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Category: Business

  • MIL-OSI United Kingdom: Coventry hospitality businesses urged to pursue accreditation to showcase safety excellence

    Source: City of Coventry

    Coventry’s bars, restaurants, pubs and clubs have been urged to achieve a leading industry accreditation which demonstrates excellence in providing safe experiences for visitors.

    Best Bar None is an accreditation scheme supported by the Home Office and drinks industry that aims to improve standards in licensed premises.

    It is the industry gold standard and is delivered in the city by Coventry Business Improvement District (BID) and Coventry City Council’s Licensing Team.

    The accreditation highlights to customers that a venue excels in safety, training, management and customer experience.

    By engaging in the Best Bar None scheme, businesses are also supporting the city’s drive to achieve Purple Flag status, which is an international accreditation programme and recognises city centres that offer an entertaining, diverse and enjoyable night out.

    Cllr Abdul Salam Khan, Cabinet Member for Policing and Equalities and Deputy Leader of Coventry City Council, added: “Knowing that a venue is Best Bar None accredited offers a massive reassurance to customers. Pubs, clubs and restaurants that offer a warm welcome and have safety as their priority can only be good for everyone.

    “As a Council we work closely with our partners in Coventry, including the Police and Business Improvement District, to monitor the Best Bar None scheme.

    “We want to recognise those venues that are really making an effort to improve standards.” 

    Joanne Glover, Chief Executive of Coventry BID, says that visitors to a Best Bar None accredited venue can be confident they are at premises that operate to the highest level in safety, compliance, staff training and professionalism.

    “This scheme recognises the very best of our hospitality sector, with accredited venue’s leading the way in health, safety, safeguarding and wellbeing,” said Joanne.

    “The process is effectively a MOT of a business. We work with companies to ensure they have effective processes in place and are exceeding legal regulatory requirements.

    “Our aspirational goal is for all hospitality venues in the city to be Best Bar None accredited.

    “It gives a clear message to the public that on an evening out in Coventry you can be safe in the knowledge that bars and pubs are going above and beyond to provide the best experience possible.” 

    Coventry BID and Coventry City Council’s Licensing Team provide bespoke assessments to venues, catering the criteria to the size of a business to ensure that all hospitality companies can engage in the Best Bar None scheme.

    Chief Inspector Hamir Godhania, Coventry Police said: “Ensuring the safety and wellbeing of those enjoying Coventry’s vibrant night-time economy is a priority for us. Through continued collaboration with licensed premises and support for initiatives like Best Bar None, our licensing and neighbourhood teams will work hand in hand with businesses to maintain the highest standards of safety and customer care.”

    The successful venues will attend an award ceremony in April at Drapers Hall to receive their accreditation.

    To find out more about Best Bar None accreditation contact admin@coventrybid.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Yannis Stournaras: Euro area challenges in an uncertain geopolitical landscape

    Source: Bank for International Settlements

    Your Excellencies, distinguished guests, ladies and gentlemen,

    It is a pleasure and an honour to be here with you today at this esteemed gathering to discuss some of the most pressing challenges confronting the euro area. I would like to extend my deepest gratitude to His Excellency the Ambassador of Poland and to the Embassy of Poland in Athens for hosting this important event, and for your continued commitment to fostering dialogue on issues that affect all of us in Europe. As we navigate through the complexities of our interconnected economies, the euro area finds itself at a critical juncture. In many ways, we are at a crossroads, where the decisions we make today will significantly shape the economic future of Europe for generations to come.

    Europe has emerged from the pandemic susceptible and weakened. Growth in the euro area has been disappointing in 2023 and 2024, at about 0.5% and 0.7% respectively, low on the basis of whatever criteria one would apply. A key factor underlying the tepid economic activity in the euro area in the last two years was weak business investment, which has been basically flat, if we exclude volatile business investment in Ireland. This starkly contrasts with the situation in the US, where business investment has grown almost three times faster than in the euro area in the post-pandemic period since the end of 2021.

    And, if anything, our projections for growth in 2025, at around 1%, clearly do not point to a strong pick-up in activity. In fact, more recent data, like the stagnation of GDP in the last quarter of 2024, already raise questions about the growth dynamics this year. Surveys indicate that manufacturing is still contracting and growth in services is slowing. Firms are holding back on investments, and exports remain weak, with some European industries struggling to remain competitive.

    This picture of subpar growth seems to reflect a series of long-standing structural impediments in the euro area, combined with unusually adverse global geopolitical factors as well as by political issues in some euro area countries, including the largest economies. War is waging on European soil, political gridlock hinders the ability to press ahead with reforms, while extremist political views are gaining ground across the continent.

    Of course, our restrictive but necessary monetary policy stance in the recent past, aimed at counteracting inflationary pressures, has also contributed to the weak growth developments of the euro area. In this sense, the easing interest rate path on which we have embarked should support activity. The good news is that the disinflation process remains well on track. Inflation has fallen rapidly from a peak of about 10.5% in October 2022 to 2.5% in January 2025 and is still trending downwards, despite some upward base effects in recent months, driven by oil and natural gas prices. What I find particularly encouraging is the fact that core inflation is at the moment a bit lower than we had expected in our latest projections. Core inflation is that part of inflation that excludes the most volatile components for which monetary policy has little, if any, impact. And this means that the past monetary policy tightening has done its job in taming inflation. It is also encouraging that, despite a very tight labour market and unemployment rates at historical lows, compensation per employee growth is easing. This is safeguarding a downward inflation path, also for services that are typically more labour-intensive compared to goods and, thus, their inflation is more persistent.

    Our December 2024 Eurosystem staff projections expect inflation to average 2.1% in 2025 and to return sustainably to our target in late 2025. Unless unexpected contingencies materialise, the ECB’s key interest rate through which we steer the monetary policy stance, the deposit facility rate, could fall to around 2% in the course of 2025 from its current level of 2.75%. Obviously, the sequence, pace and magnitude of interest rate cuts remain data-driven and will continue to be decided meeting by meeting.

    Overall, the balance of macroeconomic risks in the euro area has shifted from concerns about high inflation to concerns about low growth. In my view, the euro area is in danger of losing its economic footing, if it has not already done so. We have failed to rival US tech giants, while our economies are stagnating, facing strained public finances. Our region has grown at an average quarterly pace of 0.3% in the last 12 quarters. To put it into context, the US economy has expanded by a far more over the same period. And, to add to our own problems, the new US President seems to implement his election campaign declarations regarding import tariffs.

    Time is running out. We are facing, as ECB President Lagarde put it in Davos a few weeks ago, an existential crisis. There is an urgency for immediate action and collaborative efforts to effectively address Europe’s challenges at home and abroad. In the remainder of my speech, I would like to emphasise several major areas of concern that need to be addressed in priority.

    The first area is competitiveness. Productivity growth in the euro area has nearly stalled, constrained by unfavourable demographics, labour market rigidities in many countries, and weak capital growth. This also stems from Europe’s lagging business and investment dynamism. Europe has yet to match its global peers in channelling sufficient resources into innovation and productive economic activity, while energy remains expensive. European manufacturers pay about twice as much for electricity as their counterparts in the US. Meanwhile, the needs for electricity of an expanding digital economy will be enormous. Supercomputing infrastructure for artificial intelligence is becoming a geopolitical battleground, and the EU sovereigns must build capacity to reduce strategic dependence on foreign big tech companies.

    According to the 2024 European Investment Bank Investment Survey, capacity expansion has been a greater driver of investment in the US than in the euro area, where the primary focus in the latter remained on replacement. Euro area R&D investment was focused on mature industries, such as cars and equipment, while it has been increasingly concentrated in Information and Communication Technology (ICT)-based activities in the US, such as data centres and AI-related facilities. Intangible investment is key for productivity and value added growth, likely contributing to the widening productivity gap between the two jurisdictions, and impacting also potential output growth differentials.

    The road to a robust recovery for the European economy demands mobilising the substantial private investment necessary to reignite growth and foster resilience. To keep pace with global competitors, Europe needs to prioritise a substantial boost in investment in the next few years and structural reforms aimed at enhancing long-term potential growth. Notably, increased spending in green and digital transitions, innovation and energy are paramount for making Europe more productive, competitive and resilient.

    What is in my view needed?

    First, a more harmonised, yet less burdensome, regulation in the EU – for example, regarding corporate law, insolvencies, taxation and labour law – would improve competitiveness without having to invest a single euro.

    Second, the promotion of a single market for capital is essential. The creation of a European Savings and Investments Union is a move in the right direction, as it can ensure a smooth flow of investment throughout our Union. Establishing common supervision of EU capital markets, integrating the highly segmented infrastructure of European financial markets, and standardising products for retail investment can mobilise both EU’s large savings and foreign capital. In addition, deepening the securitisation market and simplifying the relevant regulation can also contribute to attracting investors.

    Third, the completion of Banking Union, with the establishment of EDIS (European Deposit Insurance Scheme) and a Crisis Management Mechanism – CMDI, since a segmented banking sector can never achieve the efficiency and economies of scale gains of US banks.

    There is no doubt that enhanced financial integration can empower innovative firms at all stages of their development with the funding they need to scale up and thrive in a competitive global landscape, reducing their reliance on financing outside Europe. To this end, it is critical to provide investors with incentives for more risk capital, for example by overcoming the institutional and operational hurdles that make European venture capital firms underperform their US counterparts.

    Finally, a permanent fiscal capacity in Europe can successfully step up investments and growth-enhancing projects directed towards areas that bolster economic potential and resilience across Europe. In fact, the accomplishments of the EU Recovery and Resilience Facility offer a valuable blueprint for what can be achieved through coordinated and targeted fiscal initiatives. A clear illustration of this is the finding in the Draghi report that, despite public spending in research and innovation being similar in the EU and the US, it yields much lower dividends in the EU because it is fragmented and uncoordinated across countries.

    Related to that, we need to take a careful look at the factors that have inhibited private investment and, therefore, productivity. In this regard, two factors come to mind.

    First, it appears that some countries are simply not competitive because of structural impediments, such as over-regulation in some markets. I find it interesting that our fastest growing economies at present are those that have had to implement structural reforms during the past decade – countries such as Spain, Portugal, Cyprus and my own.

    Second, we should take a close look at the relationship between investment and our taxation policies. There may well be a need to better harmonise our tax policies in a way that provides an incentive to invest. 

    While these advances require addressing long-standing barriers and fragmentation across jurisdictions and sectors, they would also significantly improve the access of businesses to financing. By fostering business efficiency and resource reallocation to the most productive and competitive sectors, sustainable growth can be supported.

    To this end, we welcome the Commission’s roadmap on improving competitiveness that was released at the end of January 2025, the so-called Competitiveness Compass, which was based on recommendations by the Draghi report. An increase of productivity by closing the innovation gap is of paramount importance for the economic welfare of European citizens. So is investment in human capital through upskilling and reskilling, talent attraction and retainment, and effective integration of underutilised workers and immigrants into the labour force.

    Under President Lagarde’s leadership, the ECB’s Governing Council stands ready to play its part in this quest for higher productivity and competitiveness. First, by maintaining a low and predictable inflation environment, the ECB promotes confidence among businesses and investors and contributes to fostering investment and long-term capital allocation required for sustainable economic growth. Second, by removing in a timely manner layers of monetary policy restriction no longer necessary. With inflation sustainably settling around our target, easier financing conditions will be key in stimulating investment by making capital more accessible and affordable.

    The second area of concern for the euro area is the declared trade policy by the new President of the United States. Although the details of a potential imposition of US tariffs have yet to be disclosed, the prospect of an aggressive US trade policy, coupled with possible retaliatory measures, are likely to have far-reaching implications, adding to the euro area’s headwinds. With trade volumes between the EU and the US at 1.5 trillion euros, it is clear that US tariffs on Europe will be negative for growth. Market estimates suggest that a 10% US tariff on all imports from the euro area, coupled with higher uncertainty about future US-EU trade relations, could depress euro area GDP growth by up to 0.5 percentage points within a year. The magnitude of these adverse growth effects will depend, among other things, on the range of products subject to higher tariffs, how long these tariffs will persist, which retaliatory and counter-retaliatory measures will be put in place, and the feedback effects from global economic and financial conditions. Incidentally, both theory and practice suggest that tariffs is usually a loose-loose instrument, hence not only the US trade partners are bound to loose, but the US too.

    The impact of tariffs on euro area inflation is less straightforward, operating through various channels. On the one hand, a USD appreciation or a tariff retaliation on US goods from our side will make euro area imports from the US – as well as the bulk of total energy imports that is dollar-invoiced – more expensive, pushing up inflation. On the other hand, a possible re-direction of cheaper Chinese exports from the US to the EU market, due to a US-China trade war, would ceteris paribus accentuate the disinflation process in the euro area.

    In any case, uncertainty about geopolitical, trade and financial developments could significantly weigh on economic sentiment and confidence, further hindering consumption and investment from recovering. At the same time, trade constraints are likely to impact activity in the manufacturing sector, the sick man in Europe, prolonging the ongoing economic stagnation in our region. Completing the Single Market will help meet these challenges.

    Strengthening and extending Europe’s trade alliances is also essential to balance trade risks. Expanding bilateral and regional preferential trade agreements would foster cooperation with other countries and contribute to a functional, rule-based multilateral trade system. These steps are essential to boosting investment and fostering sustainable growth, while enhancing the resilience of our economies against external shocks.

    Turning to the pressing issue of climate adaptation and mitigation, it is clear that we are faced with “peak pessimism”. The US withdrawal from the global climate change negotiations and initiatives has been complemented with major banks and asset funds in the US and Europe distancing themselves from climate policies. We can all see the risks. But we also need to see the opportunities. Momentum for the energy transition needs to remain strong in our continent, and across the rest of the world. We have an even stronger case to double down on our own initiatives to bolster decarbonisation, while avoiding Europe’s deindustrialisation. Clean energy at competitive prices should be seen as a great opportunity to industrialise rather than the opposite. The European Commission’s plans for a Clean Industrial Deal and its intentions to streamline the sustainability reporting rules, without discounting on transparency, are good examples of how to balance the goal of greening the economy with that of preserving the EU’s industrial base and firms’ competitiveness.

    As supervisors, central banks can also make sure that the commercial banking sector is better positioned in managing climate risks. We can strengthen the credibility of our monetary policy in achieving our mandate, taking into consideration the implications of climate change for inflation and output. And last but not least, Europe ought to become again the key driver for green tech and finance, which takes me back to the imperative of the European Savings and Investment Union.

    Let me conclude by saying that a key prerequisite for economic prosperity is a safer and more secure Europe. We cannot thrive in an environment where security is fragile or compromised. The Polish EU Presidency in the first half of 2025 has rightly spotlighted the security challenge as central to Europe’s future. Reinforcing the EU’s civilian and military preparedness must be a priority, as it ensures the Union is resilient to a variety of threats, both internal and external. From preparing for natural disasters to building robust defence capacity and shielding our economies from modern threats, such as cyberattacks and critical infrastructure disruptions, are all vital to uphold economic stability and progress.

    In a world fraught with uncertainty about geopolitical, trade and financial developments, full of unknown unknowns, I cannot emphasise enough the urgency for immediate and coordinated steps to navigate these challenges effectively. The challenges we face may be complex but are not insurmountable. With a shared commitment to economic stability, growth and innovation, we can continue to build a more inclusive and sustainable European economy and strengthen our continent’s role in international diplomacy. I am confident that the ambitious programme of the Polish EU Presidency will yield positive outcomes and give Europeans a sense of security and optimism about the future of our economies.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Ryozo Himino: An economy with positive interest rates

    Source: Bank for International Settlements

    Introduction

    After a quarter century with near zero or negative policy interest rates, the Japanese economy is transitioning to a state with positive rates. People have mixed feelings about a state that has been unknown for decades. Let me pose three questions regarding an economy with positive interest rates.

    I. What Kind of Economy to Anticipate?

    The first is the question of what kind of economy with positive interest rates to anticipate and what kind of path to pursue toward it. The difference between an economy with and without positive rates is not merely the presence or absence of positive rates. There are many possible forms of an economy with positive rates, and the path toward such an economy, including the causes and the speed of transition, can also be diverse.

    To explore what can lie behind positive policy rates, I would like to begin with a conceptual framework for policy rate setting (Chart 1). First, let us assume that economic activity is affected by the level of the real policy rate, which is the nominal policy rate minus inflation expectations. A central bank will set its nominal policy rate to attain the desired level of the real policy rate.

    The appropriate level of the real policy rate could be derived by adding to or subtracting from the natural rate of interest, the rate that is neutral to the economy, according to the policy stance toward how restrictive or accommodative the central bank desires its monetary policy to be. In the case of a central bank with a price stability mandate, the policy stance is set so as to bring the inflation rate in line with the price stability target.

    MIL OSI Economics –

  • MIL-OSI Economics: Denis Beau: New payments landscape, but old challenges for central banks?

    Source: Bank for International Settlements

    Let me start with stating the obvious: globally, the payments ecosystem has experienced significant transformations in the last couple of decades. New technologies have transformed products and services offered on the retail payment market; the ecosystem has expanded with new entrants notably BigTechs and Fintechs, which have now become key links in the payments value chain; and we have seen the emergence of new DLT-based private settlement assets, in tandem with the emergence of the so-called “tokenisation of finance”.
     
    Speaking from the perspective of a central bank which has in its mandate to ensure the proper functioning of the payment system, these transformations have raised traditional policy challenges to help mitigate risks and harness benefits of those transformations, given their potentially two sided impacts on efficiency and safety of payments. At the Banque de France, they have been addressed with 2 convictions: first a regulatory framework is needed that is sufficiently demanding but innovation friendly, to ensure confidence in our payment system; second, central bank money must remain at the heart of settlement between intermediaries, which is most sensitive from a systemic risk perspective. But those transformations have also brought to payments a new strategic dimension, owing notably to their wide-ranging implications on market concentration, data protection and sovereignty. And the first weeks of the new US Presidency are blowing in favor of deregulation, new and private crypto-based settlement assets, against multilateralism and multilateral institutions, which may be adding new challenges going forward.

    Should this evolving payment landscape and policy environment lead us to alter in important ways the policies and tools we, central banks, have been using so far or considering using, like issuing Central Bank Digital Currencies (CBDCs)?

    It is likely that all central banks may not have the same answer to that question, but what I would like to do now is simply share with you my own view on that topic. In a nutshell my conviction is that the Banque de France policy stance and toolkit may require more of an adjustment than a thorough overhaul going forward. I would like to take 3 key features of our payment systems policy so far to illustrate my view: our central bank money services, the role we give to cooperation with other stakeholders, and our involvement in the innovation ecosystem.

    1 Central bank money services

    In the wholesale space, the security and efficiency of financial transactions between financial intermediaries importantly hinge on the nature of the settlement asset chosen.
     
    Lessons learned from past financial crises have underlined the critical importance of using secure settlement assets. In response, the Banque de France and many other central banks have committed to promoting the use of central bank money in the wholesale payments space. This commitment is reflected in Principle 9 of the CPMI-IOSCO’s Principles for financial market infrastructures (PFMIs). And we have been successful in the implementation of this policy, as central bank money is actually the very dominant settlement asset in the wholesale space, across many currency zones, starting with the euro area.

    However, as tokenisation of assets gains momentum, private settlement assets, particularly so-called “stablecoins”, are likely to become the settlement assets for those transactions, absent the availability of central bank money on Distributed Ledger Technology (DLT). In addition, the proliferation of uncoordinated settlement solutions resulting from the lack of public sector response to the tokenisation of finance could lead to increased liquidity fragmentation.

    This is why we have considered that we need to adapt the provision for the euro area of central bank money to the demands of an increasingly digital financial system, to prevent regression in the safety and efficiency of wholesale transactions. The urgency of such adaptation has certainly increased given the evolution of the geopolitical context I referred to earlier in my remarks.

    Since 2020, the Banque de France has been one of the first central banks to launch an ambitious experimental program focused on the use of wholesale central bank digital currency (CBDC) in various settlement processes for varied assets.

    Building on these experiments and promising outcome, the Eurosystem conducted a series of new experiments on the settlement of wholesale transactions in central bank money in 2024 with the active involvement of the Banque de France, Banca d’Italia and Bundesbank as solution providers. Actual settlement has been tested for the lifecycle management of securities and secondary market transactions. The Eurosystem will soon draw lessons from this work and I trust will roll out operational solutions rapidly, including on how to facilitate the provision of central bank money for wholesale transactions on DLT platforms.

    At the international level, the BDF remains actively involved in several initiatives on wholesale CBDCs for cross-border payments. Three key initiatives working as bricks and coordinated by the BIS Innovation Hubs epitomize those investigations. First, Project Rialto, which focuses on improving cross-border settlement efficiency. Then, Project Mandala, which addresses regulatory frictions in cross-border payments. Finally, Project Agorá, which examines how a programmable platform and the tokenisation of cross-border payments can enhance the existing correspondent banking model, thus prefiguring the concept of shared ledger.

    On the retail side, in the uncomfortable context of a lasting dependence on US payment solutions and networks, we have been since its inception supporting and involved in the digital euro project. We see it as an important one because it can provide a public alternative that preserves freedom of choice, sovereignty and competition in our euro area retail payment system. This new form of central bank money would be comparable to a “digital banknote”, preserving the characteristics of cash in the digital space – notably its privacy, resilience and inclusiveness. As you know, the Eurosystem is currently conducting a preparation phase – aimed at finalising the design, selecting potential suppliers and conducting experiments. At the same time, a democratic debate is underway in the Parliament and the Council. The decision to issue a digital euro has not yet been made and will only be taken once the legislative process comes to a conclusion.

    2 Cooperative approaches

    The second key feature of our payments policy is the reliance on cooperation across authorities and with private sector stakeholders. An important driver for this is related to the fact that payments are increasingly challenged by the fragmentation of the payment value chain and the rise of sophisticated fraud patterns. This context calls for regulators and supervisors to share knowledge and best practices to foster payments security. To that end, I believe that central banks have a key role to play in facilitating cooperation across authorities in charge of data protection, cybersecurity, regulation of telecommunication and digital platforms, together with the private sector.
     
    We have promoted and experienced successfully such cooperation in France for more than 20 years now, through the Observatory for the security of payment means. We therefore intend to maintain and extend it going forward at national level. We have just extended the participation to the OSPM to telcos and we plan to develop work with social media going forward. I believe that a dedicated forum on payment security at EU level could be usefully created on similar grounds.
     
    Another important driver is that digitalization and the increasing role of BigTechs in payments raise novel challenges in terms of level-playing field. This should encourage central banks to explore new avenues of cooperation with competition authorities. This is a path we have started to take, to prevent and address non-compliance practices in payments markets, for example in the card market with access issues to NFC antenna on iPhones, or in the choice and selection of payment brands under the Interchange Fee Regulation.

    The last driver I would like to mention is the increased dependence on non-European players in the euro-area payments market. In the uncertain geopolitical context we live in, payment sovereignty has become a key issue for public authorities, including central banks, for both retail and wholesale payments. This is why we and the other central banks of the Eurosystem have made the development of a pan-European payment solution an important goal of our retail payment strategy and that we support the roll-out of the European Payment Initiative (EPI) and its digital wallet, wero. The development of a digital euro as a platform for innovation could also contribute to this objective, allowing private payment solutions like wero to re-use its open standards to extend their reach and scale up. Furthermore, the provision of central bank money settlement for wholesale asset transactions on DLT platforms by the Eurosystem in the future months, and the development of a European Shared Ledger in the future years could directly contribute to this objective.

    3 Involvement in the innovation ecosystem

    A third and last key feature of our current payments policy I would like to mention is our active involvement in, and use of, technological innovations. I have already mentioned illustrations of that feature though the wide ranging CBDC experiments, based on DLTs we have been performing over the last years. But there are other fields we are involved in like AI, cybersecurity, post-quantum cryptography.

    Those experiments are run first to allow us to better understand those new technologies, building on dedicated resources and innovative tools we have put in place in-house, like our Lab, the Banque de France innovation center, and the Fintech Innovation center at the ACPR, or tools provided by others like the BIS, with its innovation hub, to which we actively contribute.

    The knowledge base developed though this active participation to the innovation ecosystem can then be usefully leveraged for the conduct of our traditional activities to ensure a safe and efficient payment system, as an overseer, catalyst or service provider. Indeed, it allows us to acquire a good command of technologies which may be driving important change in the payment landscape going forward.

    This operational model has served us well so far and we intend to keep it as a core feature of our payments policy.

    To conclude, let me share with you three convictions regarding the conditions under which the transformations underway of the payments landscape can bring sustainable benefits (from an efficiency and safety perspective), and how we can best contribute as central banks.

    First, we need a regulatory framework that does not stifle innovation but that is sufficiently demanding to ensure that stakeholders are reasonably protected, stability of our payment system is guaranteed and prevention of new system wide financial crisis is ensured.

    Second, within the remit of our mandate vis-a-vis payment systems, we need to persevere with the policy goals we have been pursuing so far, where new issues such as sovereignty have gained a critical importance, while adapting the tools we use to evolving and more challenging geopolitical circumstances. An important area for this will be the adaptation of central bank money services to the digital age of payments we are now facing, including in the form of CBDC. This is all the more warranted for us at the Banque de France that it could provide a stepping stone towards the provision of a new, decentralised and European infrastructure in the form of a European Shared Ledger that we have started considering with attention.

    Third, like in the past, collaboration will remain essential: between central banks, with authorities in other sectors and with market participants.

    MIL OSI Economics –

  • MIL-OSI Economics: Zeljko Jović: Overview of recent monetary and macroeconomic trends in Serbia

    Source: Bank for International Settlements

    Ladies and gentlemen, esteemed members of the press, dear colleagues,

    Welcome to the presentation of the February Inflation Report.

    Allow me, first, to briefly summarise the year behind us. Just as the previous post-pandemic years, last year was marked by global uncertainty, heightened geopolitical tensions and rising protectionism. And yet it was the year in which global inflation, which remains elevated, was reined in. On top of this, inflation was contained without triggering global recession, though growth remains below-average in a number of countries, including in the euro area – a region particularly important for us. Even in such highly complex conditions, our country continued to demonstrate a high degree of resilience, and we successfully achieved all our objectives.

    • Most importantly, when it comes to monetary policy, in May 2024, we brought inflation back to the target tolerance band of 3±1.5%, consistent with expectations, while ensuring that it stays there in the remainder of the year.
    • This helped us support economic growth more directly by cautious monetary easing, more favourable borrowing conditions and accelerated lending.
    • A favourable growth outlook for our economy was an important feature of macroeconomic trends in 2024 – the growth measured 3.9% and was one of the highest in Europe. As we diversified growth sources and responded to challenges in an adequate and timely manner, GDP exceeded the prepandemic level by over 18%.

    MIL OSI Economics –

  • MIL-OSI Economics: Rajeshwar Rao: Inaugural address – Second Annual Conference on Macroeconomics, Banking and Finance

    Source: Bank for International Settlements

    Introduction

    Good Morning All!

    I thank IIM, Kozhikode and the National Stock Exchange for inviting me to deliver the inaugural address at this Conference. The theme for the conference- “Finance for Growth Amid Creative Disruptions”-captures the essence of the transformation we are witnessing in the financial sector – not just in India but globally. Disruptions in finance are not new, but what sets this era apart is the unprecedented pace and scale of change, fuelled by digitalization, artificial intelligence, and the resulting confluence of these changes leading to emergence of new business models. These changes make it essential for us to understand how to harness them for sustainable economic growth.

    For India, this transformation is particularly significant as we strive towards Viksit Bharat 2047 – a vision of a developed and self-reliant economy. Our goal of becoming an advanced economy by 2047 will require us to effectively integrate technology with finance to deepen markets, expand financial inclusion, and drive economic productivity.

    Creative Disruption vis-à-vis Creative Destruction

    Innovation in finance has always been a double-edged sword-on one side, it drives efficiency and inclusion, but on the other, it can destabilize traditional structures if not managed well. This is where the distinction between creative disruption and creative destruction becomes crucial. While both terms may seem similar, they carry very different implications. Creative destruction, as popularized by economist Joseph Schumpeter, refers to the complete dismantling of old systems to make room for new ones. In contrast, creative disruption is a more nuanced process-it’s about evolving existing systems, refining them, and making them better through technological innovations. We are not simply looking to replace what exists but to transform it for the better.

    MIL OSI Economics –

  • MIL-OSI United Nations: IOM launches Islamic Philanthropy Fund to Aid Displaced Communities

    Source: International Organization for Migration (IOM)

    Riyadh, 25 February 2025 – The International Organization for Migration (IOM), today launched its Islamic Philanthropy Fund, a new initiative that aims to harness the power of Islamic charitable giving to support some of the world’s most vulnerable people.

    The Fund is an important milestone for IOM. As global crises worsen and human displacement increases, IOM is forging innovative ways to deliver lifesaving assistance to the more than 75 million people who have been uprooted by conflict, disaster, and insecurity.

    The launch of the Fund was announced just before the start of Ramadan, during an event at the United Nations House in Riyadh, Saudi Arabia, attended by Organization of Islamic Cooperation (OIC), Islamic Development Bank (IDB), diplomats, UN agencies and representatives from the private sector and Islamic philanthropy organizations.

    “With today’s complex crises displacing record numbers of people and causing immeasurable suffering, it’s critical to harness the spirit of Islamic charity to help alleviate suffering, empower communities to rebuild and thrive, and protect the dignity of people in need,” said IOM Director General Amy Pope.

    “We are both honored and excited to announce IOM’s Islamic Philanthropy Fund as a means to help us engage Muslims around the world and channel their contributions through a trusted and efficient platform, maximising their positive impact,” she added.

    In its inaugural year, the Fund is prioritizing the Sudan Emergency Response by delivering cash to displaced families, those stranded at borders, and communities in urgent need of humanitarian assistance.

    The conflict in Sudan has triggered the world’s largest displacement crisis, leaving more than 11.5 million people internally displaced, and nearly 30 million in need of urgent humanitarian aid.

    A newly established advisory Body provides ongoing guidance to ensure compliance and that the Fund operates with integrity, transparency, and impact.

    During the launch, IOM signed memorandums of understanding with the Organization of Islamic Cooperation and the International Islamic Fiqh Academy, boosting support for the Fund and helping to ensure its efficiency and impact.

    The Fund’s long-term vision is to provide a strong and sustainable source of income to support migrant and displaced communities around the world, upholding the safety and dignity of those affected.

    To donate to the Islamic Philanthropy Fund, please click here for Zakat donations and here for Ramadan giving.

    For more information, please contact:

    Kennedy Omondi Okoth, kokoth@iom.int

    Joe Lowry, jlowry@iom.int

    Tamim Elyan, telyan@iom.int

    MIL OSI United Nations News –

  • MIL-OSI: Bread Financial to Participate in the 2025 RBCCM Global Financial Institutions Conference

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today announced the company’s participation in the 2025 RBCCM Global Financial Institutions Conference on Tuesday, March 4.

    Bread Financial Chief Financial Officer Perry Beberman will participate in a fireside chat. The fireside chat will take place at 11:20 a.m. ET and will be broadcast live here.

    The fireside chat can also be accessed through Bread Financial’s investor relations website. A replay of the webcast will be available for 90 days following the event.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers. 

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn. 

    Contacts

    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen — Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI: Roper Technologies to present at Morgan Stanley technology conference

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., Feb. 25, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) announced that it is presenting at the Morgan Stanley Technology, Media & Telecom Conference on Tuesday, March 4, 2025 at 10:00 AM (Pacific Time) in San Francisco, CA. A link to the webcast presentation will be available in the “Investors” section of the Company’s website at www.ropertech.com.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The MIL Network –

  • MIL-OSI: Parker’s Fiscal Year 2024 Sustainability Report Highlights Progress to a Better Tomorrow

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Feb. 25, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, has released its fiscal year 2024 Sustainability Report. The latest edition highlights how Parker is leading the way to a better tomorrow as its team members enable engineering breakthroughs that advance clean technologies, create efficiencies that reduce emissions and other environmental impacts, take action to keep one another safe and help strengthen their local communities.

    Additionally, the report showcases Parker’s portfolio of interconnected technologies, which align closely with its six key market verticals fueled by electrification and other emerging secular trends. As a strategic partner in the global shift to a more sustainable future, Parker helps customers worldwide achieve their carbon reduction targets and create additional value for end users. 

    “We are driven by our purpose and believe operating responsibly is the path to a brighter future,” said Chairman and Chief Executive Officer, Jenny Parmentier. “In celebrating the continued improvement in safety and environmental performance achieved this year, we are grateful to our team members for once again demonstrating that their commitment to a better tomorrow extends well beyond Parker.”

    Key achievements detailed in the FY24 Sustainability Report include:

    • Developing Clean Technologies: Parker partners with its customers to help solve the world’s most complex engineering challenges such as cleaner technologies, advancements in automation and increasing regulatory standards. This year’s sustainability report spotlights recent examples of Parker clean technologies in action, including H2 technology, the Parker Ebrake® electric braking system and mobile electrification. 
    • Reducing Carbon Impacts: Since FY19, local and regional teams have initiated more than 300 projects designed to reduce Parker’s energy footprint. These include improvements to processes, compressed air usage and HVAC, as well as lighting upgrades. These projects contributed to a 23% reduction in Parker’s Scope 1 and Scope 2 emissions from the baseline year of FY19 to FY23.
    • Engaging Supply Chain Partners: Parker collaborates with key suppliers to drive progress on the company’s goals to reduce its absolute indirect emissions related to materials sourcing, logistics and services (Scope 3) by 15% by 2030 and 25% by 2040. Parker’s “local for local” strategy of sourcing suppliers near its customers helps to lower the costs and emissions associated with transportation. The company is also implementing new technologies to drive efficiencies within its supply chain, including demand and capacity tools that provide greater transparency across its global operations.
    • Prioritizing Safety and Professional Growth: Parker team members’ shared commitment to safety has resulted in a 45% reduction in the company’s recordable incident rate over the past five years, with 73% of all Parker sites reporting no recordable incidents in FY24. These results rank Parker’s safety performance in the top quartile in the company’s industrial sector and represent significant progress toward Parker’s goal of zero recordable incidents across all its facilities. Additionally, global High Performance Teams enrich the experiences of all Parker team members through shared learning while developing the next generation of leaders.
    • Positively Impacting Communities: In FY24, Parker and the Parker Foundation together provided more than $11 million in charitable contributions, and Parker team members collectively performed approximately 15,000 hours of community service. Through these efforts, Parker has strengthened communities in ways aligned with the company’s social responsibility strategy.

    Learn more about Parker’s approach to sustainability at parker.com/sustainability.

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

    ###

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    The MIL Network –

  • MIL-OSI: Thrive Honors 2024 Outstanding Partner Award Winners

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Thrive, a global technology outsourcing provider for cybersecurity, Cloud, and IT managed services, today announced the winners of its Outstanding Partner Awards. Thrive is pleased to recognize Broadleaf as the Breakout Partner of the Year; Telarus as the Engineering Team of the Year; Bridgepointe as the Partner of the Year; and AVANT as the Technology Solutions Distributor (TSD) of the Year.

    Thrive partners with the industry’s best-of-breed technology and channel companies, enabling it to build, deliver, and support NextGen managed services that customers have come to expect. The company’s annual Outstanding Partner Awards spotlight partners who exemplify collaboration, innovation, and shared success that define Thrive’s partner ecosystem. The winners of this year’s Partner Awards demonstrated significant contributions that enabled Thrive to continue to drive innovation and growth for its customers. Winners include:

    • Broadleaf Group, a leading strategic IT solutions provider, for Breakout Partner of the Year. The Broadleaf team of experts deliver bespoke technology solutions while partnering with Thrive to ensure all customers digital transformation goals are easily achieved.
    • Telarus, a leading technology services distributor (TSD), for Engineering Team of the Year. Telarus delivers cutting-edge services, solutions, and tools in tandem with Thrive’s industry-leading expertise to help customers navigate the complexities of the evolving digital landscape.
    • Bridgepointe, one of the nation’s leading tech advisory firms, for Partner of the Year. Bridgepointe is a trusted partner to Thrive, bringing a breadth and depth of technical expertise, so all customers technology journeys are seamless and stress-free.
    • AVANT, a platform for IT decision-making and one of the nation’s premier Technology Services Distributors, for TSD of the year. AVANT helps Thrive keep ahead of the accelerating pace of change by providing the resources and relationships needed to navigate the ever-changing world of communications and IT infrastructure successfully.

    “We are proud to recognize the honorees of the Outstanding Partner Awards for their unmatched collaboration that supports us in delivering the best possible experiences to our customers,” said Bill McLaughlin, CEO of Thrive. “Our top-tier partners share our mission of empowering businesses to harness the promise of technology. Broadleaf, Telarus, Bridgepointe, and AVANT all bring exceptional dedication and innovative mindsets that help fuel our continuous growth to power our customers digital transformation journeys.”

    To learn more about Thrive and its award-winning partners, visit the website.  

    About Thrive  
    Thrive delivers global technology outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering oversized technology returns on investment (ROI). They accomplish this with advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at www.thrivenextgen.com or follow us on LinkedIn.  

    Contacts  
    Amanda Maguire  
    thrive@v2comms.com   

    The MIL Network –

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME MARCH 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination which was initially scheduled for January 30, 2025 and had been postponed to February 27, 2025, will be further postponed to 10:00 a.m., Eastern Time on Monday, March 17, 2025. At the Special Meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

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

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Monday, March 17, 2025, at the office of Ellenoff Grossman & Schole LLP located at 1345 Avenue of the Americas, New York, New York 10105 and via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also, as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination is being further extended to 5:00 p.m., Eastern time, on Thursday, March 13, 2025.

    The proposed resolutions to be considered at the Special Meeting remains the same as that set out in the definitive proxy statement and other relevant documents that was been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, a copy of which can be accessed via the following link: https://www.sec.gov/Archives/edgar/data/1857855/000121390025001247/ea0226944-01.htm.

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

    About Finnovate Acquisition Corp.

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

    Forward-Looking Statements

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

    Additional Information

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

    Participants in The Solicitation

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

    No Offer Or Solicitation

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

    INVESTOR RELATIONS CONTACT

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

    The MIL Network –

  • MIL-OSI: EverQuote to Present at the Raymond James Annual Institutional Investors Conference

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, Mass., Feb. 25, 2025 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced that management will present and host one-on-one investor meetings at the following investor conference:

    Raymond James Annual Institutional Investors Conference
    Date: Tuesday, March 4th, 2025
    Location: Orlando, FL
    Presentation: 4:35 p.m. ET

    Conference fireside chats will be available via live audio webcast and archived replay on EverQuote’s investor relations website at http://investors.everquote.com.

    About EverQuote

    EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.

    For more information, visit https://investors.everquote.com and follow on LinkedIn.

    Investor Relations Contact

    Brinlea Johnson
    The Blueshirt Group
    (415) 489-2193

    The MIL Network –

  • MIL-OSI: Phunware to Participate in the 37th Annual ROTH Conference in California March 16-18, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announced today Chief Executive Officer Stephen Chen will participate in the 37th Annual ROTH Conference at the Laguna Cliffs Marriott Resort & Spa in Dana Point, CA March 16-18, 2025.

    Stephen Chen will hold one-on-one meetings with institutional investors on site during this annual invitation-only event.

    37th Annual ROTH Conference
    Date: March 16-18, 2025
    Location: Laguna Cliffs Marriott Resort & Spa in Dana Point, CA
    Attendees: Chief Executive Officer Stephen Chen
    Format: In-person 1×1’s
    Conference Website: Click here

    For more information on the 37th Annual ROTH Conference or to schedule a one-on-one meeting with Phunware management, please contact your conference representative or you may also email your request to PHUN@mzgroup.us or call Chris Tyson at (949) 491-8235.

    About Phunware

    Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions with integrated intelligent capabilities. We provide businesses with the tools to create, implement, and manage custom mobile applications, analytics, digital advertising, and location-based services. Phunware is transforming mobile engagement by delivering scalable, personalized, and data-driven mobile app experiences.

    Phunware’s mission is to achieve unparalleled connectivity and monetization through the widespread adoption of Phunware mobile technologies, leveraging brands, consumers, partners, digital asset holders, and market participants. Phunware is poised to expand its software products and services audience through its new Generative AI platform, utilize and monetize its patents and other intellectual property, and reintroduce its digital asset ecosystem for existing holders and new market participants.

    For more information on Phunware, please visit www.phunware.com. To better understand and leverage generative AI and Phunware’s mobile app technologies, visit ai.phunware.com

    Safe Harbor / Forward-Looking Statements

    This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions are intended to identify forward-looking statements. For example, Phunware is using forward-looking statements when it discusses the adoption and impact of emerging technologies and their use across mobile engagement platforms.

    The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements involve risks, uncertainties, and other assumptions that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC. We undertake no obligation to update any forward-looking statements.

    By their nature, forward-looking statements involve risks and uncertainties. We caution you that forward-looking statements are not guarantees of future performance and that our actual results may differ materially from those expressed or implied by these forward-looking statements.

    Investor Relations Contact:

    Chris Tyson, Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    PHUN@mzgroup.us
    www.mzgroup.us

    Phunware Media Contact:

    Joe McGurk, Managing Director
    917-259-6895
    PHUN@mzgroup.us

    The MIL Network –

  • MIL-OSI: Patta Brazil Renews Global Credit Line with Sparta Commercial’s Subsidiary Agoge Global USA

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sparta Commercial Services, Inc. (OTC: SRCO) (“Sparta” or the “Company”), through its subsidiary Agoge, announced the renewal of its global credit line agreement with Patta Brazil (“Patta”). This extension reaffirms Agoge’s commitment to providing tailored financial solutions that support businesses navigating complex import challenges.

    Since its initial engagement with Agoge, Patta has benefited from enhanced cash flow flexibility, enabling it to meet supplier deadlines, reduce operational costs, and expand its import volume. The credit line has played a critical role in Patta’s growth, allowing for increased hiring and operational scaling.

    “Agoge’s financing solution has been instrumental in our ability to scale operations efficiently,” said Nelson Miano Junior, CEO of Patta Brazil. “With their extended payment terms and streamlined process, we have not only increased our import capacity but also secured financial stability that enables us to focus on long-term growth.”

    With this renewal, Patta Brazil aims to further increase its import volume, targeting an annual goal of 120 containers over the next five years. Patta has already seen significant gains, with a 50% projected revenue increase this year alone, and performance exceeding expectations in recent months.

    “Many importers struggle with cash flow misalignment and the high costs of nationalization,” added Miano. “Agoge’s solution allows us to avoid unnecessary financial burdens, such as demurrage fees, and ensures that our operations run smoothly and predictably. We highly recommend their services to other businesses facing similar challenges.”

    Eduardo Ribeiro Filho, Founder of Wedev Group, said “We developed EZBroker360 with the intention to provide solutions to support importers and allow them to focus on growing their business. Patta’s appreciation means a lot to us, and we look forward to further growing our relationship.”

    Agoge’s financing model continues to differentiate itself by offering direct access to decision-makers, competitive rates, and a hassle-free approval process. This renewal solidifies its position as a trusted partner for businesses seeking to optimize their import financing strategies.

    “We love receiving feedback from our clients and the fact that Patta has already made several recommendations of our product to other companies speaks volumes” said Anthony Havens, Sparta’s CEO. “We will continue to listen to our clients and work to develop solutions that strengthen their ability to meet their financial commitments” Havens added.

    For more information about Sparta Commercial Services and Agoge’s financing solutions, visit www.spartacommercial.com and www.agogeglobalusa.com.

    About Sparta Commercial Services, Inc.
    Sparta Commercial Services, Inc. (www.spartacommercial.com) was founded in 2004 and is the parent company of three subsidiaries in addition to Agoge Global USA, Inc., iMobile Solutions, Inc., New World Health Brands, Inc., and Sparta Crypto, Inc., offering a variety of products and services.

    About Agoge Global USA, Inc. 
    A subsidiary of Sparta Commercial Services, Inc., Agoge Global USA, Inc. is a provider of finance, facilitation, and communications, within the import/export sector. With a focus on underserved markets, innovation, and customer satisfaction, Agoge strives to deliver exceptional value for its clients. For more information, visit www.agogeglobalusa.com.

    About WeDev Group Ltda.
    WeDev Group Ltda. is a Brazilian innovator focused on the disruption of traditional standards by fostering innovation and growth through new business models capable of transforming the way the world works.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, possible fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company’s filings with the SEC, which are available on its website at: www.sec.gov.

    Company Contact:
    Sandra L. Ahman
    Corporate Secretary
    Sparta Commercial Services, Inc.
    sandy@spartacommercial.com

    The MIL Network –

  • MIL-OSI: IDT Corporation to Report Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, Feb. 25, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications solutions, has scheduled its report of financial and operational results for the second quarter fiscal year 2025 (the three months ended January 31, 2025) on Thursday, March 6, 2025.

    IDT’s earnings release will be issued and posted on the IDT investor relations website (https://www.idt.net/investors-and–media) at approximately 4:30 PM Eastern.

    IDT will host an earnings conference call beginning at 5:30 PM Eastern with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following access code: 145736.

    A replay of the conference call will be available approximately three hours after the call concludes through March 20, 2025. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay passcode: 51975. The replay will also be accessible via streaming audio at the IDT investor relations website.

    ABOUT IDT CORPORATION
    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    Contact:
    Bill Ulrey
    IDT Investor Relations
    Phone: (973) 438-3838
    E-mail: invest@idt.net

    ###

    The MIL Network –

  • MIL-OSI: Banzai Launches CreateStudio 4.0, with Major A.I. Enhancements for Video Creation

    Source: GlobeNewswire (MIL-OSI)

    CreateStudio 4.0 Introduces New A.I. Builders, Hook Generators & Assistant, and Improved Audio Visualizer, Call to Action, and UI Improvements

    SEATTLE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced the launch of CreateStudio 4.0, the latest version of its award-winning video creation app developed by its Vidello subsidiary.

    Vidello’s flagship product, CreateStudio, is a top-rated video creation app that enables users to produce eye-catching 3D character animations for social media and websites. Recognized as a Top 3 Best Rated product in the video maker category by Capterra and a High Performer by G21, CreateStudio continues to redefine video content creation.

    CreateStudio 4.0 was designed to help users build videos easier and faster with the power of A.I. The latest update includes three new A.I.-powered video builders:

    • Video Sales Letter (VSL) Builder: Answer seven simple questions about your product or service, and CreateStudio’s A.I. generates a compelling video sales script to help you sell effectively.
    • Explainer Video Builder: Quickly create an animated explainer video by providing a brief description, and selecting a 3D character, narrator, and music genre. The CreateStudio’s A.I. will then build an engaging animated 3D explainer video project for you.
    • A.I. Shorts Builder: Effortlessly generate social media-ready content. The A.I. creates scripts, voiceovers, images, and music, delivering a fully edited short video optimized for engagement.

    CreateStudio 4.0 Additional Features:

    • Audio Visualizer – Connect an audio track to display animated waveforms that show beats. This is great for music tracks, podcasts, and showcasing beats in an engaging way.
    • Call to Action – Drag and drop pre-made call-to-action scenes to the end of your videos to seamlessly enhance their effectiveness.
    • A.I. Hook Generator – Easily add an automatic hook title to any video. Just turn it on, and the A.I. will analyze the content of your video project to create an engaging title. This title will be displayed for the first few seconds of your video, designed to capture the attention of viewers scrolling through social media.
    • Image & Video Swap – Replace any image with a video—or vice versa—with a single click.
    • UI Improvements – A redesigned, color-coded timeline featuring video and image thumbnails for improved navigation.
    • A.I. Assistant – Includes A.I.-powered tools for image generation, text removal, image upscaling, object removal, background removal, and voiceover creation.
    • Publish Scenes – Publish individual scenes inside of a project.

    Joe Davy, Founder and CEO of Banzai, commented, “CreateStudio 4.0 is the result of valuable Vidello customer feedback and incorporates powerful new A.I. technology. This release empowers creators, business owners, and marketers with the easiest-to-use 3D animation software, enabling them to create high-impact videos that educate, explain, and sell anything online. We are excited for our existing and new users to experience the strength and versatility that this new software version offers.”

    Learn More About CreateStudio 4.0

    About Vidello

    Vidello is a video hosting and marketing suite which provides online businesses with the essential marketing and hosting tools to assist in growing business through video. To learn more about the company visit www.vidello.com.

    About Banzai

    Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    BNZI@mzgroup.us
    www.mzgroup.us

    Media
    Rachel Meyrowitz
    Director, Demand Generation, Banzai
    media@banzai.io

    __________________________
    1 Source: https://www.g2.com/products/create-studio/reviews

    The MIL Network –

  • MIL-OSI Economics: Central Bank of Bahrain grants Financing Company license to L2O B.S.C. (c)

    Source: Central Bank of Bahrain

    Central Bank of Bahrain grants Financing Company license to L2O B.S.C. (c)

    Published on 25 February 2025

    Manama, Kingdom of Bahrain – 25 February 2025 – The Central Bank of Bahrain (“CBB”) has granted “L2O B.S.C. (c)” a Financing Company license to operate in the Kingdom of Bahrain.

    Commenting on this announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said “We are pleased to announce the issuance of a license to a new financing company in the Kingdom of Bahrain. The issuance of this license reflects CBB’s efforts in supporting development of the financial services sector while ensuring robust regulatory oversight, and its commitment to fostering a competitive financial ecosystem”.

    It is worth mentioning that the company aims to offer financing products that will assist customers in acquiring stable liquidity to ensure continuity of their personal or business needs.

    Share this

    MIL OSI Economics –

  • MIL-OSI Global: Generative AI is most useful for the things we care about the least

    Source: The Conversation – USA – By John P. Nelson, Postdoctoral Research Fellow in Ethics and Societal Implications of Artificial Intelligence, Georgia Institute of Technology

    The creative process involves choices that lead artists to places they couldn’t have imagined. Eoneren/E+ via Getty Images

    Generative AI tools such as ChatGPT and Midjourney can produce text, images and videos far more quickly than any one person can accomplish by hand.

    But as someone who studies the societal impacts of AI, I’ve noticed an interesting trade-off: The technology can certainly save time, but it does so precisely to the extent that the user is willing to surrender control over the final product.

    For this reason, generative AI is probably most useful for things we care about the least.

    Ceding creative control

    Let’s use the example of AI image generators. You probably have a rough idea of how they work. Just type what you want – “a panda surfing,” “a piece of toast that is also a car” – and the generative tool draws it.

    But this glosses over the countless possible iterations of the desired image.

    Will the image appear as a watercolor painting or a pencil sketch? How lifelike will the panda be? How big is the wave? Is the toast-car parked or moving? Is there anyone inside of it?

    When the images are generated, these questions have been answered – but not by the user. Rather, the generative AI tool has “decided.”

    Of course, the user can be more specific: Imitate the style of Monet. Make the wave twice the height of the panda. Maybe the panda should look worried, since it isn’t used to surfing.

    You can also pop open an image editor and modify the output yourself, down to the individual pixel. But, of course, drafting detailed instructions and revising the image take time, effort and skill. Generative AI promises to lighten the load. But as every manager knows, exercising control is work.

    The devil is in the details

    In all art and expression, power lies in the details.

    In great paintings, not every brushstroke is planned – but each is carefully considered and accepted. And its overall effect on the viewer depends on all those considered brushstrokes together.

    Filmmakers shoot take after take of the same scene, each subtly or radically different. Only a small fraction of that footage makes it into the final cut – the fraction that the editors feel does the job best. Great artists use their judgment to ensure every detail helps to achieve the effect they want.

    Of course, there’s nothing new about putting someone else in charge of the details. People are used to delegating authority – even about matters of expression – to marketers, speechwriters, social media managers and the like.

    Generative AI makes a new sort of contractor available. It’s always on call, and in certain ways it is very technically competent.

    But compared with skilled humans, it has a limited ability to understand what you want. Moreover, it lacks intention, contemplation and the comprehensive mastery of detail that yield great expressive achievements – or even the comprehensive idiosyncrasy that spawns very unique ones.

    Ask ChatGPT for a film script, plus casting and shooting instructions. It will give you neither Francis Ford Coppola’s masterpiece “The Godfather” nor Tommy Wiseau’s bizarre “The Room.”

    You could, perhaps, approach a masterpiece, or a true oddity. But to do so, you’d have to exercise more and more time, more and more effort, and more and more control.

    An era of ‘cheap speech’

    What generative AI makes possible, above all, is low-effort, low-control expression.

    In the time I took to write and revise this article, I could have used ChatGPT to generate 200 grammatically correct, well-structured articles, and then I could have posted them online without even reading them. I wouldn’t have had to carefully parse each word and decide whether it really helped me make my point. I wouldn’t have even had to decide whether I agreed with any of the AI-generated write-ups.

    This is not a merely hypothetical example. Low-quality, AI-generated e-books of ambiguous provenance are already making their way into online vendors’ catalogs – and into the libraries those vendors serve.

    Similarly, using image generators, I could now flood the internet with superficially appealing images, dedicating only a fraction of a second to decide whether any of them express what I want them to express or achieve what I want them to achieve.

    But in doing so, I would not just be skipping over drudgery. Writing, drawing and painting are not just labor but processes of considering, reviewing and deciding exactly what I want to put out into the world. By skipping over those processes, I surrender that decision-making process to the AI tool.

    Some scholars argue that the internet has produced an era of “cheap speech.” People no longer have to invest a lot of resources – nor even face the judgment of their neighbors – to broadcast whatever they want to the world.

    With generative AI, expression is even cheaper. You don’t even have to make things yourself to put them out into the world. For the first time in human history, the ability to produce writing, art and expression has been decoupled from the necessity of actually paying attention to what you’re making or saying.

    Generative AI allows you to blow through the thousands of little decisions that go into a work of art.
    C.J. Burton/The Image Bank via Getty Images

    When intention and effort matter

    I suspect that great art, journalism and scholarship will still demand great attention and effort. Some of that effort may even include custom-developing AI tools tailored to an individual artist’s concerns.

    But unless people become much better at curation, great work will be increasingly difficult to locate amid the flood of low-effort content, which is also known as “AI slop.”

    It’s appropriate that generative AI becomes more useful the sloppier its users are willing to be – that is, the less they care about the details.

    I could end with some dire prognosis – that working artists and writers will be replaced with mediocre automation, that online discourse will get even stupider, that people will isolate themselves in personalized cocoons of AI-generated media.

    All these things are possible. But it’s probably more useful to offer a suggestion to you, the reader.

    When you need an image or a piece of writing, take a moment to decide: How important are the details? Would the process of making this yourself, or working with a collaborator or contractor, be useful? Would it yield a better output, or give me the chance to learn, or begin or strengthen a relationship, or help you reflect on something important to you?

    In short, is it worth putting in real care and effort? The answer will not always be yes. But it often will.

    Art, writing, films – these are not just products, but acts. They are things humans make, through a process of thousands of little decisions that encompass what we stand for and what we want to say.

    So when it comes to art, expression and argument, if you want it done right, it’s probably still best to do it yourself.

    John P. Nelson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Generative AI is most useful for the things we care about the least – https://theconversation.com/generative-ai-is-most-useful-for-the-things-we-care-about-the-least-249329

    MIL OSI – Global Reports –

  • MIL-OSI Global: If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation

    Source: The Conversation – USA – By Tamar Gutner, Associate Professor, American University

    Donald Trump is no fan of international organizations. Just hours after taking office on Jan 20, 2025, the U.S. president announced his intention to withdraw from the World Health Organization and the Paris agreement on climate change.

    Could the International Monetary Fund and the World Bank be next?

    Certainly, supporters of the twin institutions – that have formed the backbone of global economic order for 80 years – are concerned. A Trump-ordered review of Washington’s support of all international organizations has led to fears of the U.S. reducing funding or pulling it altogether.

    But any shrinking of U.S. leadership in international financial institutions would, I believe, run counter to the administration’s ostensible geopolitical goals, creating a vacuum for China to step into and take on a bigger global role. In particular, weakening the World Bank and other multilateral development banks, or MDBs, that have a large U.S. presence could present an opportunity for a little-known, relatively new Chinese-led international organization: the Asian Infrastructure Investment Bank – which, since its inception, has supported the very multilateralism the U.S. is attacking.

    AIIB’s paradoxical role

    The Asian Infrastructure Investment Bank (AIIB) was created by China nine years ago as a way to invest in infrastructure and other related sectors in Asia, while promoting “regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.”

    Since then, it has served as an example of an international body willing to deeply cooperate with other major multilateral organizations and follow international rules and norms of development banking.

    This may run counter to the image of Beijing’s global efforts portrayed by China hawks, of which there are many in the Trump administration, who often present a vision of a China intent on undermining the Western-led liberal international order.

    But as a number of scholars and other China experts have suggested, Beijing’s strategies in global economic governance are often nuanced, with actions that both support and undermine the liberal global order.

    As I explore in my new book, it is clear that today the AIIB is a paradox: an institution connected to the rules and norms of the liberal international order, but one created by an illiberal government.

    Chinese Finance Minister Lou Jiwei speaks during the signing ceremony of the Asian Infrastructure Investment Bank on Oct. 24, 2014, in Beijing.
    Takaki Yajima-Pool/Getty Images

    The AIIB is deeply tied to the rules-based order as displayed through its many cooperative connections with other major multilateral development banks, such as the World Bank and the Japan-led Asian Development Bank.

    As such, the AIIB may present a Chinese counterpoint in a landscape where U.S. leadership is receding.

    The cooperative design of the AIIB

    For decades, multilateral development banks have served the important task of lending billions of dollars a year to support economic and social development.

    They can be vital sources of funding for poverty reduction, inclusive economic growth and sustainable development, with a newer emphasis on climate change. These international lenders have also been remarkably durable in today’s climate of fragmentation and crisis, with member nations actively considering ways of further strengthening them.

    At the same time, MDBs perennially face criticism from civil society organizations who highlight areas of weak performance and are concerned about potential downsides of the major MDBs’ greater emphasis on working more closely with the private sector. MDB expert Chris Humphrey has also noted that major “MDBs were built around a set of geopolitical and economic power relationships that are coming apart before our eyes.”

    When Chinese President Xi Jinping in 2013 proposed creating the AIIB to lend for infrastructure development in Asia, there was a lot of suspicion among major nations about China’s intentions.

    The Obama administration responded to the move by urging other countries not to join. Its concern was that China would use lending to gain further influence in the region, but without adhering to strong environmental and social standards.

    Nonetheless, all the other major nonborrowing nations, with the exception of Japan, joined the new bank. Today, the AIIB is the second-largest multilateral development bank in terms of member countries, behind only the World Bank. It currently has 110 member nations, which translates to over 80% of the global population. With US$100 billion in capital, it is one of the medium-sized multilateral lenders.

    From the get-go, the AIIB was designed to be cooperative. Jin Liqun, who became the bank’s first president, is a longtime multilateralist with a long career at China’s finance ministry and past positions on the boards of the World Bank and the Global Environmental Facility, as well as a vice presidency of the Asian Development Bank.

    The international group of experts that helped design the AIIB also included former executive directors and staff from the IMF and other development banks, as well as two Americans with long careers at the World Bank who played leading roles in designing the bank’s articles of agreement and its environmental and social framework.

    How the AIIB took its cue from others

    The bank fits into the landscape of other multilateral development banks in a variety of ways. The AIIB’s charter is directly modeled on the Asian Development Bank’s foundation, and built into the AIIB’s charter is the bank’s mission of promoting “regional cooperation and partnership in addressing development challenges.”

    The AIIB shares similar norms and policies with other major multilateral development banks, including its environmental and social standards.

    Alongside borrowing foundational principles, the AIIB also works in close conjunction with its peers. The World Bank initially ran the AIIB’s treasury operations. The AIIB has also co-financed a high percentage of its projects with other multilateral development banks, particularly in its first years.

    In a recent sign of cooperation, in 2023, a deal between the AIIB and World Bank’s International Bank for Reconstruction and Development (IBRD) saw the AIIB issue up to $1 billion in guarantees against IBRD sovereign-backed loans. This increased the IBRD’s ability to lend more money, while diversifying the AIIB’s loan portfolio.

    As of Feb. 6, 2025, the AIIB has 306 approved projects totaling $59 billion. Energy and transportation are its two largest sectors of lending. Recently approved projects include loans to support wind power plants in Uzbekistan and Kazakhstan, and a solar plant in India. India, which has a bumpy relationship with China, is one of the bank’s largest borrowers, along with Turkey and Indonesia.

    Cooperating and competing with China

    From its birth until recently, the multilateral AIIB has repeatedly distinguished itself from China’s bilateral initiatives. Chief among those is China’s Belt and Road Initiative, an umbrella term for infrastructure lending by Chinese institutions that has been criticized for lacking transparency and accountability.

    Indeed, some Belt and Road Initiative-linked projects have faced concerns about corruption, costs and the opacity of the loan agreements.

    In the past several years, the AIIB has made more mention of synergy with Belt and Road lenders, and the bank now hosts the secretariat of a facility, the Multilateral Cooperation Center for Development Finance, that offers grants and support to developing countries seeking to finance infrastructure in countries where Belt and Road lending takes place. This may blur the line between the AIIB and lending under the Belt and Road umbrella, but it does not appear to weaken the bank’s standards.

    Concerns about the level of Chinese government influence at the AIIB are not new. Canada froze its ties with the bank in June 2023, pending a review of allegations by a Canadian staff member, who dramatically quit after accusing the bank of being dominated by members of China’s Communist Party.

    No other member nations expressed such concern, and Canada has not yet published any review. A group of AIIB executive directors oversaw an internal review that found no evidence to support the allegations.

    As the new U.S. administration formulates its policies toward China, it would do well to take into account the variation in China’s strategies in global economic governance, as a recognition of areas of cooperation, competition and conflict requires more nuanced responses. In many areas, the U.S. will both cooperate and compete with China.

    Paradoxically, any moves by the Trump administration to pull back from multilateral organizations may leave the AIIB, whether or not it is an anomaly, in a position to offer a better model of cooperation than leading multilateral development banks with a powerful U.S. role.

    Tamar Gutner does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation – https://theconversation.com/if-us-attempts-world-bank-retreat-the-china-led-aiib-could-be-poised-to-step-in-and-provide-a-model-of-global-cooperation-244595

    MIL OSI – Global Reports –

  • MIL-OSI Global: A hazy legal landscape means people can get high on hemp products, even where pot is prohibited

    Source: The Conversation – USA – By Katharine Neill Harris, Fellow in Drug Policy, Rice University

    Delta-8 supplements on a shelf at a Texas store. Sergio Flores/Washington Post via Getty Images

    In Texas, where I live, marijuana has long been illegal. Yet on a busy street in my Houston neighborhood, at least five stores within a half-mile of each other sell cannabis products that promise a strong high.

    Texas isn’t alone. Due to a mix of recent legal changes and an uncertain policy landscape, residents in roughly half of American states have easy access to impairing hemp products that bear a strong resemblance to marijuana and are far less regulated.

    As hemp sales soar – reaching nearly US$3 billion in 2023 – a number of states are tightening their restrictions, while experts are analyzing the public health implications. That’s why I analyzed hemp policies in all 50 states with some of my colleagues at Rice University’s Baker Institute, where I’m a drug policy fellow.

    Marijuana and hemp: Same plant, different policies

    Marijuana and hemp are both varieties of cannabis sativa, a plant with many uses that produces thousands of compounds. Among them is the popular intoxicant delta-9 tetrahydrocannabinol, or delta-9 THC.

    Hemp is widely valued as an industrial crop, and for most of American history, farmers freely cultivated it. But by the mid-20th century, lawmakers had grown increasingly opposed to marijuana and were concerned by hemp’s similarity to its impairment-causing cousin.

    In an effort to permit hemp cultivation while prohibiting production of a psychoactive plant, the Agricultural Marketing Act of 1946 defined hemp as all parts of the cannabis plant with less than 0.3 percent concentration of delta-9 THC by dry weight. Cannabis that exceeded this threshold was considered marijuana.

    The 1970 Controlled Substances Act ushered in the modern era of prohibition of marijuana and other drugs. Hemp remained technically legal, but because of its similarity to marijuana, it was listed as a Schedule I drug, alongside heroin and other substances deemed to have a high potential for abuse and no medical value.

    Because of hemp’s Schedule I status, the Drug Enforcement Administration tightly regulated its production. But hemp farmers have long argued that these regulations were excessive – and in 2018, Congress agreed. That year, lawmakers passed a farm bill that removed hemp from the Controlled Substances Act and legalized the manufacture and sale of hemp and its derivatives.

    The ABC News affiliate in San Diego reports on the 2018 farm bill from a local perspective.

    Crucially, the 2018 bill still defines hemp as all parts of the plant and its derivatives that have less than 0.3 percent delta-9 THC. But it left a loophole: While delta-9 is the most well-known form of THC, it’s not the only one. Other forms of THC, known as THC isomers, have similar effects. These isomers, like delta-8 and delta-10 THC, can be derived from the hemp plant, and like delta-9 THC, they can cause impairment. The 2018 Farm Bill legalized all of them.

    In 2023, sales of hemp-derived cannabinoids reached US$2.8 billion. Market growth has been accompanied by a rise in adverse health events. Chemists have expressed alarm at how some hemp products are made, and analyses of commercially available products have found them to contain heavy metals, residual solvents and pesticides.

    Given the lax regulatory environment, many public officials now question the lack of guardrails on this burgeoning hemp industry. As a result, officials and governments across the country are now enacting or considering policy changes.

    Some states are imposing age and advertising restrictions

    In 2023, 11.4% of 12th graders said they had used hemp-derived delta-8 THC in the past year. Easy access to any substance can encourage use, and THC can have negative impacts on the adolescent brain.

    While federal law prohibits the sale of tobacco and alcohol to individuals under 21, there is no similar national requirement for hemp. But at least 27 states that permit the sale of hemp-derived products now have minimum age requirements, and several others have pending legislation.

    Lessons from the tobacco market also demonstrate that advertising restrictions can reduce the use of legal but potentially harmful products. Most efforts to curtail hemp advertising focus on youth. Sixteen states restrict the use of packaging and marketing materials that may appeal to minors. Meanwhile, federal regulations also limit youth-targeted marketing.

    There are fewer restrictions on advertising to adults. The Food and Drug Administration does prohibit using unverified health claims to sell hemp products, but this standard gives the industry plenty of leeway. Hemp ads often tout their purported physical benefits, like reducing pain or improving sleep, or portray them as mood-boosters that can make one feel euphoric and aroused, with few downsides.

    Other states are establishing potency limits

    The use of products high in THC has been linked to greater risk of cannabis dependence and adverse mental health outcomes. Concerns about product potency have led all states with recreational marijuana markets to limit the amount of delta-9 THC in edible products. This threshold is typically around 10 milligrams, a dose that’s strong enough to affect most people.

    Hemp is a different story. To satisfy federal requirements, hemp just has to have less than 0.3% delta-9 THC by weight. This limit sounds low, but the weight-based metric does not account for heavier products, like food and drinks.

    For example, a 50-gram candy bar – roughly the size of a Snickers bar – with 150 milligrams of hemp-derived delta-9 THC is legal in the 34 states that don’t have milligram caps on hemp products. This is a dose 15 times higher than what any recreational marijuana market allows. Meanwhile, states that only restrict hemp’s delta-9 content also leave the door open to products with high amounts of other forms of THC.

    At least 13 states have responded to potency concerns by adding milligram caps on the total THC permitted in a single serving of a hemp product. Some of these limits are so low – 1 milligram or less in Connecticut, New York, Montana and Rhode Island – that one serving is unlikely to cause impairment.

    Enforcement is a wild card

    Only regulations that are enforced are effective, and states differ in the level of energy they devote to industry oversight.

    In Virginia, the Office of Hemp Enforcement has issued over $12 million in fines to noncompliant hemp retailers since its creation in 2023. On the other end of the spectrum, Massachusetts considers hemp-derived THC products illegal, but it has not provided local jurisdictions with funding for enforcement, resulting in continued availability of prohibited products.

    Some states with legal hemp markets have added additional sales taxes to help fund enforcement. In Nebraska, Missouri and Connecticut, attorneys general have sued hemp retailers for selling illegal items, marketing to minors and engaging in deceptive trade practices.

    As the hemp industry expands, so will concerns about how to protect public health. The demand for THC, and the market to supply it, continues to grow. If lawmakers want to develop industrywide safety standards or deal with the challenges of online marketplaces that sell hemp products to minors, it will take action from Washington. In the meantime, many states and policymakers are exploring an expansive middle ground between unfettered access and blanket bans.

    Katharine Neill Harris does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. A hazy legal landscape means people can get high on hemp products, even where pot is prohibited – https://theconversation.com/a-hazy-legal-landscape-means-people-can-get-high-on-hemp-products-even-where-pot-is-prohibited-247168

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Rosneft Equips Ice Palace in Bashkiria with New Equipment

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of Bashneft (part of Rosneft), a modern ice-resurfacing machine has appeared in the Tuymazy Arena ice palace. The sports complex is equipped with new equipment within the framework of the Cooperation Agreement between Rosneft and the Republic of Bashkortostan.

    The universal ice palace “Tuymazy Arena” named after Sergey Gimayev was built with the support of “Bashneft”. Its venues host republican and interregional competitions. The total area of the complex exceeds 10 thousand square meters. In addition to the ice arena and gyms, it includes a spacious room for athletics. Every year, the arena is visited by more than 100 thousand people from different regions of Bashkortostan.

    The new ice resurfacing machine has larger water and snow tanks, which significantly increases the speed of ice surface restoration. The equipment also includes an ice washing system. The machine ensures high quality resurfacing, which meets all the requirements for holding national and international tournaments.

    Support for mass, children’s and youth sports is one of the significant areas of social work of Rosneft and its subsidiaries. Sports complexes, arenas, and multifunctional sports grounds are built in the regions of presence with the Company’s funds. Dozens of modern large sports facilities have been opened in the regions of Russia with the support of Rosneft. The company supports projects for the development and popularization of physical culture and a healthy lifestyle.

    Earlier, Bashkir oil workers also helped build modern ice palaces in the cities of Kumertau and Oktyabrsky. Developed infrastructure and high-quality equipment allow competitions of various levels to be held in the palaces all year round. Due to their equipment and accessibility, the sports grounds are popular both among athletes for holding sports camps and among city residents.

    Since 2017, Bashneft has helped build and reconstruct more than 30 major sports facilities in 16 districts of the republic. Thus, a world-class skate park appeared in the city of Dyurtyuli, and the Spartak stadium, which is the largest sports facility in the west of Bashkiria, appeared in the city of Tuymazy. In the Blagoveshchensk district, six training grounds were built and opened with the support of Bashneft in the Ufimsky Sokol sports center. More than 3 thousand children study in this center, mastering 62 sports. In the Ufa district, in the village of Bulgakovo, a modern physical education and health complex Zhemchuzhina was put into operation. This is the only sports complex in the village, where more than 6 thousand people live. In addition, 10 multifunctional sports and health complexes were built in 10 districts and cities of the republic, promoting an active lifestyle and developing sports infrastructure in the region.

    Reference:

    ANK Bashneft (part of Rosneft) is one of the oldest enterprises in the country’s oil and gas industry, operating in the extraction and processing of oil and gas. The company’s key assets, including oil refining and petrochemical complexes, are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Orenburg Region, Perm Krai and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 25, 2025

    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.

    MIL OSI Russia News –

  • MIL-OSI: The Nomination Committee proposes the re-election of all members of the Board of Directors of CoinShares International Limited

    Source: GlobeNewswire (MIL-OSI)

    25 February 2025 | SAINT HELIER, Jersey – the Nomination Committee of CoinShares International Limited (“CoinShares” or the “Company“) (Nasdaq Stockholm Market: CS; US OTCQX: CNSRF), a global investment firm specializing in digital assets, hereby announces the following proposals for the Annual General Meeting of shareholders on 31 May 2025, with regard to the election of the members and Chair of the Board of Directors.

    The Nominee Committee proposes the re-election of all current members of the Board. Accordingly, Daniel Masters, Jean-Marie Mognetti, Carsten Køppen, Christine Rankin, Viktor Fritzén and Johan Lundberg are proposed as members of the Board. The Nomination Committee proposes that Daniel Masters be re-elected as Chair of the Board.

    The Nomination Committee also proposes to increase the remuneration of non-executive directors from GBP 50,000 per annum, previously set in 2020, to GBP 70,000 per annum. The proposed increase in the remuneration reflects the increased responsibilities associated with the move to the regulated segment of Nasdaq Stockholm in 2022, as well as ensuring that the Company can continue to attract and retain the right candidates for the Board of Directors.

    The Nomination Committee of CoinShares International Limited consists of the following members:

    • Michael Carlton, appointed by Daniel Masters, Chair of the Nomination Committee
    • Jean-Frédéric Mognetti, appointed by Mognetti Partners Limited
    • Paul Davidson, appointed by Russell Newton
    • Johan Lundberg, representative of the Board of Directors of CoinShares International Limited 

    Information about the members of the Board of CoinShares International Limited is available on the company’s website.

    The Nomination Committee’s complete proposal will be presented in the notice of the Annual General Meeting. In connection with the issuance of the notice, the Nomination Committee’s motivated statement will also be provided on the company’s website.

    For further information, please contact:
    Johan Lundberg, Member of the Nomination Committee of CoinShares International Limited
    Tel: +46 739 88 04 22
    johan.lundberg@nftventures.com

    About CoinShares

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    The MIL Network –

  • MIL-OSI: Primech AI Joins The GEAR Community Access Programme to Accelerate Innovation in Robotics and Built Environment Technologies

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Primech AI Pte. Ltd. (“Primech AI” or the “Company”), a subsidiary of Primech Holdings Limited (Nasdaq: PMEC), today announced its acceptance into The GEAR Community Access Programme, hosted at The Kajima Lab for Global Engineering, Architecture & Real Estate.

    (The GEAR, Kajima’s state-of-the-art global hub in Singapore)

    The GEAR, Kajima’s state-of-the-art global hub in Singapore, serves as a centerpiece for innovation in the built environment sector, focusing on accelerating digitalization and technological advancement. This program gives Primech AI access to The GEAR’s cutting-edge facilities and a vibrant ecosystem of industry leaders and innovators.

    “Joining The GEAR Community Access Programme represents a significant opportunity for Primech AI to collaborate with industry leaders and further enhance our robotics solutions,” said Charles Ng, Chief Operating Officer of Primech AI. “This partnership aligns perfectly with our mission to revolutionize the cleaning industry through technological innovation, particularly through our HYTRON autonomous cleaning robots.”

    The partnership provides Primech AI with:

    • Access to The GEAR’s advanced facilities and innovation hub
    • Opportunities for collaboration with Kajima’s business units and ecosystem partners
    • A platform for showcasing and demonstrating its autonomous cleaning solutions
    • Participation in industry events and networking opportunities

    Primech AI’s flagship product, the HYTRON autonomous toilet cleaning robot, has already demonstrated success through its deployment at Temasek Polytechnic. The Company’s participation in The GEAR Community Access Programme is expected to accelerate the development and adoption of its innovative cleaning solutions across Singapore’s built environment sector.

    About The GEAR
    The Kajima Lab for Global Engineering, Architecture & Real Estate (The GEAR) is Kajima’s global innovation hub in Singapore, dedicated to accelerating the digitalization of the built environment sector. The facility serves as a collaborative space for industry partners, fostering innovation and technological advancement in construction and real estate development.

    About Primech Holdings Limited
    Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.   

    About Primech AI
    Primech AI is a leading robotics company dedicated to pushing the boundaries of innovation in technology. With a team of passionate individuals and a commitment to collaboration, Primech AI is poised to revolutionize the robotics industry with groundbreaking solutions that make a meaningful impact on society. For more information, visit www.primech.ai.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    Company Contact:
    Email: ir@primech.com.sg

    Investor Relations Contact:
    Matthew Abenante, IRC
    President
    Strategic Investor Relations, LLC
    Tel: 347-947-2093
    Email: matthew@strategic-ir.com

    The MIL Network –

  • MIL-OSI: PureSky Energy Announces Full Term Conversion of Largest-to-Date Solar Portfolio

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 25, 2025 (GLOBE NEWSWIRE) — PureSky Energy (PureSky), a leader in sustainable energy solutions and independent power producer, is proud to announce the term conversion of a 54.5 MWdc of solar paired with 7.4 MWh of DC-coupled energy storage portfolio with a market value in excess of $150 million, marking a significant milestone as the company’s largest portfolio of solar projects to date. This accomplishment not only reinforces PureSky’s commitment to high-quality renewable energy development but also sets the stage for further expansion of our solar portfolios, driving the transition to clean energy forward.

    The portfolio includes 12 solar projects across New York and Massachusetts. This achievement represents the culmination of PureSky Energy’s strategic evolution from acquiring solar projects primarily through mergers and acquisitions (M&A) to increasing greenfield development—ensuring the consistent quality and reliability of its expanding portfolio and maintaining a balance between acquisitions and greenfield development.

    The Massachusetts projects—Cotuit and Three Rivers—are greenfield developments totaling 8.9 MWdc and feature the entirety of the portfolio’s energy storage capacity. Meanwhile, the New York projects span seven sites acquired from Omni Navitas and three sites from EDF Renewables, illustrating PureSky Energy’s strategic and diversified approach to solar project acquisition and development.

    “This milestone highlights the exceptional quality of our portfolio and reflects the confidence our long-term partners place in our projects,” said Jared Donald, CEO of PureSky Energy. “The successful conversion of this portfolio enables us to continue delivering renewable energy solutions that exceed industry standards and reinvest in initiatives that drive sustainable energy growth, benefiting both communities and the environment.”

    The portfolio’s success is a testament to the collaborative efforts of PureSky Energy’s partners:

    • U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, acted as the tax equity investor.
    • KeyBanc Capital Markets served as the lead debt arranger.
    • CS Energy and EDF Renewables oversaw the construction of the majority of the New York projects with Dynamic Energy building the Massachusetts ones.
    • Empyrean, subsidiary of PureSky Energy, expertly managed procurement and equipment supply, and served as the contractor for BESS.

    “U.S. Bancorp Impact Finance is proud to support PureSky’s portfolio and play a role in accelerating the transition to clean energy,” said Environmental Finance Managing Director Darren Van’t Hof. “These projects highlight the power of collaboration in building a more sustainable future.”

    “We are honored to serve as the lead debt arranger for the Amp IV portfolio, supporting PureSky Energy in achieving this significant milestone,” said Tyler Nielsen, Director, KeyBanc Capital Markets Utilities Power and Renewable Energy Group. “Our involvement reflects our ongoing commitment to financing projects that advance renewable energy and deliver lasting benefits to communities and the environment.”

    This landmark achievement underscores PureSky Energy’s dedication to advancing renewable energy development through a robust strategy that is transitioning from solely M&A to a balanced mix of M&A and greenfield development, guaranteeing the long-term quality and impact of its portfolio. By successfully completing its largest solar portfolio to date, PureSky Energy is positioned to channel its resources and expertise into future projects that will continue to transform the energy landscape.

    About PureSky Energy:
    PureSky Energy is a leading developer, owner, and operator of US community solar, C&I and storage projects with headquarters in Denver, Colorado. Since entering the US market in 2016, the company has rapidly expanded its scale and currently operates a portfolio with generation capacity of approximately 233MW across forty-four sites or under-construction projects expected to be completed in the short term. The company has a large pipeline of solar and battery storage projects across existing and new US markets, placing the platform in a primary position within the distributed generation market. The company’s mission is to make clean energy accessible and affordable to local communities across the United States, while shaping a brighter, more sustainable future for generations to come.

    Website: www.pureskyenergy.com

    Host A Solar Farm: https://www.pureskyenergy.com/community-host

    LinkedIn: https://www.linkedin.com/company/puresky-energy

    For media inquiries, please contact:

    Janet Janzen: marketing@pureskyenergy.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd3265f2-1554-4f18-b826-50306d0c9bdb

    The MIL Network –

  • MIL-OSI: New APR Energy Deploys 100MW+ of Mobile Gas Turbines for U.S. Based AI Hyperscaler

    Source: GlobeNewswire (MIL-OSI)

    JACKSONVILLE, Fla., Feb. 25, 2025 (GLOBE NEWSWIRE) — New APR Energy LLC (“New APR Energy”), a global leader in fast-track energy solutions, is deploying four mobile gas turbines providing 100MW+ of dedicated behind-the-meter power to a major U.S.-based AI hyperscaler. New APR Energy is expected to complete the installation in the next 10 days with the support of Duos Technologies Group, Inc. (“Duostech”) (Nasdaq: DUOT).

    Securing power solutions from local utilities has become a challenge for data center expansion. New APR Energy’s mobile gas turbine fleet offers a fast and flexible alternative that can accelerate a data center developer’s project timeline and scalability.

    The gas turbines being deployed are part of a portfolio of power generation assets owned by funds managed by affiliates of Fortress Investment Group (“Fortress”). Fortress recently announced the acquisition of the 850MW power generation portfolio from the original APR Energy, a subsidiary of Atlas Corporation, and a concurrent agreement with Duostech to assist in overseeing the management and deployment of the assets. New APR Energy, through an asset management agreement with Duostech, is led by members of the former APR Energy management team who successfully installed and operated over 1.5GW of fast power between 2016 and 2020.

    Chuck Ferry, the Chairman and CEO for New APR Energy and CEO at Duostech said, “We are excited to deploy New APR Energy’s first 100MW to a U.S.-based data center. This deployment is a good proof point for our investment thesis for Behind-the-Meter power demand. We are currently in discussions with many other data center operators and hyperscalers seeking similar support and expect to announce more deployments in the coming weeks. It is also a real pleasure to have reunited many of my former APR Energy teammates with our Duostech staff to see immediate success in the power and data center sector. This talented and experienced team has years of practical experience deploying and operating these assets.”

    To learn more about New APR Energy, please visit www.aprenergy.com.
    To learn more about Fortress investment Group, please visit www.fortress.com.
    To learn more about Duos Technologies Group, please visit www.duostech.com.

    About New APR Energy
    New APR Energy, based in Jacksonville, Florida, provides rapidly deployable mobile power to data center and utility operators for emergency, temporary, bridging, and permanent energy solutions. The New APR team has over 100 years of experience installing fast power plants using mobile gas turbines in the U.S. and internationally. New APR Energy creates unique value through delivering large-scale power projects anywhere in the world in weeks and months versus the typical 2-5 years required to construct a permanent power plant. For more information, please visit www.aprenergy.com.

    About Fortress Investment Group
    Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49 billion of assets under management as of September 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. For more information, please visit www.fortress.com.

    About Duos Technologies Group, Inc.
    Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, operates in three major lines of business: Machine Vision/AI Intelligent Technology, Edge Data Center Infrastructure, and Power Solutions. For more information, visit www.duostech.com.

    Forward- Looking Statements
    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things Duos Technologies Group, Inc.’s plans, strategies and prospects — both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccd5eee9-17b0-41a9-907f-48973f756bb8

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Regula Recognized as a Representative Vendor in the Gartner Market Guide for KYC Platforms for Banking

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Feb. 25, 2025 (GLOBE NEWSWIRE) — Gartner® Market Guide for KYC (Know Your Customer) Platforms for Banking acknowledges Regula for Regula Document Reader SDK and Regula Face SDK. We believe the Market Guide helps financial organizations navigate the changing environment of customer onboarding and verification and recognizes the vendors that effectively respond to the latest market trends.

    We think the Gartner Market Guide for KYC Platforms for Banking* emphasizes the rapid shift to digital KYC in Banking. Gartner states, “The KYC market growth is driven by increasing regulatory requirements and the need for enhanced risk management. This expansion is accelerated by the rising adoption of digital banking, the increasing sophistication of financial crimes, expectations of better customer experience and the demand for more efficient and effective KYC processes.”

    KYC for Banking market trends        

    We believe the KYC market for Banking is based on three key pillars:

    • The move to low-effort customer experience and faster turnaround – to streamline identity verification while creating a smooth onboarding experience for users.
    • The coexistence of one-stop-shop KYC platforms and best-of-breed solutions – banks choose what suits their needs best, but this dichotomy underlines the importance of orchestration tools to effectively manage diverse KYC processes.
    • The urge for real-time fraud detection – a timely and crucial move to fight organized financial crime and identity fraud, which is rapidly becoming more sophisticated.

    Tackling challenges

    Apart from the trends, Gartner points out the most common challenges the Banking industry has to find solutions to when building their KYC workflows.

    Gartner underlines, “The challenge lies in handling the vast diversity of document formats and languages globally, necessitating continuous updates and training of AI models.” To address this issue, Regula Document Reader SDK employs the most comprehensive identity document template database in the world, which is owned and maintained by Regula. Currently, it contains over 14,800 passports, driver’s licenses, national ID cards, and other IDs from 251 countries and territories. By recognizing every layout, security feature, and possible variation within these documents, Regula’s solution ensures efficient, accurate, and reliable ID verification during onboarding, even when dealing with rare or complex documents.

    We feel that another critical challenge is detecting injection attacks, which are more technically complex than common presentation attacks. Presentation attacks involve displaying fake images or videos in front of a device’s camera, while injection attacks insert malicious data directly into the verification process, substituting the camera feed. This makes injection attacks harder to execute but also more difficult to identify. Regula tackles this threat using signal control techniques: by analyzing and validating incoming signals, Regula’s solution ensures that the organization is dealing with authentic data; otherwise, it flags potential fraud for additional verification.

    “In today’s fast-evolving banking landscape, regulatory demands and customer expectations require more than just standard KYC processes—they require precision, adaptability, and speed. We believe our recognition in the Gartner Market Guide for KYC Platforms for Banking highlights Regula’s ability to address these challenges head-on. By combining the most comprehensive identity verification with advanced fraud detection, we’re enabling banks to deliver seamless customer experiences while ensuring top-level security and compliance,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

    Previously, Regula was repeatedly named a Representative Vendor in the Gartner Market Guide for Identity Verification.

    *Gartner, Market Guide for KYC Platforms for Banking, Vatsal Sharma, 10 December 2024.

    About Gartner

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.                

    Contact:
    Kristina – ks@regulaforensics.com       

    The MIL Network –

  • MIL-OSI: Color Star Joins WBC for an Unforgettable Night in Boxing History

    Source: GlobeNewswire (MIL-OSI)

    New York, Feb. 25, 2025 (GLOBE NEWSWIRE) — Color Star Technology Co., Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), a global entertainment technology company specializing in the integration of artificial intelligence and technology in the entertainment industry, is thrilled to announce its participation in one of the most prestigious boxing events of the year.

    On February 22, 2025, Color Star had the distinct honor of being invited to the World Boxing Council (WBC) Championship Match at the Kingdom Arena in Riyadh, Saudi Arabia. This electrifying night will forever be etched in the hearts of boxing enthusiasts, as the world’s top light heavyweight champions, Artur Beterbiev and Dmitry Bivol, engaged in a highly anticipated rematch for the undisputed light heavyweight championship.

    The event, marking a significant highlight of the 2025 international boxing season, captured global attention and brought together some of the most influential figures in the sport. Among the distinguished guests were WBC President Mauricio Sulaimán, WBC Executive Secretary Leon Panoncillo, WBA Championship Committee Chairman Carlos Chávez, and Saudi Arabia’s General Entertainment Authority Chairman Turki Alalshikh, all of whom added prestige and excitement to this monumental occasion. Color Star CEO Louis Luo was also invited to witness this historic moment alongside these industry leaders.

    The competition featured a lineup of elite boxing champions from around the world. In addition to the main event between Beterbiev and Bivol, the co-main event saw Joseph Parker face Martin Bakole, who stepped in as a late replacement for Daniel Dubois due to illness.

    Other notable bouts included Shakur Stevenson defending his WBC Lightweight title against Josh Padley, following the withdrawal of Floyd Schofield.

    Color Star has been at the forefront of sports and entertainment innovation, continuously organizing and promoting world-class sporting events. The company’s invitation to this prestigious WBC event signifies its deepening partnership with the boxing world and paves the way for even more exciting collaborations in the future.

    As Color Star continues to bridge sports, technology, and entertainment, the company remains committed to delivering unforgettable boxing experiences to fans worldwide. With a passion for excellence and a vision for global sports entertainment, Color Star is poised to bring more premier boxing events to the world stage.

    Stay tuned for more groundbreaking developments as Color Star continues to redefine the future of sports and entertainment.

    About Color Star Technology Co., Ltd.

    Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

    Contact

    Color Star Investor Relations
    Office Number No. 1003, 9th Floor,
    7 World Trade Center, Suite 4621
    New York NY 10007
    Office: (212) 410-5186
    Email ir@colorstarinternational.com

    The MIL Network –

  • MIL-OSI: Abacus Life to Announce Fourth Quarter 2024 Financial Results on Thursday, March 27, 2025

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., Feb. 25, 2025 (GLOBE NEWSWIRE) — Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a pioneering global alternative asset manager specializing in leveraging longevity data and actuarial technology to offer uncorrelated investment opportunities, today announced it will release its fourth quarter 2024 financial results after the market closes on Thursday, March 27, 2025.

    Abacus will hold a conference call to discuss the financial results at 5:00 pm Eastern Time on March 27, 2025. A live webcast of the conference call will be available on Abacus’ investor relations website at ir.abacuslife.com. The dial-in number for the conference call is (877) 407-9716 (toll-free) or (201) 493-6779 (international). Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at ir.abacuslife.com for one year following the call.

    About Abacus

    Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The company leverages its proprietary, cutting-edge longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors.

    With nearly $3 billion in assets under management, including recently completed acquisitions, Abacus is the only publicly traded global alternative asset manager focused on lifespan-based financial products.

    Abacus is expanding its leading expertise in longevity and lifespan into new growth areas:

    • ABL Wealth – Leverages decades of data and proprietary algorithms to offer longevity-based wealth management platforms that enable financial advisors to create customized plans and provide access to uncorrelated investments.
    • ABL Tech – A groundbreaking technology service that delivers advanced real-time data tracking and analysis for pension funds, governments, insurance companies, retirement associations, and more.

    Through each new channel, Abacus is revolutionizing the future of asset management and financial planning, centered on longevity and lifespan.

    www.Abacuslife.com

    Contact:

    Investor Relations

    Robert F. Phillips – SVP Investor Relations and Corporate Affairs
    rob@abacuslife.com
    (321) 290-1198

    David Jackson – IR/Capital Markets Associate
    djackson@abacuslife.com
    (321) 299-0716

    Abacus Life Public Relations
    press@abacuslife.com

    The MIL Network –

  • MIL-OSI: Information Regarding Šiaulių Bankas 2024 Results Announcement Time

    Source: GlobeNewswire (MIL-OSI)

    Šiaulių Bankas will announce Q4 and FY2024 earnings results as scheduled on the investor calendar on 26 February 2025 after trading hours at Nasdaq Vilnius Stock Exchange.

    The investor webinar for Q4 and FY2024 earnings results and key business highlights will be held next day – on 27 February, before trading hours at 8:30 am (EET).

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration you will be provided with the webinar link.

    Please note that in 2025 Šiaulių Bankas will announce its interim results on the dates specified on the investor’s calendar after trading hours at Nasdaq Vilnius Stock Exchange.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –