NewzIntel.com

Category: Australia

  • MIL-Evening Report: What’s in the supplements that claim to help you cut down on bathroom breaks? And do they work?

    Source: The Conversation (Au and NZ) – By Nial Wheate, Professor of Pharmaceutical Chemistry, Macquarie University

    Christian Moro/Shutterstock

    With one in four Australian adults experiencing problems with incontinence, some people look to supplements for relief.

    With ingredients such as pumpkin seed oil and soybean extract, a range of products promise relief from frequent bathroom trips.

    But do they really work? Let’s sift through the claims and see what the science says about their efficacy.

    What is incontinence?

    Incontinence is the involuntary loss of bladder or bowel control, leading to the unintentional leakage of urine or faeces. It can range from occasional minor leaks to a complete inability to control urination and defecation.

    This condition can significantly impact daily activities and quality of life, and affects women more often than it affects men.

    Some people don’t experience bladder leakage but can sometimes feel an urgent need to go to the bathroom. This is known as overactive bladder syndrome, and occurs when the muscles around the bladder tighten on their own, which greatly reduces its capacity. The result is the person feels the need to go to the bathroom much more frequently.

    There are many potential causes of incontinence and overactive bladders, including menopause, pregnancy and child birth, urinary tract infections, pelvic floor disorders, and an enlarged prostate. Conditions such as diabetes, neurological disorders and certain medications (such as diuretics, sleeping pills, antidepressants and blood-pressure drugs) can also contribute.

    While pelvic muscle rehabilitation and behavioural techniques for bladder retraining can be helpful, some people are interested in pharmaceutical solutions.

    What’s in these products?

    A number of supplements are available in Australia that include ingredients used in traditional medicine for urinary incontinence and overactive bladders. The three most common ingredients are:

    • Cucurbita pepo (pumpkin seed extract)

    • glycine max (soybean extract)

    • an extract from the bark of the Crateva magna or nurvala (Varuna) tree.

    The supplements have common ingredients.
    Author

    How are they supposed to work?

    Pumpkin seeds are rich in plant sterols that are thought to reduce the testosterone-related enlargement of the prostate, as well as having broader anti-inflammatory effects. The seed extracts can also contain oleic acid, which may help increase bladder capacity by relaxing the muscles around the organ.

    Soybean extracts are rich in isoflavones, especially daidzen and genistein. Like olieic acid, these are thought to act on the muscles around the bladder. Because isoflavones are similar in structure to the female hormone oestrogen, soy extracts may be most beneficial for postmenopausal women who have overactive bladders.

    Crateva extract is rich in lupeol- and sterol-based chemicals which have strong anti-inflammatory effects. This has benefits not just for enlarged prostates but possibly also for reducing urinary tract infections.

    Do they actually work?

    It’s important to note that the government has only approved these types of supplements as “listed medicines”. This means the ingredients have only been assessed for safety. The companies behind the products have not had to provide evidence they actually work.

    A 2014 clinical trial examined a combined pumpkin seed and soybean extract called cucurflavone on people with overactive bladders. The 120 participants received either a placebo or a daily 1,000mg dose of the herbal mixture over a period of 12 weeks.

    By the end of study, those in the cucurflavone group went to the bathroom around three fewer times per day, compared with people in the control group, who only went to the bathroom on average one fewer time each day.

    In a different trial, researchers examined a combination of Crateva bark extract with herbal extracts of horsetail and Japanese evergreen spicebush, called Urox.

    For the 150 participants, the Urox formulation helped participants go to the bathroom less frequently when compared with placebo treatment.

    After eight weeks of treatment, participants in the placebo group were going to the bathroom to urinate 11 times per day. Those in the Urox group were only going around to 7.5 times per day. And those who took Urox also needed to go to the bathroom one fewer time during the night.

    Finally, another study also examined a Creteva, horsetail and Japanese spicebush combination, but this time in children. They were given either a 420mg dose of the supplement or a placebo, and then monitored for how many times they wet the bed.

    After two months of taking the supplement, slightly more than 40% of the 24 kids in the supplement group wet the bed less often.

    While these results may look promising, there are considerable limitations to the studies which means the data may not be reliable. For example, the trials didn’t include enough participants to have reliable data. To conclusively provide efficacy, final-stage clinical trials require data for between 300 and 3,000 patients.

    From the studies, it is also not clear whether some participants were also taking other medicines as well as the supplement. This is important, as medications can interfere with how the supplements work, potentially making them less or more effective.

    What if you want to take them?

    If you have incontinence or an overactive bladder, you should always discuss this with your doctor, as it may due to a serious or treatable underlying condition.

    Otherwise, your GP may give you strategies or exercises to improve your bladder control, prescribe medications or devices, or refer you to a specialist.

    If you do decide to take a supplement, discuss this with your doctor and local pharmacist so they can check that any product you choose will not interfere with any other medications you may be taking.

    Nial Wheate in the past has received funding from the ACT Cancer Council, Tenovus Scotland, Medical Research Scotland, Scottish Crucible, and the Scottish Universities Life Sciences Alliance. He is a fellow of the Royal Australian Chemical Institute, a member of the Australasian Pharmaceutical Science Association and a member of the Australian Institute of Company Directors. Nial is the chief scientific officer of Vaihea Skincare LLC, a director of SetDose Pty Ltd (a medical device company) and was previously a Standards Australia panel member for sunscreen agents. Nial regularly consults to industry on issues to do with medicine risk assessments, manufacturing, design, and testing.

    – ref. What’s in the supplements that claim to help you cut down on bathroom breaks? And do they work? – https://theconversation.com/whats-in-the-supplements-that-claim-to-help-you-cut-down-on-bathroom-breaks-and-do-they-work-245755

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: As the Myanmar junta’s hold on power weakens, could the devastating war be nearing a conclusion?

    Source: The Conversation (Au and NZ) – By Adam Simpson, Senior Lecturer, International Studies, University of South Australia

    It has now been four years since the Myanmar military launched its cataclysmic coup against the democratically elected government of Aung San Suu Kyi on February 1 2021, starting a civil war that has devastated the country.

    Suu Kyi remains locked up, as do countless other activists and regime opponents. There is no easy resolution in sight.

    Indeed, the country is at a nadir. The war has sparked an economic crisis that has destroyed Myanmar’s health and education systems. Half the population now lives in poverty, double the rate from before the coup. The deteriorating electricity network causes widespread blackouts.

    According to the United Nations, more than 5,000 civilians have been killed and 3.3 million people have been displaced by the fighting. More than 27,000 people have also been arrested, with reports of sexual violence and torture rife.

    Nevertheless, opposition forces – including ethnic armies and the People’s Defence Force militias drawn from the civilian population – have been gathering strength, with a string of victories against the junta’s army.

    The regime now controls less than half the country. And recent strategic losses are weighing heavily on the military leaders, raising questions about whether the government could suddenly collapse like the Assad regime in Syria late last year.

    As the war enters a fifth year, there are two significant things to watch that could determine the country’s future – the battleground gains made by the opposition forces and the state of the failing economy.

    Junta under pressure on the battlefield

    Following the opposition Three Brotherhood Alliance’s battleground successes in late 2023, China brokered a ceasefire between the junta and alliance in northern Shan State.

    When that ceasefire ended last June, the Myanmar National Democratic Alliance Army (MNDAA), one of the members of the alliance, captured the key trading town of Lashio, as well as the junta’s nearby Northeast Regional Military Command. It was the first time one of the 14 regional military commands had fallen to an opposition group in more than 50 years of military rule.

    China has recently brokered another ceasefire between the MNDAA and the military, according to the Chinese foreign ministry. The terms have not been made public, but unless the insurgents relinquish Lashio and the military command – which is unlikely – it won’t alter the balance of power.

    In December, the military lost another command centre in Rakhine State in western Myanmar to the Arakan Army, another member of the Three Brotherhood Alliance. The Arakan Army now controls 14 of that state’s 17 townships.

    The Arakan Army, too, said recently it is open to political dialogue to potentially end the fighting. But it, too, is only likely to stop its military offensives for extremely favourable terms.

    In a major study undertaken in late 2024, the BBC assessed the junta only had full control of 21% of Myanmar’s territory. Ethnic armies and other opposition forces controlled 42% of the country, while the remaining areas were contested.

    In response, the junta has intensified its “scorched earth” tactics in areas outside its control, including indiscriminate and deliberate strikes against civilians. With dwindling reserves of willing fighters, air power is the main combat advantage it holds over the opposition forces.

    Economic woes

    Myanmar’s economic situation four years after the coup shows, starkly, just how much has been lost.

    Myanmar is now experiencing a full-blown economic and currency crisis.

    The incremental gains in economic development, education, nutrition and health care of recent decades have been reversed very quickly. Three-quarters of the population is now living a subsistence existence.

    Many young people are fleeing abroad, joining resistance groups, or eking out dangerous livelihoods on the margins. To make matters worse, the junta activated a longstanding but dormant conscription law last February to boost its dwindling forces. Those who refuse the draft face five years in prison.

    In response to the Arakan Army’s successes, the junta is also isolating much of Rakhine State. This is contributing to widespread poverty and a looming famine, which could affect two million people.

    And in an attempt to control the digital space, the junta enacted a sweeping new cybersecurity law earlier this month. People can now be imprisoned for using a virtual private network or sharing information from banned websites, among many other offences.

    Could Myanmar fall apart?

    The ASEAN regional bloc, chaired by Malaysia this year, has done little to solve the crisis, although it hasn’t accepted the junta’s hollow plans to hold elections this year.

    Disagreements among the ASEAN members over strategy have ensured that little progress has been made. Thailand recently broke ranks to invite the junta’s foreign minister to regional talks about border security, even though the junta currently controls few of the country’s borders.

    An accelerated economic deterioration could contribute to further unrest and drive even more migrants to neighbouring countries. Already, the millions of Myanmar migrants living in Thailand have precipitated anti-migrant protests and mass arrests.

    So, given the combustible state of the country, could the junta’s hold on power suddenly collapse like the Assad regime in Syria last year?

    It’s not likely. Unlike Syria, the opposition in Myanmar is not heavily backed by major international players. China’s support for various insurgent actors comes and goes depending on political calculations, while the United States and European Union have provided little material support.

    In addition, the military has been effectively running Myanmar for 60 years and is well practised in counterinsurgency strategies. Although defections from the military continue, the conscription law is bolstering its numbers of – mostly reluctant – soldiers.

    However, the fall of Syria’s oppressive government – as well as the government in Myanmar’s neighbour, Bangladesh – demonstrates how fragile long-standing regimes can be, particularly when faced with persistent challenges from armed groups and a motivated population.

    And as in Syria, there are fears – particularly within China – that Myanmar could splinter along ethnic lines. The deteriorating security situation has led China to send its own private security corporations to secure its strategic investments in the country and become an active ceasefire deal-maker.

    Even if the junta can be ousted, creating a workable federal system that involves power-sharing among the complex patchwork of ethnic groups will be a difficult task. The question of how to reintegrate nearly a million Rohingya displaced across the border in Bangladesh is another daunting challenge.

    However, for the first time in years, there is optimism that opposition forces could eventually succeed in vanquishing the junta. Then begins the arduous task of rebuilding a shattered nation.

    As a pro vice-chancellor at the University of Tasmania, Nicholas Farrelly engages with a wide range of organisations and stakeholders on educational, cultural and political issues, including at the ASEAN-Australia interface. He has previously received funding from the Australian government for Southeast Asia-related projects and from the Australian Research Council. Nicholas is on the advisory board of the ASEAN-Australia Centre, which is a new Australian government body, and also deputy chair of the board of NAATI, Australia’s government-owned accreditation authority for translators and interpreters. He writes in his personal capacity.

    Adam Simpson 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. As the Myanmar junta’s hold on power weakens, could the devastating war be nearing a conclusion? – https://theconversation.com/as-the-myanmar-juntas-hold-on-power-weakens-could-the-devastating-war-be-nearing-a-conclusion-247987

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Babies as young as 4 months can tell how the sounds of different languages are made – new research

    Source: The Conversation (Au and NZ) – By Eylem Altuntas, Postdoctoral Researcher, Speech & Language Development, The MARCS Institute for Brain, Behaviour and Development, Western Sydney University

    Colin Maynard/Unsplash

    Babies are like little detectives, constantly piecing together clues about the world around them. If you’ve ever noticed your baby staring at you while you talk, it’s because they’re picking up on more than just sounds — they’re learning how those sounds are made.

    Our recent study, published in Developmental Science, shows this amazing process starts as early as four months old, shaking up the old belief that babies learn these patterns only after tuning in to their native language between 6 and 12 months of age.

    It also gives us an earlier window to help children who might be at risk of speech or language delays.

    Sorting through a buffet of sounds

    By their first birthday, babies are already fine-tuning their ears to the sounds of their native language in a process called perceptual attunement. Think of it like their brain sorting through a buffet of sounds to focus on the ones that matter most.

    But in their first six months, babies can tell apart sounds from languages they’ve never even heard. For example, they might distinguish certain Hindi contrasts that are challenging for adult English speakers or identify unique tones in Mandarin, even if they’re growing up in an English-speaking household.

    This incredible ability doesn’t last forever. Between six and 12 months, babies start narrowing their focus to the sounds they hear most often. For vowels, this fine-tuning kicks in at around six months while consonants follow at closer to ten months.

    Think of it as babies zooming in on the sounds that matter, such as the difference between the “r” and “l” in English, while losing sensitivity to sounds they don’t hear regularly.

    Until now, researchers thought this narrowing process was needed for babies to start learning more complex language skills, such as figuring out that the “b” in “bin” and the “d” in “din” differ because one is made with the lips and the other with the tongue tip.

    But our study found babies as young as four months are already learning how sounds are physically made, long before this narrowing begins.

    In their first six months, babies can tell apart sounds from languages they’ve never even heard.
    Mila Supinskaya Glashchenko/Shutterstock

    Learning mini-languages

    Here’s an example to picture this. Imagine you’re listening to someone speak a language you don’t know. Even if you don’t understand the words, you might notice how their lips or tongue move to make sounds. Four-month-old babies can do this too.

    To demonstrate this, we conducted an experiment with 34 babies, aged four to six months, whose parents had provided consent to participate. We created a “match-the-pattern” game using two made up mini-languages.

    One language had words with lip sounds like “b” and “v”, while the other used tongue-tip sounds like “d” and “z”. Each word, like “bivawo” or “dizalo”, was paired with a cartoon image — a jellyfish for lip words and a crab for tongue-tip words. A recording of a word was played at the same time its paired image was shown.

    Why cartoons? Because babies can’t exactly tell us what they’re thinking, but they can form associations in their brains. These images helped us see if the babies could link each mini-language to the correct picture.

    After the babies learned these mini-languages and their picture pairings, we mixed things up.

    Instead of hearing the words, they watched silent videos of a person’s face saying new words from the same mini-languages.

    In some videos, the face matched the cartoon they had learned earlier. In others, it didn’t. We then tracked how long the babies looked at the videos — a common method researchers use to see what grabs their attention. Babies tend to look longer at things that surprise or interest them and shorter at things they find familiar, helping us understand how they process and recognise what they see.

    The results were clear: babies looked significantly longer at the videos where the face matched what they’d learned. This showed they weren’t just passively listening earlier — they were actively learning the rules of the mini-languages and linking that knowledge to what they saw.

    The experiment involved pairing certain words with a cartoon image of a jellyfish and a crab.
    Eylem Altuntas

    Connecting the dots

    In simple terms, this means four-month-old babies can connect the dots between sound and sight. This early ability to spot patterns in how sounds are made is the foundation for learning language later on. It’s like their brains are already laying the groundwork for saying their first words.

    This discovery changes what we thought we knew about babies’ early language learning. It suggests babies start figuring out patterns at four months, well before they begin perceptually attuning to the sounds of their native language between six and 12 months.

    That opens up exciting new possibilities for helping children who might struggle with speech or language. If we can help earlier, we might make a big difference.

    These findings raise several interesting questions. For example, can babies learn other differences such as voicing – whether a sound is made with a buzzing vibration, like the difference between “b” (buzzing) and “p” (no buzzing) – as early as four months? How does growing up in a bilingual home affect this ability? Could babies use this skill to learn patterns in entirely new languages?

    By exploring these questions, we’ll keep uncovering the amazing ways babies’ brains set the stage for learning one of the most complex human skills: language.

    Eylem Altuntas is a researcher at the BabyLab within the MARCS Institute for Brain, Behaviour, and Development at Western Sydney University.

    – ref. Babies as young as 4 months can tell how the sounds of different languages are made – new research – https://theconversation.com/babies-as-young-as-4-months-can-tell-how-the-sounds-of-different-languages-are-made-new-research-248225

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: New approaches to eradicating child poverty

    Source: Scottish Government

    Wrap-around support delivering improved outcomes for families. 

    Lessons learned from innovative work with families in Inverclyde are helping deliver new approaches to eradicating child poverty. 

    Social Justice Secretary Shirley-Anne Somerville will visit Home-Start Renfrewshire and Inverclyde in Greenock tomorrow (Wednesday 29th January) to see work funded under the Scottish Government’s Child Poverty Practice Accelerator Fund, which is helping to reshape services locally and elsewhere in Scotland. 

    The Social Justice Secretary will meet staff at the project as well as parents who have benefited from the work which focuses on providing early intervention to support families, particularly those with children under five and those affected by poor mental health.  

    Learning from the project is supporting Inverclyde’s Fairer Futures Partnership, which is supporting local services to test and improve how they deliver services to promote family wellbeing, maximise incomes and support people towards education and into sustained employment.   

    Ms Somerville said: 

    “Eradicating child poverty is the Scottish Government’s top priority and a national mission.   

    “I’m keen to hear more about how whole family, person-centred support is being developed in Inverclyde through the Child Poverty Practice Accelerator Fund and the Fairer Futures Partnership. 

    “Through close partnership between Home-Start and Inverclyde Council, this project provides holistic support so that families can maximise their household incomes, and parents can improve their employment prospects through upskilling and volunteering. Putting this kind of vital support in place means that we don’t just help families in a  crisis but enable them to thrive in the longer term. 

    “The Child Poverty Practice Accelerator Fund was set up to support local areas to test new ideas and innovate to improve local approaches to eradicating child poverty. I’m pleased to  have the opportunity to learn more about how this funding is informing Inverclyde’s overall approach to supporting families out of poverty.” 

    Background:  

    The Child Poverty Practice Accelerator Fund supports local areas to test innovative approaches to eradicating child poverty, including testing new approaches to a known problem, adapting an approach from elsewhere to work in a new area, and evaluating promising approaches.  

    Fairer Futures Partnerships in Clackmannanshire, Dundee and Glasgow are working to ensure families get the help they need, where and when they need it. Building on these successful partnerships the programme is expanding into Aberdeen City, East Ayrshire, Inverclyde, North Ayrshire and Perth & Kinross Councils. 

    The Scottish Government made over £2 million available in financial year [2024/25] to these eight local authorities and their partners to deliver the programmes. 

    The budget for the Partnerships has been increased budget to £6 million for next financial year [2025/26]. £2.4 million of this  will be made available to the eight existing partnerships to continue the work underway, as well as exploring opportunities to expand. 

    MIL OSI United Kingdom –

  • MIL-OSI Global: Suffocating seas: low oxygen levels emerging as third major threat to tropical coral reefs

    Source: The Conversation – UK – By Jennifer Mallon, Postdoctoral research fellow, Nova Southeastern University

    Corals in low-oxygen seawater may not show visible signs of stress. Mike Workman/Shutterstock

    Coral reef research has focused on the twin evils birthed by record-high greenhouse gas emissions: warming oceans and increasingly acidic seawater. These global threats are caused by seawater absorbing the excess heat and carbon dioxide that fossil fuel burning has added to the atmosphere. But there is another consequence that is seldom discussed.

    Globally, oceanic oxygen is being depleted because seawater holds less oxygen as it heats up. In the warm coastal waters where tropical coral reefs grow, the immediate effects of low oxygen concentrations can be catastrophic. Short-term hypoxia events are increasingly reported in which dissolved oxygen levels suddenly plummet – often triggered or exacerbated by chemical pollution running off the land, like nutrient-rich fertilisers – which can kill entire coral communities and decimate reefs within days.

    Corals are animals, and like other aquatic animals, they breathe in oxygen from the water to fuel their metabolism. Thanks to a symbiotic relationship with microscopic algae, corals also turn the Sun’s energy into food – oxygen is the byproduct.

    Oxygen levels on coral reefs naturally fluctuate in a daily cycle, with dissolved oxygen peaking around noon and gradually falling as the light fades. At night when photosynthesis stops, corals continue to respire (consume oxygen), and seawater oxygen is depleted.

    This cyclic rise and fall in oxygen means that some corals have already evolved strategies to withstand changes in dissolved oxygen. When the amount of oxygen available to corals falls below this natural range, corals can get stressed and their normal biological processes are disrupted, in many cases leading to death.

    Just like us, corals need oxygen to survive. But I (Jennifer Mallon) discovered that the effects of low oxygen on corals are not always obvious to the naked eye, and that juvenile corals may be especially vulnerable.

    Hard to spot signs

    To understand the effects of low oxygen levels on corals I travelled to the Smithsonian Marine Station in Florida, as part of a research project led by the University of Florida’s Andrew Altieri and the Smithsonian’s Maggie Johnson and Valerie Paul.

    At the Smithsonian, 24 climate-controlled seawater tanks simulate varying levels of deoxygenation already present on coral reefs around the world, ranging from severe deoxygenation, which our research observed on the Caribbean coast of Panama, to normal conditions, such as those replicated in aquariums around the world.

    Researchers recreated environmental conditions for corals in the lab.
    Jennifer Mallon

    While some corals, like the Caribbean staghorn coral (Acropora cervicornis),
    died within a few days of severe deoxygenation, other important reef-building species such as the mountainous star coral (Orbicella faveolata) survived, demonstrating that tolerance of low oxygen was different between species.

    When we studied the corals that survived deoxygenation, we discovered that hypoxic stress may not always be visible. Even when exposed to deoxygenation for two weeks, some corals showed no signs of bleaching, which is when the colourful algae depart and corals turn a ghostly white. More detailed measurements revealed something worrying: despite outward appearances, low oxygen exposure had impaired coral metabolism, potentially stunting their growth and reef-building abilities.

    Existing methods for measuring coral health in the field are mainly visual, and include assessments by trained divers who search for signs of paling or bleaching corals. The hypoxic stress responses we saw in our experiment could be going under the radar.

    Baby corals at risk

    We also wanted to know how deoxygenation affects a coral’s ability to breed.

    Coral sexual reproduction is already a tricky business. Spawning events, when corals release egg bundles into the water, occur just a few nights a year, and the resulting larvae are highly vulnerable. Few survive the multi-day swim to the reef where they settle and metamorphose into juvenile corals.

    On modern Caribbean reefs, wild juvenile corals are rare. People involved in restoring reefs help corals to sexually reproduce in the lab and rear the juveniles in order to later transplant them onto the reef.

    Juvenile corals often settle in reef crevices where they are exposed to lower oxygen levels for longer than in open water, because less water flows over them. When we incubated coral larvae in deoxygenated water throughout the settlement process, we found that initial rates of larval survival and settlement were not significantly affected.

    Things changed once the larvae had settled and begun to form juvenile corals. Early-stage juvenile corals, known as primary polyps, lack symbiotic algae to help them meet their nutritional needs via photosynthesis and so rely on respiration for energy. Without enough oxygen, they cannot respire properly and begin to die off.

    A coral spawning event off the coast of Queensland, Australia.
    Coral Brunner/Shutterstock

    Coral conservation in breathless waters

    Our research can help those involved in restoring reefs understand the oxygen needs of corals, as well as highlight a previously overlooked threat.

    Even corals that survive deoxygenation show signs of a weaker metabolism that will make it harder to conserve healthy reefs, as restoration relies on healthy coral growth to regenerate what is damaged.

    As a next step, field measurements of coral metabolism will be carried out on Florida’s barrier reef tract when oxygen levels are predicted to drop during the warm summer months, to capture the real impact of deoxygenation on coral health.

    Dissolved oxygen data has not always been collected as part of reef monitoring, even during warm water bleaching events when oxygen is low. As the climate crisis worsens, it will be imperative to do more of this monitoring in tropical coastal waters. Further research into how distinct coral species respond to hypoxia is also essential for targeted conservation strategies.

    By confronting the silent threat of deoxygenation head on, we can safeguard the future of coral reefs and the countless marine species that depend on them.

    Jennifer Mallon receives funding from US-UK Fulbright Commission, Smithsonian Institution Fellowship Program, University of Glasgow Early Career Mobility Award and the Link Foundation.

    Adrian Michael Bass receives funding from the Natural Environmental Research Council.

    Maggie D. Johnson has received funding from NOAA’s Coastal Hypoxia Research Program and the Smithsonian Marine Global Earth Observatory.

    – ref. Suffocating seas: low oxygen levels emerging as third major threat to tropical coral reefs – https://theconversation.com/suffocating-seas-low-oxygen-levels-emerging-as-third-major-threat-to-tropical-coral-reefs-224805

    MIL OSI – Global Reports –

  • MIL-Evening Report: As the ‘digital oligarchy’ grows in power, NZ will struggle to regulate its global reach and influence

    Source: The Conversation (Au and NZ) – By Alexandra Andhov, Chair in Law and Technology, University of Auckland, Waipapa Taumata Rau

    The images of President Donald Trump at his inauguration surrounded by the titans of the global tech industry is a warning of what could come: a global digital oligarchy dominated by a tiny tech elite.

    Companies like Meta, Google, Microsoft, Amazon, X Corp, and OpenAI (all based in the United States) now operate beyond the control of most governments. Countries like New Zealand are increasingly struggling to keep these companies in check.

    In the past decade, New Zealand has taken several measures to curb the influence of powerful tech companies through voluntary agreements and tax legislation.

    But the digital age has fundamentally changed national sovereignty – the right of individual countries to decide the rules within their own borders.

    Big tech companies are gradually taking on functions traditionally reserved for government institutions. For example, these companies have begun to function as the arbiters of speech, controlling the visibility of certain ideas and comments.

    As recently as this month, Meta obscured searches for left-leaning topics including “Democrats”, later blaming the issue on a “technical glitch”.

    And as was widely covered in the media, Amnesty International released a report claiming that Facebook’s algorithms “proactively amplified” anti-Rohingya content in Myanmar, substantially contributing to human rights violations against the ethnic group.

    New Zealand’s attempts to regulate big tech

    A number of governments are now facing the question of how to temper the influence of these companies within their current legal frameworks.

    As New Zealand (among others) has discovered in the past decade, influencing the behaviour of these companies is easier said than done. It has repeatedly found itself struggling to effectively manage big tech’s impact on its society and economy.

    In 2018, for example, New Zealand’s Privacy Commissioner said Facebook had failed to comply with its obligations under the New Zealand Privacy Act. The company told the commission the Privacy Act did not apply to it.

    When the Christchurch terrorist attack was livestreamed on Facebook (owned by Meta), New Zealand authorities found themselves largely powerless to prevent the video’s spread across global platforms.

    This crisis prompted then-prime minister Jacinda Ardern to launch the Christchurch Call initiative aimed at combating online extremism by fostering collaboration between governments and tech companies.

    The goal was to develop and enforce measures such as improved content moderation, removal of extremist material, and the creation of safer online environments.

    While gaining support from more than 120 countries and tech companies, its effect depends on voluntary ongoing cooperation. Recent events suggest this ongoing cooperation is unlikely.

    In January, Meta CEO Mark Zuckerberg announced plans to get rid of content moderation in the US and possibly elsewhere. Zuckerberg has also pushed back against European Union regulations, claiming the EU’s data laws censored social media.

    Taxing big tech

    In 2019, New Zealand proposed a 3% digital tax on big tech revenue. A similar measure was introduced by France in 2020 and by Canada and Australia last year.

    While these proposals signify important steps toward holding big tech accountable, their implementation remains uncertain.

    Although the relevant tax provisions have been adopted in New Zealand, the law includes clauses allowing tax collections to be deferred until as late as 2030.

    Meanwhile, big tech continues to push back aggressively against regulation in various ways. These have included threatening reduced services (such as the brief closure of TikTok in the US) to leveraging their relationships with the Trump government against other countries.

    Using competition regulation to rein in big tech

    In December 2024, the Australian government unveiled draft legislation on big tech to level the playing field.

    The proposed law seeks to foster fair competition, prevent price gouging, and give smaller tech and news companies a chance to thrive in a landscape increasingly dominated by global giants.

    The legislation would grant the Australian Competition and Consumer Commission the authority to investigate and penalise companies with fines of up to A$50 million for restricting competition.

    The targeted behaviour includes tactics such as restricting data transfers between platforms (for example, moving contacts or photos from iPhone to Android) and limiting third-party payment options in app stores.

    The proposed law aims to put an end to these unfair advantages, ensuring a level playing field where businesses of all sizes can compete and consumers have more choices.

    Democractic governance in the digital age

    The growing power of tech platforms raises critical questions about democratic governance in the digital age.

    There is an urgent need to reconcile the global influence of tech companies with local democratic processes and to create mechanisms that safeguard individual and national sovereignty in an increasingly digital world.

    Governments need to recognise these platforms are not immutable forces of nature, but human-created systems that can be challenged, reformed or dismantled. The same digital connectivity that has empowered these corporations can become the very tool of their transformation.

    Alexandra Andhov is conducting research on Big Tech Governance, funded by the Independent Research Fund Denmark under the Inge Lehmann Programme. The author is grateful for this support and wishes to acknowledge that the research was conducted entirely independently.

    – ref. As the ‘digital oligarchy’ grows in power, NZ will struggle to regulate its global reach and influence – https://theconversation.com/as-the-digital-oligarchy-grows-in-power-nz-will-struggle-to-regulate-its-global-reach-and-influence-247899

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Illumio Research Reveals 58% of Companies Hit With Ransomware Have Been Forced to Halt Operations

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Ransomware attacks are disrupting and undermining business operations and draining revenue streams, according to new research from the Ponemon Institute, commissioned by Illumio, Inc., the leader in breach containment.

    Findings from The Global Cost of Ransomware Study reveal that 58% of organizations had to shut down operations following a ransomware attack, up from 45% in 2021. Forty percent reported a significant loss of revenue (up from 22% in 2021); 41% lost customers; and 40% had to eliminate jobs.

    The research examined the scope of ransomware threats confronting organizations and the measures being implemented to reduce the risks and their impacts. Key findings include:

    • Attackers are reaching critical systems to cause maximum disruption: Ransomware attacks impacted 25% of critical systems, with systems down for 12 hours on average.
    • Organizations continue to spend significant time and money containing ransomware: On average, it took 17.5 people, 132 hours each to contain and remediate their largest ransomware attack.
    • Costs associated with reputation and brand damage now exceed those from legal and regulatory actions: 35% experienced significant brand damage from an attack (up from 21% in 2021).
    • Failure to prioritize investments that boost resilience is costing businesses: 44% lack the ability to quickly identify and contain attacks, and only 27% have implemented microsegmentation – a vital control for stopping the spread of breaches.

    “Ransomware is more pervasive and impactful than ever, with more organizations forced to suspend operations or experiencing major business failure because of attacks,” said Trevor Dearing, Director of Critical Infrastructure at Illumio. “Organizations need operational resilience and controls like microsegmentation that stop attackers from reaching critical systems. By containing attacks at the point of entry, organizations can protect critical systems and data, and save millions in downtime, lost business, and reputational damage.”

    Cloud and hybrid environments remain weak links, with attackers exploiting unpatched systems
    The increased connectivity of business systems and devices is making it harder for organizations to defend against ransomware attacks. Organizations perceive the cloud as being the most vulnerable, and 35% say a lack of visibility across hybrid environments makes it difficult to respond to ransomware attacks.

    Desktops and laptops remain the most compromised devices (50%), with phishing and Remote Desktop Protocol (RDP) cited as top entry points for ransomware. Most attacks moved across the network to infect other devices. In over half of these cases (52%), attackers exploited unpatched systems to move laterally and escalate system privileges; up significantly from 33% in 2021.

    Organizations are investing heavily in ransomware defense, but efforts are falling short
    According to the research, nearly a third of IT budgets (29%) are allocated to staff and technologies meant to prevent, detect, contain, and resolve ransomware attacks, yet attacks are still successful. Eighty-eight percent of organizations have fallen victim to a ransomware attack, despite 54% being confident in their security posture.

    Organizations are also taking a chance on ransomware recovery and failing. Fifty-two percent of respondents believe having a full and accurate backup is a sufficient defense against ransomware. Yet only 13% were able to recover all impacted data following a ransomware attack.

    The report also found larger organizational challenges in defending against ransomware including:

    • Ransomware reporting is still not happening: 72% of those that experienced a ransomware attack didn’t report it to law enforcement. Top reasons for not reporting include fear of publicizing the incident (39%); a payment deadline (38%); and fear of retaliation (38%). 
    • Employees are more security conscious, but still a weak link: 40% are confident in the ability of employees to detect social engineering lures (up from 30% in 2021), however, insider negligence is the top challenge when responding to ransomware attacks.
    • Organizations are slow to adopt AI to combat ransomware: Only 42% have specifically adopted AI to help combat ransomware. More (51%) are concerned their organization may experience an AI-generated ransomware attack.

    To learn more, download the full Global Cost of Ransomware Study here or check out the blog here.

    Research Methodology  
    The research was conducted by Ponemon Institute on behalf of Illumio among 2,547 IT and cybersecurity practitioners in the US, UK, Germany, France, Australia and Japan. All participants have responsibility for addressing ransomware attacks within their organizations.

    About Illumio  
    Illumio, the most comprehensive Zero Trust solution for ransomware and breach containment, protects organizations from cyber disasters and enables operational resilience without complexity. By visualizing traffic flows and automatically setting segmentation policies, the Illumio Zero Trust Segmentation Platform reduces unnecessary lateral movement across the multi-cloud and hybrid infrastructure, protecting critical resources and preventing the spread of cyberattacks. 

    Contact Information 
    Comms-team@illumio.com 

    About Ponemon Institute 
    Ponemon Institute is dedicated to independent research and education that advances responsible information and privacy management practices within business and government. Our mission is to conduct high quality, empirical studies on critical issues affecting the management and security of sensitive information about people and organizations.

    We uphold strict data confidentiality, privacy and ethical research standards. We do not collect any personally identifiable information from individuals (or company identifiable information in our business research). Furthermore, we have strict quality standards to ensure that subjects are not asked extraneous, irrelevant or improper questions.

    The MIL Network –

  • MIL-OSI Global: Disaster evacuations can take much longer than people expect − computer simulations could help save lives and avoid chaos

    Source: The Conversation – USA – By Ashley Bosa, Postdoctoral Researcher, Hazards and Climate Resilience Institute, Boise State University

    Wildfire smoke rises beyond homes near Castaic Lake as another California wildfire spread on Jan. 22, 2025. AP Photo/Marcio Jose Sanchez

    When a wildfire notification goes off on your mobile phone, it can trigger all kinds of emotions and confusion.

    You might glance outside and see no smoke. Across the street, your neighbors have mixed reactions: One is leisurely walking their dog, another is calmly packing a small bag, while a third appears to be preparing for an extended vacation.

    The notification advises you to grab your “go bag,” but then panic can set in as you realize you don’t have one ready. So, you scour the local emergency management website for guidance and discover how much you’ve overlooked: important documents such as birth certificates, an extra flashlight, your children’s medications, a phone charger.

    Before you can gather your thoughts, a second notification arrives – this time telling you to evacuate.

    Packing the car, wrangling children or a skittish cat, figuring out where to go – it can feel frenzied in the face of danger. As you pull out, you join a traffic jam on your street, with a black smoke plume rising nearby and neighbors still loading their cars.

    This chaos highlights a worst-case scenario for wildfire evacuations – one that can cause delays, heighten risks for evacuees and complicate access for emergency responders. It’s why researchers like me who study natural hazards are developing ways to help communities recognize where residents may need the most help and avoid evacuation bottlenecks in the face of future disasters.

    The importance of being prepared

    Confusion is common in the face of disasters, and it underscores the need for communities and individuals to be prepared.

    Delays in evacuating, or the inability to evacuate safely, can have catastrophic consequences, not only for those trying to flee but also for the first responders and emergency managers working to manage the crisis. These delays often stem from a lack of preparedness or uncertainty about when and how to act.

    A study of survivors of an Australian wildfire that killed 172 people in the state of Victoria in 2009 found that two-thirds of survivors reported that they had carried out an existing disaster plan, while researchers found the majority of those who died either didn’t follow a disaster plan or couldn’t. Forecasters had warned that high temperatures were coming with very low humidity, and public alerts had gone out about the high fire risk.

    Residents had little time to evacuate as the Eaton Fire spread into Altadena, Calif., on Jan. 7, 2025. Source: NBC.

    How people perceive risks and the environmental and social cues around them – such as how much smoke they see, their neighbors’ choices or the wording of the notification – will directly affect the speed of their response.

    Past experience with a disaster evacuation also has an impact. Rapid population growth in recent years in the wildland-urban interface – areas where human development meets wildfire-prone areas – has meant that more people with little or no experience with wildfires are living in fire-risk areas. Wildland areas also tend to have fewer evacuation routes, making mass evacuations more difficult and time-consuming.

    Adding to the complexity is the fact that large wildfires are occurring in regions not historically prone to such events and during times of the year traditionally considered outside of wildfire season. This shift has left communities and emergency response teams grappling with unprecedented challenges, particularly when it comes to evacuations.

    Computer models can help spot risks

    To address these challenges, researchers are developing systems to help communities model how their residents are likely to respond in the event of a disaster.

    The results can help emergency crews understand where bottlenecks are likely to occur along evacuation routes, depending on the timing of the notice and the movement of the fire. They can also help fire managers understand where neighborhoods may need to be notified faster or need more help evacuating.

    Firefighters inspect burned out cars along a road in Paradise, Calif., after a deadly fire swept through the wooded area in November 2018. Some people abandoned their cars when they became trapped in traffic with few ways out.
    AP Photo/John Locher

    My team at the Hazard and Climate Resilience Institute at Boise State University is working on one of these projects. We have been surveying communities across Idaho and Oregon to assess how people living in the wildland-urban interface areas perceive wildfire risks and prepare for evacuations.

    Using those surveys, we can capture household-level decision data, such as which evacuation routes these residents would take, how many cars they plan to drive and where they would evacuate to.

    We can also gauge how prepared residents would be to evacuate, or whether they would likely stay and try to defend their home instead.

    Evacuating nursing homes takes time and special resources, including evacuation sites that can meet people’s health needs. When the Eaton Fire swept into Altadena, Calif., on Jan. 7, 2025, a senior care facility had little time to get its residents safely away.
    AP Photo/Ethan Swope

    With that data, we can simulate how long it will take emergency response teams to evacuate an entire community safely. The models could also show where difficulties with evacuations might be likely to arise and help residents understand how they can adjust their evacuation plans for a safer escape for everyone.

    Bridging the gap between awareness and action

    One of the key goals of this research is to bridge the gap between awareness and action.

    While many residents in wildfire-prone areas understand the risks, translating that knowledge into concrete preparations remains a challenge. The concept of a “go bag,” for example, is widely promoted but often poorly understood. Essential items such as medications, important documents and pet supplies are frequently overlooked until it’s too late.

    Clear and timely communication during wildfire crises is also essential. Evacuation warning messages such as “Ready, Set, Go!” are designed to prompt specific actions, but their effectiveness depends on residents understanding and trusting the system. Delayed responses or mixed signals can create confusion.

    As wildfire risk rises for many communities, preparedness is no longer optional – it’s a necessity. Emergency notifications vary by state and county, so check your local emergency management office to understand what to expect and sign up for alerts. Being prepared can help communities limit some of the most devastating impacts of wildfires.

    Ashley Bosa receives funding from the National Science Foundation Grant No. 2230595 for the project titled “Collaborative Research: Household Response to Wildfire ? Integrating Behavioral Science and Evacuation Modeling to Improve Community Wildfire Resilience.”

    – ref. Disaster evacuations can take much longer than people expect − computer simulations could help save lives and avoid chaos – https://theconversation.com/disaster-evacuations-can-take-much-longer-than-people-expect-computer-simulations-could-help-save-lives-and-avoid-chaos-247668

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and His Family Attend New Year Gala Dinner Hosted by the Taiwanese Community in Sydney

    Source: Republic Of China Taiwan 2

    Director General David Cheng-Wei Wu and his family, along with the TECO Sydney team, were delighted to attend the New Year Gala Dinner of the Taiwanese community in Sydney, organized by the Association of Overseas Alumni in Australia.
    In his remarks, DG Wu highlighted:

    Taiwan’s resilience in 2024, standing firm against challenges and achieving remarkable progress despite threats to the rules-based international order and regional stability.
    A warm welcome to OCAC Director Ms. May Chiang and Council Members Mr. Johnson Hsiung and Ms. Shirley Chen. TECO Sydney remains committed to working with our community to turn Taiwan’s achievements into global opportunities.
    Australia’s role as CPTPP chair in 2025 and the hope for Taiwan’s early accession to strengthen democratic supply chains and complete the CPTPP.
     Gratitude to NSW Parliament for passing PMB No. 1414, countering China’s misinterpretation of UNGA Resolution 2758—the first and only state legislature globally to do so.
    The need for Taiwan and Australia to deepen cooperation and exchange ideas, talent, technology, and social initiatives for regional peace and prosperity.

    Leaders in the NSW Parliament, including Rod Roberts MLC, Dr. Hugh McDermott MP, Jacqui Munro MLC, and Tania Mihailuk MLC, along with Cr Alex Yang from Burwood Council, attended the gala dinner to celebrate the Lunar New Year.
    In their remarks, they praised Taiwan’s democratic and economic achievements and expressed hopes for a stronger and more dynamic TW-AU relationship in all aspects in the Year of the Snake!

    MIL OSI Asia Pacific News –

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME FEBRUARY 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Jan. 28, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination has been postponed to 10:00 a.m., Eastern Time on Thursday, February 27, 2025. At the meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of PubCo (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

    The Special Meeting is being postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Thursday, February 27, 2025, via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination, is being extended to 5:00 p.m., Eastern time, on Tuesday, February 25, 2025.

    Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

    About Finnovate Acquisition Corp.

    Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

    Forward-Looking Statements

    The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. 

    Additional Information

    Pubco has filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”), which includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

    Participants in The Solicitation

    Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

    No Offer Or Solicitation

    This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    INVESTOR RELATIONS CONTACT

    Finnovate Acquisition Corp.
    Calvin Kung
    265 Franklin Street
    Suite 1702
    Boston, MA 02110
    +1 (424) 253-0908

    The MIL Network –

  • MIL-OSI: BCB Bancorp, Inc. Earns $3.3 Million in Fourth Quarter 2024; Reports $0.16 EPS and Declares Quarterly Cash Dividend of $0.16 Per Share

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., Jan. 28, 2025 (GLOBE NEWSWIRE) — BCB Bancorp, Inc. (the “Company”), (NASDAQ: BCBP), the holding company for BCB Community Bank (the “Bank”), today reported net income of $3.3 million for the fourth quarter of 2024, compared to $6.7 million in the third quarter of 2024, and $6.1 million for the fourth quarter of 2023. Earnings per diluted share for the fourth quarter of 2024 were $0.16, compared to $0.36 in the preceding quarter and $0.35 in the fourth quarter of 2023. Net income and earnings per diluted share for the fourth quarter of 2024, without giving effect to the Company’s unrealized losses on equity investments and the loss on sale of non-performing loans, were $4.1 million and $0.24, respectively.

    The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per share. The dividend will be payable on February 24, 2025 to common shareholders of record on February 7, 2025.

    “We took a number of positive actions during 2024 that have strengthened our balance sheet position. We meaningfully reduced our exposure to wholesale funding and continue to work hard on replacing higher cost funding with core deposits. Additionally, we have strengthened our capital position through positive retained earnings, favorable capital actions and selective loan growth. We have been prudently building up our CECL reserves to address asset quality issues. As we tackle and remediate credit quality issues, we are also positioning the Bank to gradually start lending and booking new business with both existing and new customers,” stated Michael Shriner, President and Chief Executive Officer.

    Executive Summary

    • Total deposits were $2.751 billion at December 31, 2024 compared to $2.725 billion at September 30, 2024.
    • Net interest margin was 2.53 percent for the fourth quarter of 2024, compared to 2.58 percent for the third quarter of 2024, and 2.57 percent for the fourth quarter of 2023.
      • Total yield on interest-earning assets was 5.33 percent for the fourth quarter of 2024 compared to 5.44 percent for the third quarter of 2024, and 5.33 percent for the fourth quarter of 2023.
      • Total cost of interest-bearing liabilities was 3.57 percent for the fourth quarter of 2024, compared to 3.62 percent for the third quarter of 2024, and 3.45 percent for the fourth quarter of 2023.
    • The efficiency ratio for the fourth quarter was 62.1 percent compared to 53.2 percent in the prior quarter, and 61.0 percent in the fourth quarter of 2023.
    • The annualized return on average assets ratio for the fourth quarter was 0.36 percent, compared to 0.72 percent in the prior quarter, and 0.63 percent in the fourth quarter of 2023.
    • The annualized return on average equity ratio for the fourth quarter was 4.0 percent, compared to 8.3 percent in the prior quarter, and 7.9 percent in the fourth quarter of 2023.
    • The provision for credit losses was $4.2 million in the fourth quarter of 2024 compared to $2.9 million for the third quarter of 2024, and $1.9 million for the fourth quarter of 2023.
    • The allowance for credit losses (“ACL”) as a percentage of total loans was 1.15 percent at December 31, 2024 compared to 1.11 percent at the prior quarter-end and 1.01 percent at December 31, 2023.
    • Total loans receivable, net of the allowance for credit losses, of $2.996 billion at December 31, 2024, decreased 8.6 percent from $3.280 billion at December 31, 2023.

    Balance Sheet Review

    Total assets decreased by $233.3 million, or 6.1 percent, to $3.599 billion at December 31, 2024, from $3.832 billion at December 31, 2023. The decrease in total assets was due to a decrease in loans of $283.4 million, offset by an increase of $37.8 million in cash and cash equivalents. The decrease in loans was primarily from loan sales and payoffs/paydowns that exceeded loan originations.

    Total cash and cash equivalents increased by $37.8 million, or 13.5 percent, to $317.3 million at December 31, 2024, from $279.5 million at December 31, 2023. The increase was primarily due to loan sales and payoffs/paydowns that exceeded loan originations.

    Loans receivable, net, decreased by $283.4 million, or 8.6 percent, to $2.996 billion at December 31, 2024, from $3.280 billion at December 31, 2023. Total loan decreases during the period included decreases of $187.4 million in commercial real estate multi-family loans, $57.4 million in construction loans, $29.4 million in commercial business loans, $8.4 million in residential 1-4 family loans, and $1.4 million in consumer loans. Home equity loans increased $438 thousand. The allowance for credit losses on loans increased $1.2 million to $34.8 million, or 77.8 percent of non-accruing loans and 1.15 percent of gross loans, at December 31, 2024, as compared to an allowance for credit losses on loans of $33.6 million, or 178.9 percent of non-accruing loans and 1.01 percent of gross loans, at December 31, 2023.

    Total investment securities increased by $14.3 million, or 14.8 percent, to $111.2 million at December 31, 2024, from $96.9 million at December 31, 2023, as excess liquidity has been deployed into the securities portfolio.

    Deposits decreased by $228.2 million, or 7.7 percent, to $2.751 billion at December 31, 2024, from $2.979 billion at December 31, 2023. A majority of the decline was due to a decrease in certificates of deposit of $193.5 million. The reduction in certificates of deposit was mainly caused by the withdrawal of brokered deposits which was partially offset by an increase in retail time deposits.

    Total borrowings decreased by $12.1 million to $498.3 million at December 31, 2024 from $510.4 million at December 31, 2023. The decrease in borrowings was primarily due to the maturity of $18.0 million of FHLB debt that was paid off during 2024. The weighted average interest rate of the Company’s outstanding FHLB advances was 4.35 percent at December 31, 2024 and 4.21 percent at December 31, 2023. The weighted average maturity of such FHLB advances as of December 31, 2024 was 0.97 years. The interest rate of the Company’s subordinated debt balances was 9.25 percent at December 31, 2024 and 8.36 percent at December 31, 2023.

    Stockholders’ equity increased by $9.9 million, or 3.1 percent, to $323.9 million at December 31, 2024, from $314.1 million at December 31, 2023. The increase was primarily attributable to the increase in retained earnings of $5.9 million, or 4.4 percent, to $141.9 million at December 31, 2024 from $135.9 million at December 31, 2023.

    Fourth Quarter 2024 Income Statement Review

    Net income was $3.3 million for the quarter ended December 31, 2024 and $6.1 million for the quarter ended December 31, 2023. In the fourth quarter of 2024, the Bank recorded $2.2 million more in loan loss provisioning, and net interest income declined by $1.7 million. Non-interest income was also lower by $2.3 million. Offsetting these declines was a decrease in non-interest expense of $2.2 million. The Bank also recorded $1.3 million less for income tax provisioning.

    Net interest income decreased by $1.7 million, or 7.2 percent, to $22.2 million for the fourth quarter of 2024, from $23.9 million for the fourth quarter of 2023. The decrease in net interest income resulted from lower interest income, offset by lower interest expense.

    Interest income decreased by $3.1 million, or 6.1 percent, to $46.7 million for the fourth quarter of 2024, from $49.7 million for the fourth quarter of 2023. The average balance of interest-earning assets decreased $226.6 million, or 6.1 percent. The rate of return remained flat at 5.33 percent.

    Interest expense declined $1.3 million, to $24.5 million, for the fourth quarter of 2024, from $25.8 million for the fourth quarter of 2023. Average interest-bearing liabilities decreased $247.2 million, or 8.3 percent. The average yield on these liabilities was 3.57 percent, versus 3.45 percent from one year earlier.

    The net interest margin was 2.53 percent for the fourth quarter of 2024 compared to 2.57 percent for the fourth quarter of 2023. The decrease in the net interest margin compared to the fourth quarter of 2023 was the result of the increase in the cost of interest-bearing liabilities. The yield on interest earning assets remained the same from one year earlier.

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge-offs compared to $233 thousand in net charge offs for the fourth quarter of 2023. The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024 as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The provision for credit losses on loans was $4.2 million for the fourth quarter of 2024 compared to $1.9 million for the fourth quarter of 2023. Management believes that the allowance for credit losses on loans was adequate at December 31, 2024 and December 31, 2023.

    Non-interest income decreased by $2.3 million to $938 thousand for the fourth quarter of 2024 from $3.2 million in the fourth quarter of 2023. The decrease in total non-interest income was related to losses on equity investments of $661 thousand in the 2024 quarter as compared to a gain on such investments of $1.1 million in the 2023 quarter, as well as the recordation of a $570 thousand loss on the sale of a non-performing loan during the fourth quarter.

    Non-interest expense decreased by $2.2 million, or 13.3 percent, to $14.4 million for the fourth quarter of 2024 from $16.6 million for the fourth quarter of 2023. The decrease in these expenses for the fourth quarter of 2024 was driven by lower salaries and benefits expense, which declined $857 thousand. The fourth quarter of 2023 salaries and benefits included a previously disclosed one-time payment of $1.17 million to a former executive officer. Professional fees, regulatory assessment fees and advertising and promotional costs also declined by $388 thousand, $373 thousand, and $191 thousand, respectively.

    The income tax provision decreased by $1.3 million, or 48.4 percent, to $1.3 million for the fourth quarter of 2024. The provision was $2.6 million for the fourth quarter of 2023. The consolidated effective tax rate was 29.0 percent for the fourth quarter of 2024 and 29.9 percent for the fourth quarter of 2023.

    Year-to-Date Income Statement Review

    Net income decreased by $10.9 million, or 36.8 percent, to $18.6 million for the twelve months of 2024 from $29.5 million for the twelve months of 2023. The decrease in net income was driven, primarily, by lower net interest income of $12.0 million, or 11.6 percent, and an increase in the provision for credit losses by $5.5 million.

    Net interest income decreased by $12.0 million, or 11.6 percent, to $92.0 million for the first twelve months of 2024 from $104.1 million for the twelve months of 2023. The decrease in net interest income resulted from an increase in interest expense of $17.7 million, partly offset by an increase in interest income of $5.6 million.

    Interest income increased by $5.6 million, or 3.0 percent, to $194.0 million for the twelve months of 2024, from $188.4 million for the twelve months of 2023. The increase was due to an increase of 22 basis points on interest earning assets, from 5.16 percent to 5.38 percent. Offsetting this, somewhat, was a decrease in average interest earning assets of $47.5 million, for the comparable period, which was comprised of a decrease in average loans of $84.8 million offset by an increase in average other interest-earning assets of $37.6 million.

    Interest expense increased by $17.7 million, or 21.0 percent, to $102.0 million for 2024, from $84.3 million for 2023. This increase resulted primarily from an increase in the average rate on interest-bearing liabilities of 64 basis points to 3.57 percent for the twelve months of 2024, from 2.93 percent for the twelve months of 2023. Offsetting this was a decrease in average interest bearing liabilities of $18.5 million over the same comparable time period.

    Net interest margin was 2.55 percent for the twelve months of 2024, compared to 2.85 percent for the twelve months of 2023. The decrease in the net interest margin compared to the prior period was largely the result of an increase in the cost of the Bank’s interest-bearing liabilities.

    During the twelve months of 2024, the Company experienced $10.4 million in net charge offs compared to $704 thousand in net charge offs for the same period in 2023. The provision for credit losses was $11.6 million for the twelve months of 2024 compared to $6.1 million for the same period in 2023.

    Non-interest income decreased by $1.1 million to $2.9 million for the twelve months of 2024 from $4.1 million for the twelve months of 2023. The decrease was due to losses on sales of loans of $5.3 million. This was offset by realized and unrealized gains or losses on equity investments, which were $3.7 million greater, and income on Bank-owned Life Insurance (BOLI), which was $883 thousand higher, for the comparable period. The realized and unrealized gains or losses on equity investments are based on prevailing market conditions.

    Non-interest expense decreased by $3.5 million, or 5.7 percent, to $57.1 million for the twelve months of 2024 from $60.6 million for the same period in 2023. The decrease in operating expenses for 2024 was driven primarily by decreases in salaries and employee benefits of $2.6 million and advertising and promotional costs of $485 thousand. The 2023 salaries and benefits expense included the payment to a former executive described above.

    The income tax provision decreased by $4.3 million, or 36.6 percent to $7.6 million for the twelve months of 2024 from $12.0 million for the same period in 2023. The consolidated effective tax rate was 29.1 percent for the twelve months of 2024 compared to 28.9 percent for the twelve months of 2023.

    Asset Quality

    During the fourth quarter of 2024, the Company recognized $4.1 million in net charge offs, compared to $233 thousand in net charge offs for the fourth quarter of 2023.

    The Bank had non-accrual loans totaling $44.7 million, or 1.48 percent of gross loans, at December 31, 2024, as compared to $18.8 million, or 0.57 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was $34.8 million, or 1.15 percent of gross loans, at December 31, 2024, and $33.6 million, or 1.01 percent of gross loans, at December 31, 2023. The allowance for credit losses on loans was 77.8 percent of non-accrual loans at December 31, 2024, and 178.9 percent of non-accrual loans at December 31, 2023.

    About BCB Bancorp, Inc.

    BCB Bancorp, Inc. is a New Jersey corporation established in 2003, and is the holding company parent of BCB Community Bank. The Company has not engaged in any significant business activity other than owning all of the outstanding common stock of the Bank. Established in 2000 and headquartered in Bayonne, N.J., the Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three New Jersey branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four New York branch offices in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    Forward-Looking Statements

    This release, like many written and oral communications presented by BCB Bancorp, Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies 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. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels and higher interest rates concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity and capital in a rapidly changing and unpredictable market, and supply chain disruptions.. Other factors that could cause future results to vary materially from current management expectations as reflected in our forward-looking statements include, but are not limited to: the global impact of the military conflicts in the Ukraine and the Middle East; unfavorable economic conditions in the United States generally and particularly in our primary market area; the Company’s ability to effectively attract and deploy deposits; the impact of any future pandemics or other natural disasters; changes in the Company’s corporate strategies, the composition of its assets, or the way in which it funds those assets; shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including changes in market liquidity or volatility; the effects of declines in real estate values that may adversely impact the collateral underlying our loans; increase in unemployment levels and slowdowns in economic growth; our level of non-performing assets and the costs associated with resolving any problem loans including litigation and other costs; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of our loan and investment securities portfolios; the credit risk associated with our loan portfolio; changes in the quality and composition of the Bank’s loan and investment portfolios; changes in our ability to access cost-effective funding; deposit flows; legislative and regulatory changes, including increases in Federal Deposit Insurance Corporation, or FDIC, insurance rates; monetary and fiscal policies of the federal and state governments; changes in tax policies, rates and regulations of federal, state and local tax authorities; demands for our loan products; demand for financial services; competition; changes in the securities or secondary mortgage markets; changes in management’s business strategies; changes in consumer spending; our ability to retain key employees; the effects of any reputational, credit, interest rate, market, operational, legal, liquidity, or regulatory risk; expanding regulatory requirements which could adversely affect operating results; civil unrest in the communities that we serve; and other factors discussed elsewhere in this report, and in other reports we filed with the SEC, including under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K, and our other periodic reports that we file with the SEC.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release also contains certain supplemental Non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s financial results for the periods in question.

    The Company provides measurements and ratios based on tangible stockholders’ equity and efficiency ratios. These measures are utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors. For a reconciliation of GAAP to Non-GAAP financial measures included in this press release, see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

             
      Statements of Income – Three Months Ended,      
      December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024   Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)      
    Loans, including fees $ 41,431   $ 42,857   $ 43,893   -3.3 %   -5.6 %
    Mortgage-backed securities   473     303     293   56.1 %   61.4 %
    Other investment securities   978     994     991   -1.6 %   -1.3 %
    FHLB stock and other interest-earning assets   3,771     4,472     4,527   -15.7 %   -16.7 %
    Total interest and dividend income   46,653     48,626     49,704   -4.1 %   -6.1 %
                 
    Interest expense:            
    Deposits:            
    Demand   5,866     5,686     5,015   3.2 %   17.0 %
    Savings and club   156     146     177   6.8 %   -11.9 %
    Certificates of deposit   12,218     13,670     13,308   -10.6 %   -8.2 %
        18,240     19,502     18,500   -6.5 %   -1.4 %
    Borrowings   6,219     6,079     7,282   2.3 %   -14.6 %
    Total interest expense   24,459     25,581     25,782   -4.4 %   -5.1 %
                 
    Net interest income   22,194     23,045     23,922   -3.7 %   -7.2 %
    Provision for credit losses   4,154     2,890     1,927   43.7 %   115.6 %
                 
    Net interest income after provision for credit losses   18,040     20,155     21,995   -10.5 %   -18.0 %
                 
    Non-interest income income (loss) :            
    Fees and service charges   1,187     1,196     1,445   -0.8 %   -17.9 %
    (Loss) gain on sales of loans   (554 )   35     11   -1682.9 %   -5136.4 %
    Realized and unrealized gain (loss) on equity investments   (661 )   1,132     1,029   -158.4 %   -164.2 %
    Bank-owned life insurance (“BOLI”) income   636     652     597   -2.5 %   6.5 %
    Other   330     112     69   194.6 %   378.3 %
    Total non-interest income   938     3,127     3,228   -70.0 %   -70.9 %
                 
    Non-interest expense:            
    Salaries and employee benefits   7,117     7,139     7,974   -0.3 %   -10.7 %
    Occupancy and equipment   2,483     2,591     2,606   -4.2 %   -4.7 %
    Data processing and communications   1,754     1,681     1,721   4.3 %   1.9 %
    Professional fees   599     618     987   -3.1 %   -39.3 %
    Director fees   269     351     274   -23.4 %   -1.8 %
    Regulatory assessment fees   769     666     1,142   15.5 %   -32.7 %
    Advertising and promotions   212     182     403   16.5 %   -47.4 %
    Other real estate owned, net   –     –     4   0.0 %   -100.0 %
    Other   1,164     701     1,457   66.0 %   -20.1 %
    Total non-interest expense   14,367     13,929     16,568   3.1 %   -13.3 %
                 
    Income before income tax provision   4,611     9,353     8,655   -50.7 %   -46.7 %
    Income tax provision   1,339     2,685     2,593   -50.1 %   -48.4 %
                 
    Net Income   3,272     6,668     6,062   -50.9 %   -46.0 %
    Preferred stock dividends   475     475     182   -0.0 %   160.7 %
    Net Income available to common stockholders $ 2,797   $ 6,193   $ 5,880   -54.8 %   -52.4 %
                 
    Net Income per common share-basic and diluted            
    Basic $ 0.16   $ 0.36   $ 0.35   -54.9 %   -52.9 %
    Diluted $ 0.16   $ 0.36   $ 0.35   -54.9 %   -53.0 %
                 
    Weighted average number of common shares outstanding            
    Basic   17,056     17,039     16,876   0.1 %   1.1 %
    Diluted   17,108     17,064     16,884   0.3 %   1.3 %
      Statements of Income – Twelve Months Ended,  
      December 31, 2024 December 31, 2023 Dec 31, 2024 vs. Dec 31, 2023
    Interest and dividend income: (In thousands, except per share amounts, Unaudited)  
    Loans, including fees $ 172,046   $ 169,559   1.5 %
    Mortgage-backed securities   1,378     880   56.6 %
    Other investment securities   3,953     4,226   -6.5 %
    FHLB stock and other interest-earning assets   16,632     13,695   21.4 %
    Total interest and dividend income   194,009     188,360   3.0 %
           
    Interest expense:      
    Deposits:      
    Demand   22,158     16,915   31.0 %
    Savings and club   620     620   0.0 %
    Certificates of deposit   55,442     39,157   41.6 %
        78,220     56,692   38.0 %
    Borrowings   23,768     27,606   -13.9 %
    Total interest expense   101,988     84,298   21.0 %
           
    Net interest income   92,021     104,062   -11.6 %
    Provision for credit losses   11,570     6,104   89.5 %
           
    Net interest income after provision for credit losses   80,451     97,958   -17.9 %
           
    Non-interest income:      
    Fees and service charges   4,717     5,334   -11.6 %
    (Loss) gain on sales of loans   (5,325 )   36   -14891.7 %
    Realized and unrealized gain (loss) on equity investments   379     (3,361 ) -111.3 %
    Bank-owned life insurance (“BOLI”) income   2,634     1,751   50.4 %
    Other   535     251   113.1 %
    Total non-interest income   2,940     4,088   -28.1 %
           
    Non-interest expense:      
    Salaries and employee benefits   28,229     30,827   -8.4 %
    Occupancy and equipment   10,247     10,340   -0.9 %
    Data processing and communications   6,960     6,968   -0.1 %
    Professional fees   2,416     2,735   -11.7 %
    Director fees   1,151     1,083   6.3 %
    Regulatory assessments   3,530     3,585   -1.5 %
    Advertising and promotions   863     1,348   -36.0 %
    Other real estate owned, net   –     7   -100.0 %
    Other   3,725     3,698   0.7 %
    Total non-interest expense   57,121     60,591   -5.7 %
           
    Income before income tax provision   26,270     41,455   -36.6 %
    Income tax provision   7,647     11,972   -36.1 %
           
    Net Income   18,623     29,483   -36.8 %
    Preferred stock dividends   1,832     702   160.9 %
    Net Income available to common stockholders $ 16,791   $ 28,781   -41.7 %
           
    Net Income per common share-basic and diluted      
    Basic $ 0.99   $ 1.71   -42.1 %
    Diluted $ 0.99   $ 1.70   -42.0 %
           
    Weighted average number of common shares outstanding      
    Basic   17,007     16,870   0.8 %
    Diluted   17,018     16,932   0.5 %
    Statements of Financial Condition December 31, 2024 September 30, 2024 December 31, 2023 Dec 31, 2024 vs. Sept 30, 2024 Dec 31, 2024 vs. Dec 31, 2023
    ASSETS (In Thousands, Unaudited)    
    Cash and amounts due from depository institutions $ 14,075   $ 12,617   $ 16,597   11.6 % -15.2 %
    Interest-earning deposits   303,207     230,506     262,926   31.5 % 15.3 %
    Total cash and cash equivalents   317,282     243,123     279,523   30.5 % 13.5 %
               
    Interest-earning time deposits   735     735     735   –   –  
    Debt securities available for sale   101,717     98,169     87,769   3.6 % 15.9 %
    Equity investments   9,472     10,133     9,093   -6.5 % 4.2 %
    Loans held for sale   –     250     1,287   -100.0 % -100.0 %
    Loans receivable, net of allowance for credit losses on loans of $34,789, $34,693 and $33,608, respectively   2,996,259     3,087,914     3,279,708   -3.0 % -8.6 %
    Federal Home Loan Bank of New York (“FHLB”) stock, at cost   24,272     24,732     24,917   -1.9 % -2.6 %
    Premises and equipment, net   12,569     12,008     13,057   4.7 % -3.7 %
    Accrued interest receivable   15,176     16,496     16,072   -8.0 % -5.6 %
    Deferred income taxes   17,181     17,370     18,213   -1.1 % -5.7 %
    Goodwill and other intangibles   5,253     5,253     5,253   0.0 % 0.0 %
    Operating lease right-of-use asset   12,686     13,438     12,935   -5.6 % -1.9 %
    Bank-owned life insurance (“BOLI”)   76,040     75,404     73,407   0.8 % 3.6 %
    Other assets   10,476     8,745     10,428   19.8 % 0.5 %
    Total Assets $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
               
    LIABILITIES          
    Non-interest bearing deposits $ 520,387   $ 528,089   $ 536,264   -1.5 % -3.0 %
    Interest bearing deposits   2,230,471     2,196,491     2,442,816   1.5 % -8.7 %
    Total deposits   2,750,858     2,724,580     2,979,080   1.0 % -7.7 %
    FHLB advances   455,361     466,424     472,811   -2.4 % -3.7 %
    Subordinated debentures   42,961     67,042     37,624   -35.9 % 14.2 %
    Operating lease liability   13,139     13,878     13,315   -5.3 % -1.3 %
    Other liabilities   12,874     13,733     15,512   -6.3 % -17.0 %
    Total Liabilities   3,275,193     3,285,657     3,518,342   -0.3 % -6.9 %
               
    STOCKHOLDERS’ EQUITY          
    Preferred stock: $0.01 par value, 10,000 shares authorized   –     –     –   –   –  
    Additional paid-in capital preferred stock   24,723     29,763     25,043   -16.9 % -1.3 %
    Common stock: no par value, 40,000 shares authorized   –     –     –   0.0 % 0.0 %
    Additional paid-in capital common stock   200,935     200,605     198,923   0.2 % 1.0 %
    Retained earnings   141,853     141,770     135,927   0.1 % 4.4 %
    Accumulated other comprehensive loss   (5,239 )   (5,678 )   (7,491 ) -7.7 % -30.1 %
    Treasury stock, at cost   (38,347 )   (38,347 )   (38,347 ) 0.0 % 0.0 %
    Total Stockholders’ Equity   323,925     328,113     314,055   -1.3 % 3.1 %
               
    Total Liabilities and Stockholders’ Equity $ 3,599,118   $ 3,613,770   $ 3,832,397   -0.4 % -6.1 %
               
    Outstanding common shares   17,063     17,048     16,904      
      Three Months Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,081,846   $ 41,431   5.38 %   $ 3,311,946   $ 43,893   5.30 %
    Investment Securities   110,447     1,451   5.26 %     93,638     1,284   5.48 %
    Other Interest-earning assets(6)   309,804     3,771   4.87 %     323,064     4,527   5.61 %
    Total Interest-earning assets   3,502,097     46,653   5.33 %     3,728,648     49,704   5.33 %
    Non-interest-earning assets   124,554           124,809      
    Total assets $ 3,626,651         $ 3,853,457      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 551,971   $ 2,682   1.94 %   $ 578,890   $ 2,184   1.51 %
    Money market accounts   380,136     3,184   3.35 %     359,366     2,832   3.15 %
    Savings accounts   254,093     156   0.25 %     288,108     177   0.25 %
    Certificates of Deposit   1,048,341     12,218   4.66 %     1,140,656     13,307   4.67 %
    Total interest-bearing deposits   2,234,541     18,240   3.27 %     2,367,020     18,500   3.13 %
    Borrowed funds   508,113     6,219   4.90 %     622,860     7,282   4.68 %
    Total interest-bearing liabilities   2,742,654     24,459   3.57 %     2,989,880     25,782   3.45 %
    Non-interest-bearing liabilities   560,345           557,156      
    Total liabilities   3,302,999           3,547,036      
    Stockholders’ equity   323,652           306,420      
    Total liabilities and stockholders’ equity $ 3,626,651         $ 3,853,457      
    Net interest income   $ 22,194         $ 23,922    
    Net interest rate spread(1)     1.76 %       1.88 %
    Net interest margin(2)     2.53 %       2.57 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Year Ended December 31,
        2024       2023  
      Average Balance Interest Earned/Paid Average Yield/Rate (3)   Average Balance Interest Earned/Paid Average Yield/Rate (3)
      (Dollars in thousands)
    Interest-earning assets:              
    Loans Receivable(4)(5) $ 3,196,538   $ 172,046   5.38 %   $ 3,281,334   $ 169,559   5.17 %
    Investment Securities   99,733     5,331   5.35 %     100,000     5,106   5.11 %
    Other interest-earning assets(6)   308,248     16,632   5.40 %     270,659     13,695   5.06 %
    Total Interest-earning assets   3,604,519     194,009   5.38 %     3,651,993     188,360   5.16 %
    Non-interest-earning assets   124,441           123,652      
    Total assets $ 3,728,960         $ 3,775,645      
    Interest-bearing liabilities:              
    Interest-bearing demand accounts $ 553,013   $ 9,701   1.75 %   $ 658,023   $ 8,426   1.28 %
    Money market accounts   372,205     12,457   3.35 %     334,353     8,489   2.54 %
    Savings accounts   264,430     620   0.23 %     305,778     620   0.20 %
    Certificates of Deposit   1,153,235     55,442   4.81 %     980,617     39,157   3.99 %
    Total interest-bearing deposits   2,342,883     78,220   3.34 %     2,278,771     56,692   2.49 %
    Borrowed funds   511,916     23,768   4.64 %     594,564     27,606   4.64 %
    Total interest-bearing liabilities   2,854,799     101,988   3.57 %     2,873,335     84,298   2.93 %
    Non-interest-bearing liabilities   554,037           602,691      
    Total liabilities   3,408,836           3,476,026      
    Stockholders’ equity   320,124           299,618      
    Total liabilities and stockholders’ equity $ 3,728,960         $ 3,775,644      
    Net interest income   $ 92,021         $ 104,062    
    Net interest rate spread(1)     1.81 %       2.22 %
    Net interest margin(2)     2.55 %       2.85 %
                   
    (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the average cost of average interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average total interest-earning assets.
    (3) Annualized.
    (4) Excludes allowance for credit losses.
    (5) Includes non-accrual loans.
    (6) Includes Federal Home Loan Bank of New York Stock.
      Financial Condition data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
               
      (In thousands, except book values)
    Total assets $ 3,599,118   $ 3,613,770   $ 3,793,941   $ 3,849,195   $ 3,832,397  
    Cash and cash equivalents   317,282     243,123     326,870     352,448     279,523  
    Securities   111,189     108,302     94,965     96,189     96,862  
    Loans receivable, net   2,996,259     3,087,914     3,161,925     3,226,877     3,279,708  
    Deposits   2,750,858     2,724,580     2,935,239     2,991,659     2,979,080  
    Borrowings   498,322     533,466     510,710     510,573     510,435  
    Stockholders’ equity   323,925     328,113     320,732     320,131     314,055  
    Book value per common share1 $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share2 $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Operating data by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for per share amounts)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Provision for credit losses   4,154     2,890     2,438     2,088     1,927  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Income tax expense   1,339     2,685     1,163     2,460     2,593  
    Net income $ 3,272   $ 6,668   $ 2,817   $ 5,866   $ 6,062  
    Net income per diluted share $ 0.16   $ 0.36   $ 0.14   $ 0.32   $ 0.35  
    Common Dividends declared per share $ 0.16   $ 0.16   $ 0.16   $ 0.16   $ 0.16  
               
      Financial Ratios(3)
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
    Return on average assets   0.36 %   0.72 %   0.30 %   0.61 %   0.63 %
    Return on average stockholders’ equity   4.04 %   8.29 %   3.52 %   7.46 %   7.91 %
    Net interest margin   2.53 %   2.58 %   2.60 %   2.50 %   2.57 %
    Stockholders’ equity to total assets   9.00 %   9.08 %   8.45 %   8.32 %   8.19 %
    Efficiency Ratio4   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
               
      Asset Quality Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Non-Accrual Loans $ 44,708   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
    Non-Accrual Loans as a % of Total Loans   1.48 %   1.13 %   1.01 %   0.68 %   0.57 %
    ACL as % of Non-Accrual Loans   77.8 %   98.2 %   108.6 %   155.4 %   178.9 %
    Individually Analyzed Loans   83,399     66,048     60,798     65,731     54,019  
    Classified Loans   152,714     98,316     87,033     97,739     85,727  
               
    (1) Calculated by dividing stockholders’ equity, less preferred equity, to shares outstanding.
    (2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less goodwill and preferred stock. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
    (3) Ratios are presented on an annualized basis, where appropriate.
    (4) The Efficiency Ratio, a non-GAAP measure, was calculated by dividing non-interest expense by the total of net interest income and non-interest income. See “Reconciliation of GAAP to Non-GAAP Financial Measures by quarter.”
      Recorded Investment in Loans Receivable by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 239,870   $ 241,050   $ 242,706   $ 244,762   $ 248,295  
    Commercial and multi-family   2,246,677     2,296,886     2,340,385     2,392,970     2,434,115  
    Construction   135,434     146,471     173,207     180,975     192,816  
    Commercial business   342,799     371,365     375,355     378,073     372,202  
    Home equity   66,769     67,566     66,843     65,518     66,331  
    Consumer   2,235     2,309     2,053     2,847     3,643  
      $ 3,033,784   $ 3,125,647   $ 3,200,549   $ 3,265,145   $ 3,317,402  
    Less:          
    Deferred loan fees, net   (2,736 )   (3,040 )   (3,381 )   (3,705 )   (4,086 )
    Allowance for credit losses   (34,789 )   (34,693 )   (35,243 )   (34,563 )   (33,608 )
               
    Total loans, net $ 2,996,259   $ 3,087,914   $ 3,161,925   $ 3,226,877   $ 3,279,708  
               
      Non-Accruing Loans in Portfolio by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Residential one-to-four family $ 1,387   $ 410   $ 350   $ 429   $ 270  
    Commercial and multi-family   32,973     27,693     27,796     12,627     8,684  
    Construction   586     586     586     3,225     4,292  
    Commercial business   10,530     6,498     3,673     5,916     5,491  
    Home equity   231     123     43     44     46  
    Consumer   –     20     –     –     –  
    Total: $ 45,707   $ 35,330   $ 32,448   $ 22,241   $ 18,783  
               
      Distribution of Deposits by quarter
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands)
    Demand:          
    Non-Interest Bearing $ 520,387   $ 528,089   $ 523,816   $ 531,112   $ 536,264  
    Interest Bearing   553,731     527,862     549,239     552,295     564,912  
    Money Market   395,004     366,655     371,689     361,791     370,934  
    Sub-total: $ 1,469,122   $ 1,422,606   $ 1,444,744   $ 1,445,198   $ 1,472,110  
    Savings and Club   252,491     255,115     258,680     272,051     284,273  
    Certificates of Deposit   1,029,245     1,046,859     1,231,815     1,274,410     1,222,697  
    Total Deposits: $ 2,750,858   $ 2,724,580   $ 2,935,239   $ 2,991,659   $ 2,979,080  
      Reconciliation of GAAP to Non-GAAP Financial Measures by quarter
               
      Tangible Book Value per Share
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except per share amounts)
    Total Stockholders’ Equity $ 323,925   $ 328,113   $ 320,732   $ 320,131   $ 314,055  
    Less: goodwill   5,253     5,253     5,253     5,253     5,253  
    Less: preferred stock   24,723     29,763     28,403     27,733     25,043  
    Total tangible common stockholders’ equity   293,949     293,097     287,076     287,145     283,759  
    Shares common shares outstanding   17,063     17,048     17,029     16,957     16,904  
    Book value per common share $ 17.54   $ 17.50   $ 17.17   $ 17.24   $ 17.10  
    Tangible book value per common share $ 17.23   $ 17.19   $ 16.86   $ 16.93   $ 16.79  
               
      Efficiency Ratios
      Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
      (In thousands, except for ratio %)
    Net interest income $ 22,194   $ 23,045   $ 23,639   $ 23,143   $ 23,922  
    Non-interest income (loss)   938     3,127     (3,234 )   2,109     3,228  
    Total income   23,132     26,172     20,405     25,252     27,150  
    Non-interest expense   14,367     13,929     13,987     14,838     16,568  
    Efficiency Ratio   62.11 %   53.22 %   68.55 %   58.76 %   61.02 %
    CONTACT: MICHAEL SHRINER,
      PRESIDENT & CEO
      JAWAD CHAUDHRY,
      EVP & CFO
      (201) 823-0700

    The MIL Network –

  • MIL-OSI: Locus Technologies and Sophare AI announce partnership to integrate compensation analytics into leading CSRD and ESG software platform

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Locus Technologies, the sustainability and Environmental Health and Safety (EHS) compliance software leader, proudly announces its strategic partnership with Sophare AI to tackle one of the most complex aspects of ESG: social and pay equity. This collaboration will empower organizations worldwide to address pressing regulatory and ethical challenges through innovative technology and unparalleled domain expertise–without jumping between multiple ESG apps and platforms, which adds time and expense to the disclosure process.

    As part of this partnership, Sophare will extend Locus’s ESG software platform with new capabilities designed to address three critical areas:

    1. European Union Pay Transparency Directive Compliance: Sophare’s AI-powered tools help organizations navigate and comply with the EU’s directive, which mandates companies with 100+ employees to disclose gender pay gaps and provide transparent pay structures by 2026.
    2. Global Gender Pay Gap Reporting: With reporting requirements spreading across the EU, UK, Australia, and beyond, Sophare centralizes reporting of multi-jurisdictional compliance and uses AI and automation to streamline reporting.
    3. Alignment with the UN’s Sustainable Development Goal (SDG) 5: Sophare AI empowers companies to align with SDG 5 by shining a light on data related to gender equality in leadership and employee compensation.

    “This partnership aligns with Locus’s track record of working with professionals who bring deep domain expertise,” said Dr. Zvonimir Dadić, head of the CSRD Practice Group for Locus Technologies Europe. “Sophare’s founding team combines technical chops with a thoughtful approach to legal compliance, and we are pleased to be able to offer our clients this streamlined path to compliance.”

    Sophare AI CEO, Siena Duplan, brings a decade of experience developing pay equity algorithms as a data scientist for Salesforce, one of the world’s leading Fortune 500 companies. Sophare’s co-founder and CTO has led a distinguished career in the UK Civil Service and brings extensive engineering experience developing services in hand with legal, compliance, and policy teams. Together, Sophare AI and Locus Technologies will pursue their shared commitment to sustainability and equity, driven by data science.

    “Compliance in HR is often seen as a box-ticking exercise, but it’s actually a gateway to bringing organizations into the era of AI,” said Duplan. “HR compliance in particular is a prime opportunity to tap into AI and automation for both significant productivity gains and to deliver a transparent workplace where employees can thrive. Our next-gen data solutions put social and pay equity on par with financial and environmental health.”

    This partnership underscores Locus’s commitment to creating an integrated, end-to-end ESG software solution that stays ahead of a rapidly evolving regulatory landscape and helps organizations surmount the biggest obstacles to compliance. Together, Locus and Sophare are transforming the “S” in ESG into a driver for meaningful, measurable impact. To learn more about Locus’s CSRD and ESG software, including the new Sophare AI functionality, please contact us. 

    About Locus Technologies
    Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit https://www.locustec.com or email info@locustec.com.

    About Sophare AI
    Sophare AI uses advanced data analytics and machine learning to help organizations achieve lasting pay equity and comply with global pay transparency regulations. Sophare takes a thoughtful approach to legal compliance and business practices, relying on deep expertise in employment laws and regulations across different countries. The company carefully analyzes these requirements to develop the best data models and strategies to help customers meet compliance standards. Deciding how to adapt its services and operations to meet legal requirements is a core part of how Sophare operates. Sophare currently supports global gender pay gap reporting and other cross-border HR compliance requirements. Sophare AI is also seeking partners to co-develop an AI-driven workforce scenario planning tool. Sophare AI is headquartered in San Francisco, California. Please visit sophare.ai or email team@sophare.ai for more information.

    Media Contact:
    Brenda Mahedy
    Locus Technologies
    media@locustechnologies.net

    The MIL Network –

  • MIL-OSI: 1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    1GLOBAL taps Nokia voice and packet core solutions to enhance network operations in existing markets, expand new ones 

    • Deal swaps out competitors and includes Nokia Evolved Packet Core (EPC), Nokia IMS Voice Core, and Nokia NetGuard security solutions.
    • EPC will be deployed in eight countries, including Australia, the UK, and the US, while Nokia IMS Voice Core will be rolled out in three markets, including the Netherlands.

    XX January 2025

    Espoo, Finland – 1GLOBAL, a leading communications services provider and MVNO active in nine major markets across the globe, has selected Nokia core and security solutions to help the operator enhance and optimize network operations in existing markets like the UK and US, while rolling out services in new territories such as Brazil, South America’s largest telecoms market.

    Hakan Koç, co-Founder & CEO of 1GLOBAL, said: “Our mission at 1Global is to offer device and communications solutions that connect people, networks, and devices instantly and at scale anywhere around the world. We are pleased to partner with Nokia to further strengthen 1GLOBAL’s network operations. This will enable us to roll out new services that elevate our network quality and the overall customer experience more quickly, securely, and flexibly. Technological excellence and delivering value to our customers are at the heart of everything we do at 1Global. Nokia shares this vision, which makes them a great partner for us as we execute the next phase of 1Global’s ambitious growth strategy.”

    1GLOBAL will use several Nokia products to enhance its networks, including Nokia Evolved Packet Core, Nokia IMS Voice Core, and Nokia NetGuard security solutions. 1GLOBAL will employ Nokia Evolved Packet Core to more effectively manage data traffic running through its networks, including internet access and data calls. It will be deployed in several markets, including Australia, the Netherlands, the UK, and the US.

    Nokia IMS Voice Core, a fully cloud-native architecture with flexible scaling, will improve 1GLOBAL’s time to market and provisioning of new voice, video, and messaging services. Nokia IMS Voice Core will help 1GLOBAL optimize its network management through automation while providing the company with the flexibility to choose the infrastructure of its choice, a key pillar of Nokia’s multi-cloud strategy.

    1GLOBAL will also utilize NetGuard Endpoint Detection and Response (EDR) to protect against rising cyber threats. NetGuard EDR is a telco-specific threat detection product that provides real-time, automated monitoring of network infrastructure for rapid detection and mitigation of security incidents.

    Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are thrilled to take this important step of providing 1GLOBAL with several Nokia solutions that will upgrade its core network infrastructure and applications to be fully cloud-native, and deliver a more advanced, secure, and reliable network experience for its subscribers.”

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    About 1 Global

    1GLOBAL empowers its partners and clients with transformative technologies, strategic communications solutions and future-proof connectivity. By pioneering global connectivity solutions, 1GLOBAL leads the new generation of digital transformation with a suite of products designed to revolutionize communication and compliance across borders. Every offering reflects our unwavering commitment to excellence for Enterprise Clients, IoT Customers, Mobile Operators, Financial Institutions and many more global businesses.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: Rocket Software Transforms Hybrid Cloud Data Integration with Rocket® DataEdge™

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Rocket Software, a global technology leader in modernization software, today announced Rocket DataEdge, its structured data suite for hybrid cloud data integration. Rocket DataEdge bridges the gap between core transactional applications, distributed systems, and cloud environments, providing seamless data discovery, integration, and management. Because data is the foundation of corporate growth strategies, this comprehensive suite underscores Rocket Software’s commitment to enabling organizations to capture the full value of data in AI and analytics initiatives.

    The hybrid cloud market is experiencing explosive growth, projected to reach an estimated value of $262 billion by 2027, up from $85 billion in 2021. As enterprises increasingly adopt hybrid cloud infrastructures, the real-time integration of mainframe, distributed and cloud data has become essential for informing AI models and unlocking fully actionable insights. Yet, vast amounts of critical data from core transactional systems remain largely unavailable to AI and analytics initiatives. From transactional and customer records to inventory information, recent research reveals that only 28% of IT leaders are fully capitalizing on this valuable resource. AI and analytics models that don’t leverage mainframe data are often unable to provide complete and accurate insights, seriously limiting their ability to drive business value. For this reason, comprehensively integrating data across infrastructures is critical to getting a complete and timely view of the business.

    “IT leaders recognize the tremendous value of data stored in core transactional applications but struggle to access and leverage the information effectively in the AI and analytics initiatives that drive growth,” said Michael Curry, President of Data Modernization at Rocket Software. “As a result, decision-makers often rely on incomplete information, missing key insights that would inform their strategies. While hybrid environments offer significant benefits, their full potential can only be realized by bridging data from these disparate sources. Rocket DataEdge enables data and analytics teams to execute an adaptive, forward-looking data strategy that drives maximum competitive advantage.”

    Rocket DataEdge builds diverse enterprise data sets into a single, scalable, high-quality enterprise data set. It is the most comprehensive data discovery, integration, and metadata management suite available, supporting more hybrid technology connections and targets than any other provider. Rocket DataEdge enables enterprises to:

    • Synchronize enterprise data in real time – Easily connect hard-to-reach mainframe, IBM® i and on-premises data with cloud applications, data lakes, lakehouses, and warehouses.
    • Access and analyze data faster – By automating the scanning and analysis of mainframe and cloud metadata, data becomes easily understood and mapped to cloud data initiatives.
    • Reduce operational costs and increase business agility – Enabling optimal hybrid cloud processing engines for data management, enterprises can lower costs, optimize operations, and speed delivery.
    • Improve workflows across infrastructure – Cohesive data management minimizes complexity, delays, errors, and compatibility challenges by seamlessly unifying data across environments.

    “Understanding and harnessing all enterprise data is critical to enable complete and actionable insights on customer needs, market trends, and operational effectiveness,” said Stewart Bond, Vice President, Data Intelligence and Integration Software, IDC. “But integrating data from core transactional, distributed, and cloud sources into a single, widely accessible repository is still a huge challenge. Rocket’s DataEdge vision and roadmap connects core transactional systems with cloud and distributed environments to deliver seamless, high-quality data access and governance across the enterprise.”

    Rocket DataEdge unifies metadata management and end user experience to advance AI and analytics initiatives that drive business outcomes. The suite includes Rocket®Data Replicate & Sync, Rocket® Data Intelligence, and Rocket® Data Virtualization. To learn more about Rocket DataEdge visit Rocket® DataEdge.

    About Rocket Software 
    Rocket Software is a global technology leader in modernization and a partner of choice that empowers the world’s leading businesses on their modernization journeys, spanning core systems to the cloud. Trusted by over 12,500 customers and 750 partners, and with more than 3,600 global employees, Rocket Software enables customers to maximize their data, applications, and infrastructure to deliver critical services that power our modern world. Rocket Software is a privately held U.S. corporation headquartered in the Boston area with centers of excellence strategically located throughout North America, Europe, Asia and Australia. Rocket Software is a portfolio company of Bain Capital Private Equity. Follow Rocket Software on LinkedIn and X or visit www.RocketSoftware.com. 

    IBM is a trademark of International Business Machines Corporation.

    Media Contact
    Lacey Darrow
    ldarrow@rocketsoftware.com

    The MIL Network –

  • MIL-OSI Australia: Wide Bay crocodile sighting

    Source: Government of Queensland

    Issued: 24 Jan 2025

    Wildlife officers are investigating multiple reported sightings of a crocodile on the beach and in the water at Coonarr Beach and Elliott River mouth in the Wide Bay region.

    On 23 January 2025, the Department of the Environment, Tourism, Science and Innovation received five reports from community members of what they believed to be a crocodile.

    Wildlife officers are reviewing a short video showing a crocodile entering the water from a beach.

    Wildlife officer Alexander Peters said wildlife officers are contacting community members who made the sighting reports, and recent crocodile sighting signs will be installed in the area.

    “We thank the members of the public who made these reports, and I can assure the community that they will be thoroughly investigated,” Mr Peters said.

    “As part of our investigation, wildlife officers will conduct site assessments, including vessel-based searches and spotlight assessments of the area.

    “While the investigation is underway, people in the Wide Bay region should be vigilant around the water, which means keeping children close and keeping dogs away from the water’s edge.

    “I’d like to encourage everyone in the community to make a sighting report if they see what they believe to be a crocodile.

    “When crocodiles are observed on a beach or in the ocean, they are often passing through from one estuary to another and can be difficult to locate.

    “They can also move into a river or creek, and that’s why sighting reports are important as they give wildlife officers the most up to date information about the location and behaviour of crocodiles.

    “Under the Queensland Crocodile Management Plan, the Wide Bay region is Zone F – atypical crocodile habitat, in which any crocodile found is targeted for removal.

    “Crocodile sightings are rare in Zone F, but occasionally crocodiles considered to be vagrant animals make their way into these areas.

    “I can reassure the community that any crocodile confirmed to be present in the Wide Bay region will be targeted for removal from the wild.”

    Fast facts:

    • In 2013 and 2014, two large crocodiles were removed from the Mary River.
    • They remain the last estuarine crocodiles confirmed outside of Croc Country near the southern end of their range.
    • Croc Country begins at the Boyne River south of Gladstone.
    • It extends northward, up the east coast and across far north and northwest Queensland to the Northern Territory border.

    Crocodile sightings can be reported by using the QWildlife app, completing a crocodile sighting report on the DETSI website, or by calling 1300 130 372. The department investigates every crocodile sighting report received.

    MIL OSI News –

  • MIL-Evening Report: ‘Turn it into a retirement village’: Inside the war of words over Eden Park

    After lengthy, torrid and emotional debate a critical decision for the future of Auckland Tāmaki Makaurau is being made in March. One party will celebrate; the other will slink back to the drawing board. But will it really settle the great Auckland stadium debate?

    SPECIAL REPORT: By Chris Schulz

    It resembles a building from Blade Runner. It looks like somewhere the Avengers might assemble. It is, believes Paul Nisbet, the future.

    “It’s innovative, it’s groundbreaking, it’s something different,” says the driving force behind Te Tōangaroa, a new stadium mooted for downtown Auckland.

    He has spent 13 years dreaming up this moon shot, and it shows. “We have an opportunity here to deliver something special for the country.”

    Located behind Spark Arena, Te Tōangaroa — also called “Quay Park” — is Nisbet’s big gamble, the stadium he believes Tāmaki Makaurau needs to sustain the city’s live sport and entertainment demands for the next 100 years.

    His is a concept as grand as it gets, a U-shaped dream with winged rooftops that will sweep around fans sitting in the stands, each getting unimpeded views out over the Waitematā Harbour and Rangitoto Island.

    Located behind Spark Arena, Te Tōangaroa is also called “Quay Park”. Image: Te Tōangaroa

    Nisbet calls his vision a “gateway for the world,” a structure so grand he believes it would attract the biggest sports teams, stars and sponsors to Aotearoa while offering visitors a must-see tourist destination. Nestled alongside residential areas, commercial zones and an All Blacks-themed hotel, designs show a retractable roof protecting 55,000 punters from the elements and a sky turret towering over neighbouring buildings.

    He’s gone all in on this. Nisbet’s quit his job, assembled a consortium of experts — called Cenfield MXD — and attracted financial backers to turn his vision into a reality. It is, Nisbet believes, the culmination of his 30-year career working in major stadiums, including 11 years as director of Auckland Stadiums.

    “I’ve had the chance to travel extensively,” he says. “I’ve been to over 50 stadiums around the world.”

    Tāmaki Makaurau, he says, needs Te Tōangaroa — urgently. If approved, it will be built over an ageing commercial space and an unused railway yard sitting behind Spark Arena, what Nisbet calls “a dirty old brownfields location that’s sapping the economic viability out of the city”.

    He calls it a “regeneration” project. “You couldn’t mistake you’re in Auckland, or New Zealand, when you see images of it,” he says.

    The All Blacks are on board, says Nisbet, and they want Te Tōangaroa built by 2029 in time for a Lions tour. (The All Blacks didn’t respond to a request for comment, but former players John Kirwan and Sean Fitzpatrick have backed the team moving to Te Tōangaroa.)

    Concert promoters are on board too, says Nisbet. He believes Te Tōangaroa would end the Taylor Swift debacle that’s seen her and many major acts skip us in favour of touring Australian stadiums.

    “It will be one of those special places that international acts just have to play,” he says.

    The problem? Nisbet’s made a gamble that may not pay off. In March, a decision is due to be made about the city’s stadium future. Building Te Tōangaroa, with an estimated construction time of six years and a budget of $1 billion, is just one option.

    The other, Eden Park, has 125 years of history, a long-standing All Blacks record and a huge number of supporters behind it — as well as a CEO willing to do anything to win.

    The stadium standing in Te Tōangaroa’s way
     Stand in Eden Park’s foyer for a few minutes and history will smack you in the face. It’s there in the photos framed on the wall from a 1937 All Blacks test match. It’s sitting in Anton Oliver’s rugby boots from 2001, presumably fumigated and placed inside a glass case.

    More recent history is on display too, with floor-to-ceiling photographs showing off concerts headlined by by Ed Sheeran and Six60, a pivot only possible since 2021.

    Soon, the man in charge of all of this arrives. “Very few people have seen this space,” says Nick Sautner, the Eden Park CEO who shakes my hand, pulls me down a hallway and invites me into a secret room in the bowels of Eden Park. With gleaming wood panels, leather couches and top-shelf liquor, Sautner’s proud of his hidden bar.

    “It’s invite-only . . . a VIP experience,” says Sautner, whose Australian accent remains easily identifiable despite seven years at the helm of Eden Park.

    The future of Eden Park if a refurb is granted. Image: YouTube

    This bar, he says, is just one of the many innovations Eden Park has undertaken in recent years. Built in 1900, the Mt Eden stadium remains the home of the All Blacks — but Eden Park is no longer considered a specialty sports venue.

    Up to 70 percent of the stadium’s revenue now comes from non-sporting activities, Sautner confirms. You can golf, abseil onto the rooftops and stay the night in dedicated glamping venues. It’s also become promoters’ choice for major concerts, with Coldplay and Luke Combs recently hosting multiple shows there. “We will consider any innovation you can imagine,” Sautner tells me. “We’re a blank canvas.”

    Throughout our interview, Sautner refers to Eden Park as the “national stadium”. He’s upbeat and on form, rattling off statistics and renovations from memory. His social media feeds — especially LinkedIn — are full of posts promoting the stadium’s achievements. He’ll pick up the phone to anyone who will talk to him.

    “Whatsapp is the best way of contacting me,” he says. Residents have his number and can call directly with complaints. After our interview, Sautner passes me his business card then follows it up with an email making sure I have everything I need. “My phone’s always on,” he assures me.

    He may not admit it, but Sautner’s doing all of this in an attempt to get ahead of what’s shaping up as the biggest crisis of Eden Park’s 125 years. If Te Tōangaroa is chosen in March, Eden Park — as well as Albany’s North Harbour Stadium and Onehunga’s Go Media Stadium – will all take a back seat.

    If Eden Park loses the All Blacks and their 31-year unbeaten record, then there’s no other word for it: the threat is existential.

    Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan. Image: YouTube

    Ask Sautner if he’s losing sleep over his stadium’s future and he shakes his head. To him, Te Tōangaroa’s numbers don’t stack up. “If someone can make the business model work for an alternative stadium in Auckland, I’m all for activating the waterfront,” he says.

    Then he poses a series of questions: “How many events a year would a downtown stadium hold? Forty-five?” he asks. “So 320 other days a year, what’s going to be in that stadium?”

    He is, of course, biased. But Sautner believes upgrading Eden Park is the right move. Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan that includes building a $100 million retractable rooftop. A new North Stand would lift Eden Park’s capacity to 70,000, and improved function facilities and a pedestrian bridge would turn the venue into “a fortress . . . capable of hosting every event”.

    He’s veering into corporate speak, but Sautner sees the vision clearly. With his annual concert consent recently raised from six to 12 shows, he already thinks he’s got it in the bag, “Eden Park has the land, it has the consent, it has the community, it has the infrastructure,” he says. “I’m very confident Eden Park is going to be here for another 100 years.”

    Instead of a drink, Sautner offers RNZ a personal stadium tour that takes us through the exact same doors that open when the All Blacks emerge onto the hallowed turf. There, blinking in the sunlight, Sautner sweeps his arms around the stadium and grins. “I get up every day and I think of my family,” he says. “Then I think, ‘How can I make Eden Park better?”

    The stadium debate: ‘It began when the dinosaurs died out’
     It is, says Shane Henderson, an argument for the ages. It never seems to quit. How long have Aucklanders been feuding about stadiums? “It began when the dinosaurs died out,” jokes Henderson.

    For the past year, he’s been chairing a working group that will make the decision on Auckland’s stadium future. That group whittled four options down to the current two, eliminating a sunken waterfront stadium, and another based in Silo Park.

    He’s doing this because Wayne Brown asked him to. “The mayor said, ‘We need to say to the public, ‘This is our preferred option for a stadium for the city.’” It’s taken over Henderson’s life. Every summer barbecue has turned into a forum for people to share their views.

    “People say, “Why don’t you do this?’” he says. Henderson won’t be drawn on which way he’s leaning ahead of March’s decision, but he’s well aware of the stakes. “We’re talking about the future of our city for generations to come,” he says. “It’s natural feelings are going to run high.”

    That’s true. As I researched this story, the main parties engaged in a back-and-forth discussion that became increasingly heated. Jim Doyle, from Te Tōangaroa’s Cenfield MXD team, described Eden Park’s situation as desperate.

    “Eden Park can’t fund itself . . . it’s got no money, it’s costing ratepayers,” he said. Doyle alleged the stadium “wouldn’t be fit for purpose”. “You’re going to have to spend probably close to $1 billion to upgrade it.” Asked what should happen to Eden Park should the decision go Te Tōangaroa’s way, Doyle shrugged his shoulders. “Turn it into a retirement village.”

    Eden Park’s Sautner immediately struck back. Yes, he admits Eden Park owes $40 million to Auckland Council, calling that debt a “legacy left over from the Rugby World Cup 2011”. But he denied most of the consortium’s claims.

    “Eden Park does not receive any funding or subsidies from Auckland ratepayers,” Sautner said in a written statement. He confirmed renovations had already begun. “Over the past three years, the Trust has invested more than $30 million to enhance infrastructure and upgrade facilities . . . creating flexible spaces to meet evolving market demands.”

    Sautner said Doyle’s statement was evidence of his team’s inexperience. “We are extremely disappointed that comments of this nature have been made,” he said. “They are factually incorrect and highlight Quay Park consortium’s lack of understanding of stadium economics.”

    Do we even need to do this?
     As the stadium debate turns into a showdown, major stars continue to skip Aotearoa in favour of huge Australian shows, with Katy Perry, Kylie Minogue and Oasis all giving us a miss this year. New Zealand music fans are reluctantly spending large sums on flights and accommodation if they want to see them. Until Metallica arrives in November, there are no stadium shows booked; just three of Eden Park’s 12 allotted concert slots are taken this year.

    Yet, Auckland City councillors will soon study feasibility reports being submitted by both stadium options.

    On March 24, Henderson, the working group chair, says councillors will come together to “thrash it out” and vote for their preferred option. There will only be one winner, and The New Zealand Herald reports either building Te Tōangaroa or Eden Park 2.1 is likely to cost more than $1 billion. Either we’re spending that on a brand new waterfront stadium, or we’re upgrading an old one.

    “Is that the best use of that money?” asks David Benge. The managing director for events company TEG Live doesn’t believe Tāmaki Makaurau needs another stadium because it’s barely using those it already has. He has questions.

    “I understand the excitement around a shiny new toy, but to what end?” he asks. “Can Auckland sustain a show at Go Media Stadium, a show at Western Springs, a show at Eden Park, and a show at this new stadium on the same night — or even in the same week?”

    Benge doesn’t believe Te Tōangaroa would entice more artists to play here either. “I’m yet to meet an artist who’s going to be swayed by how iconic a venue is,” he says. Bigger problems include the size of our population and the strength of our dollar.

    No matter the venue, “you’re still incurring the same expenses to produce the show,” he says. Instead, he suggests Pōneke as the next city needing a new venue. “If you could wave a magic wand and invest in a 10,000-12,000-capacity indoor arena in Wellington, that would be fantastic,” he says.

    Would a new stadium really lure big artists to NZ? Image: Te Tōangaroa

    Live Nation, the touring juggernaut that hosts most of the country’s stadium shows, didn’t respond to a request for comment. Other promoters canvassed by RNZ offered mixed views. Some wanted a new stadium, while others wanted a refurbished one. Every single one of them said that any new stadium needed to be built with concerts — not sport — in mind.

    “We’re fitting a square peg in a round hole,” one said about the production costs involved in trucking temporary stages into Eden Park or Go Media Stadium. “Turf replacement can add hundreds of thousands — if not $1 million — to your bottom line,” said another.

    Some wanted something else entirely. Veteran promoter Campbell Smith pointed out Auckland Council is seeking input for a potential redevelopment of Western Springs. One mooted option is turning it into a home ground for the rapidly rising football club Auckland FC. Smith doesn’t agree with that. “I think it’s a really attractive option for music and festivals,” he says. “It’s got a large footprint, it’s easily accessible, it’s close to the city … It would be a travesty if it was developed entirely for sport.”

    One thing is for certain: a decision on this lengthy, torrid and emotional topic is being made in March. One party will celebrate; the other will slink back to the drawing board. Will it finally end the great Auckland stadium debate? That’s a question that seems easier to answer than any of the others.

    Chris Schulz is a freelance entertainment journalist and author of the industry newsletter, Boiler Room. This article was first published by RNZ and is republished with the author’s permission. Asia Pacific Report has a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Fengate and eMAX Health announce partnership to drive innovation in healthcare technology 

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) — Fengate Private Equity, a division of Fengate Asset Management (“Fengate”), is pleased to announce a new platform investment through its partnership with eMAX Health (“eMAX” or “the Company”). Fengate is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).

    The existing management team, led by Founder and President, Julian Casciano, will continue to lead eMAX and remain significant investors in the Company alongside Fengate. Terms of the transaction were not disclosed.

    Founded in 2004 by Julian Casciano, eMAX has grown into a recognized leader in the fields of real-world evidence development research, market access, and patient services. The Company features an experienced team of research scientists, healthcare experts, and key opinion leaders, supported by advanced data management and technology-enabled solutions. The Company’s proprietary platforms— MAVA, EMRClaims+, and HealthPACER— are at the forefront of tech-enabled pharmaceutical commercialization.

    “We are delighted to support Julian, a dynamic founder with an ambitious vision for eMAX, and help fuel the Company’s continued growth,” said Maxim Tcherner, Principal at Fengate Private Equity. “eMAX has rapidly scaled, establishing a leading position in a fragmented industry, all while staying true to its client-centric culture. The investment is strongly aligned with our strategy of partnering with exceptional management teams and providing differentiated services in high-growth sectors. eMAX will be a valuable addition to Fengate’s healthcare portfolio.”

    “eMAX is excited to partner with Fengate as the Company enters its next phase of growth. We will be able to accelerate new product development across high-demand tech-enabled services, enhance our portfolio of innovative capabilities, and significantly expand customer account management,” said Julian Casciano, Founder and President of eMAX Health. “With our aligned values and ambition, I believe the Fengate partnership will help our customers improve the lives of patients around the world.”

    North Point Mergers and Acquisitions served as financial advisors and Coviello Weber & Dahill LLP served as legal advisors to eMAX. Torys LLP served as legal advisor to Fengate.

    MEDIA CONTACT:

    Gea Koleva
    Marketing and Communications Manager
    Fengate Asset Management
    Gea.Koleva@fengate.com
    289-834-3728

    About eMAX Health 

    eMAX Health, founded in 2004 and headquartered in Delray Beach, Florida, is a leader in market access innovation, real-world evidence development research, and digitally connected patient access and outcomes monitoring solutions. eMAX Health serves as a partner of choice to the largest global pharmaceutical and biotechnology companies. Learn more at www.emaxhealth.net/.

    About Fengate Asset Management 

    Fengate is a leading alternative investment manager, with more than $10 billion of capital commitments under management, focused on private equity, infrastructure, and real estate strategies. With offices and team members across Canada and the United States, Fengate leverages 50 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients. Fengate Private Equity, a division of Fengate Asset Management, is a differentiated investment platform supporting the growth ambitions of entrepreneurs through transformative capital. Learn more at www.fengate.com.

    About the LiUNA Pension Fund of Central and Eastern Canada
    Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at www.lpfcec.org. 

    The MIL Network –

  • MIL-OSI: GCM Grosvenor to Present at the UBS Financial Services Conference on February 11, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, will present at the UBS Financial Services Conference on Tuesday, February 11, 2025, at 2:40 p.m. ET.

    A link to the live audio webcast of the presentation is available on GCM Grosvenor’s public shareholders website and the event website. For those unable to listen to the live audio webcast, a replay will be available for 180 days following the presentation. 

    About GCM Grosvenor 

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com. 

    Public Shareholders Contact 
    Stacie Selinger 
    sselinger@gcmlp.com 
    312-506-6583 

    Media Contact 
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy 
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global 
    212-371-5999 

    The MIL Network –

  • MIL-OSI United Kingdom: Buffer stop collision at London Bridge station

    Source: United Kingdom – Executive Government & Departments

    Investigation into a collision between a passenger train and buffer stops at London Bridge station, London, 13 December 2024.

    The train and buffer stops (shown on the left of the picture) after the collision (courtesy of Network Rail).

    At around 15:45 on 13 December 2024, the 14:50 Southern passenger service from London Victoria to London Bridge collided with the buffer stops on platform 12 at London Bridge station.

    The train entered the platform at a speed of 13.6 mph (21.9 km/h) and was travelling at a speed of 2.3 mph (3.7 km/h) when it collided with the buffer stops. There were no reported injuries to the train’s driver or the passengers on the train as a result of the collision, although minor damage was sustained by the train and the buffer stops.

    Our investigation will seek to identify the sequence of events that led to the accident. It will also consider:

    • the actions of the train driver involved and anything which may have influenced them
    • the management of the train driver, including their training and competence
    • the arrangements in place to manage and control the risks associated with buffer stop collisions
    • any underlying management factors, including any actions taken in response to previous relevant safety recommendations.

    Our investigation is independent of any investigation by the railway industry, the British Transport Police or the industry’s regulator, the Office of Rail and Road.

    We will publish our findings, including any recommendations to improve safety, at the conclusion of our investigation. This report will be available on our website.

    You can subscribe to automated emails notifying you when we publish our reports.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New ‘global growth team’ appointed by Trade Secretary

    Source: United Kingdom – Executive Government & Departments

    A new ‘global growth team’ of UK Trade Envoys has today been appointed by the Trade Secretary to drive UK exports and investment.

    A new ‘global growth team’ of UK Trade Envoys has today [28 January] been appointed by the Trade Secretary to drive UK exports and investment as the Government pulls every lever available to drive economic growth under its Plan for Change. 

    The 32 parliamentarians, drawn from across the political spectrum, have been assigned target markets across six continents and tasked with identifying trade and investment opportunities for businesses and championing the UK as a destination of choice for investment in those markets.  

    Each market has been identified as presenting significant potential for growing UK trade and Trade Envoys are appointed on their ability, relevant skills and experience. This can be based on their respective markets or UK sector knowledge, including previous government-to-government experience, as well as their commitment to the UK’s growth mission. 

    Business and Trade Secretary Jonathan Reynolds said:

    Trade and investment are key to delivering economic growth, the number one mission of this Government and a key part of our Plan for Change.

    That’s why I’ve launched a new team of Trade Envoys, who will use their experience, expertise and knowledge to unlock new markets around the world for British businesses, drumming up investment into the UK and ultimately driving economic growth.

    They will work closely with the Department for Business and Trade. The announcement comes ahead of the new Trade Strategy in Spring, which will prioritise rebuilding our relationship with the EU and seizing opportunities to access new markets further afield.  

    Alongside bolstering exports, attracting investments, and removing trade barriers, the government is also resuming trade talks with FTA partners, including – so far – the GCC, Switzerland and South Korea.  

    The news comes as Trade Minister Douglas Alexander is in South Africa today as part of a multi-leg visit to the region to strengthen trade links and create opportunities for UK businesses.  

    The new appointments are:

    • Afzal Khan MP appointed to Türkiye  

    • Alex Sobel MP appointed to Ukraine  

    • Bell Ribeiro-Addy MP appointed to Ghana  

    • Ben Coleman MP appointed to Morocco & Francophone West Africa  

    • Calvin Bailey MP appointed to Southern Africa  

    • Carolyn Harris MP appointed to New Zealand  

    • Dan Carden MP appointed to Mexico  

    • David Pinto-Duschinsky MP appointed to Switzerland & Lichtenstein  

    • Fabian Hamilton MP appointed to Southern Cone  

    • Flo Eshalomi MP appointed to Nigeria  

    • George Freeman MP appointed to Malaysia, Philippines, Singapore & Brunei  

    • Lord Iain McNicol of West Kilbride appointed to Jordan, Kuwait & the Palestine Territories  

    • Lord Ian Austin of Dudley appointed to Israel  

    • Baroness Jane Ramsey of Wall Heath appointed to Ethiopia  

    • Jess Morden MP appointed to Central America  

    • Lord John Alderdice appointed to Azerbaijan & Central Asia  

    • Lord John Hannett of Everton appointed to Sri Lanka  

    • Lord John Speller of Smethwick appointed to Australia  

    • Josh MacAlister MP appointed to Brazil  

    • Kate Osamor MP appointed to East Africa  

    • Matt Western MP appointed to Thailand, Vietnam, Cambodia & Laos  

    • Mohammad Yasin MP appointed to Pakistan  

    • Naz Shah MP appointed to Indonesia & ASEAN  

    • Paulette Hamilton MP appointed to Commonwealth Caribbean  

    • Lord Richard Faulkner of Worcester appointed to Taiwan  

    • Lord Roger Liddle appointed to Andean   

    • Dr Rosena Allin-Khan appointed to South Africa   

    • Baroness Rosie Winterton of Doncaster appointed to Bangladesh  

    • Sarah Olney MP appointed to North Africa  

    • Sharon Hodgson MP appointed to Japan  

    • Lord Tom Watson of Wyre Forest appointed to Republic of Korea  

    • Yasmin Qureshi MP appointment to Egypt

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Symbotic Completes Acquisition of Walmart’s Advanced Systems and Robotics Business and Signs Related Commercial Agreement

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) —  Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced it has both completed the acquisition of the Advanced Systems and Robotics business from Walmart (NYSE: WMT) and signed the related commercial agreement with Walmart covering the development and deployment of automation systems for Accelerated Pickup and Delivery centers (“APDs”) at Walmart stores (the “Commercial Agreement”).

    Walmart has chosen Symbotic to develop, build and deploy an advanced solution leveraging Symbotic’s A.I.-enabled robotics platform to offer Walmart customers greater shopping convenience through accelerated online pickup and delivery options at stores. Under the terms of the Commercial Agreement, Symbotic will engage in a development program funded by Walmart to enhance current online pickup and delivery fulfillment systems as well as to design new systems to meet the needs of current and future customers. If performance criteria are achieved, Walmart is committed to purchasing and deploying systems for 400 APDs at stores over a multi-year period, with Walmart’s option to add additional APDs in the coming years. Associated with the development program, Walmart will pay Symbotic a total of $520 million, including $230 million that was paid at the closing of the acquisition of the Advanced Systems and Robotics business from Walmart.

    The transaction and new agreement could increase Symbotic’s future backlog by more than $5 billion and adds a micro-fulfillment solution that expands its addressable market by more than $300 billion in the United States alone.

    “We’re excited to expand upon our long-term relationship with Walmart while broadening our product offering to automation at the store to support the growth of eCommerce,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic.

    ABOUT SYMBOTIC

    Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

    FORWARD-LOOKING STATEMENTS

    This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but are not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog, or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Symbotic is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Symbotic has filed or will file from time to time with the SEC.

    In addition to factors previously disclosed in Symbotic’s filings with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the transactions described herein (the “Transactions”); business disruption following the Transactions; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements entered into in connection with the Transactions, including the Commercial Agreement; the effect of the Transactions on Symbotic’s business relationships, performance, and business generally; the amount of the costs, fees, expenses and other charges related to the Transactions; and other consequences associated with joint ventures and legislative and regulatory actions and reforms.

    Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic or its representatives considered or consider the projections to be a reliable prediction of future events.

    Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

    This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. All subsequent written and oral forward-looking statements concerning Symbotic, the Transactions or other matters and attributable to Symbotic or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    INVESTOR RELATIONS CONTACT

    Charlie Anderson
    Vice President, Investor Relations & Corporate Development
    ir@symbotic.com

    MEDIA INQUIRIES

    mediainquiry@symbotic.com

    The MIL Network –

  • MIL-OSI USA: Hear the experts give the real facts on California water

    Source: US State of California 2

    Jan 27, 2025

    LOS ANGELES — Scientists, water managers, state leaders, and experts throughout the state are calling out the federal administration’s ongoing misinformation campaign on water management in California. Here is a snapshot of what water leaders and media are saying in California and nationally:

    State water officials and water districts weigh in 

    Association of California Water Agencies: “Water supply has not hindered firefighting efforts. Reservoirs in California are at or above average storage levels for this time of year, thanks in part to years of proactive water management.” 

    Deven Upadhyay, Metropolitan Water District: “The Metropolitan Water District of Southern California has enough water in storage to meet roughly three years of water demand. We can deliver what our agencies need.”

    Marty Adams, former general manager and chief engineer of the Los Angeles Department of Water and Power or DWP: “ There’s way more water in local storage than you could ever fight a fire with.”

    Jennifer Pierre, general manager, State Water Contractors: “The policies currently in place overseeing the movement of California water maximize supply in compliance with the law and based on best available science.”

    Leading state researchers and university professors 

    Tom Holyke, Fresno State University political science and water policy professor: “There is no ‘valve…’”

    Letitia Grenier, director of the Public Policy Institute of California’s Water Policy Center: “The transfer of water from Northern California to Southern California is not related to water availability to fight the fires in the Los Angeles area. Currently, reservoirs in the Los Angeles area are mostly full.”

    Stephanie Pincetl, director of the California Center for Sustainable Communications at UCLA: “We’re finger pointing away from the problem.  We have really no lack of water. What we have is an infrastructure that is not made to fight cataclysmic fires, biblical-size fires.” 

     Community voices push back on misinformation

     Peter Gleick, hydro-climatologist and co-founder of the Pacific Institute: “[Trump’s order on California water policy] is what you get when you mix bluster, ignorance, and disinformation. There are no ‘enormous amounts of water’ that can be redirected legally, economically, or environmentally to different users in California ….” 

    John Buse, general counsel for the Center for Biological Diversity: “It’s difficult to explain what he’s talking about because nobody knows what he’s talking about. The idea of a valve and water will just flow is preposterous.”

    Mark Gold, water scarcity director for the Natural Resources Defense Council and a board member of the Metropolitan Water District of Southern California: “Tying Bay-Delta management into devastating wildfires that have cost people’s lives and homes is nothing short of irresponsible, and it’s happening at a time when the Metropolitan Water District has the most water stored in its system in the history of the agency. It’s not a matter of having enough water coming from Northern California to put out a fire….”

    “Los Angeles has access to more than enough water to fight the fires. I can say with great authority, we have as much water stored as any time in the history of our agency.”

    LA Water Keeper: “There is no need to increase water deliveries from the Bay-Delta or any other source from which LA imports water for the region to be able to fight the current fires.”   

    Miles Johnson, Columbia Riverkeeper: “That idea [of a valve] is completely far-fetched and detached from reality.”   

    Jason Wise @jasonjourneyman, water and environment influencer: “LA has plenty of water, reservoirs are near full because of the last two years of heavy rain. Anyone who tells you otherwise is trying to score political points off a tragedy.”

    State and national elected leaders defend California water, rebuke false claims

    Senator Alex Padilla: “Trump is fixated on false claims about California’s water supply. And he’s using it to withhold disaster aid from wildfire victims…Let’s get one easy thing out of the way. There’s no ‘valve’ that needs to be turned.”

    California State Assemblymember Isaac G. Bryan: “I hope while Trump is in California he takes us to the giant faucet that he says releases all the water. I chair the state Natural Resource Committee and I’d love to see it. It’s got to be huge. We could turn it on together.”

    Fact checks in the media

    ✅ POLITIFACT: “Experts said that statewide, there are no major reservoirs that have been dry for more than 15 years, and most of California’s reservoirs are above their historic average storage.”

    ✅ New York Times: In California Fires, Trump Blames Newsom for Withholding Water. Experts Say He’s Wrong

    ✅ Wall Street Journal: The LA Fires have sparked waves of criticism and misinformation. Here’s what really happened with the fire hydrants and California’s water system.

    ✅ Washington Post: Trump says a ‘valve’ can fix California’s water. It’s not that easy 

    ✅ Los Angeles Times: Trump wants to alter California water policy. Experts say it could do harm

    ✅ The Guardian: ‘Chaos agent’ Trump revives California water wars as experts warn of turmoil

    ✅ Calmatters: Fact check: Donald Trump’s claims about LA fires and water

    ✅ USA Today: Of fish and men: Trump’s California water order takes aim at Newsom and troubled smelt

    ✅ Capital Public Radio: Conspiracies are rife about water and the LA fires. Here’s what experts say

    ✅ KQED: Trump again wades into California water use fight, drawing skepticism from experts

    ✅ Pittsburgh Post-Gazette: Fact check: Trump’s blame claims about wildfire response

    ✅ Associated Press: Trump targets California water policy as he prepares to tour LA fire damage

    Get the facts 

    FACT: California pumps as much water now as it could under prior Trump-era policies.   

    FACT: Water reservoirs in Southern California are at record levels. There is no shortage of water in Southern California.

    FACT: Most of Southern California’s water does not come from Northern California. In fact, Southern California gets roughly a third of its water from Northern California, a third from the Colorado River, and a third from local sources.

    FACT: State water operations have nothing to do with the local fire response in Los Angeles. The federal administration’s statements have been repeatedly fact-checked and debunked. 

    FACT: There is no spigot to magically make water appear at a wildfire, despite the administration’s false claims. 

    Recent news

    Jan 25, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Bret Ladine, of Sacramento, has been appointed Director of the Financial Information System for California (FI$Cal). Ladine has been General Counsel at the California State…

    Jan 24, 2025

    News What you need to know: Governor Newsom welcomed President Trump to Los Angeles and pledged to work together to support survivors and secure federal assistance.  LOS ANGELES – Today, Governor Gavin Newsom met with President Trump on the tarmac at Los Angeles…

    Jan 24, 2025

    News What you need to know: Governor Gavin Newsom today met with firefighters who have been on the frontlines battling ongoing flames from the initial Los Angeles firestorm. Los Angeles, California – Taking a moment to reflect on the profound response effort to…

    MIL OSI USA News –

  • MIL-OSI Global: DeepSeek: how a small Chinese AI company is shaking up US tech heavyweights

    Source: The Conversation – Global Perspectives – By Tongliang Liu, Associate Professor of Machine Learning and Director of the Sydney AI Centre, University of Sydney

    Chinese artificial intelligence (AI) company DeepSeek has sent shockwaves through the tech community, with the release of extremely efficient AI models that can compete with cutting-edge products from US companies such as OpenAI and Anthropic.

    Founded in 2023, DeepSeek has achieved its results with a fraction of the cash and computing power of its competitors.

    DeepSeek’s “reasoning” R1 model, released last week, provoked excitement among researchers, shock among investors, and responses from AI heavyweights. The company followed up on January 28 with a model that can work with images as well as text.

    So what has DeepSeek done, and how did it do it?

    What DeepSeek did

    In December, DeepSeek released its V3 model. This is a very powerful “standard” large language model that performs at a similar level to OpenAI’s GPT-4o and Anthropic’s Claude 3.5.

    While these models are prone to errors and sometimes make up their own facts, they can carry out tasks such as answering questions, writing essays and generating computer code. On some tests of problem-solving and mathematical reasoning, they score better than the average human.

    V3 was trained at a reported cost of about US$5.58 million. This is dramatically cheaper than GPT-4, for example, which cost more than US$100 million to develop.

    DeepSeek also claims to have trained V3 using around 2,000 specialised computer chips, specifically H800 GPUs made by NVIDIA. This is again much fewer than other companies, which may have used up to 16,000 of the more powerful H100 chips.

    On January 20, DeepSeek released another model, called R1. This is a so-called “reasoning” model, which tries to work through complex problems step by step. These models seem to be better at many tasks that require context and have multiple interrelated parts, such as reading comprehension and strategic planning.

    The R1 model is a tweaked version of V3, modified with a technique called reinforcement learning. R1 appears to work at a similar level to OpenAI’s o1, released last year.

    DeepSeek also used the same technique to make “reasoning” versions of small open-source models that can run on home computers.

    This release has sparked a huge surge of interest in DeepSeek, driving up the popularity of its V3-powered chatbot app and triggering a massive price crash in tech stocks as investors re-evaluate the AI industry. At the time of writing, chipmaker NVIDIA has lost around US$600 billion in value.

    How DeepSeek did it

    DeepSeek’s breakthroughs have been in achieving greater efficiency: getting good results with fewer resources. In particular, DeepSeek’s developers have pioneered two techniques that may be adopted by AI researchers more broadly.

    The first has to do with a mathematical idea called “sparsity”. AI models have a lot of parameters that determine their responses to inputs (V3 has around 671 billion), but only a small fraction of these parameters is used for any given input.

    However, predicting which parameters will be needed isn’t easy. DeepSeek used a new technique to do this, and then trained only those parameters. As a result, its models needed far less training than a conventional approach.

    The other trick has to do with how V3 stores information in computer memory. DeepSeek has found a clever way to compress the relevant data, so it is easier to store and access quickly.

    What it means

    DeepSeek’s models and techniques have been released under the free MIT License, which means anyone can download and modify them.

    While this may be bad news for some AI companies – whose profits might be eroded by the existence of freely available, powerful models – it is great news for the broader AI research community.

    At present, a lot of AI research requires access to enormous amounts of computing resources. Researchers like myself who are based at universities (or anywhere except large tech companies) have had limited ability to carry out tests and experiments.

    More efficient models and techniques change the situation. Experimentation and development may now be significantly easier for us.

    For consumers, access to AI may also become cheaper. More AI models may be run on users’ own devices, such as laptops or phones, rather than running “in the cloud” for a subscription fee.

    For researchers who already have a lot of resources, more efficiency may have less of an effect. It is unclear whether DeepSeek’s approach will help to make models with better performance overall, or simply models that are more efficient.

    Tongliang Liu 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. DeepSeek: how a small Chinese AI company is shaking up US tech heavyweights – https://theconversation.com/deepseek-how-a-small-chinese-ai-company-is-shaking-up-us-tech-heavyweights-248434

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Leeds inventor’s 70s superbike conquers the cobbles at Leeds museum

    Source: City of Leeds

    A pedal-powered prototype designed by a Leeds inventor to take on the toughest terrain has been put through its paces at a Leeds museum.

    The hulking Fen Easy Rider bicycle was made in the late 1970s to tackle the rugged roads bordering parts of the British countryside, and gives a remarkable insight into the fascinating story of Leeds pioneer Henry Brown, who recently died at the age of 102.

    This past week, his tenacious two-wheeler took on what may have been its biggest challenge yet, when it was road tested on the Victorian cobbles outside Leeds Industrial Museum.

    Fitted with a heavy-duty aluminium frame, and with a robust suspension mechanism front and back along with a sprung saddle, brass bell and mud guards, the bike made for a formidable sight in its heyday.

    John McGoldrick, Leeds Museums and Galleries’ curator of industrial history, took the vintage velocipede for a spin as it officially became part of the museum’s collection in a fitting tribute to Mr Brown’s life and legacy.

    He said: “It’s been a real joy to take this remarkable piece of engineering for a bit of a spin and to get a feel for how much thought and ingenuity went into what is a truly bespoke design.

    “The cobbles at Leeds Industrial Museum certainly pushed the bike to its limits, but it’s a testament to the quality and robustness of its structure that it has very much stood the test of time.

    “The Fen Easy Rider was just one of the unique inventions created by Henry Brown, a Leeds engineer with the ability to apply his extraordinary skill and unique mind to solving all manner of practical problems. It’s a privilege to have one of his inventions in our collection and to be preserving the story of his life and work.”

    Born in Leeds in 1923, Henry Brown joined the RAF at 17, learning navigation, morse code and engineering.

    After the Second World War, he founded the Leeds Cycle and Engineering Company, setting up a workshop in an old rhubarb shed in Rodley.

    As well as designing the Fen Easy Rider, Mr Brown also created the extraordinary two seater vehicle that became known as the Scootacar, and which went into production in 1957.

    The eye-catching microcars were reputedly inspired by the wife of a local company director, who said she wanted a vehicle that was easier to park than her bulkier Jaguar.

    The Scootacar’s distinctive shape was said to be sparked by a particularly tall factory employee, who sat on a box against a wall before a chalk outline was drawn around him.

    An original Mark One version of the Scootacar in bright blue is also on display at Leeds Industrial Museum.

    Mr Brown also produced inventions and designs for a wide range of applications including health care, spiral staircases and agricultural silos. He sadly passed away on December 20, 2024.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “The story of Leeds is filled with individuals whose creativity and spirit of invention have left their mark on the world.

    “Our museums play a hugely important role in keeping their legacy alive and ensuring their accomplishments are a source of fascination and inspiration for future generations.”

    For more information on visiting Leeds Industrial Museum, please visit: Visit Leeds Industrial Museum | Leeds Museums and Galleries | Days out and exhibitions

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Report 02/2025: Derailment of a passenger train at Grange-over-Sands

    Source: United Kingdom – Executive Government & Departments

    RAIB has today released its report into a derailment of a passenger train at Grange-over-Sands, Cumbria, 22 March 2024.

    The rear of the train following the derailment.

    R022025_250128_Grange-over-Sands

    PDF, 11.7 MB, 57 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email enquiries@raib.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Summary

    At around 06:05 on 22 March 2024, a passenger train travelling at 56 mph (90 km/h) derailed on the approach to Grange-over-Sands station. The derailment occurred because a void had opened in the embankment on which the train was travelling, leading to the rails under the train losing support. The train was carrying four train crew and four passengers when it derailed. Nobody was injured, but significant damage was caused to both the train and the railway infrastructure.

    RAIB’s investigation found that the void had been created because water had dislodged embankment material and carried it away. The water came from a pipe partially buried beneath the railway, which had been damaged during routine maintenance around 2 days before the derailment.

    The damage to the pipe had been reported immediately to the railway control room by the maintenance staff involved. However, as a result of ineffective communications, no action was taken to stop the consequent leak. The pipe had been installed by Network Rail in 2016 as a temporary measure to assist in managing flood water in the surrounding areas, but on-call engineering staff were unaware that it was in use and carrying water at the time it was damaged.

    Underlying factors to the accident were that those responsible for managing flood water at this location had not done so effectively, leading to the prolonged need to rely on temporary pumping arrangements. RAIB also identified that staffing levels at Network Rail’s Carnforth maintenance delivery unit did not provide sufficient resilience and had allowed non-compliance with the standards relating to the management of tamping to become normalised. In addition, Network Rail had allowed a temporary pumping arrangement to become permanent without applying the relevant asset management procedures.

    Recommendations

    As a result of its investigation, RAIB has made five recommendations. The first three recommendations are made to Network Rail. The first of these aims to reduce the risk associated with temporary drainage solutions which remain in place for longer than anticipated. The second asks Network Rail to review how it can improve the ability of tamper operators to detect buried services. The third aims to reduce the likelihood that buried services are struck during maintenance by ensuring staffing levels are adequate to comply with Network Rail’s own procedures. The fourth recommendation is made to the Environment Agency, and other local stakeholders, and aims to encourage timely decision-making in relation to the future of this area so that the management of flood water does not manifest in another risk to the railway. The final recommendation is addressed to Eversholt Rail Leasing Limited, the owner of the train involved, and aims to reduce the risk of a derailed train being struck by a train on the adjacent line due to a failure of communications and warning systems.

    Additionally, RAIB has identified three learning points. The first of these reminds track workers of the importance of completing required site visits ahead of planned work to mark up obstructions. The second reminds staff of the importance of being readily contactable when on call, and the final learning point encourages railway controllers to escalate issues where the first line on-call staff are not available.

    Andrew Hall, Chief Inspector of Rail Accidents said:

    Derailments of passenger trains are thankfully rare. The elements that came together and led to the derailment at Grange-over-Sands include some factors that have been seen in previous RAIB investigations. In this case Victorian infrastructure, increasing rainfall, a known flood water management problem which multiple parties had not fully resolved over years, ineffective communication and a short-term fix effectively becoming the permanent solution, all played a part. As the railway’s infrastructure will continue to age, and given the challenges of climate change, the importance of avoiding the other factors is ever more vital if such derailments are to remain a rarity.

    Notes to editors

    1. The sole purpose of RAIB investigations is to prevent future accidents and incidents and improve railway safety. RAIB does not establish blame, liability or carry out prosecutions.

    2. RAIB operates, as far as possible, in an open and transparent manner. While our investigations are completely independent of the railway industry, we do maintain close liaison with railway companies and if we discover matters that may affect the safety of the railway, we make sure that information about them is circulated to the right people as soon as possible, and certainly long before publication of our final report.

    3. For media enquiries, please call 01932 440015.

    Newsdate: 28 January 2025

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: 21Shares Adds to its “Core” Suite of Affordable Crypto Exchange-Traded Products with the Launch of the Solana Core Staking ETP (CSOL)

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, 28 January 2025 – 21Shares AG (“21Shares”), one of the world’s largest issuers of crypto exchange traded products (ETPs), today announced the launch of the 21Shares Solana Core Staking ETP (CSOL) on SIX Swiss Exchange. CSOL joins the 21Shares Bitcoin Core ETP (CBTC), the 21Shares Ethereum Core Staking ETP (ETHC) and the 21Shares Crypto Basket 10 Core ETP (HOLDX) as the fourth addition to the 21Shares’ “core” suite, which offers investors exposure to cutting-edge crypto technologies at exceptionally low fees.

    Exchange Product Name Ticker ISIN Fee
    SIX Swiss Exchange 21Shares Solana Core Staking ETP CSOL CH1385084384 0.35%

    Solana is one of the top blockchain networks powering innovation, and – due to its high-speed and low fees – Solana is expected to reach an all-time high in Total Locked Value (TLV) in 2025, with net inflows of $1.2billion in 2024. With transaction costs less than $0.01 and an average of 2,400 transactions per second, Solana’s performance has led to a noticeable market shift that puts the network front and center in 2025. In addition, Solana has proven itself in the traditional finance ecosystem, evidenced by PayPal’s PYUSD stablecoin processing $13 billion as well as partnerships with Visa and Shopify to enable crypto payments. Further, institutional players like Franklin Templeton and Citibank are adopting Solana, underlining its potential to bridge crypto and traditional finance.1  

    “Launched in 2020, Solana emerged as a clear solution to the outdated technology in the blockchain space. The Solana ecosystem evolved quickly, boasting unparalleled speeds and cost efficiency, making transacting on the network essential,” said Mandy Chiu, Head of Financial Product Development at 21Shares. “21Shares launched the world’s first Solana ETP in 2021. With the launch of CSOL, the firm is continuing to leverage its expertise and track record in crypto, product development savvy and operational excellence in order to provide investors with access to Solana, one of the top growing blockchain networks, at an incredibly affordable cost.”

    With a management fee of 0.35%, CSOL offers innovative and cost-efficient exposure to a leading blockchain shaping the future. 100% physically backed, CSOL also benefits from staking rewards, which are seamlessly generated by adding the yield to the investor’s coin entitlement. By integrating staking rewards into 21Shares ETPs, investors enjoy a potential additional income stream without having to keep their assets locked, enhancing overall returns while maintaining exposure to the respective underlying assets. As of 23 January 2025, the average staking yield for Solana was 6.60%.2

    For more details about the 21Shares Solana Core Staking ETP, including the factsheet, please click here.

    Press Contact

    Audrey Belloff, Head of Global Communications, audrey.belloff@21.co

    About 21Shares

    21Shares is one of the world’s first and largest issuers of crypto exchange traded products. We were founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. In 2018, 21Shares listed the world’s first physically-backed crypto ETP, and we have a six-year track-record of creating crypto exchange-traded funds that are listed on some of the biggest, most-liquid securities exchanges globally. In addition to our six-year track record, 21Shares offers investors best-in-class research and unparalleled client service.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    DISCLAIMER

    This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.

    This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.

    This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.

    Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

    Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.

    The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.

    This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).

    ###

    1 Source: 21Shares State of Crypto #13: Market Outlook 2025
    2 Source: Coinbase, as of 23 January 2025

    The MIL Network –

  • MIL-OSI Australia: Funding applications available for National Reconciliation and NAIDOC Week events

    Source: Government of Western Australia

    The City is encouraging community groups hosting National Reconciliation and NAIDOC Week events to apply for community funding.

    The Community Funding Program supports local activities, projects and events that benefit the wider community.

    The City has up to $5,925 per grant for incorporated associations hosting National Reconciliation Week (27 May-3 June) and NAIDOC Week (6-13 July) activities and events.

    Mayor Linda Aitken said she encouraged community groups and sporting clubs to apply for the funding to support events in the City.

    “This program supports the City’s commitment to continuously working towards improving relationships, opportunities and respect between Aboriginal and Torres Strait Islander peoples and other Australians,” she said.

    “Last year, through our Flagship Funding stream, we supported the Mookaroo Festival held by Ngulla Koort Indigenous Corporation.

    “Over 2,000 people went along and enjoyed a wonderful family day out, with food stalls, performances, storytelling and children’s activities.”

    Funding can also be used to facilitate Welcome to Country acknowledgements at events.

    The National Reconciliation Week 2025 theme is Bridging Now to Next, reflecting the ongoing connection between past, present and future.

    NAIDOC Week’s theme of ‘The Next Generation: Strength, Vision & Legacy,’ celebrates the achievement of the past and bright future ahead.

    Find out more and submit your application at wanneroo.wa.gov.au/communityfunding.

    NAIDOC Week grants are also open via the NAIDOC website and close on 20 February.

    MIL OSI News –

  • MIL-OSI China: Chinese celebrate Spring Festival with traditions, travels and shopping spree

    Source: China State Council Information Office 2

    With traditional fairs and shopping and travel booms over this year’s extended holiday, China is about to ring in the Spring Festival of the Year of the Snake, the first since its inclusion into the UNESCO intangible cultural heritage list.
    For Chinese across the world, the Spring Festival is a time for family reunions, festive traditions, holiday shopping and diverse cultural and tourism activities. This year, it falls on Jan. 29 with hundreds of millions of people traveling to reunite with families in the world’s largest annual human migration.
    Celebrations today highlight both traditional and modern elements, from temple fairs, lantern displays, lion dances and intangible cultural heritage bazaars to village galas, light and drone shows, museum exhibitions, and travels at home and abroad.
    This year, festive glee and activities are further boosted by the UNESCO recognition, pro-consumption policies and the extension of the traditional seven-day holiday by an extra day.

    A performance is staged at the Hetou ancient street scenic area in Tangshan, north China’s Hebei Province, Jan. 26, 2025. China is alive with vibrant celebrations with the Spring Festival just around the corner. (Photo by Liu Mancang/Xinhua)
    FAMILY REUNIONS AND TRADITIONAL FESTIVITIES
    For migrant workers like Zhang Changfu, a native of Baise in Guangxi Zhuang Autonomous Region, south China, the Spring Festival offers a rare opportunity for a family reunion.
    “I’ve been working away from home for 20 years, but I return home every Spring Festival,” said Zhang, 41, who works as a machinist in the southwestern metropolis of Chengdu, adding that he is looking forward to taking his family to the local temple fair.
    The temple fair, a panoply of folk performances, local delicacies and traditional handicrafts, is a familiar sight at this time of year. While such activities contain more traditional elements in the countryside, large cities like Beijing and Shanghai have a tradition of holding large-scale fairs.
    For others, like Lin Jia who works in Nanjing, capital of east China’s Jiangsu Province, Spring Festival is the perfect time for a family tour. Lin’s parents and grandmother have traveled from Hunan Province to join her for the holiday.
    Lin plans to take them sightseeing around the city after a New Year’s Eve dinner at a hotpot restaurant. “It’s both a reunion and a mini vacation,” she said.
    This year, many cities are holding more traditional festive activities, motivated by the inscription of the Spring Festival on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity in December. The southwestern megacity of Chongqing has planned more than 100 intangible cultural heritage exhibitions, bazaars and performances during the holiday.
    “We hope visitors can feel the strong festive ambiance and the special charm of our cultural heritage,” said Tang Mao, the organizer of a cultural heritage bazaar in Chongqing’s bustling Jiefangbei commercial area, where over 40 artisans display traditional crafts like paper-cutting, New Year picture drawing and sugar-figure making.
    HOLIDAY SHOPPING
    For centuries, shopping has been a crucial part of Spring Festival preparations: from nice food to new clothes and carefully chosen gifts.
    Liu Fengmei, a woman in her 70s in Shanghai, traveled over an hour by subway to First Foodhall, a time-honored food store on the iconic Nanjing Road, to stock up on traditional holiday snacks.
    A long queue is seen outside the store, which, like many across the country at this time of the year, is filled with festive decorations and a dazzling array of traditional foods.
    Following the UNESCO recognition, Chinese consumers also appear to be particularly interested in goods with a cultural festival flair.
    Li Gang with the Ministry of Commerce said sales of neo-Chinese-style jewelry and goods featuring intangible cultural heritages have grown by 52.6 percent and 26.6 percent in the month-long online shopping event for the festival initiated by the ministry.
    In recent years, the Spring Festival shopping lists have included more imported goods, reflecting Chinese people’s rising purchasing power and growing appetite for imported quality goods.
    Earlier this month, a cargo ship loaded with 20,000 tonnes of Chilean cherries arrived at the Nansha Port in south China’s Guangzhou, perfectly timed to offer a festive treat for millions ahead of the Spring Festival.
    “Chilean cherries, Australian lobsters and Russian snow crabs … the prices of imported products are quite attractive, so I plan to prepare a New Year’s Eve dinner that blends both Chinese and foreign flavors,” said a customer surnamed Guo at a store of fresh-food chain Freshippo in Beijing.
    Driven by government-subsidized trade-in programs, mobile phones, wearable devices, and green and smart home appliances are also highly sought-after items ahead of the festival, according to the ministry.
    “Spending on New Year’s goods can offer a glimpse into the resilience and vitality of consumption throughout the year,” said Hong Tao, director of the Institute of Business Economics at Beijing Technology and Business University, who expects a new wave of holiday consumption growth.
    Tourists take a selfie at Jiangjunshan Ski Resort in Altay, northwest China’s Xinjiang Uygur Autonomous Region, Jan. 21, 2025. As the Spring Festival approaches, Altay in Xinjiang has ushered in peak tourist season. (Xinhua/Hu Huhu)
    HOLIDAY TRAVEL
    In addition to local festivities, many are venturing farther afield to make the most of the eight-day Spring Festival holiday.
    Fang Xue, a resident of Shanghai, plans to take her parents on a holiday trip to Shantou, a coastal city in Guangdong Province. “Traveling during the Spring Festival has become quite fashionable,” Fang said. “My parents in their 80s are very eager to travel.”
    The extended holiday has given a boost to the travel industry. While tourist cities such as Shanghai, Beijing, Guangzhou, Hangzhou and Chengdu are attracting large numbers of holidaymakers, smaller cities are also getting more travelers who wish to savor celebrations with local flavors, according to Fliggy, a leading online travel agency.
    “Expectations for intangible cultural heritage activities are especially high during the first Spring Festival after the UNESCO recognition,” said Wang Liyang, operations manager at Fliggy.
    Thanks to China’s further easing of visa policies, many Chinese cities are also witnessing an influx of international visitors, with many eager to experience the festival traditions.
    “The UNESCO heritage status gives Spring Festival worldwide recognition and increases its appeal to international tourists,” said Zhou Huijie, an analyst at Trip.com research institute.
    Trip.com Group has estimated that inbound bookings would jump by 203 percent during the Spring Festival, with tourists from the Republic of Korea, Malaysia, Singapore, Japan, the United States, Australia, Thailand and Britain topping the list.
    Lukas Muller from Germany is traveling in northeast China’s Jilin Province for skiing and to experience the Spring Festival.
    “My friends and I will experience Chinese New Year up close, including eating dumplings, putting up spring couplets, setting off fireworks, and many other customs I’m not familiar with yet,” he said, also praising China’s visa-free policy that facilitated his trip.
    Spring Festival serves as the most direct cultural window to understand the Chinese people and it is also a traditional festival with the most Chinese cultural characteristics, said Feng Jicai, a renowned Chinese writer who has long championed intangible cultural heritage protection. 

    MIL OSI China News –

  • MIL-OSI Australia: Race Discrimination Commissioner condemns neo-Nazi rally in Adelaide

    Source: Australian Human Rights Commission

    Australia’s Race Discrimination Commissioner, Giridharan Sivaraman, has condemned the neo-Nazi rally held in Adelaide on Australia Day, warning a National Anti-Racism Framework is the only way to adequately combat the rise of the white supremacy movement. 

    South Australian police arrested 16 men on Sunday, believed to be members of the National Socialist Network, following a march through Adelaide’s CBD. Most of the men were said to be from interstate, including a 25-year-old man from Western Australia who was charged with using a Nazi symbol. 

    “The neo-Nazi rally in Adelaide, that pointedly began at the War Memorial, was shocking. The rise of far-right movements in this country and their influence cannot be ignored,” Commissioner Sivaraman said. 

    “This was a day of national significance which is also a day of sorrow and remembrance for many First Nations people. The choice of these men to march on this specific day is a brazen act of hate and division which we must unite against.  

    “These rallies are a horrific manifestation of what happens when racism is normalised – to the extent that neo-Nazis are emboldened to be on our streets again and again as a threatening force. We must properly name and confront the racism ingrained across our society. 

    “Politicians and other prominent figures need to be careful that their language doesn’t embolden these acts of hatred. The media needs to be careful about which ideologies it platforms and how. We must never forget that the worst mass murder committed by an Australian in recent times was by a white supremacist in Christchurch in 2019. 

    “The far-right extremism of these white supremacists is a threat that must be taken seriously. First Nations peoples, Jews, Muslims, trans people, and migrants and refugees are on the frontlines of this hatred.  

    “If we really want to target these and other similar threats, the only way forward is national anti-racism action that addresses the roots of this ideology in Australia. It is the ultimate antidote to racism and its violence. 

    “The National Anti-Racism Framework we released last year recommends Australian governments develop and fund community-informed early intervention solutions to address far-right extremism and white supremacy at its roots. 

    “These solutions must focus on prevention and community wellbeing as well as providing redress for the harms experienced by targeted individuals and communities. There is still time to act before even more communities are harmed.” 

    Commissioner Sivaraman will deliver a keynote address on addressing racism at the Multicultural Communities Council of South Australia Harmony Day lecture on 18 March in Adelaide.  

    ENDS | Media contact: media@humanrights.gov.au or 0457 281 897 (only calls, no texts please) 

    MIL OSI News –

  • MIL-Evening Report: DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling

    Source: The Conversation (Au and NZ) – By Michael J. Davern, Professor of Accounting & Business Information Systems, The University of Melbourne

    Almost A$1 trillion (US$600 billion) was wiped off the value of artificial intelligence microchip maker Nvidia overnight on Monday, when a little-known Chinese start up, DeepSeek, threatened to upend the US tech market.

    While Nvidia suffered the biggest one-day loss in sharemarket history, other tech giants – Microsoft, Alphabet and Amazon, who are investing heavily in competing AI tools including ChatGPT and Gemini – were also hit.

    The rout was caused by investors’ shock at the claimed performance of DeepSeek’s new R1 chatbot. The Chinese AI was reported to be more advanced than its competitors and less expensive to develop.

    DeepSeek R1 has soared, becoming the top free downloaded app on Apple’s app store, as US technology and related stock prices fell dramatically.

    Why tech stocks took a deep dive

    The market was surprised by DeepSeek providing what amounts to cheaper technology but comparable performance.

    This has dramatically changed the market’s expectations of computing power, showing more can be done for less. It has also compromised the competitiveness of the US tech companies’ existing AI products and developments.

    Stock prices are driven by market expectations. The claimed performance of DeepSeek R1 prompted a major revision of expectations about what was technologically possible and about how cheaply AI could be developed and operated.

    Investors have rapidly incorporated the news of a low-cost Chinese AI competitor into stock prices, anticipating this new entrant could disrupt the market and erode the competitive advantage of existing leaders.

    Who is DeepSeek and what is R1?

    DeepSeek was founded in 2023 by Chinese hedge fund High Flyer, which had been exclusively using AI in trading since 2021.

    DeepSeek develops large language models (LLMs) that can underpin chatbots and other AI-based tools. R1 is the latest iteration of DeepSeek’s chatbot and underlying model. It builds on earlier versions of generative AI models developed by DeepSeek, and considerable amounts of data, but is a surprising leap forward in performance and cost.

    CAPTION TO GO HERE.
    Koshiro K/Shutterstock

    Technology investors believe R1 matches or outperforms competitors, including OpenAI’s ChatGPT 4.o1 on numerous benchmarks.

    However, there are some key differences:

    1. The model underlying R1 operates in a much less intensive manner. It is much cheaper to develop and run, requiring less data and computing power.

    2. The training of the model was possible despite the US export ban preventing Chinese companies such as DeepSeek from accessing chips from US companies such as Nvidia. The Biden administration had introduced laws restricting the sale of certain computer chips and machinery to China, in a move intended to block its rival from accessing some of the world’s most advanced technology.

    3. The training data and data uploaded to R1 sit on servers in China. Given concerns about data privacy and intellectual property have already been raised about US-based companies, having data under jurisdiction of the Chinese Communist Party (CCP) is arguably even more concerning.

    4. The chatbot program code is free to download, read and modify, unlike ChatGPT. This is however somewhat a false transparency – what matters more is the underlying model, not the Chatbot code.

    5. R1 is known to censor its responses in line with Chinese Communist Party values.

    The future of AI and tech stocks

    It is unknown whether this crash in price of tech stocks is an irrational panic that will reverse, or whether it simply reflects correct pricing. The future costs and benefits of AI are still uncertain.

    This is both a technological and an economic question.

    In technological terms, it is yet to be seen whether R1 really does require less computing power and less data to train and use.

    Economically, there are potential winners and losers. AI users may win with cheaper access to AI, and LLMs in particular, leading to increased adoption and associated productivity gains. Existing producers such as Nvidia may lose out in what was a market with few real competitors.

    More broadly, society may benefit from less computationally intensive, and therefore more energy-efficient, AI. However, the geopolitical risk of a single country capturing the market, together with concerns about data privacy, intellectual property and censorship may outweigh the benefits.

    Michael J. Davern has previously received funding from CPA Australia for industry research into Artificial Intelligence.

    Matt Pinnuck 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. DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling – https://theconversation.com/deepseek-shatters-beliefs-about-the-cost-of-ai-leaving-us-tech-giants-reeling-248424

    MIL OSI Analysis – EveningReport.nz –