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  • MIL-OSI USA: Fact Sheet: Key AI Accomplishments in the Year Since the Biden-⁠ Harris Administration’s Landmark Executive  Order

    US Senate News:

    Source: The White House
    One year ago, President Biden issued a landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of artificial intelligence (AI). The Executive Order directed sweeping actions to manage AI’s safety and security risks, protect Americans’ privacy, advance equity and civil rights, stand up for consumers and workers, promote innovation and competition, advance American leadership around the world, and more.
    Today, the Biden-Harris Administration is announcing that Federal agencies have completed on schedule each action that the Executive Order tasked for this past year—more than one hundred in all. Below are some of the Administration’s most significant accomplishments on managing AI’s risks and seizing its promise in the year since President Biden signed his Executive Order.
    Managing Risks to Safety and Security:The Executive Order directed the boldest actions ever taken to protect Americans from a broad range of AI’s safety and security risks, including risks related to dangerous biological materials, software vulnerabilities, and foreign actors’ efforts to develop AI for harmful purposes. Over the last year, to protect safety and security, agencies have:
    Used Defense Production Act authorities to require developers of the most powerful AI systems to report vital information, including results of safety and security testing, to the U.S. government. These companies have notified the Department of Commerce about the results of their red-team safety tests, their plans to train powerful models, and large computing clusters they possess capable of such training. Last month, the Department of Commerce proposed a rule to require the reporting of this information on a quarterly basis.
    Led the way on AI safety testing and evaluations to advance the science of AI safety. The U.S. AI Safety Institute (US AISI) at the Department of Commerce has begun pre-deployment testing of major new AI models through recently signed agreements with two leading AI developers. The Department of Energy (DOE) developed and expanded its AI testbeds and evaluation tools, which it has already used to test models’ risk to nuclear security.
    Developed guidance and tools for managing AI risk. The US AISI and the National Institute of Standards and Technology (NIST) at the Department of Commerce published frameworks for managing risks related to generative AI and dual-use foundation models, and earlier this month, AISI released a Request for Information on the responsible development and use of AI models for chemical and biological sciences. The Department of Defense (DoD) released its Responsible AI toolkit to align AI projects with the Department’s Ethical Principles.
    Issued a first-ever National Security Memorandum (NSM) on AI. The NSM directs concrete steps by Federal agencies to ensure the United States leads the world’s development of safe, secure, and trustworthy AI; to enable agencies to harness cutting-edge AI for national security objectives, including by protecting human rights and democratic values; and to advance international consensus and governance on AI. This essential document serves as a formal charter for the AI Safety Institute, designating it as the center of the whole-of-government approach to advanced AI model testing, and will guide rapid and responsible AI adoption by the DoD and Intelligence Community. The NSM also directs the creation of a Framework to Advance AI Governance and Risk Management in National Security, which provides agile guidance to implement the NSM in accordance with democratic values, including mechanisms for risk management, evaluations, accountability, and transparency. 
    Finalized a framework for nucleic acid synthesis screening to help prevent the misuse of AI for engineering dangerous biological materials. The framework, developed by the Office of Science and Technology Policy (OSTP), encourages nucleic acid synthesis providers to identify gene sequences that could be used to pose national security risks, and to implement customer screening to mitigate the risks of misuse. Federal agencies will require that funding recipients obtain synthetic nucleic acids from vendors that adhere to the framework, starting in 2025. The Department of Homeland Security (DHS) has developed an initial framework with principles for evaluating the effectiveness of screening mechanisms going forward.
    Launched a new Task Force on AI Datacenter Infrastructure. The Task Force provides streamlined coordination on policies to advance datacenter development operations in line with economic, national security, and environmental goals.
    Identified measures—including approaches for labeling content and improving transparency—to reduce the risks posed by AI-generated content. The Department of Commerce submitted to the White House a final report on science-backed standards and techniques for addressing these risks, while NIST has launched a challenge to develop methods for detecting AI-generated content. President Biden has emphasized that the public has a right to know when content is AI-generated, and agencies are working to use these tools to help Americans to know that communications they receive from their government are authentic.
    Combatted AI-generated image-based sexual abuse. Image-based sexual abuse—both non-consensual intimate images of adults and child sexual abuse material—is one of the fastest growing harmful uses of AI to date and disproportionately targets women, children, and LGBTQI+ people. This year, following the Vice President’s leadership in underscoring the urgent need to address deepfake image-based sexual abuse and a White House Call to Action to reduce these risks, leading AI developers and data providers made voluntary commitments to curb the creation of AI-generated image-based sexual abuse material. Additionally, the Department of Justice (DOJ) funded the first-ever helpline to provide 24/7 support and specialized services for victims of the non-consensual distribution of intimate images, including deepfakes. The Department of Education also clarified that school responsibilities under Title IX may extend to conduct that takes place online, including AI-generated abuse.
    Established the AI Safety and Security Board (AISSB) to advise the Secretary of Homeland Security on the safe and secure use of AI in critical infrastructure. The AISSB has met thrice this year to develop a set of recommendations for entities that develop, deploy, and promote accountability for AI systems that assist in delivering essential services to millions of Americans. The work of the AISSB complements DHS’s first-ever AI safety and security guidelines for critical infrastructure owners and operators, which were informed by agencies’ assessments of AI risks across all critical infrastructure sectors. To help protect critical infrastructure further, the Department of Treasury released a report on managing security risks of AI use in the financial sector, and the Department of Energy released an assessment of potential risks to the power grid, as well as ways in which AI could potentially strengthen grid resilience and our ability to respond to threats.
    Piloted AI for protecting vital government software systems. The Department of Defense and DHS conducted AI pilots to address vulnerabilities in government networks used, respectively, for national security purposes and for civilian governmental organizations.
    Standing up for Workers, Consumers, Privacy, and Civil RightsAI is changing the products and services Americans buy, affecting jobs and workplaces, and introducing or exacerbating risks to privacy, equity, and civil rights. President Biden’s Executive Order stands up for Americans in each of these domains, and over the last year, agencies have:
    Developed bedrock principles and practices, along with guidance, to help protect and empower workers as AI is built for and used in the workplace. The Department of Labor (DOL) released AI Principles and Best Practices for employers and developers to build and use AI in ways that center the wellbeing of workers and improve the quality of jobs. DOL also published two guidance documents to assist federal contractors and employers in complying with worker protection laws as they deploy AI in the workplace. In addition, the Equal Employment Opportunity Commission released resources for job seekers and workers to understand how AI use could violate employment discrimination laws.
    Protected patients’ rights and safety, while encouraging innovation, as AI is developed and deployed for healthcare. The Department of Health and Human Services (HHS) established an AI Safety Program to track harmful incidents involving AI’s use in healthcare settings and to evaluate mitigations for those harms. HHS has also developed objectives, goals, and high-level principles for the use of AI or AI-enabled tools in drug development processes and AI-enabled devices. Additionally, HHS finalized a rule that established first-of-its-kind transparency requirements for AI and other predictive algorithms that are part of certified health information technology. HHS also finalized a civil rights regulation, implementing Section 1557 of the Affordable Care Act, that requires covered health care entities to take steps to identify and mitigate discrimination when they use AI and other forms of decision support tools for care.
    Published guidance and resources for the safe, secure, and trustworthy design and use of AI in education. In July, the Department of Education released guidance calling up on educational technology developers to design AI in ways that protect rights, improve transparency, and center teaching and learning. This month, the Department of Education released a toolkit to support schools and educational leaders in responsibly adopting valuable AI use cases.
    Issued guidance on AI’s nondiscriminatory use in the housing sector, which affirms that existing prohibitions against discrimination apply to AI’s use for tenant screening and housing advertisements, while explaining how to comply with these obligations. Additionally, the Consumer Financial Protection Bureau approved a rule requiring that algorithms and AI used for home valuations are fair, nondiscriminatory, and free of conflicts of interest.
    Set guardrails on the responsible and equitable use of AI and algorithmic systems in administering public benefits programs. The Department of Agriculture’s guidance provides a framework for how State, local, Tribal, and territorial governments should manage risks for uses of AI and automated systems in critical benefits programs such as SNAP, while HHS released a plan with guidelines on similar topics for benefits programs it oversees.
    Affirmed commitments to prevent and address unlawful discrimination and other harms resulting from AI. DOJ’s Civil Rights Division convenes federal agency civil rights offices and senior government officials to foster AI and civil rights coordination. Five new agencies also joined a 2023 pledge to uphold America’s commitment to fairness, equality, and justice as new technologies like AI become more common in daily life.
    Advanced privacy protections to safeguard Americans from privacy risks that AI creates or exacerbates. In particular, the National Science Foundation (NSF) and DOE established a research network dedicated to advancing the development, deployment, and scaling of privacy-enhancing technologies (PETs), while NSF launched the $23 million initiative Privacy-preserving Data Sharing in Practice program to apply, mature, and scale PETs for specific use cases and establish testbeds to accelerate their adoption. Simultaneously, DOE launched a $68 million effort on AI for Science research, which includes efforts at multiple DOE National Laboratories and other institutions to advance PETs for scientific AI. The Department of Commerce also developed guidelines on evaluating differential privacy guarantees. The Office of Management and Budget (OMB) released a Request for Information (RFI) on issues related to federal agency collection, processing, maintenance, use, sharing, dissemination, and disposition of commercially available information containing personally identifiable information. OMB also released an RFI on how federal agencies’ privacy impact assessments may be more effective at mitigating privacy risks, including those that are further exacerbated by AI and other advances in technology and data capabilities.
    Harnessing AI for GoodOver the last year, agencies have worked to seize AI’s enormous promise, including by collaborating with the private sector, promoting development and use of valuable AI use cases, and deepening the U.S. lead in AI innovation. To harness AI for good, agencies have:
    Launched the National AI Research Resource (NAIRR) pilot and awarded over 150 research teams access to computational and other AI resources. The NAIRR pilot—a national infrastructure led by the National Science Foundation (NSF) in partnership with DOE and other governmental and nongovernmental partners—makes available resources to support the nation’s AI research and education community. Supported research teams span 34 states and tackle projects covering deepfake detection, AI safety, next-generation medical diagnoses, environmental protection, and materials engineering.
    Promoted AI education and training across the United States. DOE is leveraging its network of national laboratories to train 500 new researchers by 2025 to meet demand for AI talent, while NSF has invested millions of dollars in programs to train future AI leaders and innovators. These programs include the EducateAI initiative, which helps fund educators creating high-quality, inclusive AI educational opportunities at the K-12 through undergraduate levels that support experiential learning in fields such as AI and build capacity in AI research at minority-serving institutions.
    Expanded the ability of top AI scientists, engineers, and entrepreneurs to come to the United States, including by clarifying O-1 and H-1B visa rules and working to streamline visa processing.
    Released a report on the potential benefits, risks, and implications of dual-use foundation models for which the model weights are widely available, including related policy recommendations. The Department of Commerce’s report draws on extensive outreach to experts and stakeholders, including hundreds of public comments submitted on this topic.
    Announced a competition for up to $100 million to support the application of AI-enabled autonomous experimentation to accelerate research into—and delivery of—targeted, industry-relevant, sustainable semiconductor materials and processes.
    Established two new National AI Research Institutes for building AI tools to advance progress across economic sectors, science, and engineering. The NSF-led AI Research Institutes launched in September will develop AI tools for astronomical sciences, with broader applications across scientific disciplines. Earlier this year, NSF also funded 10 inaugural Regional Innovation Engines (NSF Engines), seven of which include a focus on advancing AI.
    Announced millions of dollars in further investments to advance responsible AI development and use throughout our society. These include $13 million invested by DOE in the VoltAIc initiative for using AI to streamline permitting and accelerate clean energy deployment, as well as $68M from DOE to fund AI for scientific research to accelerate scientific programming and develop energy efficient AI models and hardware. DOE has also launched the Frontiers in AI for Science, Security, and Technology (FASST) initiative roadmap and request for information to harness AI for scientific discovery, national security, energy and electric grid resilience, and other national challenges, building on AI tools, models, and partnerships. NSF, in partnership with philanthropy, announced an inaugural investment of more than $18 million to 44 multidisciplinary, multi-sector teams across the U.S. to advance the responsible design, development, and deployment of technologies including AI, ensuring ethical, legal, community, and societal considerations are embedded in the lifecycle of technology’s creation.
    Issued a first-ever report analyzing AI’s near-term potential to support the growth of America’s clean energy economy. DOE’s National Laboratories also issued a long-term grand challenges report identifying opportunities in AI for energy over the next decade. 
    Released a vision for how AI can help us achieve our nation’s greatest aspirations. AI Aspirations sets forth goals to create a future of better health and opportunity for all, mitigate climate change and boost resilience, build robust infrastructure and manufacturing, ensure the government works for every American, and more. In furtherance of these goals, HHS launched CATALYST, a research and development program focused on the potential use of AI to better predict drug safety and efficacy before clinical trials start. In complement, the President’s Council of Advisors on Science and Technology also authored a report outlining AI’s potential to revolutionize and accelerate scientific discovery.
    Published guidance addressing vital questions at the intersection of AI and intellectual property. To advance innovation the U.S. Patent and Trademark Office (USPTO) has released guidance documents addressing the patentability of AI-assisted inventions, on the subject matter eligibility of patent claims involving inventions related to AI technology, and on the use of AI tools in proceedings before USPTO.
    Bringing AI and AI Talent into GovernmentAI can help government deliver better results for the American people, though its use by Federal agencies can also pose risks, such as discrimination and unsafe decisions. Bringing AI and AI-enabling professionals into government, moreover, is vital for managing these risks and opportunities and advancing other critical AI missions. Over the last year, agencies have:
    Issued the first-ever government-wide policy to strengthen governance, mitigate risks, and advance innovation in federal use of AI. OMB’s historic policy, M-24-10, requires agencies to implement concrete safeguards when using AI in a way that could impact Americans’ rights or safety. These safeguards include a series of mandatory risk management practices to reliably assess, test, and monitor AI’s impacts on the public and provide greater transparency into how the government uses AI. OMB’s policy also directs agencies to designate Chief AI Officers to coordinate the use of AI across their agency, while expanding and upskilling their AI workforce and removing barriers to adopting AI for all manner of purposes—from addressing climate change to advancing public health and safety.
    Released a government-wide policy to advance responsible acquisition of AI by Federal agencies. M-24-18, published this month by OMB, helps ensure that when Federal agencies acquire AI, they have the information and tools necessary to manage risks, promote a competitive marketplace, and collaborate on strategic planning. This work directs the Federal government—the largest buyer in the U.S. economy—to advance AI innovation and risk management through responsibly exercising its purchasing power.
    Hired over 250 AI practitioners into the Federal government through the AI Talent Surge. Tech talent programs ramped up hiring for AI talent, with the Presidential Innovation Fellows bringing on their first-ever AI cohort, DHS establishing their AI Corps with over 30 members onboarded to date, and the U.S. Digital Corps providing pathways for early-career technologists to join Federal service. AI talent has been instrumental in delivering on critical AI priorities, from using AI to deliver top-tier government services, to protecting the public’s rights and safety in the use of AI.
    Established the Chief AI Officers Council to harmonize best practices and sharing of resources across the interagency to implement OMB’s guidance and coordinate the development and use of AI in agencies’ programs and operations.
    Introduced expanded reporting instructions for the federal AI use case inventory to include identifying use cases that impact rights or safety and how the agency is addressing the relevant risks in line with OMB’s policies. 
    Bolstered the public interest technology ecosystem. Building on the AI Talent Surge, the White House announced funding across government, academia, and civil society to support education and career pathways that will help ensure government has access to diverse, mission-oriented technology talent.
    Activated new hiring authorities to bring AI and AI-enabling talent into agencies. As part of the AI Talent Surge, the Office of Personnel Management (OPM) granted new hiring authorities, including direct hire authorities and excepted service authorities, for agencies to rapidly bring on top-tier AI and AI-enabling talent, and released guidance on skills-based hiring and pay and leave flexibilities to best position agencies to hire and retain AI and AI-enabling talent. Additionally, OPM collaborated with partners to run three National Tech to Gov career fairs to connect the public with AI and tech jobs in government, surfacing roles from over 64 Federal, state, and local government employers to over 3,000 job seekers.
    Advancing U.S. Leadership AbroadPresident Biden’s Executive Order directed work to lead global efforts to capture AI’s promise, mitigate AI’s risks, and ensure AI’s responsible governance. To advance these goals, the Administration has:
    Sponsored and passed a landmark United Nations General Assembly resolution. The unanimously adopted resolution, with more than 100 co-sponsors (including the People’s Republic of China), lays out a common vision for countries around the world to promote the safe and secure use of AI to address global challenges.
    Engaged foreign leaders on strengthening international rules and norms for AI, including at the 2023 UK AI Safety Summit and the AI Seoul Summit in May 2024, where Vice President Harris represented the United States. In the United Kingdom, Vice President Harris unveiled a series of U.S. initiatives to advance the safe and responsible use of AI, including the establishment of AISI at the Department of Commerce.
    Announced a global network of AI Safety Institutes and other government-backed scientific offices to advance AI safety at a technical level. This network, which will formally launch in November at the inaugural network convening in San Francisco, will accelerate critical information exchange and drive toward common or compatible safety evaluations and policies.
    Expanded global support for the U.S.-led Political Declaration on the Responsible Military Use of Artificial Intelligence and Autonomy. Fifty-six nations now endorse the political declaration, which outlines a set of norms for the responsible development, deployment, and use of military AI capabilities. DoD has expanded the scope of its international AI Partnership for Defense to align global Responsible AI practices with the Political Declaration’s norms.
    Developed comprehensive plans for U.S. engagement on global AI standards and AI-related critical infrastructure topics. NIST and DHS, respectively, will report on priority actions taken per these plans in 90 days.
    Signed the Council of Europe’s Framework Convention on AI and Human Rights, Democracy, and the Rule of Law. This first multilateral treaty on AI represents a powerful affirmation of the relevance of existing human rights obligations to AI activities and establishes a strong baseline in international law for responsible government use of AI. The United States’ signature reflects its commitment to ensuring that AI technologies are designed, developed, used, and governed in ways that promote respect for human rights and democratic values. 
    Led the development of a Joint Statement on Responsible Government Practices for AI Technologies. The Joint Statement, to which the 41 countries of the Freedom Online Coalition committed, calls on governments to develop, use, and procure AI responsibly, including by respecting international obligations and commitments, assessing impacts of AI systems, conducting ongoing monitoring, ensuring adequate human training and assessment, communicating and responding to the public, and providing effective access to remedy. 
    Launched the Global Partnership for Action on Gender-Based Online Harassment and Abuse.  The 15-country Global Partnership has advanced international policies to address online safety, and spurred new programs to prevent and respond to technology-facilitated gender-based violence, including through AI.
    The Department of State and the U.S. Agency for International Development published resources to advance global AI research and use of AI for economic development. The AI in Global Development Playbook incorporates principles and practices from NIST’s AI Risk Management Framework to guide AI’s responsible development and deployment across international contexts, while the Global AI Research Agenda outlines priorities for advancing AI’s safe, responsible, and sustainable global development and adoption.
    The table below summarizes many of the activities that federal agencies have completed in response to the Executive Order.

    MIL OSI USA News –

  • MIL-OSI USA: FACT SHEET: President  Biden and Vice President Harris Announce New Actions and Investments to Advance Educational and Economic Opportunity for Latino Communities Across the  Country

    US Senate News:

    Source: The White House
    Today, President Biden will ceremonially sign Executive Order (EO) 14124, establishing the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity Through Hispanic-Serving Institutions (HSIs), alongside nearly two dozen champions for these institutions and Latino communities. President Biden and Vice President Harris will also announce nearly $19 million in transformational investments for five HSIs in Florida, Illinois, Texas, and Puerto Rico to build research infrastructure. These efforts build on the Administration’s historic investment of over $16 billion in more than 500 HSIs across 30 states, the District of Columbia, and Puerto Rico that educate more than 4.7 million students annually.
    Over the past three years, President Biden and Vice President Harris have taken historic actions to expand opportunity for Latino families and communities, including: creating more than 15 million jobs – with 5 million created for Latinos, helping Latino entrepreneurs start new businesses at the fastest rate in over 10 years, addressing our broken immigration system, and working to ensure equitable educational opportunity for students.
    Today, the Biden-Harris Administration is announcing new actions to advance educational opportunities for students at HSIs and giving them a fair shot at achieving the American dream. 
    Advancing Educational Equity, Excellence, and Economic Opportunity through HSIs
    With student enrollment that is at least one-quarter Latino, HSIs are engines of economic mobility, propelling high numbers of students from low-income backgrounds and first-generation college students into good jobs and brighter futures. Today, President Biden will ceremonially sign EO 14124 to strengthen the Federal Government’s commitment to advancing opportunity for HSIs and the students they serve.
    The EO creates a new Initiative and first-ever President’s Board of Advisors on HSIs to:
    Increase awareness of opportunities for HSIs to equally participate in Federal programs and enhance the capacity of HSIs to meet the educational needs of their students.
    Identify best practices for HSIs to scale effective strategies, programs, and initiatives to support the educational success and economic mobility of their students.
    Improve the ability of HSIs to align program offerings with the economic needs of the Nation and their local economies, especially in Science, Technology, Engineering, Math, and teaching.
    Coordinate efforts to help HSIs become or remain fiscally secure institutions.
    Foster cross-sector collaboration among HSIs and philanthropic, public, and private sector organizations.
    Strengthen Federal recruitment activities at HSIs to build accessible and equal pathways into Federal career opportunities for HSI students, faculty, staff, and alumni.
    Provide tools, data, and analytics to support HSIs in improving educational equity, excellence, and economic opportunity for students.
    Investing Additional $19 Million in Research Infrastructure at HSIs
    To remain the most competitive economy in the world, the Nation’s most inclusive institutions of higher education must continue to lead in research and development. Yet too many HSIs report having unmet infrastructure needs that hold back their ability to engage in research that will propel forward these institutions, their students, and the nation as a whole.
    To help address these needs, the Biden-Harris Administration established the Department of Education’s Research and Development Infrastructure Program (RDI) for the colleges and universities that play a central role in educating students from diverse backgrounds. The program provides funds to Historically Black Colleges and Universities (HBCUs), Tribally Controlled Colleges and Universities (TCCUs), and Minority Serving Institutions (MSIs)—including HSIs— to implement transformational investments in research infrastructure, including research productivity, faculty expertise, graduate programs, physical infrastructure, human capital development, and partnerships leading to increases in external funding.
    Today, the Biden-Harris Administration announced nearly $19 million in new grants to five HSIs to build their research and physical infrastructure including—
    Florida Atlantic University in Boca Raton, Florida received $1.1 million.
    National Louis University in Chicago, Illinois received $3 million.
    Sam Houston State University in Houston, Texas received $5 million.
    Texas A&M University Corpus Christi in Corpus Christi, Texas received $4.7 million.
    University of Puerto Rico on the Rio Piedras Campus received $5 million.
    The $19 million in grants to HSIs was a part of $49 million in RDI grants to 13 HBCUs, TCCUs, and MSIs.
    Building on Historic Investments in HSIs
    Today’s announcements build on President Biden and Vice President Harris’ historic investments of over $16 billion in direct funding to HSIs, including through COVID relief funds and the Department of Education’s federal grant program funds.
     The chart below provides a state-by-state breakdown of funding to date.
    State 
    Total Funds Received by HSIs in the State 
    AR 
    $11,356,918
    AZ 
    $739,602,657
    CA 
    $6,389,050,269
    CO 
    $290,670,467
    CT 
    $81,522,902
    DC 
    $10,396,350
    FL 
    $1,524,890,025
    GA 
    $96,526,460
    ID 
    $12,477,969
    IL 
    $664,298,648
    IN 
    $20,049,711
    KS 
    $20,869,761
    MA 
    $110,295,475
    MD 
    $68,836,836
    MN 
    $12,999,876
    NC 
    $10,750,057
    NE 
    $1,211,270
    NJ 
    $582,987,076
    NM 
    $399,198,109
    NV 
    $336,899,054
    NY 
    $327,800,182
    OH 
    $875,529
    OK 
    $9,372,922
    OR 
    $58,864,009
    PA 
    $66,357,824
    PR 
    $1,135,872,342
    RI 
    $48,066,707
    TN 
    $7,383,933
    TX 
    $3,433,719,411
    VA 
    $14,730,892
    WA 
    $124,035,244
    WI 
    $23,119,648
    Grand Total 
    $16,635,088,533

    MIL OSI USA News –

  • MIL-OSI Canada: Governments of Canada and Quebec to Announce Investments in Forest Industry Transformation

    Source: Government of Canada News

    Media advisory

    TROIS-RIVIÈRES — The Minister of Innovation, Science and Industry and Member of Parliament for Saint-Maurice, the Honourable François-Philippe Champagne, on behalf of the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, joined by Quebec Minister of Labour, Minister responsible for the Mauricie region, the Abitibi-Témiscamingue region and the Nord-du-Québec region and Member of Parliament for Trois-Rivières, Jean Boulet, will announce investments in forest industry transformation. A media availability will follow.

    Date: November 1, 2024

    Time: 1:30 p.m. ET

    All accredited media are asked to pre-register by emailing media@nrcan-rncan.gc.ca.

    Contacts

    Media Relations
    Natural Resources Canada
    Ottawa
    343-292-6096 
    media@nrcan-rncan.gc.ca

    Cindy Caturao
    Press Secretary
    Office of the Minister of Energy and Natural Resources
    Cindy.Caturao@nrcan-rncan.gc.ca

    Follow us on LinkedIn

    MIL OSI Canada News –

  • MIL-OSI Submissions: Business – Welcoming Steve Nadin: A New Era in Functional Consulting at Brainstorm

    Source: Brainstorm

    Brainstorm is excited to welcome Steve Nadin as its Functional Consultant. With a diverse background in supply chain management and consulting, Steve brings a wealth of experience to the team.

    Steve grew up in Nottingham, England, before making the move to Australia in 1991. Family is a big part of his life—he and his ex-wife have 4 children and 11 grandchildren, with one more on the way in February 2025. Steve recently celebrated another exciting milestone, marrying his partner of 9 years, who also has 4 grown-up children and 4 grandchildren. Together, they have built a rich, blended family.

    Reflecting on this chapter of his life, Steve shares, “My family means the world to me, and it’s been a beautiful journey blending our lives together. We have a large, vibrant family, and I’m excited about welcoming our newest grandchild next year.”

    Steve’s career began at Boots the Chemists, a major UK manufacturing and pharmaceutical retailer, where he spent 14 years in various roles across Accounting, Logistics, and Supply Chain. After relocating to Australia, Steve continued to excel in operational and supply chain management roles, eventually launching his own business improvement consultancy in 2011. Unfortunately, the business was impacted by COVID-19 restrictions, leading Steve to shift gears.

    In 2021, he joined SMC as a Senior Consultant, where he helped businesses enhance their operations and navigate digital transformation. His success at SMC led to his promotion to Consulting Manager in 2023, where he played a key role in driving innovation and efficiency for a variety of clients.

    Steve first connected with Brainstorm at the CEMAT exhibition in 2024, where he was drawn to the company’s dynamic growth and future potential. “Meeting with Evelyn at the CEMAT exhibition was a turning point for me,” he explains. “Brainstorm’s vision and the direction it’s headed in really sparked my interest. It’s a company that’s truly on the rise, and I knew I wanted to be a part of that.”

    Now, as Brainstorm’s Functional Consultant, Steve is eager to contribute his wealth of experience in supply chain management and operational improvement. While his role is still evolving, he is excited about the journey ahead and looks forward to helping Brainstorm continue its impressive trajectory.

    Reflecting on Career Milestones, two standout moments in Steve’s career include developing a distribution network in the U.S. for an Australian celebrity chef and managing the setup of a large 28,000m² greenfield warehouse in Melbourne. From board approval to go-live, Steve ensured the project was delivered on time and within budget—a feat that he still looks back on with pride.

    “I’m particularly proud of the Melbourne warehouse project,” he recalls. “It was a massive undertaking, but it came together seamlessly. To see everything work out exactly as planned was incredibly rewarding.”

    Steve is looking forward to making a significant impact at Brainstorm, and the team is equally excited to have him on board.

    BrainStorm is a software company that specialises in two areas. They help distribution and manufacturing businesses get their ERP technology in order, and help scaling businesses implement and integrate their software systems.

    They do what they do because there’s too much off the shelf software that doesn’t actually solve the business problems that they’re intended to. BrainStorm has saved their customers over $150million dollars in the past year.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: GAZA – Israeli UNRWA ban will deepen Palestinian humanitarian catastrophe – MSF

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

    30 October, 2024. The Israeli Knesset’s ban on UNRWA’s operations voted on 28 October represents a devastating blow to Palestinian life. It will further undermine people’s survival prospects in Gaza and heavily impact communities in the West Bank.

    Médecins Sans Frontières/Doctors Without Borders (MSF) denounces this legislation, which represents an inhumane ban on vital humanitarian aid. The Knesset’s vote is propelling Palestinians towards an even deeper humanitarian crisis. It is imperative that the world acts to safeguard Palestinians’ fundamental rights. Immediate international intervention is needed to pressure Israel to allow unhindered access to humanitarian aid, implement a ceasefire and bring to an end the current campaign of destruction in Gaza.

    “UNRWA is a lifeline for Palestinians,” says Christopher Lockyear, MSF Secretary General. “If implemented, the ban on UNRWA’s activities would have catastrophic implications on the dire humanitarian situation of Palestinians living in Gaza, as well as in the West Bank, now and for generations to come. We strongly condemn this decision, which is the culmination of a long-running campaign against the organisation.”

    The newly voted legislation will make it almost impossible for UNRWA to work in Gaza or the West Bank; coordination with Israeli authorities will be impeded and entrance permits to either of the occupied territories will be denied, and essentially blocking delivery of UNRWA aid into and within Gaza. UNRWA handles almost all the distribution of UN aid coming into the strip.

    UNRWA is the largest health provider in Gaza, with over half of Gazans relying on UNWRA for essential healthcare services, including for the treatment of chronic diseases, maternal and child heath, and vaccinations; each day UNWRA’s health teams provide over 15,000 consultations in the Gaza Strip. The ban of its activities threatens to create a vast gap in services within an already largely destroyed health system in Gaza – directly and indirectly endangering the lives of Palestinians. Without urgent action, more Gazans could die from preventable diseases and displacement-related conditions.

    The impact of UNRWA’s ban will extend beyond Gaza. Critical services, including refugee camp management, health services, education, and social programmes across the West Bank are also at risk of destabilisation under this legislation. This legislation sets a grave precedent for other conflict situations where governments may wish to eliminate an inconvenient United Nations presence.

    For months, international leaders and organisations, including MSF, have raised warnings about the disastrous potential of these newly adopted bills. Yet Israel has chosen to press forward with measures that will undermine vital assistance, endangering Palestinian lives and intensifying the collective punishment they face.

    This vote adds to the endless physical and bureaucratic impediments imposed by Israel to limit the amount of aid reaching Gaza, and blatantly contradicts Israel’s claims that it is facilitating humanitarian assistance into the Strip.

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

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – KOF Economic Barometer: Sluggish economic recovery

    Source: KOF Economic Institute

    In October, the KOF Economic Barometer drops noticeably. Although it is still within the medium-term average range, for the first time since January of this year it is no longer above the 100 mark. The recovery of the Swiss economy is very hesitant.

    The KOF Economic Barometer loses 5.0 points in October, falling to a level of 99.5 (after a revised 104.5 in September). The indicator bundles of all production-side categories included in the barometer decline in October: the indicators for manufacturing, financial and insurance services, other services, hospitality and construction. However, the demand-side indicators, the indicators for foreign demand and consumer demand, are not following this downward tendency. The development of the demand-side indicators, though, does not currently give hope for stronger impetus.

    In the producing industries (manufacturing and construction), the indicators for almost all aspects of business activity are under pressure. This applies in particular to export prospects, production activity, the competitive situation and order income. Only the indicators for the purchase of primary products and the inventory situation cushioned the negative development somewhat.

    Within the manufacturing, the outlook is becoming bleaker, particularly for chemical and pharmaceutical companies, the metal industry, the wood, glass, stone and earth segment and for food and beverage producers. The outlook is slightly more favourable for textile and clothing companies.

    MIL OSI – Submitted News –

  • MIL-OSI Asia-Pac: LCQ17: Protecting the rights and interests of consumers

    Source: Hong Kong Government special administrative region

         Following is a question by Professor the Hon Priscilla Leung and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (October 30):
     
    Question:
     
         It has been reported that a chain fitness and beauty group suddenly announced its “temporary business suspension” last month. As at the middle of last month, the Consumer Council received a total of 3 861 relevant complaints, involving a total amount of nearly $130 million, with an average amount of about $33,000 per case, and the largest amount involved in a single complaint was about $1.81 million. Regarding protecting the rights and interests of consumers, will the Government inform this Council:
     
    (1) whether it will re-activate the legislative exercise to stipulate a statutory cooling-off period for beauty and fitness services consumer contracts; if so, of the details; if not, the reasons for that;
     
    (2) whether it will consider establishing new industry rules for the beauty and fitness industries, so as to protect the rights and interests of consumers; if so, of the details; if not, the reasons for that; and
     
    (3) whether it will consider setting up an interdepartmental task force to roll out publicity and education programmes (especially targeting underprivileged groups such as poor elders), so as to help members of the public become smart consumers and avoid suffering losses; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         The Government of the Hong Kong Special Administrative Region is highly concerned about the recent incident involving the temporary business suspension suddenly announced by a chain fitness and beauty group, and has formed an inter-departmental dedicated investigation team to follow up. The dedicated investigation team, which comprises the Commerce and Economic Development Bureau, the Security Bureau, the Customs and Excise Department (C&ED), the Hong Kong Police Force (Police) and the Consumer Council (Council), continues to closely monitor the developments of the incident. In particular, the C&ED and the Police are conducting intensive investigation from the perspectives of offences regarding the unfair trade practices under the Trade Descriptions Ordinance (Cap. 362) (the Ordinance) and whether other criminal offences are involved respectively.
     
         The reply to the various parts of the question is as follows:
     
    (1) and (2) In view of the unfair trade practices involving prepaid mode of consumption (in particular the situation of fitness centres and beauty parlours using aggressive tactics to sell services that involve large amount of prepayments), the Government conducted a three-month public consultation in 2019 to solicit views on the proposal to stipulate a statutory cooling-off period for beauty and fitness services consumer contracts through legislation. However, shortly after the public consultation, there have been drastic changes in the social environment, economic situation and consumption sentiment since the second half of 2019.
     
         We are aware that different sectors of the community have put forward various suggestions in respect of offering better protection to consumers who make prepayments (including stipulating a statutory cooling-off period, imposing a cap on the length of prepayment contracts and prepayment amounts, and setting up trust accounts), after this incident of the chain fitness and beauty group announcing temporary business suspension. We will conduct an in-depth study into different suggestions and consider their pros and cons and feasibility, with reference to the experience of this incident, other relevant factors (including the economic environment, the operating situation of relevant industries and relevant complaint and enforcement statistics) and the experience in other jurisdictions, with a view to formulating appropriate strategies to strengthen the protection of consumers’ rights and interests.
     
    (3) Currently, various laws in Hong Kong protect consumers’ rights and interests. Among others, the Ordinance covers goods and services, and prohibits traders from subjecting consumers to unfair trade practices, including false trade descriptions, misleading omissions, aggressive commercial practices, bait advertising, bait-and-switch and wrongly accepting payment. The Ordinance is applicable to the trade practices of both physical and online traders.
     
         The C&ED is the principal enforcement agency of the Ordinance, and adopts a three-pronged approach, covering enforcement actions, compliance promotion and publicity and public education, to combat unfair trade practices proactively. Meanwhile, the Council endeavours to study and promote the protection of consumers’ rights and interests, and carries out its statutory functions in accordance with the Consumer Council Ordinance (Cap. 216), including handling complaints from consumers and resolving disputes between consumers and traders.
     
         The C&ED and the Council have been maintaining close communication with each other, and have been collaborating with other government departments and social service organisations, etc, to jointly promote the protection of the rights and interests of consumers (including the elderly and other vulnerable groups). They also adjust and strengthen the strategies and work in respect of publicity and public education, having regard to the complaints and the enforcement situation. Among others, the relevant publicity and public education work includes:
     
    (i) Conducting talks and workshops for the elderly and other vulnerable groups (and their family members and carers), with a view to enhancing their understanding of common unfair trade practices and sharing with them tips about “smart consumption”, so as to prevent them from falling into sales pitfalls.
     
         In particular, targeting common unfair trade practices, the C&ED conducts talks for the elderly and joins hands with the Police, District Councils and District Fight Crime Committees to carry out promotion by distributing promotional leaflets to the elderly, with a view to enhancing the elderly’s understanding of the Ordinance and awareness of “smart consumption”.
     
    (ii) Conducting dedicated educational programmes to enhance the capability of the elderly and other vulnerable groups to guard against unfair trade practices.
     
         In particular, the Council conducts the Educator Scheme for Senior Citizens, which provides consumer education training to soon-to-be retirees and retirees so as to equip them to host consumer educational talks for other elderly in the community. The Council’s Support Programme for Persons with Special Needs, through virtual reality role-play simulations that cover different scenarios (for example those about the sales pitfalls of fitness and beauty centres), allows persons with special needs to better grasp the skills for guarding against common sales pitfalls.
     
    (iii) Disseminating consumer information to facilitate consumers to make informed consumption decisions.
     
         In particular, the Council publishes product tests, service surveys, consumption tips and complaint case sharing, etc, in its CHOICE magazine, providing practical consumer information to different groups of consumers (including the elderly and other vulnerable groups).

    MIL OSI Asia Pacific News –

  • MIL-OSI: Prairie Provident Announces Management and Board of Director Changes and Drilling Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) announces that Ryan Rawlyk has resigned as President and Chief Executive Officer of Prairie Provident to pursue other interests. In conjunction with Mr. Rawlyk’s resignation, the Company announces the appointment of Dale Miller as Executive Chairman, succeeding Patrick McDonald who has retired as Chairman. Mr. Miller has served as a director of the Company since August 2023 and is a professional engineer with over 40 years of industry experience. As Executive Chairman, Mr. Miller will oversee all activities of Prairie Provident and lead its management team.

    Prairie Provident is also pleased to announce that Amber Wright has been appointed as Vice President, Operations & Engineering. Ms. Wright will be responsible for all development, production operations and engineering activities of Prairie Provident and report to Mr. Miller. Ms. Wright has served the Company as Manager, Development & Operations since November 2021 and is a professional engineer with over 25 years of industry experience.

    The Company is also pleased to announce the commencement of the two well drilling program in the Michichi area, targeting the Basal Quartz formation. The 102/03-19-030-18W4M new drill has been rig released and drilling operations are underway on the second location, 15-32-029-18W4M.

    ABOUT PRAIRIE PROVIDENT

    Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

    For further information, please contact:

    Dale Miller, Executive Chairman
    Phone: (403) 292-8150
    Email: investor@ppr.ca

    The MIL Network –

  • MIL-OSI: Dimensional Fund Advisors Ltd. : Form 8.3 – BRITVIC PLC – Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Dimensional Fund Advisors Ltd. in its capacity as investment advisor and on behalf its affiliates who are also investment advisors (”Dimensional”). Dimensional expressly disclaims beneficial ownership of the shares described in this form 8.3.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		    
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree    		 Britvic PLC  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure    		 29 October 2024  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”    		 NO  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
       
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 20p ordinary (GB00B0N8QD54)  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 5,597,788 2.25 %      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 5,597,788 * 2.25 %      
    * Dimensional Fund Advisors LP and/or its affiliates do not have discretion regarding voting decisions in respect of 21,866 shares that are included in the total above.  
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    		  
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    		  
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
    20p ordinary (GB00B0N8QD54) Sale 2,894 12.8084 GBP  
    There was a Transfer In of 23,704 shares of 20p ordinary  
       
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (b) Agreements, arrangements or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 30 October 2024  
    Contact name Thomas Hone  
    Telephone number +44 20 3033 3419  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Nokia selected to lead European lighthouse project on 6G sustainability

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia selected to lead European lighthouse project on 6G sustainability

    • SUSTAIN-6G will evaluate and explore sustainable 6G technologies, methods and use cases touching on environmental, economic and societal needs
    • The consortium will work out solutions for three specific areas of sustainable development: energy smart grids, e-health and telemedicine, and agriculture

    30 October 2024
    Espoo, Finland – Nokia today announced that the Smart Networks and Services Joint Undertaking (SNS JU) has selected Nokia to be the coordinator of the SUSTAIN-6G lighthouse project. The SNS-JU is a public-private partnership funded by the European Commission. Nokia will lead a consortium of innovators that will identify how 6G can play a key role in building a sustainable future, addressing not only environmentally sustainable, but also economically and societally sustainable technologies.

    One of the main goals of SUSTAIN-6G is to develop new solutions for meeting sustainability challenges using the toolkit that 6G will offer. The consortium will devote considerable time to working out use cases for three targeted areas, drawn from the United Nations’ Sustainable Development Goals:

    • Energy smart grid: The consortium will explore how 6G could be used to create microgrids that manage electricity demand. SUSTAIN-6G will also investigate the use of AI technologies for real-time control of distribution networks. This could lead to more efficient and resilient grids that minimize disruptions while providing the flexibility to draw energy from diverse sources as the world transitions to renewables like solar and wind.
    • E-Health and telemedicine: The consortium will generate new ideas on how 6G can make digital health more inclusive. 6G infrastructure could not only provide a far-reaching infrastructure for securely transmitting and analyzing medical data, but it also could be the foundation for new home-based online assessment services. These networks could improve the diagnosis and treatment process in underserved communities. Meanwhile AI could help detect disease outbreaks at early stages.
    • Agriculture: The consortium will investigate how 6G connectivity could be allocated on a temporary basis to enable smart agricultural applications that require high bandwidth, sensing, telemetry, data analytics and automation. For instance, 6G’s edge cloud capabilities could be harnessed to handle high-priority farming-equipment automation tasks during harvests or provide advanced processing capabilities that integrate data from field sensors, climate stations, soil analysis and satellite imagery to provide contextualized information during the growing season.

    As a lighthouse project, SUSTAIN-6G will be one of the SNS JU’s most highly visible initiatives, and it is the third major European 6G research consortium that Nokia has been selected to lead. The others are Hexa-X and Hexa-X-II, which laid the groundwork for 6G pre-standardization and use cases respectively.

    SUSTAIN-6G has broad representation from industry and academia. The consortium includes network equipment and services vendors, communications services providers, industrial equipment manufacturers, European research institutions and universities, and many small-and medium-sized enterprises. SUSTAIN-6G will kick off in January of 2025 and is scheduled to complete its work in 2027.

    Peter Merz, Vice President of Nokia Standards, said: “The UN Paris Agreement committed the world to combatting climate change. Every industry must do its part. SUSTAIN-6G will show how the communications industry will apply the next generation of networking to creating that sustainable future, overcoming not just environmental challenges but societal and economic challenges as well.”

    Resources and additional information
    Webpage: Nokia Sustainability
    Webpage: What is 6G?

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

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

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

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

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI Global: Five reasons weight-loss jabs alone won’t help get people back to work

    Source: The Conversation – UK – By Lucie Nield, Senior Lecturer in Nutrition and Dietetics, University of Sheffield

    Weight-loss injectables don’t address the many core reasons for why weight gain and unemployment occur in the first place. oleschwander/ Shutterstock

    Prime Minister Keir Starmer and health secretary Wes Streeting have recently discussed plans to trial weight-loss injections for around 250,000 people with obesity who are unemployed in a bid to get them back into work, ease pressure on the NHS and boost the economy.

    Obesity is estimated to cost UK society around £35 billion annually. This is due to lower productivity and higher NHS treatment costs.

    Around 26% of the English adult population (approximately 15 million) are considered obese. However, it’s not known what proportion of unemployed people are obese.

    While weight-loss injections have proven to be very effective in helping people who are obese to lose weight and lower their risk of certain chronic diseases, there are many reasons why these drugs alone won’t help tackle obesity and unemployment rates in the UK.

    1. Lack of capacity

    The majority of UK people who are obese are likely to meet the National Institute for Health and Care Excellence’s eligibility criteria for weight-loss injections.

    But prescribing these drugs is just one part of the equation. Eligible patients will require support from specialist services who provide guidance in making the appropriate lifestyle changes (such as to their diet) to successfully lose weight while on these drugs. This is crucial, as all of the weight-loss injection trials to date have involved a behaviour change component. This may potentially be key to the successful weight losses observed in these studies.

    However, current demand for weight-loss services is already outstripping capacity. Nearly half of eligible patients in England are unable to get an appointment with a specialist team. Weight-loss injections can only be prescribed through such services currently. If the government is to roll out the proposed programme, they will need to rethink the way weight-loss services are delivered so all eligible patients can access support.

    2. Won’t work for everyone

    Weight-loss jabs don’t necessarily work for everyone. One study found that 9-15% of participants who took the drug tirzepatide (Mounjaro) did not lose clinically significant amounts of weight.

    Weight-loss jabs may also cause intolerable side-effects for some. Trials have shown between 4-8% of participants couldn’t tolerate the side-effects, causing them to drop out of the study. Constipation, diarrhoea and nausea are some of the most commonly reported.

    People with certain health conditions may be unable to use weight-loss injections – such as those with inflammatory bowel disease and pancreatitis. In such cases, weight-loss jabs may worsen symptoms or interact with the prescription drugs used to manage these conditions, increasing risk of harm.

    There are many reasons why weight loss jabs may not work for a person.
    Mohammed_Al_Ali/ Shutterstock

    Additionally, some people may not want to take an injection – whether that’s simply due to personal preference or even fear of needles.

    3. Obesity is a complex issue

    There are many complex factors that contribute to weight gain – such as opportunities for physical activity, access to healthy foods and levels of deprivation in a community. Prescribing weight-loss jabs to help people lose weight may not be effective long-term if the rest of these factors are not also addressed.

    A more effective way of seeing significant, sustainable reductions in obesity levels across a population is by using a “whole systems approach”. This would address to the multiple environmental, social and economic factors that contribute to obesity.

    Where whole systems approaches have been embedded in healthcare design and delivery, they have led to improvements in services and patient outcomes – including obesity-related metrics (such as patients making healthier food choices and being more active).

    However, one limitation to whole systems approaches is challenges in measuring impact. This can reduce political will to implement these approaches.

    4. Obesity stigma

    Obesity stigma in the workplace is a huge barrier to satisfactory employment and leads to poor wellbeing and burnout.

    Obesity stigma in the workplace perpetuates harmful weight-based stereotypes that overweight and obese people are lazy, unsuccessful, unintelligent and lack willpower. As a result, people with obesity are more likely to be in insecure and lower-paid jobs than those who may be considered of a healthy weight.

    It’s also well-evidenced that regular exposure to stigmatising, isolating and degrading prejudices has long-term consequences on physical and mental health – and may lead to problems such as binge eating and depression.This can lead to a loss of productivity, absenteeism and loneliness.

    Prescribing weight-loss jabs to help a person lose weight doesn’t address the core reasons for why they may have been absent from work or unemployed in the first place. Nor does it help to address the mental health struggles they may still harbour as a result of discrimination they might have experienced.

    5. Barriers to employment

    Weight loss alone does not begin to address the complex physical and mental health reasons for why a person might be unemployed. A person may also be unemployed due to factors such as caring responsibilities or disability.

    Current prescribing restrictions also limit some injections to a maximum of 24 months (although further trials are ongoing). This means that even if a person has successfully lost weight, they may regain that weight again when they stop using the drug. This could mean any health problems they experienced prior to losing weight (and which may have prevented them from being in employment) could reemerge.

    There are better ways of getting people back into work than prescribing weight-loss jabs. Flexible working approaches, for instance, may make it easier for someone who is unemployed due to caring responsibilities or health problems to transition back into employment. Supportive policies and workplace wellbeing programmes may be a more cost-effective way of helping people to overcome barriers, improve their health and transition back into work.

    Lucie Nield has received funding from The National Institute for Health Research (NIHR) for evaluation of children’s weight management services.

    Lucie Nield sits on the Board of Trustees for Darnall Wellbeing (a local community service organisation).

    – ref. Five reasons weight-loss jabs alone won’t help get people back to work – https://theconversation.com/five-reasons-weight-loss-jabs-alone-wont-help-get-people-back-to-work-241835

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Species Survival Fund: New four-legged friends arrive at Shire Brook Valley Rainbow Meadow in Shire Brook Valley is now home to a host of new four-legged friends as we see the arrival of Highland cows and Dexter cows. The introduction of the cows forms part of Sheffield City Council’s Species Survival Fund which aims to protect, enhance and widen areas of heathland, and it will help to manage and create areas of meadow. 30 October 2024

    Source: City of Sheffield

    Rainbow Meadow in Shire Brook Valley is now home to a host of new four-legged friends as we see the arrival of Highland cows and Dexter cows.

    The cows have been brought to the meadow to graze which will help manage the field naturally , creating open spaces for wildflowers to grow and preventing brambles from taking over the meadow.

    As well as grazing, through moving and walking around the field this will create and maintain the open spaces.  Sheffield City Council has welcomed the cows to maintain the land in a great condition, in between woodland and open grassland. 

    Locals are welcome and encouraged to come down and view the cows from the gate but should not climb the gate as there is a risk of injury from livestock. Dogs are not permitted to be in the field.

    The introduction of the cows forms part of Sheffield City Council’s Species Survival Fund which aims to protect, enhance and widen areas of heathland, and it will help to manage and create areas of meadow, benefitting species of flora such as orchids and invertebrates such as dragonflies.

    The Council’s Species Survival Fund was awarded more than £1million from The National Lottery Heritage Fund, as well as being supported by funding from partners and other organisations, totalling almost £400,000.

    These include National Grid, The Environment Agency, South Yorkshire Sustainability Centre, Sheffield Hallam University, Yorkshire Water, Friends of Richmond Park and the South Yorkshire Badger Group.

    The mix of habitats are particularly important conserve in the area for invertebrate, fungi,  birds and wildflowers – the diversity of which will fall if the site is allowed to become dominated by trees.

    Areas the project will cover:

    • Shire Brook Valley Nature Reserve
    • Beighton Marsh
    • Woodhouse Washlands
    • Wickfield Heath & Plantation
    • Richmond Park
    • Silkstone Ravine (part of Birley Spa)

    The project will improve sites covering a total area of 449.5 acres. The project will involve conservation management, woodland works to open sightlines, creation of leaky dams and new areas of wet woodland, removing 1/3 of the silt and Typha from a former mill pond, creating ditches and hedgerows, and removal of invasive species.

    Species the fund will support include mice, bats, reptiles, amphibians (including toads and newts), birds such as swifts, house martins, skylarks, barn owls and kingfishers. 

    Patrick Gray, Grazing Co-ordinator at Wild Sheffield, said:

    “We now have 18 cows on Rainbow Meadow including 17 Dexter Cows and one Highland Cow.

    “The lack of grazing over the past few years has led to the meadow being overrun with brambles and scrub. The objective of the grazing is to maintain the site as a woodland pasture, which consists of a mix of veteran trees, young trees, and open grassland.

    “This is a pilot scheme, and in the future plan to have grazing at Sally Clark Meadow across the lane, and at Linley Bank.”

    The current plan of winter grazing is to remove the build-up of vegetation on the pasture so that ideal conditions are created for spring when all the interesting and colourful wildflowers begin to germinate.

    Wild Sheffield, in partnership with Sheffield City Council, would like to set up a volunteer scheme for members of the public to assist in keeping an eye on the cows, reporting any sick or injured or escaped animals.

    If you want to find out more about how you can get involved, please email Patrick Gray from Wild Sheffield for more details p.gray@wildsheffield.com.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: BLOG: Sound Connections – How Liverpool and New York are Striking the Right Chord for Music Tourism

    Source: City of Liverpool

    Following a trade and investment mission to the United States, Liverpool’s Head of UNESCO City of Music, Kevin McManus spent some time in New York looking at ways in which to boost music tourism to Liverpool. He writes about how the trip explored how more meaningful links can be developed between the two great music cities.

    You can make a good argument that the two greatest music cities in the world are Liverpool and New York.  ( Nashville, Memphis and New Orleans may try and force themselves into the reckoning as well but let’s ignore them for now…!)

    I was fortunate enough to recently spend a couple of days in New York as part of a Liverpool City Region Combined Authority mission to the US and was keen to look at what opportunities there are to link the two cities’ music sectors to our mutual advantage.

    There are no two ways about it, New York is an amazing city with an incredible music heritage which is why almost every musician wants to play there. New York is still a hugely important centre for the music industry and I was there to see what meaningful links we could begin to develop between the two cities. Historically of course The Beatles led the British music invasion of the US in the ‘60s and the Strawberry Fields corner of Central Park is a memorial to the life of John Lennon.

    There are more recent success stories such as that of Sentric Music, the Liverpool founded music publisher which still has its HQ in our city, but has its North American base in New York. I caught up with the Sentric team who are steadily building the company’s US profile which is great advertisement for the fact that you can grow a global music business from Liverpool.

    We had a really useful, practical session with Visit Britain and we were able to talk to them about the strength of the Liverpool music brand and how we could work together to grow music tourism to the city.

    We tried to make the most of our visit by meeting with key people from the sector and a big thanks to a former colleague Vanessa Reed, now President of New Music USA, for introducing me to Shira Gans (from the New York Mayor’s Office) and Erika Elliott from Summer Stage.  

    It was a joy to meet Shira and Erika as well as catching up with Vanessa and they gave us so much food for thought as well as being receptive to developing a meaningful relationship with us. Hopefully these links will lead to opportunities for our artists and music businesses in the US.

    Of course it wasn’t all one way.

    We wanted to find out more about what was happening in New York, but at the same time we wanted the chance to share our exciting plans. We have an awful lot to be proud of at the moment in terms of our music sector and the ambition we are demonstrating through initiatives such as Accelerator City and our plans for a Music Hub and an immersive music attraction.
    Supported by the City Region Music Board Liverpool, music is going places and part of the mission is to say to music businesses in the US that if they are looking for a UK or a European base then they should look to Liverpool first.

    MIL OSI United Kingdom –

  • MIL-OSI: Solidion Develops a Lithium Battery that can be Charged in 5 minutes With Key Newly Granted US Patent

    Source: GlobeNewswire (MIL-OSI)

    DAYTON, Ohio, Oct. 30, 2024 (GLOBE NEWSWIRE) — Solidion Technology, Inc. (ticker “STI”), an advanced battery technology solutions provider, today announced that its battery scientists have successfully developed a cost-effective strategy for enabling completion of charging in 5 minutes for a wide range of lithium batteries.

    Range anxiety, the fear that an electric vehicle (EV) may run out of battery power during a trip, has long been regarded as a key reason for consumers’ reluctance to adopt EVs. This issue is exacerbated by the notion that recharging batteries usually takes much longer time than refueling internal combustion engine vehicles (ICEVs).

    To be competitive with ICEVs, fast charging of EVs should be weather-independent and comparable in time as refueling a gasoline car. Variations in temperatures in different geographic regions and seasons poses a challenge in fast charging EV batteries, since batteries can behave very differently. In winter, half of the United States and most of Northern Europe has an average temperature below 0°C. None of today’s EV batteries allow for fast charging at low temperatures.

    Responsive to EV market’s urgent need for a battery that can be fast charged at all climate conditions, Solidion’s technical team has developed and patented an effective method and system for fast charging a battery cell or pack without negatively impacting the battery. The strategy also allows a battery system to operate in a safe mode and avoid a thermal runaway problem.

    The technology uses a graphene-based heat spreader to quickly move heat from a battery to warm it up before or during fast charging. It also has a cooling system that kicks in when the battery is in use, like when powering a device or electric vehicle. The heat spreader moves the heat to the cooling system for efficient cooling. The system switches between heating when charging and cooling when discharging. Graphene, with its super high thermal conductivity (5,300 W/m-K), is much more effective than copper, which has a lower conductivity (410 W/m-K) and is four times heavier.

    Solidion is aimed at fully commercializing this technology in 2-3 years.

    About Solidion Technology, Inc.

    Headquartered in Dallas, Texas, with production facilities in Dayton, Ohio, Solidion’s core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Recognized as a global IP leader in both the high-capacity anode, utilizing a non-silane based solution, and the high-energy solid-state battery. Solidion is uniquely positioned to offer two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anodeless lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion’s solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities; this feature enables fastest time-to-market of safe solid-state batteries. Solidion batteries are designed to deliver significantly extended EV range, improved battery safety, lower cost per KWh, fastest time-to-market, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (Nasdaq: STI) (the “Company,” “Solidion,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs.

    Contacts

    For Investors: ir@solidiontech.com

    For Media: press@solidiontech.com

    The MIL Network –

  • MIL-OSI: Jitterbit Expands Global Availability of 24-7 Customer Support with Live Agents, Professional Services

    Source: GlobeNewswire (MIL-OSI)

    ALAMEDA, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Jitterbit, a global leader in accelerating business transformation for enterprise systems, today announced the global expansion of its Premier Support program to provide businesses with enhanced “follow-the-sun” service and expert issue resolution.

    Jitterbit’s Premier Support program offers flexible, tiered options that provide 24-7 access to experts for troubleshooting mission-critical operations, reducing downtime and ensuring business continuity.

    “Immediate access to expert support is crucial for seamless business operations,” said Keith Trottier, SVP of Global Customer Support and Professional Services at Jitterbit. “Our Premier Support program delivers tailored, high-quality service — when it’s needed most — to quickly resolve issues and minimize disruption.”

    First announced in May 2024, Premier Support is available via three tiers, which now support all time zones globally to meet the diverse needs of organizations. Customers can choose from:

    • Premier: foundational tier that offers reliable support with new phone access to Jitterbit experts, ensuring timely assistance for core operational issues.
    • Premier Plus: enhanced tier that includes all the benefits of Premier, with added 24-7 live agent support for faster response times.
    • Premier Enterprise: top-tier service designed for enterprise-level customers, providing live support for all severity levels, with phone access to expert agents 24-7.

    For more information about Jitterbit Premier Support, visit jitterbit.com/premier-support.

    Industry Recognition for Outstanding Customer Support

    Jitterbit has consistently earned accolades for its exceptional customer service, underscoring the company’s dedication to delivering top-tier support. In 2024, Jitterbit received ‘Best Customer Support’ honors from Gartner Digital Markets for its Electronic Data Interchange (EDI) solution.

    The company was also recognized with G2 Fall 2024 badges for ‘Easiest to Do Business With’ and ‘Best Support’ for Workplace Innovation Platforms for App Builder. Additionally, Jitterbit won a Silver Stevie Award in 2023 for ‘Customer Service Department of the Year.’

    Enhanced Services Expands to Full Harmony Platform

    In addition to the Premier Support follow-the-sun offering, Jitterbit is announcing that its Enhanced Services — previously only for iPaaS — is now available across the entire unified, AI-infused low-code Harmony platform.

    Jitterbit Enhanced Services provides experts to help lighten the load on IT departments by providing tailored service and guidance to ensure that Harmony runs smoothly and efficiently. This service bridges skills gaps, controls costs, and offers immediate expertise. Jitterbit Enhanced Services include:

    • Direct access to Subject Matter Experts (SMEs)
    • Recommendations to optimize platform performance, scalability, and uptime
    • Health checks to assess critical business functions and streamline workflows
    • Architecture consulting and private agent software installation and upgrades

    To learn more about Enhanced Services, visit jitterbit.com/service/enhanced-services/.

    About Jitterbit Inc.
    For organizations ready to modernize and innovate, Jitterbit provides a unified AI-infused low-code platform for integration, orchestration, automation, and app development that accelerates business transformation, boosts productivity, and unlocks value. The Jitterbit Harmony platform, including iPaaS, API Manager, App Builder and EDI, future-proofs operations, simplifies complexity and drives innovation for organizations globally. Learn more at www.jitterbit.com and follow us on LinkedIn.

    Media Contact:
    Laura Hunter
    Head of Communications
    Jitterbit
    310-344-6426
    laura.hunter@jitterbit.com

    The MIL Network –

  • MIL-OSI Banking: Secretary-General of ASEAN meets with Minister of Labour and Vocational Training of the Kingdom of Cambodia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon met with Minister of Labour and Vocational Training of Cambodia, H.E. Heng Sour, on the sidelines of the 28th ASEAN Labour Ministers’ Meeting (ALMM), on 30 October 2024, in Singapore. They exchanged views on the follow-up actions to the ASEAN Guidelines on Portability of Social Security Benefits for Migrant Workers in ASEAN, which was championed by Cambodia and adopted by the ALMM this year. Dr. Kao expressed the ASEAN Secretariat’s readiness to fully support Cambodia-led regional initiatives as well as that of other ASEAN Member States in order to advance social protection for all workers and to strengthen resilience and competencies of workforce in the region.

    The post Secretary-General of ASEAN meets with Minister of Labour and Vocational Training of the Kingdom of Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Future of IVD hinges on three big industry themes, says GlobalData

    Source: GlobalData

    Future of IVD hinges on three big industry themes, says GlobalData

    Posted in Medical Devices

    In vitro diagnostics (IVD) is driving a new age shift in healthcare, fueled by advances in medical technology (medtech). These innovations are revolutionizing how diseases are detected, monitored, and managed. At the recent AdvaMed’s MedTech Conference in Toronto, digital and artificial intelligence (AI) integration, point-of-care (POC) testing, and novel biomarkers were emphasized as important tools in improving the precision and accessibility of medical care. The focus on these innovations will support disease detection, enable earlier diagnosis, personalized treatments, improve patient outcomes, and expand healthcare access, according to GlobalData, a leading data and analytics company.

    Expert speakers at the conference this year emphasized the need to bridge the gap between patients and healthcare. Manufacturers like Hologic focused on the lack of cytologists, which leads to delays in cervical cancer screening. To address this, they created an AI-led platform that streamlines and identifies abnormal cell samples to save cytologists’ time.

    Other companies like Solventum and GE Healthcare highlighted that AI can be utilized as an administration tool by helping medical professionals with patient notes and documentation, manufacturer inventory management, managing waste in manufacturing factories, and improving customer product delivery. The main factors considered for improving medical care are, how can we serve patients better, maximize healthcare professional (HCP) time and expertise, and doing all this with existing regulations.

    Selena Yu, Senior Medical Analyst, at GlobalData, comments: “Decentralized testing is the key to improving patient access to care, detecting diseases earlier, and monitoring patients. These POC tests include over the counter (OTC) tests, direct-to-consumer (DTC) tests, and tests done at patient side, which are typically performed by non-HCPs. The seminar speakers stressed the ongoing issue of healthcare “deserts” and how expanding alternate care outside of doctor offices is crucial to reach these at-risk populations.”

    The lack of reimbursement for POC tests remains a significant barrier, even though access to care is improved when individuals can buy STI tests at local pharmacies. Without reimbursement, however, this convenience adds another layer of inaccessibility. The overall goal for increased decentralized testing is to bridge the gap between patients and healthcare systems so that more individuals are aware of their health status.

    Moreover, experts in the IVD sector—including manufacturers, laboratories, and investors—highlighted key markets for future growth at AdvaMed’s MedTech Conference. The major focus areas included women’s health, neurology, autoimmunity, minimal residual disease, sepsis, and cancer screening especially liquid biopsy. Both speakers and attendees stressed the importance of clinical utility in developing IVDs, emphasizing the need for test results to be actionable, for appropriate actions to be taken based on those results, and for these actions to ultimately improve patient outcomes.

    Yu concludes: “Innovation in IVD is growing particularity in digital and AI integration into healthcare, POC testing, and novel biomarkers. This will aid in disease detection, monitoring, and management, enabling earlier diagnosis, personalized treatments, improving patient prognosis, and increasing patient access to healthcare.”

    MIL OSI Global Banks –

  • MIL-OSI: Man Group PLC : Form 8.3 – SPIRENT COMMUNICATIONS PLC

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Man Group PLC
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Spirent Communications plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 29/10/2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 YES / NO / N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 3 1/3p ordinary
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives: 6,632,775 1.15    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 6,632,775 1.15    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    3 1/3p ordinary Equity Swap Reducing a long position 32,283 1.696 GBP
    3 1/3p ordinary Equity Swap Reducing a long position 229,829 1.696 GBP
    3 1/3p ordinary Equity Swap Increasing a long position 27,788 1.708 GBP

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 30/10/2024
    Contact name: Matthew Irwin
    Telephone number: +442071447255

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Economics: Supply chain resilience drives 18% YoY growth in global M&A deal activity in Q3 2024, reveals GlobalData

    Source: GlobalData

    Supply chain resilience drives 18% YoY growth in global M&A deal activity in Q3 2024, reveals GlobalData

    Posted in Strategic Intelligence

    Despite high interest rates and modest economic growth, global mergers, and acquisition (M&A) deal activity surged during the third quarter (Q3) of 2024, with an 18% increase in total deal value year-over-year (YoY). Supply chain resilience drove this momentum, with $71 billion in supply chain-related transactions across 38 deals, spotlighting sectors like automotive, healthcare, and industrials, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest Strategic Intelligence report, “Global M&A Deals in Q3 2024 – Top Themes by Sector,” reveals that in terms of deal volume, there was a 4% increase from Q3 2023 to record 7,890 deals in Q3 2024.

    Priya Toppo, Analyst, Strategic Intelligence at GlobalData, comments: “An increase in geopolitical tensions, population growth, environmental, social, and governance (ESG) considerations, labor shortages, and digital transformation have all contributed to a greater focus on supply chain related deals. This was especially true in the automotive, consumer, basic materials, healthcare, transportation, infrastructure, and logistics and industrials sectors.”

    The biggest supply chain deal was China First Heavy Industries’ merger with China Shipbuilding for $16 billion. This deal was also the biggest in the industrials sector in Q3 2024. It was followed by TowerBrook Capital Partners and Clayton, Dubilier & Rice’s acquisition of R1 RCM for $9 billion and Boeing’s acquisition of Spirit AeroSystems for $8 billion.

    Toppo continues: “An ongoing trend is the dominance of North America in M&A deal activity, accounting for 3,112 deals worth $325 billion during Q3 2024. However, Europe, China, South America, and the Middle East and Africa saw a YoY decline in deal value.”

    Toppo concludes: “The M&A forecast for the last quarter of 2024 is cautiously optimistic, as potential rate cuts in certain markets and a generally improving global economic outlook could drive the activity. Nonetheless, mega-deals may encounter obstacles, especially in the US, where antitrust issues remain a priority for regulators.”

    MIL OSI Economics –

  • MIL-OSI Economics: France defense expenditure to reach $67.8 billion in 2029, forecasts GlobalData

    Source: GlobalData

    In July 2023, France outlined its defense spending plans for the next six years in the Military Planning Law (LPM) 2024-30, expanding the modernization initiatives kickstarted by LPM 2019-25 to reflect evolving geostrategic dynamics and better incorporate emerging technologies, including unmanned and space-based assets. Against this backdrop, France is expected to increase defense spending from $60.4 billion in 2024 to $67.8 billion in 2029, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “France Defense Market Size, Trends, Budget Allocation, Regulations, Acquisitions, Competitive Landscape and Forecast to 2029”, reveals that France’s defense spending is forecast to rise to $64 billion in 2025.

    Tristan Sauer, Senior Defense Analyst at GlobalData, comments: “The deterioration of European security following Russia’s invasion of Ukraine has highlighted the importance of France’s strategic reforms, providing the impetus for further and more diversified investment in defense and security capabilities. The most recent spending commitments will allow French defense expenditures to surpass 2% of GDP and finally attain the minimum threshold recommended for NATO members.”

    France’s armed forces continue to pursue modernization across the different operational domains. The largest amount of spending is being directed to the fixed-wing aircraft, missiles and missile defense systems, naval vessels, submarines, and armored vehicles market segments over the next several years. Between 2024-2034, France’s largest investments are for the international FCAS New Generation Fighter program ($17.9 billion), the SNLE 3G nuclear submarines ($17.3 billion), and various upgrades to the Rafale fighter jet program ($12.9 billion).

    Sauer continues: “These investments are indicative of a renewed strategic focus on the commensurate rise of both great power competition and the risk of high intensity conflict. Procurement of conventional capabilities such as aircraft, naval assets, artillery, armored vehicles, and weapons systems is being supplemented with investment in cybersecurity as well as space systems to account for the increasingly diffuse and multi-domain nature of modern warfare.”

    As with many western nations, France is facing recruitment issues leading to personnel shortages despite growing investment. GlobalData forecasts that France will spend $125.9 billion on military personnel between 2025-2029, though spending will only increase at a CAGR of 0.5%, which is far slower than the 1.26% CAGR achieved between 2020-2024.

    Sauer concludes: “France’s continued investments in modernization and acquisition programs provide substance to the broader political refocus on strategic competition and its associated risks, with the nation’s growing defense industrial base providing growing opportunities for international engagement. However, much like with the US and other NATO allies, lackluster performance with regards to personnel recruitment and retention is indicative of a wider challenge, which current investments have thus far failed to overcome.”

    MIL OSI Economics –

  • MIL-OSI Economics: Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Source: GlobalData

    Tech startups well placed to proliferate in Africa as digitalization enables growth in greenfield projects, says GlobalData

    Posted in Technology

    With digitalization as a key enabler of organic growth in greenfield projects in Africa, technology startups are well placed to capitalize on the desire of larger and established corporations wanting to move into various enterprise technologies in the region, according to research conducted by GlobalData, a leading data and analytics company.

    Recent tie ups – including Safaricom’s deal with Kenyan SaaS startup tappi, American security firm Unartificial Labs tapping Tunisian startup Enova Robotics, and British payment processing firm partnership and financial inclusion firm Paymentology partnering with Zambian fintech startup Union54 – point to this trend.

    Ismail Patel, Senior Analyst, Enterprise Technology and Services at GlobalData, says: “Africa remains a price-sensitive market not only for consumers but also for corporate buyers. This means that technology enablement beyond the deployment of costly physical infrastructure will be a space occupied by smaller vendors who are both less costly and seeking to build their own profiles in the region.”

    GlobalData analysis finds Africa is seeing burgeoning growth in the number of tech startups across cybersecurity, IoT, fintech, SaaS, APIs, analytics, blockchain, and AI. Mergers and acquisitions (M&A) activity associated with these startups has picked up over the past decade, and the number of contractual deals with startups, both inside Africa and beyond, is growing.

    The expectation is that this expansion will continue to grow as there is plenty of room for organic growth across key sectors, including rural communities and SMBs (small and medium businesses), where digitalization is a prime enabler for next-gen technology adoption and boosting national economies. Still, the key buyers for these startups will remain the large African corporate enterprises looking to either partner with them or bring them in-house via acquisition.

    Patel concludes: “Egypt, South Africa, Nigeria, Kenya, and Tunisia have emerged as the tech startup capitals across Africa. Tech enablement is being fueled by capital raising success stories across the board, from debt financing and governmental grants to angel and venture capital investments, all of which are encouraging the startup trends. In its own way, the region is responding to the global technological boom.”

    MIL OSI Economics –

  • MIL-OSI Africa: Zambia: African Development Bank’s Sustainable Energy Fund for Africa approves $8 million for development of 25 MW Solar Plant

    Source: Africa Press Organisation – English (2) – Report:

    ABIDJAN, Ivory Coast, October 30, 2024/APO Group/ —

    The African Development Bank Group’s (www.AfDB.org) Board of Directors has approved an $8 million concessional loan to support the construction of a 25MW Solar Photovoltaic power plant in Zambia. The financing for the Ilute Plant will be sourced from the Sustainable Energy Fund for Africa (SEFA), a multi-donor Special Fund managed by the Bank. Ilute is expected to advance  Zambia’s sustainable development and help the country unlock its renewable energy potential.

    The venture has faced rising costs associated with  the COVID-19 pandemic and other challenges. Serengeti Energy Ltd (http://apo-opa.co/4hth8dE) and Western Solar Power Ltd (http://apo-opa.co/3YJBxUr) are leading the plant development in Zambia’s Sesheke District. Competitively selected by GreenCo Power Services Ltd (GreenCo) (http://apo-opa.co/4hiM3ci), this project will serve as a pilot for GreenCo’s energy aggregator model under the Zambia Electricity Supply Corporation Limited (ZESCO) (http://apo-opa.co/3YIpw1h) open grid access framework. Acting as an intermediary off-taker, GreenCo will purchase the generated electricity through a 25-year Power Purchase Agreement and sell it to the Southern African Power Pool Day-Ahead Market (http://apo-opa.co/3YELlih).

    “We are delighted to support the Ilute Solar PV project – which will be the first project to use Africa GreenCo as an intermediate off-taker. SEFA’s support has been instrumental in bridging the financing gap and will pave the way for future projects that contribute to Southern Africa’s energy transition,” said Dr Daniel Schroth, African Development Bank Director for Renewable Energy and Energy Efficiency.

    Anton-Louis Olivier, CEO of Serengeti Energy, acknowledged SEFA’s support. He said, “We appreciate the support from the African Development Bank Group and SEFA in helping us move the Ilute 25MW Solar PV project forward. This loan addresses the financial challenges we’ve faced due to the pandemic and rising costs. The Ilute project is a testament to innovative collaboration and serves as a pioneering model for future renewable energy initiatives in Zambia as well as the wider region.” Serengeti Energy is a leading renewable independent power producer specialising in the development, construction, and operation of utility-scale renewable energy plants tailored to the needs of both public and private off-takers.

    MIL OSI Africa –

  • MIL-OSI: Man Group PLC : Form 8.3 – DS SMITH PLC

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Man Group PLC
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Smith (DS) plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 29/10/2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 YES / NO / N/A
    Offeror: International Paper Company

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 10p ordinary
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives: 14,505,814 1.05    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 14,505,814 1.05    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    10p ordinary Equity Swap Reducing a long position 578,451 4.693 GBP
    10p ordinary Equity Swap Increasing a long position 77,532 4.698 GBP

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 30/10/2024
    Contact name: Matthew Irwin
    Telephone number: +442071447255

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Economics: Joint Communique of the Twenty-Eight ASEAN Labour Ministers Meeting (28th ALMM)

    Source: ASEAN

    The 28th ASEAN Labour Ministers’ Meeting (ALMM) was held on 30 October 2024 in Singapore. The Meeting was chaired by H.E. Dr. Tan See Leng, Minister for Manpower of Singapore, and attended by representatives of ASEAN Member States, Secretary-General of ASEAN and their respective accompanying delegations. The representatives of Timor-Leste attended as observers.As ALMM commemorates its 50th year since the ALMM first met in Jakarta, April 1975, and guided by Singapore’s 28th ALMM Chairmanship theme “Strengthening Resilience and Promoting Innovation,” we exchanged views on fundamental labour issues in the face of the rapidly changing world of work. Technological advancement, digital and green economy, demographic changes, and intensifying labour mobility present challenges and opportunities to the labour markets of ASEAN Member States. We affirmed the remarkable progress of cooperation under the ALMM over the past 50 years and looked forward to sustained regional cooperation to build a resilient and dynamic ASEAN workforce.

    Download the full statement here.
    The post Joint Communique of the Twenty-Eight ASEAN Labour Ministers Meeting (28th ALMM) appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: CSW Industrials Reports Record Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 30, 2024 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (Nasdaq: CSWI or the “Company”) today reported record results for the fiscal 2025 second quarter period ended September 30, 2024.

    Fiscal 2025 Second Quarter Highlights (comparisons to fiscal 2024 second quarter)

    • Total revenue increased 11.9% to an all-time quarterly high of $227.9 million, driven by organic growth of 6.2% and inorganic growth of 5.7% from the recent acquisitions of Dust Free and PSP Products
    • Net income attributable to CSWI increased 20.0% to $36.1 million, compared to $30.1 million
    • Earnings per diluted share (“EPS”) increased 17.1% to $2.26, compared to $1.93
    • EBITDA grew 14.8% to $60.8 million, including margin expansion of 70 bps to 26.7%
    • Cash flow from operations increased 49.5% to $66.8 million, compared to $44.7 million
    • Issued and sold 1.265 million shares of stock at $285 per share in a successful follow-on equity offering, resulting in net proceeds of $347.4 million
    • Paid down $115.0 million, or all outstanding debt on the revolver following the equity offering, further improving the strength of the balance sheet

    Fiscal 2025 First Half Highlights (comparisons to fiscal 2024 first half)

    • Total revenue increased 11.6% to $454.1 million, of which 7.0%, or $28.3 million was organic growth, and $18.8 million, or 4.6%, was inorganic growth from recent acquisitions
    • Net income attributable to CSWI increased 23.0% to $74.6 million, as compared to $60.7 million
    • EPS improved 21.5% to $4.73, compared to $3.90
    • EBITDA increased 17.4% to $126.1 million, including margin expansion of 140 bps to 27.8%
    • Cash flow from operations increased 36.4% to $129.5 million, compared to $94.9 million
    • Invested $32.3 million in acquisitions and $8.6 million in organic capital expenditures, while returning total cash of $15.4 million to shareholders through share repurchases of $8.9 million and dividends of $6.5 million

    Comments from the Chairman, President, and Chief Executive Officer

    Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am pleased to announce these outstanding results for the fiscal second quarter of 2025. CSWI’s record revenue for the quarter was driven by organic volume growth, pricing actions, and our strategic acquisitions of Dust Free and PSP Products. The team also achieved all-time record operating cash flow and record fiscal second quarter net income, earnings per diluted share, and EBITDA for the quarter.”

    Armes continued, “During the second fiscal quarter 2025, CSWI issued equity to the public for the first time in our history. Strong investor demand, after the public announcement of our follow-on equity offering, allowed the Company to issue a total of 1.265 million shares of common stock proving that our track record of building long-term shareholder value is attractive to both pre-existing and new shareholders, while also being accretive to our earnings due to the full repayment of our debt and investment in interest-bearing accounts. In addition, our disciplined capital allocation philosophy led us to acquire PSP Products in the quarter, adding innovative products within the profitable electrical end market for CSWI. Subsequent to quarter end, the Company announced a mid-year, 14% increase in our quarterly cash dividend, reflecting our strong balance sheet, cash flows, and profitability.”

    Fiscal 2025 Second Quarter Consolidated Results

    Fiscal second quarter revenue was $227.9 million, a $24.3 million or 11.9% increase over the prior year period. Total revenue growth included $12.7 million of organic growth contributed from all operating segments (6.2% of the total 11.9% growth) due to increased volume and pricing actions, with the remainder contributed by the Dust Free and PSP acquisitions, which are both reported in the Contractor Solutions segment.

    Gross profit in the fiscal second quarter was $103.9 million, representing 14.2% growth over $91.0 million in the prior year period. Gross profit margin expanded 90 bps to 45.6%, compared to 44.7% in the prior year period. The gross profit margin increase was primarily a result of volume leverage and pricing actions.

    Operating expenses as a percentage of revenue were 23.0% in the current period, which was below the prior year period of 24.0%. Operating expenses were $52.4 million in the current year period, compared to $49.0 million in the prior year period and we were able to leverage our revenue growth while absorbing additional expenses related to the recent acquisitions, spending on business development and integration, and investing in team members.

    Operating income in the current period was $51.5 million, compared to $42.0 million in the prior year period. Operating income as a percentage of revenue was 22.6% in fiscal 2025 second quarter, compared to 20.6% in the prior year period. The 200 bps improvement in operating income margin was a result of the previously mentioned improvement in the gross profit margin and leverage on operating expenses.

    Interest expense was $1.3 million, compared to interest expense of $3.3 million in the prior year period. The decrease of $2.0 million was a result of a lower debt balance throughout the quarter and paying off the outstanding balance borrowed against our revolver and interest income earned from the net proceeds of the equity offering.

    Other expense was $0.7 million, compared to other income of $1.9 million in the prior year period. The change in other expense of $2.6 million was primarily related to a gain of $1.4 million reported in the previous period in connection with the sale of a property previously held for investment that did not recur, in addition to losses arising from transactions in currencies other than functional currencies.

    Net income attributable to CSWI (net of non-controlling interest in the joint venture) increased 20.0% to $36.1 million, compared to the prior year period of $30.1 million, and EPS increased 17.1% to $2.26, compared to $1.93 in the prior year period.

    Fiscal 2025 second quarter EBITDA increased 14.8% to $60.8 million, up from $53.0 million in the prior year period. EBITDA margin expanded 70 bps to 26.7%, compared to 26.0% in the prior year period.

    During the fiscal second quarter 2025, the Company issued equity to the public for the first time. On September 4, 2024, CSWI announced the commencement of an underwritten public offering of one million shares of common stock. The following day, the Company announced the upsize of the public offering to 1.1 million shares of common stock at a price of $285 per share, plus an option for the underwriters to purchase up to an additional 165 thousand shares. In the aggregate, CSWI was able to issue and sell 1.265 million shares of common stock at $285 for proceeds of approximately $347.4 million, net of underwriting discount and expenses incurred directly related to the offering. The follow-on equity offering increased the Company’s weighted average shares outstanding, used in determining the diluted EPS, by 336 thousand for the fiscal 2025 second quarter and 169 thousand for the first half of fiscal 2025.

    During the fiscal second quarter, the Company paid down $115.0 million of debt, resulting in no borrowings outstanding under the revolving line of credit at quarter end, utilizing the record quarterly cash flows from operations of $66.8 million and the cash received from our follow-on equity offering. Cash flows from operations benefited from a $16.8 million tax payment deferral from fiscal first half 2025 to fiscal third quarter 2025 under a temporary federal tax relief related to the severe storms and flooding in Texas in early 2024.

    Following quarter-end, the Company announced its twenty-third consecutive regular quarterly cash dividend. This dividend was increased by $0.03, or 14.3%, from the prior quarter to $0.24 per share due to our strong balance sheet, cash flows and profitability, and will be paid on November 8, 2024, to shareholders of record on October 25, 2024.

    The Company’s effective tax rate for the fiscal second quarter was 26.1%. The third quarter GAAP tax rate may be lower than average, due to a potential $3.6M release of uncertain tax position reserves upon statue expiration of several pre-acquisition tax returns for TRUaire and Falcon.

    Fiscal 2025 Second Quarter Segment Results

    The Contractor Solutions segment revenue was $158.8 million, an $18.9 million or 13.5% increase over the prior year period, comprised of organic growth of $7.3 million (5.2% of the total 13.5% growth) driven by increased organic unit volumes and pricing actions, and inorganic growth of $11.6 million from the recent acquisitions of Dust Free and PSP Products. As compared to the prior year period, net revenue growth was driven by the HVAC/R, electrical, and plumbing end markets. Segment operating income improved to $46.3 million, compared to $39.0 million in the prior year period. The incremental profit resulted from revenue growth, gross profit leverage, and the inclusion of recently acquired businesses and was partially offset by increased spending on business integrations, strategic development activities, and employee compensation. Segment operating income margin in the fiscal second quarter was 29.1%, compared to 27.9% in the prior year period. Segment EBITDA in the fiscal second quarter was $53.7 million, or 33.8% of revenue, compared to $46.6 million, or 33.3% of revenue in the prior year period.

    The Specialized Reliability Solutions segment revenue was $38.5 million, a $1.9 million or 5.2% increase from the prior year period. The increased net revenue was driven by growth in the energy, rail transportation, and mining end markets. Segment operating income improved to $5.8 million, as compared to $4.8 million in the prior year period, an increase of 20.5%. Segment operating income margin in the fiscal second quarter improved to 15.1%, compared to the prior year period of 13.2% as a result of manufacturing efficiencies. Segment EBITDA improved by 13.2% to $7.1 million in the fiscal second quarter, with an EBITDA margin of 18.4% as compared to 17.2% in the prior year period.

    The Engineered Building Solutions segment revenue was a record $32.7 million, or 11.9% increase compared to $29.2 million in the prior year period, driven by strength in the backlog converting to revenue and market expansion. Segment operating income was $6.1 million, or 18.6% of revenue, compared to the prior year period of $5.2 million, or 17.9% of revenue, due to the management of operating expenses. Segment EBITDA and EBITDA margin also improved to $6.6 million and 20.1% in the fiscal second quarter, compared to $5.7 million and 19.5% in the prior year period.

    Fiscal 2025 First Half Consolidated Results

    Fiscal first half revenue was $454.1 million, representing 11.6% growth from $407.0 million in the prior year period, with growth in all three reporting segments. Of the $47.1 million total growth, $28.3 million (7.0% of the 11.6% total growth) resulted from organic growth, with the remainder ($18.8 million) contributed by the Dust Free and PSP acquisitions.

    Gross profit in the fiscal first half was $211.3 million, representing $28.2 million (15.4%) growth from $183.1 million in the prior year period, with the incremental profit resulting predominantly from revenue growth driven by increased unit volumes, a slight increase from pricing actions, and recent acquisitions. Gross profit as a percentage of sales was 46.5%, compared to 45.0% in the prior year period. Gross margin improvement was a result of leveraging the volume increase, favorable product mix and pricing actions.

    Operating expenses as a percentage of revenue were 23.1%, compared to 23.6% in the prior year period, as the increase in revenue growth outpaced operating expenses. Operating expenses in the current year period were $104.7 million, compared to $95.9 million in the prior year period. The additional expenses were related to employee compensation, expenses related to recent acquisitions including amortization of intangible assets, business development expenses, and integration costs.

    In the current period, operating income was $106.6 million, compared to $87.2 million in the prior year period. The incremental operating income resulted from the gross profit increase, partially offset by the operating expense increase as discussed above. Operating income margin in the current period improved to 23.5%, compared to the prior year period of 21.4%. During the comparative periods, the enhanced operating income margin was due to the improvement in gross profit margin combined with the management of operating expenses.

    Interest expense was $3.9 million, compared to interest expense of $7.3 million in the prior year period. The decrease of $3.4 million was a result of a lower debt balance throughout the first half of the year, then paying off the outstanding balance borrowed against our revolver and interest income earned from the net proceeds of the equity offering.

    Other expense was $0.4 million, compared to other income of $2.2 million in the prior year period. The change in other expense of $2.6 million was primarily related to the aforementioned gain of $1.4 million, in addition to losses arising from transactions in currencies other than functional currencies.

    In the current period, reported net income attributable to CSWI improved to $74.6 million, or $4.73 per diluted share. In the prior year period, reported net income attributable to CSWI was $60.7 million, or $3.90 per diluted share.

    Fiscal 2025 first half EBITDA increased 17.4% to $126.1 million from $107.4 million in the prior year period. EBITDA as a percentage of revenue improved 140 bps to 27.8%, compared to 26.4%, in the prior year period.

    Net cash provided by operating activities for the fiscal 2025 first half was a record $129.5 million, compared to $94.9 million in the prior year’s first half, as improved profit, and the tax payment deferrals led to a 36.4% increase compared to the prior year period. The Company paid down all $166.0 million of debt in the first half utilizing our record cash flow from operations and net proceeds from the follow-on equity offering.

    The Company’s effective tax rate for the fiscal first half was 26.2% on a GAAP basis.

    Fiscal 2025 First Half Segment Results

    Contractor Solutions segment revenue was $319.3 million, a $39.4 million or 14.1% increase from the prior year period. Revenue growth was comprised of inorganic growth from Dust Free and PSP acquisitions ($18.8 million, or 6.7%, of growth), and organic growth of $20.6 million (7.4% of the total 14.1% growth) due to increased unit volumes and a slight increase from pricing actions. As compared to the prior year period, net revenue growth was driven primarily by the HVAC/R, plumbing, and electrical end markets. Segment operating income in the current year period was $96.1 million, compared to $78.7 million in the prior year period. The incremental profit resulted from the increased unit volumes, favorable product mix, and the inclusion of recent acquisitions, partially offset by increased expenses related to employee compensation and business integrations as the segment builds the infrastructure to support continued growth, and increased expenses related to the inclusion of Dust Free and PSP in the current period, including amortization of intangible assets. Segment operating income margin was 30.1%, compared to 28.1% in the prior year period, driven primarily by increased operating leverage from the additional volume, favorable product mix and pricing actions, combined with the management of operating expenses. Segment EBITDA in the current period was $112.0 million, or 35.1% of revenue, compared to $93.4 million, or 33.4% of revenue in the prior year period.

    Specialized Reliability Solutions segment revenue grew to $75.3 million, a $1.0 million or 1.3% increase from the prior year period of $74.3 million, primarily due to pricing actions and increased unit volumes, with growth in the rail transportation end market and a decrease in mining. In the current year period, Segment operating income improved by 10.0% to $13.0 million, or 17.2% of revenue, compared to the prior year period of $11.8 million, or 15.9% of revenue. Improved segment operating income resulted primarily as a result of a favorable inventory adjustment in the first quarter as well as the increased volume. Segment EBITDA in the current period was $15.6 million, or 20.7% of revenue, compared to $14.7 million, or 19.8% of revenue in the prior year period.

    Engineered Building Solutions segment revenue was $63.6 million, a $6.8 million or 11.9% increase over the prior year period, primarily due to the conversion of backlog into revenue and market expansion. Segment operating income increased 24.4% to $11.8 million, or 18.6% of revenue, compared to the prior year period of $9.5 million, or 16.7% of revenue, due to the increased net revenue, improved gross margin as a result of operating leverage, and management of operating expenses. Segment EBITDA in the current period was $12.8 million, or 20.1% of revenue, compared to $10.4 million, or 18.3% of revenue in the prior year period.

    All percentages are calculated based upon the attached financial statements. Share count used in determining the diluted EPS is based on a weighted average of outstanding shares throughout the measurement period.

    Conference Call Information

    The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

    A telephonic replay will be available shortly after the conclusion of the call and until Wednesday, November 13, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13749338. The call will also be available for replay via webcast link on the Investors portion of the CSWI website www.cswindustrials.com.

    Safe Harbor Statement

    This press release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

    The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

    All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

    Non-GAAP Financial Measures

    This press release includes an analysis of adjusted diluted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSWI is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

    CSWI utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

    For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

    About CSW Industrials, Inc.

    CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

    Investor Relations

    Alexa Huerta
    Vice President, Investor Relations and Treasurer
    214-489-7113
    alexa.huerta@cswindustrials.com

    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (unaudited)
     
        Three Months Ended
    September 30,    		   Six Months Ended
    September 30,
    (Amounts in thousands, except per share amounts)     2024       2023       2024       2023  
    Revenues, net   $ 227,926     $ 203,653     $ 454,103     $ 407,013  
    Cost of revenues     (124,025 )     (112,694 )     (242,781 )     (223,887 )
    Gross profit     103,901       90,959       211,322       183,126  
    Selling, general and administrative expenses     (52,352 )     (48,966 )     (104,712 )     (95,927 )
    Operating income     51,549       41,993       106,610       87,199  
    Interest expense, net     (1,341 )     (3,306 )     (3,861 )     (7,315 )
    Other income (expense), net     (677 )     1,926       (418 )     2,240  
    Income before income taxes     49,531       40,613       102,331       82,124  
    Provision for income taxes     (12,910 )     (10,431 )     (26,859 )     (20,885 )
    Net income     36,621       30,182       75,472       61,239  
    Less: Income attributable to redeemable noncontrolling interest     (570 )     (127 )     (828 )     (572 )
    Net income attributable to CSW Industrials, Inc.   $ 36,051     $ 30,055     $ 74,644     $ 60,667  
                     
    Net income per share attributable to CSW Industrials, Inc.                
    Basic   $ 2.27     $ 1.93     $ 4.75     $ 3.91  
    Diluted     2.26       1.93       4.73       3.90  
                     
    Weighted average number of shares outstanding:                
    Basic     15,866       15,544       15,701       15,532  
    Diluted     15,941       15,588       15,770       15,568  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
    (Amounts in thousands, except for per share amounts)   September 30, 2024   March 31, 2024
    ASSETS        
    Current assets:        
    Cash and cash equivalents   $ 273,220     $ 22,156  
    Accounts receivable, net of allowance for expected credit losses of $1,127 and $908, respectively     135,265       142,665  
    Inventories, net     183,731       150,749  
    Prepaid expenses and other current assets     17,281       15,840  
    Total current assets     609,497       331,410  
    Property, plant and equipment, net of accumulated depreciation of $109,891 and $103,515, respectively     95,128       92,811  
    Goodwill     255,899       247,191  
    Intangible assets, net     333,326       318,819  
    Other assets     65,446       53,095  
    Total assets   $ 1,359,296     $ 1,043,326  
             
    LIABILITIES AND EQUITY        
    Current liabilities:        
    Accounts payable   $ 63,191     $ 48,387  
    Accrued and other current liabilities     96,259       67,449  
    Total current liabilities     159,450       115,836  
    Long-term debt     —       166,000  
    Retirement benefits payable     1,093       1,114  
    Other long-term liabilities     148,404       125,298  
    Total liabilities     308,947       408,248  
    Commitments and contingencies (See Note 13)        
    Redeemable noncontrolling interest     20,183       19,355  
    Equity:        
    Common shares, $0.01 par value     177       164  
    Additional paid-in capital     494,535       137,253  
    Treasury shares, at cost (982 and 952 shares, respectively)     (106,636 )     (95,643 )
    Retained earnings     651,145       583,075  
    Accumulated other comprehensive loss     (9,055 )     (9,126 )
    Total equity     1,030,166       615,723  
    Total liabilities, redeemable noncontrolling interest and equity   $ 1,359,296     $ 1,043,326  
    CSW INDUSTRIALS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
        Six Months Ended
    September 30,
    (Amounts in thousands)     2024       2023  
    Cash flows from operating activities:        
    Net income   $ 75,472     $ 61,239  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation     7,045       6,613  
    Amortization of intangible and other assets     13,214       11,730  
    Provision for inventory reserves     840       2,490  
    Provision for doubtful accounts     723       227  
    Share-based compensation     6,891       5,556  
    Net gain on disposals of property, plant and equipment     (39 )     (1,446 )
    Net pension benefit     33       33  
    Impairment of assets     —       91  
    Net deferred taxes     1,516       411  
    Changes in operating assets and liabilities:        
    Accounts receivable     11,301       (3,917 )
    Inventories     (25,282 )     7,739  
    Prepaid expenses and other current assets     (2,085 )     (5,478 )
    Other assets     153       (466 )
    Accounts payable and other current liabilities     39,626       8,975  
    Retirement benefits payable and other liabilities     61       1,139  
    Net cash provided by operating activities     129,469       94,936  
    Cash flows from investing activities:        
    Capital expenditures     (8,587 )     (7,785 )
    Proceeds from sale of assets held for investment     —       1,665  
    Proceeds from sale of assets     43       42  
    Cash paid for investments     (500 )     —  
    Cash paid for acquisitions     (32,305 )     (2,623 )
    Net cash used in investing activities     (41,349 )     (8,701 )
    Cash flows from financing activities:        
    Borrowings on line of credit     32,723       38,681  
    Repayments of line of credit and term loan     (198,723 )     (118,681 )
    Purchase of treasury shares     (12,287 )     (3,928 )
    Proceeds from equity issuance     347,407       —  
    Dividends     (6,523 )     (5,900 )
    Net cash provided by (used in) financing activities     162,597       (89,828 )
    Effect of exchange rate changes on cash and equivalents     347       (1,016 )
    Net change in cash and cash equivalents     251,064       (4,609 )
    Cash and cash equivalents, beginning of period     22,156       18,455  
    Cash and cash equivalents, end of period   $ 273,220     $ 13,846  

    Reconciliation of Non-GAAP Measures

    We use adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSWI, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.

    CSW Industrials, Inc.
    Reconciliation of Net Income Attributable to CSWI to EBITDA
    (unaudited)
                     
    (Amounts in thousands)   Three months ended
    September 30,    		   Six Months ended
    September 30,
          2024       2023       2024       2023  
    Net Income attributable to CSWI   $ 36,051     $ 30,055     $ 74,644     $ 60,667  
    Plus: Income attributable to redeemable noncontrolling interest     570       127       828       572  
    Net Income   $ 36,621     $ 30,182     $ 75,472     $ 61,239  
                     
    Adjusting Items:                
    Interest expense, net     1,341       3,306       3,861       7,315  
    Income tax expense     12,909       10,431       26,859       20,886  
    Depreciation & amortization     9,951       9,045       19,883       17,960  
    EBITDA   $ 60,823     $ 52,964     $ 126,075     $ 107,399  
    EBITDA % Revenue     26.7 %     26.0 %     27.8 %     26.4 %
    CSW Industrials, Inc.
    Reconciliation of Segment Operating Income to Segment EBITDA
    (unaudited)
               
    (Amounts in thousands) Three months ended September 30, 2024
      Contractor
    Solutions    		 Specialized
    Reliability
    Solutions    		 Engineered
    Building
    Solutions    		 Corporate
    and Other    		 Consolidated
    Revenue, net $ 158,835   $ 38,535   $ 32,673   $ (2,115 ) $ 227,927  
               
    Operating Income $ 46,254   $ 5,819   $ 6,082   $ (6,606 ) $ 51,550  
    % Revenue   29.1 %   15.1 %   18.6 %     22.6 %
               
    Adjusting Items:          
    Other income (expense), net   (543 )   (121 )   (12 )   (2 )   (678 )
    Depreciation & amortization   8,002     1,409     494     45     9,951  
    EBITDA $ 53,713   $ 7,108   $ 6,564   $ (6,562 ) $ 60,823  
    % Revenue   33.8 %   18.4 %   20.1 %     26.7 %
               
    (Amounts in thousands) Three months ended September 30, 2023
      Contractor
    Solutions    		 Specialized
    Reliability
    Solutions    		 Engineered
    Building
    Solutions    		 Corporate
    and Other    		 Consolidated
    Revenue, net $ 139,902   $ 36,614   $ 29,211   $ (2,075 ) $ 203,653  
               
    Operating Income $ 39,025   $ 4,829   $ 5,233   $ (7,095 ) $ 41,993  
    % Revenue   27.9 %   13.2 %   17.9 %     20.6 %
               
    Adjusting Items:          
    Other income (expense), net   575     (54 )   3     1,402     1,926  
    Depreciation & amortization   7,045     1,505     453     42     9,045  
    EBITDA $ 46,645   $ 6,280   $ 5,690   $ (5,651 ) $ 52,964  
    % Revenue   33.3 %   17.2 %   19.5 %     26.0 %
               
    CSW Industrials, Inc.
    Reconciliation of Segment Operating Income to Segment EBITDA
    (unaudited)
               
    (Amounts in thousands) Six Months ended September 30, 2024
      Contractor
    Solutions    		 Specialized
    Reliability
    Solutions    		 Engineered
    Building
    Solutions    		 Corporate
    and Other    		 Consolidated
    Revenue, net $ 319,252   $ 75,327   $ 63,566   $ (4,041 ) $ 454,104  
               
    Operating Income $ 96,138   $ 12,970   $ 11,806   $ (14,304 ) $ 106,610  
    % Revenue   30.1 %   17.2 %   18.6 %     23.5 %
               
    Adjusting Items:          
    Other income (expense), net   (147 )   (183 )   (19 )   (68 )   (418 )
    Depreciation & amortization   15,985     2,832     979     87     19,883  
    EBITDA $ 111,976   $ 15,619   $ 12,766   $ (14,285 ) $ 126,075  
    % Revenue   35.1 %   20.7 %   20.1 %     27.8 %
               
    (Amounts in thousands) Six Months ended September 30, 2023
      Contractor
    Solutions    		 Specialized
    Reliability
    Solutions    		 Engineered
    Building
    Solutions    		 Corporate
    and Other    		 Consolidated
    Revenue, net $ 279,857   $ 74,326   $ 56,798   $ (3,967 ) $ 407,014  
               
    Operating Income $ 78,692   $ 11,794   $ 9,493   $ (12,780 ) $ 87,199  
    % Revenue   28.1 %   15.9 %   16.7 %     21.4 %
               
    Adjusting Items:          
    Other income (expense), net   747     (91 )   11     1,573     2,240  
    Depreciation & amortization   13,940     3,035     895     90     17,960  
    EBITDA $ 93,380   $ 14,738   $ 10,398   $ (11,117 ) $ 107,399  
    % Revenue   33.4 %   19.8 %   18.3 %     26.4 %
               
    CSW INDUSTRIALS, INC.
    Reconciliation of Operating Cash Flow to Free Cash Flow
    (Unaudited)
                   
    (Amounts in thousands) Three Months Ended
    September 30,    		   Six Months ended
    September 30,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 66,814     $ 44,679     $ 129,469     $ 94,936  
    Less: Capital expenditures   (5,486 )     (2,814 )     (8,587 )     (7,785 )
    Free cash flow $ 61,328     $ 41,865     $ 120,882     $ 87,151  
    Free cash flow % EBITDA   100.8 %     79.0 %     95.9 %     81.1 %

    The MIL Network –

  • MIL-OSI Video: House Calls | Ada Limón: How Can Poetry Help Us Make Sense Of The World?

    Source: United States of America – Federal Government Departments (video statements)

    For Ada Limón, the 24th U.S. Poet Laureate, poetry is her way of connecting — to others, to ourselves, to our natural world. Ada’s work is deeply personal, inspired by gratitude for loved ones, awe and nature, and her struggles with scoliosis and infertility. In this conversation with the Surgeon General, she reflects on her process for writing, which she says often starts with the simple act of seeing what’s around her. When Ada shares her poems, she finds joy in other people seeing their own feelings and life experiences in her writing. In the course of this conversation she beautifully recites two of her poems. “The Raincoat” was written for her mother. The other, “In Praise of Mystery,” is shooting through outer space right now on a NASA aircraft bound for Jupiter’s moon Europa.

    (07:36) Can poetry help keep us grounded?
    (10:33) How does poetry help when language fails us?
    (12:35) Ada shares her poem “The Raincoat”
    (17:50) What are some unexpected ways poetry opens people up?
    (22:40) What if we don’t “get” poetry?
    (26:42) What is it like to live the life of a poet?
    (31:38) How Ada gets herself in the mindset to write
    (38:08) On staying present
    (44:02) How life challenges shaped her creativity
    (52:14) How does Ada define success at this point in her life?
    (59:36) A reading of her poem “In Praise of Mystery.”
    (01:03:08) What gives Ada Limón hope?

    We’d love to hear from you! Send us a note at housecalls@hhs.gov with your feedback & ideas. For more episodes, visit www.surgeongeneral.gov/housecalls.

    —

    U.S. Department of Health and Human Services (HHS) | http://www.hhs.gov

    http://www.Twitter.com/HHSGov | http://www.Facebook.com/HHS http://www.Instagram.com/HHSGov
    http://www.LinkedIn.com/company/us-department-of-health-and-human-services

    HHS Privacy Policy: http://www.hhs.gov/Privacy.html

    https://www.youtube.com/watch?v=XAfZ5R8g7fU

    MIL OSI Video –

  • MIL-OSI Asia-Pac: Second train with 840 metric tonnes of onion arrives in Delhi

    Source: Government of India (2)

    Second train with 840 metric tonnes of onion arrives in Delhi

    Onions to be released in Azadpur Mandi to augment availability, part stock to retail for Rs 35 per kg

    Train carrying another 840 metric tonnes of onion from Nashik to reach Guwahati

    Posted On: 30 OCT 2024 2:49PM by PIB Delhi

    Today another 840 MT of onions procured by National Agricultural Cooperative Marketing Federation of India (NAFED) under the price stabilization fund of Department of Consumer Affairs has arrived at Kishanganj Railway Station of Delhi for disposal in Delhi-NCR. This is the second bulk transportation of onions by train to Delhi-NCR after NCCF brought 1,600 MT of onions to Kishanganj Station on 20th October, 2024 by Kanda express. Most of the onions will be released in Azadpur Mandi to augment overall availability in the market while part of the stock will go for retail sale at Rs 35 per kg.

    The impact of bulk disposal of onion at Azadpur Mandi may be seen at graph given below:

    Bulk transportation of onions by rail rake has been adopted, for the first time, for a timely, reliable and cost-effective delivery of onions to various regions. NAFED had earlier transported 840 MT of onions by rail rake from Nashik which arrived at Chennai on 26th October, 2024. Another rail rake from Nashik to Guwahati has left Nashik early this morning with 840 MT of onions procured by NCCF. Bulk shipments by rail augments the continuous transportation of onions by trucks across the country.   

    The government had procured 4.7 lakh tons of rabi onion for the price stabilization buffer this year, and started the release from 5th September, 2024 through retail sale at Rs 35 per kg and also through bulk sales in major mandis across the country. Till date over 1.40 lakh tonnes of onion in the buffer have been dispatched from Nashik and other source centres to consuming centres through trucks by road transport. As on date, NCCF has covered 104 destinations in 22 States and NAFED covered 52 destinations in 16 States in their onion disposal. The agencies have also partnered with retail chains such as SAFAL, Kendriya Bhandar and Reliance Retail for distribution of onions to retail consumers at Rs 35 per kg. In addition, 86,500 MT of onion has been allotted to 9 States Governments/Cooperative Societies for retail distribution.

    Since the start of onion disposal till date, the retail prices of onion have substantially stabilized in major States such as Andhra Pradesh, Maharashtra, Karnataka, UP, Tamil Nadu and Delhi. All-India average retail prices remained largely stable during October. The onion shipment by rail to Guwahati will enhance availability in North-eastern States and is expected have dampening impact on prices in the region and also on the all-India average. Mandi prices in Nashik mandi also declined from the peak of Rs.47 per kg on 24th September and is currently at 40 kg on 29th October, 2024.

     

     

     

    ***

    AD/AM

    (Release ID: 2069506) Visitor Counter : 74

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Department of Labor finds construction contractors failed to protect rigger from fatal 30-story fall at Fort Lauderdale high-rise

    Source: US Department of Labor

    FORT LAUDERDALE, FL – A U.S. Department of Labor investigation found two contractors could have prevented a crane collapse at a Fort Lauderdale residential construction site in April 2024, which caused a 27-year-old rigger to suffer fatal injuries after falling approximately 30 stories.

    Investigators with the department’s Occupational Safety and Health Administration learned that two workers employed by Phoenix Rigging & Erecting LLC were installing a section on a tower crane to increase its height when a support cable failed and the platform on which they stood became displaced. One worker, who was wearing the required fall protection and tied off, was rescued. Another worker, whose lanyard was not connected to an anchor point was fatally injured.

    OSHA cited Phoenix Rigging & Erecting in Mableton, Georgia, for three serious violations for failing to do the following: 

    The agency also cited a Canonsburg, Pennsylvania, crane rental company, Maxim Crane Works LP, for two serious violations for failing to do the following:

    • Observing deficiencies to significantly corroded and cracked pins and bolts, and improperly applying end connections.
    • Allowing employees to start work without conducting pre-inspections of crane components, including but not limited to U-bolt clamps, bolts, pins, thimbles and wire ropes, to ensure those were inspected adequately by a qualified person for damage or excessive wear.

    “Neglecting workplace safety requirements can be a matter of life or death,” said OSHA Area Director Condell Eastmond in Fort Lauderdale, Florida. “If these companies had made safety a priority, a young man’s family, friends, and co-workers wouldn’t be facing this preventable loss. Construction employers are responsible for ensuring that workers use fall protection in hazardous situations, and we will hold all employers accountable for failing to provide safe working conditions.”

    OSHA cited the construction contractors for five serious violations and proposed $61,299 in penalties, the maximum amount that OSHA can legally recommend. 

    The Bureau of Labor Statistics reports that 1,056 construction workers were fatally injured on the job in 2022, with 423 of those fatalities related to falls from elevation, slips or trips.  

    Phoenix Rigging & Erecting LLC conducts crane assembly and dismantling. Maxim Crane Works LP rents heavy-lift equipment, including hydraulic truck cranes, rough terrain cranes, crawler cranes, tower cranes, conventional truck cranes and boom trucks at more than 50 locations nationwide.

    The contractors have 15 business days from receipt of their citations and penalties to comply, request an informal conference with OSHA’s area director, or contest the findings before the independent Occupational Safety and Health Review Commission.

    Visit OSHA’s website for information on developing a workplace safety and health program. Employers can also contact the agency for information about OSHA’s compliance assistance resources and for free help on complying with OSHA standards. 

    Under the Occupational Safety and Health Act of 1970, employers are responsible for providing safe and healthful workplaces for their employees. OSHA’s role is to ensure these conditions for America’s working men and women by setting and enforcing standards, and providing training, education and assistance. For more information, visit OSHA’s website to learn more. 

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: ​​​​​​​National Internet Exchange of India unveils new office at World Trade Centre, New Delhi along with its new initiatives

    Source: Government of India (2)

    ​​​​​​​National Internet Exchange of India unveils new office at World Trade Centre, New Delhi along with its new initiatives

    MeitY Secretary unveils NIXI’s latest digital initiatives for a Secure and Inclusive Internet; Festive Offer for .in Accredited Registrars, to drive adoption of .in domain

    NIXI and TCIL sign Strategic Agreement to bolster user trust with SSL Certificates

    Posted On: 30 OCT 2024 1:51PM by PIB Delhi

    The National Internet Exchange of India (NIXI) today celebrated the grand inauguration of its new office at the World Trade Centre, Nauroji Nagar, New Delhi. The event was presided over by Sh. S Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY) and Chairman, NIXI along with Shri Bhuvnesh Kumar, Additional Secretary, MeitY, Shri Sushil Pal, Joint Secretary, MeitY, and Shri Rajesh Singh, Joint Secretary and Financial Adviser, MeitY. This event marked a significant step in NIXI’s ongoing efforts to strengthen India’s internet infrastructure and foster digital growth.

    As part of the event, Secretary MeitY also unveiled a few of the initiatives undertaken by NIXI, such as a Festive Offer for .in Accredited Registrars, aimed at accelerating the adoption of the .in domain across the users. He mentioned that NIXI has a very important role to play in the field of Internet, not just at national level but also globally. NIXI is ready to make a difference in this field as its role is being redefined right now, he added.

    NIXI’s CSR Impact Report for FY 23-24

    The ceremony also featured the launch of NIXI’s CSR Impact Report for FY 23-24, highlighting the organization’s achievements in the realm of corporate social responsibility. The report showcased NIXI’s work in promoting digital literacy, expanding internet accessibility, and contributing to community development. It also outlined future goals, reaffirming NIXI’s commitment to supporting India’s digital economy and social empowerment initiatives.

    Strategic Agreement with TCIL

    The event was also marked by the signing of a strategic agreement with M/s Telecommunications Consultants India Ltd (TCIL) for the implementation of NIXI SSL Certificate Authority (SSL CA). This partnership will enhance internet security across India by providing trusted SSL certification services, ensuring safe online transactions and bolstering user trust.

    On this occasion, Dr. Devesh Tyagi, CEO NIXI said that as of now we have booked 41 lakh domains and our next target is to reach 50 lakh which will be a very significant target. We have 77 exchange points across the country which have proven helpful in keeping our data within the country. We are also planning to bring a new scheme to increase these exchange points.

    About NIXI

    Set up on 19th June 2003, the National Internet Exchange of India (NIXI) is a not-for-profit (Section 8) company under the aegis of the Ministry of Electronics and Information Technology, Government of India. It is tasked with increasing internet penetration and adoption in India by facilitating various infrastructure aspects to enable the internet ecosystem to be managed and used by the masses.

    The four services under NIXI include: Internet Exchange Points (IXPs) for building Internet Exchange Points, .IN Registry for building the .in domain digital identity, IRINN for IPv4 and IPv6 addresses adoption, and Data Centre services under NIXI-CSC for data storage services.

    *****

    Dharmendra Tewari/Kshitij Singha

    (Release ID: 2069493) Visitor Counter : 65

    MIL OSI Asia Pacific News –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on YBIT (65.28%), TSLY (60.58%), TSMY (54.47%), YMAX (66.23%), YMAG (41.16%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF Ticker1 ETF Name Reference Asset Distribution
    per Share    		 Distribution Frequency Distribution Rate2,4,5 30-Day
    SEC Yield    3    		 Ex-Date & Record
    Date    		 Payment Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs Multiple $0.2247 Weekly 66.23% 50.85% 10/31/24 11/1/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Multiple $0.1528 Weekly 41.16% 62.93% 10/31/24 11/1/2024
    TSLY YieldMax™ TSLA Option Income Strategy ETF TSLA $0.5986 Every 4
    Weeks    		 60.58% 3.09% 10/31/24 11/1/2024
    CRSH   YieldMax™ Short TSLA Option Income Strategy ETF TSLA $0.4489 Every 4
    Weeks    		 51.38% 3.61% 10/31/24 11/1/2024
    GOOY YieldMax™ GOOGL Option Income Strategy ETF GOOGL $0.3771 Every 4
    Weeks    		 31.69% 3.28% 10/31/24 11/1/2024
    YBIT YieldMax™ Bitcoin Option Income Strategy ETF Bitcoin ETP $0.6717 Every 4
    Weeks    		 65.28% 4.07% 10/31/24 11/1/2024
    OARK YieldMax™ Innovation Option Income Strategy ETF ARKK $0.2818 Every 4
    Weeks    		 35.18% 3.37% 10/31/24 11/1/2024
    XOMO YieldMax™ XOM Option Income Strategy ETF XOM $0.3373 Every 4
    Weeks    		 26.26% 3.32% 10/31/24 11/1/2024
    SNOY YieldMax™ SNOW Option Income Strategy ETF SNOW $0.5589 Every 4
    Weeks    		 43.15% 3.44% 10/31/24 11/1/2024
    TSMY YieldMax™ TSM Option Income Strategy ETF TSM $0.8897 Every 4
    Weeks    		 54.47% 3.48% 10/31/24 11/1/2024
    Scheduled for next week: YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1  All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

    2  The Distribution Rate shown is as of close on October 29, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5  YieldMax™ ETF distributions may contain return of capital, but an estimate cannot be provided at this time. Please refer to the 19a-1 notices here for additional details regarding the distributions’ composition, once available.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here.

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

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