Category: Australia

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Broker’s For Sale Listing of Vantage at Hutto

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Sept. 23, 2024 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that Vantage at Hutto, a 288-unit market rate multifamily property located in Hutto, TX (the “Property”), has been publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in November 2020 and the Partnership has contributed equity totaling $11.8 million during construction and stabilization. Construction of the Property was completed in December 2023. The Property reported 89% physical occupancy as of August 31, 2024. If the listing process is consistent with past Vantage property sales and a sale contract is successfully executed, then the Partnership expects the sale of the Property to occur in the first quarter of 2025. Current market volatility and potential future market developments may delay the expected timing of the sale and may negatively impact the final sales price for the Property.

    Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property owning entity’s operating agreement (the “Operating Agreement”). The Partnership will be entitled to certain net proceeds upon the successful completion of a sale of the Property in accordance with the Operating Agreement.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com

    The MIL Network

  • MIL-Evening Report: Scientists discover heat-tolerant corals hidden in plain sight. Could it help protect the Great Barrier Reef?

    Source: The Conversation (Au and NZ) – By Melissa Naugle, PhD Candidate in Coral Ecology, Southern Cross University

    Wikimedia, CC BY

    Just as individual humans handle stress differently, so do corals. Even coral colonies of the same species, growing side by side, vary in their tolerance to pressures such as heatwaves.

    In research published today, we discovered surprising new evidence of variable heat tolerance in corals. As the world’s oceans warm, these differences are important.

    Earlier this year, the world’s fourth global mass bleaching event was declared. The Great Barrier Reef has suffered five mass bleachings since 2016 – most recently this past summer. The declarations followed the world’s warmest year on record.

    To keep the world’s coral reefs healthy and functioning, global carbon emissions must be dramatically curbed to reduce the rate of ocean warming. As humanity works towards that goal, interventions may buy time for corals to survive in their warming environments.

    What we did

    The heat tolerance of corals can be measured by analysing their responses to elevated water temperatures. Our research involved measuring the bleaching thresholds of more than 500 colonies of the tabular coral, Acropora hyacinthus.

    Acropora hyacinthus is a common coral that forms “tables” of tiny branchlets. This species is both ecologically important and highly vulnerable to heat waves, making it a prime candidate for conservation.

    The characteristic colour of coral is provided by algae living inside its tissue. The algae also provide most of the coral’s nutrition. When water temperatures get too high for too long, the coral expels the algae, causing it to bleach and starve.

    While at sea, we visited 17 reefs to scuba dive and search for Acropora hyacinthus. We then brought samples of these corals on board a research vessel to conduct experiments.

    Our specially designed portable experiment system contained 12 tanks set to four different temperatures. Coral fragments were placed in each tank and subjected to short-term heat stress at different temperatures.

    Afterwards, we measured the amount of pigment left in the coral fragments, which directly aligns with the amount of algae left in the coral’s cells.

    We then determined each coral’s bleaching thresholds – in other words, the temperature at which the coral’s pigmentation drops to 50% of its healthy level. This allowed us to understand how much variation exists and where the most heat-tolerant colonies live.

    So what did we find? Under our experiments, the amount of pigment retained under high temperatures varied from 3% to 95%. This means at high temperatures, some coral colonies completely bleached while others seemed barely affected.

    Of the 17 reefs we studied, 12 contained colonies with bleaching thresholds in the top 25%. This means heat-tolerant corals could be found at most of the reefs we sampled.

    Nature versus nurture

    Corals handle stress differently for two reasons: nature and nurture.

    Each coral has a unique “nature” or genetic makeup that can affect its heat tolerance. Our results suggest corals found across the entire Great Barrier Reef may hold unique genetic resources that are important for recovery and adaptation.

    However, aspects of the marine environment may nurture, or hinder, a coral’s heat stress response. These include water temperatures, nutrient conditions, and the symbiotic algae living inside coral tissue.

    We found corals living in warmer regions, such as the northern Great Barrier Reef, can handle higher water temperatures. However, because the water is so warm in these areas, the corals are already pushed close to their temperature limits.

    Corals in the southern Great Barrier Reef cannot handle temperatures as high as their northern neighbours. Our findings suggest these corals can tolerate more warming above their local temperatures than corals to the north.

    These tolerance patterns may affect which corals survive marine heatwaves.

    Giving our reefs a future

    Our findings have potentially important implications for the ability of corals to adapt to warmer seas under climate change.

    The results may also inform reef restoration and conservation efforts. For example, heat-tolerant parent corals could be selectively bred to produce offspring better suited to warmer waters.

    The success of such programs depends on the extent to which a coral’s genetic makeup controls its tolerance to heat. So, the next step in this research is investigating these genetic differences.

    Selective breeding trials are already underway, using the most heat-tolerant corals identified in this study.

    When it comes to protecting our coral reefs, reducing greenhouse gas emissions is imperative. However, interventions such as selective breeding may be useful supplements to give coral reefs the best future possible.

    Melissa Naugle receives funding from the Reef Restoration and Adaptation Program, funded by the partnership between the Australian government’s Reef Trust and the Great Barrier Reef Foundation.

    Emily Howells receives funding from the Reef Restoration and Adaptation Program, funded by the partnership between the Australian government’s Reef Trust and the Great Barrier Reef Foundation.

    Line Bay works for the Australian Institute of Marine Science, a publicly funded research organisation that receives funding from the Australian government, state government departments, foundations and private industry. She receives funding from the Reef Restoration and Adaptation Program, a partnership between the Australian Governments Reef Trust and the Great Barrier Reef Foundation, Revive and Restore, the Paul G Allen Family Foundation and BHP.

    ref. Scientists discover heat-tolerant corals hidden in plain sight. Could it help protect the Great Barrier Reef? – https://theconversation.com/scientists-discover-heat-tolerant-corals-hidden-in-plain-sight-could-it-help-protect-the-great-barrier-reef-231823

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: Academics and taxpayers deserve better than AUT’s discriminatory travel policy

    Source: ACT Party

    ACT has obtained a copy of AUT’s policy for funding researcher travel, which allocates 30 percent more points to travel applications for researchers who identify as Māori, and 20 percent more for Pasifika.

    “This policy will put some academics at a disadvantage relative to others, simply because they have the ‘wrong’ ancestry,” says ACT Tertiary Education and Skills spokesperson Dr Parmjeet Parmar.

    “Allocating travel funding based on race is a disrespect to those who would otherwise secure opportunities based on merit, or on the value their travel can offer to the university and society.

    “After hearing reports of the existence of this policy, my office requested a copy of the points system from AUT on Wednesday morning. With no response from the university, I emailed around 500 AUT researchers over the weekend asking them if they knew about the points system and if they could provide a copy. This must have caused a stir, because yesterday morning AUT sent my office a copy of the points system, and the Vice-Chancellor sent an email to researchers and staff defending the policy. However, the Vice-Chancellor opted not to link directly to the points system so staff could easily view and understand it.

    “I have now sent a copy of the points system to AUT researchers so they can view it themselves.

    “Many researchers told me they were not aware of the points system, which is not listed publicly and is not easily found on internal systems. The University has not been up front with its staff and researchers, who deserve better.

    “Last week the Government issued a circular to government agencies setting the expectation that public resources be allocated according to need and value, not race. However, as the Tertiary Education Minister has pointed, universities are given autonomy under the Education Training Act 2020 to adopt their own policies. Of course, academics, politicians, and taxpayers can still – and should – debate and challenge funding decisions.

    “ACT will continue to shine sunlight on the discriminatory use of public funds. Having seen the Vice-Chancellor’s defence of the policy, I do not agree with the Tertiary Education Minister’s assessment that AUT’s rationale is ‘good’. ACT is deeply concerned that universities who fail to uphold equal opportunity for students and academics damage their own reputations and place divisive political ideology ahead of value for taxpayers.”

    Editor’s note: The AUT points system for travel funding prioritises applications based on a number of criteria, before an ‘equity multiplier’ of up to 1.3x is applied to advantage selected groups. This means that while a Māori-identifying researcher can earn up to 37.7 points, a researcher not eligible for an equity multiplier may only accumulate 29 points. This means, in effect, that an Asian academic seeking to attend a conference to which they are contributing a paper could lose funding to a Māori-identifying researcher who is merely visiting the conference, solely on the basis of race.

    MIL OSI New Zealand News

  • MIL-OSI USA: Bipartisan Support Grows for Pappas Bill to Protect Veterans’ Benefits from Predatory Claim Sharks

    Source: United States House of Representatives – Congressman Chris Pappas (D-NH)

    The Problem Solvers Caucus – a group evenly split between Republicans and Democrats – has endorsed Pappas’s GUARD VA Benefits Act.

    This week, the Problem Solvers Caucus – a group evenly split between Republicans and Democrats – endorsed Congressman Chris Pappas (NH-01)’s Governing Unaccredited Representatives Defrauding (GUARD) VA Benefits Act, which would reinstate criminal penalties for unaccredited claim representatives who charge unauthorized fees while assisting veterans with filing a claim for Department of Veterans Affairs (VA) disability compensation benefits. Pappas is a member of the Problem Solvers Caucus and has been rated among the most independent, bipartisan members of Congress.

    “Veterans seeking to access their benefits should not face another battle to do so. Unfortunately, unaccredited, for-profit companies are scamming veterans of their earned benefits under the guise of helping them, and they must be stopped and held accountable,” said Congressman Pappas, Ranking Member of the Disability Assistance and Memorial Affairs (DAMA) Subcommittee of the House Veterans’ Affairs Committee (HVAC). “As we continue to implement the PACT Act and expand veterans’ benefits, it’s vital we ensure veterans can access these benefits and receive help from representatives that are accredited, engage in transparent and ethical practices, and adhere to VA regulations. My bipartisan GUARD VA Benefits Act would protect veterans and their benefits from predatory claim sharks, and as it continues to gain bipartisan support, I’ll keep fighting to get this important legislation passed.”

    Unaccredited claims representatives, or claim sharks, are not subject to VA standards. They strategically advertise their services to avoid regulatory oversight and as a result, may engage in predatory and unethical practices that target veterans and rob them of their VA benefits. Federal laws and regulations prohibit anyone from assisting a veteran in the preparation, presentation, or prosecution of a VA benefit claim, or charging a fee for this assistance, without accreditation from VA’s Office of General Counsel. However, VA and other federal agencies are limited in their ability to enforce existing law because explicit criminal penalties were stripped from statute nearly two decades ago. This has contributed to the proliferation of unaccredited claims representatives in recent years. This legislation will discourage for-profit companies from operating outside the bounds of federal law and will give VA and other agencies an additional tool to protect veteran claimants from predatory practices.

    The GUARD VA Benefits Act has strong support within Congress and across the veterans community. The House legislation has 214 bipartisan cosponsors and companion legislation has been introduced by Senators Boozman, Blumenthal, Tester, and Graham. It has also been endorsed by Veterans of Foreign Wars (VFW), Disabled American Veterans (DAV), The American Legion, National Organization of Veterans’ Advocates (NOVA), Military Officers Association of America (MOAA), Iraq and Afghanistan Veterans of America (IAVA), Paralyzed Veterans of America (PVA), Vietnam Veterans of America (VVA), Wounded Warrior Project (WWP), AMVETS, National Association of Counties (NACo), Military-Veterans Advocacy, Blinded Veterans Association, National Association of County Veterans Service Officers, National Law School Veterans Clinic Consortium, and National Veterans Legal Services Program.

    Background:

    In February 2022, Pappas called for and received a briefing from VA on its strategy to raise awareness of and better protect veterans from these predatory practices. In April 2022, Pappas chaired a joint Subcommittee hearing on the Department of Veterans Affairs (VA) Accreditation Program for individuals who assist veterans with VA disability claims. Testimony given at the hearing highlighted the rise of unaccredited disability claims consultants who target veterans for financial exploitation and the importance of reinstating criminal penalties to deter bad actors.

    In August 2022, Pappas first introduced the Governing Unaccredited Representatives Defrauding (GUARD) VA Benefits Act to reinstate criminal penalties for unaccredited claim representatives who charge unauthorized fees while assisting veterans with filing a claim for VA disability compensation benefits. In February 2023, Pappas re-introduced this legislation in the 118th Congress.

    In September 2023, Pappas led a call for VA to enforce all existing protections for veterans filing initial claims for disability benefits and request additional tools they need to hold bad actors accountable for scamming veterans. In March 2024, Pappas joined a joint hearing held by the Senate and House Committees on Veterans’ Affairs to hear from Veterans Service Organizations (VSOs) about their priorities for the 118th Congress. During the hearing, the Veterans of Foreign Wars (VFW) applauded Pappas’s GUARD VA Benefits Act, noting it as one of their top priorities, and urged Congress to pass the legislation.

    MIL OSI USA News

  • MIL-OSI Global: Meta’s AI-powered smart glasses raise concerns about privacy and user data

    Source: The Conversation – Canada – By Victoria (Vicky) McArthur, Associate Professor, School of Journalism and Communication, Carleton University

    Ray-Ban Meta smart glasses are just one of many wearable tech devices on the market. The glasses, which first launched in 2021, are a collaboration between Meta and Italian-French eyewear company EssilorLuxottica, which owns Ray-Ban among many other brands.

    The smart glasses feature two small cameras, open-ear speakers, a microphone and a touch panel built into the temple of the glasses. To access these features, users must pair them to their mobile phone using the Meta View app. Users can take photos or videos with the camera, listen to music from their phone and livestream to Meta’s social media platforms.

    Users can operate the glasses using spoken commands or the built-in Meta AI assistant, which responds to prompts like “hey Meta.” For example, users can say, “hey Meta, look and…” followed by questions about their surroundings.

    To take a photo or video, users press and hold a button on the frame, which activates an LED in the front of the glasses. The LED signals to others that the camera is actively capturing a photo or video. If the LED is covered, the camera won’t work and the user will be prompted by the Meta AI assistant to uncover it.

    Although the LED helps to signal that the camera is in operation, the relatively small size of the LED garnered criticism from privacy regulators in Europe.

    Ray-Ban Meta smart glasses on display in Cremona, Italy, on July 29, 2024.
    (Shutterstock)

    Data privacy concerns

    As a company that makes nearly all of its money from advertising, there have been concerns raised about how images captured with the glasses will be used by the company.

    Meta has a long history of privacy concerns. When it comes to user data, folks are rightly concerned about how their images — potentially captured without their consent — might be used by the company.

    The Meta smart glasses add another layer to this debate by introducing AI into the equation. AI has already prompted numerous debates and criticism about how easy it is to decieve, how confidently it gives incorrect information and how racially biased it can be.




    Read more:
    AI technologies — like police facial recognition — discriminate against people of colour


    When users take photos or videos with the smart glasses, they are sent to Meta’s cloud to be processed via AI. According to Meta’s own website, “all photos processed with AI are stored and used to improve Meta products, and will be used to train Meta’s AI with help from trained reviewers.”

    Meta states this processing includes the analysis of objects, text and other contents of photos, and that any information “will be collected, used and retained in accordance with Meta’s Privacy Policy.” In other words, images uploaded to the cloud will be used to train Meta’s AI.

    Leaving it up to users

    The ubiquity of portable digital cameras, including wearable ones, has had a significant impact on how we document our lives while also reigniting legal and ethical debates around privacy and surveillance.

    In many Canadian jurisdictions, people can be photographed in a public place without their consent, unless there is a reasonable expectation of privacy. However, restrictions apply if the images are used for commercial purposes or in a way that could cause harm or distress. There are exceptions for journalistic purposes or matters of public interest, but these can be nuanced.

    Meta has published a set of best practices to encourage users to be mindful of the rights of others when wearing the glasses. These guidelines suggest formally announcing when you plan to use the camera or livestream, and turning the device off when entering private spaces, such as a doctor’s office or public washrooms.

    As someone who owns a pair, I can ask my Ray-Ban Meta glasses to comment on what I can see and it will describe buildings, translate signs and accurately guess the species of my mixed-breed dog, but will let me know that it is not allowed to tell me anything about people whenever a person appears in frame.

    What remains unclear is the issue of bystander consent and how people who appear unintentionally in the background of someone else’s photos will be used by Meta for AI training purposes. As AI capabilities evolve and these technologies become more widespread, these concerns are likely to grow.

    Meta’s reliance on user behaviour to uphold privacy norms may not be sufficient to address the complex questions surrounding consent, surveillance and data exploitation. Given the company’s track record with privacy concerns and its data-driven business model, it’s fair to question whether the current safeguards are enough to protect privacy in our increasingly digitized world still.

    Victoria (Vicky) McArthur 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. Meta’s AI-powered smart glasses raise concerns about privacy and user data – https://theconversation.com/metas-ai-powered-smart-glasses-raise-concerns-about-privacy-and-user-data-238191

    MIL OSI – Global Reports

  • MIL-OSI New Zealand: Speech to 2024 Aerospace Summit

    Source: New Zealand Government

    Good morning, and thank you to Aerospace New Zealand and the committee for inviting me to attend the third annual Aerospace Summit. 

    Thank you also for all the work undertaken by the Aerospace New Zealand committee and your team in the delivery of so many outreach and educational activities around New Zealand. 

    I would also like to acknowledge the many international experts joining us at this Summit. I welcome your participation and thank you for your interest.

    I am an enthusiastic supporter of our aerospace sector, and it is a pleasure to be talking to a room full of people who feel as positive about the future of aerospace as I do. 

    This enthusiasm is also shared by the Government, as evidenced by the fact that for the first time we have a Minister for Space.

    It’s a role I’m very proud of but which also brings a real responsibility for improving the public understanding of just what space involves. Most people relate it simply to rockets but as everyone here knows there’s so much more to it – be it satellites, be it drones or be it the  data these platforms generate. One aspect of this new position I do wish to make clear is that the scope of my portfolio covers not only space activity but also emerging aviation technologies.

    Novel and groundbreaking aviation technologies are set to revolutionise aviation, as well as driving advancements that will impact our daily lives through technologies in communications, mapping and monitoring of land, disaster response and how we transport goods.

    The Government is ambitious for the possibilities for advanced aviation in New Zealand and its potential to grow the economy and boost productivity. 

    To realise that ambition we need to have the right regulatory settings to help unlock the growth of this part of the economy.

    It is the Government’s goal that by the end of 2025, New Zealand will have a world-class regulatory environment that allows rapid iteration and testing of advanced aviation vehicles and technology, while maintaining high standards of safety.

    I am pleased to announce that to achieve this, the Government has agreed to a set of actions to support and grow advanced aviation and remove unnecessary red tape. 

    This light touch regulatory approach, which will also cover experimental or developmental aircraft and systems, will significantly free up innovators to test their tech and ideas. 

    Once innovators get ready to export their technologies, they will transition into the current regulatory regime to allow them to demonstrate the integrity and credibility of their products, as international regulators will demand this. 

    We will also be engaging with the sector to establish permanent restricted airspace areas – or sandboxes – for exclusive use by advanced aviation companies.

    We will be updating other Rules to enable more timely decision-making.

    I look forward to having more to say on this in the coming months. 

    In the meantime, I am looking forward to visiting the Tāwhaki Aerospace Centre this afternoon, which is already playing an important role in ensuring companies have access to the right infrastructure to support them with testing and trialling innovative technology. 

    These reforms are just some of the steps the Government is taking to support the growth and development of our wider aerospace sector. 

    I am pleased to release today the New Zealand Space and Advanced Aviation Strategy, which sets out the Government’s ambitions for the sector and actions to achieve this, supported by principles on our broader space interests. 

    It succinctly brings together previous policy and strategy documents into one cohesive Strategy.

    It also highlights to a global audience the benefits of New Zealand as a location for aerospace activities.

    The new Strategy is on the New Zealand Space Agency website, and I encourage you to take a look.

    Thinking of that global audience, I have been fortunate enough to be able to travel internationally in my time as Minister for Space to promote our space and advanced aviation sectors and share how excited I am at the future we have ahead of us.

    I have visited international space agency facilities across a number of countries and continents and attended events such as the Space Symposium in Colorado Springs, and most recently the Australian Space Forum to announce a joint open call for Earth observation proposals with our neighbours across the Tasman.

    Through this travel, I have strengthened New Zealand’s international aerospace relationships with both government and sector partners. 

    Prime Minister Christopher Luxon and my ministerial colleagues have done the same. These international connections are important not only to drive progress in science, innovation and technology but also to build commercial connections and opportunities for our sector. We have much to offer and we are open for business.

    In another step to support the Government’s work to develop the sector, we will be conducting an economic survey. 

    This will provide an understanding of the size and productivity of the space and advanced aviation sectors to better support opportunities and overcome challenges to future growth. 

    We would like to get as clear of a picture as possible by ensuring everyone is included.

    This survey will begin later in the year, and I encourage you to contribute when the time comes.

    Fostering talent in aerospace-related fields is also important for the ongoing success of the aerospace economy. 

    Earlier this year, the Prime Minister announced the Prime Minister’s Space Prizes to celebrate the innovative, talented people in our aerospace sector and inspire the next generation.

    There are two prizes – one for Professional Excellence, which carries a $100,000 prize, and one for Student Endeavour, which carries a $50,000 award.

    Applications close on September 30 – which is just six days away – and I encourage those of you who haven’t yet applied to consider doing so. 

    Applications are also open for the 2025 New Zealand Space Scholarships. So, if you know a high-flying graduate student interested in working on NASA projects in the US next year, please encourage them to apply. These interns bring home invaluable skills and experience from their time away. 

    Another example of Government fostering talent in industry is the Ārohia Trailblazer Grant, a Callaghan Innovation fund which supports innovative New Zealanders with big ideas to take to market their world-leading innovations.

    I am very pleased to announce that four of the seven recipients of the latest round of funding are from, or are involved with, the aerospace industry.

    Congratulations to Astrix Astronautics, Emrod, Fabrum Solutions Limited, and Zenno Astronautics who, alongside other recipients Basis NZ, Toku Eyes and Zincovery Process Technologies, will each receive a share of around $17.5 million in co-funding.

    We recognise the significant achievements and contributions you all make to the success of the sector, and these are just some of the ways we celebrate and further encourage these activities.

    Thank you for your time and attention this morning. I encourage you to make the most of the rest of the Summit and I look forward to doing the same.

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: India attends first in-person IPEF Supply Chain Council and Crisis Response Network meeting at Washington DC

    Source: Government of India (2)

    India attends first in-person IPEF Supply Chain Council and Crisis Response Network meeting at Washington DC

    Three Action Plan teams formed for Semiconductor; Critical Minerals with a focus on batteries; and Chemicals to facilitate supply chain resilience

    Sub-committee on Logistics and Movement of Goods established to improve logistics services

    Sub-committee on Data and Analytics established to analyse supply chain exposures and risk

    Crisis Response Network meeting witnesses Emergency Simulation Exercise

    Posted On: 23 SEP 2024 6:13PM by PIB Delhi

    Indian delegation attended the first in-Person meeting of the Supply Chain Council of the Indo-Pacific Economic Forum (IPEF) for Prosperity held in Washington DC on 12 September 2024 followed by Crisis Response Network meeting on 13 September 2024. These formal meetings were preceded by Panel discussions on various topics related to supply chain resilience with special focus on the United States initiatives including the creation of dedicated Supply Chain Centre and development of the tool like SCALE.

    While the US is the Chair, India is the vice Chair of the Supply Chain Council. Substantial progress was made in this meeting. The Council adopted the one-year work plan detailing the action to be taken by the Council for the entire year. Apart from this, the major achievements were the establishment of three Action Plan Teams pertaining to three sectors, namely Semiconductor; Critical Minerals with a focus on batteries; and Chemicals.

    It was also principally agreed by the partner countries to establish another Action Plan Team related to Healthcare/Pharma sector, wherein the Action Plan Team will come into operation once the Chair for the same is finalised. These sectors were identified from the list of critical sectors and key goods notified by the Partner countries. Interested partner countries can join the Action Plan teams within a month of the establishment of the Action Plan Teams. These Action Plan Teams will commence work shortly to prepare its recommendations for the Council on possible collaborative and co-operative efforts among the partner countries for bringing in resilience in supply chain pertaining in those specific critical sectors and key goods.

    The formation of Action Plan teams in these areas are highly relevant today in majority of critical supply chains given their supply concentration and the experience learnt from significant disruptions faced during the COVID-19 pandemic. There are challenges and strength in these areas across all IPEF partners. Some examples are given below:

    For semiconductor eco-system, one may be endowed with skilled workforce say the design engineers for chip design, others may be in a position to provide high capital investment for fabrication and manufacturing, developed infrastructure etc. The world has witnessed exponential growth in technological advancements and demand for clean energy solutions. This paradigm shift towards a sustainable and low-carbon future has brought to the forefront the critical importance of securing a reliable supply of critical minerals.

    The use of specific critical minerals is indispensable for the sectors including clean energy, electronics, defence, transportation, telecommunications, fertilisers, pharmaceuticals. One of the key challenges lies in the supply risk on account of its concentration and global market dynamics and, which can result in price volatility and uncertainty leading to supply disruptions.

    Similarly, the growing population puts immense pressure on limited agricultural land for higher yields and in this context, the importance of Agro-chemicals resilient supply chain has become extremely important. According to an estimate, the Agrochemicals Market (fertilizers, pesticides, adjuvants, and plant regulators) is projected to reach USD 282.2 billion by 2028 from USD 235.2 billion by 2023, at a CAGR of 3.7%.

    Another major achievement was establishment of two sub-committees for cross cutting issues. While the Sub-committee on Logistics and Movement of Goods would facilitate efforts to improve logistics services and logistics infrastructure in the IPEF region, as well as efforts to enhance trade facilitation practices, the Sub-committee on Data and Analytics would build upon the work already undertaken by IPEF countries to exchange analytical approaches to supply chain exposures and risk. In this context, India also emphasized on the need to work towards workforce development for re-skilling and up-skilling, which is positively under consideration.

    After the in-person meeting of the IPEF Supply Chain Council, the Crisis Response Network (CRN) meeting, chaired by the Republic of Korea, was held on 13 September 2024. During the meeting, as part of capacity building, CRN conducted an emergency simulation exercise (table top exercise) involving a supply chain disruption impacting the import and use of certain chemicals by IPEF countries and discussed ways to enhance collaboration across IPEF. CRN is focused on addressing immediate supply chain disruptions.

    IPEF Partner countries including India are committed to actively engage in the Action Plan teams and Subcommittees of their interest as they work together in a collaborative and co-operative manner to develop actionable policies and recommendations aimed at strengthening supply chain resilience across the IPEF region.

    Supply Chain Resilience Agreement (Pillar II Agreement) under IPEF (a 14-country plurilateral grouping in the Indo-Pacific region.) came into effect from 24 February 2024.  The Agreement seeks to strengthen supply chains through economic engagement among partner countries with the goal of advancing growth, peace and prosperity in the region. Under this Agreement, three institutional bodies have been created namely, Supply Chain Council (SCC), Crisis Response Network (CRN) and the Labour Rights Advisory Board (LRAB) with specific functions to achieve the objectives of the Agreement.

    On the sidelines of the these IPEF meetings, bilateral meetings were also held with the United States, Australia, New Zealand, Japan, Malaysia, Indonesia and the Republic of Korea to understand their views and the way forward for facilitating robust supply chain in the region.

    The next meeting of the Supply Chain Council will be in held December, 2024.

    ***

    AD/VN

    (Release ID: 2057965) Visitor Counter : 71

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Allens advises SK Group

    Source: Allens Insights

    Allens has advised SK Group on an agreement to extend the timeline for its put option with Masan Group (MSN) and its sale of a 7.1% stake in WinCommerce to MSN for US$200 million. 

    SK Group is a leading conglomerate, ranking second among Korean enterprises in total assets. Since 2018, SK Group has invested over US$1.2 billion in MSN and its affiliates, including approximately US$470 million for a 9.5% stake in MSN with a put option to sell the shares back to MSN in 2024, which has now been extended.  

    Together with extending the put option, Allens also advised SK Group on the sale of its 7.1% stake in WinCommerce to MSN for US$200 million.

    ‘We are delighted to have worked with SK Group on these significant transactions and look forward to our continued work together in the future,’ said Partner Linh Bui.

    Allens legal team

    Linh Bui (Partner), Ngoc Anh Tran (Partner), Ha Nguyen (Senior Associate), Thuy Linh Nguyen (Associate), Tien Tran (Associate), Nhi Duong (Junior Associate), Phu Tran (Junior Associate)

    MIL OSI News

  • MIL-OSI Australia: Activist shareholders are becoming more efficient, more sophisticated and better resourced

    Source: Allens Insights

    How companies can stay ahead of evolving campaigns 6 min read

    Shareholder activists are increasingly using novel tactics to influence the strategies of companies. While campaigns continue to focus on the full spectrum of key issues like M&A activity, business operations and strategy, regulatory concerns and ESG-related matters, we are seeing a change in the type of shareholder launching campaigns. Large institutional players and funds (including super funds) are moving into this space, resulting in better-funded and more sophisticated campaigns. Activists are also increasingly willing to take campaigns public without first engaging with the company, meaning they are less predictable.

    This escalation underscores the need for companies and boards to understand the interests of their stakeholders and anticipate potential activist agendas, and to take a proactive approach to managing those issues in order to be prepared and minimise the risk of becoming a target of a campaign.

    In this Insight, we discuss recent shareholder activism trends in Australia, explore some of the novel tactics used by activists and discuss strategies for companies to prepare for an activist campaign.

    Key takeaways 

    • With large institutional players and funds (including super funds) becoming more active, campaigns are becoming more efficient, sophisticated and resourced.
    • There has been an increasing trend for activists to go public without prior engagement with the company, meaning an impending campaign is not always easy to identify or predict.
    • The tactics and objectives of activist shareholders are wide-ranging, with shareholders using novel tactics such as fast-paced public campaigns through online platforms and seeking access to internal company documents.
    • To mitigate against these risks and disruption to the business, companies and boards must plan and execute effective strategies that anticipate and respond to activist campaigns.

    Who is launching campaigns?

    Super funds and other large institutional investors are increasingly pursuing an active role in the oversight of their investments – which is pertinent, given super funds currently hold an interest in approximately 34% of the ASX, which is estimated to eventually increase to more than 50%.1 Further, the Australian market has seen activist investment firms, including Australian-based hedge funds, join forces to exert greater influence over company strategy. 

    Key issues driving activists

    M&A activity

    Where a prospective M&A opportunity requires shareholder approval, then by its nature, it needs to be viewed favourably by shareholders to satisfy any applicable approval thresholds. However, even where shareholder approval isn’t being sought, we are seeing a rise in shareholders using their influence to oppose or otherwise alter the terms of M&A activity, putting pressure on the company to pursue alternative strategies or alter the terms of a deal. Tactics used by shareholders to exert influence on emerging M&A transactions can range from confidential non-public engagement with the company, to (increasingly) public criticism of the deal and launching a campaign to actively oppose the relevant transaction and seek support from other shareholders. For instance, earlier this year, Pendal Group, Qantas’ largest investor, publicly voiced concerns about Qantas’ ability to meet projected earnings margins amidst plans to purchase aircraft assets worth over $3 billion. Following the widespread criticism, the company was reported to have pulled back from public presentations on the matter. Whitehaven was also targeted by Bell Rock, a hedge fund investor, as it pursued a transaction to acquire metallurgical coal assets from BHP. The public campaign opposed the proposed acquisition and use of Whitehaven funds, and subsequently targeted the company’s remuneration policies, including writing letters to Whitehaven shareholders and creating a website encouraging shareholders to take action at the upcoming AGM. It culminated in Whitehaven applying to the Panel seeking a declaration of unacceptable circumstances (see our Insight for more details on Bell Rock’s misadventure here).

    We have seen an increase in highly publicised activist campaigns that have successfully resulted in shareholders rejecting takeover bids and schemes of arrangement. Historically, shareholders opposing M&A activity were often competing bidders seeking to advance their own position. Recently, there has been an increase in campaigns by shareholders that are not competing bidders, but rather they oppose the transaction because they see the proposal as opportunistic or otherwise have different views on the longer term value of the company. Notable recent examples are AustralianSuper’s opposition to the Origin takeover and Tanarra Capital’s push for change at Bapcor.

    Business operations and strategy 

    Shareholders have a clear incentive to pursue an activist campaign against a company where, in the eyes of the activist, there are perceived strategy or governance shortcomings or an underperforming share price or asset base.

    Activists can and more frequently will look to challenge corporate strategies in the pursuit of what they perceive as better value or alignment with long-term growth objectives. In May this year, an Australian-based oil and gas producer faced shareholder dissent at its AGM and received a ‘first strike’ against its remuneration report. Shareholders had been advocating for a higher dividend payout ratio and a greater return of cash.

    Activist investment firms, in particular, are increasingly making public statements regarding their own business strategies for investee companies – for example, recommending dividends and buybacks over M&A activity and development. As mentioned earlier in this article, Bell Rock’s campaign against Whitehaven was borne from the hedge funds’ dissatisfaction with the corporate strategy to cease a buyback and deploy the capital on an M&A opportunity. Lendlease, similarly, experienced significant pressure from activist firms Tanarra Capital, Allan Gray, and HMC Capital to refocus its activities on domestic operations rather than offshore expansion.

    Regulatory concerns

    Australian companies and boards are navigating Australia’s ever-changing and complex regulatory landscape. With increasing shareholder expectations regarding a company’s legal and regulatory compliance, we are seeing a rise in shareholders advocating for changes that they believe will enhance compliance, protect a company from legal risks, and strengthen its financial health and public reputation.

    In the gambling sector, for example, non-compliance has compelled shareholders to demand changes to cultural practices and the reconfiguration of boards. Recently, the Alliance for Gambling Reform voiced its plans to target Nine Entertainment and Seven West Media from within, as shareholders, in an attempt to stop gambling advertisements. Shareholder resolutions were publicly revealed as the activism tactic of choice. Unsurprisingly, there remains a consistent push for corporate behaviour to align with regulatory best practices and investor expectations.

    Environment, social and governance considerations

    Historically dominated by individual investors and smaller single-issue activist groups, shareholder activism in the ESG space is now also characterised by the involvement of large institutional investors, with significant resources to dedicate to activist campaigns. Earlier this year, HESTA voted against the re-election of the Chair of the Santos board on the basis of climate-related factors. The activity of these types of investors is often driven by their own ESG-related targets and other commitments they have made to their investors.

    Beyond climate, we anticipate that future shareholder activism in the ESG space may be driven by nature-related considerations. Allens recently discussed the growing need for boards to exercise due care and diligence in relation to nature-related risks and opportunities following elevated investor scrutiny and agitation in this area. In particular, boards must understand the risks associated with a company’s nature-related dependencies and impacts in order to appropriately consider, manage and/or disclose a company’s nature-related matters to meet shareholder expectations.

    Developing strategies to address ESG interests of shareholders and more broadly adapting to the shift in societal expectations will be paramount. The constant advancement of tools and methodologies used to evaluate ESG successes will further drive shareholder scrutiny. M&A front-runners are progressively turning their attention towards these issues, devising innovative approaches to embed relevant ESG factors into their M&A strategies.2

    Activist tactics

    While activism can take many forms depending on the specific goals of the shareholder involved, there are some common tactics employed in the Australian market. 

    Established tactics

    The more typical activist tactics involve utilising the mechanisms available under the Corporations Act to do one or a combination of calling a meeting, proposing resolutions, distributing materials to shareholders and nominating candidates to the board, each with the purpose of placing a spotlight on an issue or advancing an agenda.

    With a spotlight on the experience of the ASX300 during the 2023-24 financial year:

    • of the 37 remuneration reports voted down by shareholders, around five appear to have been a protest vote due to shareholder concerns beyond remuneration-related issues; and
    • four companies had shareholders approve amendments to their constitution, where those amendments were proposed by shareholders and opposed by the board.

    The window for these types of activist campaigns was in the lead-up to AGM season.

    Historically, activists would generally engage with the company as a first step, before going public with a campaign in the month or two ahead of the relevant AGM, which meant companies had more lead time to prepare.

    However, we are now seeing these campaigns being launched outside that typical AGM window. Activists are also becoming more aggressive and are increasingly willing to take the campaign public without first engaging with the company, which can surprise the company and put them on the back foot.

    Emerging tactics

    The existing toolkit is being supplemented with new tactics that are coming to the fore.

    Harnessing the power of the internet and social media, shareholders are reaping the benefits of activism in a tech-savvy world. Novel online platforms are providing new and unpredictable ways for activists to join forces and launch powerful campaigns. The Alliance for Gambling Reform, mentioned earlier in this article, used online share-trading platform SIX, a trading platform that unites shareholders, to begin its campaign against gambling advertising. Similarly, the widespread reach of social media means that shareholders have more power than ever to captivate the public and influence a market. In a successful campaign against a proposed demerger in 2022, the largest shareholder of an Australian-based energy provider launched a sharp website and employed X (then Twitter) to broadcast a video that appealed to other shareholders. Companies must become comfortable with the reality that one activist could quickly and unexpectedly gain substantial online support.

    Shareholders are also seeking opportunities to obtain a company’s own documents and policies (not all of them public) and hold them to account against a particular activist agenda. This approach has seen shareholders seek preliminary discovery of documents relating to the target company’s internal risk management framework. More recently shareholders have used document inspection powers under the Corporations Act to seek to obtain the target company’s internal documents relating to its climate exposure, as well as human rights issues.

    How to prepare

    Campaigns can be launched without warning and escalate quickly. All companies should take steps to prepare, even if they aren’t anticipating being a target. To be able to be decisive and act swiftly, companies should:

    • actively monitor securities trading and share registers for any early signs of stakes being accumulated;
    • ensure public-facing documents clearly and consistently articulate the company’s strategy;
    • proactively communicate with stakeholders regarding the company’s strategies and values, particularly around points that could be open to challenge, such as operational costs, executive remuneration, ESG related performance and regulatory compliance;
    • consider the breadth of their ESG related public commitments and statements and areas that may be open to scrutiny based on gaps in practice against those commitments or trends in stakeholder activism focus areas;
    • undertake training exercises and work through scenarios with the board and senior leadership to be familiar with how a campaign could play out and potential responses; and
    • have standing appointments for financial, legal and other specialist advisers (such as communications experts) that can be called on quickly if the need arises.

    MIL OSI News

  • MIL-OSI Australia: Single-vehicle traffic crash, Grove

    Source: Tasmania Police

    Single-vehicle traffic crash, Grove

    Monday, 23 September 2024 – 4:30 pm.

    Sadly, a 66-year-old man has died following a single-vehicle crash at Grove in the states South.
    Police and emergency services were called to the scene about 2.00pm this afternoon.
    Initial inquiries indicate the man, who was the sole occupant of the vehicle, has experienced a medical episode.
    Our thoughts are with the man’s family and loved ones.
    A report will be prepared for the coroner.

    MIL OSI News

  • MIL-OSI Submissions: Nigeria: fears of disease outbreaks grow in Maiduguri following severe flooding

    Source: Médecins Sans Frontières/Doctors Without Borders (MSF)

    Maiduguri, Borno state, 23 September 2024 – Médecins Sans Frontières/Doctors Without Borders (MSF) is highly concerned about the significant risk of malaria and waterborne diseases, including cholera, following the recent flooding that has inundated vast parts of Maiduguri. in north-eastern Nigeria. MSF fears that this crisis could increase the levels of malnutrition in the area and calls for urgent additional support, especially in terms of water, sanitation, and medical care, to protect people already heavily impacted by long-term insecurity and unprecedented levels of malnutrition.

    On 10 September, heavy rain caused the Alau Dam in Borno State to overflow, leading to major floods in and around the city of Maiduguri. The deluge heavily impacted houses, markets, fields, livestock, and several health facilities. According to Borno State authorities, close to 400,000 people have been registered in 30 makeshift displacement sites.[1] Most of the sites are schools with too few latrines, and a lack of safe drinking water.

    “We are very concerned about the precarious living conditions and the potential outbreaks of cholera and malaria”, says Dr Issaley Abdel Kader MSF Head of mission in Nigeria. “The number of children affected by malaria and acute watery diarrhoea had already started to increase before the flooding, and we have seen some with clinical signs of cholera since the floods. We are afraid that the number of cases will rise without an increase in medical and humanitarian support, particularly support for water, sanitation and hygiene services.”

    Last week, MSF teams visited several displacement sites (Galtimari, Yerwa, Ali Sheriff, Vocational Enterprise Institute, Teachers Village) to assess people’s needs and start the provision of essential services such as access to water through water-trucking and water tanks, the installation and repair of latrines, and the distribution of mosquito nets. Teams are also running outpatient consultations in the sites, including mental health support, and referring critical patients to the facilities we support. Given the risks posed by malaria and cholera, MSF is also planning to expand the paediatric facility it supports by 100 beds and have begun setting up a cholera treatment centre that can be increased to a 100-bed capacity, if needed.  

    The Borno State government has announced the closure and merging of most displacement sites in the coming days. They plan to keep three main sites to accommodate people who still have no place to stay for one more week, and a mass cholera vaccination is upcoming.

    “All parties involved in the humanitarian response must continue providing assistance to the people affected by the floods as long as it will be necessary and ensure immediate and easy access to medical care for those who need it. The closure of most sites means that many will find themselves in a very vulnerable situation. For those remaining in the sites, prompt action must be taken to swiftly improve hygiene conditions, including access to latrines, safe water and mosquito nets”, says Dr. Issaley.

    Support for communities won’t just be needed at the new displacement sites. Well before the flooding, the entire population of Maiduguri was already facing huge challenges, including one of the worst malnutrition crises recorded in northeast Nigeria. In the past months, hundreds of severely malnourished children have been admitted every week into MSF’s nutritional care hospital.

    “Admissions to the nutritional facilities had just started to reduce when the flooding occurred”, says Dr. Ashok Shrirang Sankpal, deputy medical coordinator MSF Nigeria. “With markets and businesses heavily impacted, the harvest damaged and livestock washed away, there is huge concern that admissions will start to rise again.”

    This is the second time in just a few weeks’ that MSF has had to launch emergency responses linked to flooding in northern Nigeria. In August in Gummi, Zamfara state, homes and farms were destroyed and thousands left newly displaced by severe flooding. Like Maiduguri, people in this area already face significant challenges, including malnutrition, persistent insecurity and lack of access to healthcare. MSF teams have been supporting communities in Gummi over the last few weeks by delivering clean drinking water, repairing boreholes and delivering kits which include plastic sheets for temporary shelter and mosquito nets.

    [1] Nigeria: Floods – Maiduguri (MMC) and Jere Floods Flash Update 3 (18 September 2024) – Nigeria | ReliefWeb

    MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

    MIL OSI – Submitted News

  • MIL-OSI Australia: Charges – Stolen motor vehicle and pursuit – Greater Darwin Region

    Source: Northern Territory Police and Fire Services

    Northern Territory Police have arrested a 32-year-old male in relation to an aggravated robbery in Stuart Park earlier today.

    Around 12:00pm, police received reports that a man had allegedly threatened multiple people with an edged weapon at a business on the Stuart Highway.

    A short time later, the offender attended a business on Presley Street and allegedly threatened a staff member with an edged weapon before stealing a vehicle and fleeing the scene.

    The stolen vehicle was later reported to be driving erratically outbound on the Stuart Highway.

    General Duties and Road Policing Units located the vehicle stationary on Gunn Point Road before it drove directly at them at 150km per hour. Members were able to take evasive action to avoid a collision.

    Police then deployed additional units including Dog Operations Unit, TRG and a helicopter to form a coordinated response to locate the offender on the ground.

    The offender had abandoned the stolen vehicle and fled into nearby bushland.

    The 32-year-old was arrested in nearby bushland at Gunn Point by TRG with an edged weapon on his person and tested positive to methamphetamine. 

    He has been charged with the following:

    • 2 x Assault with intent to steal.

    • 3 x Aggravated Robbery
    • 1 x Theft
    • 2 x Recklessly endangering life
    • 1 x Driver with prohibited drug in body
    • 1 x Driver drive under influence of drugs
    • 1 x Drive manner dangerous.
    • 1 x Drive Motor vehicle unsafe to drive.
    • 1 x Cross double white lines.
    • 2 x Person cause bushfire.

    He is remanded to appear in Darwin Local Court Tuesday 24 September 2024.

    Detective Acting Senior Sergeant Trent Abbott said, “I would like to commend all the officers involved in the apprehension of this individual.

    “This man’s actions are reprehensible and could have caused serious damage or loss to life.

    “His arrest almost certainly prevented further offending.

    “We take a zero-tolerance approach to this type of behaviour, so if you conduct yourself in this way, you can expect to be prosecuted.

    “This man will be no exception.”

    MIL OSI News

  • MIL-OSI Australia: 209-2024: Scheduled Service Disruption: Friday 27 September to Sunday 29 September 2024 – BICON, DAFF messaging, SeaPest

    Source: Australia Government Statements – Agriculture

    23 September 2024

    Who does this notice affect?

    All clients required to use the department’s Biosecurity Import Conditions System (BICON) during this planned maintenance period.

    All clients submitting the below declarations:

    • Full Import Declaration (FID)
    • Long Form Self Assessed Clearance (LFSAC)
    • Short Form Self Assessed Clearance (SFSAC)
    • Cargo Report Self Assessed Clearance (CRSAC)
    • Cargo Report Personal Effects (PE)

    MIL OSI News

  • MIL-Evening Report: More Australians are using their superannuation for medical procedures. But that might put their financial health at risk

    Source: The Conversation (Au and NZ) – By Neera Bhatia, Associate Professor in Law, Deakin University

    fizkes/Shutterstock

    A record number of Australians are accessing their superannuation early on compassionate grounds, mainly to fund their own medical procedures – or those of a family member.

    Some 150,000 Australians have used the scheme in the last five years. Nearly 40,000 people had applications approved in 2022-23, compared to just under 30,000 in 2018-19 – an increase of 47%.

    Some people think this flexible use of funds is a good way to ensure people can fund their own medical needs. But more transparency and better oversight is needed.

    What are compassionate grounds?

    Since July 2018, the Australian Tax Office has administered the early release of superannuation – meaning before retirement – under certain circumstances, including compassionate grounds.

    Compassionate grounds for you or your dependant (such as child or spouse) are:

    • medical treatment or transport
    • modifying your home or vehicle to accommodate special needs for a severe disability
    • palliative care for a terminal illness
    • death, funeral or burial expenses
    • preventing foreclosure or forced sale of your home.

    The medical treatment must be for a life-threatening illness or injury, or to alleviate acute or chronic pain, or acute or chronic mental illness.

    The treatment cannot be “readily available” through the public system. Cosmetic procedures are excluded.

    You also have to prove you cannot afford to pay part or all of the expenses without accessing your super, for example, by spending your savings, selling assets or getting a loan.

    People who can access other funding for the expense, such as via the National Disability Insurance Scheme, are ineligible.

    Why are people using this scheme more?

    The ATO has not explained what is driving the surge. General cost-of-living pressures may play a role. People may have fewer savings to draw on for medical procedures.

    But the treatments most commonly being accessed using superannuation – fertility treatments, weight loss surgeries and dental care – point to other systemic issues.

    There have long been issues with IVF and dental care not being readily available or funded in the public health system.

    Weight loss surgeries (including bariatric surgery) can help combat potentially life-threatening conditions such as heart disease. Recent research suggests there has been an overall drop in the number of Australians having bariatric surgeries since 2016. But of those, 95% are performed through the private system.

    Australians are increasingly turning to their super to fund dental care, which is not covered by Medicare.
    Pixabay/Pexels

    While early access to super can provide individuals access to critical treatment, there are issues with how compassionate grounds are defined and regulated.

    Lack of clarity

    As my co-author and I have shown, the vague wording of the Superannuation Industry regulations leaves them worryingly open to interpretation.

    For example, the meaning of “mental disturbance” is not defined.

    You may not meet the criteria of having an acute or life-threatening illness, or acute or chronic pain. But if you can show a certain condition causes you acute mental disturbance, you may qualify to release your superannuation early.

    People accessing their superannuation for IVF use this criterion, for example, by arguing they need to access funds to continue treatment and alleviate the acute mental distress caused by ongoing infertility issues.

    Two registered medical practitioners are each required to submit a report demonstrating the treatment is needed, and one must be a specialist in the field in which the treatment is required. However, the regulations do not specify clearly that the specialist should have relevant qualifications.

    In the IVF example, this means the specialist opinion can be provided by a fertility doctor rather than a mental health expert – and that person may stand to profit if they later also provide treatment.

    A closed-loop system

    Conflict of interest is another major issue.

    There is nothing in the regulations to stop a medical practitioner – such as a dentist – being involved in all steps and then financially benefiting. They could encourage a patient to access superannuation for a treatment, write the specialist report and then also receive payment for the treatment.

    Some clinics promote accessing superannuation as an option to pay for expensive treatments.

    This raises important questions about the independence of the process, as well as professional ethics.

    Medical practitioners making recommendations for early release of superannuation should be doing so on genuinely compassionate grounds. But the potential for exploitation remains an ethical concern, when a practitioner can financially benefit from recommending early access to nest egg funds.

    Transparency around potential conflicts of interest are impossible to ensure without proper oversight.

    What is needed?

    1. Mandatory financial counselling

    The ATO has warned accessing super early is not “free money”, with a spokesperson urging people to get financial advice. But the law should go a step further and make this compulsory. That way people making decisions during an emotionally charged moment can understand any future implications.

    2. Tightening of the criteria

    Greater clarity in the legislation – such as defining “mental disturbance” – would help prevent loopholes being exploited.

    3. Better oversight

    Less health-care industry involvement would promote greater transparency and independence. An independent body of medical practitioners could assess applications rather than practitioners who could financially benefit if applications are approved. This would help alleviate perceived and actual conflicts of interest.

    Accessing superannuation early may be the only option for some people to start a family or access other life-changing medical care. But they should be able to make this decision in a fully informed way, safeguarded from exploitation and aware of the implications for their future.

    Neera Bhatia receives funding from The UK Arts and Humanities Research Council for an unrelated project.

    ref. More Australians are using their superannuation for medical procedures. But that might put their financial health at risk – https://theconversation.com/more-australians-are-using-their-superannuation-for-medical-procedures-but-that-might-put-their-financial-health-at-risk-239588

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Africa: City of Cape Town to host World Rugby’s WXV tournament

    Source: South Africa News Agency

    Monday, September 23, 2024

    The City of Cape Town is playing host to the World Rugby’s WXV tournament where the Springbok Women will face off against five other nations. 

    The Springbok Women will kick-off the tournament on Friday, 27 September, when they go up against Japan at the DHL Stadium. Kick-off will be at 4pm.

    In a statement on Saturday, the city said the DHL and Athlone Stadiums will host the matches.

    “The WXV 2 tournament is part of World Rugby’s annual women’s rugby competition. It consists of three rounds over three weeks. Hosts South Africa will be joined by Japan, Australia, Wales, Scotland and Italy for the competition,” said the city.

    On Saturday, 28 September, DHL Stadium will host a clash between Australia and Wales at midday followed by the clash between Italy and Scotland at 3pm at the same venue.

    ‘For the second year running, Cape Town is hosting this marquee World Rugby tournament, and this is testament to the Mother City’s reputation of hosting successful events. We are opening up two of Cape Town’s iconic stadiums to be the battleground for these titans of global women’s rugby. 

    ‘We are extremely proud to be involved with a tournament that is aimed at growing the status of the women’s game, while also providing these skilled athletes with a platform to showcase their talent. I would like to urge our residents and visitors to show support to the teams by purchasing a ticket for as little as R35,’ said Mayoral Committee Member for Safety and Security, JP Smith.

    Round 2 of the games will take place in October with Wales facing Italy on 4October at the Athlone Stadium at 4pm and Japan versus Scotland on 5 October. The game will get underway at 2 pm.

    South Africa will face Australia on 5 October at Athlone Stadium at 5pm.

    Round 3 of the games will see Wales clash with Japan on 11 October at the Athlone Stadium at 4 pm.

    South Africa will go against Italy at Athlone on 12 October at 2pm, followed by Australia versus Scotland on the same day at 5pm. The match will be played at Athlone Stadium.

    A total of nine matches will be played between 27 September and 12 October 2024. 

    Tickets for the matches are available at Ticketmaster. –SAnews.gov.za 
     

    MIL OSI Africa

  • MIL-OSI Australia: Fellows fly for seabirds and wildlife conservation research

    Source: Government of Queensland

    Issued: 23 Sep 2024

    With diverse projects ranging from embryo production for animal conservation to mapping Great Barrier Reef seabirds, four Fellows will fly to the USA or Panama to embark on their respective research projects.

    The Queensland Smithsonian Fellowship funds Queensland professionals to work within a Smithsonian Institution, either in the United States of America or Panama, giving them an opportunity to access sought-after expertise, collections, and facilities, and increase their knowledge and skills in their chosen field.

    The latest Queensland-Smithsonian Fellows are:

    • Dr Lily Bentley, movement ecologist and Postdoctoral Research Fellow at the University of Queensland, receiving $23,000 in funding.
    • Dr Andres Gambini, senior lecturer in Animal Science, School of Agriculture and Food Sciences at the University of Queensland, receiving $19,800 in funding.
    • Dr Ana Cecelia Villacorta Rath, Senior Research Officer at James Cook University, receiving $23,000 in funding.
    • Mr Christopher Salter, Head of Cultures & Histories at the Queensland Museum, receiving $19,800 in funding.

    Queensland Chief Scientist Professor Kerrie Wilson said the Queensland Smithsonian Fellowship allows Queensland researchers to tap into the significant resources and expertise available at the world’s largest research and museum complex.

    “Queensland’s program with the Smithsonian Institution is the only agreement of its kind in Australia, offering a unique opportunity for researchers to collaborate, connect and share mutually beneficial learnings in their chosen fields,” Professor Wilson said.

    “I am eager to see the results of these research projects and how the knowledge and skills gained at the Smithsonian Institution can be brought back to the science ecosystem in Queensland.”

    Dr Bentley’s research project aims to quantify the migratory connectivity of Queensland seabirds to improve conservation outcomes and ultimately support a healthy Great Barrier Reef.

    By quantifying the known migratory connectivity of seabirds, the project will undertake a gap analysis to identify and map important but untracked species/colonies.

    Dr Gambini’s research project aims to develop successful methods for producing embryos from dried sperm, with significant implications for the conservation of wild species.

    Advancing assistive reproductive technologies for wild animal species is critically important for enhancing the genetic management and health of small populations.

    Dr Rath’s research project aims to develop more accurate methods for assessing the health of the Great Barrier Reef. It will involve characterising bacterial communities to measure habitat health.

    Outcomes of this project will improve our capacity to understand the impacts of industrial activities in the Great Barrier Reef catchments and on the reef itself through better understanding of processes such as coral bleaching.

    Mr Salter’s research project aims to review and redescribe collection objects that reflect LGBTQ histories and lived experiences.

    The project aims to analyse Smithsonian collection management practices, data, community engagement models and exhibition interpretation to implement a pilot program at the Queensland Museum, to determine how collections can reveal LGBTQ histories.

    Since 2001, the Queensland Government has provided $1,083,801 through the Smithsonian Fellowship Fund to 60 Fellows from universities, science agencies, museums and art galleries across Queensland.

    View this page to learn more about current and previous Fellows and more information on the Queensland-Smithsonian Fellowship Program.

    MIL OSI News

  • MIL-OSI USA: Schakowsky, Carson, Jayapal Introduce UNRWA Funding Bill

    Source: United States House of Representatives – Congresswoman Jan Schakowsky (9th District of Illinois)

    WASHINGTON – Today, Representatives Jan Schakowsky (IL-09),  André Carson (IN-07), and Rep. Pramila Jayapal (WA-07) introduced H.R. 9649, the UNRWA Funding Emergency Restoration Act of 2024.This bill will end the congressionally and administratively mandated pause on funding for the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNWRA).

    The United States has historically been one of the largest financial supporters of UNRWA, which serves nearly 6 million Palestinian refugees across the West Bank, East Jerusalem, Syria, Jordan, and Lebanon. In March of this year, the U.S. paused UNRWA funding after the Israeli government alleged that 12 agency employees had direct involvement in Hamas’ October 7 terrorist attack.

    Following the UN’s investigation and proactive commitments made by UNRWA toward complete accountability and reform, all countries except the U.S. have resumed their UNRWA funding, including the European Union, United Kingdom, Canada, Australia, Finland, Germany, Japan, and Sweden.  Approximately 1.9 million people – 9 in 10 Gazans – have been displaced at least once, and an estimated 43,580 are pregnant women. UNRWA has served as the primary humanitarian aid organization operating in Gaza, and without funding, hundreds of thousands of Gaza civilians are left vulnerable. It is estimated that over 1 million Gazans will not have enough food this month, and availability of basic hygiene items has dropped to 15%. In addition to a polio outbreak, Gazans are suffering from malnutrition and treatable diseases due to “systematic dismantling of healthcare”from bombardments on civilians.

    “For decades, the United Nations Relief and Works Agency (UNRWA) has been a lifeline for Palestinians, providing food, clean water, healthcare, shelter, education, and livelihoods. Today, UNRWA remains the backbone of the humanitarian response in Gaza as it endures ongoing war and a dire humanitarian crisis. UNRWA and the United Nations have taken swift and decisive actions to address the concerns raised by the U.S. government when it paused funding in January and our allies have all resumed funding for UNRWA. The U.S. must follow suit and resume funding for this critical humanitarian agency,” said Congresswoman Jan Schakowsky. “I am proud to co-lead the UNRWA Funding Emergency Restoration Act to restore funding to UNRWA and help Gazans get the humanitarian assistance they need at a time of unprecedented crisis.”

    “The scale of this devastating, man-made crisis in Gaza cannot be overstated,” said Congressman André Carson. “Providing humanitarian aid to a starving nation – with funding Congress has appropriated year after year – should not be controversial. I urge my colleagues who care about basic human rights, the rights of pregnant women, and the wellbeing of innocent children to join our bill. UNRWA has taken appropriate and proactive steps towards accountability and transparency, conducting multiple independent reviews that continue to prove the organization is both in compliance and imperative to provide the region with lifesaving assistance.  It’s past time we restore funding and save lives.”

    “UNRWA has played a unique and integral role in supporting the welfare of Palestinian refugees for decades. Their on-the-ground understanding is invaluable to ensure that humanitarian aid makes it to the people who need it most — in the West Bank, East Jerusalem, Syria, Jordan, Lebanon, and critically in this moment in Gaza,” said Congresswoman Pramila Jayapal. “There is no question in my mind that revoking funding for UNRWA will lead to more devastation and loss of life in Gaza. We must ensure that those acting in good faith to save civilian lives are not undermined by a lack of US funding.”

    “J Street is proud to be supporting the UNRWA Emergency Restoration Act of 2024 introduced by Representatives Carson, Jayapal, and Schakowsky. We should restore funding, as all our major allies have, and stop playing politics with Palestinian welfare and Israel’s security,” said J Street President Jeremy Ben-Ami. “As UNRWA’s largest donor and Israel’s key security guarantor, the United States has a special obligation to address this crisis.”

    “Gaza isn’t starving. It’s being starved,” said Hassan El-Tayyab, legislative director for Middle East policy at the Friends Committee on National Legislation. “Over two million Palestinian civilians are enduring a man-made humanitarian catastrophe, with famine and disease spreading due to blocked aid access. Meanwhile, the Biden administration and Congress continue to withhold all U.S. funding for the largest aid operation in Gaza—the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). UNRWA is the backbone of aid delivery in Gaza, ensuring that millions receive desperately needed assistance. Blocking U.S. funding for UNRWA’s critical work is a cruel and unjustified decision that only deepens Gaza’s humanitarian suffering. Congress and the Administration must act swiftly to correct this wrong by supporting the UNRWA Funding Emergency Restoration Act and restoring this urgently needed aid.”

    “Restoring funding to UNRWA is a humanitarian imperative,” said Sharif Aly, President of the International Refugee Assistance Project (IRAP). “For over six decades, the United States has been one of the strongest supporters of UNRWA, which provides lifesaving aid and social services to millions of Palestinian refugees across the Middle East. Those services are desperately needed in Gaza right now, and UNRWA is the only organization with the capacity and expertise necessary to provide them at scale. The United States must uphold its commitment to the human rights of the Palestinian people and pass this legislation to reinstate funding to the humanitarian agency immediately. Failing to do so would lead to further human suffering.”

    “In restoring funding for food, water, shelter, and medical care for Palestine refugees, the UNRWA Restoration Act honors this most basic and inalienable truth — that the people of Palestine are human beings, just like all of us, and all lives are sacred, not just some,” said Mara Kronenfeld, Executive Director UNRWA USA.

    “UNRWA is indispensable to providing Palestinians in Gaza, the West Bank, Lebanon, Jordan, and Syria with the education, healthcare, and other critical services that are key to successful, productive livelihoods and citizenry, and a future of peace and prosperity, which should be in everyone’s interests. We support full restoration of funding to UNRWA,” said Sean Carroll, President and CEO of Anera.

    “We express our gratitude to Representatives André Carson, Pramila Jayapal, and Jan Schakowsky for introducing the UNRWA Emergency Restoration Act of 2024,” said James Zogby, President of the Arab American Institute. “This lifesaving legislation aims to restore critical U.S. financial support to the United Nations Relief and Works Agency (UNRWA) by repealing previous funding restrictions and encouraging the Secretary of State to lift the temporary pause on federal funding. UNRWA plays a vital role in providing essential services to millions of Palestinian refugees across the Occupied Palestinian Territory, Lebanon, Jordan, and Syria. The ongoing genocide in Gaza has resulted in increased displacement, starvation, and death. It is both inhumane and unconscionable to continue withholding financial support from UNRWA. We recognize that the majority of Americans are horrified by the death and destruction they witness daily in Gaza and the West Bank. UNRWA’s humanitarian aid and services often mean the difference between life and death for these vulnerable populations. Restoring U.S. funding to UNRWA is urgent, just, and the only morally responsible option. We urge lawmakers to prioritize the passage of this crucial legislation and ensure that UNRWA can continue to provide life-saving assistance to Palestinian refugees in the region.”

    ###

    MIL OSI USA News

  • MIL-OSI Economics: How the Necro Trojan infiltrated Google Play, again

    Source: Securelist – Kaspersky

    Headline: How the Necro Trojan infiltrated Google Play, again

    Introduction

    We sometimes come across modified applications when analyzing suspicious files. These are created in response to user requests for more customization options within the app or for new features that the official versions don’t have. Unfortunately, it’s not uncommon for popular mods to contain malware. This often happens because they’re distributed on unofficial websites that don’t have any moderation. For example, last year we found popular WhatsApp mods infected with CanesSpy and distributed this way. Before that, we found ads for WhatsApp mods infected with the Triada Trojan dropper in the popular Snaptube application. However, even official app stores can be infiltrated by infected apps. In 2019, we discovered the Necro dropper hidden within CamScanner, a widely used document scanning and processing app available on Google Play. At the time of the malware discovery, this app had been downloaded to more than 100 million devices worldwide. Sadly, history has repeated itself, and this time the Trojan authors exploited both distribution vectors: the new version of the multi-stage Necro loader infected both apps in Google Play and modified versions of Spotify, Minecraft, and other popular applications in unofficial sources.

    Our conclusions in a nutshell:

    • The new version of the Necro Trojan has infected various popular applications, including game mods, with some of them being available on Google Play at the time of writing this report. The combined audience of the latter exceeds 11 million Android devices.
    • The new version of the Necro loader, like most payloads it loads, has begun to use obfuscation to evade detection.
    • The loader, embedded in some applications, used steganography techniques to hide payloads.
    • The downloaded payloads, among other things, could display ads in invisible windows and interact with them, download and execute arbitrary DEX files, install applications it downloaded, open arbitrary links in invisible WebView windows and execute any JavaScript code in those, run a tunnel through the victim’s device, and potentially subscribe to paid services.

    How Necro spreads

    Necro loader inside a Spotify mod

    In late August 2024, our attention was drawn to a Spotify mod called Spotify Plus, version 18.9.40.5. At the time of writing this, the mod could be downloaded from spotiplus[.]xyz and several related sites that linked to it. The original website claimed that the mod was certified, safe, and contained numerous additional features not found in the official app. We decided to verify the claims about the application’s safety by downloading the latest version from this website (acb7a06803e6de85986ac49e9c9f69f1) and analyzing it.

    Site containing the Spotify mod

    The mod implements a custom Application subclass that initializes an SDK named adsrun in its onCreate method. This SDK is intended for integrating several advertising modules into the application: among other things, it initializes a module named Coral SDK. Upon activation, Coral SDK transmits a POST request to a designated command-and-control server. This request contains encrypted JSON data, specifically detailing the compromised device and the application hosting the module. The encryption method employed is a substitution cipher, where the substitution values are generated using a standard Java pseudo-random number generator seeded with a predefined constant. See an example of data sent by the module below.

    The C2 server returns a JSON response with an error code, encrypted with the same method. A value of 0 indicates successful execution. In this case, the response from the C2 will also contain an array of one object with a link to download the image in PNG format and associated metadata: name, MD5, version, and so on. Intriguingly, the downloaded file is termed “shellP”, suggesting it might be a condensed form of “shellPlugin”.

    Next, the module verifies the integrity of the downloaded image by calculating its MD5 hash and comparing it to the value received from the server. A payload is hidden in this image using steganography, which the module must extract and execute in the next step.

    Coral SDK uses a very simple steganographic algorithm. If the MD5 check is successful, it extracts the contents of the PNG file — the pixel values in the ARGB channels — using standard Android tools. Then the getPixel method returns a value whose least significant byte contains the blue channel of the image, and processing begins in the code.

    Steganographic algorithm for payload extraction

    If we consider the blue channel of the image as a byte array of dimension 1, then the first four bytes of the image are the size of the encoded payload in Little Endian format (from the least significant byte to the most significant). Next, the payload of the specified size is recorded: this is a JAR file encoded with Base64, which is loaded after decoding via DexClassLoader. Coral SDK loads the sdk.fkgh.mvp.SdkEntry class in a JAR file using the native library libcoral.so. This library has been obfuscated using the OLLVM tool. The starting point, or entry point, for execution within the loaded class is the run method.

    Starting the payload

    Therefore, the security claims made about the application on the mod website can be considered false.

    Having searched for the loader in our telemetry, we found other apps infected with Necro, including those available in Google Play at the time of writing this report. Their combined audience numbered more than 11 million Android devices.

    Wuta Camera app in Google Play

    Our first find is the Wuta Camera app. Judging by its page in Google Play, it was downloaded at least 10 million times. According to our data, the Necro loader has been embedded in it starting from version 6.3.2.148. The latest version of the app at the time of collecting information, 6.3.6.148 (1cab7668817f6401eb094a6c8488a90c), which was available on Google Play, also had the Necro loader. We reported the presence of malicious code to Google Play, after which the loader was removed from the app in version 6.3.7.138.

    Malicious loader in Wuta Camera

    The second infected app we found was Max Browser.

    Max Browser app in Google Play

    This browser, according to Google Play, has been installed more than a million times and, starting with version 1.2.0, also contained the Necro loader. After we reported it, Google took down the infected app from their store.

    Necro Trojan within Max Browser

    WhatsApp mods with the Necro loader

    We also found WhatsApp mods containing the Necro loader (0898d1a6232699c7ee03dd5e58727ede) in unofficial sources. The infected application is distributed under the package name com.leapzip.animatedstickers.maker.android. Interestingly, there’s a legitimate app on Google Play with the exact same package name that isn’t a WhatsApp mod, but instead offers a collection of stickers for the messaging app.

    The loader contained within the ad module in these applications functions somewhat differently from the sample described above. For instance, the code isn’t obfuscated at all but is protected by the SecAPK code protector. Additionally, the application uses Google’s Firebase Remote Config cloud service as a C2, storing information about files that need to be downloaded and executed.

    Running the payload

    While examining this loader, we discovered an interesting quirk: the malicious code within it has an 84% or 90% chance of execution. Initially, a random number between 0 and 99 is generated. Subsequently, based on the application package name, a threshold for malware execution is selected: the generated number must exceed either 9 or 15 for the loader to launch. If the number meets this criterion, a corresponding flag inhibiting loader operation is set to false, and the malicious functionality is executed.

    The malicious functionality will be executed with a predetermined probability

    Intermediate payloads downloaded by this loader are not pre-encoded. The Trojan receives both the entry point information for the downloaded file and the download link from its C2 server. According to our data, one of the payloads (37404ff6ac229486a1de4b526dd9d9b6) bore resemblance to a loader found in a modified version of Spotify, albeit with minor variations.

    • The next-stage payload (shellPlugin) is loaded without the aid of native code.

      Loading shellPlugin

    • A different path is used for the POST request to the command-and-control server to retrieve shellPlugin information.
    • Instead of using the steganographic algorithm, shellPlugin is decoded with Base64.

    Other infected applications

    This is not an exhaustive list of our findings. In addition to Spotify and WhatsApp mods, as well as apps in Google Play, we found infected game mods, including the following:

    • Minecraft;
    • Stumble Guys;
    • Car Parking Multiplayer;
    • Melon Sandbox.

    Given that various apps from multiple sources, including official ones, were found to be infected, we believe that the developers used an untrusted solution for ad integration. This led to a malicious loader appearing in the apps. Our security solutions detect it with the following verdicts:

    • HEUR:Trojan-Downloader.AndroidOS.Necro.f;
    • HEUR:Trojan-Downloader.AndroidOS.Necro.h.

    The Necro lifecycle in the wild: how the payload works

    During our research, we managed to obtain several samples of payloads that the loader subsequently executes. This particular payload (fa217ca023cda4f063399107f20bd123) exhibits several interesting characteristics that allow us to classify it as belonging to the Necro family:

    • The loader obtains download information from the C2 domain bearsplay[.]com. According to our telemetry data, the domain has been contacted by Necro-family malware.
    • According to our data, the C2 domains that this file interacts with are also being used by the Necro and xHelper Trojans.
    • The functionality of this new payload is very similar to the previous version of Necro (402b91c6621b8093d44464fc006e706a). The code of the Trojans is also similar, but in this new payload, the attackers have used an obfuscator to make it harder for security solutions to detect and analyze.

      Code snippet from the payload

      Similar code snippet from an old version of Necro

    • The payload configuration structure is identical to that of older versions of Necro, including the one we previously discovered in the CamScanner app. The field names in the configuration match the corresponding fields in other Necro versions.

    Based on this, we assert that both the examined payload and the original loader belong to the Necro family, which is familiar to us.

    Payload structure

    Now let’s move on to analyzing the payload. The second stage of the launch process reads a JSON-formatted configuration embedded within the code. An example of the configuration is provided below.

    The rp switch might contain malicious services to be launched, but it was empty in the samples we analyzed.

    Code for launching the malicious service from the “rp” parameter

    The mp configuration switch holds parameters for the second-stage loader. It’s likely an abbreviation for “module parameters”.

    The malicious functionality of Necro is implemented in additional modules that are downloaded from the C2 server. The malware authors frequently refer to these as “plugins” in the code. The ps configuration field (likely an abbreviation for “plugin stop list”, meaning a list of prohibited plugins) is necessary to block these modules. The switches in this object are the names of plugins that are forbidden to load, and the values are alternative plugins that can be executed instead of the blocked ones if they were loaded. The download ban will be applied if the mp field has the PluginControl flag set to true. However, in the samples we were able to obtain, the restrictions did not apply. Additionally, the mp field may contain the PluginUpdateFeature flag, which controls plugin updates. If this flag is not present, plugins will be updated by default.

    The hs switch in the configuration stores a list of C2 addresses which the Trojan will talk to. Note that the malware logic does not require all addresses to match, although in the sample we examined, they were identical. The Trojan needs each address to perform the following tasks:

    • server is used to update the PluginServer server address. To do this, the Trojan first sends a POST request containing the ID of the malicious implant and the name of the application package it’s embedded into. After that, the server can send a new PluginServer address. If the address cannot be updated, the value from the configuration set in the code is used.

      Updating PluginServer

    • dataevent is used to store various events related to SDK activity.
    • default is not used at this stage.
    • PluginServer instructs the Trojan which plugins to download. Initially, a large amount of data is sent to this server. This includes information about the infected device (screen size, RAM, IMEI, IMSI, operating system version), information about the device’s environment (whether USB debugging mode and developer mode are enabled, if emulator artifacts are detected, etc.), details about the infected app, and so on.

      Sending collected data to PluginServer

    In response, the server sends a list of plugins to download. These are downloaded asynchronously. To do this, the malware registers a broadcast receiver, and a separate thread, which is started for the download, sends a broadcast message when a plugin is ready to be downloaded. The plugins are differentiated by their name, which is also provided by the server.

    Plugin encryption and loading

    The plugin loading code supports, among other things, the ability to decrypt plugins using various methods. Additionally, payloads can be extracted beforehand using the steganographic algorithm described above if a file with a .png extension was downloaded. The decryption method is specified in the file URL. The following options are available:

    • new/ enc: decryption with a substitution cipher similar to that used for C2 communication
    • ssd: plugin decryption using the DES algorithm
    • ori: unencrypted plugin

      Selecting a decryption procedure

    If no encryption method is specified, the plugin will be decrypted using a substitution cipher. The initial seed for this cipher will be the PMask parameter (short for plugin mask), which is defined in the mp object within the loader configuration. Once decoded, plugins can be loaded in various ways.

    Selecting a method to load the plugin

    • dex: this method loads the plugin using DexClassLoader. The loader provides it with the application and plugin context, and additional plugin information.

      Loading the plugin in dex mode

      Launching the plugin entry point

    • res: this method allows loading plugins with new resources. These resources can be used to download more plugins in the future.

      Loading new resources

    • apk: a method that allows sending information about a downloaded file to a service via the IPC Binder mechanism. The name of the service is specified in the bird_vm_msg_service property. While it’s not definitively known which services Necro used, we can speculate that this function is used to install arbitrary APK files on the victim’s device.

    Types of plugins

    To better understand the attackers’ goals, we decided to thoroughly examine the payloads downloaded by the Trojan and, after analyzing telemetry data, found several Necro modules.

    ed6c6924201bc779d45f35ccf2e463bb – Trojan.AndroidOS.Necro.g

    This is a Necro module named “NProxy”. Its purpose is to create a tunnel through the victim’s device. When launched, the module connects to a server defined in the code.

    Connecting to the server

    This server acts as a C2 server that the Trojan talks to via an unidentified protocol implemented over TCP sockets. The C2 sends commands, which the Trojan processes. After processing, the Trojan forwards traffic from one endpoint to another through the victim’s device.

    b3ba3749237793d2c06eaaf5263533f2 – Trojan.AndroidOS.Necro.i

    We named this plugin “island”. When launched, the plugin generates a pseudo-random number, which it uses as an interval (in milliseconds) between displays of intrusive ads.

    Trojan showing ads

    ccde06a19ef586e0124b120db9bf802e – Trojan.AndroidOS.Necro.d

    This plugin is named “web”, and it is one of the most popular Necro plugins, judging by our telemetry data. Its code contains a configuration similar in structure to the shellPlugin payload configuration in the previous stage. It’s interesting that the code for this plugin contains artifacts of older versions of Necro.

    nicro is one such artifact from older Necro versions found within the plugin’s configuration

    Depending on the value of the CheckAbnormal flag, the plugin checks for the presence of a debugger in the execution environment and if a phone is connected via USB using ADB. If either condition is met, the Trojan clears the Logcat log to hide traces of its activity. Additionally, the plugin verifies if it has the permission to display windows on top of other applications. After all these checks, it launches a malicious task that runs once every two hours. When the malware starts, it sends a POST request containing details about the infected device to the server server. This is done to get the address of another server, named main URL, which the Trojan will communicate with frequently. If there’s an error when getting this address, the malware will fall back to using a server named default.

    Data about the infected device sent to the C2

    The received main URL serves as the C2 server: it sends a list of pages to the Trojan, which the malware later opens in the background before processing the interactive elements contained on them. This functionality has a couple of interesting features. First, the Trojan code contains some artifacts that indicate it might be running with elevated privileges. However, Android processes with elevated privileges do not allow WebView by default. Privilege checks occur directly when creating an instance of the WebView factory: in privileged processes, it won’t be created. To circumvent this restriction, the Trojan creates an instance of the factory directly using reflection, thus bypassing all checks of the current process.

    Instantiating a WebView factory directly

    Secondly, the Trojan can download and run other executables, which are then used to replace links loaded with WebView. Combined with the functionality described above, this theoretically allows to do things like adding any additional information to the URL parameters of a replaced link, such as confirmation codes for paid subscriptions, as well as executing other arbitrary code when loading specific links.

    36ab434c54cce25d301f2a6f55241205 – Trojan-Downloader.AndroidOS.Necro.b

    This module is named “Happy SDK”. Its code partially combines the NProxy and web modules logic, as well as the functionality of the previous stage of the loader with a few minor differences:

    • The code lacks the Trojan configuration, and backup C2 servers are located by default in the corresponding methods.

      Server address for updating the module is specified in the method code by default

    • The code corresponding to the “web” plugin lacks the functionality to execute arbitrary code.
      Note that we have occasionally encountered this SDK under the name “Jar SDK”. Analysis has shown that Jar SDK is a new version of Happy SDK.

      Happy SDK artifacts in Jar SDK

    We believe this is a different variant of Necro where the developers have opted for a non-modular architecture in the malicious SDK. This suggests that Necro is highly adaptable and can download different iterations of itself, perhaps to introduce new features.

    874418d3d1a761875ebc0f60f9573746 – Trojan.AndroidOS.Necro.j

    We dubbed this plugin “Cube SDK”. It’s pretty simple and acts as a helper: its only job is to load other plugins to handle ads in the background.

    522d2e2adedc3eb11eb9c4b864ca0c7f – Trojan.AndroidOS.Necro.l

    This plugin, in addition to NProxy’s functionality, has an entry point for another plugin we’ve named “Tap”. Judging by its code, the latter is still under development: it contains a lot of unused functionality for interacting with ad pages. Tap downloads arbitrary JavaScript code and a WebView interface from the C2 server, which are responsible for viewing ads in the background. Among other things, the plugin includes com.leapzip.animatedstickers.maker.android as the package name of the infected app. This confirms that the WhatsApp mod loader described earlier, which uses Firebase Remote Config as a C2, also belongs to the Necro family.

    These are all the payloads we were able to find during our research. For simplicity, we’ve combined all the processes described above into a single diagram illustrating all stages of the Necro Trojan.

    Necro Trojan infection diagram

    It’s worth noting that the creators of Necro may regularly release new plugins and distribute them among infected devices, selectively or otherwise, for example, depending on the information about the infected application.

    Victims

    According to Google Play data, the infected applications could have been downloaded over 11 million times. However, the actual number of infected devices might be much higher, considering that the Trojan also infiltrated modified versions of popular apps distributed through unofficial sources.

    KSN data shows that our security solutions blocked over ten thousand Necro attacks worldwide between August 26th and September 15th. Russia, Brazil, and Vietnam experienced the highest number of attacks. The chart below illustrates the distribution of Necro attacks across countries and territories where users most frequently encountered the Trojan.

    Necro attacks by country and territory, August 26 through September 15, 2024 (download)

    Conclusion

    The Necro Trojan has once again managed to attack tens of thousands of devices worldwide. This new version is a multi-stage loader that used steganography to hide the second-stage payload, a very rare technique for mobile malware, as well as obfuscation to evade detection. The modular architecture gives the Trojan’s creators a wide range of options for both mass and targeted delivery of loader updates or new malicious modules depending on the infected application. To avoid being infected with this malware:

    • If you have any of the aforementioned Google Play apps installed and the versions are infected, update the app to a version where the malicious code has been removed, or delete it.
    • Download applications from official sources only. Applications installed from unofficial platforms may contain malicious functionality.
    • Use a reliable security solution to protect your device from attempts to install malware.

    Indicators of compromise

    Applications infected with the loader

    Loader C2 server
    oad1.bearsplay[.]com
    shellPlugin versions

    Second-stage payload
    37404ff6ac229486a1de4b526dd9d9b6

    Second-stage payload C2 server
    oad1.azhituo[.]com

    Plugins (third stage)

    Plugin C2 servers
    47.88.246[.]111
    174.129.61[.]221
    47.88.245[.]162
    47.88.190[.]200
    47.88.3[.]73
    hsa.govsred[.]buzz
    justbigso[.]com
    bear-ad.oss-us-west-1.aliyuncs[.]com

    MIL OSI Economics

  • MIL-OSI: ODYSIGHT.AI RECEIVES REPEAT PURCHASE ORDER FROM NASA FOR ITS COMPREHENSIVE VISUALIZATION SOLUTION, TO SUPPORT ITS HIGH-SPEED AERONAUTICAL FLIGHT TESTING

    Source: GlobeNewswire (MIL-OSI)

    OMER, Israel, Sept. 23, 2024 (GLOBE NEWSWIRE) — Odysight.ai Inc. (OTCQB: ODYS), a pioneer in AI driven Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM), is pleased to announce the receipt of a new purchase order for the Company’s vision-based system by the U.S. National Aeronautics and Space Administration (NASA) to support its high-speed aeronautical flight testing on aerospace vehicles. This repeat order from NASA demonstrates the unique value and quality of Odysight.ai’s innovative solutions.

    Colonel (Res.) Yehu Ofer, CEO of Odysight.ai stated: “This order showcases the trust NASA places in Odysight.ai, and is a strong endorsement of our technology’s effectiveness. We are proud that NASA chose to integrate our solutions to support high-speed aeronautical flight testing and believe this further demonstrates the substantial value we deliver to our customers. We look forward to expanding our partnership with NASA.”

    Inbal Kreiss, board member of Odysight.ai and currently Chief of Innovation at the Systems, Missiles and Space Division of the Israeli Aerospace Industries Ltd. (IAI) and Chairwoman of RAKIA, Israel’s Scientific and Technological Mission to the International Space Station, stated, “It is highly unusual for NASA to select a supplier as a single source for repeated space missions and thus the selection of Odysight.ai’s system by NASA is a clear validation of the exceptional quality of Odysight.ai’s capabilities.”

    Odysight.ai’s visual sensing-based systems provide state-of-the-art solutions, ranging from bespoke cameras to advanced AI algorithms for diagnostics and prognostic health management applications. Odysight.ai’s groundbreaking technology is designed to empower users to autonomously monitor and manage the health of their assets without the need for specialized technicians, providing crucial support for the aerospace sector by enabling Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) of aerial vehicles. This technology enhances sustainment, operational availability and platform safety, offering superior capabilities, including an onboard Health and Usage Monitoring System (HUMS).

    About Odysight.ai

    Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.odysight.ai or follow us on TwitterLinkedIn and YouTube.

    Forward-Looking Statements

    Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding future collaboration with NASA. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact on our operations of the October 7, 2023 attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s war against them. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

    Company Contact:

    Einav Brenner, CFO
    info@odysight.ai

    Investor Relations Contact:

    Miri Segal
    MS-IR LLC
    msegal@ms-ir.com
    Tel: +1-917-607-8654

    The MIL Network

  • MIL-OSI: Wearable Devices Announces First Half 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    YOKNE’AM ILLIT, Israel, Sept. 23, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd.  (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced its financial results for the six months ended June 30, 2024.

    First Half 2024 Financial Results and Recent Company Highlights:

    • Recognized initial revenue from the sale of business-to-consumer (B2C) focused Mudra Band for Apple Watch and business-to-business (B2B) collaborations, totaling $394 thousand.

    Mudra Band:

    • Enhanced product proposition for flagship product: We have introduced two major new features for our Mudra Band: touchless gesture control for Apple Watch, allowing users to manage tasks hands-free, and integration with ChatGPT, enabling users to interact with AI directly via predefined gestures and voice commands on their Apple Watch. These innovations enhance convenience, accessibility, and AI-powered functionality for on-the-go multitasking.
    • Announced new innovative and disruptive product- the Mudra Link: Currently receiving preorders for Mudra Link, the first AI neural interface wristband for Android and beyond, providing advanced neural input technology for Android users. Official launch expected in the first quarter of 2025.
    • Expanded market potential with range of new supported devices: Now supports the Apple Vision Pro, in addition to other Apple devices including Mac, iPad, Apple TV and iPhone, allowing Apple users to extend their gesture control experience.

    Global B2B collaborations:

    • Signed an agreement with Qualcomm Technologies (“Qualcomm”) to collaborate in elevating extended reality (“XR”) experiences with Mudra neural technology and successfully completed the first phase of integration of Mudra technology with Qualcomm’s Snapdragon Spaces XR developer platform.
    • Fortune 500 consumer electronics corporation has purchased a special license for a state-of-the-art Mudra Development Kit (“MDK”) to evaluate certain deep-level capabilities of the MDK for developing next-generation user interfaces.
    • Announced successful demonstrations of the Mudra technology on Lenovo’s ThinkReality XR headset, at the Augmented World Expo (AWE) 2024.
    • Signed reseller agreement to enhance licensing program presence in South Korea and China.
    • Strengthened presence in the defense sector and delivered custom touchless technology to global defense company as part of an ongoing collaboration.

    In the first half of 2024, Wearable Devices continued recognizing revenue from the sale of Mudra Band for Apple Watch, the Company’s flagship B2C product, which began shipping towards the end of 2023. Revenues for the six months ended June 30, 2024 were $394 thousand, increasing from approximately $12 thousand compared to the six months ended June 30, 2023. Net loss increased to $4.2 million, or $(0.21) per basic and diluted share, in the six months ended June 30, 2024, compared to net loss of $3.9 million, or $(0.26) per basic and diluted share, for the six months ended June 30, 2023, primarily related to an increase in the Company’s operating expenses associated with its continued efforts to scale its business activity.

    Asher Dahan, Chairman of the Board and Chief Executive Officer of Wearable Devices, commented, “In the first half of 2024, we increased the delivery of our flagship B2C product, the Mudra Band for Apple Watch. After an extended preorder period during which the Mudra Band generated strong customer interest, we began shipping the product towards the end of 2023 and are pleased to have reached this important milestone.

    Subsequent to the close of the first half of 2024, we announced the launch of our new Mudra Link wristband, bringing our state-of-the-art neural input Mudra technology to a broader range of operating system platforms, including iOS, Android, Windows, and macOS. This has been a major initiative for our business, and the logical next step in our growth trajectory. With preorders now open and an official launch planned for the first half of 2025, we expect the Mudra Link to significantly expand our addressable market as we tap into the large and expanding population of Android, Windows, and macOS users.

    We continue to invest in our business, as reflected in the modest increases in research and development, sales and marketing, and general and administrative expenses in the period. We’re still in the early stages of growth in the broader wearables industry, and Wearable Devices is well positioned to be a leader in the space given our patented AI-based neural input interface technology.”

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss our growth trajectory; the launch of the Mudra Link and its benefits and advantages, including significant potential increase in the Company’s total available market; future investment in our business; and our position as a leader in the space of wearable devices. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

         
    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)    
    U.S. dollars (in thousands)          
               
        June 30,   December 31,  
        2024   2023  
    ASSETS          
               
    CURRENT ASSETS:          
               
    Cash and cash equivalents   3,103   810  
    Short-term bank deposits   57   4,045  
    Account receivable   47    
    Governmental grant receivable   7   108  
    Other receivables and prepaid expenses   306   757  
    Inventories   1,218   1,032  
               
    TOTAL CURRENT ASSETS   4,738   6,752  
               
    NON-CURRENT ASSETS:          
               
    Long-term bank deposits     54  
    Right-of-use assets   458   592  
    Property and equipment, net   176   194  
               
    TOTAL NON-CURRENT ASSETS   634   840  
               
    TOTAL ASSETS   5,372   7,592  
               
               
    INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)          
    U.S. dollars (in thousands)          
               
        June 30,   December 31,  
        2024   2023  
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
               
    CURRENT LIABILITIES:          
    Accounts payables   175   410  
    Advance payments   101   312  
    Accrued payroll and other employment related accruals   641   579  
    Convertible promissory note   1,934    
    Accrued expenses   386   190  
    Lease liabilities   296   297  
    TOTAL CURRENT LIABILITIES   3,533   1,788  
    Lease liabilities   144   278  
    TOTAL LIABILITIES   3,677   2,066  
               
    SHAREHOLDERS’ EQUITY          
    Ordinary shares, NIS 0.01 par value:   58   57  
    Authorized 50,000,000 as of June 30, 2024 and December 31, 2023; issued and outstanding 20,887,428 shares as of June 30, 2024 and 20,387,428 shares as of December 31, 2023  
    Additional paid-in capital   27,070   26,692  
    Accumulated losses   (25,433)   (21,223)  
               
    TOTAL SHAREHOLDERS’ EQUITY   1,695   5,526  
               
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   5,372   7,592  
               
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)          
    U.S. dollars (in thousands)          
               
        Six months ended
    June 30,
    2024
        Six months
    ended
    June 30,
    2023 
               
         U.S. dollars
    in thousands
        (except per share amounts)
               
    Revenues   394     12
    Expenses:          
    Cost of revenues   (315)     (3)
    Research and development, net   (1,616)     (1,560)
    Sales and marketing expenses   (1,083)     (1,050)
    General and administrative expenses   (1,601)     (1,453)
    OPERATING LOSS   (4,221)     (4,054)
    FINANCING INCOME, NET   11     158
               
    NET LOSS AND TOTAL COMPREHENSIVE LOSS   (4,210)     (3,896)
               
    Net loss per ordinary share, basic and diluted   (0.21)     (0.26)
               
    Weighted average number of ordinary shares outstanding basic and diluted   20,392,984     15,254,457
               
                 
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
    U.S. dollars (in thousands)
               
                   
        Six months ended  
    June 30,
        2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:            
    Net loss   (4,210)     (3,896)  
                 
    Adjustments required to reconcile net loss to net cash used in operating activities              
                 
    Depreciation   54     23  
    Accrued interest on deposits   39     *(19)  
    Interest expenses on convertible promissory note   14      
    Share based compensation expenses   112     109  
    Unrealized gain from foreign currency derivative activities   61      
                 
    Changes in operating assets and liabilities items:            
    Increase in inventory   (186)     (6)  
    Increase in accounts receivables   (47)      
    Decrease (increase) in governmental grants receivables   101     (29)  
    Decrease (increase) in other receivables and prepaid expenses   380     (95)  
    (Decrease) increase in advance payments   (211)     20  
    Decrease in deferred revenues       (12)  
    Decrease in accounts payable   (236)     (44)  
    Increase in accrued payroll and other employment related accruals   62     163  
    Increase in accrued expenses   206     48  
    Net cash used in operating activities   (3,861)     (3,738)  
                 
    CASH FLOWS FROM INVESTING ACTIVITIES:            
    Purchase of property and equipment   (36)     (93)  
    Proceeds (investments) associated with deposits, net   4,003     *(2,036)  
    Net cash (used in) provided by investing activities   3,967     (2,129)  
                 
    CASH FLOWS FROM FINANCING ACTIVITIES:            
    Proceeds from issuance of convertible promissory note   1,920      
    Proceeds from issuance of ordinary shares as a result of exercise of warrants       1,448  
    Proceeds from issuance of ordinary shares associated with the SEPA   267        
    Net cash provided by financing activities   2,187     1,448  
                 
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   2,293     (4,419)  
    CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   810     10,373  
    CASH AND CASH EQUIVALENTS AT END OF PERIOD   3,103     5,954  
         
    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
    Interest received from deposits 110       159  
    Right-of-use asset recognized against lease liability       446  
                   
                   
    *Reclassified              

    The MIL Network

  • MIL-OSI: FHLBank Atlanta Announces $5 Million Heirs’ Property Family Wealth Protection Fund

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Sept. 23, 2024 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced its 2024 Heirs’ Property Family Wealth Protection Fund (FWP), allocating $5 million to assist organizations with the prevention and resolution of heirs’ property issues.

    A recent survey sponsored by FHLBank Atlanta and conducted by The Harris Poll found that most homeowners (90%) expect the equity in their home to benefit their heirs when they die, yet more than 4 in 10 (43%) do not have a will/trust or estate plan. The survey also showed that roughly 1 in 5 homeowners did not have, or were not sure whether they have, a clear title (22%) or recorded deed (20%).

    “Without the proper legal process, there are often roadblocks preventing equity from being passed down as property owners intend,” said FHLBank Atlanta’s President and Chief Executive Officer Kirk Malmberg. “As part of our work to address housing and homeownership challenges, FHLBank Atlanta has focused on heirs’ property issues, which occur when a property owner passes away without a will designating a successor owner or the heirs fail to properly vest title to the property in their names.”

    Through FHLBank Atlanta member institutions, starting October 1, 2024, community organizations, tribal entities, governments and municipalities may apply for up to $500,000 in grant funding to assist property owners located in low-to-moderate income areas within communities in the FHLBank Atlanta district: Alabama, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina and Virginia. The application deadline is October 31, 2024.

    Heirs’ property issues may also arise when a property is left to multiple beneficiaries without a plan to manage the property, resulting in fractured or tangled title. The survey found that 38% of homeowners without a will/trust or estate plan intend to leave their home or property to more than one heir.

    “Family homes and properties are key to generational wealth building, but all too often, this legacy is lost due to inadequate legal documentation,” said Georgia Congresswoman Nikema Williams, a member of the Financial Services Committee and the Subcommittee on Housing and Insurance. “Earlier this year, I led the introduction of the HEIRS Act, which shares the same goal as FHLBank Atlanta’s program: to increase access to essential legal services, bridge wealth disparities, and give families confidence that their properties are secure for future generations.”

    Further, heirs’ property could be a more common challenge among lower income households. The survey indicated that 57% of homeowners with an annual household income under $50,000 do not have a will/trust or estate plan, and 42% in the same income range intend to leave their home to multiple heirs, exacerbating the potential risk.

    “When ownership of a property is unclear, it hinders the accumulation of generational wealth and makes it hard for the home to be maintained or sold, often leading to neighborhood blight,” said FHLBank Atlanta Senior Vice President and Director of Community Investment Services Tomeka Strickland. “The Family Wealth Protection Fund was created to help individuals protect their hard-earned assets for future generations while strengthening communities.”

    For additional information on FHLBank Atlanta’s Heirs’ Property Family Wealth Protection Fund or to identify a FHLBank Atlanta member financial institution for partnership opportunities, visit the Bank’s Find a Member page or contact Community Investment Services at 800.536.9650, option 3 or FHLBAtlantaHeirsProperty@fhlbatl.com.

    About the Federal Home Loan Bank of Atlanta
    FHLBank Atlanta is a member-owned cooperative that offers competitively-priced financing, community development grants, and other banking services to assist its member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    Survey Method

    The survey was conducted online within the United States by The Harris Poll on behalf of Federal Home Loan Bank of Atlanta from August 20-22, 2024, among 1,306 homeowners. The sampling precision of Harris online polls is measured using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.2 percentage points using a 95% confidence level.

    CONTACT:
    Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com
    404.716.4296

    The MIL Network

  • MIL-OSI: Innofactor Plc: Managers’ Transactions – Risto Linturi

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Managers’ Transactions, on September 23, 2024, at 16:25 Finnish time

    Innofactor Oyj – Managers’ Transactions

    ____________________________________________

    Person subject to the notification requirement
    Name: Risto Linturi
    Position: Member of the Board/Deputy member
    Issuer: Innofactor Oyj
    LEI: 7437008OSKQFEDZYD835
    Notification type: INITIAL NOTIFICATION
    Reference number: 78187/4/4

    ____________________________________________

    Transaction date: 2024-09-19
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009007637
    Nature of transaction: DISPOSAL

    Transaction details
    (1): Volume: 337304 Unit price: 1.68 EUR

    Aggregated transactions (1):
    Volume: 337304 Volume weighted average price: 1.68 EUR

    Espoo, September 23, 2024

    INNOFACTOR PLC

    Eija Theis, General Counsel

    Additional information:
    Eija Theis, General Counsel
    Innofactor Plc
    Tel. +358 44 343 4278
    eija.theis@innofactor.com

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com
    #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou

    The MIL Network

  • MIL-OSI Canada: Minister Ng promotes trade and investment ties at Association of Southeast Asian Nations economic ministers meeting in Lao People’s Democratic Republic

    Source: Government of Canada News

    Over the weekend, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, concluded her participation in the 13th Association of Southeast Asian Nations (ASEAN) Economic Ministers-Canada Consultation, in Vientiane, Lao People’s Democratic Republic (PDR).

    September 23, 2024 – Ottawa, Ontario – Global Affairs Canada

    Over the weekend, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, concluded her participation in the 13th Association of Southeast Asian Nations (ASEAN) Economic Ministers-Canada Consultation, in Vientiane, Lao People’s Democratic Republic (PDR).

    During the consultation, Minister Ng highlighted the progress Canada and ASEAN member states have made toward an ASEAN-Canada free trade agreement, and underscored the importance of intensifying efforts to conclude the agreement negotiations in 2025.

    At the meeting, Minister Ng and ASEAN partners discussed the increased trade and economic cooperation since the launch of Canada-ASEAN Strategic Partnership a year ago, including the advancement of initiatives under Canada’s Indo-Pacific Strategy in key areas such as inclusive trade, digital trade, agriculture and agri-food and sustainability.

    The Minister also acknowledged the Canada-ASEAN Business Council’s participation in the consultations and recognized its support of Canada’s commitment to creating new opportunities for Canadian businesses and investors.

    On the margins of the consultations, Minister Ng also interacted with several international partners to advance discussions on trade priorities of mutual interest.

    These included:

    • Malaithong Kommasith, Minister of Industry and Commerce, Lao PDR
    • Tengku Zafrul Abdul Aziz, Minister of Investment, Trade and Industry, Malaysia
    • Filipus Nino Pereira, Minister of Commerce and Industry, Timor-Leste
    • Kao Kim Hourn, Secretary-General of ASEAN
    • Cham Nimul, Minister of Commerce, Cambodia
    • Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland
    • Tim Ayres, Assistant Minister for Trade, Australia
    • Douglas Alexander, Minister of State (Minister for Trade Policy and Economic Security), the United Kingdom

    “These in-person engagements in the Lao PDR were an excellent opportunity for us to continue strengthening the ASEAN-Canada bilateral commercial relationship and contribute to our mutual economic prosperity and growth. Canada will keep working with ASEAN partners to deepen trade ties that will benefit Canadian businesses and workers, create good jobs and generate strong, inclusive and sustainable economic growth from coast to coast to coast.”

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

    Huzaif Qaisar
    Press Secretary
    Office of the Minister of Export Promotion, International Trade and Economic Development
    343-575-8816
    Huzaif.Qaisar@international.gc.ca

    MIL OSI Canada News

  • MIL-OSI: Innofactor Plc: Managers’ Transactions

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Managers’ Transactions, on September 23, 2024, at 16:30 Finnish time

    Innofactor Oyj – Managers’ Transactions

    ____________________________________________

    Person subject to the notification requirement
    Name: R. Linturi Oyj
    Position: Closely associated person
    (X) Legal person

    (1):Person Discharging Managerial Responsibilities In Issuer
    Name: Risto Linturi
    Position: Member of the Board

    Issuer: Innofactor Oyj
    LEI: 7437008OSKQFEDZYD835
    Notification type: INITIAL NOTIFICATION
    Reference number: 78198/4/4

    ____________________________________________

    Transaction date: 2024-09-19
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009007637
    Nature of transaction: DISPOSAL

    Transaction details
    (1): Volume: 489107 Unit price: 1.68 EUR

    Aggregated transactions (1):
    Volume: 489107 Volume weighted average price: 1.68 EUR

    Espoo, September 23, 2024

    INNOFACTOR PLC

    Eija Theis, General Counsel

    Additional information:
    Eija Theis, General Counsel
    Innofactor Plc
    Tel. +358 44 343 4278
    eija.theis@innofactor.com

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com
    #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou

    The MIL Network

  • MIL-OSI Translation: Minister Ng promotes trade and investment ties at Association of Southeast Asian Nations Economic Ministers Meeting in Lao People’s Democratic Republic

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French

    Over the weekend, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, concluded her participation in the 13th Association of Southeast Asian Nations (ASEAN)-Canada Economic Ministers’ Consultation in Vientiane, Lao People’s Democratic Republic (PDR).

    September 23, 2024 – Ottawa, Ontario – Global Affairs Canada

    Over the weekend, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, concluded her participation in the 13th Association of Southeast Asian Nations (ASEAN)-Canada Economic Ministers’ Consultation in Vientiane, Lao People’s Democratic Republic (PDR).

    During the consultation, Minister Ng highlighted the progress made by Canada and ASEAN Member States towards an ASEAN-Canada Free Trade Agreement and stressed the importance of intensifying efforts to achieve the goal of concluding negotiations for the agreement in 2025.

    At the meeting, Minister Ng and ASEAN partners discussed the trade and economic cooperation that has grown since the launch of the Canada-ASEAN Strategic Partnership a year ago, including advancing initiatives under Canada’s Indo-Pacific Strategy in key areas such as inclusive trade, digital trade, agriculture and agri-food, and sustainability.

    The Minister also welcomed the participation of the Canada-ASEAN Business Council in the consultations and acknowledged its support for Canada’s commitment to creating new opportunities for Canadian businesses and investors.

    On the sidelines of the consultations, Minister Ng also met with several international partners to advance discussions on trade priorities of mutual interest.

    She met in particular:

    Malaithong Kommasith, Minister of Industry and Commerce, Lao PDR Tengku Zafrul Abdul Aziz, Minister of Investment, Trade and Industry, Malaysia Filipus Nino Pereira, Minister of Trade and Industry, Timor-Leste Kao Kim Hourn, Secretary-General of ASEAN Cham Nimul, Minister of Commerce, Cambodia Helene Budliger Artieda, State Secretary for Economic Affairs, Switzerland Tim Ayres, Deputy Minister for Trade, Australia Douglas Alexander, Minister of State (Minister for Trade Policy and Economic Security), United Kingdom

    “These face-to-face exchanges in Lao PDR provided us with an excellent opportunity to continue to strengthen the ASEAN-Canada bilateral trade relationship and contribute to the economic prosperity and growth of both our countries. Canada will continue to work with our ASEAN partners to deepen commercial ties that will benefit Canadian businesses and workers, create good jobs, and generate strong, inclusive and sustainable economic growth from coast to coast to coast.”

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

    Huzaif QaisarPress SecretaryOffice of the Minister of Export Promotion, International Trade and Economic Development343-575-8816Huzaif.Qaisar@international.gc.ca

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI: Real Estate Split Corp. Class A and Preferred Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS and RS.PR.A) is pleased to announce that a distribution for September 2024 will be payable to Class A shareholders as follows:

    Record Date Payable Date Distribution Per Equity Share
    September 30, 2024 October 15, 2024 $0.13

    The Fund also announces that the third quarter distribution of 2024 will be payable to preferred shareholders as follows:

    Record Date Payable Date Distribution Per Preferred Share
    September 30, 2024 October 15, 2024 $0.13125


    The equity and preferred shares both trade on the Toronto Stock Exchange under the respective symbols RS and RS.PR.A.

    Middlefield

    Founded in 1979, Middlefield is a specialist equity income asset manager with offices in Toronto, Canada and London, England. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’s portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains.  The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund’s current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund’s estimate as of any date other than the date of this press release.

    The MIL Network

  • MIL-OSI: Altus Group Introduces ARGUS Intelligence, Built to Drive CRE Portfolio Performance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — Altus Group (TSX: AIF) introduced ARGUS Intelligence at its Altus Connect conference last week, a new product built to drive CRE portfolio performance.

    ARGUS Intelligence is Altus’ next-generation software for CRE investment management. It is designed to transform the way investors model, monitor and manage their assets and portfolios by providing instant performance insights. It delivers new capabilities for asset, portfolio, and benchmark management, and includes industry-leading ARGUS Enterprise. With ARGUS Intelligence, CRE investors can now dynamically drill into data to quickly analyze and compare performance metrics to enhance returns and reduce risk.

    “For more than 30 years, ARGUS has led the way in bringing valuation transparency to the CRE industry. ARGUS Intelligence builds and expands upon this foundation with automated data connectivity and advanced analytics to deliver performance insights,” commented David Ross, Chief Technology Officer at Altus. “This launch marks a significant evolution for ARGUS, transforming it from its forecasting and modelling roots into a mission-critical solution for driving CRE performance.   CRE investors can now consistently measure their performance against both internal plans and relevant peers and identify key metrics to stress-test their cash flows.”        
            
    Ross continued, “Altus is investing in enhancing CRE intelligence. We’re leveraging AI to solve critical data challenges and providing the industry with a new data model that connects the ARGUS ecosystem. This provides us with an incredibly rich CRE dataset to bring unmatched intelligence back to our clients.”

    ARGUS Intelligence core capabilities:

    • Asset Manager Functionality: Dynamically access asset-level metrics and underlying assumptions, and seamlessly conduct scenario analysis.
    • Automated Data Consolidation: Benefit from Altus’ scalable data model which streamlines ARGUS modelling data to unlock new insights.
    • ARGUS Enterprise: Utilize the industry-leading software for trusted commercial property valuation, budgeting and cash flow forecasting, essential for managing commercial assets and property portfolios.

    ARGUS Intelligence add-on capabilities:

    • Portfolio Manager Functionality: Create custom asset groupings and conduct scenario analysis to gain insights into portfolio level performance metrics and quickly identify which assets are driving performance.
    • Benchmark Manager Functionality (available in early 2025): Compare performance against the ARGUS ecosystem and conduct comprehensive attribution analysis.

    “It’s great to see Altus deliver a product that modernizes the way the industry can access and consume data,” added Merritt Poole, Chief Financial Officer at Core Spaces, who attended Altus Connect. “The interactive dashboard on the Portfolio Manager capability highlights the most critical performance insights, enabling CRE professionals to quickly identify and react to the key drivers of portfolio value and cash flow growth.”

    To learn more about ARGUS Intelligence, click here.  

    About Altus Group

    Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 2,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Camilla Bartosiewicz
    Chief Communications Officer, Altus Group
    (416) 641-9773
    camilla.bartosiewicz@altusgroup.com  

    Elizabeth Lambe
    Director, Global Communications, Altus Group
    (416) 641-9787
    elizabeth.lambe@altusgroup.com

    FOR CUSTOMERS INTERESTED IN LEARNING MORE ABOUT ALTUS INTELLIGENCE:

    Website: https://www.altusgroup.com/solutions/argus-intelligence/
    North America: +1 888 692 7487
    United Kingdom: +44 0 20 3551 6700

    The MIL Network

  • MIL-OSI United Kingdom: Manchester resident slapped with hefty fines after neighbours complained about “nuisance” waste burning in his garden

    Source: City of Manchester

    A Manchester resident who made the lives of his neighbours miserable through repeated waste burning in his garden is now facing hefty fines handed down by the courts.

    Haroon Razzaq, of Victoria Avenue East, was found guilty of four offences committed over months following a hearing at Manchester and Salford Magistrates’ Court on 19 September.  

    There were four incidents of burning with three taking place in December 2023 and one in March 2024. 

    The 34-year-old was also ordered to pay a hefty £1,500 fine. He was also slapped with a £600 victim surcharge and £3, 116 in total costs.  

    The council received repeated complaints from residents about frequent “nuisance” burning taking place at Razzaq’s property.  

    The burning was having a severe effect on people in the area because of the smell and smoke caused by the fires which prevented them from being able to use their gardens or being able to open their windows.   

    Razzaq was contacted by a Neighbourhood Compliance Officer and was swiftly warned his behaviour was causing problems for his nearby neighbours. 

    Burning continued to take place at Razzaq’s house and negatively impacted residents. At this point, multiple witnesses came forward and reported the notice had been breached on several occasions.  

    Once approached by the council again, Razzaq admitted to bringing wood and pallets from his business monthly to burn in his garden. He believed this wasn’t a problem and that it shouldn’t cause issue for other residents  

    He claimed this activity wasn’t an issue and disputed that it would cause a problem for anyone nearby.    

    Lee-Ann Igbon, Executive Member for Vibrant Neighbours, said: “The comfort and safety of our residents choosing to make Manchester home is an utmost priority. It is unacceptable that one individual could ignore and dismiss the legal requirements from authority and cause ongoing disturbance for neighbours in the comfort of their own homes and gardens. 

    “I am pleased to see prosecution has been brought in this case of a resident choosing to burn materials in his garden without consideration of others and the environment. The work of our legal team and Neighbourhood Compliance Team has been exemplary in bringing about justice. This case should serve as a warning to other residents who choose to ignore the law and show disregard for the community.” 

      

    MIL OSI United Kingdom

  • MIL-OSI Security: Defendants Sentenced for Global Darknet Conspiracy

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Defendants Sold Stolen Financial Information from Tens of Thousands of Victims Worldwide

    KANSAS CITY, Mo. – A citizen of Nigeria, who was extradited from the United Kingdom, was sentenced in federal court yesterday for his involvement in a conspiracy to sell stolen financial information on the darknet from tens of thousands of victims from around the world.

    Simon Kaura was sentenced by U.S. District Judge Greg Kays to five years in federal prison without parole. At sentencing, the court found that Kaura’s crimes resulted in an intended loss of $6,338,500.

    On May 22, 2024, Kaura pleaded guilty to one count of conspiracy to commit access device fraud and one count of access device fraud.  According to court documents, Kaura admitted to being part of a sophisticated, global conspiracy to obtain and sell stolen financial information on darknet markets — including a market he helped create and administer with his co-conspirators.  Kaura operated under the online monikers  “apples,” “applepiecards,” “cartman,” and “dpharoah.”

    Kaura and his co-conspirators operated as prominent “carding” (stolen financial information) vendors, sometimes under the moniker brand “ggmccloud” and “ggmccloud1,” on multiple darknet markets. Each market allowed users to buy and sell stolen and fraudulent financial information. The markets operated much like conventional e-commerce websites, except that the goods sold on the markets were primarily criminal in nature. Each market required users to transact in digital currencies, such as Bitcoin. These sites enabled users to distribute illegal contraband to buyers throughout the world to perpetrate fraud.

    Kaura and his co-conspirators obtained large quantities of stolen financial information and passed it along to other co-conspirators to check, organize, and sell on numerous darknet markets. Kaura and his co-conspirators possessed card information belonging to victims from all 50 states, the District of Columbia, Australia, Canada, and the United Kingdom. Kaura and his co-conspirators were responsible for conducting tens of thousands of illegal transactions on darknet markets from Feb. 22, 2016, to Oct. 1, 2019.

    During the conspiracy, Kaura and his co-conspirators also created, launched, and administered their own darknet market, Skynet. From April 2016 to October 2019, the co-conspirators’ market offered stolen financial information and other contraband for sale. The market also hosted a messaging forum and private messaging service, allowing cybercriminals from around the world to meet and communicate freely about their crimes. 

    Co-defendant Taylor Ross Staats, 41, of Texas was sentenced on Jan. 25, 2024, to 18 months in federal prison without parole after pleading guilty to one count of conspiracy to commit access device fraud. Staats’s main role in the conspiracy was to determine, prior to being advertised for sale, whether the stolen payment cards were still active and capable of use. If so, he organized the card information, and it was posted for sale on the darknet.  Staats operated under the online moniker “f9ac4”.

    The U.S. Attorney’s Office and the Department of Justice continue to seek forfeiture of more than $4.5 million in criminal proceeds resulting from the co-conspirators crimes.

    The Justice Department’s Office of International Affairs worked with the Government of the United Kingdom to secure the arrest and extradition of Kaura.

    This case was prosecuted by Assistant U.S. Attorneys Nicholas Heberle, Matthew Blackwood, and John Constance of the Western District of Missouri and Trial Attorneys Michael Christin and Louisa Becker from the Computer Crime and Intellectual Property Section of the Criminal Division of the Department of Justice. It was investigated by the FBI.

    MIL Security OSI