Veterans. Despite those challenges, I told you that VA public servants were breaking all-time records, providing more care and more benefits to more Vets than ever before. And each year, I’ve come back here with a similar report. This year is no different. By nearly every metric, VA’s smashing records we set last year. That’s even more care, more benefits, to more Vets. And it’s not just more care. It’s better, world-class care, and it’s better health outcomes for Veterans than in the private sector. It’s not just more benefits, it’s faster, more accessible benefits we’re delivering by meeting Vets where they are rather than expecting them to come to us. And it’s not just more Vets, its more Vets trusting VA at rates higher than ever before. President Biden, a military family member and the surviving father of combat Veteran Major Beau Biden, has been unrelenting—and forcefully demanding—in his advocacy for Veterans and their families. He has spent his entire career fighting like hell for Vets, just as he charged me and my VA teammates to do four years ago. Under President Biden’s leadership, VA has been made into something different—something new.

    Nowhere has that been more evident than with President Biden’s toxic exposure law—the PACT Act. Because of that law, more than 5.8 million Vets have been screened for toxic exposures. More than 740,000 have enrolled in VA care. And more than 1.1 million Veterans and 11,000 survivors are receiving benefits. The toxic exposure legislation called for a phased-in approach, getting Vets access to care and benefits as late, in some cases, as 2032. But President Biden made it clear that timeline wasn’t fast enough for one simple reason—for too long, too many Vets were exposed to harmful substances and waited decades for help. So, he directed us to accelerate implementation so all eligible Vets and their survivors got the care and benefits they deserve—as quickly as possible.  

    And that has been life-changing for so many families.

    We can measure President Biden’s record-breaking work on behalf of Veterans—on ending Veteran homelessness, on removing barriers to mental health care, on getting Vets in crisis the support they need when they need it, and more. In fact, you probably saw the press release we put out this morning detailing all of VA’s record-breaking accomplishments over the course of the past year. But we can never put a value on the countless miracles that have improved and made Veterans lives better. Numbers and statistics can’t adequately describe the impact. Dollars and data can’t ever really begin to capture and communicate the values, the personalities, the humanity of the Veterans we have the honor of serving. So, as I prepared for today’s speech, I thought, maybe those are the very things we need to talk about. Let me tell you three stories that demonstrate the impact and importance of the work we do, together.

    I’ll start with Angela Bell. I met Angela in Hampton, Virginia last month. Angela is one of the most generous and courageous people I’ve ever met. She lost her son, Sean, and has turned her grief into action. Let me tell you a little bit about Sean. Sean knew he wanted to join the military since he was a kid. He was so determined to enlist after graduating high school that at 17 years old he got his dad to sign the parental consent paperwork. And Sean served all over America—Georgia, North Carolina, California—served all over the world, Korea, Afghanistan, Iraq. He married and had a son, Giovanni.

    He earned his Bachelor’s degree. He earned a Master’s. He earned a second Master’s and was working on his Ph.D.—he liked to tease his mom, telling her she’d have to start calling him Dr. Bell. Sean was the kind of guy who’d invite other Soldiers over to Angela’s house for Thanksgiving because they had nowhere else to go. He’d ask his mom to send him extra care packages while he was on deployment, not for himself, but to share with his brothers- and sisters-in-arms who didn’t get anything from back home. He’s an example of the selfless Vet I was talking about a few minutes ago.

    Well, after Sean came back from his second deployment to Central Command, Angela started noticing some changes. Every time firecrackers went off, he’d jump. Being in traffic was overwhelming, anxious about other vehicles around him. He was enduring some personal problems, family health issues and more. When Angela tried to get Sean help, he refused, worried about losing his clearance. Sean had served in the Army for 20 years. And just a few weeks before his retirement in 2021, he died by suicide.

    Now, I’ve spoken at many events focused on VA’s and our partners’ work to end Veteran suicide. I’ve explained that ending Veteran suicide is our number one clinical priority at VA. I’ve talked about resourcing and about people and organizations singularly devoted to end Veteran suicide. I’ve talked about data and processes and what we’re doing to try to make a real, substantial difference—promising initiatives. And I’ve shared story after story about Veterans not just surviving, but getting the mental health care they need and thriving. Yet, none of that will bring Sean back or heal his family’s heartbreak. None of that gets to the enormous tragedy of Veteran suicide or gets to the powerful, painful emotions.

    So, here’s why I’m telling Sean’s story, Angela’s story. Angela’s doing everything she can do so other families don’t suffer the same devastation when she lost Sean, when this country lost Sean. “I try to be the face of [those] who [were] left behind,” Angela says. “I’m so passionate about telling his story because if it helps one person, whether I know it or not, then I’m doing what I’m supposed to do.” She said, “People tell me I’m so strong. I’m not. I’m a mom, advocating and fighting for my kid.” Angela’s the President of the Hampton Roads Chapter of American Gold Star Mothers, and she often speaks on our work to end Veteran suicide. Thanksgiving was Sean and Angela’s favorite holiday.  And in his memory, Angela hosts an annual Thanksgiving meal and invites servicemembers, Veterans, and their families to join her. The gathering quickly outgrew her dinner table, and then got too big for her home. This year, Angela’s renting a dining hall to host dozens of families from the military community to share a warm Thanksgiving meal together. The community she’s built has helped Angela heal. And she heals by helping others, so they’re not alone, and so they know there is always, always hope. Those are the kind of people we have the incredible privilege and honor to serve at VA.

    But we have so much work to do to keep our promise to Vets. That leads me to my next story. It was almost exactly 23 years ago—October 5th, 2001—when the first US forces arrived at the Karshi-Khanabad air base in Uzbekistan, a former Soviet base known as “K2.” K2 Veterans were among the first to deploy after the September 11th terrorist attacks, bravely conducting and supporting combat missions against al-Qaeda and the Taliban in Afghanistan. They went to a place at K2 that Veterans often describe as a “toxic soup” of exposures, a place unlike other operating bases occupied by American forces. A place that jeopardized their immediate and long-term health. Colonel Gordon Peters vividly describes what he says was a “chemical odor so intense that it seemed as if someone could light a match and the entire area would ignite.” Some K2 Vets returned home and developed disabling illnesses and conditions. Their service is heroic.

    Mindful of the passage of time since their heroic service, we’ve moved aggressively to care for K2 Vets since the PACT Act was passed in 2022.

    • First, we eliminated the PACT Act phase-in period for presumptive benefits—making all K2 Vets immediately eligible for more than 300 presumptive conditions.
    • Second, earlier this year, we made all K2 Veterans eligible for VA health care, whether or not they’ve filed a benefits claim with VA.
    • Third, after consulting with K2 Vets this summer, we’ve begun rulemaking to make chronic multi-symptom illness—also known as Gulf War Illness—a presumptive condition for K2 Veterans, fixing a gap in the PACT Act.
    • Fourth, for every K2 claim, we’ve made sure the unique toxic exposures at K2—that toxic soup—is taken into account, and each new K2 claim gets reviewed a second time before VA reaches a final decision.
    • And fifth, we’ve reached out to every known living K2 Veteran to encourage them to come to us for the care and benefits they deserve.

    All of that work has been driven by Veteran and survivor advocates, reporters like you, and a tireless VA team working on toxic exposures, some of the best toxic exposure researchers, scientists, and epidemiologists in the world. Because of that hard work,

    13,000 of the 16,000 K2 Vets are enrolled in VA healthcare, nearly 12,000 are service-connected for at least one condition, receiving an average of $30,000 a year in earned benefits. All told, K2 Vets now have higher claim and approval rates than any other cohort of Veterans.

    But we have more work to do to get this right. Some K2 Vets still understandably feel overlooked, because they’ve waited for 23 long years to see their uniquely dangerous service recognized. We still have to do better and be better, for those K2 Vets. That’s why, today, I’m proud to announce that VA will begin rulemaking to add bladder, ureter, and other genitourinary—or GU cancers—as new presumptive conditions for K2 Vets and all eligible toxic-exposed Vets. And we aren’t stopping there.

    Next week, we will complete the scientific review of multiple myeloma and leukemias. The preliminary findings are promising and suggest that VA will be able to make those conditions presumptive for K2 Veterans and all eligible Veterans. And once the final results are in, VA will look to extend that presumption to all biologically linked blood cancers. This may include polycethemia vera—or P. Vera—a condition identified by K2 Vets. We will do so based on biological science and on the results of a PACT Act presumptive process, without requiring Vets to wait for VA to complete additional studies. And moving forward, I am committed to establishing service connection for any rare condition found in K2 Vets which has a plausible biological link to the toxic soup we know and acknowledge was present at K2.

    Because we are a new VA. One that works with Veterans for Veterans. And one that delivers outcomes for Veterans. We will no longer take decades to consider new presumptive conditions, but will instead use the tools provided by the PACT Act as quickly as possible to proactively establish service connections whenever the evidence supports it. We put that promise into action in 2021 when the President directed us to work on a Central Command burn pit presumption, nearly two years before passage of the PACT Act. We put it into action in 2022 when we established service connection for asthma, sinusitis, rhinitis, and rare respiratory cancers—again today with GU cancers and soon for multiple myeloma and blood cancers. We’ll continue proving that we’re a new VA by using the expedited PACT Act process to look further into that toxic soup at K2. The President considers this unfinished business—and expects VA to establish a presumption of service connection for every condition associated with deployment to K2 – and we’re committed to doing so.

    We have to keep listening to K2 Vets and all Vets. We have to keep fighting like hell for them. So, thank you to the Vets, advocates, and journalists who have been instrumental in highlighting the heroes who served at K2. You make us better by holding us accountable. We are proud of our accomplishments, these outcomes for Veterans. But we are candid when we come up short—candid with ourselves, with you, with Vets, with Congress, and with the American people. America’s Vets deserve our very best, and we’ll never settle for anything less. Hold us to it.

    Third and finally—let me talk about VA’s people—your public servants—who are keeping our country’s sacred obligation to Vets. They are the best, most compassionate, highest-performing, and most dedicated workforce in the federal government—in the entire country—folks who want to make real differences in the lives of Veterans. I’m proud and I’m privileged to be on their team.

    I’m reminded of that every single day, but it was driven home most profoundly when I was surveying Hurricane Helene’s destruction in Asheville, North Carolina. For over a month now, the Asheville VA, the VISN 6 leadership team, and their incident command team have been working around the clock, tirelessly, to support Vets and staff impacted by the storm. Asheville VA’s food service employees and the Veterans Canteen Service disaster response team loaded up two tons of food and served 17,000 meals in the first week of recovery efforts, a source of great comfort in the aftermath of the crisis.

    Their Volunteer Services have collected thousands of donations from fellow VA employees. And our chaplains have been holding candlelight vigils, a space for Veterans and VA staff to be together … supporting and comforting one another during this tragedy.

    In the hardest hit areas across Western North Carolina, we identified over 2,600 at-risk Vets, Vets undergoing chemotherapy, with spinal cord injuries, requiring oxygen, and other support. We couldn’t call many of them because phones were out—cell phones and landlines—so right after the hurricane, VA teams went out to check on unaccounted Vets in-person. They achieved 100% accountability for all at-risk Vets in their care. Given the devastation in those communities, that is an amazing accomplishment. And they continue reaching out to Veterans in the area to make sure they have everything they need.

    For VA nurses Melissa Mehaffey and Lisa Sellers, taking care of Vets in this crisis is their duty and it’s also about holding tight to hope. Lisa and Melissa have been a pair since starting at VA on the same day ten years ago. They’re Haywood County natives and came to work at VA because they have family members who are Vets. “Here,” Melissa says, “it’s all about the Veteran. The heart of our system is with our patients.”

    “When we got a name, we knew—those are our people,” Melissa said. “We’re going to find them, figure out what they need, and help them. We’re going to make sure they are ok.” She says, “Going out there and taking care of our people … this was our tiny piece of hope.” One of the Vets they checked on had been without power, and no one could reach him by phone. He wrote us a letter. “No one but VA,” he said, “No one but VA would do something like that … in that moment there was a human connection that no other healthcare system would have even thought of.”

    Army Veteran and VA employee Corey Anderson feels the same way. Corey was deployed to Kuwait and Iraq from 2005 to 2007, and the devastation he saw in Asheville reminded him of war zones. Corey went to check on one rural Veteran, drove until the road was gone, washed away. So what did Corey do? He parked his car in the middle of the road and hiked the rest of the way. He climbed up the mountainside with a pack full of supplies for the Veterans’ upcoming medical procedure. Corey says, “Doing this work means the world to me. I’m a Veteran. My dad, mom, sister, and so much of my family is made up of Veterans. It just means the world to me to do my part.” Veterans helping Veterans, there is nothing better. VA’s employees across the Southeast and Appalachia—people like Melissa, like Lisa and Corey—worked long hours through two devastating hurricanes, some working multiple shifts or staying overnight at the hospital. They risked their own lives to serve Veterans. Because whether we’re in times of calm or chaos, VA’s public servants always mobilize around one core mission—saving and improving Veterans’ lives. And right now there are Veterans at home, with their families—happy, safe, and healthy—because of them. I am incredibly grateful to each and every one of them.

    Now, our mission at VA is far from over. There are huge challenges ahead. And as we look to the future, we’re going to continue to do better for Vets. We’re going to continue to be better for Vets. This future at VA isn’t because of me. In fact, I had asked that this new VA be represented here today at the Press Club by the best face of this new VA: our Deputy Secretary, a combat Veteran, the daughter and granddaughter of combat Veterans, someone who gets her care at VA, and someone who is part of the fastest growing cadre of Veterans at VA: women. The VA is new and more effective because of the Veterans, their families, caregivers, and survivors we are so blessed to serve—and because of Veterans like Tanya Bradsher who serve their fellow Veterans.

    This future is because of the 450,000 VA employees in your communities and neighborhoods across the country who keep Vets at the heart of their care. And it’s because of partners like you, too.

    I’ll close with a final word to the Vets watching today. Your honorable service in uniform sets the example for the rest of the country. You’re the keepers of our national ethos—that deep and abiding sense of purpose you learned in serving, your camaraderie and your care for each other, your sense of teamwork that made you stronger, together—in combat and, now, in your communities. That’s exactly what we need, what this country needs. Your examples are something that all of us can learn from. So, again, to all Veterans—those of you here today and those watching, thank you for everything. And to the Press Club, my thanks for all that you do holding us accountable to Vets, and telling their stories in the powerful ways that you do. God bless you all. And God bless our nation’s servicemembers, our Veterans, their families, caregivers, and survivors. With that, Emily, let’s go to questions.

    MIL OSI USA News

  • MIL-OSI USA: NASA Helps Find Thawing Permafrost Adds to Near-Term Global Warming

    Source: NASA

    Earth’s far northern reaches have locked carbon underground for millennia. New research paints a picture of a landscape in change.
    A new study, co-authored by NASA scientists, details where and how greenhouse gases are escaping from the Earth’s vast northern permafrost region as the Arctic warms. The frozen soils encircling the Arctic from Alaska to Canada to Siberia store twice as much carbon as currently resides in the atmosphere — hundreds of billions of tons — and most of it has been buried for centuries.
    An international team, led by researchers at Stockholm University, found that from 2000 to 2020, carbon dioxide uptake by the land was largely offset by emissions from it. Overall, they concluded that the region has been a net contributor to global warming in recent decades in large part because of another greenhouse gas, methane, that is shorter-lived but traps significantly more heat per molecule than carbon dioxide.

    The findings reveal a landscape in flux, said Abhishek Chatterjee, a co-author and scientist at NASA’s Jet Propulsion Laboratory in Southern California. “We know that the permafrost region has captured and stored carbon for tens of thousands of years,” he said. “But what we are finding now is that climate-driven changes are tipping the balance toward permafrost being a net source of greenhouse gas emissions.”
    Carbon Stockpile
    Permafrost is ground that has been permanently frozen for anywhere from two years to hundreds of thousands of years. A core of it reveals thick layers of icy soils enriched with dead plant and animal matter that can be dated using radiocarbon and other techniques. When permafrost thaws and decomposes, microbes feed on this organic carbon, releasing some of it as greenhouse gases.
    Unlocking a fraction of the carbon stored in permafrost could further fuel climate change. Temperatures in the Arctic are already warming two to four times faster than the global average, and scientists are learning how thawing permafrost is shifting the region from being a net sink for greenhouse gases to becoming a net source of warming.
    They’ve tracked emissions using ground-based instruments, aircraft, and satellites. One such campaign, NASA’s Arctic-Boreal Vulnerability Experiment (ABoVE), is focused on Alaska and western Canada. Yet locating and measuring emissions across the far northern fringes of Earth remains challenging. One obstacle is the vast scale and diversity of the environment, composed of evergreen forests, sprawling tundra, and waterways.

    Cracks in the Sink
    The new study was undertaken as part of the Global Carbon Project’s RECCAP-2 effort, which brings together different science teams, tools, and datasets to assess regional carbon balances every few years. The authors followed the trail of three greenhouse gases — carbon dioxide, methane, and nitrous oxide — across 7 million square miles (18 million square kilometers) of permafrost terrain from 2000 to 2020.
    Researchers found the region, especially the forests, took up a fraction more carbon dioxide than it released. This uptake was largely offset by carbon dioxide emitted from lakes and rivers, as well as from fires that burned both forest and tundra.
    They also found that the region’s lakes and wetlands were strong sources of methane during those two decades. Their waterlogged soils are low in oxygen while containing large volumes of dead vegetation and animal matter — ripe conditions for hungry microbes. Compared to carbon dioxide, methane can drive significant climate warming in short timescales before breaking down relatively quickly. Methane’s lifespan in the atmosphere is about 10 years, whereas carbon dioxide can last hundreds of years.
    The findings suggest the net change in greenhouse gases helped warm the planet over the 20-year period. But over a 100-year period, emissions and absorptions would mostly cancel each other out. In other words, the region teeters from carbon source to weak sink. The authors noted that events such as extreme wildfires and heat waves are major sources of uncertainty when projecting into the future.
    Bottom Up, Top Down
    The scientists used two main strategies to tally greenhouse gas emissions from the region. “Bottom-up” methods estimate emissions from ground- and air-based measurements and ecosystem models. Top-down methods use atmospheric measurements taken directly from satellite sensors, including those on NASA’s Orbiting Carbon Observatory-2 (OCO-2) and JAXA’s (Japan Aerospace Exploration Agency)Greenhouse Gases Observing Satellite.
    Regarding near-term, 20-year, global warming potential, both scientific approaches aligned on the big picture but differed in magnitude: The bottom-up calculations indicated significantly more warming.
    “This study is one of the first where we are able to integrate different methods and datasets to put together this very comprehensive greenhouse gas budget into one report,” Chatterjee said. “It reveals a very complex picture.”
    News Media Contacts
    Jane J. Lee / Andrew WangJet Propulsion Laboratory, Pasadena, Calif.818-354-0307 / 626-379-6874jane.j.lee@jpl.nasa.gov / andrew.wang@jpl.nasa.gov
    Written by Sally Younger
    2024-147

    MIL OSI USA News

  • MIL-OSI: Celona Supercharges Global Channel Program to Meet Surging Private 5G Demand

    Source: GlobeNewswire (MIL-OSI)

    CAMPBELL, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Celona, a pioneer in private 5G networks, today announced the Celona Frequency Partner Program – a significant expansion of its global channel program that introduces new tiers, training and marketing resources, and a global partnership agreement with TD SYNNEX to enable resellers and managed service providers and their customers in the rapidly-growing private 5G market. This expansion is in support of the significant uptick in global adoption of Celona’s 5G LAN solution by enterprises seeking to securely modernize their wireless infrastructure.

    Since launching its channel program in 2022, Celona has grown its channel network to more than 150 partners globally, with new partners signing up at a regular cadence. The company has gained significant worldwide momentum, partnering with global system integrators like NTT DATA ,Capgemini and Tech Mahindra. In Europe, Celona has partnered with companies such as Alcadis, Alternetivo, Clarus Networks, Telonic and Xantaro. The company also has expanded into China through partnerships with Xingtera, CBN, and Inspur. Additionally, Celona has established key relationships in Korea (Rhodos Consulting Group), Japan (Sojitz Tech-Innovation), Saudi Arabia (stc), and LatAm (Axity, Indeplo, and Inpro Telecom).

    Celona also today announced Aerloc, a new suite of advanced security capabilities that provide the next generation of private 5G wireless network security for Industry 4.0. New capabilities include extended SIM-based authentication for unified zero trust enforcement, dynamic and distributed policy enforcement, and air-gapping between IT and OT traffic running on a common private 5G network, enabled by Celona MicroSlicing ™. For more information, see the announcement here.

    “Celona’s expanded partner program comes at a pivotal time, as enterprise demand for private 5G is accelerating rapidly,” said Joel Mora, Senior Global Account Manager, GDT. “The new tiered structure, advanced training resources, and global distribution will be significant in helping us deliver cutting-edge private wireless solutions to our customers. Deepening our partnership with Celona will bring the transformative power of 5G LANs to organizations across industries.”

    “The private 5G market is experiencing explosive growth, making Celona’s innovative 5G LAN solution an essential addition to our comprehensive portfolio of vendor solutions,” said Cheryl Day, SVP of New Vendor Acquisition and Global Solutions at TD SYNNEX. “Our relationship with Celona will enable our vast network of partners to offer new solutions and value-added services to enterprises worldwide. We’re excited to play a pivotal role in accelerating the adoption of private 5G across industries to help organizations unlock new levels of performance, reliability, and security in their network infrastructure.”

    Key enhancements to the Celona Frequency Partner Program include:

    • New tiered structure with increased benefits for top-performing partners
    • Formal sales and technical certification programs
    • Expanded training and enablement resources
    • Global distribution agreement with TD SYNNEX

    The tiered program offers partners a clear path to unlock additional benefits such as joint marketing and dedicated resources as they grow their Celona business. New training programs will enable partners to develop in-house private 5G expertise. The program also gives Celona customers broader access to Celona’s technology through trusted local partners. Enterprises can now standardize on the Celona 5G LAN globally, with consistent support across regions.

    “The phenomenal growth of our partner ecosystem reflects the rapidly growing demand we’re seeing for enterprise private 5G,” said Rob Mustarde, SVP Worldwide Sales, Celona. “With this expanded Celona Frequency program, we’re enabling our partners to accelerate their business opportunities in this developing market. Together we’re advancing a new era of enterprise networking that is fundamentally transforming how businesses operate.”

    The Celona Frequency Partner Program is available immediately to new and existing partners. For more information, visit celona.io/partnerprograms.

    About Celona
    Based in Silicon Valley, Celona is a pioneer and leading innovator of enterprise private wireless solutions. The company developed the industry’s first 5G LAN system, a turnkey private 5G solution that enables enterprises to address their growing needs for secure and reliable wireless connectivity for critical business applications. Celona 5G LAN has been deployed by a wide range of global customers across industries. To date, the company has raised over $135 million in venture funding from Lightspeed Venture Partners, Norwest Venture Partners, NTT Ventures, Cervin Ventures, DigitalBridge and Qualcomm Ventures. For more information, please visit celona.io.

    Media contact:
    Janet Brumfield
    Mindshare PR for Celona
    janet@mindsharepr.com
    614-582-9636

    The MIL Network

  • MIL-OSI Global: Brics+ could shape a new world order, but it lacks shared values and a unified identity

    Source: The Conversation – Africa – By Anthoni van Nieuwkerk, Professor of International and Diplomacy Studies, Thabo Mbeki African School of Public and International Affairs, University of South Africa

    The last two summits of Brics countries have raised questions about the coalition’s identity and purpose. This began to come into focus at the summit hosted by South Africa in 2023, and more acutely at the recent 2024 summit in Kazan, Russia.

    At both events the alliance undertook to expand its membership. In 2023, the first five Brics members – Brazil, Russia, India, China and South Africa – invited Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates to join. All bar Saudi Arabia have now done so. The 2024 summit pledged to admit 13 more, perhaps as associates or “partner countries”.

    On paper, the nine-member Brics+ strikes a powerful pose. It has a combined population of about 3.5 billion, or 45% of the world’s people. Combined, its economies are worth more than US$28.5 trillion – about 28% of the global economy. With Iran, Saudi Arabia and the UAE as members, Brics+ produces about 44% of the world’s crude oil.

    Based on my research and policy advice to African foreign policy decision-makers, I would argue that there are three possible interpretations of the purpose of Brics+.

    • A club of self-interested members – a kind of global south cooperative. What I’d label as a self-help organisation.

    • A reforming bloc with a more ambitious goal of improving the workings of the current global order.

    • A disrupter, preparing to replace the western-dominated liberal world order.

    Analysing the commitments that were made at the meeting in Russia, I would argue that Brics+ sees itself more as a self-interested reformer. It represents the thinking among global south leaders about the nature of global order, and the possibilities of shaping a new order. This, as the world moves away from the financially dominant, yet declining western order (in terms of moral influence) led by the US. The move is to a multipolar order in which the east plays a leading role.




    Read more:
    Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time


    However, the ability of Brics+ to exploit such possibilities is constrained by its make-up and internal inconsistencies. These include a contested identity, incongruous values and lack of resources to convert political commitments into actionable plans.

    Summit outcomes

    The trend towards closer trade and financial cooperation and coordination stands out as a major achievement of the Kazan summit. Other achievements pertain to global governance and counter-terrorism.

    When it comes to trade and finance, the final communiqué said the following had been agreed:

    • adoption of local currencies in trade and financial transactions. The Kazan Declaration notes the benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments. The guiding principle would be minimal trade barriers and non-discriminatory access.

    • establishment of a cross-border payment system. The declaration encourages correspondent banking networks within Brics, and enabling settlements in local currencies in line with the Brics Cross-Border Payments Initiative. This is voluntary and nonbinding and is to be discussed further.

    • creation of an enhanced roles for the New Development Bank, such as promoting infrastructure and sustainable development.

    • a proposed Brics Grain Exchange, to improve food security through enhanced trade in agricultural commodities.

    All nine Brics+ countries committed themselves to the principles of the UN Charter – peace and security, human rights, the rule of law, and development – primarily as a response to the western unilateral sanctions.




    Read more:
    South Africa walks a tightrope of international alliances – it needs Russia, China and the west


    The summit emphasised that dialogue and diplomacy should prevail over conflict in, among other places, the Middle East, Sudan, Haiti and Afghanistan.

    Faultlines and tensions

    Despite the positive tone of the Kazan declaration, there are serious structural fault lines and tensions inherent in the architecture and behaviour of Brics+. These might limit its ambitions to be a meaningful change agent.

    The members don’t even agree on the definition of Brics+. President Cyril Ramaphosa of South Africa calls it a platform. Others talk of a group (Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi) or a family (Chinese foreign ministry spokesperson Lin Jianan).

    So what could it be?

    Brics+ is state-driven – with civil society on the margins. It reminds one of the African Union, which pays lip service to citizens’ engagement in decision-making.

    One possibility is that it will evolve into an intergovernmental organisation with a constitution that sets up its agencies, functions and purposes. Examples include the World Health Organization, the African Development Bank and the UN general assembly.

    But it would need to cohere around shared values. What would they be?

    Critics point out that Brics+ consists of democracies (South Africa, Brazil, India), a theocracy (Iran), monarchies (UAE, Saudi Arabia) and authoritarian dictatorships (China, Russia). For South Africa this creates a domestic headache. At the Kazan summit, its president declared Russia a friend and ally. At home, its coalition partner in the government of national unity, the Democratic Alliance, declared Ukraine as a friend and ally.




    Read more:
    When two elephants fight: how the global south uses non-alignment to avoid great power rivalries


    There are also marked differences over issues such as the reform of the United Nations. For example, at the recent UN Summit of the Future the consensus was for reform of the UN security council. But will China and Russia, as permanent security council members, agree to more seats, with veto rights, on the council?

    As for violent conflict, humanitarian crises, corruption and crime, there is little from the Kazan summit that suggests agreement around action.

    Unity of purpose

    What about shared interests? A number of Brics+ members and the partner countries maintain close trade ties with the west, which regards Russia and Iran as enemies and China as a global threat.

    Some, such as India and South Africa, use the foreign policy notions of strategic ambiguity or active non-alignment to mask the reality of trading with east, west, north and south.

    The harsh truth of international relations is there are no permanent friends or enemies, only permanent interests. The Brics+ alliance will most likely cohere as a global south co-operative, with an innovative self-help agenda, but be reluctant to overturn the current global order from which it desires to benefit more equitably.

    Trade-offs and compromises might be necessary to ensure “unity of purpose”. It’s not clear that this loose alliance is close to being able to achieve that.

    Anthoni van Nieuwkerk 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. Brics+ could shape a new world order, but it lacks shared values and a unified identity – https://theconversation.com/brics-could-shape-a-new-world-order-but-it-lacks-shared-values-and-a-unified-identity-242308

    MIL OSI – Global Reports

  • MIL-OSI Global: Autocrats and cities: how capitals have become a battleground for protest and control

    Source: The Conversation – Africa – By David Jackman, Departmental Lecturer in Development Studies, University of Oxford

    Prime Minister Sheikh Hasina, the world’s longest reigning female political leader, fled Bangladesh on 5 August 2024 for the safety of India. Meanwhile, hundreds of thousands of protesters descended on Bangladesh’s capital city, Dhaka. The crowds ransacked her official residence, occupied the nation’s parliament and burnt down her family home.

    Hasina, who had ruled the country for more than 20 years in total, had been widely accused of turning autocratic and clamping down severely on any opposition to her rule.

    For many, the Bangladesh revolution offers hope in the context of growing global authoritarianism. It illustrates the power of the youth to confront entrenched leaders, and the fragility of authoritarianism. It also highlights a striking feature of contemporary global politics: how central capital cities are to the political life of nations.

    In our new book, Controlling the Capital: Political Dominance in the Urbanizing World, a diverse range of scholars argue that capital cities are crucial political sites. They’re where governing elites seek to assert and maintain political control, and they are also stages for political contestation.

    The book is focused on sub-Saharan Africa and South Asia, the two fastest-urbanising regions of the world.

    Authors explore the strategies and tactics used by ruling elites to politically dominate their capital cities in Bangladesh, Ethiopia, Sri Lanka, Uganda, Zambia and Zimbabwe.

    The authors also consider how urban populations have engaged with these efforts. People may resist authority, but they can also cooperate with it in ways that benefit themselves – which sometimes reinforces or supports authoritarian control.

    This is increasingly important in the context of two contemporary trends. First, authoritarianism is growing globally. Just 10 years ago under half of the world’s population lived under authoritarian rule; now the figure is at 71%. The second trend is the ongoing rapid urbanisation of the world’s population, with the majority of us globally now living in urban areas.

    Urban unrest

    Over the past year we’ve seen how capital cities are spaces for contestation.

    Some pro-democracy movements draw from their own histories of struggle and the paths that have been carved by those before them. The template of Bangladesh’s 2024 revolution is ingrained in politics from the ways in which liberation was fought and how later struggles against authoritarian rule were won. The capital city has also been crucial, and students at Dhaka University were key mobilisers in such movements.

    In other contexts, the link between political resistance and urban areas is a relatively new and surprising route to political change. One example is “the struggle” seen in Sri Lanka’s capital Colombo and the unseating of the Rajapaksa family, who were perceived as increasingly authoritarian rulers of the country. The Colombo chapter in this volume highlights how such protests emerged in a context where urban unrest had rarely threatened those in power before.

    Even where anti-authoritarian protests have proved futile time and again, urban populations rarely remain quiet.

    In Kampala, Uganda, demonstrations prior to the 2021 elections resulted in a horrifying government crackdown. Inspired by events in neighbouring Kenya, protesters took to the streets once more in July 2024 to demonstrate against corruption.




    Read more:
    Kenya’s protests happened in every major urban centre – why these spaces are explosive


    The protests that erupted in Nairobi from late June 2024 against tax rises engulfed the capital city. They continued for some time, fuelled by the brutal police response. Similarly, Nigeria’s 2020 #EndSARS protests against police brutality created a powerful movement in cities such as Abuja and Lagos which shook government, and resonated across much of the continent.

    In an age of social media, learning and mimicry across national borders is increasingly common. One of the defining images of Kenya’s 2024 urban uprising was of a group of men with their arms raised and crossed at the wrists – a gesture of anti-authoritarian protest that gained particular resonance several years back during neighbouring Ethiopia’s own uprising.

    As urban protest seems set to continue and spread – often taking intentionally similar forms – techniques of urban authoritarian control are more varied and complex.

    Strategies to dominate and control city populations can be dramatic and repressive – such as the brute force of police violence – and they can also be subtle, deeply ingrained, and sometimes difficult to discern.

    Authoritarian tactics

    Our book argues that authoritarian leaders are increasingly aware of the power of the urban masses. As a result, they are using a range of subtle, and not-so-subtle, tactics to entrench their domination in capital cities.

    We broadly described two types of interventions that elites use.

    The first are policies and favours that actively build support among urban groups. These can range from inclusion in political parties to investments in social provisions or infrastructure to win support. The book’s chapter on Addis Ababa shows how the latter were particularly striking under the previous governing regime in Ethiopia.

    The second are repressive interventions that aim to crush opposition. These are also diverse, and include violent crackdowns, but also surveillance and intimidation.

    In practice, the two types of interventions often overlap. The line also blurs through various forms of manipulation. For instance, misinformation or the delivery of goods in exchange for performances of political loyalty, underpinned by implicit threats of coercion.

    We also highlight the significance of urban geography.

    Ruling elites often seek to divide city populations (for example inner-city dwellers versus the peripheries). This is evident in our book’s chapter on Colombo, Sri Lanka. The Rajapaksas tried to consolidate power by appealing to the new middle class suburbanites through “beautification” projects. But these displaced and excluded the inner-city poor.

    Chapters on Harare and Kampala also show how particular peripheral areas have become central to efforts to build an urban support base by Zanu-PF and the National Resistance Movement. This often plays out through the informal parcelling out of land to supporters.

    Contesting autocratic rule

    Concerns about authoritarian politics are at an all-time high.

    The above Google Ngram highlights the perilous rise in the use of the term “autocratization” in published work over the past decade.

    Meanwhile, the contestation of autocratic rule will continue to erupt in cities, especially in rapidly urbanising parts of the world. In this context, the need to understand how autocracy and urbanisation collide could hardly be more important.

    If pro-democracy forces are to have any hope of prevailing against efforts by authoritarian ruling elites to entrench their position, there is a crucial need to better understand their urban strategies and tactics.

    David Jackman received funding from the Leverhulme Trust.

    Tom Goodfellow is currently a Senior Research Fellow at the Foreign, Commonwealth and Development Office, which funded part of the research on which this book is based.

    ref. Autocrats and cities: how capitals have become a battleground for protest and control – https://theconversation.com/autocrats-and-cities-how-capitals-have-become-a-battleground-for-protest-and-control-240377

    MIL OSI – Global Reports

  • MIL-OSI Banking: Apple’s new Mac mini is more mighty, more mini, and built for Apple Intelligence

    Source: Apple

    Headline: Apple’s new Mac mini is more mighty, more mini, and built for Apple Intelligence

    October 29, 2024

    PRESS RELEASE

    Apple’s all-new Mac mini is more mighty, more mini, and built for Apple Intelligence

    The compact, do-it-all desktop now features the power of M4 and M4 Pro, and marks an important environmental milestone as the first carbon neutral Mac

    CUPERTINO, CALIFORNIA Apple today unveiled the all-new Mac mini powered by the M4 and new M4 Pro chips, and redesigned around Apple silicon to pack an incredible amount of performance into an even smaller form of just 5 by 5 inches. With M4, Mac mini delivers up to 1.8x faster CPU performance and 2.2x faster GPU performance over the M1 model.1 With M4 Pro, it takes the advanced technologies in M4 and scales them up to tackle even more demanding workloads. For more convenient connectivity, it features front and back ports, and for the first time includes Thunderbolt 5 for faster data transfer speeds on the M4 Pro model. The new Mac mini is also built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves while protecting their privacy. And marking an important environmental milestone, Mac mini is Apple’s first carbon neutral Mac with an over 80 percent reduction in greenhouse gas emissions across its materials, manufacturing, transportation, and customer use.2 Starting at just $599 with 16GB of memory, the new Mac mini is available to pre-order today, with availability beginning November 8.

    “The new Mac mini delivers gigantic performance in an unbelievably small design thanks to the power efficiency of Apple silicon and an innovative new thermal architecture,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “Combined with the performance of M4 and the new M4 Pro chip, enhanced connectivity on both the front and back, and the arrival of Apple Intelligence, Mac mini is more capable and versatile than ever, and there is nothing else like it.”

    Small, but Fierce

    The new Mac mini footprint is less than half the size of the previous design at just 5 by 5 inches, so it takes up much less space on a desk. The super-compact system is enabled by the incredible power efficiency of Apple silicon and an innovative thermal architecture, which guides air to different levels of the system, while all venting is done through the foot.

    When compared to the best-selling PC desktop in its price range, Mac mini is up to 6x faster at one-twentieth the size.1 For a wide range of users, from students to aspiring creatives and small business owners, the Mac mini with M4 is a tiny powerhouse. Mac mini with M4 features a 10-core CPU, 10-core GPU, and now starts with 16GB of unified memory. Users will feel the performance of M4 in everything they do, from multitasking across everyday productivity apps to creative projects like video editing, music production, or writing and compiling code.

    When compared to the Mac mini with Intel Core i7, Mac mini with M4:

    • Applies up to 2.8x more audio effect plugins in a Logic Pro project.1
    • Delivers up to 13.3x faster gaming performance in World of Warcraft: The War Within.1
    • Enhances photos with up to 33x faster image upscaling performance in Photomator.3

    When compared to the Mac mini with M1, Mac mini with M4:

    • Performs spreadsheet calculations up to 1.7x faster in Microsoft Excel.1
    • Transcribes with on-device AI speech-to-text up to 2x faster in MacWhisper.1
    • Merges panoramic images up to 4.9x faster in Adobe Lightroom Classic.4

    Introducing M4 Pro for Pro-Level Performance 

    For users who want pro-level performance, Mac mini with M4 Pro features the world’s fastest CPU core5 with lightning-fast single-threaded performance. With up to 14 cores, including 10 performance cores and four efficiency cores, M4 Pro also provides phenomenal multithreaded performance. With up to 20 cores, the M4 Pro GPU is up to twice as powerful as the GPU in M4, and both chips bring hardware-accelerated ray tracing to the Mac mini for the first time. The Neural Engine in M4 Pro is also over 3x faster than in Mac mini with M1, so on-device Apple Intelligence models run at blazing speed. M4 Pro supports up to 64GB of unified memory and 273GB/s of memory bandwidth — twice as much bandwidth as any AI PC chip — for accelerating AI workloads. And M4 Pro supports Thunderbolt 5, which delivers up to 120 Gb/s data transfer speeds on Mac mini, and more than doubles the throughput of Thunderbolt 4.

    When compared to the Mac mini with Intel Core i7, Mac mini with M4 Pro:

    • Performs spreadsheet calculations up to 4x faster in Microsoft Excel.1
    • Executes scene-edit detection up to 9.4x faster in Adobe Premiere Pro.3
    • Transcribes with on-device AI speech-to-text up to 20x faster in MacWhisper.1
    • Processes basecalling for DNA sequencing in Oxford Nanopore MinKNOW up to 26x faster.1

    When compared to the Mac mini with M2 Pro, Mac mini with M4 Pro:

    • Applies up to 1.8x more audio effect plugins in a Logic Pro project.1
    • Renders motion graphics to RAM up to 2x faster in Motion.6
    • Completes 3D renders up to 2.9x faster in Blender.6

    Upgraded Connectivity and Display Support 

    The new Mac mini features a wide array of ports to drive any setup. It includes front-facing ports for more convenient access, including two USB-C ports that support USB 3, and an audio jack with support for high-impedance headphones. On the back, Mac mini with M4 includes three Thunderbolt 4 ports, while Mac mini with M4 Pro features three Thunderbolt 5 ports. Mac mini comes standard with Gigabit Ethernet, configurable up to 10Gb Ethernet for faster networking speeds, and an HDMI port for easy connection to a TV or HDMI display without an adapter. With M4, Mac mini can support up to two 6K displays and up to one 5K display, and with M4 Pro, it can support up to three 6K displays at 60Hz for a total of over 60 million pixels.

    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.

    The First Carbon Neutral Mac 

    The new Mac mini is Apple’s first carbon neutral Mac, marking a significant milestone toward Apple 2030, the company’s goal to be carbon neutral across the entire carbon footprint by the end of this decade.

    Mac mini is made with over 50 percent recycled content overall, including 100 percent recycled aluminum in the enclosure, 100 percent recycled gold plating in all Apple-designed printed circuit boards, and 100 percent recycled rare earth elements in all magnets. The electricity used to manufacture Mac mini is sourced from 100 percent renewable electricity. And, to address 100 percent of the electricity customers use to power Mac mini, Apple has invested in clean energy projects around the world. Apple has also prioritized lower-carbon modes of shipping, like ocean freight, to further reduce emissions from transportation. Together, these actions have reduced the carbon footprint of Mac mini by over 80 percent.2 For the small amount of remaining emissions, Apple applies high-quality carbon credits from nature-based projects, like those generated by its innovative Restore Fund.

    In another first for Mac mini, the packaging is now entirely fiber-based, bringing Apple closer to its goal to remove plastic from its packaging by 2025.

    An Unrivaled Experience with macOS Sequoia

    macOS Sequoia completes the new Mac mini experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and notifications directly from their Mac.7 Safari, the world’s fastest browser,8 now offers the Highlights feature, 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 window 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 new, beautiful built-in backgrounds for video calls, which include a variety of color gradients and system wallpapers, or upload their own photos.

    Pricing and Availability

    • Customers can pre-order the new Mac mini with M4 and M4 Pro starting today, Tuesday, October 29, on apple.com/store and in the Apple Store app in 28 countries and regions, including the U.S. It will start arriving to customers, and in Apple Store locations and Apple Authorized Resellers, beginning Friday, November 8.
    • Mac mini with M4 starts at $599 (U.S.) and $499 (U.S.) for education. Additional technical specifications are available at apple.com/mac-mini.
    • Mac mini with M4 Pro starts at $1,399 (U.S.) and $1,299 (U.S.) for education. Additional technical specifications are available at apple.com/mac-mini.
    • New accessories with USB-C — including Magic Keyboard ($99 U.S.), Magic Keyboard with Touch ID ($149 U.S.), Magic Keyboard with Touch ID and Numeric Keypad ($179 U.S.), Magic Trackpad ($129 U.S.), Magic Mouse ($79 U.S.), and Thunderbolt 5 Pro Cable ($69) — are available at apple.com/store.
    • 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.
    • 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.
    • 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/mac-mini for more information.
    2. Carbon reductions are calculated against a business-as-usual baseline scenario: No use of clean electricity for manufacturing or product use, beyond what is already available on the latest modeled grid; Apple’s carbon intensity of key materials as of 2015; and Apple’s average mix of transportation modes by product line across three years. Learn more at apple.com/2030.
    3. Results are compared to previous-generation 3.2GHz 6-core Intel Core i7-based Mac mini systems with Intel Iris UHD Graphics 630, 64GB of RAM, and 2TB SSD.
    4. Results are compared to previous-generation Mac mini systems with Apple M1, 8-core CPU, 8-core GPU, 16GB of RAM, and 2TB SSD.
    5. Testing conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
    6. Results are compared to previous-generation Mac mini systems with Apple M2 Pro, 12-core CPU, 19-core GPU, 32GB of RAM, and 8TB SSD.
    7. Available on Mac computers with Apple silicon and Intel-based Mac computers with a T2 Security Chip. Requires that iPhone and Mac are signed in with the same Apple Account using two-factor authentication, iPhone and Mac are near each other and have Bluetooth and Wi-Fi turned on, and 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 Asia-Pac: Body found case in Aberdeen reclassified as murder

    Source: Hong Kong Government special administrative region

    Body found case in Aberdeen reclassified as murder
    Body found case in Aberdeen reclassified as murder
    **************************************************

         Police today (October 29) reclassified as murder a body found case in Aberdeen yesterday (October 28).     At about 7.30am yesterday, Police received a report that a foreign woman was found floating in the pond off a waterfall in a park on 8 Waterfall Bay Road.       Police officers sped to the scene. The 25-year-old foreign woman was rescued and was certified dead at 8.18am at scene.       After initial investigation, Police arrested a 34-year-old foreign man for murder and a 36-year-old local woman for assisting offenders in Yau Ma Tei today. All arrested persons are being detained for enquiries.       An initial post-mortem examination conducted on the deceased detected injuries on her head and the cause of death was asphyxiation by drowning.     Active investigation by the Regional Crime Unit of Hong Kong Island are underway.       Anyone who witnessed the incident or has any information to offer is urged to contact the investigating officers on 2860 7849 or 6892 3082.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 23:43

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Security: Man Pleads Guilty and is Sentenced for Exposing Himself on an Aircraft

    Source: Office of United States Attorneys

    BOSTON – An Indian man, arrested last week for masturbating and exposing himself on a flight within the view of two other passengers, has pleaded guilty and was sentenced.

    Krishna Kunapuli, 39, pleaded guilty on Oct. 24, 2024 to one count of committing lewd, indecent, or obscene acts on an aircraft. Kunapuli was also sentenced by U.S. Magistrate Judge David H. Hennessy to two years of probation and a $5,000 fine. He was also ordered to delete, in the presence of law enforcement, photographs that he took of a female passenger during the flight and to have no contact with her.  

    According to the charging documents, Kunapuli made unwanted sexual advances towards a female passenger on board a flight from Abu Dhabi to Boston, including touching her hair and taking pictures of her without her permission.  After a crew member intervened, Kunapuli returned to his seat.

    Later in the flight, two male passengers seated near Kunapuli noticed Kunapuli masturbating under a blanket and, at times, with his penis fully exposed. One of the passengers reported this conduct to a flight attendant, who intervened, and alerted law enforcement.

    Acting United States Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Colonel Geoffrey D. Noble of the Massachusetts State Police made the announcement today. Assistant U.S. Attorney Elianna J. Nuzum of the Major Crimes Unit prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Midwest Manufacturer To Pay Over $3.6 Million To Resolve Allegations It Received Paycheck Protection Program Loan In Violation Of Employee Size Rules

    Source: Office of United States Attorneys

              GRAND RAPIDS – U.S. Attorney for the Western District of Michigan Mark Totten today announced that Exo-s US LLC, a manufacturing company with plants and offices located in Coldwater, Michigan, and Howe, Indiana, has agreed to pay $3,628,819.44 to resolve allegations that it violated the False Claims Act by falsely obtaining a Paycheck Protection Program (PPP) loan for which it was ineligible.

              “The Paycheck Protection Program provided important relief to eligible small businesses and other entities,” said U.S. Attorney Mark Totten. “Today’s resolution demonstrates our continued commitment to work with the Small Business Administration to protect taxpayer dollars and investigate allegations of fraud on critical government programs.”

              When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 and the American Rescue Plan Act (ARPA) in 2021, it enacted a program to provide emergency financial assistance to individuals and businesses suffering economic and public health effects caused by the COVID-19 pandemic. ARPA continued the CARES Act’s PPP loan program administered by the Small Business Administration (SBA), creating a second-draw PPP loan that allowed eligible businesses that had previously received a PPP loan to apply for a second loan.  One of the eligibility requirements for receiving this second-draw loan was that the applicant had no more than 300 employees, including employees of affiliated entities.

              In March 2021, Exo-s US LLC obtained a second-draw PPP loan, which the SBA subsequently forgave. The United States alleges that the company was not eligible for this loan because Exo-s US LLC and its affiliates had more than 300 employees.

              “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the Small Business Administration working with the U.S. Attorney’s Office, other federal law enforcement agencies, as well as financial institutions or private individuals who uncover misconduct to recover the lending program’s damages,” said Therese Meers, SBA General Counsel.

              The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act against Exo-s US LLC. Under the qui tam provisions of the False Claims Act, a private party can file an action on behalf of the United States and receive a portion of the settlement or judgment. Here, the United States elected to take over the case, investigated it, and negotiated the settlement. The qui tam case is captioned U.S. ex rel. GNGH2 Inc. v. Exo-s US LLC, No. 1:24-cv-264 (W.D. Mich.).

              The resolution obtained in this matter was the result of a coordinated effort between the U.S. Attorney’s Office for the Western District of Michigan and the SBA. Assistant United States Attorney Andrew J. Hull investigated this case.

              The claims resolved by the settlement are allegations only and there has been no determination of liability.

    # # #

    MIL Security OSI

  • MIL-Evening Report: Autocrats and cities: how capitals have become a battleground for protest and control

    Source: The Conversation (Au and NZ) – By David Jackman, Departmental Lecturer in Development Studies, University of Oxford

    Prime Minister Sheikh Hasina, the world’s longest reigning female political leader, fled Bangladesh on 5 August 2024 for the safety of India. Meanwhile, hundreds of thousands of protesters descended on Bangladesh’s capital city, Dhaka. The crowds ransacked her official residence, occupied the nation’s parliament and burnt down her family home.

    Hasina, who had ruled the country for more than 20 years in total, had been widely accused of turning autocratic and clamping down severely on any opposition to her rule.

    For many, the Bangladesh revolution offers hope in the context of growing global authoritarianism. It illustrates the power of the youth to confront entrenched leaders, and the fragility of authoritarianism. It also highlights a striking feature of contemporary global politics: how central capital cities are to the political life of nations.

    In our new book, Controlling the Capital: Political Dominance in the Urbanizing World, a diverse range of scholars argue that capital cities are crucial political sites. They’re where governing elites seek to assert and maintain political control, and they are also stages for political contestation.

    The book is focused on sub-Saharan Africa and South Asia, the two fastest-urbanising regions of the world.

    Authors explore the strategies and tactics used by ruling elites to politically dominate their capital cities in Bangladesh, Ethiopia, Sri Lanka, Uganda, Zambia and Zimbabwe.

    The authors also consider how urban populations have engaged with these efforts. People may resist authority, but they can also cooperate with it in ways that benefit themselves – which sometimes reinforces or supports authoritarian control.

    This is increasingly important in the context of two contemporary trends. First, authoritarianism is growing globally. Just 10 years ago under half of the world’s population lived under authoritarian rule; now the figure is at 71%. The second trend is the ongoing rapid urbanisation of the world’s population, with the majority of us globally now living in urban areas.

    Urban unrest

    Over the past year we’ve seen how capital cities are spaces for contestation.

    Some pro-democracy movements draw from their own histories of struggle and the paths that have been carved by those before them. The template of Bangladesh’s 2024 revolution is ingrained in politics from the ways in which liberation was fought and how later struggles against authoritarian rule were won. The capital city has also been crucial, and students at Dhaka University were key mobilisers in such movements.

    In other contexts, the link between political resistance and urban areas is a relatively new and surprising route to political change. One example is “the struggle” seen in Sri Lanka’s capital Colombo and the unseating of the Rajapaksa family, who were perceived as increasingly authoritarian rulers of the country. The Colombo chapter in this volume highlights how such protests emerged in a context where urban unrest had rarely threatened those in power before.

    Even where anti-authoritarian protests have proved futile time and again, urban populations rarely remain quiet.

    In Kampala, Uganda, demonstrations prior to the 2021 elections resulted in a horrifying government crackdown. Inspired by events in neighbouring Kenya, protesters took to the streets once more in July 2024 to demonstrate against corruption.




    Read more:
    Kenya’s protests happened in every major urban centre – why these spaces are explosive


    The protests that erupted in Nairobi from late June 2024 against tax rises engulfed the capital city. They continued for some time, fuelled by the brutal police response. Similarly, Nigeria’s 2020 #EndSARS protests against police brutality created a powerful movement in cities such as Abuja and Lagos which shook government, and resonated across much of the continent.

    In an age of social media, learning and mimicry across national borders is increasingly common. One of the defining images of Kenya’s 2024 urban uprising was of a group of men with their arms raised and crossed at the wrists – a gesture of anti-authoritarian protest that gained particular resonance several years back during neighbouring Ethiopia’s own uprising.

    As urban protest seems set to continue and spread – often taking intentionally similar forms – techniques of urban authoritarian control are more varied and complex.

    Strategies to dominate and control city populations can be dramatic and repressive – such as the brute force of police violence – and they can also be subtle, deeply ingrained, and sometimes difficult to discern.

    Authoritarian tactics

    Our book argues that authoritarian leaders are increasingly aware of the power of the urban masses. As a result, they are using a range of subtle, and not-so-subtle, tactics to entrench their domination in capital cities.

    We broadly described two types of interventions that elites use.

    The first are policies and favours that actively build support among urban groups. These can range from inclusion in political parties to investments in social provisions or infrastructure to win support. The book’s chapter on Addis Ababa shows how the latter were particularly striking under the previous governing regime in Ethiopia.

    The second are repressive interventions that aim to crush opposition. These are also diverse, and include violent crackdowns, but also surveillance and intimidation.

    In practice, the two types of interventions often overlap. The line also blurs through various forms of manipulation. For instance, misinformation or the delivery of goods in exchange for performances of political loyalty, underpinned by implicit threats of coercion.

    We also highlight the significance of urban geography.

    Ruling elites often seek to divide city populations (for example inner-city dwellers versus the peripheries). This is evident in our book’s chapter on Colombo, Sri Lanka. The Rajapaksas tried to consolidate power by appealing to the new middle class suburbanites through “beautification” projects. But these displaced and excluded the inner-city poor.

    Chapters on Harare and Kampala also show how particular peripheral areas have become central to efforts to build an urban support base by Zanu-PF and the National Resistance Movement. This often plays out through the informal parcelling out of land to supporters.

    Contesting autocratic rule

    Concerns about authoritarian politics are at an all-time high.

    The above Google Ngram highlights the perilous rise in the use of the term “autocratization” in published work over the past decade.

    Meanwhile, the contestation of autocratic rule will continue to erupt in cities, especially in rapidly urbanising parts of the world. In this context, the need to understand how autocracy and urbanisation collide could hardly be more important.

    If pro-democracy forces are to have any hope of prevailing against efforts by authoritarian ruling elites to entrench their position, there is a crucial need to better understand their urban strategies and tactics.

    David Jackman received funding from the Leverhulme Trust.

    Tom Goodfellow is currently a Senior Research Fellow at the Foreign, Commonwealth and Development Office, which funded part of the research on which this book is based.

    ref. Autocrats and cities: how capitals have become a battleground for protest and control – https://theconversation.com/autocrats-and-cities-how-capitals-have-become-a-battleground-for-protest-and-control-240377

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: Amid the West’s wavering aid to Ukraine, North Korea backs Russia in a mutually beneficial move

    Source: The Conversation – Canada – By James Horncastle, Assistant Professor and Edward and Emily McWhinney Professor in International Relations, Simon Fraser University

    Ukrainian President Volodymyr Zelenskyy recently accused North Korea of plans to send 10,000 soldiers to fight for Russia in Ukraine. South Korean intelligence later gave credence to Zelenskyy’s assertion, as the country’s legislators noted that North Korea has already dispatched 3,000 soldiers to Russia.

    North Korea lending a helping hand to Russia is nothing new. The country has already provided Russia with significant munitions to supplement its depleted reserves. North Korean soldiers, in fact, are likely already fighting in the conflict.

    North Korea’s alleged decision to send additional soldiers to fight demonstrates the inadequacy of the West’s actions. Wavering western commitment to Ukraine has not only made the situation in Ukraine worse, it’s compromised global security too.




    Read more:
    Kim Jong-un sends North Korean troops to fight in Ukraine – here’s what this means for the war


    Immediate benefits for Russia

    Each side in the Russia-Ukraine conflict is seeking any and all assistance from its allies. In Russia’s case, western efforts to make Russian President Vladimir Putin a pariah caused him to turn to another pariah in the international order: North Korea.

    Russian-North Korean diplomatic relations are longstanding. With the dissolution of the Soviet Union, Boris Yeltsin initially favoured relations with South Korea over its northern counterpart. But since Putin assumed power in 2000, Russia has strengthened its ties with North Korea, albeit with a few notable exceptions.

    Russia has always been the dominant partner in the relationship. North Korea, however, has leveraged Russia’s diplomatic isolation for its own benefit. This explains why it’s providing soldiers to Russia on a scale that helps address the most immediate Russian concern: lessening the burden on its population.

    Russia has employed mass mobilization in the conflict, but it has sought to push this burden onto the ethnic minorities and rural population of the country.

    The protracted nature of the conflict, however, means that it’s increasingly difficult for Russia to disproportionately mobilize these elements. The more Putin’s government relies on ethnic Russians from the larger cities of the country, the more it puts his position under strain. Ten thousand North Korean soldiers will help alleviate this issue in the short term.




    Read more:
    Russians flee the draft as the reality of the war in Ukraine hits home


    Benefits for North Korea

    Despite North Korea’s diplomatic connections with Russia, it remains one of the world’s most isolated countries.

    North Korea’s closest relationship is with China, which is both a blessing and a curse — a blessing because China, for its own reasons, frequently provides diplomatic cover for North Korean actions; a curse because it puts North Korea at risk of becoming dependent on China, even though their objectives do not often align.

    North Korea’s deepening alliance with Russia is reminiscent of its strategy during the Cold War, when it maintained strong relations with both the Soviet Union and China to prevent itself from being subsumed by either.

    North Korea will also receive substantive benefits from its alliance with Russia. An endemic problem for North Korea is food shortages. During the 1990s, as many as three million people died from starvation.

    There is evidence North Korea faced famine conditions as recently as 2023. Russia’s delivery of almost 500 goats to North Korea in what’s been dubbed a “goats for guns” exchange addresses a pressing need for North Koreans.

    North Korean participation in the Russia-Ukraine war also gives the country opportunities to access Russian military training. While western analysts have criticized Russia’s military performance in terms of training and doctrine, it still represents a substantial upgrade for North Korea. Furthermore, there is no substitute for the live experience North Korean soldiers will amass on the battlefield.




    Read more:
    3 ways Russia has shown military ‘incompetence’ during its invasion of Ukraine


    Perhaps more worrisome is potential Russian aid for North Korea’s missile program. As one of the world’s nuclear powers, North Korea has lagged in its ability to deploy nuclear weapons, with its ballistic missile tests frequently ending in malfunctions, disasters or both.

    While Russian missile technology has its own limitations, it is still significantly beyond North Korea’s current capabilities.

    Given the pressure that North Korea has been able to exert with its missile tests alone in recent years, any improvement in its capabilities has the potential to destabilize the Asia-Pacific region.

    Global consequences for western inaction

    Russia’s need for North Korean support will undoubtedly improve North Korea’s military technology, as well as provide its army with valuable military experience.

    North Korea has in the past — and will likely in the future — stoke instability in the Asia-Pacific region. The gains North Korea has made from its partnership with Russia will only increase its ability to pose a threat in the region.

    It should not be a shocking development that North Korea provided Russia with soldiers. Instead, what should be controversial is how the West’s wavering support of Ukraine and delays in providing meaningful aid have resulted in a protracted conflict that gave Russia the time to muster resources, like North Korean soldiers, for the conflict.

    Western states, in so doing, not only put Ukraine in a disadvantageous position, but weakened their own security as well.

    James Horncastle 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. Amid the West’s wavering aid to Ukraine, North Korea backs Russia in a mutually beneficial move – https://theconversation.com/amid-the-wests-wavering-aid-to-ukraine-north-korea-backs-russia-in-a-mutually-beneficial-move-241970

    MIL OSI – Global Reports

  • MIL-OSI USA: Attorney General Labrador Joins Coalition Asking Supreme Court to Expedite Virginia Voter Registration Case

    Source: US State of Idaho

    [BOISE] – Attorney General Raúl Labrador joined attorneys general from 26 states in filing an amicus brief urging the U.S. Supreme Court to allow Virginia to remove non-citizens from its voter roll.
    “It is gravely concerning that the Biden-Harris Department of Justice and liberal activists are fighting so hard to keep non-citizens on the voting rolls, especially this close to an election,” said Attorney General Labrador.  “We cannot permit the ongoing erosion of trust in our most critical freedom, the right to vote, and I’m asking SCOTUS to intervene immediately.”
    The brief argues that a preliminary injunction that halted the state of Virginia from removing self-identified non-citizens from its rolls undermines a states’ authority to determine voter qualifications. Virginia’s law provides mechanisms to protect election integrity, while ensuring only U.S. citizens remain on voter rolls.
    “The upcoming election is hotly contested and has caused division around the country. Perhaps the division would be lower if the federal government were not interfering with the election via last-minute attacks on state efforts to police voter qualifications,” the amicus brief reads.
    The Eastern District of Virginia Court’s recent decision to temporarily stop Virginia from removing non-citizens from its rolls will result in Congress forcing a state to allow non-citizens to vote in an election over the objection of that state.
    It converts Virginia’s statute into a federal mandate that forces states to allow non-citizens to vote in an upcoming election in violation of state law and federal law itself when a non-citizen is discovered on the rolls within 90 days of an election, according to the brief.
    “Non-citizens are not eligible voters. They were not eligible voters before Congress passed the National Voter Registration Act, they were not eligible when Congress passed the NVRA, and they are not eligible today,” the amicus reads.
    In addition to Idaho and Kansas, attorneys general from 25 other states joined the brief. They include attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.
    Read the amicus brief here.

    MIL OSI USA News

  • MIL-OSI: DLive: Revolutionizing Live Streaming with Community Focus and Blockchain Integration

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Oct. 29, 2024 (GLOBE NEWSWIRE) —

    DLive, a popular live streaming platform, has experienced significant growth and transformation. The platform has established a reputation for its commitment to both community safety and freedom of speech, setting it apart from other streaming services.

    One of the most notable improvements has been in the area of content moderation. DLive has implemented robust policies that effectively balance the need for a safe and inclusive platform with the principles of free expression. This has helped to address concerns raised in the past about the platform’s potential to serve as a haven for extremist ideologies.

    DLive’s slogan, “Your Stream, Your Rules!” reflects the platform’s dedication to empowering creators. While freedom of expression is a cornerstone of DLive, it is tempered by a responsibility to maintain high-quality standards and ensure a safe environment for all users. These efforts have attracted a diverse audience to DLive, making it a popular destination for streamers and viewers alike.

    To foster a thriving community of creators, DLive has implemented a multi-tiered partnership program offering exclusive features and collaboration opportunities. By meeting specific criteria, such as having a certain number of followers, subscribers, and active streaming hours, streamers can qualify for these partnerships.

    The APENFT Streamer Incentive Program is one such partnership program. Launched on May 10th, 2024, with token sponsored by the APENFT Foundation, this program rewards DLive’s Affiliate and Partner streamers for creating high-quality content. Streamers earn points by maintaining a consistent streaming schedule, engaging with their audience, growing their fan base, and participating in various activities. These points determine their share of the total prize pool, which is distributed in reward tokens at the end of the season. Any attempts to manipulate the system result in disqualification, and reward tokens are only distributed to those who provide their HTX UID.

    DLive has also demonstrated a strong commitment to fostering partnerships and collaborations within the gaming and entertainment industry. The BIGTIME weekend event, where DLive partnered with BIGTIME, an AAA MMORPG web3 game, to recruit over 50 streamers, showcased the platform’s diverse range of content and introduced new users to both platforms. By offering exclusive rewards, DLive and BIGTIME incentivized viewers to tune in and engage with the content.

    DLive’s integration with blockchain technology has been a pivotal factor in its recent growth and success. The platform leverages the TRON and BitTorrent blockchain for its donation systems, providing a secure and transparent way for users to support their favorite streamers. This integration has also enabled DLive to offer unique features and benefits to both streamers and viewers, such as the ability to earn and spend cryptocurrencies within the platform ecosystem.

    By harnessing the power of blockchain and prioritizing community safety, freedom of speech, and creator empowerment, DLive has positioned itself as a leading live streaming platform. Its commitment to fostering a thriving community and providing a diverse range of content has attracted a growing user base and solidified its reputation as a platform that values both creators and viewers.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining can involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI Asia-Pac: 60k-person stress test smooth: CS

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki said a large-scale stress test for the Kai Tak Sports Park (KTSP) tonight was conducted smoothly and that the anticipated effects and test objectives were achieved with satisfactory results.

    The aim was to test the operation and capability of the three venues and the supporting facilities in the vicinity during events with maximum attendance, with a view to ensuring the smooth operation of the KTSP upon its official commissioning in the first quarter of this year.

    Over 60,000 participants simulated crowd flow during the test.

    Mr Chan inspected the stress test and told reporters at a media session aftewards that the dispersal was very smooth.

    “I really do not see any bottleneck actually, because the situation, I would say, is far better than my expectation.”

    He added that the arrangements for participants entering and leaving the venue as well as public transport became more refined and orderly during the stress test, with all units able to respond promptly to deal with simulated emergencies.

    Mr Chan expressed gratitude to various government departments, KTSP Limited and public transport operators for their preparation and co-ordination work.

    He also thanked the personnel involved in the test, including civil servants from 77 bureaus and departments, community members, and residents of the Kai Tak area, for their full support and co-operation.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: How Copilots are helping drive innovation to achieve business results that matter

    Source: Microsoft

    Headline: How Copilots are helping drive innovation to achieve business results that matter

    The pace of AI innovation today continues to be extraordinary, and at Microsoft we are focused on helping organizations embrace it. By providing our customers with the most advanced AI technology across every product we build — combined with our unparalleled partner ecosystem and co-innovation approach — we are helping them make real progress in ways that matter. I am proud to share over 100 customer stories from this quarter alone showing how we are helping customers accelerate AI Transformation — no matter where they are on their journey.

    Recently during the Microsoft AI Tour, I spoke with customers who shared ways they are adopting Copilots to empower human achievement, democratize intelligence and realize significant business value. I also discussed the concept of an AI-first business process and the differentiation you can drive when bringing together the power of Copilots and human ambition with the autonomous capabilities of an agent. I was inspired by the outcomes our customers have achieved through pragmatic innovation and the progress they are making to evolve the future of industry. I am pleased to share ten stories from the past quarter that illustrate how Copilots have yielded results for our customers, while highlighting AI Transformation experiences in their own words.

    Accenture and Avanade have a long history of helping customers implement cutting-edge solutions, with internal testing a key factor in their ability to deliver customizable Microsoft solutions with deep expertise. Putting Microsoft 365 Copilot into the hands of employees helped them realize ways to increase productivity, with 52% of employees seeing a positive impact on the quality of their work, 31% reporting less cognitive fatigue and 84% finding Copilot’s suggestions fair, respectful and non-biased. Accenture also piloted GitHub Copilot to help build better solutions faster with developers spending less time debugging, resulting in 95% of developers reporting they enjoyed coding more.

    “Using our extensive Microsoft technology expertise and practical learnings from our own experience implementing Microsoft 365 Copilot, our solutions empower clients to fully tap into Microsoft AI capabilities.”

    Veit Siegenheim, Global Future of Work Lead at Avanade

    Nigerian multinational financial services group Access Holdings Plc. serves more than 56 million customers across 18 countries. As the business grew and transitioned from a small bank to a major holding company, it adopted Microsoft 365 Copilot to address challenges in data management, meeting productivity and software development. With the integration of Copilot into daily tools, the company significantly enhanced efficiency and engagement across the business. Writing code now takes two hours instead of eight, chatbots can be launched in 10 days instead of three months and presentations can be prepared in 45 minutes instead of six hours. Copilot has also driven a 25% increase in staff engagement during meetings.

    “To inspire everyone in the organization to take advantage of AI, we knew we had to integrate AI into the tools people use every day. Microsoft 365 Copilot made the most sense and was a natural fit for us.”

    Lanre Bamisebi, Executive Director IT and Digitalization at Access Holdings, Plc.

    To improve resident services and reinvent customer engagement, the City of Burlington, Ontario, embraced AI and low-code tools to develop new online services that transform and automate internal processes. In just eight weeks, the city utilized Copilot Studio to develop and launch a custom copilot designed to help residents quickly find answers to frequently asked questions. The city also developed a portal that streamlines building permit reviews and enables customers to track the status of their own applications. As a result, the average time it takes to process a permit approval decreased from 15 weeks to 5-7 weeks, allowing more time for city employees to evaluate complex submissions.

    “Our staff and citizens do not have to worry about mundane tasks as much anymore. Now they’re able to have rich, collaborative conversations about how to creatively solve problems, making for a much more fulfilling and rewarding work and customer experience.”

    Chad MacDonald, Executive Director and Chief Information Officer at the City of Burlington

    Finastra empowers financial institutions with leading software for lending, payments, treasury, capital markets and universal banking. To transform its marketing processes, the company used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions. Since integrating Copilot, the team reduced time-to-market for campaigns from three months to less than one. Copilot also significantly reduced the time marketers spend generating and gathering insights from each campaign, with employees citing a 20%-50% time savings across tasks like full-funnel analysis, supply management analysis and budget management.

    “Copilot makes you more effective because you get better insights, and it makes you more efficient because you can produce results faster. It also makes work more meaningful and fun because your team can focus on what matters — strategy, creativity and everything that sets you apart from the competition.”

    Joerg Klueckmann, Head of Corporate Marketing and Communications at Finastra

    GoTo Group provides technology infrastructure and solutions across Indonesia. It is bending the curve on innovation by significantly enhancing productivity and code quality across its engineering teams by adopting GitHub Copilot. With real-time code suggestions, chat assistance and the ability to break down complex coding concepts, the company has saved over seven hours per week and achieved a 30% code acceptance rate within the first month. With 1,000 engineers already using GitHub Copilot, the tool allows them to innovate faster, reduce errors and focus more time on complex tasks to deliver greater value to their users.

    “GitHub Copilot has significantly reduced syntax errors and provided helpful autocomplete features, eliminating repetitive tasks and making coding more efficient. This has allowed me to focus on the more complex elements in building great software.”

    Nayana Hodi, Engineering Manager at GoTo Group

    South Africa’s Milpark Education faced operational challenges when shifting to online learning due to legacy systems slowing down student interactions and support. Through close collaboration with Enterprisecloud, Milpark migrated its back-office infrastructure to Azure within three months, replacing its legacy student admissions system with an extensible, integrated digital platform powered by technologies such as Microsoft Copilot and Copilot Studio. In just four months, the educational institution improved efficiency and accuracy of student support, decreasing the average resolution time by 50% and escalations by more than 30%.

    “Using Copilot, agents are now able to use generative AI to rapidly get up to speed on case details and respond to students using standardized templates that help them provide more personalized and professional responses. The results speak for themselves.”

    Shaun Dale, Managing Director at Enterprisecloud

    For over two decades, Teladoc Health has been offering a broad spectrum of services to patients using virtual care services — from primary care to chronic condition management. After the rapid growth of telehealth adoption post-pandemic, operational efficiency was instrumental in managing internal processes and external client interactions. By deploying Microsoft 365 Copilot and using Copilot in Power Automate, the company has reshaped business processes to help employees realize greater time savings while enhancing the client experience. The Copilots and agents helped employees save five hours per week and thousands of enterprise hours annually by eliminating mundane daily processes and fostering better cross-department communications, while also helping new employees get set up to run their workflows 20% faster.

    “Copilot is changing the way we work. It’s not just about saving time; it’s about enhancing the quality of our work, allowing us to focus on what truly matters: delivering exceptional care to our members.” 

    Heather Underhill, SVP Client Experience & Operations at Teladoc Health

    International energy company Uniper adopted a single-cloud strategy with Azure as its foundation to drive rapid AI innovation. To help its employees focus on using core competencies, the company implemented Microsoft 365 Copilot to reduce time spent on manual and repetitive tasks, and help workers focus on more pressing work, such as developing enhanced solutions to speed up the energy transition. Its in-house auditors have already increased productivity by 80% by using Copilot to create plans and checklists. Uniper is also using Copilot for Security to help identify risks twice as fast and take appropriate action sooner.

    “As an operator of critical infrastructure, we have to contend with a growing number of reports of phishing and attacks by hackers. AI can help us implement a sensible way of managing the sheer number of threats.”

    Damian Bunyan, CIO at Uniper

    British telecommunications company Vodafone has transformed its workplace productivity with Microsoft 365 Copilot, already seeing strong ROI from its adoption. In early trials, Copilot saved employees an average of three hours per week by using the tool to draft emails, summarize meetings and search for information. Copilot is also enriching the employee experience, with 90% of users reporting they are eager to continue using Copilot and 60% citing improved work quality. For Vodafone’s legal and compliance team, Copilot has significantly accelerated the processes of drafting new contracts, reducing the time required to complete this work by one hour. As a result of these efficiency gains, Vodafone is rolling out Copilot to 68,000 employees.

    “Our AI journey is focusing on three areas: operational efficiency inside the organization; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. Copilot will help drive all three.”

    Scott Petty, Chief Technology Officer at Vodafone

    Wallenius Wilhelmsen, a global leader in roll-on/roll-off shipping and vehicle logistics, is empowering better decision-making while fostering a culture of innovation and inclusion with AI tools. After participating in an early access program, the company broadly adopted Microsoft Copilot 365 to help streamline processes, enhance data management and improve communication across its 28 countries. To help strengthen Copilot immersion and realize value faster, they introduced a seven-week Microsoft Viva campaign to teach, communicate and measure Copilot adoption. The campaign resulted in 80% of employees using Copilot, with some teams realizing time savings of at least 30 minutes per day. The company also uses Copilot Dashboard to manage usage and gather user feedback, helping demonstrate ROI and measure results outside of time savings alone.

    “Copilot changes the way we think and work while keeping us curious and open to embracing opportunities. I think that is the sort of benefit that is not so measurable, but important. So, my time management and structured approach to my everyday work life has been enhanced with Copilot and Viva.”

    Martin Hvatum, Senior Global Cash Manager at Wallenius Wilhelmsen

    I believe that no other company has a better foundation to facilitate your AI Transformation than Microsoft. As we look ahead to Microsoft Ignite, I am excited by the latest innovation we will announce as a company, and the customer and partner experiences we will share. We remain committed to driving innovation that creates value in ways that matter most to our customers, and believe we are at our best when we serve others. There has never been a better opportunity for us to accomplish our mission of empowering every person and every organization on the planet to achieve more than now, and I look forward to the ways we will partner together to help you achieve more with AI.

    AI Customer Stories from FY25 Q1

    Accelleron: Accelleron turbocharges IT support solutions and resolution times with Power Platform

    Agnostic Intelligence: Agnostic Intelligence transforms risk management with Azure OpenAI Service, achieving up to 80% time savings

    Alaska Airlines: How Alaska Airlines uses technology to ensure its passengers have a seamless journey from ticket purchase to baggage pickup

    Allgeier: Allgeier empowers organizations to own and expand data operations

    ANZ Group: ANZ launches first-of-its-kind AI Immersion Centre in partnership with Microsoft

    Asahi Europe & International: Asahi Europe & International charts new paths in employee productivity with Microsoft Copilot

    Auburn University: Auburn University empowers thousands of students, faculty and staff to explore new ways of using AI with Microsoft Copilot

    Avanade: Avanade equips 10,000 employees with Microsoft Fabric skills to help customers become AI-driven and future-ready

    Azerbaijan Airlines: Azerbaijan Airlines expands data access to increase efficiency by 70% with Microsoft Dynamics 365

    Aztec Group: Aztec Group uses Copilot for Microsoft 365 to enhance the client experience whilst powering efficiencies

    Bader Sultan: Bader Sultan uses Microsoft Copilot to boost productivity and serve clients faster

    BaptistCare: BaptistCare supports aging Australians and tackles workforce shortages through Microsoft 365 Copilot

    Barbeque Mania!: Barbecue Mania! centralizes your data with Microsoft Azure and saves $3.5 million over 5 years

    Bank of Montreal: Bank of Montreal reduces costs by 30% with Azure

    BlackRock: How BlackRock’s ‘flight crew’ helped Copilot for Microsoft 365 take off

    Capita: Capita uses GitHub Copilot to free developers and deliver faster for customers

    Cassidy: Cassidy and Azure OpenAI Service: Making AI simple for all

    Cdiscount: Cdiscount, Azure OpenAI Service and GitHub Copilot join forces for e-commerce

    Celebal: Celebal drives custom business transformations with Microsoft Fabric

    Chalhoub Group: Chalhoub Group’s People Analytics team speeds reporting with Microsoft Fabric

    ClearBank: ClearBank processes 20 million payments a month — up from 8,000 — with platform built on Azure

    Cloud Services: Faster with Fabric: Cloud Services breaks new ground with Microsoft

    Coles Supermarkets: Coles Supermarkets embraces AI, cloud applications in 500-plus stores with Azure Stack HCI​

    Commercial Bank of Dubai: Commercial Bank of Dubai: innovating a future proof banking platform with Microsoft Azure

    CPFL: CPFL expands its data repository by 1500% with Mega Lake project on Microsoft Azure

    Cummins: Cummins uses Microsoft Purview to automate information governance more efficiently in the age of AI

    Dubai Electricity and Water Authority (DEWA): DEWA pioneers the use of Azure AI Services in delivering utility services

    Digi Rogaland: Digi Rogaland prioritizes student safety with Bouvet and Microsoft Fabric

    Eastman: Eastman catalyzes cybersecurity defenses with Copilot for Security

    E.ON: A modern workspace in transition: E.ON relies on generative AI to manage data floods with Copilot for Microsoft 365

    EPAM Systems: Efficiency inside and out: EPAM streamlines communications for teams and clients with Copilot for Microsoft 365

    EY: EY redefines sustainability performance management with Microsoft

    Fast Shop: Fast Shop consolidated its data platform on Microsoft Azure and is now ready for the era of AI

    FIDO Tech: AI tool uses sound to pinpoint leaky pipes, saving precious drinking water

    Florida Crystals Corporation: Telecom expenses for Florida Crystals dropped 78% with Teams Phone and Teams Rooms

    Four Agency: Four Agency innovates with Microsoft 365 Copilot to deliver better work faster

    Fractal: Fractal builds innovative retail and consumer goods solutions with Microsoft’s AI offerings including Azure OpenAI Service

    GE Aerospace: GE Aerospace launches company-wide generative AI platform for employees

    Georgia Tech Institute for Data Engineering and Science: Georgia Tech is accelerating the future of electric vehicles using Azure OpenAI Service

    Hitachi Solutions: Hitachi Solutions transforms internal operations with Microsoft Fabric

    IBM Consulting: How IBM Consulting drives AI-powered innovation with Fabric expertise

    iLink Digital: Transforming user-driven analytics with Microsoft Fabric

    Insight Enterprises: Insight Enterprises achieves 93% Microsoft Copilot use rate, streamlining business operations to pave the way for customer success

    Intesa Sanpaolo: Intesa Sanpaolo accrues big cybersecurity dividends with Microsoft Sentinel, Copilot for Security

    ITOCHU Corporation: ITOCHU uses Microsoft Fabric and Azure AI Studio to evolve its data analytics dashboard into a service delivering instant recommendations

    IU International University of Applied Sciences (IU): IU revolutionizes learning for its students with the AI study buddy Syntea and Azure OpenAI Service

    John Cockerill: John Cockerill engages pro developers to build enterprise-wide apps with Power Platform

    Kaya Limited: Kaya Limited elevates customer experience and operational efficiency with Microsoft Dynamics 365 and Power BI

    LexisNexis: LexisNexis elevates legal work with AI using Copilot for Microsoft 365

    Lionbridge: Lionbridge disrupts localization industry using Azure OpenAI Service and reduces turnaround times by up to 30%

    Lotte Hotels & Resorts: Hotelier becomes a citizen developer, building a smart work culture based on Power Platform and hyper-automated work environment

    Lumen Technologies: Microsoft and Lumen Technologies partner to power the future of AI and enable digital transformation to benefit hundreds of millions of customers

    LS ELECTRIC: LS ELECTRIC uses data to optimize power consumption with Sight Machine and Microsoft Cloud for Manufacturing

    MAIRE: MAIRE, transforming the energy sector and an entire company culture with Microsoft 365 Copilot

    Mandelbulb Technologies: Early-adopter Mandelbulb Technologies finds success with Fabric

    McKnight Foundation: McKnight Foundation accelerates its mission and supports community partners with Microsoft 365 Copilot

    MISO: MISO undergoes a digital transformation with Microsoft Industry Solutions Delivery

    Mitsubishi Heavy Industries (MHI): Recognizing the essence of AI and building the future with clients: MHI’s DI to create proprietary architecture using Azure OpenAI Service

    Molslinjen: Molslinjen develops an AI-powered dynamic pricing strategy with Azure Databricks

    National Australia Bank: National Australia Bank invests in an efficient, cloud-managed future with Windows 11 Enterprise

    Nagel-Group: Works agreements and contracts: Nagel-Group uses Azure OpenAI Service to help employees find information

    NC Fusion: Elevating experiences with AI, from productivity to personalization

    National Football League Players Association: The National Football League Players Association and Xoriant use Azure AI Services to provide protection to players across 32 teams

    Northwestern Medicine: Northwestern Medicine deploys DAX Copilot embedded in Epic within its enterprise to improve patient and physician experiences

    Oncoclínicas: Oncoclínicas creates web portal and mobile app to store clinical and medical procedures with Azure Cognitive Services

    PA Consulting: PA Consulting saves hours a week with Copilot for Microsoft 365 and Copilot for Sales

    Parexel: Parexel speeds operational insights by 70% using Microsoft Azure, accelerating data product delivery and reducing manual work

    Petrochemical Industries Company (PIC): From weeks to days, hours to seconds: PIC automates work processes to save time with Microsoft 365 Copilot

    PKSHA Technology: PKSHA leans on Copilot for Microsoft 365 as part of their team

    Planted: Planted combines economic growth and environmental sustainabilitywith Microsoft Azure OpenAI

    Profisee: Profisee eliminates data siloes within Microsoft Fabric

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    MIL OSI Economics

  • MIL-OSI Canada: Expanded air travel between Canada and Australia

    Source: Government of Canada News

    News release

    October 29, 2024            Ottawa, Ontario            Transport Canada

    Expanding our international air transport travel relationships with other countries provides Canadians with greater choice and more convenience. Canadians want and deserve options for their international travel needs.

    Today, the Honourable Anita Anand, President of the Treasury Board and Minister of Transport, announced that Canada has recently expanded its air transport agreement with Australia.

    The expanded agreement includes an unlimited number of direct passenger and cargo flights and enhances operational flexibility for each country’s airlines. It also includes access to any point in the other country’s territory. This is a significant expansion of the agreement and is expected to meet the needs of this important bilateral market for the long term.

    This expanded agreement was reached at the International Civil Aviation Organization’s (ICAO) Air Services Negotiation Event, held in Kuala Lumpur, Malaysia. Over the course of the event, the Canadian delegation of officials from Global Affairs Canada, Transport Canada and the Canadian Transportation Agency held several productive meetings with their international counterparts to conclude this agreement and facilitate the negotiation of future agreements.

    Quotes

    “We are pleased to enhance our strong relationship with Australia, one of our most important markets. This expanded air transport agreement will improve connectivity for passengers, deepen our cultural and commercial ties, and strengthen our supply chains. This is great news for travellers and businesses in both our countries.”

    The Honourable Anita Anand
    President of the Treasury Board and Minister of Transport

    “The expanded Canada-Australia Air Transport Agreement is great news for passengers, businesses and industries in both Canada and Australia. Along with Canada’s Indo-Pacific Strategy and my upcoming Team Canada Trade Mission to Australia in February of next year, social and economic opportunities for travellers will grow. Thanks to our work and this agreement, Canadian and Australian markets will prosper.” 

    The Honourable Mary Ng
    Minister of Export Promotion, International Trade and Economic Development

    Quick facts

    • In 2023, Australia was Canada’s 18th largest air travel market, with 534,075 one-way passenger trips.

    • The sixteenth ICAO Air Services Negotiation (ICAN2024) Event was hosted by the Ministry of Transport Malaysia from October 21-25, 2024.

    • The event provides delegations from countries around the world with a central meeting place to conduct bilateral, regional or plurilateral air services negotiations and consultations, as well as networking opportunities for policy makers, regulators, air operators, service providers and other stakeholders.

    • The Government of Canada is continually working on new and expanded air transport agreements under the Blue Sky policy, which encourages long-term, sustainable competition and the development of international air services.

    • Canada has air transport agreements or arrangements covering more than 125 countries.

    Associated links

    Contacts

    Laurent de Casanove
    Press secretary
    Office of the Honourable Anita Anand
    Minister of Transport, Ottawa
    laurent.decasanove@tc.gc.ca

    Media relations
    Transport Canada, Ottawa
    613-993-0055
    media@tc.gc.ca

    MIL OSI Canada News

  • MIL-OSI: ASM announces third quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    October 29, 2024, 6 p.m. CET

    AI-related demand drives robust growth in bookings and revenue

    ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2024 results (unaudited).

    Financial highlights

    € million Q3 2023 Q2 2024 Q3 2024
    New orders 627.4 755.4 815.3
    yoy change % at constant currencies 0% 56% 30%
           
    Revenue 622.3 706.1 778.6
    yoy change % at constant currencies 9% 6% 26%
           
    Gross profit margin % 48.1  % 49.8  % 49.4 %
    Adjusted gross profit margin 1 48.9  % 49.8  % 49.4 %
           
    Operating result 147.3 177.6 215.2
    Operating result margin % 23.7  % 25.1  % 27.6  %
           
    Adjusted operating result 1 157.2 182.3 219.9
    Adjusted operating result margin 1 25.3  % 25.8  % 28.2  %
           
    Net earnings 129.6 159.0 127.9
    Adjusted net earnings 1 139.1 164.7 133.6

    1 Adjusted figures are non-IFRS performance measures (previously referred to as “normalized”). Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

    • New orders of €815 million in Q3 2024 increased by 30% at constant currencies (also 30% as reported) mainly driven by strong demand for gate-all-around (GAA) and high-bandwidth memory (HBM).
    • Revenue of €779 million increased by 26% at constant currencies (increased by 25% as reported) from Q3 of last year and at the upper end of the guidance (€740-780 million).
    • YoY improvement in adjusted gross profit margin is due to mix including slightly stronger-than-expected sales to China.
    • Adjusted operating result margin increased to 28.2%, compared to 25.3% in Q3 last year and increased from 25.8% last quarter mainly due to higher revenue and a one-off positive result of €7 million related to the sale of a building.
    • Revenue for Q4 2024 is expected to be in the range of €770-810 million.

    Comment

    “ASM delivered strong results against a backdrop of continued mixed market conditions,” said Hichem M’Saad, CEO of ASM. “Revenue increased 26% at constant currencies to €779 million in the third quarter of 2024, which is a new quarterly high and at the upper end of our guidance of €740-780 million. With a gross margin of 49.4%, and ongoing focus on cost control, adjusted operating result increased by 40% to €220 million compared to Q3 2023.
    Orders were up 30% to €815 million in Q3 2024 compared to last year’s Q3, driven by a further increase in orders for gate-all-around (GAA) technology and continued solid demand for high-bandwidth memory (HBM) DRAM applications. Total orders were ahead of our expectations at the start of the quarter due to some bookings that were pulled in from Q4.
    AI continues to be the dominant semiconductor end market driver, while recovery in other markets such as PCs and smartphones is still sluggish, and the automotive/industrial segments remain in a cyclical downturn. AI is increasingly driving the demand for the most advanced devices, both in logic/foundry and HBM DRAM, and this plays to the strengths of ASM.
    While recently announced capex reductions have somewhat impacted the outlook for advanced logic/foundry spending, we still project a substantial increase in our GAA-related sales in 2025. Leading customers have reiterated their plans to ramp the GAA node in high-volume manufacturing next year. With this transition we continue to expect meaningful increases in our served available market.  
    Sales and orders in China held up slightly better than expected in Q3. We still expect sales in China to be lower in the second half compared to the first half, and Q4 to be lower than Q3. While visibility for FY 2025 is still limited, we currently assume sales from Chinese customers to be moderately lower in the first half of 2025 compared to the second half of 2024.
    For SiC Epi, we still expect a double-digit percentage increase in sales in FY 2024, despite the current market slowdown in this segment, and reflecting the contribution from previously won new customers. We believe that SiC Epi remains an attractive long-term growth market. ASM is well positioned, in particular on the back of our recently launched PE2O8 SiC Epi tool, which combines our proven best-in-class film performance with a new dual-chamber high-productivity platform for 200mm applications.”

    Outlook

    On a currency-comparable level, we project revenue of €770-810 million for Q4 2024. At constant currencies and taking into account the guidance for Q4, we project revenue in the second half of 2024 to increase by slightly more than 15% compared to the first half, and for FY 2024, we expect revenue to show a year-on-year increase of approximately 10%.
    For WFE spending, a slight increase is expected in 2024, followed by continued growth in 2025. Based on this, we now expect revenue to be in the range of €3.2-3.6 billion for 2025, in particular driven by GAA related sales, and taking into account continued mixed end market conditions. This compares to our previous revenue target of €3.0-3.6 billion for 2025.
    In terms of order intake we expect the level in Q4 to be again solid, albeit lower than in the third quarter. GAA related orders are expected to further increase, offset by a drop in China orders and the effect of aforementioned order pull-ins in Q3.

    Share buyback program

    On February 27, 2024, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on May 15, 2024, and was completed on July 25, 2024. In total, we repurchased 228,389 shares at an average price of €656.77, under the 2024 program.

    About ASM

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Quarterly earnings conference call details

    ASM will host the quarterly earnings conference call and webcast on Wednesday, October 30, 2024, at 3:00 p.m. CET.

    Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

    A simultaneous audio webcast and replay will be accessible at this link.

    The MIL Network

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Nine Months Ended  
    Consolidated Financial Highlights (unaudited)   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Consolidated net income (000’s)   $ 5,420     $ 5,777     $ 13,889     $ 18,658  
                                     
    Earnings per share – basic and diluted   $ 1.65     $ 1.71     $ 4.15     $ 5.41  
                                     
    Annualized return on average equity     9.74 %     11.28 %     8.47 %     12.22 %
    Annualized return on average tangible common equity1     11.16 %     13.19 %     9.74 %     14.18 %
    Annualized return on average assets     0.86 %     0.96 %     0.75 %     1.04 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are pleased with our results from the third quarter,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Both loans and deposits demonstrated solid growth, and the community banking segment showed increased earnings when compared to the previous quarter. Despite market and industry challenges, the consumer finance and mortgage banking segments remained profitable. Our net interest margin was relatively flat when compared to the second quarter, which was expected, and asset quality, liquidity and capital all remain strong.”

    Key highlights for the third quarter and first nine months of 2024 are as follows.

    • Community banking segment loans grew $158.5 million, or 16.6 percent annualized, and $185.6 million, or 14.9 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consumer finance segment loans grew $8.8 million, or 2.5 percent annualized, and $6.1 million, or 1.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Deposits increased $69.8 million, or 4.5 percent annualized, and $107.5 million, or 5.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consolidated annualized net interest margin was 4.13 percent for the third quarter of 2024 compared to 4.29 percent for the third quarter of 2023 and 4.12 percent in the second quarter of 2024;
    • The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods in 2023;
    • The consumer finance segment recorded provision for credit losses of $3.0 million and $8.1 million for the third quarter and first nine months of 2024, respectively, compared to $1.6 million and $4.3 million for the same periods in 2023;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023;
    • Mortgage banking segment loan originations were $157.0 million for the third quarter of 2024, an increase of $27.3 million, or 21.1 percent, and an increase of $11.0 million, or 7.5 percent, compared to the third quarter of 2023 and the second quarter of 2024, respectively;
    • During the third quarter of 2024, the community banking segment opened a new retail banking branch in Colonial Heights, Virginia and announced the closure of its Hampton, Virginia branch in the fourth quarter of 2024.

    Community Banking Segment. The community banking segment reported net income of $5.3 million and $13.9 million for the third quarter and first nine months of 2024, respectively, compared to $5.7 million and $17.7 million for the same periods in 2023. The decreases in community banking segment net income were due primarily to:

    • higher interest expense due primarily to higher rates on deposits and higher balances of interest-bearing deposits, partially offset by lower balances of borrowings;
    • higher salaries and employee benefits expense for the first nine months of 2024, as compared to the same period in 2023, which have generally increased in line with market conditions. Salaries and employee benefits expense decreased to $8.9 million for the three months ended September 30, 2024, compared to $9.1 million and $9.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively, due primarily to a reduction in headcount through attrition;
    • higher occupancy expense related to branch network improvements, including the relocation of a branch and the opening of a new branch; and
    • higher data processing and consulting costs related to investments in operational technology to improve resilience, efficiency and customer experience;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on asset yields and higher average balances of loans, offset in part by lower average balances of securities; and
    • higher wealth management services income as assets under management increased 19.0 percent for the first nine months of 2024, as compared to the same period in 2023.

    Average loans increased $186.5 million, or 15.2 percent, for the third quarter of 2024 and increased $158.4 million, or 13.2 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to growth in the construction, commercial real estate, and residential mortgage segments of the loan portfolio. Average deposits increased $135.8 million, or 6.8 percent, for the third quarter of 2024 and increased $101.2 million, or 5.1 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to higher balance of time deposits, partially offset by decreases in savings and interest-bearing demand deposits and noninterest-bearing demand deposits.

    Average loan yields and average costs of interest-bearing deposits were higher for the third quarter and first nine months of 2024, compared to the same periods of 2023, due primarily to the effects of the higher interest rate environment.

    The community banking segment’s nonaccrual loans were $628,000 at September 30, 2024 compared to $406,000 at December 31, 2023. The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods of 2023. At September 30, 2024, the allowance for credit losses increased to $17.5 million, compared to $16.1 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 1.22 percent at September 30, 2024 from 1.26 percent at December 31, 2023. The increases in provision and allowance for credit losses are due primarily to growth in the loan portfolio. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $351,000 for the third quarter of 2024, compared to a net loss of $5,000 for the same period of 2023, due primarily to:

    • higher gains on sales of loans due to higher volume of mortgage loan originations; and
    • higher mortgage banking fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and data processing expenses.

    The mortgage banking segment reported net income of $1.0 million for the first nine months of 2024, compared to $568,000 for the same period of 2023, due primarily to:

    • lower variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, as well as mortgage banking loan processing expenses and data processing expenses;
    • lower occupancy expense due to an effort to reduce overhead costs;
    • higher mortgage banking fee income; and
    • relatively unchanged gains on sales of loans and mortgage loan production volume;

    partially offset by:

    • lower mortgage lender services income due lower mortgage loan production volume across the industry.

    The sustained elevated level of mortgage interest rates, combined with higher home prices and lower levels of inventory, has led to a level of mortgage loan originations in 2024 and 2023 for the industry that is lower than recent historical averages. Mortgage loan originations for the mortgage banking segment were $157.0 million for the third quarter of 2024, comprised of $15.0 million refinancings and $142.0 million home purchases, compared to $129.7 million, comprised of $11.9 million refinancings and $117.8 million home purchases, for the same period in 2023. Mortgage loan originations for the mortgage banking segment were $397.3 million for the first nine months of 2024, comprised of $34.3 million refinancings and $363.0 million home purchases, compared to $400.6 million, comprised of $40.2 million refinancings and $360.4 million home purchases, for the same period in 2023. Mortgage loan originations in the third quarter of 2024 increased $11.0 million compared to the second quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the third quarter and first nine months of 2024, the mortgage banking segment recorded a reversal of provision for indemnification losses of $100,000 and $375,000, respectively, compared to a reversal of provision for indemnification losses of $200,000 and $435,000 in the same periods of 2023. The mortgage banking segment increased reserves for indemnification losses during 2020 based on widespread forbearance on mortgage loans and economic uncertainty related to the COVID-19 pandemic. The release of indemnification reserves in 2024 and 2023 was due primarily to improvement in the mortgage banking segment’s assessment of borrower payment performance, lower volume of mortgage loan originations in recent years and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $311,000 and $1.1 million for the third quarter and first nine months of 2024, respectively, compared to net income of $682,000 and $2.3 million for the same periods in 2023. The decreases in consumer finance segment net income were due primarily to:

    • higher provision for credit losses due primarily to increased net charge-offs and loan growth; and
    • higher interest expense on variable rate borrowings from the community banking segment as a result of higher interest rates and higher balances of borrowings;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on loan yields and higher average balances of loans;
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
    • lower loan recovery expense related to growth in loans with stronger credit quality and efficiency initiatives within the collections department.

    Average loans increased $8.3 million, or 1.8 percent, for the third quarter of 2024 and increased $3.0 million, or less than one percent, for the first nine months of 2024, compared to the same periods in 2023. The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023, due primarily to an increase in the number of delinquent loans and repossessions and a higher average charge-off per unit as a result of larger loan amounts due to higher automobile values during 2020 and 2021 and a decline in wholesale values of used automobiles since then. At September 30, 2024, total delinquent loans as a percentage of total loans was 3.49 percent, compared to 4.09 percent at December 31, 2023, 3.30 percent at September 30, 2023, and 3.51 percent at June 30, 2024. Delinquency and loss rates have generally returned to pre-pandemic levels due to the passage of time since the expiration of stimulus and enhanced unemployment benefits that benefitted borrowers.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. The average amounts deferred on a monthly basis during the third quarter and first nine months of 2024 were 1.91 percent and 1.70 percent of average automobile loans outstanding compared to 2.20 percent and 1.83 percent during the same periods during 2023. The allowance for credit losses was $23.2 million at September 30, 2024 and $23.6 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 4.87 percent at September 30, 2024 from 5.03 percent at December 31, 2023, primarily as a result of growth in loans with stronger credit quality while balances of loans with lower credit quality declined. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2024, the Corporation’s uninsured deposits were approximately $607.6 million, or 28.5 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $455.6 million, or 21.3 percent of total deposits as of September 30, 2024. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $287.4 million and borrowing availability was $583.8 million as of September 30, 2024, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $415.6 million as of September 30, 2024.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $142.3 million at September 30, 2024 from $109.5 million at December 31, 2023 due primarily to higher borrowings from the FHLB. Borrowings decreased $4.7 million from $147.0 million at September 30, 2023.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

    Capital and Dividends.   The Corporation declared a quarterly cash dividend for the third quarter of 2024 of $0.44 per share, which was paid on October 1, 2024. This dividend represents a payout ratio of 26.7 percent of earnings per share for the third quarter of 2024. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    Total consolidated equity increased $10.4 million at September 30, 2024, compared to December 31, 2023, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by share repurchases and dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of rising market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale decreased to $17.2 million at September 30, 2024 compared to $25.0 million at December 31, 2023 due primarily to fluctuations in market interest rates of debt securities.

    As of September 30, 2024, the most recent notification from the FDIC categorized the C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at September 30, 2024, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at September 30, 2024. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses became realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    In December 2023, the Board of Directors authorized a program, effective January 1, 2024, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2024. During the third quarter and first nine months of 2024, the Corporation repurchased 60,520 shares, or $3.2 million, and 149,594 shares, or $7.3 million, of its common stock under this share repurchase program, respectively.

    About C&F Financial Corporation.  The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $61.78 per share on October 28, 2024. At September 30, 2024, the book value per share of the Corporation was $70.29 and the tangible book value per share was $62.13. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 32 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia, North Carolina, and West Virginia. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and in the Middle East) or other major events, or the prospect of these events
    • average loan yields and average costs of interest-bearing deposits
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market area
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansions and consolidations plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections by the Corporation thereunder

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)
     
       
    Financial Condition   9/30/2024    12/31/2023    9/30/2023  
    Interest-bearing deposits in other banks   $ 32,507   $ 58,777   $ 53,407  
    Investment securities – available for sale, at fair value     409,045     462,444     460,653  
    Loans held for sale, at fair value     44,677     14,176     25,469  
    Loans, net:                    
    Community Banking segment     1,414,576     1,257,557     1,230,694  
    Consumer Finance segment     454,062     444,931     446,787  
    Total assets     2,550,904     2,438,498     2,421,705  
    Deposits     2,135,891     2,066,130     2,028,429  
    Repurchase agreements     28,643     30,705     28,660  
    Other borrowings     113,683     78,834     118,388  
    Total equity     227,958     217,516     200,380  
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Results of Operations   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Interest income   $ 36,131     $ 31,686     $ 103,151     $ 91,729  
    Interest expense     11,442       7,224       31,476       17,964  
    Provision for credit losses:                                
    Community Banking segment     700       500       1,650       1,550  
    Consumer Finance segment     3,000       1,550       8,100       4,250  
    Noninterest income:                                
    Gains on sales of loans     1,825       1,220       4,814       4,930  
    Other     6,947       4,994       18,774       16,882  
    Noninterest expenses:                                
    Salaries and employee benefits     13,921       12,921       41,625       40,841  
    Other     9,170       8,605       26,989       25,969  
    Income tax expense     1,250       1,323       3,010       4,309  
    Net income     5,420       5,777       13,889       18,658  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,070       28,423       94,166       81,999  
    Interest income on securities-FTE     2,958       3,134       9,033       9,589  
    Total interest income-FTE     36,417       31,936       104,010       92,424  
    Net interest income-FTE     24,975       24,712       72,534       74,460  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 318,834     $ 1,828   2.29 % $ 414,036     $ 2,207   2.13 %
    Tax-exempt     119,253       1,130   3.79     110,182       927   3.37  
    Total securities     438,087       2,958   2.70     524,218       3,134   2.39  
    Loans:                                  
    Community banking segment     1,411,337       19,797   5.58     1,224,791       15,887   5.15  
    Mortgage banking segment     40,232       597   5.90     30,210       517   6.79  
    Consumer finance segment     481,124       12,676   10.48     472,811       12,019   10.09  
    Total loans     1,932,693       33,070   6.81     1,727,812       28,423   6.53  
    Interest-bearing deposits in other banks     38,756       389   3.99     38,507       379   3.90  
    Total earning assets     2,409,536       36,417   6.02     2,290,537       31,936   5.54  
    Allowance for credit losses     (40,879 )               (41,014 )            
    Total non-earning assets     158,063                 151,070              
    Total assets   $ 2,526,720               $ 2,400,593              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 323,019       540   0.67   $ 341,707       505   0.59  
    Money market deposit accounts     293,789       1,104   1.49     304,309       782   1.02  
    Savings accounts     178,417       23   0.05     204,042       29   0.06  
    Certificates of deposit     801,669       8,524   4.23     571,499       4,316   3.00  
    Total interest-bearing deposits     1,596,894       10,191   2.54     1,421,557       5,632   1.57  
    Borrowings:                                  
    Repurchase agreements     27,207       117   1.72     29,440       95   1.29  
    Other borrowings     93,961       1,134   4.83     122,250       1,497   4.90  
    Total borrowings     121,168       1,251   4.13     151,690       1,592   4.20  
    Total interest-bearing liabilities     1,718,062       11,442   2.65     1,573,247       7,224   1.83  
    Noninterest-bearing demand deposits     537,796                 577,382              
    Other liabilities     48,330                 45,124              
    Total liabilities     2,304,188                 2,195,753              
    Equity     222,532                 204,840              
    Total liabilities and equity   $ 2,526,720               $ 2,400,593              
    Net interest income         $ 24,975             $ 24,712      
    Interest rate spread               3.37 %             3.71 %
    Interest expense to average earning assets               1.89 %             1.25 %
    Net interest margin               4.13 %             4.29 %
                                       
        For the Nine Months Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 340,297     $ 5,665   2.22 % $ 441,204     $ 7,017   2.12 %
    Tax-exempt     119,931       3,368   3.74     104,549       2,572   3.28  
    Total securities     460,228       9,033   2.62     545,753       9,589   2.34  
    Loans:                                  
    Community banking segment     1,357,962       55,671   5.48     1,199,560       45,375   5.06  
    Mortgage banking segment     30,759       1,411   6.13     26,713       1,312   6.57  
    Consumer finance segment     477,768       37,084   10.37     474,738       35,312   9.94  
    Total loans     1,866,489       94,166   6.74     1,701,011       81,999   6.45  
    Interest-bearing deposits in other banks     30,197       811   3.59     33,072       836   3.38  
    Total earning assets     2,356,914       104,010   5.89     2,279,836       92,424   5.42  
    Allowance for loan losses     (40,670 )               (41,192 )            
    Total non-earning assets     155,935                 150,826              
    Total assets   $ 2,472,179               $ 2,389,470              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 326,540       1,569   0.64   $ 359,157       1,578   0.59  
    Money market deposit accounts     295,257       3,177   1.44     323,630       2,121   0.88  
    Savings accounts     181,880       85   0.06     213,940       91   0.06  
    Certificates of deposit     753,114       23,140   4.10     509,424       9,447   2.48  
    Total interest-bearing deposits     1,556,791       27,971   2.40     1,406,151       13,237   1.26  
    Borrowings:                                  
    Repurchase agreements     26,774       325   1.62     32,048       273   1.14  
    Other borrowings     91,024       3,180   4.66     122,984       4,454   4.83  
    Total borrowings     117,798       3,505   3.97     155,032       4,727   4.07  
    Total interest-bearing liabilities     1,674,589       31,476   2.51     1,561,183       17,964   1.54  
    Noninterest-bearing demand deposits     533,113                 582,573              
    Other liabilities     45,835                 42,108              
    Total liabilities     2,253,537                 2,185,864              
    Equity     218,642                 203,606              
    Total liabilities and equity   $ 2,472,179               $ 2,389,470              
    Net interest income         $ 72,534             $ 74,460      
    Interest rate spread               3.38 %             3.88 %
    Interest expense to average earning assets               1.78 %             1.05 %
    Net interest margin               4.11 %             4.37 %
                       
        9/30/2024
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $   $ 75,000
    Borrowings from FHLB     254,445     60,000     194,445
    Borrowings from Federal Reserve Bank     314,385         314,385
    Total   $ 643,830   $ 60,000   $ 583,830
                   
    Asset Quality   9/30/2024   12/31/2023  
    Community Banking              
    Total loans   $ 1,432,109   $ 1,273,629  
    Nonaccrual loans   $ 628   $ 406  
                   
    Allowance for credit losses (ACL)   $ 17,533   $ 16,072  
    Nonaccrual loans to total loans     0.04 %   0.03 %
    ACL to total loans     1.22 %   1.26 %
    ACL to nonaccrual loans     2,791.88 %   3,958.62 %
    Annualized year-to-date net charge-offs to average loans     0.01 %   0.01 %
                   
    Consumer Finance              
    Total loans   $ 477,300   $ 468,510  
    Nonaccrual loans   $ 1,101   $ 892  
    Repossessed assets   $ 522   $ 646  
    ACL   $ 23,238   $ 23,579  
    Nonaccrual loans to total loans     0.23 %   0.19 %
    ACL to total loans     4.87 %   5.03 %
    ACL to nonaccrual loans     2,110.63 %   2,643.39 %
    Annualized year-to-date net charge-offs to average loans     2.36 %   1.99 %
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Other Performance Data   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Net Income (Loss):                                
    Community Banking   $ 5,337       $ 5,685       $ 13,920       $ 17,742    
    Mortgage Banking     351         (5 )       1,021         568    
    Consumer Finance     311         682         1,142         2,261    
    Other1     (579 )       (585 )       (2,194 )       (1,913 )  
    Total   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
                                     
    Net income attributable to C&F Financial Corporation   $ 5,389       $ 5,789       $ 13,797       $ 18,536    
                                     
    Earnings per share – basic and diluted   $ 1.65       $ 1.71       $ 4.15       $ 5.41    
    Weighted average shares outstanding – basic and diluted     3,258,420         3,391,624         3,323,942         3,426,845    
                                     
    Annualized return on average assets     0.86   %     0.96   %     0.75   %     1.04   %
    Annualized return on average equity     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity2     11.16   %     13.19   %     9.74   %     14.18   %
    Dividends declared per share   $ 0.44       $ 0.44       $ 1.32       $ 1.32    
                                     
    Mortgage loan originations – Mortgage Banking   $ 156,968       $ 129,658       $ 397,324       $ 400,559    
    Mortgage loans sold – Mortgage Banking     146,143         140,214         367,449         389,465    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   9/30/2024     12/31/2023
    Market value per share   $ 58.35     $ 68.19
    Book value per share   $ 70.29     $ 64.28
    Price to book value ratio     0.83       1.06
    Tangible book value per share1   $ 62.13     $ 56.40
    Price to tangible book value ratio1     0.94       1.21
    Price to earnings ratio (ttm)     10.30       9.87

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   9/30/2024   12/31/2023   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     13.8 %   14.8 %   8.0 %
    Tier 1 risk-based capital ratio     11.6 %   12.6 %   6.0 %
    Common equity tier 1 capital ratio     10.5 %   11.3 %   4.5 %
    Tier 1 leverage ratio     9.8 %   10.1 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     13.4 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.1 %   12.9 %   6.0 %
    Common equity tier 1 capital ratio     12.1 %   12.9 %   4.5 %
    Tier 1 leverage ratio     10.1 %   10.3 %   4.0 %

    ________________________
    1 The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2 All ratios at September 30, 2024 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2023 are presented as filed.
    3 The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Nine Months Ended  
        9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 222,532       $ 204,840       $ 218,642       $ 203,606    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,242 )       (1,507 )       (1,303 )       (1,572 )  
    Average noncontrolling interest     (573 )       (484 )       (670 )       (668 )  
    Average tangible common equity   $ 195,526       $ 177,658       $ 191,478       $ 176,175    
                                     
    Net income   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
    Amortization of intangibles     65         69         195         205    
    Net (income) loss attributable to noncontrolling interest     (31 )       12         (92 )       (122 )  
    Net tangible income attributable to C&F Financial Corporation   $ 5,454       $ 5,858       $ 13,992       $ 18,741    
                                     
    Annualized return on average equity, as reported     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity     11.16   %     13.19   %     9.74   %     14.18   %
                                 
        For The Quarter Ended     For The Nine Months Ended
        9/30/2024     9/30/2023     9/30/2024   9/30/2023
    Fully Taxable Equivalent Net Interest Income1                            
    Interest income on loans   $ 33,021     $ 28,369     $ 94,014   $ 81,845
    FTE adjustment     49       54       152     154
    FTE interest income on loans   $ 33,070     $ 28,423     $ 94,166   $ 81,999
                                 
    Interest income on securities   $ 2,721     $ 2,938     $ 8,326   $ 9,048
    FTE adjustment     237       196       707     541
    FTE interest income on securities   $ 2,958     $ 3,134     $ 9,033   $ 9,589
                                 
    Total interest income   $ 36,131     $ 31,686     $ 103,151   $ 91,729
    FTE adjustment     286       250       859     695
    FTE interest income   $ 36,417     $ 31,936     $ 104,010   $ 92,424
                                 
    Net interest income   $ 24,689     $ 24,462     $ 71,675   $ 73,765
    FTE adjustment     286       250       859     695
    FTE net interest income   $ 24,975     $ 24,712     $ 72,534   $ 74,460

    ____________________
    1 Assuming a tax rate of 21%.

                   
        9/30/2024     12/31/2023
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 227,340       $ 216,878  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,211 )       (1,407 )
    Tangible equity attributable to C&F Financial Corporation   $ 200,938       $ 190,280  
                   
    Shares outstanding     3,234,363         3,374,098  
                   
    Book value per share   $ 70.29       $ 64.28  
    Tangible book value per share   $ 62.13       $ 56.40  
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network

  • MIL-OSI Security: Peoria Man Sentenced to More Than 11 Years in Prison for Multi-Year Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    PEORIA, Ill. – A Peoria, Illinois, man, Chad Duane Campen, 35, was sentenced on October 24, 2024, to 135 months (11.3 years) following his convictions for bank fraud (one count), wire fraud (three counts), illegal monetary transaction (one count), bankruptcy fraud (one count), and false statements under oath (one count).

    At the sentencing hearing before U.S. District Judge James E. Shadid, the government presented evidence that Campen successfully swindled dozens of individuals and financial institutions between 2013 and 2021. During the course of the sentencing, the court heard from several of Campen’s victims who described themselves as “survivors” of Campen’s crimes. Campen pretended to be engaged in various business ventures ranging from farming to the construction of a solar farm. Via this elaborate scheme, Campen obtained loans from multiple banks using each fraudulent loan to not only enrich himself but also to pay off his previous victim. By the time his scheme collapsed, the government showed that Campen had obtained more than $17 million from these banks, of which almost $5 million was still outstanding.

    Campen, however, did not limit himself to stealing from banks, he also defrauded individuals. Witnesses, victim letters, and other evidence demonstrated how Campen would pretend to befriend people over the course of years and be welcomed into their families and homes only to steal from them. Campen caused a family farm to have its equipment repossessed after he claimed their equipment as his to secure one of his fraudulent loans. In another instance, Campen offered to assist an elderly man, gained access to his home, and stole more than $50,000 from him. And Campen convinced a family to invest in a purported farming opportunity. The family took out a loan using their own farm as collateral. When Campen’s fraud scheme collapsed, the family not only lost the money they had given Campen, but their farm—which had been in their family for more than 100 years—had to be sold.

    Another victim of Campen’s fraud was the Village of Bartonville, Illinois. Campen with co-conspirator Richard Weiss, convinced the Village to extend loans and additional funds to tear down the old Bowen Building in Bartonville. Campen lied to the Village and made promises that he could recoup the Village’s loan and investments through the sale of materials from the building. Campen secured these funds by falsely claiming that he already had buyers lined up for the stone for the building. As a result of Campen’s fraud, the Village lost the equivalent of half of all its property tax revenue for an entire year.

    Campen’s co-conspirator in certain acts connected with that fraud, the owner of the Bowen building, Richard Weiss, 62, of Pekin, Illinois, was charged in a separate case in February 2024 with bank fraud and conspiracy to commit money laundering, related to his and Campen’s receipt of funds from the Village. He pleaded guilty to both counts in February and was sentenced the same day as Campen to 15 months of imprisonment. Weiss’s sentence took into account his unique personal characteristics and significantly smaller role in the offense. In imposing the sentence, Judge Shadid noted that Weiss himself was a victim of Campen’s fraud.

    As Campen’s scheme began to unravel, he tried to use the mechanisms of bankruptcy court to delay his creditors and prevent discovery of his fraud. Campen committed additional fraud in the bankruptcy court by filing counterfeit documents and making false statements in his pleadings and under oath. Campen’s fraud was quickly detected by the professionals with the Office of the United States Trustee for Region 10, who added to the growing investigation of Campen by providing a criminal referral to the United States Attorney’s Office.

    A seventeen-count indictment was filed January 19, 2022, and Campen was arrested and detained five days later. Although he has filed several motions and appeals requesting bond, he has remained in the custody of the U.S. Marshals Service since his arrest. Campen entered into a written plea agreement in March 2024, pleading guilty to seven of the seventeen counts.

    The statutory penalties for the charges are:

    Charge

    Imprisonment Time

    Supervised Release

    Bank Fraud (Ct. 5) Not more than 30 years 5 years
    Wire Fraud (Cts. 6, 12, 13) Not more than 20 years 3 years
    Illegal Monetary Transaction (Ct. 14) Not more than 10 years 3 years
    Bankruptcy Fraud (Ct. 16) Not more than 5 years 3 years
    False Statements Under Oath (Ct. 17) Not more than 5 years 3 years

    During his term of supervised release, Campen is to refrain from engaging in any occupation, business or profession related to the banking industry, including, but not limited to, employment by a bank or any other financial institution.

    “The defendant’s repeated acts of fraud caused great damage not only to financial institutions, but also to members of our community, including but not limited to the Village of Bartonville and its taxpayers,” said U.S. Attorney Gregory K. Harris. “Our office is committed to protecting individuals and banks from predatory acts like those of the defendant and will vigorously pursue such cases. We are grateful to our federal law enforcement partners, the Internal Revenue Service and the Federal Bureau of Investigation, as well as the Office of the United States Trustee for Region 10.”

    “Today’s sentence will go a long way in protecting the integrity of the bankruptcy system,” said Nancy J. Gargula, United States Trustee for Indiana and the Central and Southern Districts of Illinois (Region 10).  “We are grateful to U.S. Attorney Harris and our law enforcement partners for their commitment to protect the interests of creditors and the public.”

    “Driven by an unquenchable thirst for ill-gotten gains, Chad Campen embarked on an eight-year fraud spree which led to devastating results for those who put their trust in him,” said FBI Springfield Special Agent in Charge Christopher Johnson. “This sentence sends a clear message about the consequences of greed and demonstrates the resolve of the FBI and our law enforcement partners to follow the money trail and ensure justice.”

    “Over several years, Chad Campen defrauded dozens of victims, creating severe economic distress for families and straining resources for institutions that fell victim to his fraud scheme,” said Marta C. Grijalva, Assistant Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “This sentencing reflects the consequences of actions that caused significant financial pain to not only institutions and communities, but also individual families. That is why IRS Criminal Investigation and its fellow law enforcement partners remain committed to safeguarding the financial security of our communities and holding accountable those who exploit the system for personal gain.”

    The case investigation was conducted by the IRS Criminal Investigation and the Federal Bureau of Investigation, Springfield Field Office. The bankruptcy fraud charge was referred for criminal prosecution by the Office of the United States Trustee for Region 10, Nancy J. Gargula. The U.S. Trustee Program is the component of the Justice Department that protects the integrity of the bankruptcy system by overseeing case administration and litigating to enforce the bankruptcy laws. Region 10 is headquartered in Indianapolis, with additional offices in South Bend, Indiana, and Peoria, Illinois. Assistant U.S. Attorney Douglas F. McMeyer represented the government in the prosecution.

    MIL Security OSI

  • MIL-OSI Global: Three lessons the west can learn from China’s economic approach to AI

    Source: The Conversation – UK – By Jialu Shan, Research Fellow at the TONOMUS Global Center for AI and Digital Transformation, International Institute for Management Development (IMD)

    Phonlamai Photo/Shutterstock

    AI is already everywhere, ready to change the way we work and play, how we learn and how we are looked after. From hospitality to healthcare, entertainment to education, AI is transforming the world as we know it.

    But it’s developing at a different pace in different parts of the world. In the west, it seems, there is a tendency to aim for perfection, with companies taking their time to refine AI systems before they are implemented.

    China, on the other hand, has taken a more pragmatic path, on which speed and adaptability are prioritised over flawless execution. Chinese companies appear more willing to take risks, accept AI’s current limitations and see what happens.

    And China’s desire to be the world leader in AI development seems to be working. Here are three important lessons the west can learn from China’s economic strategy towards AI.

    1. Embrace imperfection

    Many Chinese companies have adopted a “good enough” mentality towards AI, using it even when the technology is not fully developed. This brings risks, but also encourages fast learning.

    For example, in 2016, Haidilao, a popular Chinese restaurant chain, introduced “Xiaomei”, an AI system which dealt with customers calling up to make reservations. While Xiaomei is not the most sophisticated AI system (it only understands questions about reservations), it was effective, managing over 50,000 customer interactions a day with a 90% accuracy rate.

    It’s not perfect, but it provides a valuable service to the business, proving that AI doesn’t need to be flawless to make a big impact.

    2. Make it practical

    A key distinction between AI strategies in China and the west is the focus on practical, problem-solving applications. In many western industries, AI is often associated with cutting-edge technology like robot-assisted surgery, or complex predictive algorithms.

    While these advances are exciting, they do not always bring immediate impact. China, by contrast, has made significant strides by applying AI to solve more basic needs.

    In China, some hospitals use AI to help with routine – but very important – tasks. For instance, in April 2024, Wuhan Union Hospital introduced an AI patient service which acts as a kind of triage nurse for patients using a messaging app.

    Patients are asked about their symptoms and medical history. The AI then evaluates the severity of their needs, and prioritises appointments based on urgency and the medical resources available at that time. The results are then relayed to a human doctor who makes the final decision about what happens next.

    By helping to ensure that those with the most critical needs are seen first, the system plays a crucial role in improving efficiency and reducing waiting times for patients seeking medical attention. It’s not the most complex technology, but in its first month of use in the hospital’s breast clinic, it reportedly provided over 300 patients with extra consultation time – 70% of whom were patients in urgent need of surgery.

    3. Learn from mistakes

    China’s rapid adoption of AI hasn’t come without challenges. But failures serve as critical learning experiences.

    One cautionary tale over AI implementation comes not from China, but from Japan. When Henn na Hotel in Nagasaki became the world’s first hotel staffed by robots, it received a great deal of attention for its futuristic concept.

    But the reality soon fell short of expectations. Churi, the hotel’s in-room assistant robot, frequently misunderstood guest requests, leading to confusion. One guest was reportedly woken up repeatedly because a robot in his room mistakenly understood the sound of his snoring to be a question.

    In contrast, many Chinese hotels have taken a more measured approach, opting for simpler yet highly effective robotic solutions. Delivery robots are now commonplace in hotel chains across the country, and while not overly complex, they are adept at navigating hallways and lifts autonomously, bringing meals to guests.

    By focusing on specific, high-impact problems, Chinese companies have successfully integrated AI in ways that minimise disruption and maximise usefulness.

    The Chinese restaurant chain I mentioned earlier provides another good illustration of this approach. After the success of its chatbot, Haidilao introduced “smart restaurants” equipped with robotic arms and automated food delivery systems. While innovative, the technology struggled during peak hours and lacked the personal touch many customers valued.

    Instead of abandoning the project, Haidilao continued to adjust and refine its use of AI. Rather than adopting a fully automated restaurant model, it went for a hybrid approach, combining automation with human staff to enhance the dining experience.

    This flexibility in the face of setbacks represents a crucial willingness to pivot and adapt when things don’t go as planned. Overall, China’s pragmatic approach to AI has enabled it to take the lead in many areas, even as the country lags behind the west in terms of technological sophistication. This is driven by a willingness to embrace AI’s imperfections, and then adapt where necessary.

    Where speed and adaptability are critical, companies can’t afford to wait for perfect solutions. By embracing AI’s imperfections, focusing on practical applications and real-world feedback, Chinese companies have unlocked the economic value of AI in a way that others are being too timid to emulate.

    Jialu Shan 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. Three lessons the west can learn from China’s economic approach to AI – https://theconversation.com/three-lessons-the-west-can-learn-from-chinas-economic-approach-to-ai-240598

    MIL OSI – Global Reports

  • MIL-OSI Global: Plans to cool the Earth by blocking sunlight are gaining momentum but critical voices risk being excluded

    Source: The Conversation – UK – By Albert Van Wijngaarden, Phd Candidate, Scott Polar Research Institute, University of Cambridge

    Muratart / shutterstock

    Solar geoengineering research is advancing fast, after a recent flurry of funding announcements. Yet these technologies are still speculative and have many critics, and we worry their concerns won’t be heard. If geoengineering is essentially allowed to self-regulate, with no effective global governance, future research could easily take us down a dangerous path.

    Solar geoengineering refers to proposals to reduce global warming by reflecting a portion of sunlight back into space before it reaches the Earth’s surface. In its best-known form, this means using high-flying aircraft to inject tiny reflective particles into the upper atmosphere.

    This so-called “stratospheric aerosol injection” hasn’t actually happened yet, beyond a few very small experiments with balloons. Yet for a long time, such ideas remained fringe and too controversial to even consider – and for some academics they still are.

    The academic discussion was highly polarised from the start. Opponents, mainly governance scholars and social scientists, stood firmly entrenched against assumed proponents, mainly natural scientists and engineers. Both sides had their champions, arguments, assumptions, key publications and meetings, generally working on the topic without proper engagement with the other side.

    This polarisation is still visible in publishing today. Take, for example, articles on The Conversation. Critics focus on potential negatives such as altered rainfall patterns, the infringement of human rights, or even a catastrophic “termination shock”. Advocates highlight potential benefits such as reducing extreme heat and preserving ice caps, while others suggest we may soon be forced to try it.

    The authors of these articles are all academic experts. Yet they come from different disciplines and use different arguments.

    A public and private funding boom

    Though the two camps have not resolved their arguments, geoengineering research funding is suddenly booming. There are major philanthropic pledges of US$50 million (£38 million) and US$30 million from the Simons and Quadrature Climate foundations, which are vying for the title of biggest donor with the £10.5 million and £56.8 million of the UK government’s UKRI and Advanced Research and Innovation Agency programs.

    The 1991 eruption of Mount Pinatubo in the Philippines blocked so much sunlight the world temporarily cooled by a few tenths of a degree. Solar geoengineering works on a similar principle.
    Dave Harlow / USGS

    Other key organisations speaking about the need for more research include the European Commission, the US government and the World Climate Research Programme. This comes on top of the shock of controversial private enterprises pushing for solar geoengineering, most notoriously the US-based start-up Make Sunsets.

    Support is certainly not unanimous. Many prominent scholars have signed up to a call for a moratorium, for instance. And at a recent UN Environment Assembly session in Kenya many climate-vulnerable nations mobilised against calls for further research into what they see as a highly risky technology that would enable big emitters to carry on emitting.

    However, many powerful interests are seemingly in favour of more research, while the 1.5°C global warming target is moving ever further out of sight. In the near future, we can therefore expect further research, perhaps including including small-scale outdoor experiments.

    As PhD students working on geoengineering, situated somewhere between both camps, we have found this polarisation deeply unproductive and difficult to deal with. Our own research sometimes feels like wandering through a minefield of opinions and perspectives. Yet we can also see the valuable concerns and hopes of both sides.

    That’s why we believe that upcoming research projects must factor in the concerns of opponents, and not represent only supporters of geoengineering or those who have not been explicitly against it. Excluding critical voices would directly impact the scientific process, for one thing.

    But this exclusion is especially worrying as there are currently no governance structures for solar geoengineering. If efforts to develop such governance only involve supportive researchers, they could lack the critical capacity to prevent risks or undesired effects. Disasters in the financial sector and the chemical industry warn us of the perils of self-regulation without critical voices.

    Learn from the critics

    There are other critiques that ought to be factored into any major research project. They include concerns that simply researching the technology will create a slippery slope towards it being deployed, or worries that geoengineering ignores the social and political dynamics behind climate change and addresses only its outcomes. There are also major governance concerns over issues such as the role of the military (could geoengineering be deployed for security reasons in contested regions like the Arctic?), or the concentration of research at influential institutions in the US and Europe.

    Over time, geoengineering researchers have become more aware of such arguments and some are explicitly trying to include them in their work. The American Geophysical Union has recently published an ethical framework for geoengineering, which should provide valuable guidance for any research project. But without active dialogue with critical scholars, their arguments will likely only echo faintly in the pro-research space.

    In practice, more engagement between the two camps would come with many difficulties. For advocates, it can be tempting to avoid such debates and exclude those who disagree with the very foundations on which their research is built. On the flip side, some scholars who have already explicitly argued against the continuation of solar geoengineering research would nevertheless have to participate in it.

    The practical implications will therefore need to be carefully worked out. However, a more productive dialogue might still shape a future that can be acceptable to all sides.

    Albert Van Wijngaarden receives PhD funding from Gates Cambridge. He is involved in UArctic’s Frozen Arctic Conservation project, and was an advisory board member of Ocean Vision’s Sea Ice Roadmap.

    Adrian Hindes is also an analyst for Civilization Research Institute which does work pertaining to global catastrophic risks, including those related to emerging technologies such as solar geoengineering.

    Chloe Colomer receives PhD funding from the UK Research Institute (UKRI) Engineering and Physical Sciences Research Council (EPSRC) with the grants EP/R513143/1 and EP/T517793/1.

    ref. Plans to cool the Earth by blocking sunlight are gaining momentum but critical voices risk being excluded – https://theconversation.com/plans-to-cool-the-earth-by-blocking-sunlight-are-gaining-momentum-but-critical-voices-risk-being-excluded-236882

    MIL OSI – Global Reports

  • MIL-OSI United Nations: Secretary-General’s Remarks at the High-Level Segment of COP16 on Biodiversity [trilingual, as delivered; scroll down for all-English]

    Source: United Nations secretary general

    Presidente Petro,

    Gracias por acoger esta importante sesión, aquí en Cali – un microcosmos de la rica biodiversidad de nuestro planeta.

    Excelencias, queridos amigos,

    La naturaleza es vida.

    Y, sin embargo, estamos librando una guerra contra ella.

    Una guerra donde no puede haber vencedores.

    Cada año, vemos las temperaturas subir más y más.

    Cada día, perdemos más especies.

    Cada minuto, vertemos un camión de basura de desechos plásticos en nuestros océanos, ríos y lagos.

    No se equivoquen.

    Así es como se ve una crisis existencial.

    Ningún país, rico o pobre, es inmune a la devastación provocada por el cambio climático, la pérdida de biodiversidad, la degradación de la tierra y la contaminación.

    Estas crisis ambientales están entrelazadas. No conocen fronteras.

    Y están devastando ecosistemas y medios de vida, amenazando la salud humana y socavando el desarrollo sostenible.

    Los motores de esta destrucción están arraigados en modelos económicos obsoletos, que alimentan patrones insostenibles de producción y consumo.

    Y se ven multiplicados por las desigualdades – en riqueza y poder.

    Cada día que pasa, nos acercamos más a puntos de inflexión que podrían alimentar más hambre, desplazamientos y incluso conflictos armados.

    Ya hemos alterado el 75% de la superficie terrestre y el 66% de los océanos.

    Queridas amigas y queridos amigos,

    La biodiversidad es aliada de la humanidad.

    Debemos pasar de saquearla a preservarla.

    Como he dicho una y otra vez, hacer las paces con la naturaleza es la tarea definitoria del siglo XXI.

    Ese es el espíritu de la Declaración de hoy de la Coalición Mundial por la Paz con la Naturaleza:

    Un llamado a la acción para mejorar los esfuerzos nacionales e internacionales hacia una relación equilibrada y armoniosa con la naturaleza – protegiendo la naturaleza y conservando, restaurando, utilizando y compartiendo de manera sostenible nuestra biodiversidad global.

    Un llamado a reconocer el conocimiento vital, las innovaciones y las prácticas de los Pueblos indígenas y afrodescendientes, los agricultores y las comunidades locales.

    Un llamado por la vida.

    Excellencies, Dear friends,

    Last month, UN Member States adopted the Pact for the Future.

    The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

    It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

    This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

    When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

    Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

    But we must now turn these promises into action in four vital ways.

    First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

    These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

    We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

    These must become the default for governments and businesses alike.

    Second – we must agree on a strengthened monitoring and transparency framework.

    This is not only vital for accountability but also about enabling course corrections and driving ambition.

    Third – finance promises must be kept and support to developing countries accelerated.

    We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

    And we must bring the private sector on board.

    Those profiting from nature cannot treat it like a free, infinite resource.

    They must step up and contribute to its protection and restoration.

    By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

    Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

    Too often, they have been on the sidelines of global environmental policy.

    Too often, environmental defenders have been threatened and killed.

    Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

    Their traditional knowledge is a living library of biodiversity conservation.

    They must be protected.

    And they must be part of every biodiversity conversation.

    The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

    Peace with nature means peace with those who protect it. 

    We must defend the people who defend nature.

    Excellencies,

    Across all these areas, we know progress is possible.

    Many countries around the world are stepping up to lead the way.

    Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.  

    The Congo Basin is intensifying efforts to increase protected area coverage.  

    The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

    Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

    But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

    Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet. 

    We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.  

    Let us be inspired and lifted by these examples.

    Excellences, Chers amis,

    Notre mission à Cali est claire : accélérer le progrès pour la biodiversité ; mobiliser les ressources nécessaires ; et renforcer le rôle des peuples autochtones, des personnes d’ascendance africaine et des communautés locales.

    Nous pouvons – et nous devons – sauvegarder les écosystèmes qui nous font vivre et maintenir les objectifs climatiques à notre portée.

    Tout autre chemin est impensable.

    Il en va de la survie de la planète – et de la [nôtre].

    Choisissons avec sagesse.

    Choisissons la vie.

    Faisons la paix avec la nature.

    Je vous remercie.

    ****

    [All-English]

    President Petro,

    Thank you for hosting this important session, here in Cali – a microcosm of our planet’s rich biodiversity.

    Excellencies, dear friends,

    Nature is life.

    And yet we are waging a war against it.

    A war where there can be no winner.

    Every year, we see temperatures climbing higher.

    Every day, we lose more species.

    Every minute, we dump a garbage truck of plastic waste into our oceans, rivers and lakes.

    Make no mistake.

    This is what an existential crisis looks like.

    No country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution.

    These environmental crises are intertwined. They know no borders.

    And they are devastating ecosystems and livelihoods, threatening human health and undermining sustainable development.

    The drivers of this destruction are embedded in outdated economic models, fueling unsustainable production and consumption patterns.

    They are multiplied by inequalities – in wealth and power.

    And with each passing day, we are edging closer to tipping points that could fuel further hunger, displacement, and even armed conflicts.

    We have already altered 75% of the Earth’s land surface and 66% of its ocean environments.

    Dear friends,

    Biodiversity is humanity’s ally.

    We must move from plundering it to preserving it.

    As I have said time and again, making peace with nature is the defining task of the 21st century.

    That is the spirit of today’s Declaration of the World Coalition for Peace with Nature:

    A call for action to enhance national and international efforts towards a balanced and harmonious relationship with nature – protecting nature and conserving, restoring and sustainably using and sharing our global biodiversity.

    A call to recognize the vital knowledge, innovations and practices of Indigenous people, people of African descent, farmers and local communities.

    A call for life.

    Excellencies,

    Last month, UN Member States adopted the Pact for the Future.

    The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

    It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

    This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

    When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

    Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

    But we must now turn these promises into action in four vital ways.

    First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

    These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

    We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

    These must become the default for governments and businesses alike.

    Second – we must agree on a strengthened monitoring and transparency framework.

    This is not only vital for accountability but also about enabling course corrections and driving ambition.

    Third – finance promises must be kept and support to developing countries accelerated.

    We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

    And we must bring the private sector on board.

    Those profiting from nature cannot treat it like a free, infinite resource.

    They must step up and contribute to its protection and restoration.

    By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

    Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

    Too often, they have been on the sidelines of global environmental policy.

    Too often, environmental defenders have been threatened and killed.

    Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

    Their traditional knowledge is a living library of biodiversity conservation.

    They must be protected.

    And they must be part of every biodiversity conversation.

    The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

    Peace with nature means peace for those who protect it. 

    We must defend the people who defend nature.

    Excellencies,

    Across all these areas, we know progress is possible.

    Many countries around the world are stepping up to lead the way.

    Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.  

    The Congo Basin is intensifying efforts to increase protected area coverage.  

    The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

    Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

    But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

    Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet. 

    We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.  

    Let us be inspired and lifted by these examples.

    Excellencies, Dear friends,

    We are in Cali to accelerate progress, commit resources, and elevate the role of Indigenous Peoples, people of African descent, and local communities.

    We can – and we must – save the ecosystems that sustain us and keep our climate goals within reach.

    The alternative is unthinkable. 

    The survival of our planet — and our own — is on the line.

    Let us choose wisely.

    Let us choose life.

    Let us make peace with nature.

    Thank you.

    MIL OSI United Nations News

  • MIL-OSI: Federal Home Loan Bank of Indianapolis Announces Third Quarter 2024 Dividends, Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Today the Board of Directors of the Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) declared its third quarter 2024 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 9.50% and 4.50%, respectively. The higher dividend rate on activity-based stock reflects the Board’s discretion under the Bank’s capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

    The dividends will be paid in cash on October 30, 2024.

    Earnings Highlights

    Net income, for the third quarter of 2024, was $91 million, a net increase of $214,000 compared to the corresponding quarter in the prior year. The increase was primarily due to net changes in gains (losses) on investments, substantially offset by an increase in voluntary allocations to affordable housing, small business and community investment programs.

    Net income, for the nine months ended September 30, 2024, was $275 million, a net increase of $1 million compared to the corresponding period in the prior year. The increase was primarily due to higher earnings on the portion of the Bank’s assets funded by its capital.1 However, such increase was substantially offset by net gains on the extinguishment of consolidated obligations in the corresponding period that did not occur in the current period and an increase in voluntary allocations to affordable housing, small business and community investment programs.

    __________________
    1
     FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the size of the Bank’s balance sheet and the spread between the interest earned on its assets and the interest cost of funding with consolidated obligations. Because of the Bank’s inherent relatively low interest-rate spread, it has historically derived a substantial portion of its net interest income from deploying its interest-free capital in floating-rate assets.

    Affordable Housing Program Allocation

    The Bank’s Affordable Housing Program (“AHP”) provides grant funding to support housing for low- and moderate-income families in communities served by its Michigan and Indiana members. For the nine months ended September 30, 2024, AHP assessments2 totaled $32 million. Full-year 2024 required allocations will be available to the Bank’s members in 2025 to help address their communities’ affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

    In addition, as part of the Bank’s commitment to further support its AHP and additional affordable housing, small business and community investment programs, the Bank voluntarily allocated additional funding in 2024 totaling $23 million, based on 5% of its net earnings for 2023. During the third quarter of 2024, the Bank also committed additional voluntary funding of $10 million, raising the total voluntary allocation for 2024 to $33 million, of which $17 million has been recognized in the nine-month period and is reported in other expenses. The timing of the recognition of such allocations in other expenses can vary due to the application of the related accounting requirements.

    As a result, the Bank’s combined required and voluntary allocation recognized in the nine-month period totaled $49 million, an increase of $11 million, or 30%, compared to the corresponding period in the prior year.

    Condensed Statements of Income

    The following table presents unaudited condensed statements of income ($ amounts in millions):

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Interest income (a)   $ 1,090   $ 974   $ 3,140   $ 2,743
    Interest expense (a)     960     846     2,756     2,388
    Provision for credit losses                
    Net interest income after provision for credit losses     130     128     384     355
    Other income (b)     9         26     39
    Other expenses (c)     37     27     103     89
    AHP assessments     11     10     32     31
                     
    Net income   $ 91   $ 91   $ 275   $ 274
    (a)   Includes hedging gains (losses) and net interest settlements on fair-value hedge relationships. The Bank uses derivatives, specifically interest-rate swaps, to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges and, therefore, changes in the estimated fair value of the derivative, and changes in the fair value of the hedged item that are attributable to the hedged risk, are recorded in net interest income.
    (b)   Includes impact of purchase discount (premium) recorded through mark-to-market gains (losses) on trading securities and net interest settlements on derivatives hedging trading securities, while generally offsetting interest income on trading securities is included in interest income.
    (c)   Includes voluntary allocations to the Bank’s AHP and other affordable housing, small business and community investment programs.

    __________________
    2 Each year, Federal Home Loan Banks are required to allocate to the AHP 10% of earnings, defined for this purpose as income before assessments plus interest expense on mandatorily redeemable capital stock.

    Balance Sheet Highlights

    Total assets, at September 30, 2024, were $81.1 billion, a net increase of $4.5 billion, or 6%, from December 31, 2023, primarily due to an increase in advances outstanding.

    Advances 3

    Advances outstanding, at September 30, 2024, at carrying value, totaled $38.6 billion, a net increase of $3.0 billion, or 9%, from December 31, 2023. The par value of advances outstanding increased by 7% to $38.5 billion, which included a net increase in short-term advances of 31% and a net decrease in long-term advances of 2%. At September 30, 2024, based on contractual maturities, long-term advances composed 67% of advances outstanding, while short-term advances composed 33%.

    The par value of advances outstanding to depository institutions — comprising commercial banks, savings institutions and credit unions — increased by 11%, while advances outstanding to insurance companies increased by 1%. As a percent of total advances outstanding at par value, at September 30, 2024, advances to commercial banks and savings institutions were 50% and advances to credit unions were 15%, resulting in total advances to depository institutions of 65%, while advances to insurance companies were 35%.

    Mortgage Loans Held for Portfolio 4

    Mortgage loans held for portfolio, at September 30, 2024, totaled $10.0 billion, a net increase of $1.3 billion, or 16%, from December 31, 2023, as the Bank’s purchases from its members exceeded principal repayments by borrowers. Purchases of mortgage loans from members, for the nine months ended September 30, 2024, totaled $2.0 billion.

    Liquidity Investments 5

    Liquidity investments, at September 30, 2024, totaled $11.3 billion, a net decrease of $874 million, or 7%, from December 31, 2023. The Bank’s liquidity remained well above regulatory requirements and continues to enable the Bank to be a reliable liquidity provider to its members.

    Cash and short-term investments decreased by $1.4 billion, or 12%, to $10.2 billion. The portion of U.S. Treasury obligations classified as trading securities increased by $501 million, or 84%, to $1.1 billion. As a result of this activity, cash and short-term investments represented 90% of the total liquidity investments at September 30, 2024, while U.S. Treasury obligations represented 10%.

    The total outstanding balance and composition of the Bank’s liquidity investments are influenced by its liquidity needs, regulatory requirements, actual and anticipated member advance activity, market conditions, and the availability of short-term investments at attractive interest rates, relative to the cost of funds.

    Other Investment Securities

    Other investment securities, which consist substantially of mortgage-backed securities and U.S. Treasury obligations classified as held-to-maturity or available-for-sale, at September 30, 2024, totaled $20.3 billion, a net increase of $881 million, or 5%, from December 31, 2023.

    __________________
    3 Advances are secured loans that the Bank provides to its member institutions.
    4 The Bank purchases mortgage loans from its members to support its housing mission, provide an additional source of liquidity to its members, and diversify its investments.
    5 The Bank’s liquidity investments consist of cash, interest-bearing deposits, securities purchased under agreements to resell, federal funds sold and U.S. Treasury obligations.

    Consolidated Obligations 6

    FHLBank Indianapolis’ consolidated obligations outstanding, at September 30, 2024, totaled $75.0 billion, a net increase of $3.9 billion, or 6%, from December 31, 2023, which reflected increased funding needs associated with the net increase in the Bank’s total assets.

    Capital 7

    Total capital, at September 30, 2024, was $4.1 billion, a net increase of $383 million, or 10%, from December 31, 2023. The net increase resulted from issuances of capital stock to support advance activity, the growth in retained earnings and an increase in accumulated other comprehensive income.

    The Bank’s regulatory capital-to-assets ratio8, at September 30, 2024, was 5.56%, which exceeds all applicable regulatory capital requirements.

    __________________
    6 The primary source of funds for FHLBank Indianapolis, and for the other FHLBanks, is the sale of FHLBanks’ consolidated obligations in the capital markets. FHLBank Indianapolis is the primary obligor for the payment of the principal and interest on the consolidated obligations issued on its behalf; additionally, it is jointly and severally liable with each of the other FHLBanks for all of the FHLBanks’ consolidated obligations outstanding.
    7 FHLBank Indianapolis is a cooperative whose member financial institutions and former members own all of its capital stock as a condition of membership and to support outstanding credit products.
    8 Total regulatory capital, which consists of capital stock, mandatorily redeemable capital stock and retained earnings, as a percentage of total assets.

    Condensed Statements of Condition

    The following table presents unaudited condensed statements of condition ($ amounts in millions):

        September 30, 2024   December 31, 2023
    Advances   $ 38,600     $ 35,562  
    Mortgage loans held for portfolio, net     9,955       8,614  
    Liquidity investments     11,278       12,152  
    Other investment securities (a)     20,332       19,451  
    Other assets     894       829  
             
    Total assets   $ 81,059     $ 76,608  
             
    Consolidated obligations   $ 74,989     $ 71,053  
    MRCS     363       369  
    Other liabilities     1,580       1,442  
    Total liabilities     76,932       72,864  
             
    Capital stock (b)     2,476       2,285  
    Retained earnings (c)     1,668       1,532  
    Accumulated other comprehensive income (loss)     (17 )     (73 )
    Total capital     4,127       3,744  
             
    Total liabilities and capital   $ 81,059     $ 76,608  
             
    Total regulatory capital (d)   $ 4,507     $ 4,186  
             
    Regulatory capital-to-assets ratio     5.56 %     5.46 %
    (a)   Includes held-to-maturity and available-for-sale securities.
    (b)   Putable by members at par value.
    (c)   Includes restricted retained earnings, at September 30, 2024 and December 31, 2023, of $453 million and $398 million, respectively.
    (d)   Consists of total capital less accumulated other comprehensive income plus mandatorily redeemable capital stock.
         

    All amounts referenced above are unaudited. More detailed information about FHLBank Indianapolis’ financial condition as of September 30, 2024, and its results for the three and nine months then ended, will be included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Bank’s Quarterly Report on Form 10-Q.

    Safe Harbor Statement

    This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 concerning plans, objectives, goals, strategies, future events and performance. Forward-looking statements can be identified by words such as “will,” “believes,” “may,” “temporary,” “estimates,” and “expects” or the negative of these words or comparable terminology. Each forward-looking statement contained in this news release reflects FHLBank Indianapolis’ current beliefs and expectations. Actual results or performance may differ materially from what is expressed in any forward-looking statements.

    Any forward-looking statement contained in this news release speaks only as of the date on which it was made. FHLBank Indianapolis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are referred to the documents filed by the Bank with the U.S. Securities and Exchange Commission, specifically reports on Form 10-K and Form 10-Q, which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov.

    Media Contact:
    Scott Thien
    Sr. Communications Lead
    317-902-3103
    sthien@fhlbi.com

    Building Partnerships. Serving Communities.
    FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com. Also, follow the Bank on LinkedIn, as well as Instagram and X at @FHLBankIndy.

    The MIL Network

  • MIL-OSI Africa: Secretary-General’s Remarks at the High-Level Segment of COP16 on Biodiversity [trilingual, as delivered; scroll down for all-English]

    Source: United Nations – English

    residente Petro,

    Gracias por acoger esta importante sesión, aquí en Cali – un microcosmos de la rica biodiversidad de nuestro planeta.

    Excelencias, queridos amigos,

    La naturaleza es vida.

    Y, sin embargo, estamos librando una guerra contra ella.

    Una guerra donde no puede haber vencedores.

    Cada año, vemos las temperaturas subir más y más.

    Cada día, perdemos más especies.

    Cada minuto, vertemos un camión de basura de desechos plásticos en nuestros océanos, ríos y lagos.

    No se equivoquen.

    Así es como se ve una crisis existencial.

    Ningún país, rico o pobre, es inmune a la devastación provocada por el cambio climático, la pérdida de biodiversidad, la degradación de la tierra y la contaminación.

    Estas crisis ambientales están entrelazadas. No conocen fronteras.

    Y están devastando ecosistemas y medios de vida, amenazando la salud humana y socavando el desarrollo sostenible.

    Los motores de esta destrucción están arraigados en modelos económicos obsoletos, que alimentan patrones insostenibles de producción y consumo.

    Y se ven multiplicados por las desigualdades – en riqueza y poder.

    Cada día que pasa, nos acercamos más a puntos de inflexión que podrían alimentar más hambre, desplazamientos y incluso conflictos armados.

    Ya hemos alterado el 75% de la superficie terrestre y el 66% de los océanos.

    Queridas amigas y queridos amigos,

    La biodiversidad es aliada de la humanidad.

    Debemos pasar de saquearla a preservarla.

    Como he dicho una y otra vez, hacer las paces con la naturaleza es la tarea definitoria del siglo XXI.

    Ese es el espíritu de la Declaración de hoy de la Coalición Mundial por la Paz con la Naturaleza:

    Un llamado a la acción para mejorar los esfuerzos nacionales e internacionales hacia una relación equilibrada y armoniosa con la naturaleza – protegiendo la naturaleza y conservando, restaurando, utilizando y compartiendo de manera sostenible nuestra biodiversidad global.

    Un llamado a reconocer el conocimiento vital, las innovaciones y las prácticas de los Pueblos indígenas y afrodescendientes, los agricultores y las comunidades locales.

    Un llamado por la vida.

    Excellencies, Dear friends,

    Last month, UN Member States adopted the Pact for the Future.

    The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

    It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

    This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

    When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

    Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

    But we must now turn these promises into action in four vital ways.

    First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

    These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

    We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

    These must become the default for governments and businesses alike.

    Second – we must agree on a strengthened monitoring and transparency framework.

    This is not only vital for accountability but also about enabling course corrections and driving ambition.

    Third – finance promises must be kept and support to developing countries accelerated.

    We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

    And we must bring the private sector on board.

    Those profiting from nature cannot treat it like a free, infinite resource.

    They must step up and contribute to its protection and restoration.

    By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

    Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

    Too often, they have been on the sidelines of global environmental policy.

    Too often, environmental defenders have been threatened and killed.

    Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

    Their traditional knowledge is a living library of biodiversity conservation.

    They must be protected.

    And they must be part of every biodiversity conversation.

    The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

    Peace with nature means peace with those who protect it. 

    We must defend the people who defend nature.

    Excellencies,

    Across all these areas, we know progress is possible.

    Many countries around the world are stepping up to lead the way.

    Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.  

    The Congo Basin is intensifying efforts to increase protected area coverage.  

    The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

    Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

    But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

    Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet. 

    We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.  

    Let us be inspired and lifted by these examples.

    Excellences, Chers amis,

    Notre mission à Cali est claire : accélérer le progrès pour la biodiversité ; mobiliser les ressources nécessaires ; et renforcer le rôle des peuples autochtones, des personnes d’ascendance africaine et des communautés locales.

    Nous pouvons – et nous devons – sauvegarder les écosystèmes qui nous font vivre et maintenir les objectifs climatiques à notre portée.

    Tout autre chemin est impensable.

    Il en va de la survie de la planète – et de la [nôtre].

    Choisissons avec sagesse.

    Choisissons la vie.

    Faisons la paix avec la nature.

    Je vous remercie.

    ****

    [All-English]

    President Petro,

    Thank you for hosting this important session, here in Cali – a microcosm of our planet’s rich biodiversity.

    Excellencies, dear friends,

    Nature is life.

    And yet we are waging a war against it.

    A war where there can be no winner.

    Every year, we see temperatures climbing higher.

    Every day, we lose more species.

    Every minute, we dump a garbage truck of plastic waste into our oceans, rivers and lakes.

    Make no mistake.

    This is what an existential crisis looks like.

    No country, rich or poor, is immune to the devastation inflicted by climate change, biodiversity loss, land degradation and pollution.

    These environmental crises are intertwined. They know no borders.

    And they are devastating ecosystems and livelihoods, threatening human health and undermining sustainable development.

    The drivers of this destruction are embedded in outdated economic models, fueling unsustainable production and consumption patterns.

    They are multiplied by inequalities – in wealth and power.

    And with each passing day, we are edging closer to tipping points that could fuel further hunger, displacement, and even armed conflicts.

    We have already altered 75% of the Earth’s land surface and 66% of its ocean environments.

    Dear friends,

    Biodiversity is humanity’s ally.

    We must move from plundering it to preserving it.

    As I have said time and again, making peace with nature is the defining task of the 21st century.

    That is the spirit of today’s Declaration of the World Coalition for Peace with Nature:

    A call for action to enhance national and international efforts towards a balanced and harmonious relationship with nature – protecting nature and conserving, restoring and sustainably using and sharing our global biodiversity.

    A call to recognize the vital knowledge, innovations and practices of Indigenous people, people of African descent, farmers and local communities.

    A call for life.

    Excellencies,

    Last month, UN Member States adopted the Pact for the Future.

    The Pact recognizes the need to accelerate efforts to restore, protect, conserve and sustainably use the environment.

    It emphasizes the importance of halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems that act as sinks and reservoirs of greenhouse gases.

    This means conserving biodiversity, while ensuring social and environmental safeguards – in line with the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

    When the Framework was adopted two years ago in Montreal, the world made bold commitments to living in harmony with nature by mid-century.

    Its goals and targets require robust monitoring, reporting, and review arrangements to track progress, as well as a resource mobilisation package to increase finance for biodiversity from all sources – mobilizing at least USD 200 billion per year by 2030.

    But we must now turn these promises into action in four vital ways.

    First – at the national level, all countries must finally present clear, ambitious and detailed plans to align with the Framework’s targets.

    These national plans should be developed in coordination with Nationally Determined Contributions and National Adaptation Plans – with positive outcomes in the Sustainable Development Goals.

    We must shift to nature-positive business models and production: renewable energies and sustainable supply chains… zero-waste policies and circular economies… regenerative agriculture and sustainable farming practices…

    These must become the default for governments and businesses alike.

    Second – we must agree on a strengthened monitoring and transparency framework.

    This is not only vital for accountability but also about enabling course corrections and driving ambition.

    Third – finance promises must be kept and support to developing countries accelerated.

    We cannot afford to leave Cali without new pledges to adequately capitalize the Global Biodiversity Framework Fund, and without commitments to mobilize other sources of public and private finance to deliver the Framework – in full.

    And we must bring the private sector on board.

    Those profiting from nature cannot treat it like a free, infinite resource.

    They must step up and contribute to its protection and restoration.

    By operationalizing the mechanism on the sharing of benefits from the use of Digital Sequence Information on Genetic Resources, we will give them one clear avenue to do so, bringing more equity and inclusivity.

    Finally – in the spirit of this “COP de la gente”, we must engage all parts of society, in particular Indigenous Peoples, people of African descent, and local communities.

    Too often, they have been on the sidelines of global environmental policy.

    Too often, environmental defenders have been threatened and killed.

    Indigenous Peoples, people of African descent, and local communities are guardians of our nature.

    Their traditional knowledge is a living library of biodiversity conservation.

    They must be protected.

    And they must be part of every biodiversity conversation.

    The establishment of a permanent subsidiary body within the Convention on Biological Diversity would mark a significant step forward, ensuring Indigenous voices are heard at every stage of the process.

    Peace with nature means peace for those who protect it. 

    We must defend the people who defend nature.

    Excellencies,

    Across all these areas, we know progress is possible.

    Many countries around the world are stepping up to lead the way.

    Brazil, Colombia, Indonesia and Malaysia are leading by example by ramping up efforts to curb deforestation.  

    The Congo Basin is intensifying efforts to increase protected area coverage.  

    The European Union’s Nature Restoration Law is a step toward halting and reversing biodiversity loss.

    Mobilizing all countries – each with different levels of wealth and capacities – is challenging.

    But swift global cooperation can provide the defense we so desperately need – against wildfires, floods, extreme weather, and pandemics.

    Last year’s Agreement on Marine Biodiversity of Areas beyond National Jurisdiction demonstrated our determination for every hectare of the planet. 

    We need the same determination later in the year as countries come together to conclude negotiations on a landmark treaty to tackle plastic pollution.  

    Let us be inspired and lifted by these examples.

    Excellencies, Dear friends,

    We are in Cali to accelerate progress, commit resources, and elevate the role of Indigenous Peoples, people of African descent, and local communities.

    We can – and we must – save the ecosystems that sustain us and keep our climate goals within reach.

    The alternative is unthinkable. 

    The survival of our planet — and our own — is on the line.

    Let us choose wisely.

    Let us choose life.

    Let us make peace with nature.

    Thank you.

    MIL OSI Africa

  • MIL-OSI Security: Digby — Child sex doll seized at the border; Digby man facing child pornography charges

    Source: Royal Canadian Mounted Police

    The Nova Scotia RCMP’s Provincial Internet Child Exploitation (ICE) Unit has charged a 43-year-old Digby man with child pornography offences, following the seizure of a child sex doll by the Canada Border Services Agency (CBSA).

    On October 8, 2024, CBSA officers in Hamilton, Ontario intercepted and seized a child sex doll while examining international courier shipments arriving into Canada by air. The doll had originated in Japan and was addressed to an importer residing in Digby, Nova Scotia. Working with CBSA Intelligence Officers in Halifax, the seizure was referred to the Nova Scotia RCMP ICE Unit for further investigation.

    On October 17, the RCMP executed a search warrant at the residence and seized additional child sex dolls and other evidence supporting both child pornography and smuggling charges. Officers then safely arrested Joseph Ryan Jolicoeur at the residence.

    Jolicoeur has been charged with Possession of Child Pornography and Importation of Child Pornography under the Criminal Code and Smuggling child pornography into Canada under the Customs Act. He was released on conditions and is next scheduled to appear in Digby Provincial Court on January 6, 2025.

    “Child pornography is most commonly known and understood as sexual images or videos of children,” says Cst. Mandy Edwards of the RCMP Provincial ICE Unit. “However, child pornography can also be written, or in audio forms, or as in this case, a visual representation such as a child sex doll. Child pornography in all its forms is considered harmful and is prohibited by the Criminal Code.”

    In Nova Scotia, it is mandatory for citizens to report suspected child pornography. This means that anyone who encounters child pornography material or recordings must report it to the police. Failing to report suspicious activity and materials could result in criminal penalties similar to failing to report child abuse set out in the Child and Family Services Act.

    The RCMP and CBSA encourage citizens to be a voice for children who are victims of sexual exploitation by reporting any suspected offences to your local police or by using Canada’s National tip line for reporting online sexual exploitation of children at www.cybertip.ca. Suspicious cross-border activity, including smuggling, can be reported to the CBSA Border Watch Line toll-free at 1-888-502-9060.

    MIL Security OSI

  • MIL-OSI Canada: Statement by Minister Virani on the Final Report from the Independent Special Interlocutor for Missing Children and Unmarked Graves and Burial Sites associated with Indian Residential Schools

    Source: Government of Canada News

    GATINEAU, Quebec, Unceded Algonquin Traditional Territory, October 29, 2024

    Content warning: this statement contains information regarding Indian Residential Schools.

    A National Residential School Crisis Line is available to provide support for former Residential School students. Emotional and crisis referral services are available by calling the 24-hour national crisis line: 1-866-925-4419.

    The Hope for Wellness Line is available to all Indigenous peoples and provides immediate, toll-free telephone and on-line support and crisis intervention 24 hours a day, seven days a week and is available in English, French and, upon request, Cree, Ojibway and Inuktitut. Trained counsellors are available by phone at 1-855-242-3310 or by online chat on their website.

    Today, the Honourable Arif Virani, Minister of Justice and Attorney General of Canada, issued the following statement after receiving the Final Report of the Independent Special Interlocutor for Missing Children and Unmarked Graves and Burial Sites associated with Indian Residential Schools:

    “We cannot ignore the lasting impact of the Indian residential school system and the pain it has caused to Indigenous peoples. The harmful legacy of residential schools, which is one of lost children, languages and cultures, lost opportunities to thrive, grow and live full healthy lives and silenced truths, continues to be deeply felt today and cannot be denied.

    “In June 2022, Kimberly Murray was appointed as Special Interlocutor to work with First Nations, Inuit and Métis Survivors, families and communities to identify needed measures and recommend a new federal legal framework to ensure the respectful and culturally appropriate treatment of unmarked graves and burial sites associated with former residential schools.

    “I thank First Nations, Inuit and Métis Survivors, families and community members from coast to coast to coast who courageously shared their stories, knowledge and experiences with the Special Interlocutor in order to produce the Final Report.

    “Today, on behalf of the Government of Canada, I have the honour of receiving the Special Interlocutor’s Final Report, an Indigenous-led Reparations Framework, which is being delivered concurrently to myself and First Nations, Inuit and Métis Survivors, communities and families. It is my sincere hope that the Special Interlocutor’s Final Report and the recommendations in it will honour the memory of the children who never returned home from residential schools and will lead to healing for families and Survivors.

    “I thank Kimberly Murray for her crucial work listening to Survivors and families and identifying needed measures and recommendations for a new federal legal framework, to ensure that unmarked graves and burial sites at former residential schools are treated with the respect and protection they deserve. Kim Murray’s work has contributed significantly to telling and acknowledging the truth. There is still more to be learned, accepted and understood.

    “In line with the United Nations Declaration on the Rights of Indigenous Peoples Act and to continue the government’s efforts towards reconciliation, we will work with First Nations, Inuit and Métis communities to address the ongoing legacy of Indian Residential Schools in a way that respects their wishes and traditions.”

    Associated links

    MIL OSI Canada News

  • MIL-OSI Security: Marine Corps CH-53E delivers essential equipment to Japan’s JS Kaga

    Source: United States INDO PACIFIC COMMAND

    A U.S. Marine Corps CH-53E Super Stallion helicopter with Marine Heavy Helicopter Squadron (HMH) 466 delivered critical U.S. Navy support equipment to the Japan Maritime Self-Defense Force’s largest ship, the Izumo-class multi-functional destroyer JS Kaga (DDH-184), off the coast of Southern California, Oct. 25, 2024. The mission underscored the operational cooperation between U.S. and Japanese forces as they strengthen joint capabilities in the Pacific.

    The CH-53E aircrew transported a Mobile Cleaning Recovery Recycle System, a specialized cleaning system for restoring friction on flight deck non-skid surfaces. The equipment is vital for maintaining the upper deck for embarked advanced F-35B Lightning II aircraft during ongoing developmental testing on the JS Kaga. On Oct. 20, Air Test and Evaluation Squadron Two Three (VX-23), Naval Air Station Patuxent River (NAS Pax River), Maryland, and the F-35 Pax River Integrated Test Force (Pax ITF) landed a U.S. F-35B on the JS Kaga for the first time. A second short takeoff and vertical landing variant joined the ship Oct. 25.

    With its ability to carry a 16-ton load 50 nautical miles, the CH-53E heavy-lift helicopter is uniquely suited to transporting equipment such as the 15,000 pound MCRRS.

    “Operating the DoD’s only heavy-lift helicopter means missions like this are routine for HMH-466,” said Maj. Tyler Hoogervorst, a CH-53E pilot and HMH-466 operations officer. “Moving essential equipment, whether across land or sea, is a core part of our mission set. But each time we work alongside our Japanese allies, especially delivering directly to a vessel like the JS Kaga, it’s a privilege.”

    The helicopter was received by JMSDF sailors, as well as U.S. Sailors and Marines from the Wasp-class amphibious assault ships USS Essex (LHD 2) and USS Makin Island (LHD 8), and America-class amphibious assault ship USS Tripoli (LHA 7), on board the JS Kaga to support Primary Flight Control, or PriFly, and flight deck operations. Before the helicopter took off, the JS Kaga crew refueled it with approximately 5,000 pounds of aviation fuel.

    This successful equipment delivery highlights the interoperability of U.S. and Japanese forces and their expanding capability to conduct mission-critical operations together, underscoring their commitment to regional security and the effectiveness of integrated naval operations.

    MIL Security OSI

  • MIL-OSI Security: U.S. 7th Fleet Attends Staff Talks with Indonesian Navy Leadership

    Source: United States INDO PACIFIC COMMAND

    Vice Adm. Fred Kacher, commander, U.S. 7th Fleet, and members of the U.S. 7th Fleet Staff met with key leaders and counterparts of the Indonesian Navy as part of a leadership engagement onboard Commander, Fleet Activities Yokosuka, Oct. 23-24.

    During the two-day visit, Kacher met with First Admiral I Gung Putu Alit Jaya, Head of Naval Operation and Exercise and other Indonesian counterparts to discuss current and future cooperation between the U.S. and Indonesian navies.

    “At the heart of our strategic partnership with Indonesia is our strong bilateral defense relationship,” said Kacher. “Staff talks like these strengthen those ties because they enable important dialogue on shared maritime challenges and they build trust between our teams at a fundamental, operational level.”

     “I hope we can strengthen our friendship and brotherhood,” said Jaya. “I am very confident that our meeting today will increase our mutual understanding and hopefully what we have done here will continue for years to come.”

    During the staff talks, discussions between the admirals were centered on deepening the relationship of the two nations through continued communication and coordination of future opportunities to operate together.

     “Our U.S. and Indonesian Navy partnership continues to flourish,” said Capt. Jennifer Barnes assistant chief of staff for plans and engagements at Commander, U.S. 7th Fleet. “Here in 7th Fleet, our motto is ‘One Team’ and I can confirm that our two nations have worked together as one solid team over the last two days.”

    U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region. 

    MIL Security OSI

  • MIL-OSI USA: Station Science Top News: Oct. 25, 2024

    Source: NASA

    Better Monitoring of the Air Astronauts Breathe
    Ten weeks of operations showed that a second version of the Spacecraft Atmosphere Monitor is sensitive enough to determine variations in the composition of cabin air inside the International Space Station. Volatile organic compounds and particulates in cabin air could pose a health risk for crew members, and this device increases the speed and accuracy of assessing such risk.
    Spacecraft Atmosphere Monitor is a miniaturized gas chromatograph mass spectrometer used to analyze the air inside the space station and ensure that it is safe for the crew and equipment. The device automatically reports results to the ground, eliminating the need to return samples to Earth. This version has several other technological advances, including that it can be relocated, is smaller, and uses less power.

    Digging Deeper into Microgravity Effects on Muscle
    Prolonged exposure to microgravity affects human muscle precursor cells known as satellite cells and causes changes in the expression of specific genes involved in muscle structure and nerves. Exercise regimens on the space station do not adequately prevent or counteract muscle loss in astronauts, which can affect their motor function during missions and after return to Earth. Results could inform design of nutritional and pharmacological countermeasures to muscle changes during spaceflight.
    Muscle loss represents a major obstacle to human long-term spaceflight. Myogravity, an investigation developed with the Italian space agency ASI, looked at microgravity-induced changes in adult stem cells involved in the growth, maintenance, and repair of skeletal muscle tissue, known as satellite cells. These cells may play a major role in muscle loss during spaceflight.

    Validating Next-Generation Earth Measurements
    Researchers completed a preliminary evaluation of the station’s Hyperspectral Imager Suite (HISUI) and report that the difference between model-corrected and actual measurements is small. Validation of spaceborne optical sensors like HISUI is important to demonstrate they provide the accuracy needed for scientific research.
    The JAXA (Japan Aerospace Exploration Agency) HISUI investigation tests a next-generation spaceborne hyperspectral Earth imaging system for gathering data on reflection of light from Earth’s surface, which reveals characteristics and physical properties of a target area. This technology has potential applications such as monitoring vegetation and identifying natural resources.

    MIL OSI USA News

  • MIL-OSI USA: Murphy Introduces Bipartisan Legislation to Protect Medicare for Physicians and Patients

    Source: United States House of Representatives – Representative Stephanie Murphy (D-Fla)

    Washington, D.C. — Congressman Greg Murphy, M.D. issued the following statement after introducing the bipartisan Medicare Patient Access and Practice Stabilization Act, to support physicians and protect access to care for Medicare beneficiaries. 

    “America’s physicians are at a breaking point and access to high-quality, affordable care is at risk for millions of Medicare patients,”said Congressman Greg Murphy, M.D. “When a physician sees a Medicare patient, they do so out of the goodness of their heart, not because it makes financial sense. Medical inflation is much higher and the cost of seeing patients continues to rise. Unfortunately, reimbursements continue to decline, putting immense pressure on doctors to retire, close their practices, forgo seeing new Medicare patients, or seek a less efficient employment position. This bipartisan legislation would stop yet another year of reimbursement cuts, give them a slight inflationary adjustment, and protect Medicare for physicians and patients alike.”

    “Medicare payments to physicians are just not keeping pace with our economic realities and the cost of care,” said Congressman Jimmy Panetta. “Our bipartisan legislation would not only prevent harmful cuts but also would adjust provider reimbursements for inflation.  Such a law would expand seniors’ access to quality healthcare by helping medical providers continue their care for Medicare beneficiaries.”

    “Access to quality healthcare is a something every senior deserves, but declining Medicare reimbursement is putting that access at risk,” said Congresswoman Mariannette Miller-Meeks. “The bipartisan Medicare Patient Access and Practice Stabilization Act is crucial to reversing the damaging trend of cuts that threaten our healthcare providers, especially in underserved communities. We must act now to prevent further burnout and consolidation in our system, ensuring that every Medicare beneficiary receives the care they need and deserve.”

    “Having an outdated Medicare reimbursement rate for physicians makes it harder for healthcare professionals to provide high-quality care, putting patients at risk,” said Congressman Ami Bera, M.D.Physicians, unlike the rest of the players in health care, have never received an inflationary update and consistently received cuts. This bill ensures a more stable Medicare payment system, allowing providers to focus on delivering care rather than worrying about losing their practice. With this bipartisan effort, we are working toward a system that supports both patients and doctors.”

    “All patients deserve timely access to healthcare from quality physicians in their communities,” said Congressman Larry Bucshon, M.D. “Inadequate Medicare reimbursement threatens that access. I have long fought to correct the current trend of cutting reimbursement levels year after year, and I am proud to join my bipartisan colleagues to introduce the Medicare Patient Access and Practice Stabilization Act. The current path toward further consolidation, physician burnout, and closure of medical practices must be corrected.”

    “Over the past 22 years, adjusting for inflation, physicians have essentially taken a 26% pay cut from Medicare,” said Congresswoman Kim Schrier, M.D. “Their reimbursement has been flat or declining, while overhead costs have increased by about 47%: rent, labor, equipment, and insurance. I cannot think of another profession whose compensation has dropped by 26% over 2 decades. Physicians have been holding their breath, year after year, hoping that Congress will act to avert these devastating decreases in reimbursement. Without adequate reimbursement, solo and small practice physicians—most often in rural or underserved areas—are already closing their doors.  It’s up to Congress to ensure that physicians are fairly compensated and can continue to practice, so that all Medicare patients have access to high-quality, affordable care, and I am proud to co-sponsor legislation that will achieve just that.”

    “As a physician, I recognize that year after year cuts to Medicare reimbursement jeopardizes access to care for our nation’s seniors,” said Congressman John Joyce, M.D. “We must work in Congress to create a more sustainable long-term solution to ensure that Medicare patients continue to receive the high-quality affordable care that they deserve. While we continue this important work, I am proud to co-lead the Medicare Patient Access and Practice Stabilization Act, in order to protect access for Medicare beneficiaries and support Medicare physicians in the face of these proposed cuts.”

    “As an emergency medicine physician, I know how important it is for families and individuals I serve to have access to the necessary health care services they rely on,” said Congressman Raul Ruiz M.D. “I am deeply concerned about the impact the outdated Medicare reimbursement rate has on health care access for my constituents. That is why I am co-leading the ‘Medicare Patient Access and Practice Stabilization Act’ that will move us away from a system where every year seniors’ access to essential care is threatened due to potential cuts.”

    Background
    In July 2024, the Centers for Medicare & Medicaid Services (CMS) proposed a rule that would decrease Medicare reimbursement for physician services by 2.8% beginning on January 1, 2025. Compounded with CMS’ own estimates of a projected 3.6% increase in practice cost expenses for next year, physicians will be faced with an 6.4% cut unless Congress acts.

    According to the American Medical Association, when adjusted for inflation, Medicare reimbursement for physician services has declined 29% from 2001 to 2024. 

    Medicare reimbursement cuts for physicians have significant ripple effects across our health care system, particularly in rural and underserved areas.

    The decline in reimbursement rates, while wages and operational costs continue to rise, is forcing many physician practices to consider layoffs, reduced services, or office closure.

    At a time when we’re facing a physician shortage and a historic number of doctors are nearing retirement age, these cuts risk accelerating physician burnout and reducing access to care for Medicare patients.

    Supporting Organizations
    Academy of Nutrition and Dietetics, Academy of Orthopaedic Physical Therapy, ADVION (formerly National Association for the Support of Long Term Care), Alliance for Headache Disorders Advocacy, Alliance for Physical Therapy Quality and Innovation, Alliance of Specialty Medicine, Alliance of Wound Care Stakeholders, Ambulatory Surgery Center Association, American Academy of Audiology, American Academy of Dermatology Association, American Academy of Family Physicians, American Academy of Hospice and Palliative Medicine, American Academy of Neurology, American Academy of Ophthalmology, American Academy of Oral and Maxillofacial Pathology, American Academy of Otolaryngology–Head and Neck Surgery, American Academy of Pain Medicine, American Academy of Physical Medicine and Rehabilitation, American Academy of Sleep Medicine, American Association for the Study of Liver Diseases, American Association of Child and Adolescent Psychiatry, American Association of Hip and Knee Surgeons, American Association of Neurological Surgeons, American Association of Nurse Anesthesiology, American Association of Oral and Maxillofacial Surgeons, American Association of Orthopaedic Surgeons, American Chiropractic Association, American Clinical Neurophysiology Society, American College of Allergy, Asthma and Immunology, American College of Cardiology, American College of Chest Physicians, American College of Emergency Physicians, American College of Gastroenterology, American College of Mohs Surgery, American College of Obstetricians and Gynecologists, American College of Osteopathic Family Physicians, American College of Osteopathic Internists, American College of Physicians, American College of Radiation Oncology, American College of Radiology, American College of Rheumatology, American College of Surgeons, American Gastroenterological Association, American Geriatrics Society, American Glaucoma Society, American Health Care Association, American Medical Association, American Medical Group Association, American Medical Rehabilitation Providers Association, American Medical Women’s Association, American Occupational Therapy Association, American Optometric Association, American Osteopathic Association, American Physical Therapy Association, American Physical Therapy Association – Private Practice Section, American Podiatric Medical Association, American Psychiatric Association, American Psychological Association Services, American Society for Clinical Pathology, American Society for Dermatologic Surgery Association, American Society for Gastrointestinal Endoscopy, American Society for Radiation Oncology, American Society of Breast Surgeons, American Society of Cataract and Refractive Surgery, American Society of Colon & Rectal Surgeons, American Society of Dermatopathology, American Society of Diagnostic and Interventional Nephrology, American Society of Echocardiography, American Society of Hand Therapists, American Society of Nuclear Cardiology, American Society of Pediatric Nephrology, American Society of Plastic Surgeons, American Society of Retina Specialists, American Society of Transplant Surgeons, American Speech-Language-Hearing Association, American Urogynecologic Society, American Urological Association, Association for Clinical Oncology , Association of American Medical Colleges, Association of Clinicians for the Underserved, Association of Diabetes Care & Education Specialists, Association of Women in Rheumatology, Brain Injury Association of America, California Medical Association, CardioVascular Coalition, Clinical Social Work Association, Coalition of State Rheumatology Organizations, College of American Pathologists, Community Oncology Alliance (COA), Congress of Neurological Surgeons, Dialysis Vascular Access Coalition, Digestive Health Physicians Association, Digestive Health Physicians Association, Emergency Department Practice Management Association, Endocrine Society, Federation of American Hospitals, Free2care, Healthcare Business Management Association, Heart Failure Society of America, Heart Rhythm Society, Indiana Associations Pathologists, Infectious Diseases Society of America, Infusion Providers Alliance, LUGPA, Massachusetts Medical Society, Medical Group Management Association, National Association of ACOs, National Association of Rehabilitation Providers and Agencies, National Association of Spine Specialists, National Infusion Center Association, National Rural Health Association, North Carolina Rheumatology Association, Office-Based Facility Organization, Outpatient Endovascular and Interventional Society, Pediatrix Medical Group, Inc., Physician-Led Healthcare for America, Physicians Advocacy Institute, Post-Acute and Long-Term Care Medical Association, Practicing Physicians of America, Renal Physicians Association, Society for Cardiovascular Angiography and Interventions, Society for Vascular Surgery, Society of American Gastrointestinal and Endoscopic Surgeons, Society of General Internal Medicine, Society of Gynecologic Oncology, Society of Hospital Medicine, Society of Interventional Radiology, Society of Thoracic Surgeons, Texas Medical Association, and the US Oncology Network.

    MIL OSI USA News