NewzIntel.com

Category: Banking

  • MIL-OSI Economics: RBI imposes monetary penalty on Family Home Finance Private Limited, Mumbai, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated October 17, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Family Home Finance Private Limited, Mumbai, Maharashtra (the company) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.

    The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    The company had not:

    1. conducted risk categorisation of its customers;

    2. conducted review of risk categorisation of its customers; and

    3. conducted periodic updation of KYC of its customers.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1348

    MIL OSI Economics –

  • MIL-OSI: Endeavor Bancorp Reports Pretax Income of $1.3 million for the Third Quarter of 2024; Results Highlighted by Record Loan Growth and Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $924,000, or $0.22 per diluted share, for the third quarter of 2024, compared to net income of $760,000, or $0.18 per diluted share, for the second quarter of 2024, and $1,218,000, or $0.29 per diluted share, for the third quarter of 2023. Pretax net income was $1.3 million in the third quarter compared to $1.1 million in the preceding quarter and $1.7 million in the third quarter of 2023. All financial results are unaudited.

    Results for the third quarter of 2024 included a $609,000 provision for credit losses, compared to a $451,000 provision for credit losses in the second quarter of 2024, and a $301,000 provision for credit losses in the third quarter of 2023. Also noteworthy was the increase in interest expense on borrowings the past two quarters, with interest expense on borrowings of $493,000 for the third quarter of 2024, $492,000 for the preceding quarter, and $201,000 for the third quarter of 2023. The additional interest expense was associated with the recent subordinated debt issued late in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s core pretax, pre-provision earnings were $1.9 million in the third quarter of 2024, compared to $1.5 million in the preceding quarter and $2.0 million in the third quarter of 2023.

    “Our third quarter operating results were highlighted by strong net interest income generation and record quarterly loan production,” stated Julie Glance, CFO. “Our earning assets yield also increased, up 28 basis points during the third quarter, which is contributing to net interest margin expansion. While the high-interest rate environment continues to be a challenge, we believe we are well positioned with a strong balance sheet and ample capital to continue to grow.”

    Income Statement
    Strong core earnings were driven by loan growth and higher rates on earning assets. Total interest income on loans and bank deposits and investments was $10.2 million, an increase of $983,000 compared to the preceding quarter, while total interest expenses increased $425,000 during the same timeframe. Net interest income was $5.9 million in the third quarter of 2024, which was an increase of $557,000, or 10.4% compared to the preceding quarter and a 14.6% increase compared to the third quarter of 2023.

    “We are encouraged by our net interest margin improvement. Third quarter net interest margin expanded 15 basis points compared to the prior quarter, boosted by robust loan growth and higher interest earning asset yields, combined with stabilizing funding costs,” said Dan Yates, CEO.

    Net interest margin (NIM) increased 15 basis points to 3.85% in the third quarter of 2024 compared to 3.70% in the second quarter of 2024 and increased 8 basis points compared to 3.77% in the third quarter of 2023. The yield on total earning assets increased 28 basis points during the third quarter of 2024 to 6.61%, compared to 6.33% in the preceding quarter, and up from 5.97% in the third quarter of 2023. The cost of deposits rose in the third quarter, increasing the overall cost of funds by 14 basis points during the third quarter of 2024 to 2.98%, compared to 2.84% in the preceding quarter.

    Non-Interest income decreased to $217,000 in the third quarter, compared to $390,000 in the second quarter of 2024, and increased compared to $181,000 in the third quarter 2023.

    The Company’s annualized return on average equity for the third quarter of 2024 was 8.17%, compared to 6.96% in the second quarter of 2024 and 11.71% in the third quarter of 2023. The annualized return on average assets for the third quarter of 2024 was 0.59% compared to 0.52% in the second quarter of 2024 and 0.88% in the third quarter of 2023.

    Balance Sheet
    Total assets increased $61.5 million, or 10.4%, during the third quarter of 2024 to $655.3 million at September 30, 2024, compared to $593.8 million at June 30, 2024, and increased $101.4 million, or 18.3%, compared to September 30, 2023. Balance sheet liquidity remains strong with cash balances of $87.4 million, which represents 13.3% of total assets as of September 30, 2024. The Company’s bond portfolio increased $1.9 million to $20.1 million as of September 30, 2024, representing only 3.0% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window exceeded $168.6 million as of quarter end.

    “The robust loan growth during the quarter was the highest in our history, excluding Paycheck Protection Program (PPP) loans in 2020, as our lenders are doing an excellent job at finding high quality lending opportunities in our market where many banks are pulling back,” said Steve Sefton, President. “We continue to have minimal office exposure with very few office building loans in the portfolio, and 50% of the commercial real estate loans were owner-occupied as of quarter end.”

    Total loans outstanding increased $55.0 million, or 11.4%, during the third quarter of 2024 to $538.4 million at September 30, 2024, compared to $483.4 million three months earlier, and increased $121.7 million, or 29.2%, when compared to $416.7 million a year earlier. Total non-performing loans increased to 1.2% of the total loan portfolio as of September 30, 2024, up from 0.06% in the prior quarter. The rise in non-performing loans was temporarily inflated by a borrower in the renewal process, who had no credit issues and represented over a third of the reported non-performing loans. These loans have since been successfully renewed and are now current. The Company had no net charge offs during the third quarter of 2024, or in the prior quarter.

    Total deposits increased $59.6 million during the quarter to $577.8 million at September 30, 2024, compared to $518.2 million three months earlier. Compared to a year ago, deposits increased by $85.1 million, up 17.3%. The loan to deposit ratio was 93.2% at September 30, 2024, compared to 93.3% at June 30, 2024.

    “Earlier this year, we expanded our team and moved into the greater Los Angeles Metro and Inland Empire markets. While this expansion north is still in its early stages, we are already seeing positive momentum,” added Sefton.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposit accounts maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $127.0 million at September 30, 2024, and $127.8 million as of June 30, 2024. To support the strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of September 30, 2024, total wholesale deposits, excluding the reciprocal deposits, was $40.7 million, representing 7.0% of total deposits compared to $10.0 million as of June 30, 2024, or 1.93% of total deposits.

    Shareholders’ equity was $45.0 million at September 30, 2024, compared to $43.8 million at June 30, 2024, and $41.5 million at September 30, 2023. Tangible book value per share increased to $12.97 at September 30, 2024, compared to $12.55 three months earlier and $12.16 a year earlier.

    Capital 
    The Bank’s Tier 1 leverage ratio was 10.95% as of September 30, 2024, compared to 11.70% at June 30, 2024. The Tier 1 risk-based capital ratio was 10.95% as of September 30, 2024, compared to 11.84% on June 30, 2024, and the Total risk-based capital ratio was 12.13% compared to 13.04% three months earlier, all of which were well above regulatory minimums.

    On March 5, the Company completed the issuance of $12.5 million in fixed-to-floating rate subordinated notes. The subordinated debt was structured such that it qualified as Tier 2 capital at the holding company with most of the new capital down streamed to the Bank as Tier 1 capital.

    Stock Dividend
    On May 20, 2024, the Company distributed a 2% stock dividend to shareholders of record on May 10, 2024.

    Recent Events
    Board member Jillian Murrish has announced her resignation due to personal reasons from the BanCorp and Bank board of directors, effective October 18, 2024.

    About Endeavor Bancorp 
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit http://www.endeavor.bank for more information.

    EDVR Shareholders 
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements 
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    SELECTED FINANCIAL DATA                
    (In thousands of dollars, except for ratios and per share amounts)              
    Unaudited                  
            Three Months Ended          
      September 30, 2024     June 30, 2024     September 30, 2023  
      (Consolidated)     (Consolidated)     (Consolidated)  
    SUMMARY OF OPERATIONS                
    Interest income $ 10,186     $ 9,203     $ 8,200  
    Interest expense 4,266     3,840     3,032  
    Net interest income 5,920     5,363     5,168  
    Provision for credit losses 609     451     301  
    Net interest income after loss provision 5,311     4,912     4,867  
    Non-interest income 217     390     181  
    Non-interest expense 4,205     4,205     3,312  
    Income before tax 1,323     1,097     1,736  
    Federal income tax expense 255     215     328  
    State income tax expense 143     121     190  
    Net income $ 924     $ 760     $ 1,218  
                     
    Core pretax earnings* $ 1,932     $ 1,548     $ 2,037  
    *excludes taxes and provision for loan losses                  
                     
    PER COMMON SHARE DATA                
    Number of shares outstanding (000s) 3,494     3,493     3,394  
    Earnings per share, basic $ 0.26     $ 0.22     $ 0.36  
    Earnings per share, diluted $ 0.22     $ 0.18     $ 0.29  
    Book Value per share $ 12.97     $ 12.61     12.24  
                     
    BALANCE SHEET DATA                
    Assets $ 655,305     $ 593,803     $ 553,889  
    Investments securities 20,107     18,204     7,770  
    Total loans, net of unearned income 538,439     483,411     416,746  
    Total deposits 577,781     518,230     492,726  
    Borrowings 26,672     26,648     16,118  
    Shareholders’ equity 45,308     44,051     41,535  
    Loan to Deposit ratio 93.19 %   93.28 %   84.58 %
    Wholesale Deposits to Total Deposits 7.04 %   1.09 %   0.86 %
                     
    AVERAGE BALANCE SHEET DATA                
    Average assets $ 619,122     $ 590,625     $ 550,500  
    Average total loans, net of unearned income 506,469     461,476     417,451  
    Average total deposits 541,858     515,457     488,822  
    Average shareholders’ equity 44,990     43,825     41,266  
                     
    ASSET QUALITY RATIOS                
    Net (charge-offs) recoveries $ –     $ –     $ –  
    Net (charge-offs) recoveries to average loans 0.00 %   0.00 %   0.00 %
    Non-performing loans as a % of loans 1.22 %   0.06 %   0.11 %
    Non-performing assets as a % of assets 1.00 %   0.05 %   0.08 %
    Allowance for loan losses as a % of total loans 1.39 %   1.42 %   1.59 %
    Allowance for loan losses as a % of non-performing loans 113.61 %   22.94 %   6.94 %
                     
    FINANCIAL RATIOSSTATISTICS                
    Annualized return on average equity 8.17 %   6.96 %   11.71 %
    Annualized return on average assets 0.59 %   0.52 %   0.88 %
    Net interest margin 3.85 %   3.70 %   3.77 %
    Efficiency ratio 69.26 %   75.75 %   61.91 %
                     
    CAPITAL RATIOS                
    Tier 1 leverage ratio — Bank 11.38 %   11.70 %   10.20 %
    Common equity tier 1 ratio — Bank 10.95 %   11.87 %   11.26 %
    Tier 1 risk-based capital ratio — Bank 10.95 %   11.87 %   11.26 %
    Total risk-based capital ratio –Bank 12.13 %   13.07 %   12.51 %
                     
    TCE/TA * 6.91 %   7.42 %   7.50 %
    Tangible Book Value per Share $ 12.97     $ 12.55     12.16 %
                     
    *Non-GAAP financial measure.                
    Unaudited financials 2024                
                     

    Endeavor Bancorp Contact Information:
    (858) 230.5185
    Dan Yates, CEO
    dyates@bankendeavor.com

    (858) 230.4243
    Steve Sefton, President
    ssefton@bankendeavor.com

    The MIL Network –

  • MIL-OSI: Octaura and Valitana Boost Syndicated Loan Trading Experience with Milestone Two-Way, Real-Time Integration

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., Oct. 21, 2024 (GLOBE NEWSWIRE) — Valitana, a leading provider of CLO analytics and portfolio management software (Vantage), and Octaura, an electronic trading platform for syndicated loans and collateralized loan obligations (CLOs), are thrilled to announce the launch of their two-way real-time integration.

    This integration drives increased trading efficiency by connecting Valitana’s customizable platform for trade and portfolio management to Octaura’s dynamic trading platform. This solution will streamline workflows, minimize manual trade entry, and boost trading efficiency by providing a more agile trading experience for clients. Mutual clients can now stage orders in Vantage and route them electronically to Octaura for execution. Then, electronic trade reports are routed in real-time back to Vantage for straight-through processing.

    The collaboration marks a milestone in simplifying syndicated loan trading. By automating the trading process for syndicated loans, Octaura and Valitana aim to eliminate trade booking errors and empower clients to navigate the trading environment with greater ease. 

    “We’re excited to introduce this integration, which equips our clients with a tool that reduces friction in their trading process, and brings them one step closer to optimal execution,” said Alex Belgrade, Managing Partner at Valitana. “It’s a leap forward in efficiency.”

    Echoing this enthusiasm, Octaura’s Chief Executive Officer Brian Bejile commented, “We’re thrilled to bring connectivity from Valitana’s Vantage platform to Octaura’s loan market participants. The integration represents another step toward creating a more seamless end-to-end trading workflow that better supports the evolving needs of our clients.”

    The integration is now available to all mutual clients of Valitana and Octaura, offering an exciting opportunity to enhance trading capabilities and streamline operations. 

    About Octaura  

    Octaura is a provider of electronic trading, data, and analytics solutions for syndicated loans. With the backing of Citi, Bank of America, Credit Suisse, Goldman Sachs, J.P. Morgan, Morgan Stanley, Wells Fargo and Moody’s Analytics, Octaura represents a significant milestone in the advancement of trade modernization for these markets through common operational criteria, automation across pre- and post-trade life cycles, improved ease in transactions and advanced data and analytics. To learn more, visit Octaura.com. 

    About Valitana

    Valitana is a financial technology company founded in 2018 and is dedicated to providing its clients with robust, intuitive, modern solutions that help them make informed investment decisions and improve their operational workflow.

    The Valitana systems gather and synthesize vast amounts of data throughout the day from the industry’s leading data providers, ensuring our clients are operating with the latest available information.

    Valitana contact         
    Sales@Valitana.com

    Octaura media contact
    Octaura@peppercomm.com

    The MIL Network –

  • MIL-OSI Banking: New autonomous agents scale your team like never before

    Source: Microsoft

    Headline: New autonomous agents scale your team like never before

    Already, 60 percent of the Fortune 500 are using Microsoft 365 Copilot to accelerate business results and empower their teams. With Copilot supporting sales associates, Lumen Technologies projects $50 million dollars in savings annually. Honeywell(1) equates productivity gains to adding 187 full-time employees and Finastra is reducing creative production time from seven months to seven weeks.  

    Today, we’re announcing new agentic capabilities that will accelerate these gains and bring AI-first business process to every organization. 

    • First, the ability to create autonomous agents with Copilot Studio will be in public preview next month.  
    • Second, we’re introducing ten new autonomous agents in Dynamics 365 to build capacity for every sales, service, finance and supply chain team. 

    Copilot is your AI assistant — it works for you — and Copilot Studio enables you to easily create, manage and connect agents to Copilot. Think of agents as the new apps for an AI-powered world. Every organization will have a constellation of agents — ranging from simple prompt-and-response to fully autonomous. They will work on behalf of an individual, team or function to execute and orchestrate businesses process. Copilot is how you’ll interact with these agents, and they’ll do everything from accelerating lead generation and processing sales orders to automating your supply chain.  

    Empowering more customers to build autonomous agents in Copilot Studio 

    Earlier this year, we announced a host of powerful new capabilities in Copilot Studio, including the ability to create autonomous agents. Next month, these capabilities are shifting from private to public preview, allowing more customers to reimagine critical business processes with AI. Agents draw on the context of your work data in Microsoft 365 Graph, systems of record, Dataverse and Fabric, and can support everything from your IT help desk to employee onboarding and act as a personal concierge for sales and service.  

    Organizations like Clifford Chance, McKinsey & Company, Pets at Home and Thomson Reuters are already creating autonomous agents to increase revenue, reduce costs and scale impact. Pets at Home, the U.K.’s leading pet care business, created an agent for its profit protection team to more efficiently compile cases for skilled human review, which could have the potential to drive a seven-figure annual savings. McKinsey & Company is creating an agent that will speed up the client onboarding process. The pilot showed lead time could be reduced by 90% and administrative work reduced by 30%. Thomson Reuters built a professional-grade agent to speed up the legal due diligence workflow, with initial testing showing some tasks could be done in half the time. This agent can help Thomson Reuters increase the efficiency of work for clients and boost its new business pipeline.  

    Scaling your teams with 10 new autonomous agents in Dynamics 365  

    New autonomous agents enable customers to move from legacy lines of business applications to AI-first business process. AI is today’s ROI and tomorrow’s competitive edge. These new agents are designed to help every sales, service, finance and supply chain team drive business value — and are just the start. We will create many more agents in the coming year that will give customers the competitive advantage they need to future-proof their organization. Today, we’re introducing ten of these autonomous agents. Here are a few examples: 

    • Sales Qualification Agent: In a profession where time literally equals money, this agent enables sellers to focus their time on the highest priority sales opportunities while the agent researches leads, helps prioritize opportunities and guides customer outreach with personalized emails and responses. 
    • Supplier Communications Agent: This agent enables customers to optimize their supply chain and minimize costly disruptions by autonomously tracking supplier performance, detecting delays and responding accordingly — freeing procurement teams from time consuming manual monitoring and firefighting. 
    • Customer Intent and Customer Knowledge Management Agents: A business gets one chance to make a first impression, and these two agents are game changers for customer care teams facing high call volumes, talent shortages and heightened customer expectations. These agents work hand in hand with a customer service representative by learning how to resolve customer issues and autonomously adding knowledge-based articles to scale best practices across the care team. 

    As agents become more prevalent in the enterprise, customers want to be confident that they have robust data governance and security. The agents coming to Dynamics 365 follow our core security, privacy and responsible AI commitments. Agents built in Copilot Studio include guardrails and controls established by maker-defined instructions, knowledge and actions. The data sources linked to the agent adhere to stringent security measures and controls — all managed in Copilot Studio. These include data loss prevention, robust authentication protocols and more. Once these agents are created, IT administrators can apply a comprehensive set of features to govern their use. 

    Microsoft’s own transformation  

    At Microsoft, we’re using Copilot and agents to reimagine business process across every function while empowering employees to scale their impact. Using Copilot, one sales team has achieved 9.4% higher revenue per seller and closed 20% more deals(2). And thanks to Copilot, one team is resolving customer cases nearly 12% faster(3). Our Marketing team is seeing a 21.5% increase in conversion rate on Azure.com with a custom agent designed to assist buyers(4). And in Human Resources, our employee self-service agent is helping answer questions with 42% greater accuracy(5).  

    With Copilot and agents, the possibilities are endless — we can’t wait to see what you create. Start building agents in Copilot Studio today. Read more about autonomous agent capabilities on the Copilot Studio and Dynamics 365 blogs. Head to WorkLab for more insights on Microsoft’s own AI transformation.

    YouTube Video

    NOTES

    1. Statistics are from an internal Honeywell survey of 5,000 employees where 611 employees responded.
    2. Internal Microsoft Sales Team data based on 687 sellers of Microsoft 365 Copilot, Jan. – June 2024, as compared with sellers with low usage of Copilot. Regular usage of Copilot means sellers who use Copilot daily at least 50% of the time during the testing period.
    3. Internal Finance analysis of costs, comparing actuals for FY ’24 and projections for FY ’25.
    4. Internal CSS experiment conducted by Microsoft, 600 participants using Copilot Q&A function, Azure Core team, Nov. – Dec. 2023. These results are statistically significant at the 95th% confidence interval.
    5. Internal Microsoft Marketing Team data, June – Sept. 2024. Conversion means initiating the free account sign-up process on Azure.com.

    Tags: AI, Copilot, Copilot Studio, Dynamics 365, Microsoft 365 Copilot, Microsoft 365 Graph, Microsoft Dataverse, Microsoft Fabric

    MIL OSI Global Banks –

  • MIL-OSI Banking: AI is already changing work—Microsoft included

    Source: Microsoft

    Headline: AI is already changing work—Microsoft included

    The Path Forward

    Learnings from our AI transformation to date.

    • Play offense and defense to get AI’s full value
      AI helps boost employee productivity and drive cost efficiencies, but you shouldn’t stop there. A winning AI strategy requires playing both offense and defense—leveraging it to grow revenue and cut costs. Organizations that find ways to apply AI to supercharge their key differentiation will gain a real competitive advantage. Microsoft’s sales team used Copilot to unlock revenue while legal focused on reducing spend related to regulatory work. As AI gets increasingly integrated into every aspect of work, look for opportunities to apply it across every team, function, and process. 

    • Start with your biggest pain point, then apply AI
      We know from both our own experience and from working with customers that it can be hard to know where to start with AI. Ask yourself: what are one or two processes that—if you could make them faster, cheaper, or better—would be transformational to the business? Our marketing team focused on content creation, for instance, while customer service concentrated on case resolution. For every process, partnership with IT was critical to success.

    • Ground AI in your organizational data
      When AI is grounded in your company’s data and knowledge—like Copilot—you can steer it toward your goals and needs. And of course, security, data governance, and responsible AI are a must. As agentic capabilities grow, secure data-grounding becomes even more essential to gaining a competitive edge—enabling agents to manage data and actions across disparate systems. They will help marketing teams predict customer needs and opportunities, say, or human resources improve employee engagement, or customer service automate aspects of its support process.

    • Future-proof your organization by giving every employee an AI assistant 
      AI transformation is moving fast for all of us—and agentic capabilities will only accelerate the pace of change. AI assistants like Copilot will help employees manage a constellation of agents that perform tasks ranging from simple prompt-and-response queries to fully autonomous actions. The first step toward empowering people for this new way of working is to give every employee an AI assistant. As always, you can’t get there with technology alone. Every leader must build an AI-forward culture that empowers people to scale their impact and focus on the important work that only humans can do. 

    To learn more about how to create an AI-forward culture, subscribe to the WorkLab newsletter.

    1 Internal CSS experiment conducted by Microsoft; 600 participants using Copilot Q&A function, Azure Core team; Nov. – Dec. 2023. These results are statistically significant at the 95th percent confidence interval. 

    2 Internal Microsoft sales team data based on 687 sellers of Microsoft 365 Copilot from Jan. – June 2024, as compared with sellers with low usage of Copilot. Regular usage of Copilot means sellers who use Copilot daily at least 50% of the time during the testing period.

    3 Internal Microsoft marketing team data. June – Sept. 2024. Conversion means initiating the free account sign up process on Azure.com. 

    4 Internal HR experiment conducted by Microsoft, 33 participants, Oct. 2024. These results are statistically significant at the 95th percent confidence interval.

    5 Internal Microsoft Finance data, Oct. 2023 – Aug. 2024.

    6 Projected numbers based on internal Microsoft legal team study. 56 participants. May 2024. These results are statistically significant at the 95th percent confidence interval.

    7 Internal Microsoft IT experiment. 46 employee participants. Sept. 16-27, 2024. Success rate means: use of self-help resources through to resolution without contacting an agent. These results are statistically significant at the 95th percent confidence interval. 

    8 Internal Microsoft IT experiment. 46 employee participants. Sept. 16-27, 2024. These results are statistically significant at the 95th percent confidence interval.

    9 Internal Microsoft sales team data based on 687 sellers of Microsoft 365 Copilot from Jan. – June 2024, as compared with sellers with low usage of Copilot. High usage of Copilot means sellers who use Copilot daily at least 50% of the time during the testing period.

    10 Internal Microsoft sales team data based on 24,000 sellers. Oct. 2023 – June 2024. As compared with sellers with low usage of Copilot. Regular usage of Copilot means sellers who use Copilot daily at least 50% of the time during the testing period.

    11 Internal Microsoft legal team study. 56 participants. May 2024. [These results are statistically significant at the 95th percent confidence interval].

    12 Projected numbers based on internal Microsoft experiment of 56 participants from May 2024. Increased capacity means increasing the capacity for our legal professionals to meet the exponentially growing regulatory and compliance demands without a corresponding increase in resources (e.g., people and budget resources staying similar/flat). 

    13 Internal Microsoft marketing data based on use of Azure AI from a team that manages 35 commercial Microsoft web properties. Sept. 2024. Digital content creation process means brief creation, copywriting, web page creation, and sign-off. 

    14 Internal Microsoft marketing team data. June – Sept. 2024. Conversion means initiating the free account sign up process on Azure.com. 

    15 Internal CSS experiment conducted by Microsoft; 600 participants using Copilot Q&A function, Azure Core team; Nov. – Dec. 2023. These results are statistically significant at the 95th percent confidence interval.

    16 Office of Chief Economist, Wave 2.5 Study results of internal use of Copilot in Dynamics 365 Customer Service among Microsoft commercial business support engineers. Outcomes reflect results from 9,900 agents from a specific five-month period (April-September 2023). Findings were evaluated at the business unit level, not across the entire CSS organization

    17 Internal HR study conducted by Microsoft, 33 participants, Sept – Oct 2024. These results are statistically significant at the 95th percent confidence interval. 

    18 Internal Microsoft Finance data, Oct. 2023 – Aug. 2024.

    19 Internal Microsoft IT experiment. 46 employee participants. Sept. 16-27, 2024. Success rate means: use of self-help resources through to resolution without contacting an agent. These results are statistically significant at the 95th percent confidence interval.

    20 This is a projected number based on user testing of DACA Copilot and the 12-year long-standing DACA clinic metrics.

    MIL OSI Global Banks –

  • MIL-OSI: Andres Kitter, Board Member of LHV Bank, to step down

    Source: GlobeNewswire (MIL-OSI)

    Andres Kitter, Chief Technology Officer and a member of the executive committee and board of LHV Bank Limited, a subsidiary of LHV Group operating in the United Kingdom, will step down from his position at the end of this year.

    Andres Kitter joined LHV in 2013 as a member of the management board of LHV Bank and Head of Retail Banking. Under his leadership, the retail banking offering in Estonia was developed, the business line for international financial intermediaries was launched, and LHV was established in the UK. In his role as Chief Technology Officer, Andres Kitter built one of the most modern banking platforms and assembled a strong team.

    “The profitable business line of servicing financial intermediaries, developed under Andres’ initiative and leadership, has helped expand both LHV’s mental and operating landscape. It can be considered, this led the way to the subsequent creation of LHV Bank. At the same time, Andres has been involved in the development of the entire business line of financial intermediaries, including customer relations, technology and risk management,” said Madis Toomsalu, CEO of LHV Group.

    “After 11 remarkable years at LHV, I’ve decided it’s time for a new direction in my career. During my time here, I’ve had the privilege of helping to develop several key business areas and have built a highly capable and inspiring team. Now, I feel the time is right to step outside the company and focus on businesses in their earlier stages of development,” commented Andres Kitter.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of July, LHV’s banking services are being used by 437,000 clients, the pension funds managed by LHV have 118,000 active clients, and LHV Kindlustus protects a total of 167,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the UK and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

  • MIL-OSI Asia-Pac: Civil Engineering and Development Department highly concerned about worker at Tuen Mun Area 38 Fill Bank falling into sea

    Source: Hong Kong Government special administrative region

    Civil Engineering and Development Department highly concerned about worker at Tuen Mun Area 38 Fill Bank falling into sea
    Civil Engineering and Development Department highly concerned about worker at Tuen Mun Area 38 Fill Bank falling into sea
    ******************************************************************************************

         The Director of Civil Engineering and Development, Mr Michael Fong, is highly concerned about the incident happened at the Tuen Mun Area 38 Fill Bank today (October 21) in which a subcontractor’s worker fell into the sea and went missing. Mr Fong has tasked the project team to make every endeavour to facilitate the search and rescue operation of the Police and the Fire Services Department, seriously follow up on the cause of the incident and carry out a thorough review on safety measures of related work to prevent re-occurrence of similar incidents.      At around 12.30pm today, the worker concerned accidentally fell into the sea after mooring a construction vessel. After the incident, related work has been suspended immediately and the work area concerned has been fenced off. The contractor has reported the incident to the Labour Department and has contacted the family of the worker to provide assistance.

     
    Ends/Monday, October 21, 2024Issued at HKT 23:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Liechtenstein: Five Things You May Not Know About the IMF’s Newest Member

    Source: IMF – News in Russian

    By Rodgers Chawani and Kazuko Shirono

    October 21, 2024

    Liechtenstein is a winter sports destination and the only doubly-landlocked country in Europe. Find out more about the IMF’s 191st member

    The IMF welcomed the Principality of Liechtenstein as its 191st member. Prime Minister Daniel Risch signed the IMF’s Articles of Agreement in a ceremony in Washington, D.C at the beginning of the 2024 Annual Meetings, which the country now attends as a full member.

    Five Facts about Liechtenstein

    1. Liechtenstein is one of only two doubly landlocked countries worldwide, along with Uzbekistan.

      Among six smallest European states—Andorra, Malta, Monaco, San Marino, and Vatican City—Liechtenstein has the third-largest total area at 160 sq. km, comparable to the size of the city of Washington D.C. Liechtenstein is located between Austria and Switzerland in the Alps and is a winter sports destination. About 40,000 people call it home, half of the population of Andorra. Although Liechtenstein’s capital, Vaduz, is the best-known city in the principality, it’s not the largest; next-door Schaan has a larger population.

    2. Liechtenstein is a parliamentary constitutional principality with a small civil service.

      The 1921 constitution combines monarchy and democratic principles, defining the principality as “a constitutional, hereditary monarchy on a democratic and parliamentary basis.” The government consists of a five-member cabinet nominated by parliament and appointed by the prince for a four-year term. Liechtenstein has 1,500 civil servants, less than 4 percent of the population, significantly lower than the EU average of about 17 percent. Twenty-five members of parliament serve a four-year term.

    3. Liechtenstein has the second highest per capita income in Europe, behind Monaco.

      Liechtenstein’s per capita income of US$197K/year is substantially higher than that of most other small states and other European countries. High investment in research and development (6.2 percent of GDP) supports a globally-competitive and export-oriented manufacturing sector, which includes machine and tool engineering, plant construction, and precision and dental instruments, contributing to high incomes. The share of industry is high at 42 percent of gross value added, well above the EU average (about 15 percent). The financial sector, mostly based on private banking, wealth management, insurance, and trust services, accounts for about 20 percent of GDP.

    4. The number of persons employed in Liechtenstein exceeds its population.

      A distinctive feature of Liechtenstein’s economy is the large number of inward, cross-border commuters—from Austria, Germany, and Switzerland. Compared to a population of approximately 40,000, the workforce was 42,500 in 2022. About half of the workforce commutes daily from Switzerland (59 percent of commuters) or Austria (37 percent). Labor force participation is high (76.1 percent, vis-à-vis 74.9 percent in the EU), and the unemployment rate is below 2 percent.

    5. Despite its small size, Liechtenstein is globally integrated.

      The US, Germany, and Switzerland are among its most important export destinations. As part of the European Economic Area, Liechtenstein has full access to the EU’s single market, including financial markets, under the rules for free movement of services and capital. Building on access to the EU’s financial market and oversight by the European Banking Authority, Liechtenstein’s financial institutions have extended private wealth management networks outside the EU to Asia and the Middle East. Strong economic ties with Switzerland—including use of the Swiss franc—have also fostered trade and labor market integration. 

    ****

    Rodgers Chawani is a senior economist and Kazuko Shirono is a deputy chief. Both are in the IMF’s European Department.

    https://www.imf.org/en/News/Articles/2024/10/21/cf-five-things-you-may-not-know-about-liechtenstein

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Lancaster Man Sentenced for COVID Relief Fraud

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

    BUFFALO, NY – U.S. Attorney Trini E. Ross announced today that Larry Jordan, 45, of Lancaster, NY, who was convicted of conspiracy to commit bank fraud and wire fraud for his participation in a scheme to file fraudulent loan applications seeking forgivable Paycheck Protection Program (PPP) loans, was sentenced to serve 18 months in prison by U.S. District Judge John L. Sinatra, Jr. Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, joined the announcement.

    According to court documents, between April and September 2020, Jordan and his brother Sutukh El a/k/a Curtis Jordan a/k/a Hugo Hurt a/k/a Hugo Hermes Hurtington, conspired to submit eight fraudulent PPP loan applications on behalf of companies they owned or controlled. Three of the applications were submitted to Evolve Bank & Trust and the other five were submitted to Lendio, a financial technology company based in Utah. The applications contained false statements about the 2019 payroll expenses of each company, which were used to calculate the amount of PPP funds to which the applicant-companies would be entitled. To corroborate the applications, Jordan and El submitted IRS forms, which had never been filed with the IRS, as well as fraudulent payroll registers that purported to identify the names, personal information, and salary of the employees identified on the PPP applications.

    For example, a PPP loan application was submitted on behalf of 5 Stems Inc to Evolve. The application represented that in 2019, 5 Stems Inc had 194 employees and an average monthly payroll of $242,133.33. In truth, 5 Stems Inc had nine employees in 2019 and paid those employees a total of approximately $57,380 for all of 2019. Evolve approved the application and funded a $605,200 loan. The money was deposited into an account controlled by defendant El. Some of the money was used for the defendants’ own investments, as well as personal expenses and home improvements.

    Sutukh El was previously convicted and is awaiting sentencing.

    This case was investigated by the Federal Deposit Insurance Corporation’s Office of Inspector General, the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General, the Federal Housing Finance Agency’s Office of the Inspector General, the Federal Bureau of Investigation, and the Small Business Administration’s Office of Inspector General. Assistant U.S. Attorneys Charles Kruly and Grace Carducci for the Western District of New York and Trial Attorneys Ariel Glasner and Della Sentilles of the Criminal Division’s Fraud Section are prosecuting the case.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    # # # #

     

    MIL Security OSI –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    September 2024 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, October 21st, 2024

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for September 2024. The full report is attached to this release and will be available on Volta’s website shortly (http://www.voltafinance.com).

    Performance and Portfolio Activity

    Dear investors,

    Volta Finance recorded a net performance of +2.3% in September bringing the year-to-date return to +13.5%. This positive performance is built on the strong performance of its CLO equity investments through the month, Volta being almost fully invested in CLO Equity and debt tranches.

    Markets found some momentum in September on the back of a rather constructive macro backdrop. In Europe, inflation headline numbers dropped to 1.8% YoY and were below the 2% target for the first time in almost three years. Core inflation also came in lower and beat estimates with 2.7% YoY, opening the door for further cut rates possibly as early as October. In the US, the Fed implemented a 50bp rate cut by mid-month while the US flash PMIs showed economic resilience at 54.4 (vs. 54.3 expected).

    Credit markets were relatively stable despite some volatility intra-month, High Yield indices in Europe (Xover) were marginally wider following the index’s roll in the +315bps context while the US CDX High-Yield one settled at c. +330bps (+8bps MoM). On the Loan side, Euro Loans closed 25 cents down at c. 97.60px (Morningstar European Leveraged Loan Index), their US counterparts were trading flat at 96.70px.

    Primary CLO markets remained extremely busy once again, we recorded circa USD 42bn of issuance in the US and EUR 7bn in Europe. Spreads moved sideways across the capital structure with AAAs pricing +130bps context and non-Investment Grade BB-rated tranches at +600bps in Europe (inside +550 for top tier US bonds).

    Looking at fundamentals, both US and European default rates were roughly unchanged at 0.80% while the proportion of CCC-rated Loans within CLO collateral portfolios was slightly lower at 5.4% in US CLOs and slightly higher at 3.7% in Europe, while Loan repayment rates were stable at 26% in the US (-2% YoY growth rate of the Loan market) and 14% in Europe (+6% YoY growth). .

    Volta Finance’s activity over the month was focused on CLO Equity. $7mm of USCLO Equity were purchased as well as tickets of c. €1.4m in a Reset and €2.0mm in Secondary. Also, 2 transactions in which Volta is invested were reset through the month generating mark-to-market gains for Volta in addition to the strong distribution generated by the closing of one European CLO warehouse.

    CLO debt investments performed in excess of their carry, driven by some spread compression. Overall, the cashflow generation over the last 6 months remained strong at c.€30m equivalent of interests and coupons, representing c.23% of the month’s NAV on an annualized basis.

    Volta’s underlying sub asset classes monthly performances** were as follow: +1.1% for Bank Balance Sheet transactions, +4.1% for CLO Equity tranches, +1.4% for CLO Debt tranches and 0.0% for Cash Corporate Credit & ABS***, cash representing c.4% of NAV. The fund being c.26% exposed to USD, the depreciation of USD vs EUR had a negative impact of -0.2% on the overall performance.

    As of end of September 2024, Volta’s NAV was €261.9m, i.e. €7.16 per share.

    *It should be noted that approximately 0.44% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.24% as at 31 August 2024, 0.20% as at 31 July 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
    *** The cash Corporate Credit and ABS bucket is currently made of 3 legacy assets representing 0.6% of GAV.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: First American Bank Invests in the Miami Community with New Branch Location

    Source: GlobeNewswire (MIL-OSI)

    Conveniently Located Near Key Landmarks, New Branch Enhances Services for Hialeah Customers

    MIAMI, Oct. 21, 2024 (GLOBE NEWSWIRE) — First American Bank is moving their Hialeah branch from 611 W 49th Street Hialeah, FL to a newly designed location at 1437 W 49th Street. “The new branch provides space to accommodate our growing team and better support our customers with the personal attention and comprehensive financial services they deserve,” said Guillermo Diaz-Rousselot, First American Bank’s Miami market President.

    After 40-plus years in Hialeah, the Bank purchased this new location—just a few blocks away—cementing their presence in the Miami community. The branch will open on Monday, October 21, 2024, with Ismael Manuel Gil as Vice President and Market Manager.

    “The great part about this move,” shared Gil, “is that we will be more centrally located, and closer to the Westland Mall, Miami Dade College, and the Palmetto expressway, making it more convenient for current customers and further increasing our appeal to new ones.”

    As a leading financial institution with more than $7 billion in assets, First American Bank is committed to helping customers move confidently forward by providing personalized assistance and supporting community development. “This new location allows us to enhance our clients’ banking experience, including providing tailored solutions, business referrals, and account-opening services for foreign nationals,” Gil added.

    The network of Florida branches is led by Rodolfo Lleonart, Executive Vice President, and supported by various teams of specialists, including Brian Hagan, Florida Market President for Commercial Lending; John Olsen, Executive Vice President for Commercial Real Estate; Karina Valido, Vice President and Private Client Advisor for Wealth Management; and Joel De Jesus, SBA Assistant Program Manager for SBA loans.

    “We are proud to continue providing banking services and solutions to the Hialeah community that we so appreciate,” said Lleonart. “We look forward to seeing our valued customers and guests visit our new branch location.”

    Contact Hialeah Market Manager Ismael Manuel Gil at (786) 457-3937 or igil@firstambank.com.

    About First American Bank

    First American Bank is a full-service bank with $7 billion in assets and 60 branches and offices serving Miami, Tampa, Chicago, and Milwaukee. They are committed to creating solutions, providing exceptional customer service, and providing unmatched expertise in commercial banking, wealth advisory, and personal finance solutions.

    First American Bank is a Member FDIC.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d32320bf-26ed-4df7-8535-92ab3686c3c5

    The MIL Network –

  • MIL-OSI Economics: High-level visit to the Busia One Stop Border Post (OSBP) and study tour on the impact of the East African Community (EAC) on fostering regional…

    Source: African Development Bank Group
    What:          High-level visit to the Busia One Stop Border Post (OSBP) and study tour on the impact of the East African Community (EAC) on fostering regional trade and integration, and empowering women traders
    Who:           African Development Bank Group and Mano River Union (MRU) Secretariat

    MIL OSI Economics –

  • MIL-OSI Banking: Galaxy Tab S10 Ultra: Faster and More Intelligent Than Ever Before

    Source: Samsung

    Samsung Electronics unveiled the Galaxy Tab S10 Ultra on September 26.
    The Galaxy Tab S10 Ultra features a large screen equipped with Dynamic AMOLED 2X technology for an optimal AI experience. The Galaxy Tab S10 Ultra also boasts an impressive, improved chipset. Upgrades include an 18% increase in CPU, 28% increase in GPU and 14% increase in NPU performance compared to its predecessor, the Galaxy Tab S9 Ultra.
    The experience is further enhanced with Dialogue Boost — an AI-powered feature that amplifies voices over unwanted noise in videos — so that users can immerse themselves in what they’re viewing with ultra-clear audio.
    Samsung Newsroom explored how Dialogue Boost works and compared the benchmark test results of the Galaxy Tab S10 Ultra and the Galaxy Tab S9 Ultra in the videos below.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Promoting financial inclusion through technological innovation in the Americas

    Source: Bank for International Settlements

    Technology is rapidly changing how the financial system interacts with end users. Internet and smartphone coverage are rising, while physical access points to the financial system (eg bank branches) have declined. In this new environment, a plethora of new options in payments, credit, insurance and wealth management is supporting financial inclusion. Emerging market and developing economies are closing gaps with advanced economies in this regard.

    Increasing financial inclusion requires actions by the public and private sector, with central banks being a key player. Some are participating directly in their national financial inclusion strategies. Others are improving their retail payment systems and introducing immediate availability of fund transfers on a 24×7 basis. Experiences in the Americas, eg with Brazil’s Pix, show the dramatic potential of fast payment systems to support inclusion.

    Going forward, one of the most challenging areas is cross-border payments. Yet the potential for greater integration in the Americas is great. The BIS remains committed to supporting dialogue among central banks and encouraging disruptive innovations in financial and payment systems through its committees, its research and the BIS Innovation Hub. As we look to the future, integration of fast payment systems across the Americas, similar to in the BIS Innovation Hub Project Nexus, could hold significant potential.

    MIL OSI Global Banks –

  • MIL-OSI Economics: Promoting financial inclusion through technological innovation in the Americas

    Source: Bank for International Settlements

    Technology is rapidly changing how the financial system interacts with end users. Internet and smartphone coverage are rising, while physical access points to the financial system (eg bank branches) have declined. In this new environment, a plethora of new options in payments, credit, insurance and wealth management is supporting financial inclusion. Emerging market and developing economies are closing gaps with advanced economies in this regard.

    Increasing financial inclusion requires actions by the public and private sector, with central banks being a key player. Some are participating directly in their national financial inclusion strategies. Others are improving their retail payment systems and introducing immediate availability of fund transfers on a 24×7 basis. Experiences in the Americas, eg with Brazil’s Pix, show the dramatic potential of fast payment systems to support inclusion.

    Going forward, one of the most challenging areas is cross-border payments. Yet the potential for greater integration in the Americas is great. The BIS remains committed to supporting dialogue among central banks and encouraging disruptive innovations in financial and payment systems through its committees, its research and the BIS Innovation Hub. As we look to the future, integration of fast payment systems across the Americas, similar to in the BIS Innovation Hub Project Nexus, could hold significant potential.

    MIL OSI Economics –

  • MIL-OSI Economics: ADB Appoints Shanny Campbell as Lao PDR Country Director

    Source: Asia Development Bank

    VIENTIANE, LAO PEOPLE’S DEMOCRATIC REPUBLIC (23 October 2024) — The Asian Development Bank (ADB) has appointed Shanny Campbell as its Country Director for the Lao People’s Democratic Republic (Lao PDR). She assumed office this week. Ms. Campbell will lead ADB’s operations in the Lao PDR in support of its national development goals, including its ambition to reduce greenhouse gas emissions by 60% by 2030.

    “I am honored to serve in this new role as ADB’s Country Director in the Lao PDR,” said Ms. Campbell. “I look forward to working closely with the government and development partners in supporting the country’s sustainable public finances, enhancing equitable access to services, and advancing its climate commitments.”

    Ms. Campbell, a national of New Zealand and the United Kingdom, joined ADB in 2010 from the private sector. She has 31 years of experience across 26 countries in the transport, energy, agriculture and water resources, and finance sectors. Prior to this appointment, she was ADB’s Country Director for Tajikistan. She holds a Master of Development and Bachelor of Science degrees from the Victoria University of Wellington, New Zealand.

    The Lao PDR has been a member of ADB since 1966. As of December 2023, ADB has committed 365 public sector loans, grants, and technical assistance totaling $2.7 billion to the country.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-Evening Report: Israel’s actions in Gaza, backed by the US, are shaking the world order to its core

    Source: The Conversation (Au and NZ) – By Tristan Dunning, Sessional Academic, School of Social Sciences, Macquarie University

    While the killing of Hamas leader Yahya Sinwar could have provided an off-ramp for the conflict in Gaza, Israeli Prime Minister Benjamin Netanyahu’s ongoing vows of “total victory” make this seem unlikely.

    The concept of “total victory”, however, is extremely problematic. Every time Israel declares an area cleared of Hamas and then withdraws, Hamas, which carried out the horrific attack on southern Israel on October 7 2023, has quickly returned to reestablish control.

    As a result, there has been a marked Israeli escalation in northern Gaza in recent days, and much discussion about a so-called “general’s plan” being pushed by some right-wing members of Netanyahu’s government.

    Concocted by a former Israeli general, Giora Eiland, the plan is, in essence, to forego negotiations, bisect the enclave and give northern Gaza’s 400,000 inhabitants the bleak choice between leaving and dying.

    We don’t know whether Netanyahu will officially endorse the plan. Israeli leaders reportedly told US Secretary of State Antony Blinken this week they are not implementing it. However, it nonetheless has broad support among Israel’s political and military elite.

    The Israeli military has already issued expulsion orders to the people of northern Gaza. The government has said anyone who remains would be considered a military target and will be deprived of food and water.

    While Israel denies obstructing humanitarian aid, the World Food Program said no food aid entered northern Gaza for two weeks in early October. While some aid has been entering since then, thousands are still at risk of starvation and outbreaks of preventable diseases.

    Moreover, many Palestinians, including the sick, elderly and wounded, are unable to move and have nowhere to go. The prospect of the overcrowded and unprotected tent cities of the south is hardly enticing.

    Israeli human rights groups say the military had been deliberately blocking aid to give the population no choice but to leave northern Gaza. Israel may now be backtracking under pressure from the United States, which has given Netanyahu’s government a 30-day deadline to increase the amount of aid it allows into Gaza or risk losing US weapons funding.

    Undermining international norms and rules

    Israel’s war against Gaza, and now Lebanon, has repeatedly challenged the foundations of the liberal international rules-based order set up after the second world war, as well as the tenets of international law, multilateral diplomacy, democracy and humanitarianism.

    The norms of the liberal world order are expressed in various institutions, such as:

    • the UN Charter
    • the UN Security Council, with its notionally legally binding resolutions
    • the International Court of Justice (ICJ) in The Hague
    • the Geneva Conventions governing the rules of war
    • the Universal Declaration of Human Rights
    • and the Rome Statute of the International Criminal Court (ICC), among many others.

    Recently, the ICJ ruled Israel’s occupation of the West Bank, Gaza Strip and East Jerusalem is illegal and ordered it to withdraw. In response, Netanyahu said the court had made a “decision of lies”.

    In a separate case, South Africa brought a charge to the ICJ, alleging Israel has committed genocide against the Palestinian people over the past year. The world’s top court has preliminarily ruled there is a “plausible” case for a finding of genocide, and said Israel must take measures to ensure its prevention.

    At this juncture, however, human rights groups and others have argued that Israel has failed to comply with this order, thereby undermining one of the key institutions of the liberal world order.

    This is compounded by the fact that few major democratic states have been willing to strongly condemn Israel’s failure to comply with international law in Gaza – or have done so belatedly – let alone intervened in any concrete fashion.

    In addition, the UN Security Council has failed – primarily due to the veto power exercised by the US – to take any tangible measures to enforce its own resolutions against Israel, as well as the rulings of the ICJ.

    This is fuelling widespread perceptions of hypocrisy in relation to the accountability of notionally democratic states for alleged violations of humanitarian law, compared with other nations that don’t have great power patrons.

    In the early 1990s, for instance, the UN Security Council unanimously passed several resolutions against Iraq’s invasion of Kuwait, followed a decade later by resolutions demanding Saddam Hussein’s regime comply with weapons inspection mandates. The US and its allies used these resolutions as the legal justification for their invasion of Iraq. Ultimately, no weapons of mass destruction were found. Then UN Secretary General Kofi Annan later said the invasion of Iraq was illegal and contrary to the UN Charter.

    However, dozens of UN Security Council resolutions concerning Israel have been passed and not enforced. Many others have been vetoed by the US.

    The prosecutors of the ICC have also requested arrest warrants for Netanyahu and Defence Minister Yoav Gallant for alleged crimes against humanity (in addition to several Hamas leaders, now dead). The warrants for Netanyahu and Gallant were met with indignation by some Western politicians. Yet, the West broadly praised the ICC’s arrest warrant against Russian President Vladimir Putin.

    Furthermore, the US Congress attempted to sanction the court over the Netanyahu arrest warrant, once again underscoring the often selective way in which international law is applied by nation states.

    A crisis of legitimacy for the world order

    Democratic states like to present themselves as the protectors, and sometimes enforcers, of the liberal world order, ensuring continued international peace and security.

    Indeed, Israel and its supporters often characterise its military actions as the forward defence of the democratic world against tyrannical larger powers, as a means of protecting itself from adversaries that want to destroy it. The problem is Israel’s actions often directly contradict the liberal world order it purports to defend, thereby undermining its legitimacy.

    Failure to rein in Israel’s actions has led to accusations of “double standards” regarding international law. The US and Germany provide Israel with 99% of its arm imports and diplomatic cover. Although Germany has stopped approving new weapons exports to Israel, both countries certainly have more leverage to stop the carnage in Gaza if they wish.

    The West’s self-abrogated moral superiority is arguably in tatters as it continues to undermine the principles of the liberal world order. The question is: if this world order falls, what will the new world order look like?

    Tristan Dunning has signed a statement of solidarity with Palestine from academics in Australian universities.

    Shannon Brincat has signed a statement of solidarity with Palestine from academics in Australian universities.

    Martin Kear 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. Israel’s actions in Gaza, backed by the US, are shaking the world order to its core – https://theconversation.com/israels-actions-in-gaza-backed-by-the-us-are-shaking-the-world-order-to-its-core-241460

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: NDB positioned to drive growth of member states

    Source: China State Council Information Office

    The New Development Bank will make greater efforts to advance economic growth in emerging economies and help address pressing issues such as climate change as it welcomes more potential members, said Dilma Rousseff, the NDB’s president.

    To help emerging countries ensure stable development and avoid crises, the NDB will facilitate the building of infrastructure in areas such as logistics, education, digital services and healthcare, Rousseff had said during an interview in September after she received China’s Friendship Medal, the highest honor China offers foreigners.

    The NDB has already stepped up efforts to finance infrastructure projects in member countries. It has cumulatively approved loans of $35 billion for 105 projects, with the major ones being the Mumbai Urban Transport Project-III in India, the Serra da Palmeira Wind Power Project in Brazil, and the Jiangxi Urban and Rural Cold Chain Logistics Project in China, according to a Xinhua News Agency report.

    At the end of August, the NDB announced a $280 million loan agreement with Transnet, South Africa’s leading freight transport and logistics company, to support the modernization and improvement of the country’s freight rail sector.

    During a meeting of the bank’s board of directors in late August, a $1-billion loan was approved for financing South Africa’s water and sanitation infrastructure development. Another $150 million loan was approved to China’s Bank of Communications Financial Leasing for the acquisition of at least three liquefied natural gas carriers.

    In January, the NDB inked three loan agreements with India to boost the country’s transportation, water and sanitation infrastructure in designated areas. The combined value of the loans is about $700 million.

    As Rousseff pointed out, developing countries have limited capacity to address climate change. Further development and use of more renewable energy sources was needed, she said. As China is already a world leader in the electric vehicle segment, she hoped the nation would make more progress in energy storage and stable renewable energy supply.

    According to the NDB’s strategy between 2022 and 2026, climate change mitigation will be a focus area, as the majority 40 percent of the bank’s $30 billion financing to be provided by 2026 has been reserved for green goals.

    After issuing a 6-billion yuan ($840 million) five-year panda bond — yuan-denominated bonds issued by overseas institutions in the Chinese onshore market — at the beginning of the year, in July the NDB issued an 8-billion yuan three-year panda bond. The bonds are part of the bank’s efforts to finance infrastructure and sustainable development in member states while addressing the United Nations’ Sustainable Development Goals.

    Initiated by Brazil, Russia, India, China and South Africa in 2014 with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries, the NDB formally began operations in July 2015, with its headquarters in Shanghai.

    In 2021, the NDB began expanding its membership and admitted Bangladesh, Egypt, the United Arab Emirates and Uruguay as new member countries.

    “The partnership within the NDB does not sit on the development goals of respective members but rather represents the vision of member countries and better connects them,” she said, adding that the NDB welcomes other countries.

    A model for the future

    According to Rousseff, China’s development trajectory can serve as a good reference for the Global South. The nation’s experiences show that economic, infrastructure and technological development can overcome barriers, sanctions and obstacles, she said.

    Applauding China’s achievements in the fields of socioeconomic and cultural development over the past 75 years, Rousseff said that it is now taking the lead in innovation, helping to advance globalization and reform. The country’s stress on development of new quality productive forces has shown its dedication to scientific and technological development.

    “I feel like that there is no one single moment that I can have a full picture of China, as it is always developing, taking on a new look. The ever ongoing reform and opening-up has been refreshing China’s image,” she said.

    The stronger ties between China and Brazil are another good example, showing that partnership among the Global South countries can help facilitate economic growth and improve people’s well-being, she said.

    Under the Belt and Road Initiative, China and Brazil have strengthened their cooperation in the areas of trade and technology. At the same time, Brazil has served as China’s largest food supplier over the past few years, playing an important role in China’s food security, said Rousseff.

    Meanwhile, Chinese companies’ presence in Brazil is of great importance, facilitating Brazil’s reindustrialization, she said.

    As Rousseff further explained, there are several highlights in China’s investments in Brazil. These include the China National Offshore Oil Corporation’s concession contracts with Brazil’s leading oil and gas company Petrobras for oil exploration in the Pelotas Basin in southern Brazil.

    Also, the less-developed areas in Brazil have benefited from China’s investment in power and overall energy supply, and high-voltage direct transmission lines built by China have helped address Brazil’s energy shortage, she said.

    Since 2009, China has been Brazil’s largest trading partner and a major source of investment, while Brazil has been China’s largest trading partner in Latin America. Trade volume between China and Brazil reached $181.53 billion in 2023.

    MIL OSI China News –

  • MIL-OSI China: IMF report highlights global financial fragilities despite rate cuts

    Source: China State Council Information Office

    The International Monetary Fund (IMF) on Tuesday said that despite rate cuts and buoyant markets, there are mounting global financial fragilities, urging policymakers to “remain vigilant” about the medium-term prospects.

    The newly released Global Financial Stability Report highlighted two areas of concern. For one, accommodative financial conditions have continued to increase vulnerabilities, such as lofty asset valuations around the world, increased government and private-sector debt levels, and more use of leverage by financial institutions, Tobias Adrian, director of the IMF’s Monetary and Capital Markets Department, and his colleagues wrote in a blog.

    The second area of concern, according to the blog, is the “disconnect” between heightened uncertainty — especially related to increased geopolitical risks — and financial market volatility.

    “Asset prices may not fully reflect the potential impact of wars and trade disputes. Such a disconnect makes shocks more likely, because high geopolitical tension could trigger sudden sell-offs in financial markets and prompt volatility to snap back as it catches up to uncertainty,” the authors argued.

    “As the global economy continues to grow, and with monetary policy easing, risk-taking by investors could increase. And thus, vulnerabilities such as debt and leverage could build up, raising downside risks in the future,” they said.

    The IMF’s Global Financial Stability Report urged central banks to push back against overly optimistic investor expectations for monetary policy easing in countries where inflation remains stubbornly above targets. On the fiscal side, adjustments should focus primarily on credibly rebuilding buffers to keep financing costs at reasonable levels.

    Noting that more progress is needed on financial policies, the IMF report argued that fragilities created by nonbanks using more leverage and maturity mismatches underscore the need for more active regulatory and supervisory engagement.

    In response to a question from Xinhua at a press conference Tuesday, Adrian said that the IMF welcomes the recent easing of monetary policy by the People’s Bank of China, noting that the cut in interest rates and engagement in asset purchases have supported the easing of financial conditions.

    “The cost of funding for households and corporations in China, those financial conditions have eased quite markedly, equity markets have rallied, longer term bond yields have declined, and we generally welcome that easing,” he said.

    MIL OSI China News –

  • MIL-OSI China: Yuan-based assets seen more alluring

    Source: China State Council Information Office

    File photo shows a worker counts Chinese currency renminbi at a bank in Lianyungang, east China’s Jiangsu Province. [Photo/Xinhua]

    Renminbi financial assets are set to attract more foreign investment in the months ahead after foreign holdings of onshore bonds and equities rose amid the country’s sharpening policy focus on shoring up asset prices, according to officials and analysts.

    “We have the conditions and confidence that China’s cross-border capital flows will maintain a stable and positive trajectory in the coming months of the year and beyond,” said Jia Ning, head of the Balance of Payments Department of the State Administration of Foreign Exchange.

    SAFE data showed on Tuesday that foreign investment in Chinese bonds saw a continuous and stable influx, amassing over $80 billion in net increases in the first three quarters.

    A “noticeable improvement” in foreign investment in onshore stocks has emerged recently, according to SAFE, without disclosing specific figures.

    James Wang, head of China strategy at UBS Investment Bank Research, said that focus from foreign investors on the country has picked up as the latest policy moves appeared to be aimed at lifting asset prices, which would support expectations and consumption via the wealth effect.

    “We believe a stabilization in some key economic indicators, particularly nominal retail sales, could see some long-only investors come back to the China (stock) market,” Wang said, though a greater level of volatility in the equity market is likely, given the short-term nature of capital inflows so far.

    Since late September, Chinese policymakers have launched a series of stimulus measures with a particular emphasis on stabilizing the property market and bolstering the stock market. The People’s Bank of China, the country’s central bank, launched its first policy tools specially aimed at boosting stock market liquidity.

    On Monday, the PBOC conducted the first operation of a new swap facility — which enables financial institutions to swap less liquid securities for more liquid ones and pledge them for lending to invest in the capital market — at a size of 50 billion yuan ($7.02 billion).

    Share-buying transactions financed through the facility were made by China International Capital Corp Ltd on Tuesday.

    Informed sources said the central bank will continue to conduct the facility operation in batches as necessary and will expand the size of the facility based on the actual situation after the initial 500 billion yuan in quota is used up.

    The implementation of a special central bank lending program to buy back shares and boost share holdings with an initial quota of 300 billion yuan also got underway. As of Sunday, 23 listed companies said they had applied for over 10 billion yuan of the loans in total, and more are expected to follow suit.

    China’s benchmark Shanghai Composite Index closed up 0.54 percent at 3285.87 points on Tuesday, while the onshore renminbi came in at around 7.12 against the greenback as of Tuesday afternoon, weakening by 82 basis points from the previous session.

    “Foreign investment in China’s capital markets is still in a nascent stage, with holdings of renminbi-denominated assets accounting for 3 percent to 4 percent of the domestic bond and stock markets,” said Li Hongyan, deputy head of SAFE.

    “There is room for further growth given a multitude of favorable factors,” Li said, adding that a package of incremental policies has consolidated China’s long-term positive economic momentum.

    Total holdings of onshore renminbi bonds by foreign investors have surpassed $640 billion so far, marking a historic high, with treasury bonds and bonds issued by policy-oriented banks the preferred investment targets, she said.

    According to SAFE, the accumulative amount of cross-border receipts and payments by non-banking sectors was $5.2594 trillion and $5.2566 trillion during the January-September period, respectively, representing a surplus of $2.8 billion.

    In September, the surplus surged to $60.2 billion amid improved foreign investment and continued inflows from trade, SAFE data showed.

    Guan Tao, global chief economist at BOCI China, said that in the base case scenario that the United States achieves a soft landing and continues interest rate cuts, foreign institutions may continue to boost holdings in renminbi bonds, especially treasury bonds, as yield spreads further narrow.

    MIL OSI China News –

  • MIL-OSI Economics: ADB Approves $200 Million Loan to Enhance Livability in Uttarakhand, India

    Source: Asia Development Bank

    MANILA, PHILIPPINES (23 October 2024) — The Asian Development Bank (ADB) has approved a $200 million loan to help upgrade water supply, sanitation, urban mobility, and other urban services to enhance the quality of life and climate resilience of the people in Uttarakhand state in India.

    The Uttarakhand Livability Improvement Project will improve transportation and urban mobility, drainage, flood management, and overall public services in the city of Haldwani, which serves as the state’s economic hub. To enhance water supply service delivery in Champawat, Kichha, Kotdwar, and Vikasnagar, the project will finance the implementation of efficient and climate-resilient water supply systems.

    “Uttarakhand’s high vulnerability to climate and environmental risks such as floods and droughts adds to the pressing challenges in delivering good public services that are faced by the project towns,” said ADB Senior Urban Development Specialist Pedro Almeida. “With a projected increase in rainfall, temperatures, and flooding and landslides, upgrading infrastructure in these areas is critical not only to improve livability but also to ensure the population’s safety and health.” 

    In Haldwani, the project will develop 16 kilometers (km) of climate-resilient roads, establish an intelligent traffic management system, deploy compressed natural gas buses, and pilot electric buses. To prepare the city against disasters, the project will construct 36 km of stormwater and roadside drains to improve flood management and implement an early warning system. A green-certified administrative complex and bus terminal will be built to improve the delivery of public services. 

    In the towns of Champawat, Kichha, Kotdwar, and Vikasnagar, the project aims to increase water service coverage to 100% by constructing 1,024 km of climate-resilient pipelines with smart water meters, 26 tubewells with a daily capacity of 72,131 cubic meters, new reservoirs with 17,350 cubic meters of storage capacity, and a 3.5 million liter per day water treatment plant. Sanitation coverage in Vikasnagar will be improved by sewage treatment facilities that will benefit around 2,000 households.

    Measures to strengthen the institutional capacity of the Uttarakhand Urban Sector Development Agency and urban local bodies in project management, climate and disaster-resilient planning, and urban infrastructure management will be implemented under the project.

    The project will introduce initiatives for women, such as livelihood skills training on driving buses, bus ticketing, and the operation of electric charging stations. Given women’s role in monitoring water supply systems, the project will build the capacity of women, including those from vulnerable households, in operating and managing water supply and sanitation services. The project will pilot women-led community engagement in water bill distribution and collection in the four towns.

    The European Investment Bank is cofinancing the project with $191 million on a parallel basis, while the state government is contributing $74.9 million—bringing the total project cost to $465.9 million.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
     

    MIL OSI Economics –

  • MIL-OSI Economics: Public–Private Partnership Monitor: Georgia

    Source: Asia Development Bank

    This report is part of an ADB flagship series that considers financing options and assesses constraints, such as low awareness and insufficient PPP opportunities at both local and national levels. The report also details how Georgia’s PPP Agency and PPP Law are supporting efforts to attract investment partners and bolster critical infrastructure that can further strengthen the economy.

    MIL OSI Economics –

  • MIL-OSI Security: Buffalo man pleads guilty to bilking two banks out of nearly half a million dollars

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Trini E. Ross announced today that Joshua Parra, 32, formerly of Buffalo, NY, now living in Melbourne, Florida, pleaded guilty before U.S. Magistrate Judge Michael J. Roemer to bank fraud, which carries a maximum penalty of 30 years in prison and a $1,000,000 fine. 

    Assistant U.S. Attorney Charles M. Kruly, who is handling the case, stated that between December 28, 2021, and January 6, 2022, Parra defrauded Bancorp and Stride Bank by creating 94 fictitious disputed transactions on behalf of 11 customers of Fintech Company 1, a financial technology company that offers customers mobile banking services. However, none of the 11 customers’ accounts with Fintech Company 1 had transactions that would justify such disputes. Nearly all of the fictitious disputed transactions were in the amount of $5,000. As a result, funds were transferred from settlement accounts, held at Bancorp and Stride Bank, to accounts maintained by the Fintech Company 1 customers for whom Parra created the fictitious disputed transactions. Losses to Bancorp and Stride Bank totaled approximately $459,000.

    The plea is the result of an investigation by the Internal Revenue Service, Criminal Investigation Division, under the direction of Special Agent in Charge Thomas Fattorusso, and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Miraglia.  

    Sentencing will be scheduled at a later date.   

    # # # #

    MIL Security OSI –

  • MIL-OSI Economics: Money Market Operations as on October 22, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 563,557.45 6.65 5.10-6.85
         I. Call Money 9,130.51 6.65 5.10-6.85
         II. Triparty Repo 408,209.20 6.66 6.45-6.80
         III. Market Repo 145,104.74 6.61 6.00-6.85
         IV. Repo in Corporate Bond 1,113.00 6.75 6.70-6.85
    B. Term Segment      
         I. Notice Money** 281.00 6.65 6.00-6.90
         II. Term Money@@ 501.50 – 6.45-6.95
         III. Triparty Repo 657.00 6.70 6.60-6.75
         IV. Market Repo 874.20 6.66 6.62-6.80
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 22/10/2024 1 Wed, 23/10/2024 2,603.00 6.75
    4. SDFΔ# Tue, 22/10/2024 1 Wed, 23/10/2024 67,234.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -64,631.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,388.93  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -9,144.07  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -73,775.07  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 22, 2024 1,002,750.84  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 22, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1356

    MIL OSI Economics –

  • MIL-OSI: Capgemini announces leadership appointments

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Sam Connatty
    Tel.: +44 (0)370 904 3601
    Email: sam.connatty@capgemini.com

    Capgemini announces leadership appointments

    • Anirban Bose becomes CEO of the Americas Strategic Business Unit
    • Kartik Ramakrishnan becomes CEO of the Financial Services Strategic Business Unit
    • Jerome Simeon will take on the role of Chief Revenue Officer
    • Franck Greverie will become Chief Technology Officer

    Paris, October 23, 2024 – Capgemini today announced some key leadership appointments. Anirban Bose succeeds Jim Bailey as CEO of the Americas Strategic Business Unit, effective November 1. Consecutively, Kartik Ramakrishnan is appointed CEO of the Financial Services Strategic Business Unit. Jerome Simeon will become Chief Revenue Officer and Franck Greverie Chief Technology Officer, both from January 1, 2025. Following an outstanding 34-year long career at Capgemini, Olivier Sevillia, Chief Operating Officer, has decided to pursue new endeavors as an individual, and will leave the Group at the end of 2024. With his deep global experience and passion for digital transformation, Olivier will focus on promoting the techno-business ecosystem of European companies to help improve their competitiveness. The whole Capgemini team is looking forward to supporting Olivier in his next chapter.

    “These appointments strengthen the Group’s growth ambition and reinforce Capgemini’s role as the go to business and technology partner for our clients. Anirban Bose has been at the helm of our Financial Services division for the last six years and instrumental in building and shaping this business across the globe. Anirban is well positioned to accelerate our trajectory in the Americas, building on our progress in the region over the past 4 years under the leadership of Jim Bailey. I would like to thank Jim for his many contributions to Capgemini. Kartik Ramakrishnan, who has been running the Banking sector for the past six years, is Anirban’s natural successor, to ensure the global business will continue to go from strength to strength,” comments Aiman Ezzat, CEO of the Capgemini Group. “To bolster our laser focus on growth, Jerome Simeon will take on a new position of Chief Revenue Officer for the Group in the new year. His role will encompass our activities across sales, key clients and industries to bring even greater value to our clients as we accompany them on their business-critical transformations. Franck Greverie will add Chief Technology Officer to his scope of responsibility, also from January 1. His deep tech expertise and forward-thinking approach will accelerate our efforts to build innovative value creating solutions for our clients. I wish Anirban, Kartik, Jerome and Franck every success in their new roles.”

    Aiman Ezzat continues, “After an outstanding 34-year long career at Capgemini and an impressive track record in leading and operating strategic businesses across the Group, Olivier Sevillia will step down as Group COO at the end of 2024. We are all looking forward to supporting Olivier in his new endeavors as an individual, focused on applying his extensive experience in digital transformation to promote a rich techno-business ecosystem to help improve the competitiveness of European businesses. The board of directors joins me in thanking him and paying tribute to his commitment and service.”

    Biography: Anirban Bose

    Anirban was Head of Capgemini’s Financial Services Strategic Business Unit and a member of the Group Executive Board from 2018. He was also responsible for overseeing the Asia Pacific Strategic Business Unit.

    Prior to this, Anirban was the Head of Capgemini’s Banking and Capital Markets Business Unit.

    Between 2007 and 2015 Anirban led Capgemini’s Banking Business Unit. From 2004 to 2007, Anirban served as executive vice president at Kanbay before its 2007 acquisition by Capgemini.

    Anirban resides in New York. He graduated from the Indian Institute of Technology of Varasani with a Bachelor of Technology. He holds an MBA in Finance from the University of Chicago.

    Biography: Kartik Ramakrishnan

    Kartik was the Deputy CEO of Capgemini’s Financial Services Strategic Business Unit and also led Capgemini’s Banking and Capitals Markets business. Kartik has been a member of the Group Executive Committee since 2023.

    Prior to this, Kartik was responsible for managing sales teams across banking and capital markets.

    Kartik has spent over 25 years consulting in the banking and payments industry. Over his career, he has been involved in launching new products and developing innovative, cost-effective solutions for financial services firms across the globe in countries such as Australia, Canada, Germany, India, Singapore, United Kingdom and United States of America.

    Kartik has a bachelor’s degree from the Indian Institute of Technology and a master’s degree from the Booth School of Business at University of Chicago.

    Biography: Jerome Simeon

    Jerome became the Head of Global Industries in 2023. He has been a Member of the Group Executive Board since 2021.

    Prior to this, he was the CEO of the Southern Europe Strategic Business Unit. From 2018 to 2020, Jerome was Managing Director of Capgemini in France, when he also joined the Group Executive Committee.

    From 2014, he was CEO, Application Services France after serving as Commercial Director (from 2012 to 2014).

    Prior to this, from 2007 to 2010, he held commercial positions in Capgemini’s Telecom & Media business after managing the development and sales for the Property & Services Europe sector of BT Global Services for two years.

    Jerome joined Capgemini in 1998, after eight years with the group Générale des Eaux/Vivendi. Jerome graduated from Toulouse Business School.

    Biography: Franck Greverie

    Franck Greverie has been the Chief Portfolio Officer at Capgemini since 2018.

    Franck has been on the Group Executive Board since 2020, when he took on additional responsibilities overseeing Cloud Infrastructure Services (cloud & cybersecurity), Business Services and Insights & Data (Data & AI) Global Business Lines.

    Prior to this, from 2016, Franck led the Cloud & Cybersecurity activities of Capgemini. He joined Capgemini in 2015 as Head of the Cybersecurity Global Service Line.

    Between 2012 and 2015, Franck was an Executive VP at Bull, where he was in charge of the Security Division, and also led the Middle East, Africa and Asia activities.

    Prior to that, Franck was the Managing Director of the Information Systems Security and Cybersecurity activities for Thales Group (France, UK, Germany, Norway, USA, Asia) since 2018. His career with Thales began in 2004, as Head of Strategy, Business Development and Marketing for the Security activity.

    Franck is a graduate of ESME, engineering school, and of the Executive MBA of ESSEC Business School.

    Note to Editors
    High-resolution photography of Anirban Bose, Kartik Ramakrishnan, Jerome Simeon and Franck Greverie is available on request.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organisations to accelerate their dual transition to a digital and sustainable world while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market-leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the future you want | http://www.capgemini.com

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    The MIL Network –

  • MIL-OSI Asia-Pac: IADS Showroom Day

    Source: Hong Kong Government special administrative region

    IADS Showroom Day
    IADS Showroom Day
    *****************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) announced today (October 23) the official Chinese name for the Interbank Account Data Sharing (IADS) initiative and the launch of the IADS Developer Platform, in collaboration with the Hong Kong Science and Technology Parks Corporation (HKSTP), enabling banks to securely and efficiently share bank account data with other banks, subject to customer consent.     The IADS pilot programme commenced in January this year, with a total of 28 participating banks (see Annex). The programme has established the rules and standards facilitating interbank customer-consented data sharing, covering retail, corporate and small and medium-sized enterprise (SME) customer segments. This allows banks to share customers’ deposit account information (including account availability, status, balances and transaction records) with other banks, subject to customer consent. The initiative aims to encourage the industry to launch more innovative data-driven banking products and services, thereby enhancing customer experience.     To showcase the initial results of the pilot programme, the HKMA held the IADS Showroom Day today, allowing banks to share practical applications of IADS, including streamlining loan application process, consolidated financial analysis, and online identity verification. Banks will gradually launch related products to the market.     Additionally, in collaboration with the HKSTP, the HKMA announced the launch of the IADS Developer Platform, a one-stop platform that provides testing account data and simulated application programming interfaces (APIs) from participating banks, facilitating collaboration between banks and technology firms to jointly develop more data-driven products and services.     Deputy Chief Executive of the HKMA Mr Howard Lee said, “The rapid development of the digital economy underscores the importance of secure and efficient data transfer. We are pleased to see the banking sector actively supporting IADS and utilising customer-consented data to provide innovative banking products and services that bring convenience and benefits to the public, promoting the steady and healthy development of the fintech ecosystem.”     For more details about the IADS initiative, please visit the HKMA’s website.

     
    Ends/Wednesday, October 23, 2024Issued at HKT 15:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: ADB Approves $86.67 Million Grant to Develop Green Road Corridor in Tajikistan

    Source: Asia Development Bank

    DUSHANBE, TAJIKISTAN (23 October 2024) — The Asian Development Bank (ADB) has approved a $86.67 million grant to help Tajikistan further improve national road connectivity by developing a demonstration green corridor in the country.

    The project will upgrade the existing degraded two lane 49-kilometer Dangara–Guliston road, widening this to four lanes. The project is the first to pilot the innovative methods promoted in the ADB green roads toolkit.

    “ADB, in partnership with other organizations, promotes safe, accessible, and green transport infrastructure and services in our developing member countries,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “The Dangara–Guliston road, which was constructed in the 1930s and reconstructed in the 1970s, will become the first road in Tajikistan to incorporate climate adaptation and specific design elements that account for women and girls.”

    Applying the green roads toolkit to the road design improves the quality of life for those living in the vicinity of the road; strengthens road network climate resilience and disaster preparedness; reduces pollution; and conserves biodiversity. While a lack of electric vehicle chargers in rural areas limits the potential growth of this market in Tajikistan, the project will fund two pilot charging stations and develop investment frameworks to catalyze private sector investment in a national charging infrastructure rollout.

    To enhance safety, the newly reconstructed road will include dedicated cycleways and sidewalks for women with children and people with disabilities. It will also have improved lighting, as well as safe and well-marked crossings—with the design and location of safety features determined through a community co-design process. Special toilets and changing facilities will be provided for travelling mothers and babies, while public transport facilities will include preferential seating for people with disabilities.

    To improve livelihood and employment opportunities for local villagers, the project will arrange training for women living in and around the project area on how to open and run small businesses. ADB’s project will also award entrepreneurship grants to selected participants.

    The Government of Tajikistan will provide counterpart funding of $23 million, while the European Bank for Reconstruction and Development (EBRD) will provide a $40 million cofinancing loan subject to the EBRD Board approval in early 2025. The Ministry of Transport will be the executing agency for the project, which is due to be completed in 2030.

    Developed in collaboration with the International Road Federation and MetaMeta Research, ADB’s green roads toolkit guides the planning, design, construction, and maintenance of roads while ensuring environmentally sustainable practices. The toolkit helps engineers, planners, decision makers, and practitioners balance economic, social, and environmental objectives to make roads in Asia and the Pacific greener.

    Tajikistan joined ADB in 1998. For 26 years, ADB has supported a wide range of sectors from strategic road and energy infrastructure to health, education, agriculture, urban development, public sector management, and finance for a total of over $2.7 billion in assistance—including over $2.2 billion in grants.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Development Blog: How Strengthened Regulations and Healthcare Can Prevent Lead Poisoning

    Source: Asia Development Bank

    Lead exposure remains a significant public health threat in Asia and the Pacific, especially in low- and middle-income countries. The global effort to address lead poisoning must focus on stricter regulations, enhanced healthcare capacity, and coordinated international action to protect vulnerable populations.

    The harmful effects of lead poisoning have been well-established since ancient times, with the First Century Roman writer Vitruvius warning of the health hazards of the widely-used metal. Today, we know that “there is almost no function in the human body which is not affected by lead toxicity.” 

    Lead exposure increases deaths from cardiovascular diseases among adults, particularly in low and middle-income countries. The long-term storage of lead in bones can lead to a wide range of health effects, including high blood pressure and renal failure.

    For pregnant women and their babies, lead exposure is particularly devastating—it can cross the placental barrier, causing complications of pregnancy, miscarriages, stillbirths, and low birth weight. 

    In children, lead exposure has long-term and irreversible impacts on mental function reducing educational performance and employment opportunities. Together, these health consequences for individuals compromise the economic growth and social stability of entire countries.

    While high income countries have significantly reduced lead exposure through rigorous testing, targeted research, and robust policy interventions, low- and middle-income countries, including several in Asia and the Pacific, continue to grapple with dangerously high levels of lead exposure. 

    An estimated 95% of the world’s IQ loss and 90% of cardiovascular deaths from exposure to lead is in low and middle-income countries, according to a 2023 study. The economic costs of lead exposure are staggering, with losses in total GDP of 10.5% in East Asia and the Pacific, 9.1% in South Asia, and 8.9% in Sub-Saharan Africa. 

    With effective interventions, high-income countries have reduced this economic impact of lead exposure to losses of 5.0% of total GDP but have not yet eliminated all sources of lead exposure.

    The scale of the challenge is immense. Lead exposure causes three times as many deaths as exposure to unsafe water and sanitation and just as many deaths as air pollution. South Asia has some of the highest blood lead levels in the world with India alone home to 275 million children affected by lead poisoning —this amounts to half of all India’s children and one-third of the children affected by lead globally. 

    Bangladesh struggles with chronic lead exposure, largely due to contaminated spices, while Afghanistan faces a “silent epidemic” linked to lead-leaching cookware. 

    In the Philippines, 2021-2022 data from the Expanded National Nutrition Survey shows that over a million Filipino children ages 6-9 years have elevated blood lead levels. In Indonesia, more than 8 million children are estimated to have high blood lead levels with millions more at risk from lead paint covering homes and public facilities.  

    Across Asia and the Pacific, the informal recycling of used lead-acid batteries continues to poison communities, contaminating air, soil, and water.

    The different sources of lead exposure complicate the challenge to remove the problem, however, the scope of the health and socioeconomic damage from lead demands decisive and comprehensive action. But we are not starting from zero. 

    The evidence base is robust, and the solutions are within reach. What remains is the political will and coordinated action across sectors to implement them effectively. The recent launch of the Partnership for a Lead-Free Future at the United Nations General Assembly marks a watershed moment in the global fight against lead poisoning.

    Exposure to lead is one of the most preventable public health threats, and yet it remains a pervasive environmental poison.

    Health systems are at the forefront of the response toward a lead-free future. 

    Developing countries must strengthen health regulatory frameworks and enforce existing standards for lead content in products such as food, cosmetics, paints, and water. Inconsistent enforcement has been a major barrier in reducing exposure, and this must be addressed with urgency. 

    Stronger regulatory oversight and harsher penalties for non-compliance will be key, particularly in industries known for high lead usage. International development partners, through technical advice and policy-based lending, can play a pivotal role in incentivizing reforms and ensuring their effective implementation.

    Building healthcare capacity is crucial. Healthcare professionals have low knowledge of the symptoms of lead poisoning, such as irritability and lethargy in mild doses and tremors and other neuropathies in higher doses. 

    Training is needed so that health workers identify lead poisoning and provide timely referrals for treatment. Developing the necessary healthcare infrastructure—from rural clinics to urban hospitals—is fundamental to ensuring that testing, treatment, and prevention measures can be implemented from communities, primary care facilities to hospitals. 

    Health actions should support the establishment of systematic, large-scale testing and data collection systems. Reliable data plays an essential role in understanding the full scope of lead exposure and to inform targeted interventions. Alongside quantitative measurements, the use of qualitative and ethnographic data is invaluable tool to understand how and why lead-contaminated products are used – and who is exposed to them.

    Public awareness is critical. Surveys reveal that knowledge about the dangers of lead exposure is shockingly low. Large-scale educational and health promotion campaigns must be launched to raise awareness of the sources and effects of lead poisoning, particularly in communities most at risk.

    While the health sector has a role in addressing lead poisoning, whatever the source, the scale and complexity of the problem demands coordinated action well beyond a single sector. 

    Governments, civil society, multilateral institutions, development agencies and the private sector must all come together to share resources, knowledge, and best practices. Only through collaboration can we hope to reduce and ultimately eliminate lead from our environment. The launch of the Partnership for a Lead-Free Future is a vital step in bringing stakeholders together. 

    Exposure to lead is one of the most preventable public health threats, and yet it remains a pervasive environmental poison. The science is clear; the solutions are known. A lead-free future is not just a possibility—it is a necessity. 

    By acting now, we can safeguard the health and potential of millions of children, secure the economic and social well-being of developing countries, and ensure a healthier, brighter Asia and Pacific for generations to come.
     

    MIL OSI Economics –

  • MIL-OSI Russia: Bank “RUSSIA” is among the most reliable credit organizations

    Translation. Region: Russian Federation –

    Source: Bank “ROSSIA” Russia Bank –

    Press Releases and Events

    10/23/2024

    Bank “RUSSIA” is among the most reliable credit organizations

    In October, Bank “ROSSIYA” took 13th place in the rating of the most reliable credit organizations in the country, according to a study by the financial service “Bankiros”.

    When compiling rating Analysts take into account the volume and quality of assets, deposits, loans and capital. Liquidity and long-term creditworthiness indicators of banks are also taken into account.

    The study is conducted based on data from the Central Bank of the Russian Federation. The main criterion for evaluation is the ability of a specific institution to fully fulfill its obligations to both individuals and legal entities.

    The reliability of Bank “ROSSIYA” is supported by assessments of authoritative rating agencies. In 2024, the Bank received confirmation of credit ratings from Expert RA at the ruAA level and from ACRA at the AA- (RU) level with a stable outlook.

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

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

    http://abr.ru/about/nevs/13756/

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Universities – The 2024 Māori business leaders shaping Aotearoa’s future – UoA

    Source: University of Auckland (UoA)

    Aotearoa’s best and brightest Māori business leaders were honoured at the 2024 Ngā Tohu Kaiārahi Pakihi Māori o Aotearoa | Aotearoa Māori Business Leaders Awards.

    Whakatō te kākano, marotiritiri ai te māra, ka māea ngā hua | Plant the seed, cultivate the garden, reap the benefits.

    A macadamia pioneer, sustainable fisheries champions and a plastic waste-to-product business, were among those honoured at the 2024 Aotearoa Māori Business Leaders Awards.

    The event, held on 23 October and hosted by the University of Auckland Business School, celebrated the remarkable contributions of the Māori entrepreneurs, leaders and organisations shaping Aotearoa’s business landscape.

    Six awards were presented, acknowledging the unique and powerful contributions of Māori leaders, each with their own inspiring story and unique approach to business.

    Vanessa Hayes, founder of kaupapa Māori business Torere Macadamias, won the Entrepreneurial Māori Business Leader award.

    Vanessa and her team are growing the New Zealand macadamia industry, which has historically relied on imported macadamias.

    Torere Macadamias is working with Plant and Food Research, expanding its nursery and encouraging other growers and grower collectives by providing training, workshops and supplying plants from their nursery.

    The company’s orchard produces around 20 tonnes of macadamias annually. And recently, Vanessa and the Torere team celebrated a milestone, winning a contract to supply Air New Zealand on their long haul and business class flights.

    Moana New Zealand was honoured with the Kaitiaki Business Leader award for their dedication to sustainable fisheries management. The seafood company is a 100 percent iwi-owned organisation with a deep sense of responsibility and respect for New Zealand’s fisheries.

    Māori Women’s Development Inc., a charitable trust formed, managed and operated by Māori women, earned the Mānuka Henare award for its continued support of Māori women in business, offering loans and wrap-around support.

    Traci Houpapa, chair of the Federation of Māori Authorities, won the Māori Governance Leader award for her extensive leadership in business and governance, shaping the Māori business landscape. She holds a number of directorships and Ministerial appointments, including Chiefs Rugby and New Zealand Trade and Enterprise.

    The Outstanding Māori Business Leader award went to Harry Burkhardt, co-founder and managing director of Replas Ltd, an innovative company transforming waste plastic into valuable products.

    Meanwhile, the Dame Mira Szászy Alumni Award went to Karleen Everitt, a University of Auckland Business School graduate who has had a stellar career and is currently leading Te Ao Māori Strategy at ANZ Bank.

    MIL OSI New Zealand News –