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  • MIL-OSI United Kingdom: Music students to get invaluable experience at the King’s Hall

    Source: City of Canterbury

    Home  »  Latest News   »   Music students to get invaluable experience at the King’s Hall

    An exciting new partnership between the King’s Hall in Herne Bay and EKC Canterbury College will see the college’s music students taking part in high quality work experience placements at the iconic seafront venue.

    The project will offer the students invaluable opportunities to learn a variety of skills, explore potential career paths, and develop attitudes and approaches that are highly sought after in the performing arts sector.

    They will develop their skills in organising, supporting and playing active roles in performances and events that take place at the King’s Hall, such as Battle of the Bands and open microphone nights, as well as at other music events organised and managed by the students themselves.

    As a concert, theatre and dance hall venue, the King’s Hall, which is owned and managed by Canterbury City Council, puts on a range of activities for local musicians, performers and community groups to get involved in.

    Cabinet member for culture, Cllr Charlotte Cornell, said: “Given its roots in the heart of the community, the King’s Hall is the perfect venue to back this initiative. We are delighted to be working with EKC Canterbury College to support their students as they develop their skills and learn about the music and entertainment industry.

    “In particular, it will be great to watch them go about organising their own events and I look forward to being in the audience to see the results of their hard work in due course.”

    EKC Canterbury College is part of the wider East Kent College Group. Victoria Copp-Crawley, Executive Principal for the Group, said: “High quality work experience is critical to ensuring the UK’s future workforce is adequately skilled to seamlessly integrate with existing employees, and for the country to remain competitive in the global labour market.

    “To be able to experience this sector first hand at a local venue such as the King’s Hall is a fantastic opportunity and we are sure our students will benefit hugely from all the time they spend there.”

    This is the latest tie in between EKC Canterbury College and the city council, following another project running at the Beaney House of Art and Knowledge in Canterbury.

    Cllr Cornell added: “We were very pleased to collaborate with the college at the Beaney through the launch of their Foundation Degree (FdA) in Creative Professional Business Practice, which started this autumn and gives students the opportunity to work on projects in the museum and galleries as part of their course.”

    Published: 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Murphy Holds Roundtable Discussion on Expanding Access to Public Contracting Opportunities for Historically Marginalized Businesses

    Source: US State of New Jersey

    Discussion Seeks to Address Findings of Statewide Disparity Study

     

    TRENTON – Governor Phil Murphy today held a roundtable discussion where he met with legislators and stakeholders to gather input on potential legislative remedies and ongoing administrative initiatives to eliminate disparities in the public procurement process and create a more equitable business environment for Minority and Women-Owned Business Enterprises (MWBEs) in New Jersey.

    The discussion follows the release of a comprehensive statewide disparity study earlier this year – the first since 2005 – which reviewed statewide procurement data relating to goods and services, professional services, and construction between 2015 and 2020, and found statistically significant disparities in the awarding of public contracts to MWBEs. The study was necessary so that the State had a legal basis for addressing these gaps. This discussion also follows a series of meetings over the past months led by the Governor’s Office and the Department of Treasury with community partners, faith leaders, labor, and diverse business chambers across the state.

    “One of New Jersey’s best attributes has always been its vast diversity. Our state is home to people of so many different backgrounds, who all deserve the opportunity to succeed in their chosen field; however, lingering inequities continue to create barriers to entry for our minority and women-owned businesses that want to contract with our state government. This is unacceptable and, with the help of our lawmakers and business community, we will take action,” said Governor Murphy. “Today’s meeting underscores our steadfast commitment to building a stronger, fairer, more equitable, and more inclusive New Jersey. I look forward to continuing this conversation and working with our partners in the Legislature and our state’s business community to create a system where all businesses can thrive.”

    The Governor was joined by Assemblywoman Shavonda Sumter, Chair of the Legislative Black Caucus; Senator Nellie Pou, Chair of the Legislative Latino Caucus; Assemblyman Sterley Stanley, Chair of the Asian American Pacific Islander Legislative Caucus; and Assemblyman Benjie Wimberly, Co-Chair of the Joint Committee on Economic Justice and Equal Employment Opportunity and Member of the Legislative Black Caucus.

    The African American Chamber of Commerce, the Statewide Hispanic Chamber of Commerce, the Women’s Chamber of Commerce, the Punjabi Chamber of Commerce, the Veteran’s Chamber of Commerce, and the NJ Diverse Business Advisory Council —  a coalition representing small and diverse businesses in New Jersey, such as LGBTQ+ and veteran-owned businesses — were also in attendance, in addition to Senior Pastor of Saint James AME Church Reverend Ronald Slaughter, Jo-Ann Povia, Chief of Staff to the Department of the Treasury and Associate Deputy State Treasurer, Michelle Bodden, Chief Diversity and Inclusion Officer at the Economic Development Authority, and Jayné Johnson, Director of the Governor’s Office of Equity.

    “I want to commend Governor Murphy for his courageous leadership in commissioning the public contracting disparity study that equips us to make long-needed reforms. I also want to thank the Treasurer and the Treasury team for their work in overseeing the disparity study and Chief Diversity Officer Candice Alfonso for getting it over the finish line, as well as our partners in the Legislature and the business community who joined us at the table today to discuss legislative reforms. The study— as an assessment tool— equips us to tailor remedies specific to the study’s findings and the nuances of New Jersey law,” said Jayné Johnson, Director, Governor’s Office of Equity. “Our office has convened the Cabinet and the authorities across state government in support of efforts to accelerate capacity-building through initiatives that engage historically marginalized businesses. We are also leading statewide efforts to advance people-centered workplace initiatives—recognizing that when our colleagues have a better awareness of their neighbors, the outcomes of our policies and systems are more equitable and responsive.”

    “From day one, Treasury has been committed to advancing the Murphy Administration’s goal of building a more equitable landscape for New Jersey businesses,” said State Treasurer Elizabeth Maher Muoio. “The recent disparity study overseen by Treasury’s Office of Diversity and Inclusion, led by Chief Diversity Officer Candice Alfonso, shone a light on inequities faced by diverse businesses in the public contracting system. This years-long effort will serve as a roadmap as the State plans responsive action to promote a more equitable procurement process.”

    “Under Governor Murphy’s leadership, New Jersey has made tremendous strides to increase transparency and create a more equitable economy, especially across state contracting opportunities for diverse entrepreneurs. I am proud of the investments we are making to bolster diverse-owned businesses and ensure they have the capacity to secure larger-scale contracts,” said NJEDA Chief Executive Officer Tim Sullivan. “But undoing decades of unfair treatment and unequal outcomes is a work in progress, and conversations like the one today are critical to guaranteeing our work to improve the procurement process is bold, meaningful, and transparent.”

    Throughout the Murphy Administration, the State has instituted a number of initiatives designed to promote equitable contracting practices and uplift small businesses across all sectors. This has ranged from bonding readiness assistance to matchmaking and outreach events, complementing a whole-of-government approach to create new opportunities for New Jersey’s MWBEs.

    Today’s discussion served as a valuable working session for representatives from the Executive and Legislative Branches to hear directly from industry stakeholders, fostering a collaborative foundation as the State works to establish concrete legislative solutions to make the public bidding process more accessible and resolve disparities in procurement processes.

    “We have a moral obligation to ensure economic opportunities for every New Jerseyan,” said Assembly Speaker Craig J. Coughlin. “Equity in the contracting process for minority- and women-owned businesses will benefit every corner of our state. We have demonstrated that when every community has the chance to thrive, it grows the entire economy. I commend the work of my colleagues in the Legislature, the Administration, and the business community to find solutions to the challenges outlined in the Disparity Study and look forward to our next steps.”

    “Today’s discussion will serve as an important foundation as we work on viable, long-term solutions to make New Jersey’s business community more equitable,” said Senator Nellie Pou, Chair of the Legislative Latino Caucus. “We must ensure our minority and women-owned businesses are able to succeed in New Jersey, especially when it comes to doing business with the State. I was pleased to see so many come together in collaboration this morning and look forward to continuing our work in this space.”

    “The findings of the New Jersey Disparity Study serve as a stark reminder of the long road we still must travel to ensure true equity for minority- and women-owned businesses in our state,” said Assemblywoman Shavonda E. Sumter, Chair of the Legislative Black Caucus. “This study sheds light on critical gaps that continue to limit fair access to government contracts and the essential resources needed to allow these businesses not only to compete but to thrive. Armed with this data, we’re seizing this opportunity to enact real change. After hearing from our communities and stakeholders earlier this year, we introduced a bold package of a dozen bills that will help shape a more inclusive New Jersey. One where every business owner has a fair shot at success. Roundtable discussions like today’s are vital steps forward, bringing us closer to a more equitable economy that benefits all New Jerseyans.”

    “The New Jersey Disparity Study authored an undeniable truth: minority and women-owned businesses are not being afforded the public contract opportunities that align with their product. This disparity does not reflect their ability to deliver quality services. Instead, it highlights systemic barriers that have gone unaddressed, barriers that allow state agencies to be relaxed about diversifying vendors and broadening business opportunities, and this demands immediate, decisive action,” said Assemblyman Benjie E. Wimberly, Co-Chair of the Joint Committee on Economic Justice and Equal Employment Opportunity. “Since this report was released, I have collaborated with many stakeholders like the African American Chamber of Commerce NJ and the New Jersey State Women’s Chamber of Commerce to launch a targeted legislative agenda focused on eliminating these obstacles and creating a more fair approach to market competition. But our commitment needs to go beyond legislation; it’s about real, actionable solutions for business owners and the government agencies responsible for contracting. By deepening our work with stakeholders and business leaders, we’re positioning New Jersey as a model of economic fairness and inclusion driving lasting impact for diverse business owners and strengthening our state economy.”

    “The recently released disparity study highlighted the urgent need for change, and this roundtable was an important step in ensuring that New Jersey’s public contracting opportunities reflect the diversity of our communities,” said Assemblyman Sterley Stanley, Chair of the Asian American Pacific Islander Legislative Caucus. “Minority- and women-owned businesses have faced significant marginalization, but by working with stakeholders, our fellow legislators, and government representatives, we can create pathways for all businesses to succeed in today’s marketplace.” 

    “I am grateful to Governor Murphy for his invitation to discuss how we move forward with policies and systems that will yield more equitable outcomes for the 1.2 million black residents and over 88,000 black owned businesses. Blacks have demonstrated tremendous patience, sacrifice, and support to help so many New Jerseyans to achieve their goals; now it’s time for the leadership within all sectors of our state to apply that same level of vigor and intentionality in partnership with the African American Chamber of Commerce of New Jersey to enable our constituency to achieve their dreams and aspirations,” said John Harmon, Founder, President, and CEO of the African American Chamber of Commerce of New Jersey.

    “Since the Disparity Study results were presented, the Governor’s Office has been highly engaged in keeping us informed. We’ve been part of roughly a dozen meetings, working closely together. While the findings are stark, the Governor’s Office has shown unwavering partnership from day one, committing to meaningful collaboration and sustained efforts. This joint approach aims to create a level playing field, drive increased competition, and ultimately secure greater savings for the state,” said Carlos Medina, Chair of the Statewide Hispanic Chamber of Commerce of New Jersey.

    “Governor Murphy’s proactive approach in addressing the findings of the disparity study is paving the way for a more inclusive economy in New Jersey,” said Robin Tabakin, Public Policy Leader and President Elect of New Jersey State Women’s Chamber of Commerce. “I appreciate that Governor Murphy has taken the initiative to sign legislation directing the Department of the Treasury to establish procurement goals that prioritize women, minority, veteran, and LGBTQ owned businesses. Additionally, by increasing delegated purchasing authority for state agencies from $46,000 to $250,000, he has empowered these agencies to create real opportunities for diverse businesses in state contracting. His commitment to working with state chambers is critical to building a stronger, more equitable economic future for all New Jerseyans.”

    “I want to applaud Governor Murphy and his Administration for the groundbreaking step they have taken toward remedying the stark economic injustices uncovered in this disparity study. As one of the founders of, and today’s representative of, the New Jersey Diverse Business Advisory Council—a coalition of diverse business chambers across the state, including the Veteran’s Chamber—I urge us all to continue to be reminded of the stark findings in this study and to ensure the remedies are inclusive of all the impacted communities outlined in the study, and even those not in the study, including our veteran, minority, and LGBTQ+ business owners. I look forward to working with the members of this roundtable and the community at large in the coming months to deliver on this critical initiative,” said Francisco Cortes, Founder of the NJ Diverse Business Advisory Council & President of the NJ State Veteran’s Chamber of Commerce.

    “The Punjabi Chamber of Commerce along with our fellow Asian Americans commends Governor Murphy for directing attention and resources to addressing disparity in public contracting opportunities for Minority and Women Business Enterprises. New Jersey is fortunate to have a Governor who not only recognizes the disparity but is willing to assert leadership in remedying this serious issue,” said Gurpreet “Gary” Pasricha, Founder of the Punjabi Chamber of Commerce.

    “By being the first Governor to conduct a disparity study in our state’s history, Governor Murphy has taken a measurable step towards fostering equity and inclusivity in our State’s multi-billion dollar contracting sphere. This conversation today to address these disparities not only highlights the commitment to achieving economic justice for all, but also sets a precedent for leadership in creating a more just society. As a faith leader, I will work to see that the state accomplishes this tall task and that the effects trickle down to every member of my community. I look forward to sharing this much-needed information with the various houses of worship and community groups throughout the state, as it all flows through us.  This is a pivotal step by the Governor that will indeed pave the way for meaningful change,” said Senior Pastor of Saint James AME Church Reverend Ronald Slaughter.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Deluzio Cosponsors Legislation to Rein in Corporate Landlords and Lower Housing Costs

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    CARNEGIE, PA – This week, Representatives Chris Deluzio (PA-17) joined as an original co-sponsor of the Stop Wall Street Landlords Act reintroduced by Ro Khanna (CA-17), Katie Porter (CA-47), and Mark Takano (CA-39). This bill would end large institutional investors’ ability to use taxpayer dollars to subsidize the acquisition of single-family residential homes.  

    Since the 2008 housing crash and subsequent foreclosure crisis, increased investor activity in America’s housing market has normalized excessive fees and abusive practices while artificially driving up housing and rent prices. Investors bought 18% of all homes that sold in the fourth quarter of this year and 26% of the most affordable homes. In California, Nevada, Florida, Georgia, and other states where corporate landlords own a large concentration of single-family homes used as rental properties, investors are driving up the cost of rent.  

    “Low- and middle-income families in Western PA and across the country are being pushed out because of predatory practices by large corporate landlords buying up homes in our communities,” said Representative Chris Deluzio (PA-17). “Too many Wall Street investors are not good landlords; they have neglected maintenance, local taxes, and more—all while taking homes off the market. That is why I am proud to be an original co-sponsor of the Stop Wall Street Landlords Act—to help level the playing field and bring down housing costs in America.” 

    “Homes should be owned by people, not wealthy corporate landlords who are buying up affordable single-family homes and pushing the dream of homeownership out of reach for ordinary Americans,” said Rep. Ro Khanna (CA-17). “Affordable housing is one of the most pressing issues in my district and across the state. The Stop Wall Street Landlords Act will ensure that taxpayer dollars are not being used to fuel the housing crisis with more subsidies to corporate landlords. I’m proud to lead this effort with Representatives Porter and Takano to put affordable housing for families first.”  

    “As a single mom of three, it’s heartbreaking when my kids question whether they’ll be able to afford a home in the future,” said Rep. Katie Porter (CA-47). “Americans across the country, especially in my home state of California, are counting on lawmakers to lower the cost of housing. I’m helping lead the Stop Wall Street Landlords Act to crack down on wealthy corporate landlords who drive up the cost of housing and push families out of the market—all to line their own pockets. Every American deserves to have a fair shot at homeownership, and this bill will help level the playing field.” 

    “With big corporations and private equity using their pricing power to raise costs on everything from groceries to gas, it is no wonder they are also targeting single-family homes,” said Rep. Mark Takano (CA-39). “Not only are “Wall Street landlords driving up the cost of housing by monopolizing ownership of single-family residences, but they are doing so by using taxpayer dollars. It’s time we put the people’s bottom line first—not private equity’s. The Stop Wall Street Landlords Act, which I am proud to lead with Representatives Khanna and Porter, will keep corporations out of the single-family housing market for good.” 

    “Owning a home has always been a big part of the American dream,” said Rep. Bonnie Watson Coleman (NJ-12). “But because corporate investors buy up whole neighborhoods of single-family homes, leading to a rapid increase in the cost of housing, the idea of owning a home for many families across New Jersey remains just a dream. I’m proud to co-sponsor the Stop Wall Street Landlords Act to put a stop to this predatory practice, and give everyone a fair shot at a stable future for themselves and their families.” 

    Specifically, the Stop Wall Street Landlords Act will:  

    • End large institutional investors’ ability to benefit from tax breaks reserved for homeowners – namely mortgage interest, insurance, and depreciation deductions.  

    • Direct the Federal Housing Financial Agency (FHFA) and related agencies Fannie Mae, Freddie Mac and Ginnie Mae to (a) prohibit large institutional investors from purchasing mortgages on single-family residential (SFR) homes – or any interest in such a mortgage – and (b) from newly lending on a security or securitizing any SFR mortgage under which the mortgagee meets the bill definition of a specified large investor. 

    The bill makes exceptions for mom-and-pop landlords, housing providers that participate in federal affordable housing programs, nonprofits and developers committed to building and supplying affordable single-family homes to owner occupiers in the American housing market.  

    For the full text of the bill, click here. 

    Cosponsors: Representatives Chris Deluzio, Katie Porter, Mark Takano, Raúl M. Grijalva, Maxwell Alejandro Frost, Barbara Lee, Sheila Cherfilus-McCormick, Bonnie Watson Coleman, Jonathan L. Jackson. 

    Endorsing groups: California Democratic Renters Council, Churches United For Fair Housing, Consumer Action, Destination: Home, National Coalition for the Homeless, Private Equity Stakeholder Project, Sacramento Regional Coalition to End Homelessness. 

    ### 

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: Conference “Ethics and AI: on the edge of technology and human values” was held with the support of the Moscow Exchange

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 24–25, 2024, the annual conference “Ethics and AI: on the Edge of Technology and Human Values” was held, organized by the Institute of Compliance and Business Ethics of the Higher School of Law at the National Research University Higher School of Economics with the support of the Moscow Exchange.

    The conference was attended by experts in the field of compliance, including representatives of regulators and major domestic companies, as well as scientific and professional communities.

    The conference discussed global trends in compliance and the use of artificial intelligence technologies to automate it. An exchange of practical developments and innovative solutions in the field of compliance took place, and changes in the regulatory environment were analyzed.

    Irina Grekova, Managing Director for Compliance and Business Ethics at Moscow Exchange:

    “The Russian compliance community continues to actively develop, adapting to modern realities and implementing best practices. Strengthening interaction between business, government agencies and expert organizations remains an important area. The conference once again confirmed that compliance today has become a full-fledged interdisciplinary science that requires the involvement of specialists of different levels: lawyers, economists, IT specialists and ethics specialists. All of them are developing their field, and by combining efforts, they provide a synergy effect in protecting and developing business. Moscow Exchange Group pays special attention to issues of increasing the transparency and efficiency of internal control procedures, as well as training employees and raising their awareness of compliance with regulatory requirements. In addition, we are expanding the use of digital tools to optimize compliance processes, which allows us to promptly identify potential threats and prevent violations of the law.”

    The conference included an award ceremony for the winners of the Compliance 2024 award. The award’s expert council awarded:

    Alfa-Bank – for the best EdTech solution in business education on compliance topics for entrepreneurs; MTS – for the use of modern technologies in creating the methodology and tools for managing SCM; B1 Group of Companies – for creating its own best compliance practices in the changing conditions in the field of professional audit services; KSK LLC – for its original approach to implementing a compliance culture taking into account limitations and opportunities; Anton Kuznetsov, Deputy Director of the Anti-Corruption Policy and Corporate Ethics Department at NOVATEK – for a proactive response to modern challenges and threats; Oksana Kaminskaya, Chairperson of the AML/CFT Committee at the Association of Belarusian Banks – for the effective implementation of compliance practices in the financial sector in the Republic of Belarus; Daria Afanasyeva, leading specialist of the Competence and Corruption Prevention Center of ANO Moscow Directorate of Transport Services – for an inspiring start in compliance.

    The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n74360

    MIL OSI Russia News –

  • MIL-OSI: Fresche Solutions Introduces AI-Celerate to Power the IBM i Community on Their Enterprise AI Journeys

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — Fresche Solutions (“Fresche”, “Company”), a global leader in IBM i management and modernization, proudly introduces AI-Celerate, a 12-week strategic advisory framework to enable organizations to design an enterprise AI technology roadmap tailored for IBM i systems and beyond.

    This groundbreaking advisory service propels business transformation through the strategic adoption of artificial intelligence. AI-Celerate centers on personalized AI assessments, strategies, and roadmaps that resonate with each organization’s unique needs and digital ambitions.

    “AI has become a transformative force, and many businesses strive to integrate it effectively and measure ROI,” stated Joe Zarrehparvar, CEO of Fresche Solutions. “With experience serving over 2500 customers globally, our team at Fresche understands the market dynamics and challenges IBM i organizations face in adopting AI into their business processes. AI thrives on data and IBM i environments provide exactly that – rich, historical data that help drive meaningful AI initiatives. We’ve already seen considerable engagement from our customers on how to strategically use their IBM i’s vast data to power their AI engine. AI-Celerate guides executives through AI adoption complexities, prioritizing alignment with each customer’s unique technology roadmap and digital transformation goals. I am confident this momentum will continue to grow,” added Zarrehparvar.

    “IBM i serves as a robust and versatile foundation for AI applications, offering unmatched stability and flexibility for integration. While consistent, high-quality data is essential for AI success. IBM i’s architecture provides the reliability and security needed to maintain data integrity and ensure businesses can confidently scale AI initiatives,” said Monica Sanchez, VP, Strategic Transformation, Fresche Solutions. “This combination of advanced data handling, security, and performance positions AI and IBM i as a powerful pairing that can transform how businesses operate, compete, and innovate,” stated Sanchez.

    AI-Celerate is a proprietary strategic advisory framework for Enterprise AI, from discovery and business case to adoption of a technology roadmap. It empowers informed decision-making and ensures successful AI integration to pave the way for future growth.

    On November 19th, the Company is set to introduce AI-Celerate with a live webinar featuring Chris Koppe, SVP, Strategic Advisory Services and Monica Sanchez, VP, Strategic Transformation. Register here to save your seat and be part of this exclusive session.

    For a deep dive on how to accelerate your organization’s Enterprise AI journey, don’t miss our white paper, Enterprise AI for IBM i: Craft an AI Transformation Strategy for Growth.

    ABOUT FRESCHE SOLUTIONS 
    Pioneers in IT modernization, Fresche manages, modernizes, and maximizes the value of IBM i business critical systems. Our winning IP and proven solutions in Modernization, Cloud, Software and Application Services, and Strategy have earned the trust of global leaders from 2500+ companies. Transform your IT challenges into future growth and innovation with Fresche Solutions. Learn more at www.freschesolutions.com.

    Media Contact:  
    Aneta Ranstoller 
    VP, Marketing 
    Fresche Solutions Inc. 
    aneta.ranstoller@freschesolutions.com 
    +1 800 361 6782 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/87800e5d-241a-4405-acb4-0a14645dc66e

    The MIL Network –

  • MIL-OSI: Skyward Specialty Announces Time Change for Third Quarter Earnings Call on Wednesday, October 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) today announced a time change of its previously announced third quarter earnings call. The conference call and webcast will still be held on Wednesday, October 30, but will now begin at 9:30 a.m. EDT, rather than the previously scheduled time of 8:30 a.m EDT.

    As previously communicated, Skyward Specialty will issue its third quarter 2024 earnings results after the market closes on Tuesday, October 29. The earnings results will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty (NASDAQ: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions — Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

  • MIL-OSI: Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Source: GlobeNewswire (MIL-OSI)

    Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Paris, 28 October 2024 – 18.45

    The rating agency Fitch affirmed today Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

    Fitch has also affirmed Coface SA’s Long-Term Issuer Default Rating (IDR) at ‘A+’, with a stable outlook.

    The rating action reflects “Coface’s very strong company profile and capitalisation, as well as a strong profitability through the cycle”. The stable outlook reflects Fitch’s view that “Coface continues to maintain sufficient rating headroom to withstand weaker macro-economic conditions and rising corporate default risk over the next 12-24 months”.

    In Fitch’s press release, the rating agency recognises Coface’s “very strong, well established and geographically diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “factoring, information services and other fee-based activities enhance Coface’s business diversification”.

    Fitch views Coface’s financial performance “as strong across the economic cycle, underpinned by underwriting profitability and effective risk management and reinsurance”.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    2024 FINANCIAL CALENDAR
    9M-2024 results: 5 November 2024 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
    http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognised provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2023, Coface employed ~4,970 people and registered a turnover of €1.87 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Mnémonique: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Biden-Harris Administration, alongside Congresswoman Wilson, Announce $389 million towards Miami-Dade County’s Northeast Corridor Rapid Transit Project

    Source: United States House of Representatives – Congresswoman Frederica S Wilson (24th District of Florida)

    The Federal Transit Administration, alongside Congresswoman Frederica Wilson (FL-24), announced that it is advancing the Miami-Dade County Northeast Corridor Rapid Transit Project into the Engineering phase of the Capital Investment Grants (CIG) program. 

    This means the Federal Transit Administration will invest $389,474,434 in Miami-Dade County. The total project plan is $927.3 million, and under this plan, the Federal Transit Administration will provide $389.4 million, Miami Dade County will provide 337.9 million, and the State of Florida will commit $200 million.

    Congresswoman Wilson, a senior member of the Transportation and Infrastructure Committee, said, “The Federal Transit Administration’s announcement is a game-changer for Miami-Dade County and brings our community much closer to seeing the Northeast Corridor become a reality. Traffic and transit options have been issues across Miami-Dade County for as long as I can remember, especially in areas like Wynwood, Aventura, Little Haiti, and North Miami. I’m proud to have worked with our county officials and federal partners at the Federal Transit Administration to help secure these funds for Miami-Dade County. Constructing the Northeast Corridor will help reduce traffic, provide more transportation options, create jobs, contribute to our efforts to combat the climate crisis, and allow Miami-Dade County to become the modern, transit-connected community it deserves to be. While more work lies ahead, today marks a large milestone in our efforts to construct the Northeast Corridor.”

    Congresswoman Wilson represents the areas where the Northeast Corridor would be constructed, including North Miami, Aventura, and Little Haiti. She has been a consistent advocate for the Northeast Corridor and has previously requested $454 million in funds from the federal government for the Northeast Corridor Rapid Transit Project. She was also one of five cosponsors of the Bipartisan Infrastructure Act, which helped allow this funding for the Northeast Corridor.

    “We are grateful to the Biden-Harris administration and U.S. Secretary of Transportation Pete Buttigieg for continuing to support this critical project and our SMART Program to offer more affordable transportation options to our community,” said Miami-Dade Mayor Daniella Levine Cava. “The Northeast Corridor and its local commuter rail service will help reduce traffic and give many residents, especially in underserved areas, more options to access jobs, education and opportunities. This service will be a gamechanger for those who need it most as we continue building the future of transit in Miami-Dade.”

    Next, the project will need a second rating from the Federal Transit Administration, considering factors such as mobility improvements, land use, and environmental benefits. Miami-Dade Transportation and Public Works already scored well enough on the first review to move into the Engineering phase and grant preliminary approval for a Capital Investment Grant. If they receive a strong score again and complete all engineering work, they’ll be able to secure a Full Funding Grant Agreement (FFGA) with the Federal Transit Administration. This agreement would commit the Federal Transit Administration to provide $389.3 million for the project, pending the availability of funding through annual appropriations, as this transit program relies on the General Fund instead of guaranteed Highway Trust Fund dollars.

    No congressional approval is needed on a project-specific level, but Congress will have to approve funds for all Capital Investment Grants projects as part of the annual Congressional appropriations process to ensure the funds for this project.

    “The Federal Transit Administration’s $389 million investment in Miami-Dade’s Northeast Corridor is a monumental step forward in our efforts to create a modern, connected transit system that serves our residents and visitors,” said Miami-Dade County Commissioner Eileen Higgins. “This funding is a testament to our community’s vision and the commitment from leaders like Congresswoman Federica Wilson to make that vision a reality. With stops in places like Wynwood, Little Haiti, and at the FIU Biscayne Bay campus, expanding and improving our transit options means less traffic congestion, a cleaner environment, and enhanced access to jobs, healthcare, and educational opportunities for thousands. I am proud to advocate for this vital project alongside our congressional partners and look forward to the progress that will transform how we move across Miami-Dade.”

    Miami-Dade County Commissioner Eileen Higgins, who represents the area where the Northeast Corridor would be constructed, has traveled numerous times between Miami-Dade and Washington, D.C., to advocate for this funding.

    Miami-Dade County Commission Chairman Oliver Gilbert said, “This announcement by the FTA marks a commitment to a more accessible, resilient, and inclusive Miami-Dade County. Whether it’s jobs, housing, or educational opportunities, the federal support for the Northeast Corridor will bring transformative change and make it easier for people to connect with what matters most in their lives.”

    Cathy Dos Santos, Executive Director of Transit Alliance Miami, said, “In August of 2024, 80% of Miami-Dade voters gave our elected officials a mandate to expand mass rapid transit, the Northeast Corridor delivers. This rail project is a giant step towards a robust, competitive transit network that secures the economic well-being of Miami-Dade. For our workers and families, this commuter rail will be a completely new way of moving that’s safe, fast, affordable, and enjoyable, compared to the traffic nightmare of the I-95. We commend Congresswoman Frederica Wilson and Commissioner Higgins for fighting to secure this funding and Miami-Dade’s future!”

    For the approval letter from the Federal Transit Administration, click here.

    For the details on the Federal Transit Administration’s announcement, click here.

    The Northeast Corridor Rapid Transit Project includes 13.5 miles of commuter rail, with 7 stations, including Miami Central, Wynwood, Design District, Little Haiti, North Miami, FIU/Biscayne, and West Aventura.

    ###

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30, 2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023. In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the nine months ended September 30, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, offset by a reduction in interest rates towards the end of the third quarter of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months and nine months ended September 30, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.62%, a return on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04% for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company generated a return on average total assets ratio of 2.61%, a return on average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%.
    • Net interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively, for the three months and nine months ended September 30, 2024 compared to the same periods in 2023.
    • Our commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million at September 30, 2024 compared to $719.6 million at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $203.8 million, or 11.6%, to $2.0 billion at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.

    Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million at September 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million in net loans, and stock repurchases of $2.4 million.

    Equity securities increased $2.4 million, or 13.5%, to $20.5 million at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate volatility during the nine months ended September 30, 2024.

    Securities held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023 due to $810,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $173.6 million, or 11.0%, to $1.8 billion at September 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $569.2 million during the nine months ended September 30, 2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the nine months ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans, $4.2 million in multi-family loans, and $600,000 in mixed-use loans.

    Loan originations during the nine months ended September 30, 2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.  

    Premises and equipment decreased $507,000, or 2.0%, to $24.9 million at September 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $217,000, or 23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $486,000, or 1.9%, to $25.6 million at September 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5 million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30, 2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value of the foreclosed property.

    Right of use assets — operating decreased $422,000, or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets decreased $548,000, or 6.8%, to $7.5 million at September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of $184,000.

    Total deposits increased $228.0 million, or 16.3%, to $1.6 billion at September 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $230.5 million, or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.

    Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30, 2024.

    Advance payments by borrowers for taxes and insurance increased $442,000, or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real estate tax payments by borrowers.

    Lease liability – operating decreased $384,000, or 8.3%, to $4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $2.4 million, or 17.8%, to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30, 2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000 in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income, partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.

    Results of Operations for the Three Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $26.3 million for the three months ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase in net interest income of $1.2 million, or 4.6%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances on our savings and club deposits.

    Total interest and dividend income increased $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30, 2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30, 2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30, 2024.

    Interest expense increased $4.9 million, or 48.9%, to $14.9 million for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing liabilities of  $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion for the three months ended September 30, 2023.

    Our net interest margin decreased 72 basis points, or 11.3%, to 5.68% for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity securities of $4,000.

    With respect to the allowance for credit losses for loans, we charged-off $82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30, 2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the three months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of $1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities, $225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially offset by a decrease of $114,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30, 2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market interest rate volatility during the quarter ended September 30, 2024.

    The increase of $225,000 in other loan fees and service charges was due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000 in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense, $39,000 in other operating expense, and $5,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.9 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30, 2024 and 2023, respectively.

    Results of Operations for the Nine Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $77.5 million for the nine months ended September 30, 2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of $5.5 million, or 7.7%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the nine months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our savings and club deposits.

    Total interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30, 2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19 basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.

    Interest expense increased $18.7 million, or 79.9%, to $42.0 million for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million for the nine months ended September 30, 2023.

    Net interest margin decreased 80 basis points, or 12.2%, for the nine months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily attributed to favorable trends in the economy.   The credit loss expense reduction for off-balance sheet commitments of $130,000 for the nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments during the quarter ended September 30, 2024.

    The credit loss expense of $767,000 for the nine months ended September 30, 2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.

    We charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the nine months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the nine months ended September 30, 2024 was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000, or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000 in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI income and $343,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30, 2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during the nine months ended September 30, 2024.

    The increase of $196,000 in other loan fees and service charges was due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account fees.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the nine months ended September 30, 2023. The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.4 million at September 30, 2024 compared to $5.8 million at December 31, 2023. At September 30, 2024 and December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. The other non-performing assets consisted of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.27% at September 30, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of September 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at September 30, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at September 30, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $908,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.73% as of September 30, 2024.   At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal Reserve Bank of New York, $14.8 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of September 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of September 30, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
      September 30,   December 31,
      2024   2023
      (In thousands, except share
      and per share amounts)
    ASSETS          
    Cash and amounts due from depository institutions $ 16,023     $ 13,394  
    Interest-bearing deposits   81,766       55,277  
    Total cash and cash equivalents   97,789       68,671  
    Certificates of deposit   100       100  
    Equity securities   20,547       18,102  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $136, respectively)   15,061       15,860  
    Loans receivable   1,760,504       1,586,721  
    Deferred loan (fees) costs, net   (245 )     176  
    Allowance for credit losses   (4,833 )     (5,093 )
    Net loans   1,755,426       1,581,804  
    Premises and equipment, net   24,945       25,452  
    Investments in restricted stock, at cost   712       929  
    Bank owned life insurance   25,568       25,082  
    Accrued interest receivable   13,463       12,311  
    Real estate owned   978       1,456  
    Property held for investment   1,380       1,407  
    Right of Use Assets – Operating   4,144       4,566  
    Right of Use Assets – Financing   348       351  
    Other assets   7,496       8,044  
    Total assets $ 1,967,957     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:          
    Deposits:          
    Non-interest bearing $ 267,592     $ 300,184  
    Interest bearing   1,360,475       1,099,852  
    Total deposits   1,628,067       1,400,036  
    Advance payments by borrowers for taxes and insurance   2,462       2,020  
    Borrowings   7,000       64,000  
    Lease Liability – Operating   4,241       4,625  
    Lease Liability – Financing   599       571  
    Accounts payable and accrued expenses   15,965       13,558  
    Total liabilities   1,658,334       1,484,810  
               
    Stockholders’ equity:          
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,020,602 shares and 14,144,856 shares outstanding, respectively   140       142  
    Additional paid-in capital   109,368       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (5,911 )     (6,563 )
    Retained earnings   205,699       175,505  
    Accumulated other comprehensive income   327       317  
    Total stockholders’ equity   309,623       279,325  
    Total liabilities and stockholders’ equity $ 1,967,957     $ 1,764,135  
               
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
                  (In thousands, except per share amounts)
    INTEREST INCOME:                      
    Loans $ 39,484   $ 33,757     $ 114,821     $ 91,826  
    Interest-earning deposits   1,472     1,181       4,058       2,886  
    Securities   227     199       662       650  
    Total Interest Income   41,183     35,137       119,541       95,362  
    INTEREST EXPENSE:                      
    Deposits   14,630     9,889       40,459       23,050  
    Borrowings   257     109       1,559       299  
    Financing lease   10     10       29       28  
    Total Interest Expense   14,897     10,008       42,047       23,377  
    Net Interest Income   26,286     25,129       77,494       71,985  
    Provision for (reversal of) credit loss   105     156       (286 )     767  
    Net Interest Income after Provision for (Reversal of) Credit Loss   26,181     24,973       77,780       71,218  
    NON-INTEREST INCOME:                      
    Other loan fees and service charges   589     364       1,613       1,417  
    Earnings on bank owned life insurance   167     153       486       857  
    Investment advisory fees   –     114       –       343  
    Unrealized gain (loss) on equity securities   547     (430 )     445       (327 )
    Other   46     20       90       67  
    Total Non-Interest Income   1,349     221       2,634       2,357  
    NON-INTEREST EXPENSES:                      
    Salaries and employee benefits   5,135     4,700       15,738       14,079  
    Occupancy expense   735     616       2,116       1,890  
    Equipment   187     240       661       844  
    Outside data processing   681     569       1,924       1,638  
    Advertising   128     133       310       420  
    Real estate owned expense   488     11       527       52  
    Other   2,607     2,646       7,864       7,064  
    Total Non-Interest Expenses   9,961     8,915       29,140       25,987  
    INCOME BEFORE PROVISION FOR INCOME TAXES   17,569     16,279       51,274       47,588  
    PROVISION FOR INCOME TAXES   4,883     4,436       14,416       13,413  
    NET INCOME $ 12,686   $ 11,843     $ 36,858     $ 34,175  
                           
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                      
    Earnings per share – basic $ 0.97     $ 0.80     $ 2.81     $ 2.42  
    Earnings per share – diluted   0.95       0.80       2.78       2.41  
    Weighted average shares outstanding – basic   13,075       14,743       13,108       14,143  
    Weighted average shares outstanding – diluted   13,417       14,822       13,279       14,192  
    Performance ratios/data:                      
    Return on average total assets   2.62 %     2.87 %     2.61 %     2.95 %
    Return on average shareholders’ equity   16.48 %     17.26 %     16.55 %     16.95 %
    Net interest income $ 26,286     $ 25,129     $ 77,494     $ 71,985  
    Net interest margin   5.68 %     6.40 %     5.74 %     6.54 %
    Efficiency ratio   36.04 %     35.17 %     36.37 %     34.96 %
    Net charge-off ratio   0.02 %     0.02 %     0.01 %     0.03 %
                           
    Loan portfolio composition:               September 30, 2024     December 31, 2023
    One-to-four family             $ 3,507     $ 5,252  
    Multi-family               202,516       198,927  
    Mixed-use               28,399       29,643  
    Total residential real estate               234,422       233,822  
    Non-residential real estate               30,312       21,130  
    Construction               1,368,222       1,219,413  
    Commercial and industrial               125,520       111,116  
    Consumer               2,028       1,240  
    Gross loans               1,760,504       1,586,721  
    Deferred loan (fees) costs, net               (245 )     176  
    Total loans             $ 1,760,259     $ 1,586,897  
    Asset quality data:                      
    Loans past due over 90 days and still accruing             $ –     $ –  
    Non-accrual loans               4,413       4,385  
    OREO property               978       1,456  
    Total non-performing assets             $ 5,391     $ 5,841  
                           
    Allowance for credit losses to total loans               0.27 %     0.32 %
    Allowance for credit losses to non-performing loans               109.52 %     116.15 %
    Non-performing loans to total loans               0.25 %     0.28 %
    Non-performing assets to total assets               0.27 %     0.33 %
                           
    Bank’s Regulatory Capital ratios:                      
    Total capital to risk-weighted assets               14.04 %     14.11 %
    Common equity tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 leverage ratio               14.76 %     16.21 %
                               
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,717,875     $ 39,484     9.19 %   $ 1,446,946     $ 33,757     9.33 %
    Securities   34,920       212     2.43 %     33,754       181     2.14 %
    Federal Home Loan Bank stock   712       15     8.43 %     929       18     7.75 %
    Other interest-earning assets   98,903       1,472     5.95 %     88,156       1,181     5.36 %
    Total interest-earning assets   1,852,410       41,183     8.89 %     1,569,785       35,137     8.95 %
    Allowance for credit losses   (4,914 )                 (4,404 )            
    Non-interest-earning assets   90,313                   85,133              
    Total assets $ 1,937,809                 $ 1,650,514              
                                       
    Interest-bearing demand deposit $ 228,975     $ 2,423     4.23 %   $ 78,768     $ 522     2.65 %
    Savings and club accounts   140,047       848     2.42 %     235,613       1,624     2.76 %
    Certificates of deposit   946,290       11,359     4.80 %     707,142       7,743     4.38 %
    Total interest-bearing deposits   1,315,312       14,630     4.45 %     1,021,523       9,889     3.87 %
    Borrowed money   23,603       267     4.52 %     15,631       119     3.05 %
    Total interest-bearing liabilities   1,338,915       14,897     4.45 %     1,037,154       10,008     3.86 %
    Non-interest-bearing demand deposit   271,207                   322,213              
    Other non-interest-bearing liabilities   19,758                   16,694              
    Total liabilities   1,629,880                   1,376,061              
    Equity   307,929                   274,453              
    Total liabilities and equity $ 1,937,809                 $ 1,650,514              
                                       
    Net interest income / interest spread       $ 26,286     4.44 %         $ 25,129     5.09 %
    Net interest rate margin               5.68 %                 6.40 %
    Net interest earning assets $ 513,495                 $ 532,631              
    Average interest-earning assets                                  
    to interest-bearing liabilities   138.35 %                 151.36 %            
                                           
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,672,582     $ 114,821     9.15 %   $ 1,353,446     $ 91,826     9.05 %
    Securities   34,071       607     2.38 %     39,375       589     1.99 %
    Federal Home Loan Bank stock   752       55     9.75 %     1,002       61     8.12 %
    Other interest-earning assets   93,417       4,058     5.79 %     74,308       2,886     5.18 %
    Total interest-earning assets   1,800,822       119,541     8.85 %     1,468,131       95,362     8.66 %
    Allowance for credit losses   (4,977 )                 (4,640 )            
    Non-interest-earning assets   90,087                   83,200              
    Total assets $ 1,885,932                 $ 1,546,691              
                                       
    Interest-bearing demand deposit $ 202,097     $ 6,300     4.16 %   $ 84,920     $ 1,433     2.25 %
    Savings and club accounts   160,296       3,032     2.52 %     262,977       5,373     2.72 %
    Certificates of deposit   880,741       31,127     4.71 %     567,378       16,244     3.82 %
    Total interest-bearing deposits   1,243,134       40,459     4.34 %     915,275       23,050     3.36 %
    Borrowed money   43,916       1,588     4.82 %     16,216       327     2.69 %
    Total interest-bearing liabilities   1,287,050       42,047     4.36 %     931,491       23,377     3.35 %
    Non-interest-bearing demand deposit   282,786                   329,993              
    Other non-interest-bearing liabilities   19,163                   16,373              
    Total liabilities   1,588,999                   1,277,857              
    Equity   296,933                   268,834              
    Total liabilities and equity $ 1,885,932                 $ 1,546,691              
                                       
    Net interest income / interest spread       $ 77,494     4.49 %         $ 71,985     5.31 %
    Net interest rate margin               5.74 %                 6.54 %
    Net interest earning assets $ 513,772                 $ 536,640              
    Average interest-earning assets                                  
    to interest-bearing liabilities   139.92 %                 157.61 %            

    The MIL Network –

  • MIL-OSI Africa: East Africa: The Ethiopia-Kenya Electricity Highway is Shaping Regional Connectivity with the Support of the African Development Bank

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

    ABIDJAN, Ivory Coast, October 28, 2024/APO Group/ —

    The electricity highway between Ethiopia and Kenya, officially opened in 2023 after more than 10 years of planning and construction, is redefining energy connectivity in East Africa. It is more than a piece of infrastructure, it is an economic and environmental entity, connecting not just power grids but nations and populations. 

    This vision of a shared energy future runs for 1,045 km between Wolayta-Sodo in Ethiopia and Suswa in Kenya. It enables both countries to pool resources, hydroelectricity from Ethiopia, and geothermal and wind power from Kenya. 

    Regional Connectivity lies at the heart of the project. As John Mativo, Managing Director of the Kenya Electricity Transmission Company (Ketraco) explains, this project is all about collaboration:  

    “Around 2010, countries in East Africa, as an energy pool, decided that it was essential to have an interconnected hub so that everyone could use and exploit energy and support each other.” 

    One of the project’s critical aspects is the use of HVDC (High Voltage Direct Current) technology, which makes it much easier to transport electricity with long distance transmission lines as Tewoderos Ayalew, the site manager at Ethiopian Electric Power explains: 

    “The reason we are using HVDC technology is to minimize energy wastage and reduce power losses in the transmission line energy wastage and reduce the costs of constructing transmission lines; it is also easy to operate and improve grid stability in operating the interconnection from the power grids of different countries.”  

    Hydroelectric dams in Ethiopia produce energy in the form of alternating current, which is transported via the Ethiopian grid to the converter station in Sodo. There, it is converted to Direct Current (DC) and leaves Ethiopia for Kenya, via 1,045 km of overhead transmission line. Once it arrives at the Suswa converter station, it will be converted back to alternating current to be integrated into the Kenyan power grid. 

    This high voltage DC infrastructure is the only one of its kind in the region and is the foundation of East Africa’s ambition to be interconnected in terms of power exchange and allow cross-border trade in energy. 

    The total cost of USD 1.26 billion was funded partly by USD 338 million from the African Development Bank. The World Bank, the Agence française de développement (AFD) and the governments of the two countries concerned also contributed. 

    Significant economic benefits 

    The project has brought significant economic benefits. For Kenya, where 95 percent of electricity comes from renewable sources, the connection is increasing its competitiveness. Kipkemoi Kibias, General Manager at Ketraco, endorses the project: 

    “Using clean, renewable energy brings numerousadvantages not just to Kenyans, but to the whole world… it allows us to attract investors, especially in light and heavy industries, who are looking for green energy.” 

    The project also creates jobs. The development of business zones close to energy infrastructure, like the one near Suswa, creates thousands of jobs and boosts local economic activity. Moreover, the project includes a significant social dimension, notably involving local communities. Out of the 100 employees at the Suswa power station, 70 come from the region, offering opportunities for local development. 

    For Sylvia Kinaiya, an engineer from the region, the project is also a source of personal pride: 

    “I am Masai, so for me, it’s a way of giving back to my community,” she says. She also emphasizes that this project proves that it is possible to be both a mother and an engineer, helping to break down gender barriers in technical occupations. 

    Apart from its economic and social impacts, the project is a model of sustainability, allowing better integration of intermittent renewable energy sources, such as wind power and Solar, into regional networks. According to John Mativo, this infrastructure ensures that “Kenya has enough green energy to support our industrial development while maintaining a small carbon footprint.” 

    Kenya is already on the way to self-sufficiency in clean energy, with the aim of moving to 100 percent renewable energy by 2030. By connecting its grid to Ethiopia, Kenya can not only stabilize its energy supply but also attract more investment into green energies. This vision is also shared by investors, who see this infrastructure as a guarantee of energy and environmental security. 

    The Ethiopia-Kenya electricity highway is therefore much more than a simple infrastructure project; it embodies a vision of the future in which green energy becomes the driver of stronger regional cooperation and sustainable development. Thanks to this connection, East African countries can share their energy resources efficiently, while responding to the growing needs of their populations and industries. 

    The future is bright according to Tweoderos Ayalew: 

    “We have the potential not only to meet our own needs, but also to supply energy to our neighbours and beyond.”  

    This pioneering project is thus paving the way to shared prosperity, while putting the region on the path to a sustainable energy transition.

    MIL OSI Africa –

  • MIL-OSI Canada: Regional Artificial Intelligence Initiative will support AI innovation and adoption in British Columbia

    Source: Government of Canada News

    PacifiCan funding of over $32 million will help businesses bring new technologies to market and adopt AI 

    October 28, 2024 – Burnaby, British Columbia – PacifiCan               

    Artificial Intelligence (AI) is a transformational opportunity for British Columbians. With a strong AI ecosystem – one that includes researchers developing technology, companies creating AI-based solutions to the world’s challenges, and adopters putting the power of AI to work in their operations – British Columbian businesses are well-positioned to leverage the power of AI to drive innovation across the province, creating jobs and economic growth.

    Today, the Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan), announced that businesses and not-for-profit organizations will be able to apply for funding from the new Regional Artificial Intelligence Initiative in British Columbia beginning November 18. In British Columbia, PacifiCan will deliver the RAII with $32.2 million, making investments that help businesses commercialize and adopt AI technologies. 

    To ensure that Canada stays at the forefront of innovation, the Government of Canada is making strategic investments that will help drive AI adoption across the country. This includes $200 million over five years for Canada’s regional development agencies (RDAs) to deliver the Regional Artificial Intelligence Initiative (RAII) to help businesses bring new AI technologies to market and speed up AI adoption across the country. 

    In British Columbia, PacifiCan will prioritize projects that not only have strong economic benefits but also bring positive outcomes for human health, the environment, and/or economic resilience and productivity across a wide range of sectors. PacifiCan will welcome project ideas from both businesses and not-for-profit organizations.

    PacifiCan is investing in British Columbian businesses, workers and organizations to ensure they have access to the tools they need to succeed at home and compete in the global economy.

    More information is available on PacifiCan’s web page: Regional Artificial Intelligence Initiative – Canada.ca

    MIL OSI Canada News –

  • MIL-OSI USA: CFTC Commissioner Pham Announces Global Markets Advisory Committee will Meet November 21

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee, announced the GMAC will hold a virtual public meeting Thursday, Nov. 21, from 9:30 a.m. to 10:30 a.m. EST. The meeting will be open to the public via live webcast or listen-only audio feed via telephone.

    “The GMAC is continuing to meaningfully address innovations in market structure through pragmatic recommendations for applying existing regulatory frameworks to new and emerging technology,” Commissioner Pham said. “I look forward to the presentations on tokenized collateral to improve operational efficiency and mitigate risks, and development of regulatory approaches to utility tokens.”

    At this meeting, the GMAC will hear a presentation by the Tokenized Collateral workstream of the GMAC’s Digital Asset Markets Subcommittee on expanding use of non-cash collateral through use of distributed ledger technology and consider a recommendation from the Subcommittee. The meeting will also include a presentation by the Utility Tokens workstream of the Digital Asset Markets Subcommittee summarizing their work to-date on defining utility tokens and developing guidance for market participants.

    A detailed agenda is available here.

    Under Commissioner Pham’s sponsorship, the GMAC has advanced 13 recommendations in less than a year, and continues making progress on developing solutions to the most significant challenges in global markets as set forth in its 2023-2025 work program. Learn more about the GMAC and its work here.

    Meeting Details

    What:

    Global Markets Advisory Committee Meeting

    Location (virtual):

    The meeting will take place virtually. Viewing instructions below

    When:

    Thursday, November 21, 2024

    9:30 a.m. – 10:30 a.m. (EST)

    Viewing/Listening Instructions: View a live webcast on CFTC.gov or through the CFTC’s YouTube channel. Use the numbers below to call in. Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable. Materials presented at the meeting will be made available on CFTC.gov.

    Participation Details

    Domestic Toll-Free:

     

     

    Domestic Toll:

     

    +1 833 568 8864 or +1 833 435 1820 

     

    +1 669 254 5252 or +1 646 828 7666 or +1 551 285 1373 or +1 669 216 1590 or (U.S. Spanish Lines) +1 415 449 4000 or +1 646 964 1167

     

    Webinar ID:

    161 533 1062

     

    Passcode: 990545

     

    International Numbers:

    International Numbers

    Additional information is available in the Federal Register.

    About the GMAC and Advisory Committees

    The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. In June 2023, Commissioner Pham announced the leadership and membership of the GMAC and its subcommittees—the largest-ever single advisory committee initiative sponsored by the CFTC. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. Harry Jung is the GMAC Designated Federal Officer, and Nicholas Elliot is the GMAC Alternate Designated Federal Officer.

    There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.

    MIL OSI USA News –

  • MIL-OSI: John Nicola’s Visionary Impact Earns Hall of Fame Induction in B.C.

    Source: GlobeNewswire (MIL-OSI)

    Vancouver, BC, Oct. 28, 2024 (GLOBE NEWSWIRE) — Nicola Wealth Management Ltd. (Nicola Wealth) is proud to announce that John Nicola, Chairman, Chief Executive Officer and founder of Nicola Wealth, will be inducted into the Business Laureates of British Columbia (BLBC) Hall of Fame. The award recognizes Mr. Nicola’s contributions to the province and Canada’s business communities and highlights his innovative approach to wealth management.

    The BLBC Hall of Fame was established by JA British Columbia (JABC) in 2005 to honour business leaders whose efforts have shaped the province and country. The Hall of Fame celebrates the lasting legacy these leaders leave for future generations.

    Since founding Nicola Wealth in 1994, John Nicola has been the driving force behind the firm’s remarkable evolution from a boutique practice into one of Canada’s fastest-growing private investment counsels. Under his visionary leadership, Nicola Wealth expanded from $80 million to a current total of over $16.4 billion in assets under management. His innovative approach to diversified investment strategies has influenced the financial planning landscape for many high-net-worth and ultra-high-net-worth individuals in Canada.

    As the organization has grown, so too has its dedication to making a positive impact. John’s legacy of “sharing the pie” exemplifies how visionary leadership, entrepreneurial spirit, and a commitment to mentorship and philanthropy can not only transform businesses but also enrich lives and inspire future generations.

    “It is a great honour to receive this recognition from the Business Laureates of B.C. Hall of Fame,” said Mr. Nicola. “This award reflects the incredible work of the entire Nicola Wealth team, whose commitment to innovation and excellence drives our success. As I shift my focus from daily operations to mentoring the next generation of leaders, I am excited about the opportunities ahead. Together, we will continue to make a positive impact in our community.”

    Chris Nicola, President of Nicola Wealth, added, “John’s vision and leadership have established a unique and better way for clients to grow and protect their wealth, create a legacy, and make a meaningful social impact. I am committed to continuing to build on this foundation to further elevate the standard of wealth management in Canada.”

    “John Nicola’s induction is a testament to his leadership and dedication to both business excellence and community impact,” said Wendi Campbell, JA British Columbia President and CEO. “His achievements have shaped the business landscape in B.C. and inspired future generations of leaders.” 

    Mr. Nicola will be inducted at the 2025 BLBC Hall of Fame Gala Dinner & Ceremonies in May. The event will bring together industry leaders, dignitaries and the business community to celebrate the achievements and legacies of these inductees.

    About Nicola Wealth 

    Nicola Wealth is an independent wealth management firm dedicated to serving the complex needs of high-net-worth individuals, families, and institutions. Today, the firm manages over $16.4 billion in assets for clients across Canada, with advisors in BC, Alberta and Ontario. Nicola Wealth delivers a level of diversification; building upon a foundation of publicly traded securities, providing access to a wide range of private asset classes including hard asset real estate, private equity, private debt, commercial mortgages and more.  For more information, please visit www.nicolawealth.com.   

    About the Business Laureates of British Columbia Hall of Fame

    The Business Laureates of British Columbia Hall of Fame was created by JA British Columbia in 2005 to honour the lifetime achievements of outstanding B.C. business leaders whose efforts have shaped our province and country. Nominations are open to the public to ensure B.C.’s diverse business community is represented and the broadest group of nominees is put forward. Laureates have demonstrated vision, leadership, integrity and legacy throughout their lifetime, and the Hall of Fame stands as a testament to the positive legacy they leave behind for future generations of business leaders. 

    For more information about the Business Laureates of British Columbia Hall of Fame and this year’s inductees, please visit the official website at https://businesslaureatesbc.jabc.ca/.

    The MIL Network –

  • MIL-OSI Reportage: New app set to slash merchant payment fees and transform how NZers manage their money

    Source: BNZ statements

    Imagine running a bustling café where every transaction not only saves you money on fees, but also automatically updates your loyalty programme, provides smart sales insights, and even puts you on the map for potential new customers.

    Meanwhile, your regulars can pay their brunch bill without even bringing a wallet, quickly send their share of the brunch tab to friends, manage their bank accounts, loyalty cards and gift vouchers seamlessly in one place, and easily track their daily flat white habits.

    Soon this will be the reality for New Zealand businesses and their customers with the launch of Payap – the country’s first digital wallet and Point of Sale (POS) app compatible with all New Zealand banks.

    Leveraging the power of open banking, Payap offers a new lower cost, contactless way to pay and get paid. Payap makes transactions effortless: users simply scan QR codes dynamically generated on an EFTPOS terminal, enabling instant cash transfers directly from their bank account. It also provides a low-cost ecommerce solution, making it easy and affordable for businesses to accept payments online.

         

    With Payap’s 0.39% payment acceptance rate, a retail business turning over $100,000 monthly could save up to $7,320 annually compared to the average 1% merchant service fee reported by the Commerce Commission. For ecommerce businesses, Payap’s 0.59% fee is approximately 80% cheaper than the percentage fees charged by some other providers.

    • Businesses using Payap also have access to a suite of powerful features, including:
    • The ability to create and manage loyalty programmes, making it easy to reward customers and build brand loyalty
    • Enhanced visibility over transactions and the ability to manage discounts and refunds through a dedicated portal
    • Increased visibility with Payap’s ‘store finder’ map, showcasing location, business details, and available offers to app users
    • Use existing hardware – Payap is supported by all leading EFTPOS providers

    For consumers, Payap brings together all your accounts from New Zealand banks, as well as loyalty, and even gift cards in one easy-to-use digital wallet. It allows seamless payments from any linked account and offers a range of features that simplify money management:

    • Manage your bank accounts, loyalty, and gift cards in one place
    • Split a payment across multiple sources, combining different bank accounts, debit cards, or gift card balances, all managed seamlessly within Payap
    • Easily split bills or manage shared expenses with friends with peer-to-peer payments
    • Log all your receipts in one place and get smart insights to gain a clear view of your spending patterns
    • Level up your loyalty, with rewards automatically applied during transactions

          

    Powered by New Zealand fintech Centrapay and backed by BNZ, Payap is now available for business sign-ups ahead of the March 2025 consumer launch. The onboarding process is quick and free, and businesses are encouraged to register their interest. Payap is available to all businesses regardless of who they bank with.

    “Payap is the country’s first comprehensive digital payment service that leverages the power of open banking to fill a clear gap in the New Zealand market,” says Centrapay CEO Greg Beehre.

    “We’re excited to introduce this innovative solution that will transform how businesses accept payments and how we manage our money.”

    BNZ Executive Customer Products and Services, Karna Luke, says the potential Payap offers to both businesses and consumers is impressive.

    “Our team is working closely with our business customers to onboard them before the consumer launch, and we expect thousands of businesses to be on the platform on day one when their customers start using the app.

    “Payap is designed to benefit businesses across Aotearoa, and we welcome all interested businesses – from small street vendors to enterprise retailers and everything in between – to get in touch with us to explore how it can enhance their payment system and customer experience.”

    Core payments, acceptance and rewards features will be available at launch, with additional capabilities like peer-to-peer payments being rolled out progressively throughout 2025.

    Businesses interested in learning more about Payap can visit www.payap.com or www.bnz.co.nz/payap

    The post New app set to slash merchant payment fees and transform how NZers manage their money appeared first on BNZ Debrief.

    MIL OSI Analysis –

  • MIL-OSI Global: How a Trump election win could hit the US food industry and leave millions of Americans hungry

    Source: The Conversation – UK – By Shonil Bhagwat, Professor of Environment and Development, The Open University

    Sheila Fitzgerald/Shutterstock

    As the US presidential election inches closer, a recent survey found that the economy is the top issue for voters, and many are also concerned about healthcare, foreign policy and inequality. Amid all the noise about these key issues however, food has received only marginal coverage in the campaigning despite the country’s high cost of living.

    Project 2025, a 900-page policy document produced by conservative thinktank the Heritage Foundation, has become a major talking point in the election campaign. Although Republican candidate Donald Trump has denied any links between his campaign and Project 2025, the people who have authored this document are no strangers to the former president, with more than half of the 307 contributors having served in the Trump administration or on his campaign or transition teams.

    Trump’s Democratic rival in the race to the White House, Vice President Kamala Harris, has been very vocal about the dangers to the American people if the Project 2025 proposals were to be implemented. Instead, her campaign has promised an “opportunity economy” to support the American middle class, which will seek to cut prices and taxes, lower household costs, and offer various tax reliefs.

    Analyses of Harris’ versus Trump’s economic policies suggest that the tariffs Trump has proposed will cause a rise in prices of imported goods – including food. On the other hand, Trump’s policies could lower energy costs because more domestic fossil fuel production could make US-produced foodstuffs cheaper.

    But Project 2025 proposes deregulation of US dietary guidelines and US food assistance programmes, including Supplemental Nutrition Assistance Program (Snap), Women, Infants and Children Program (WIC), and the National School Lunch Program. Democrats have argued that this will “drastically reduce” the access that families have to fresh American-grown food, threatening the health of the most vulnerable.



    Read more:
    How Harris and Trump’s economic pledges stack up

    Democrats have also claimed that Project 2025 policies would reduce support to small-scale farmers, favouring large agribusinesses while deregulating the flow of ultra-processed food manufactured and distributed by influential corporations. Some estimates suggest that 73% of US food supply is already made up of ultra-processed foods, and they have been found to provide 60% of the calories consumed by the average US adult.

    The links between ultra-processed food and negative health outcomes are increasingly being drawn. As such, food policy under Project 2025 would be very likely to have a negative impact on wider public health in the US.

    But at the same time, Project 2025 would probably make healthcare less affordable and more restrictive for millions of citizens. It promises to reinstate the ability of the pharmaceutical industry to fix prices, raising the cost of drugs for American people.

    It would also cut funding for health coverage for low-income Americans, threatening the survival of hospitals, health centres or doctors who serve those people.

    These healthcare policies, combined with deregulation of the food industry and dietary guidelines, as well as the defunding of food assistance programmes, could spell a triple whammy for the health and wellbeing of some of the most vulnerable people in America.

    How do Harris’s plans compare?

    Harris’s plans, on the other hand, aim to make healthcare less expensive and more accessible, particularly for those from vulnerable groups such as black Americans or those on low incomes, the elderly or veterans.

    But while these proposals might remove barriers to healthcare, they won’t directly improve food provision for Americans. Some of the proposals in Harris’s “opportunity economy”, however, could directly address the issue.

    The outcome of the presidential election could have serious consequences for food security and wellbeing – especially among America’s poorer populations.
    Tada Images/Shutterstock

    Harris’s proposals focus on strengthening and diversifying supply chains for food production, processing and distribution. She has been outspoken about investigating price-fixing of food products by large corporations – and prosecuting firms anywhere in the supply chain where this is found to have happened.

    Harris’s plans would also support small producers, processors, distributors, family farms and food and farm workers with more funding to compete with large conglomerates. This could result in more decentralised supply chains, which are known to make it easier to provide healthier food to more people by encouraging crop diversity and lowering the cost of fresh local products.

    And she is promising to crack down on mergers and acquisitions of food corporations, which are known to compromise the sustainable provision of healthy food by curbing farmers’ bargaining power and leaving communities with little say over how their land is used.

    Food is integral to the public sector economy, alongside things such as providing healthcare, protecting the environment and reducing inequalities. The organisation of the entire food system – from production to processing, trade to transport, and consumption to nutrition – needs to consider ways in which feeding a country can strenghten its public sector economy, and meet its obligation to the United Nations Sustainable Development Goals. The US has already made a commitment to these goals through global food security programmes like Feed the Future.

    These issues are especially pertinent to the US, as its food system is highly centralised. In fact, 6% of farms grow 60% of food. Meanwhile family farms – which represent 88% of the total – contribute only 19%. Harris’s proposals could go some way to correcting this imbalance. But the rhetoric coming from her rivals on the other hand could ultimately end up making the US worse off in terms of food provision and health.

    Shonil Bhagwat is a member of the UK Department for Environment Food & Rural Affairs Science Advisory Council: Social Science Expert Group and the National Trust, UK, Specialist Advice Network: Natural Environment Advisory Group. He has received funding from UK Research and Innovation (Research England, Natural Environment Research Council, Economic and Social Research Council), European Union Horizon 2020, The Leverhulme Trust, The Royal Society, and the British Ecological Society.

    – ref. How a Trump election win could hit the US food industry and leave millions of Americans hungry – https://theconversation.com/how-a-trump-election-win-could-hit-the-us-food-industry-and-leave-millions-of-americans-hungry-242316

    MIL OSI – Global Reports –

  • MIL-OSI Global: Japan-style ‘tiny forests’ are taking root in British cities

    Source: The Conversation – UK – By Hanyu Qi, PhD Candidate, School of Architecture and Landscape, University of Sheffield

    Anatta_Tan/Shutterstock

    A staggering one in three people in England lack access to nature-rich spaces within a short walk from their homes. Now, a growing movement is bringing nature back to cities across the UK. The Miyawaki forest method involves planting a diverse mix of densely packed native woodland trees – or “tiny forests” – that grow quickly in small areas, around the size of a tennis court.

    Already, there are more than 280 Miyawaki-style forests nationwide. Tucked away within housing estates, school grounds and wasteland on the urban edge, these urban forests are growing faster than conventionally planted trees.

    This tree planting approach was developed by Japanese ecologist Akira Miyawaki in the 1970s. Proponents argue that tiny forests create more habitat for wildlife and increase the capacity of land to store carbon, although few studies aim to quantify those benefits in western countries. If planted in a certain way, they can help create a more complete plant community structure from the ground up to the canopy.

    This means that the forest has distinct layers from the slow-growing canopy species right down to the smaller shrubs and ground covering herbs. These habitats are self-sustaining, so after three to five years’ growth they apparently don’t need much maintenance.

    The environmental charity Earthwatch Europe uses the Miyawaki method to plant tiny forests in urban areas. So far, with the help of local communities, they have planted 285 forests since 2022.

    Some local councils and community groups are embracing this tiny forest revolution. At Tychwood in Witney, near Oxford, the UK’s first tiny forest now has an outdoor classroom area that’s used by schoolchildren and local residents who can work on citizen science projects and tree maintenance.

    Since it was first planted in March 2020, the habitat has become home to insects, birds and lots of native plants such as oak, birch, crab apple, dogwood and goat willow.

    But while a government-funded pilot project called Trees Outside Woodlands has received attention for its possible socio-environmental benefits, very little research has quantified how best to do this effectively. One report published by conservation charity the Tree Council shows that Miyawaki plots have significantly higher survival rates and are more cost-effective than non-Miyawaki plots. But lots of unknowns remain.

    A climate of uncertainty

    Despite recognition of the potential benefits, including carbon storage, biodiversity conservation and educational opportunities, there’s a lot of uncertainty about how to apply the tiny forest method in different climates, particularly in the UK.

    Our recent study, published in the Arboricultural Journal, explores how suitable these tiny forests are within the UK context. Our interviews with 12 professionals (tree experts from academia or practitioners) reveal that while half of them supported the Miyawaki method, especially in specific urban areas such as schools and small parks, concerns remained about tree mortality and the high costs of buying saplings, prepping soil and maintaining trees. A few people told us that they could see potential in using unused farmland to establish tiny forests in rural settings too.

    Climate adaptation is paramount and planting trees in urban environments has never been more important. Access to nature also improves people’s health and wellbeing, with green spaces helping to connect communities and reduce loneliness, as well as mitigate the negative effects of climate change, such as air pollution, heatwaves and flooding, and improve biodiversity.

    As UK cities face both climate change and biodiversity loss, the tiny forest method offers a promising solution. There are still many challenges to overcome as this movement is still in its infancy – but it could be key to a greener, more resilient future.


    Don’t have time to read about climate change as much as you’d like? Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.

    Nicola Dempsey is on the Board of Green Estate, CIC, Secretary of the Sheffield Green Spaces Forum and a member of the Sheffield Street Tree Partnership.

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

    – ref. Japan-style ‘tiny forests’ are taking root in British cities – https://theconversation.com/japan-style-tiny-forests-are-taking-root-in-british-cities-239005

    MIL OSI – Global Reports –

  • MIL-OSI Global: How a crisis of truth is putting US electoral system under stress

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    America is in the grip of a crisis of truth and its political and electoral systems are under duress. Losing the connection between what is true and what is fiction could have enormous consequence in the middle of this US election campaign.

    Academics refer to this as an epistemological crisis, a situation where different people believe different “truths” and it becomes difficult to get a shared understanding of key facts. This, they argue, can lead to polarisation and potentially, even, an ungovernable country, based on an inability to decide on what is factually correct.

    Jonathan Rauch, the journalist and author of The Constitution of Knowledge: A Defense of Truth, says historically disagreement about what is true has, on some occasions, led to untold killing and suffering.

    Right now in the US, it’s clear that there are massive differences in what people believe is true. Polls show, for instance, that around 69% of Republicans and Republican-leaning voters think the 2020 election result was not legitimate and that Joe Biden did not win.

    This division is amplified by what is happening in and around the campaigns, and the use of new and developing techniques. The Trump campaign, for instance, continues to make claims that the 2020 election was stolen.

    Sharing misinformation (that is, when inaccurate content is disseminated but not with the intent to mislead) has always been part of political life, but it is now quickly amplified by social media. Spreading disinformation takes this to the next level, when organisations or individuals deliberately spread lies. But the means to do so have grown more sophisticated, as demonstrated in the recent Moldovan election, where a massive Russian disinformation campaign was discovered.

    History reminds us that fake news is at a premium during wartime and the world is currently experiencing two major conflicts. In both cases, the geopolitical consequences for the US are sky-high.

    By spring 2024, US news media were reporting on Russia’s potential to interfere in the US election. The US administration’s position on the Ukraine war in particular matters greatly to the Kremlin, and it is no secret that a Donald Trump victory would suit Putin far better than a continuation of the Ukraine-funding Democrat alternative.

    What is an epistemological crisis?

    In September, US officials warned of election threats, not only from Russia but also Iran and China. Former director of the US Cyber-Security and Infrastructure Agency, Chris Krebs, stated that 2024 is “lining up to be a busy election interference season”. What makes these multi-faceted and constantly evolving threats even harder to manage is the fact that Maga influencers are embroiled in the proceedings. This makes a unified American response against an external threat all but impossible.



    Read more:
    Why do millions of Americans believe the 2020 presidential election was ‘stolen’ from Donald Trump?

    One recent such example involved a company in Tennessee which was used by members of the Russian state-owned broadcaster RT (formerly Russia Today) to spread Russia-friendly content. The content-creators were paid US$10 million (£7.7 million) by RT to publish pro-Russia videos in English on a range of social media platforms. The RT employees were charged with conspiracy to commit money laundering and violating the Foreign Agent Registration Act.

    This is one of many developments by the foreign interference machine as the election on November 5 nears. Other incidents include dozens of internet domains used by the Kremlin to spread disinformation on websites designed to look like news sites and to undermine support for Ukraine. The US government response to these complex and boundary-blurring threats is complicated by the tension between maintaining discretion and informing the public.

    Old challenges, new technology

    Looking back, the 2016 presidential campaign and subsequent victory for Trump brought many firsts, some comical, others deadly serious in this post-truth arena. The lighter side included inaccurate claims made by White House press secretary Sean Spicer about the size of Trump’s 2017 inauguration crowd. When Trump advisor Kellyanne Conway declared on television to have “alternative facts” to those reported by the media on the crowd size, her phrase entered general use.

    With hindsight, such falsehoods now seem a little quaint, as the images from the day told the truth better than any script. Far more disturbingly, Russia’s Project Lakhta involved a “hacking and disinformation campaign” described in Special Counsel Robert Mueller’s 2019 Report as vast and complex in scale. The scheme involved human and technological input and targeted politicians on the political left and right, with a view to causing maximum disruption. Just a year later, Russia interfered in the 2020 race, this time spreading falsehoods about Biden and working in Trump’s favour.

    Fast forward to 2024 and we are awash with AI-created images and writing. Now any sort of lie is possible. Deep fakes, voice, image and video manipulation now mean that we literally can no longer believe our ears and eyes.

    Kellyanne Conway on alternative facts.

    Meanwhile, back on the campaign trail in 2024, Team Trump demonstrates few qualms when dishing out alternative facts. A long-time proponent of “truthful hyperbole” the former real-estate dealer takes exaggeration to a point no longer on the scale. From sharing an AI-generated image of Taylor Swift endorsing him (she soon backed his opponent) to claims that helicopters were not getting through with hurricane relief, the news cycle is awash with baseless content.

    An inevitable outcome of this crisis and conflict over truth is voters’ confusion and disengagement, and increasing public tension, with a new poll reporting that the majority of Americans are expecting violence after the election.

    Voters deserve to know whether what they know is real, but in this campaign it is increasingly clear that they don’t and the consequences of this could be stark.

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

    – ref. How a crisis of truth is putting US electoral system under stress – https://theconversation.com/how-a-crisis-of-truth-is-putting-us-electoral-system-under-stress-242046

    MIL OSI – Global Reports –

  • MIL-OSI Global: Five reasons Warhammer 40,000 should be considered a great work of science fiction

    Source: The Conversation – UK – By Mike Ryder, Lecturer in Marketing, Lancaster University

    Games Workshop, the British company behind the tabletop war game Warhammer and its futuristic counterpart Warhammer 40,000 (also known as Warhammer 40k), is now worth in the region of £3.75 billion. And it counts among its fans celebrities like Henry Cavill, Brian May and the late Robin Williams.

    The original Warhammer (known as Warhammer Fantasy Battle) was a fantasy tabletop miniature war-game. Released in 1983 it featured J.R.R. Tolkien-esque orc, goblin, dwarf and elf characters. A few years later, Games Workshop launched a science fiction version of the game, Warhammer 40k, where many of the fantasy races were re-imagined for a futuristic science fiction setting.

    Historically, many fans of science fiction have looked down on Warhammer 40k as something of a niche interest, the darker, grimier cousin of the clean-cut American franchises of Star Wars and Star Trek. But things are starting to change. Warhammer 40k is now so much more than a simple tabletop battle game. It is a whole universe of rich and diverse characters of great depth, and it is supported by a body of literature.

    Here are five reasons the Warhammer 40k franchise is as worthy of science fiction fandom as its American cousins.

    1. The grand scope of its format

    Warhammer 40k is no longer just a miniatures game. Rather, it is a complete fictional universe far grander in scope than any other science fiction universe that exists today.

    This multi-modal format means that fans don’t just have to collect model miniatures to enjoy it. There are so many different formats available, including animations, role-playing and video games, as well as comic books and the extensive literary publications from the Black Library, the publishing arm of Games Workshop.

    2. The franchise’s scale

    Warhammer 40k universe is huge. And I mean, seriously huge. The Horus Heresy series – the key saga that sets the context for the “present day” universe – spans some 54 books, with a further ten books mapping out the series’ conclusion.

    This is arguably the biggest single collective literary undertaking in all of science fiction. The series started in 2006 with the novel Horus Rising, and has now reached its conclusion, with just the final few books awaiting their paperback release.

    3. Depth of storytelling

    Make no mistake, Warhammer 40k is no simple battle of good versus evil. Rather, it is a universe of deep politics, philosophy and nuance, where even the so-called “good guys” are forced to make difficult choices in the name of survival.

    This tension is encapsulated in the leader of the Imperium (humanity), known as The Emperor, who has sat atop his golden throne for more than 10,000 years. He is sustained by the ritual daily sacrifice of thousands of souls, who give up their lives in order that he continue his psychic battle with the forces of chaos in the psychic realm, known as The Warp.

    Such depth has helped the universe flourish over many decades, providing a constant stream of ideas for fans to engage with, and characters to explore.

    4. The grimdark aesthetic

    Such has been the impact of the Warhammer 40k universe that it has even spawned its own unique sub-genre of science fiction and fantasy, known as grimdark. Spearheaded by legendary artist John Blanche, grimdark is characterised by its bleak aesthetic that calls back to a kind of primordial existence, where day-to-day survival is not guaranteed.

    This sub-genre extends far beyond the realms of Warhammer, even shaping the work of bestselling fantasy novelists such as Joe Abercrombie, author of The First Law trilogy.

    5. Research potential

    Researchers are also now starting to take Warhammer seriously. In September, Germany hosted the world’s first academic conference dedicated to all things Warhammer. The conference attracted almost 60 speakers, with academics from across the globe looking at the universe through their own particular academic lens.

    Meanwhile, the depth of academic literature on Warhammer is also growing rapidly. In my own research I often write about science fiction and its potential to help us think about complex problems in new ways. With Warhammer, I have been able to explore what it means to be a soldier, and the symbolic relationship between the soldier and the state. I do this by exploring the portrayal of 40k’s most iconic characters, the space marines – genetically enhanced super-soldiers who live a monk-like existence committed to waging endless war against the enemies of mankind.

    The Prime series Secret Level will feature a Warhammer 40k episode.

    Time to go mainstream

    While it is fair to say that Warhammer 40k has so far been fairly underrepresented in science fiction circles, it seems the tide is finally starting to turn. Just last year Games Workshop signed a deal with Amazon to produce a TV series. There will also be a Warhammer 40k animation, due for release in December 2024. There have also been several important critical successes for 40k in the realm of video games, the most recent example being Space Marine II.

    With the growth of the tabletop hobby, the continued success of licensed video games and with an Amazon series on the horizon, we are now at a point where Warhammer is about to go mainstream. No longer is it merely a game of rolling dice, and painting model miniatures. Rather now, it is a huge and deeply significant work of science fiction, and one that is worthy of being spoken about in the same way as its American peers.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. Five reasons Warhammer 40,000 should be considered a great work of science fiction – https://theconversation.com/five-reasons-warhammer-40-000-should-be-considered-a-great-work-of-science-fiction-241040

    MIL OSI – Global Reports –

  • MIL-OSI USA: Capito Announces Congressionally Directed Spending Award for WVU Research Initiative

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    CHARLESTON, W.Va. — Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies (CJS), announced funding from the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) for West Virginia University (WVU).
    This award, which was secured through a Congressionally Directed Spending (CDS) request made by Senator Capito in Fiscal Year 2024 (FY24), will support new research equipment and resources.
    “WVU is known to be a global leader in critical research initiatives,” Senator Capito said. “During the appropriations process, I worked closely with the university to identify the areas of need, and it was clear that strengthening their research capabilities was a priority. This award will help the university continue its efforts by acquiring state-of-the-art equipment that meets the demands of a leading electron microscopy facility, which can ultimately lead to attracting and retaining a high caliber of research faculty and students. I was proud to help secure this award that will have long-lasting benefits for WVU and our entire state.”
    Award details listed below:
    $1,140,000 CJS CDS award to WVU (Morgantown, W.Va.) for a suite of research equipment to develop standards and optimization in the areas of advanced energy systems, advanced manufacturing, and fundamental biomedical, neuroscience and life science studies. This equipment will be used to upgrade the existing Sample Preparation Laboratory (SPL) within the Electron Microscopy Facility (EMF) to optimally utilize current and future electron microscopes. The SPL processes samples for the EMF, as well as other research facilities. The availability of modern electron microscopy sample preparation facilities will support the recruitment of new faculty and student talent and in the retention of existing talent. The award also has the potential to benefit the entire Shared Research Facility by enabling faculty to propose and execute more ambitious studies in collaborative teams and by promoting greater industrial engagement by means of the materials insights that WVU can contribute.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Collins Announces Nearly $133 Million for Bridge Replacements in Penobscot, Kennebec Counties

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – Today, U.S. Senator Susan Collins, Vice Chair of the Senate Appropriations Committee, announced that the Maine Department of Transportation (MaineDOT) has been awarded $132,676,036 for two projects in Penobscot and Kennebec County. This funding will assist in the rehabilitation or replacement of six bridges on Interstate-395 between Bangor and Brewer, and the replacement of six aging overpasses on Interstate-95 near Augusta. This funding was awarded through the U.S. Department of Transportation’s (USDOT) Bridge Investment Program (BIP). With these two awards, the State of Maine is receiving more than 20% of the nearly $635 million being awarded nationwide through the BIP this funding round. Senator Collins sent a letter to Transportation Secretary Pete Buttigieg in support of MaineDOT’s grant requests.

    In 2021, Senator Collins, then the Ranking Member of the Transportation Appropriations Subcommittee, was part of the core group of 10 Senators who negotiated the text of the bipartisan infrastructure law. This law established the BIP, which is the single largest dedicated investment in bridge infrastructure since the construction of the Interstate highway system.

    “This funding will make our roadways safer and more resilient by addressing bridges that are crucial to Maine’s infrastructure,” said Senator Collins. “Upgrading these routes will ensure that vital travel corridors remain accessible for residents, businesses, and commercial transport alike.”

    “This funding will help fund a dozen significant bridge projects in Kennebec County and the Greater Bangor area,” said Bruce Van Note, Commissioner of the Maine Department of Transportation. “Our team will replace six deteriorating bridges in Sidney and Waterville that do not provide enough vertical clearance for interstate traffic. We will also make major improvements on six bridges along the I-395 corridor in Bangor and Brewer, including the rehabilitation of the Veterans Remembrance Bridge spanning the Penobscot River. These investments in our transportation system support safety, reliability, and economic opportunity. We thank Senator Collins and Maine’s entire Congressional delegation for their ongoing commitment to supporting critical infrastructure projects in our state.”

    The funding is allocated as follows:

    • I-395 Bridge Bundle Project – $63,016,563 to rehabilitate or replace six deteriorating bridges along I-395 to enhance safety and improve driving conditions for those traveling between Bangor and Brewer, benefiting both local and regional mobility.
    • I-95 Accessibility Improvements Minimizing Heavy-Truck Impacts Project – $69,659,473 to replace six outdated bridges over I-95, bringing structures up to modern standards, allowing for safer heavy-truck passage, and reducing long-term maintenance needs on this critical route in Kennebec County.

    According to the USDOT, the BIP provides funding for bridge replacement, rehabilitation, preservation, and protection projects that reduce the number of bridges in poor condition, or in fair condition at risk of declining into poor condition.

    Since 2009, when Senator Collins became a member of the Appropriations Committee, she has secured more than $1 billion in competitive transportation grants for the State of Maine.

    MIL OSI USA News –

  • MIL-OSI USA: McConnell Announces Over $38 Million in Federal Funding for Kentucky’s Railroads

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell

    WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today that the U.S. Department of Transportation will award $32,183,290 to the R.J. Corman Railroad Group and $6,492,000 to the Louisville and Indiana Railroad Company (LIRC) through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program.

    R.J. Corman will use today’s award to rehabilitate tracks across multiple rail lines in Central and Western Kentucky, enhancing the efficiency and timeliness of its rail operations. The federal funding awarded to LIRC will support critical repairs to Clagg Bridge, an important rail bridge traversing the Ohio River between Louisville, Kentucky and Clarksville, Indiana that services both rail and waterway traffic.

    Today’s awards are funded through the Infrastructure Investment and Jobs Act as well as annual appropriations from Fiscal Year 2023 and Fiscal Year 2024. Senator McConnell, a senior member of the Senate Appropriations Committee, contacted the U.S. Secretary of Transpiration in support of both railways’ competitive grant applications and advocated for CRISI funding in both the Bipartisan Infrastructure Law and the annual appropriations process.

    “As a transportation and logistics hub, Kentucky’s railroads have been the linchpin of economic growth for generations of workers and job creators in the Commonwealth. The grants announced today will increase the speed, efficiency, and safety on two of Kentucky’s keystone rail operations, improvements that support good jobs and commerce across our state. I supported the Bipartisan Infrastructure Law precisely for projects like these, and I’ll continue to be a fierce advocate for Kentucky’s railroads, riverports, and waterways in years to come,” said Senator McConnell.

    “We are incredibly grateful to the Federal Railroad Administration for this grant, as well as to Senator McConnell, officials, and communities that supported this initiative. This partnership with R. J. Corman and Logan Aluminum underscores the power of collaboration between the public and private sectors. By leveraging federal infrastructure dollars alongside private investment, we are maximizing economic development opportunities for rail infrastructure in Kentucky. These enhancements will not only strengthen our ability to serve our customers but will also benefit a range of manufacturing companies and industries in central Kentucky. By improving the transportation of key commodities—such as agricultural products, automotive components, and raw materials—this project will bolster the region’s economy, expand market access, and enhance the overall efficiency of our supply chain,” said R. J. Corman Railroad Group President and CEO Ed Quinn.

    “The Louisville & Indiana Railroad is grateful for this award which will ensure that our 100-year-old lift span bridge over the Ohio River will remain a key component for our country’s economy for the next 100 years.  I would like to thank everyone that made this happen with a special thanks to Senator McConnell whose support is greatly appreciated,” said LIRC President John Goldman.

    MIL OSI USA News –

  • MIL-OSI USA: Business Insider: More student-loan borrowers are taking advantage of an updated route to get rid of their debt in bankruptcy court, top Democratic senators say

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    October 28, 2024

    An updated process for student-loan borrowers to get rid of their debt in bankruptcy court is working, a group of Democratic senators said.

    On Monday, Sens. Elizabeth Warren and Dick Durbin led Sens. Raphael Warnock and Sheldon Whitehouse in sending a letter — first viewed by Business Insider — to the Justice and Education Departments regarding the status of recent guidance intended to make it easier for borrowers to have success in bankruptcy court.

    Discharging student loans in bankruptcy court has been historically difficult. Borrowers had to prove a standard known as “undue hardship,” in which they cannot maintain a minimal standard of living, their circumstances aren’t likely to improve, and they have made a good-faith effort to repay their debt.

    …

    Read the full story here.

    By:  Ayelet Sheffey
    Source: Business Insider

    Previous Article

    MIL OSI USA News –

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing healthy meals for kids in Manitoba

    Source: Government of Canada News

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression. Our economy shrank by 17 per cent and it’s been tough getting out of that. In recent weeks, we’ve had some good news. What we’ve been seeing is light at the end of the tunnel. We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    October 18, 2024 – Winnipeg, Manitoba

    Check against delivery

    I would like to begin by acknowledging that we are in Treaty 1 territory and that the land on which we gather today is the traditional territory of the Anishinaabeg, Cree, Ojibway, Oji-Cree, Dakota, and Dene Peoples, and the homeland of the Red River Métis.

    I want to start by saying a couple of things about the Canadian economy.

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression.  Our economy shrank by 17 per cent and it’s been tough getting out of that.  In recent weeks, we’ve had some good news.  What we’ve been seeing is light at the end of the tunnel.  We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    What kind of good news am I talking about?  First of all, inflation in September was at 1.6 per cent.  That is in the lower end of the Bank of Canada’s target range, below the central target of two per cent.  For the past nine months, inflation has been within the Bank of Canada’s target range.  I know that is a relief for people here.

    What that means is that interest rates are coming down, too.  Canada was the first G7 country to lower interest rates for the first time, the first G7 country to lower interest rates for the second time and the first G7 country to lower interest rates for the third time.  That is a relief for a lot of Canadians, a lot of Manitobans as well.

    Wages and employment are going up.  We had strong jobs numbers in September.  The Canadian economy added 47,000 new jobs and unemployment went down a bit.  For the past 20 months, wages have been outpacing inflation.

    All these things are important for Canadians, for families like the parents of the kids here who want to ensure they can take care of their kids, feed their kids, pay their mortgage, pay their rent.  What that economic progress means is that we as a country are able to make investments in our most precious resources, our kids.

    That is why we announced the National School Food Program in the 2024 Budget, which is, in my opinion, one of our government’s key programs.

    The National School Food Program is one of the most important investments we can make in our kids, in our families.  It’s $1 billion over five years.  It’s going to mean 400,000 kids can get fed at school, 400,000 kids who are hungry in their classroom are going to be able to have a snack or some breakfast or some lunch.  That’s going to make such a difference to them, to their teachers.  A family with two kids will save as much as $800 a year on groceries.

    We can only deliver a program like this when we have provincial partners who share our values, who share our commitment to Canada’s kids.  That’s what we have in Manitoba.  That is why I am deeply thrilled to be able to announce today that we have a deal with the great province of Manitoba to invest in school food for Manitoba’s kids.

    The federal government is investing $17.2 million over three years to expand school food programs in Manitoba.  Manitoba is putting money on the table too.  The result is 19,080 more kids in Manitoba are going to get school meals.

    Manitoba is, as usual, in a leadership position with Premier Kinew.  Manitoba is just the second province to conclude a school food deal.  It’s meaningful for every parent who has a kid and knows their kid is going to get a snack, for every kid who’s not going to be hungry.

    This is part of our government’s absolute commitment to investing in families and in children.  It is a companion program to our national system of early learning and childcare, and Manitoba is also playing a leadership role in the country.  You guys are down to $10 a day.  That is fantastic.  That is saving a family in Manitoba $2,610 per child per year, a real affordability measure.  There is also the Canada Child Benefit, where a family can get up to $7,787 per child per year thanks to that benefit.  When you put those programs together, this is a real investment in the most important people in our country, our kids.

    I would like to thank the Government of Manitoba, especially Premier Kinew, who is an excellent partner for us. Our work is not always easy but, because we share the same values, we are able to work together to get things done.

    We need our economy to grow, but that needs to be growth with a purpose. Our purpose needs to be to invest in Canadians.  There is no better investment and no more important investment that we can make than investing in our beautiful, amazing, precious children.  That’s what we’re here to celebrate today.  Thank you.

    MIL OSI Canada News –

  • MIL-OSI Global: MC Duke: a pioneering British rapper more people should know about

    Source: The Conversation – UK – By Adam de Paor-Evans, Research Lead at Rhythm Obscura / Lecturer in the School of Art, Design and Architecture, University of Plymouth

    MC Duke (Kashif Adham) was a key figure in the development of hip-hop in Britain in the late 80s. When he died in April, British rap lost a giant. From the East End of London, Duke strengthened the evolution of the genre in the UK by relating directly to US hip-hop and an emerging British rap identity through his lyrics and visual style.

    At the time of MC Duke’s arrival on the rap scene, British hip-hop was transitioning from the electro-based sound by London artists such as DSM, Three Wize Men and Family Quest, to a more sample-based style, much like the sounds of US artists Eric B. and Rakim and Biz Markie.

    In this transition, Duke emerged as the frontrunner in this new generation due to his embrace of hip-hop’s visual tropes as much as his sound.

    His first release, Jus-Dis landed in 1987 on Hard As Hell! Rap’s Next Generation, a compilation released on Music Of Life – a staple label for homegrown British talent. Jus-Dis presents Duke’s battle rap attitude through the diss track – a concept where the song’s narrative attacks another party.

    His lyrics and wordplay on the song title present social commentary on Britain and its legal system: “There ain’t no law, there’s only jus-dis.” Duke also brought the idea of the diss to live audiences throughout the UK by accelerating the dispute with Overlord X, another pioneering British rapper, as part of his stage routine.

    His first proper single release, Miracles, the next year, visually presented MC Duke and his DJ, DJ Leader 1, for the first time to audiences. The record sleeve depicts Duke donning a bright red goose jacket, a black leather cap, Cazal-style shades, gold rope chain and a name belt buckle – all highly sought-after attire in hip-hop fashion.

    These fashion choices linked the US image of rap with an emerging British one. In the US, rap pioneers T La Rock and Kool Moe Dee had previously used similar accessories on album covers to denote a sense of identity. In the UK, graffiti writers and breakdancers particularly were sporting name belt buckles.

    Miracles heavily samples The Jackson Sister’s I Believe In Miracles, which was a mainstay of the rare groove scene that developed in London during the early 80s. With the inclusion of vocal samples from Run-D.M.C.’s Run’s House and Public Enemy’s Bring The Noise, Miracles starts to bring together a transatlantic idea of hip-hop.

    Got To Get Your Own based on Reuben Wilson’s song of the same name and MC Duke’s follow-up single, I’m Riffin (English Rasta) heavily samples Funky Like A Train (link) by Equals, again a core record from many rare groove playlists.

    The introduction to I’m Riffin (English Rasta) is sampled from the powerful speech by American civil rights leader Jesse Jackson from Introduction (Complete). This immediately frames MC Duke’s lyrics with a sense of Black identity and history, as he raps: “Known to speak about men of freedom, Look for books on King and read ‘em”.

    Duke returns the narrative to a sense of the everyman: “We cover and smother another brother, Throw him away just like a used rubber,” twice referring to the system as at the heart of Black-on-Black crime.

    Duke’s “English Rasta” pseudonym is also a comment on Jamaican culture in Britain, in particular the second generation who grew up through an evolving Black British identity.

    M.C. Duke and DJ Leader 1’s debut album Organised Rhyme challenges the British class system, the aristocracy, colonialism and imperialism. Duke claims their associated visual tropes and brings them into a rap frame fusing tweed suits, hunting boots, Bentley cars and stately homes with the African medallions and chunky gold jewellery of hip-hop.

    In 1990, Duke countered the conventions of the British aristocracy as a producer and performer on the album The Royal Family, a collective of artists from the Music Of Life camp, including the likes of Lady Tame and Doc Savage. This album resonates with US label-related collectives such as Marley Marl’s Juice Crew and The 45 King’s Flavor Unit. Again, this enforces the transatlantic approach to hip-hop that Duke maintained.

    Duke’s work ensured British fans felt homegrown rap was becoming closer to US artists like Eric B. & Rakim and Public Enemy. Additionally, his music laid the foundation for future solo British rappers as diverse as Ty, Dizzee Rascal and Stormzy.

    As well as being a forerunner in British hip-hop, Duke worked across dance genres and influenced many jungle, drum ‘n’ bass and grime emcees. As Jumpin Jack Frost (the DJ behind the seminal jungle track Burial, which he released under the alias Leviticus) attested: “Duke was a true trailblazer who was one of the first UK MCs with a major record deal … His legacy will be remembered as someone who helped to shape UK MCs from jungle to grime we all owe MC Duke a lot.”

    MC Duke bridged the gap between US hip-hop history and set a new British trajectory for rap. His work should serve as a critical signpost for British rap audiences.

    Adam de Paor-Evans does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. MC Duke: a pioneering British rapper more people should know about – https://theconversation.com/mc-duke-a-pioneering-british-rapper-more-people-should-know-about-229966

    MIL OSI – Global Reports –

  • MIL-OSI Global: Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt

    Source: The Conversation – UK – By Rachel Williams, Reader in Human Resource Management, Cardiff University

    shutterstock SAI SU PAW KA/Shutterstock

    If you’re a pet owner, you may have noticed increases in your vet bills in recent years. The average cost of pet booster injections increased by 48% in the UK between 2020 and early 2024, while pet insurance prices rose by 21% in the year to March. Many families are struggling to afford care for their pets.

    But this situation isn’t just about rising prices – it’s about how these changes are affecting the people at the heart of veterinary care. For the past three years, I’ve been studying the experiences of early-career vets and what I’ve found is unsettling.

    The vets I spoke to described an emotional and ethical struggle that goes far beyond routine pet care. They’re increasingly having to balance the cost of treatment with the welfare of animals – sometimes being forced to euthanise otherwise healthy pets because the owners can’t afford treatment.

    Concerns about veterinary fees are also receiving national attention. The Competition and Markets Authority (CMA) is conducting an investigation into the sector, citing a lack of transparency in pricing and the dominance of corporate ownership. For example, 60% of UK vet practices are owned by just six companies, including VetPartners, MediVet and IVC.

    Strikes at branches of Valley Vets in south Wales – the first in the UK veterinary sector – have also drawn attention to the issue of pay and the rising cost of treatment. Staff at the practice, owned by York-based VetPartners, are demanding a fair wage and pushing back against fee hikes that are pricing owners out of care.

    For vets, the stakes are high. Many enter the profession out of a love for animals, but increasing costs force them into difficult conversations with owners who can’t afford the necessary treatment.

    One early-career vet I interviewed described treating a four-month-old puppy with a broken leg. The owners couldn’t pay for surgery and had to make the heartbreaking decision to put the dog down. This not only caused distress to the family but also to the veterinary team performing the procedure.

    Prevention

    Veterinary practices are increasingly promoting preventative care to help avoid costly treatment down the road. But some pet owners view this merely as an attempt to maximise profit.

    The Royal College of Veterinary Surgeons (RCVS), which regulates the sector, has expressed concern about a rise in abusive behaviour towards vets. The RCVS is encouraging owners to raise fee issues with practice owners rather than individual vets. Many practices have started removing abusive clients from their client lists, though some vets I spoke to were unhappy that abusive clients were allowed to return.

    Vet students are taught how to discuss costs with clients. For many new vets, however, these conversations are nerve-wracking, particularly when charges are high. Several vets described how they “forgot” to charge for items or charged reduced amounts when they believed the fees were too high. In some cases, the vets believed that managers chose not to notice, whereas others were criticised.

    But as vets gained experience, they also began to charge more accurately, partly due to valuing their training and expertise. They also realised that if they reduced a bill, clients were more likely to complain if the next vet charged correctly.

    60% of UK vet practices are owned by just six companies.
    FamVeld/Shutterstock

    I found evidence that over time some vets became less emotionally attached to their patients, particularly when they had no long-term relationship with the owner. They always wanted to reduce suffering and provide the best care. At the same time, though, they were exasperated at owners who acquired pets without investigating future costs or who failed to set money aside for emergencies.

    Some also expressed frustration at the owners of their practices imposing large fee increases. They described being ignored when warning managers that further fee increases would lead to a reduction in clients, and vindicated when clients left and associated income reduced.

    The CMA review could potentially reshape the veterinary sector, introducing greater price transparency and competition. The RCVS has welcomed the investigation, seeing it as an opportunity for much needed legislative reform.

    It is also seeking to extend its regulatory oversight to entire veterinary practices, not just individual vets and nurses. But it has warned the CMA to be cautious of breaking up businesses as this may lead to the closure of practices and leave pet owners without access to veterinary care.

    Crossroads

    The veterinary profession is at a crossroads. Rising costs, recruitment and retention challenges, as well as increasing emotional burnout are driving many vets to leave the profession. Meanwhile, pet owners are left struggling with tough decisions about how much care they can afford for their beloved animals.

    There are no easy answers. Teaching veterinary students how to offer treatment options that fit different budgets could help reduce the emotional burden on both vets and owners. Addressing vet retention through manageable working hours, supportive workplaces and fair salaries may also reduce pressures.

    Transparent pricing and educating owners about the real costs of pet care may help to enable more informed decisions. And giving vets a say in business and pricing decisions could help practices balance financial sustainability with compassionate animal care.

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

    – ref. Rising vet fees leave pet owners facing tough choices – and vets often bear the brunt – https://theconversation.com/rising-vet-fees-leave-pet-owners-facing-tough-choices-and-vets-often-bear-the-brunt-241647

    MIL OSI – Global Reports –

  • MIL-OSI Global: Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why

    Source: The Conversation – UK – By Rahul Sidhu, PhD Candidate, Neuroscience, University of Sheffield

    Donanemab is delivered intravenously to slow the progression of Alzheimer’s disease. Studio Romantic/ Shutterstock

    The UK’s drugs regulator – the MHRA – has approved the Alzheimer’s drug donanemab, but it won’t be available on the NHS.

    The National Institute for Health and Care Excellence (Nice), which determines what treatments are available on the NHS, decided not to recommend donanemab for NHS use. This is because of its cost, potential side-effects and what some consider insufficient benefits.

    While Nice’s decision is disappointing for a lot of people (about 70,000 people people in England would have qualified to receive the drug), it’s important to know why the decision was made.

    Slowing decline

    A key characteristic of Alzheimer’s disease is the presence of amyloid plaques. These are sticky proteins that clump together and destroy brain cells (neurons), resulting in Alzheimer’s.

    Donanemab is a monoclonal antibody – a lab-made protein that targets and binds to amyloid to help eliminate it. This treatment is administered by an intravenous infusion, so the drug is delivered directly into the bloodstream. Each session lasts about 30 minutes and is needed every four weeks.

    In a clinical trial, donanemab was shown to be reasonably successful. The trial compared participants with early Alzheimer’s disease taking donanemab against those taking a placebo.

    Donanemab slowed the decline in memory and thinking by as much as 35% in people in the early stages of Alzheimer’s disease. This is the equivalent of reducing the disease’s progression by four to seven months. Participants taking donanemab experienced a 40% slower decline in their ability to perform daily tasks, including managing finances, driving and enjoying hobbies.

    Donanemab helps eliminate amyloid from the brain.
    Signal Scientific Visuals/ Shutterstock

    While these results are promising, it’s important to note that the clinical trial had some limitations.

    The trial lasted only 18 months, so it remains unclear how donanemab’s effects will play out long-term for those using it. Future studies will be needed to explore the long-term effects.

    Although the trial had a large sample size of 1,736 participants with early Alzheimer’s disease, 90% of the participants were white. More diversity in clinical trials is needed to ensure that donanemab is effective for people of all races and ethnic backgrounds. Unfortunately, this lack of diversity is a common issue in medical research.

    But the major drawback with donanemab was its side-effects. About 80% of the side-effects participants experienced were either mild or participants showed no symptoms at all and side-effects were only picked up in further tests.

    However, 15% of participants had a serious side-effect. This included brain swelling or small brain bleeds known as amyloid-related imaging abnormalities. This may initially cause mild symptoms such as headaches, confusion or dizziness. But without constant monitoring, these conditions can become detrimental to health.

    There were three deaths believed to be linked to this brain swelling among the 853 participants who were administered the drug.

    Another concern in using the drug relates to the existing difficulties with diagnosis. To even qualify for the treatment, patients must be in the very early stages of Alzheimer’s disease – and already have confirmed high amyloid levels through a PET scan or lumbar puncture.

    In the UK, only 2% of dementia patients receive these gold-standard diagnoses. More than one-third of people living with dementia don’t receive a diagnosis at all.

    Improved and more accessible diagnostic methods would ensure more patients are eligible to receive the drug at the optimal time.

    But the key reason donanemab isn’t available through the NHS is its cost. The treatment is estimated to cost around £25,000 a year per patient, based on the US cost. This does not include the expense of brain scans to monitor its effects.

    Additionally, it requires monthly infusions at the hospital and careful monitoring for side-effects, which may seem excessive considering the treatment’s modest benefits.

    The future for Alzheimer’s treatments

    Nice’s decision on donanemab closely mirrors the decision they made about lecanemab in August 2024. This was the first ever Alzheimer’s slowing drug approved by the MHRA, and, like donanemab, is only available via private healthcare. The reasons both drugs were rejected by the Nice and the NHS are similar – with costs and side-effects being the main concerns.

    While people with dementia and their families may feel let down by this decision, the fact that these new therapies can slow the disease, even slightly, offers hope.

    Nice will be reassessing donanemab in 2025. There are also over 100 drugs currently in clinical trials for treating Alzheimer’s. Hopefully, one of these will prove to be as effective, if not more effective, as donanemab but with fewer side-effects and at a lower cost.

    Still, it’s a remarkable step that there are two drugs licensed in the UK for treating Alzheimer’s. Although there’s still a way to go before an NHS treatment is readily available.

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

    – ref. Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why – https://theconversation.com/alzheimers-drug-approved-in-the-uk-but-it-wont-be-available-on-the-nhs-heres-why-242127

    MIL OSI – Global Reports –

  • MIL-OSI USA: Pennsylvania Office of Outdoor Recreation Rolls Out ‘Elevate’ Initiative to Engage Outdoor Businesses

    Source: US State of Pennsylvania

    October 28, 2024 – Easton, PA

    Pennsylvania Office of Outdoor Recreation Rolls Out ‘Elevate’ Initiative to Engage Outdoor Businesses

    Pennsylvania Director of Outdoor Recreation Nathan Reigner visited Easton Outdoor Company to announce the launch of Elevate, a new business engagement initiative designed to strengthen Pennsylvania’s outdoor recreation industry by engaging directly with the businesses that drive it.

    The Elevate initiative will connect with outdoor recreation businesses across the Commonwealth to identify barriers to growth, develop workforce solutions, and highlight Pennsylvania as a premier destination for outdoor recreation and a place where related businesses can thrive. Pennsylvania businesses involved in or benefiting from outdoor recreation are invited to complete a brief questionnaire.

    This initiative advances Governor Josh Shapiro’s commitment to strengthening Pennsylvania’s outdoor industry, delivering on his promise to make Pennsylvania a national leader in outdoor recreation, entrepreneurial opportunity, and job creation.

    “Outdoor recreation is already a major economic driver in Pennsylvania and my Administration is working to grow the industry even further by connecting the dots between businesses in the Commonwealth’s outdoor recreation economy so they can help each other grow and succeed,” said Governor Shapiro. “This initiative is an example of how our commitment to outdoor recreation can lift up communities, create good jobs, and fuel economic growth across Pennsylvania. Outdoor recreation isn’t just about business or economics – it’s about our quality of life and enjoying the incredible natural beauty we’re lucky to have here in Pennsylvania.”

    Speakers Include:
    Nathan Reigner, Director of Outdoor Recreation
    Neil Fowler, Executive Director, Center for Strategic Partnerships, DCED
    Adam Fairchild, Easton Outdoor Company, Owner
    Karen Prieto, Twin Rivers Tubing, Owner
    Bill Strickland, Editorial Director, Hearst Publications
    Lamont McClure, Northampton County Executive
    Ken Brown, Vice Mayor, Easton City Council
    Frank Pintabone, Easton City Council

    MIL OSI USA News –

  • MIL-OSI: Lambent Executives to Co-Present with NSU Florida on Occupancy Analytics and Operational Excellence

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Executives from occupancy analytics software company Lambent are partnering with NSU Florida to highlight how businesses and higher education institutions are using occupancy analytics to maximize operational excellence.

    Lambent CEO Richard Scannell and Campus Technology Advisor/Sales Director Sue Wohlford Bork will be joined by Daniel Alfonso, Vice President of Facilities Management and Safety at NSU Florida at two different events in the next two weeks—SRAPPA (Southeast Region Association of Physical Plant Administrators) and Tradeline’s Space Strategies 2024.  

    The sessions will examine the role of occupancy analytics in revolutionizing operational excellence across real estate and facilities management, and the resulting cost reductions, adaptability improvements, and energy efficiencies. The presenters will share NSU Florida’s own experience integrating occupancy data with its Building Automation Systems (BAS) and the opportunities that created for data-driven space discussions and the improved management of hybrid workplaces. They will also discuss the transformational potential of predictive occupancy analytics in developing operational strategies, anticipating space usage trends and aligning resources to quickly adapt to those shifts.

    The session will be presented at two separate conferences:
    SRAPPA (Southeast Region Association of Physical Plant Administrators)

    • Chattanooga, TN
    • Wed. Oct. 30th  @ 2:25 PM

    Speakers:

    Sue Bork
    Campus Technology Advisor to Higher Education Institutions
    Lambent    		 Daniel Alfonso
    Vice President of Facilities Management and Safety
    NSU Florida
       

    Tradeline Space Strategies 2024

    • Scottsdale, AZ
    • Mon. Nov. 11th @ 2:20 PM and Tue.  Nov. 12th @ 1:45 PM

    Speakers: 

    Richard Scannell
    CEO
    Lambent    		 Daniel Alfonso
    Vice President of Facilities Management and Safety
    NSU Florida
       

    About Lambent
    Lambent is an occupancy analytics software company helping corporate and higher ed campuses optimize space utilization, facilities operations and real estate investments. Its SaaS platform, Lambent Spaces, leverages existing data sources such as Wi-Fi and sensors to provide anonymous and predictive analytics to inform decisions related to utilization, workplace experiences, planning, scheduling, and maintenance. The software delivers actionable intelligence so facilities professionals and space planners can make better use of the spaces they have. For more information, visit https://lambentspaces.com/.

    The MIL Network –

  • MIL-OSI Economics: Fannie Mae Announces Changes to Appraisal Alternatives Requirements

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced changes to the eligibility requirements for Value Acceptance (previously known as appraisal waivers) and Value Acceptance + Property Data (also known as inspection-based appraisal waivers), two key components of the company’s valuation modernization options. The changes are part of Fannie Mae’s ongoing efforts to offer a balance of traditional appraisals and appraisal alternatives to confirm a property’s value in order to meet the needs of the market.  

    Beginning in Q1 2025, for purchase loans for primary residences and second homes, the eligible loan-to-value (LTV) ratios for Value Acceptance will increase from 80% to 90% and Value Acceptance + Property Data will increase from 80% to the program limits. Both options are designed to match the risk of the collateral and the loan transaction.

    “Fannie Mae is on a journey of continuous improvement to make the home valuation process more effective, efficient, and impartial for lenders, appraisers, and secondary mortgage market participants while maintaining Fannie Mae’s safety and soundness,” said Jake Williamson, Senior Vice President of Single-Family Collateral & Quality Risk Management, Fannie Mae. “Responsibly increasing the eligibility for valuation options that leverage data- and technology-driven approaches can also help reduce costs for borrowers.”

    Since early 2020, Fannie Mae estimates the use of appraisal alternatives such as Value Acceptance and Value Acceptance + Property Data on loans Fannie Mae has acquired saved mortgage borrowers more than $2.5 billion.

    Value Acceptance leverages a robust data and modeling framework to confirm the validity of a property’s value and sale price. Alternatively, Value Acceptance + Property Data utilizes trained and vetted third-party property data collectors, such as appraisers, real estate agents, and insurance inspectors, who conduct interior and exterior data collection on the subject property. Lenders are notified of transactions that are eligible for Value Acceptance or Value Acceptance + Property Data via Fannie Mae’s Desktop Underwriter®.

    MIL OSI Economics –

  • MIL-OSI USA: Video: Cassidy Showcases Recent Energy Security Summit, Highlights Foreign Pollution Fee Act in New Video

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    (Click here to download and here to watch)  
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) showcased his recent “Louisiana Energy Security Summit: Unleashing America Abundance in a Changing Global Landscape” in a new video. The summit, hosted in Baton Rouge, Louisiana, in mid-October, brought together leaders from the federal, state, and local government, industry, the research community, and elsewhere. During his keynote address and fireside chat, Cassidy highlighted his Foreign Pollution Fee Act, which would even the playing field for American manufacturers while holding China accountable.
    “Right now, China is taking jobs from the United States by not enforcing environmental regulations. If the United States wants the jobs back, we got to begin to make China pay,” said Dr. Cassidy. “My Foreign Pollution Fee Act works for fairness, works for job creation, and stops giving China a cost advantage. It allows us to build a stronger economy not just for Louisiana but for our country.”  
    The summit featured ten panels which explored protecting U.S. interests from unfair trade practices, Louisiana’s low emissions manufacturing advantage, and the role of natural gas in strengthening U.S. geopolitical influence. Panelists included presidents and CEOs from Entergy, First Solar, Buzzi UnicemUSA, Orsted, and Aluminum Technologies, former Trump administration officials, and leaders from Louisiana trade associations and major energy and Fortune 500 companies. 
    Background
    Cassidy and U.S. Senator Lindsey Graham (R-SC) introduced their Foreign Pollution Fee Act to level the playing field with Chinese manufacturing and expand American production.
    In September, he released the 3rd episode of Bill on the Hill, where he highlights his Foreign Pollution Fee Act and discusses China’s growing economy and military coming at the expense of the American worker. After hearing fellow Americans share their concerns, Cassidy presented his plan to address the nexus between economic development, national security, and the environment. His Foreign Pollution Fee Act would even the playing field while holding China accountable.
    He penned editorials in Foreign Affairs, The Washington Times, and jointly in the USA Today Network discussing the geopolitical threat that China poses to U.S. global standing. Cassidy also joined Greta Van Susteren on Newsmax to discuss his foreign pollution fee, noting the competitive advantage China receives from intentionally ignoring environmental standards. 
    Last Spring, the Louisiana Senate and House of Representatives unanimously adopted a resolution urging Congress to pursue an industrial manufacturing and trade policy to counter competition from China. Learn more here. 
    Last Congress, Cassidy released a landmark energy policy outline in response to the Biden administration’s assault on domestic energy. The outline details how we can successfully reset U.S. energy policy, including Cassidy’s plan for an Energy Operation Warp Speed to cut permitting red tape and unleash domestic energy and manufacturing. In support of this complete vision and in addition to the Foreign Pollution Fee Act, Cassidy led Republican colleagues in opposition to a domestic carbon tax and introduced the first comprehensive judicial reform for permitting bill. He also pushed back on disastrous proposals from the Biden administration to limit development in the Outer Continental Shelf with the introduction of the WHALE Act and the Offshore Energy Security Act of 2023.

    MIL OSI USA News –