Category: Business

  • MIL-OSI: Altus Group’s Innovation Recognized in the 2024 Power Proptech List

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), is proud to announce that its CEO Jim Hannon and Executive Vice President, Rich Sarkis have been named to Commercial Observer’s annual Power Proptech list for the third consecutive year.

    The Power Proptech list recognizes the most influential leaders in the CRE proptech space who are driving change and innovation within the CRE industry. Altus remains at the forefront of transforming the CRE landscape, helping clients leverage advanced analytics to maximize performance and manage risk. Having built one of the most extensive and unified data platforms for CRE, Altus is tapping into its incredibly rich dataset to bring new performance insights to its customers. One of Altus’ recent innovations leveraging this platform includes its new ARGUS Intelligence product which enables users to dynamically drill into data to quickly analyze and compare performance metrics.

    “This recognition is a testament to our talented team, which brings together leading data scientists, technologists, and CRE market experts,” said Jim Hannon, CEO of Altus. “Our efforts and investments have positioned Altus to lead the CRE data revolution. As we close the year, we’re proud to have delivered new data analytics innovations and raised the bar for what clients can expect from Altus Group.”

    For more information about Commercial Observer’s Power Proptech list, click here.

    About Altus Group

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

    FOR FURTHER INFORMATION PLEASE CONTACT:

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

    The MIL Network

  • MIL-OSI Canada: Bank of Canada interest rate announcement and release of the Monetary Policy Report

    Source: Bank of Canada


















  • MIL-OSI Canada: Press Conference: Monetary Policy Report – October 2024

    Source: Bank of Canada


















  • MIL-OSI: Council of Federal Home Loan Banks Hails FHFA Report Highlighting Impact Delivered by Federal Home Loan Banks

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 18, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank System (FHLBank System) today hailed a report published by the Federal Housing Finance Agency (FHFA), regulator of the FHLBank System, indicating that the FHLBanks contributed a total of more than $581 million in Affordable Housing Program and community development grants in 2023.

    FHFA’s 2023 Targeted Mission Activities Report highlights the FHLBanks affordable housing and community development activities last year, demonstrating that the FHLBanks delivered $446.9 million in AHP funds, including $35.2 million in voluntary AHP spending. Additionally, the report indicates the FHLBanks delivered $134.6 million in additional voluntary grant funding for a total of more than $581 million in funding for affordable housing and community development in 2023.

    In the press release announcing the report, FHFA Director Sandra Thompson is quoted as saying the FHLBanks “assisted close to 65,000 low- or moderate-income households and supported more than 400 targeted economic development projects in 2023.” She is further quoted saying “I am encouraged to see the Federal Home Loan Banks pursue creative and innovative approaches to addressing local housing needs through the voluntary programs they undertake in addition to meeting their obligations under the Affordable Housing Program.”

    Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, said the report stands as a strong indicator of how dedicated the 11 FHLBanks are to working with their members and within their districts to meet the needs of local communities.

    “Over the last two years the FHLBanks have taken tremendous steps to help address the housing supply and affordability issues plaguing the country,” said Donovan. “This report clearly shows the positive impact and responsiveness of the 11 FHLBanks to the needs of their members and the communities they serve. We are grateful to FHFA for publishing the report and we look forward to continuing to work with the agency, financial regulators, and other stakeholders to develop innovative and workable solutions to the nation’s housing finance needs.”

    In response to feedback the FHLBanks heard during FHFA’s comprehensive review of the System, the FHLBanks voluntarily agreed in early 2023 to contribute 15 percent of the prior year’s net earnings to affordable housing and community development, a 50 percent increase from the statutorily required 10 percent. Based on 2022 net earnings, the FHLBank System was assessed $355.2 million for AHP in 2023, as noted in FHFA’s report. The $581 million in AHP and voluntary contributions in 2023 represent a total of more than 16 percent, or more than 60% above the statutory minimum.

    About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

    CONTACT INFORMATION
    Council of FHLBanks
    Peter E. Garuccio
    202-955-0002 ext. 14
    pgaruccio@cfhlb.org

    The MIL Network

  • MIL-OSI USA: Labrador Letter – The Push to Abandon Our Constitution

    Source: US State of Idaho

    Dear Friends,
    The Bill of Rights is a shield to guard the people – individuals – against the power, overreach, and abuse of government itself.   The freedom of speech, assembly and religion, the right to a speedy trial by a jury of your peers, the right to be free from unreasonable searches and seizure, and the right to keep and bear arms to preserve those freedoms – these are for the individual.  Each Amendment is a link in the chain that binds government in servitude to the people.
    Lately, federal bureaucrats and elected officials are complaining that the Bill of Rights is getting in the way of their big government agenda, chafing uncomfortably under these guarantees of freedom for individuals.  They claim the First Amendment is burdensome when it comes to regulating political speech.  That’s good.  That means our Constitution is working exactly as intended.
    The New York Times, once the pinnacle of journalism, recently ran an article blasting the Constitution as dangerous if it could ever allow Donald Trump to become president, and maybe it’s best to scrap the whole thing.  The article even called originalist interpretations of the Constitution to be “Constitution-worship.”
    Not to be outdone, the New Yorker just a few weeks ago ran an article entitled “Is It Time to Torch The Constitution?”  The article included particular interest in expanding the Supreme Court and getting rid of the electoral college – two perennial favorites from the Left when it comes to political daydreams. Cleary there is no shortage of irony in newspapers decrying the freedom of speech protected by the very Constitution they propose to discard.
    At the World Economic Forum in Switzerland, millionaire climate czar John Kerry bemoaned the restrictions of the First Amendment as insufficient to ban speech unfavorable to the climate change agenda, or discouraging people from getting vaccinations.  Kerry referred to the First Amendment as a “major block” in preventing people from believing the wrong things.
    And in the most extreme and hilarious example, California’s Governor Gavin Newsom is supporting censorship of online content including political satire, memes, and parody.  In a real-life response, the Babylon Bee, a website known for its wry political wit, sued the state.  A court quickly struck down the California law as blatantly unconstitutional.   Newsom should have stuck with banning diesel vehicles, natural gas stoves, and plastic straws and grocery bags.  If you are passing a law to ban satire, you’ve already lost.  You’ve become the mustachioed villain of a Christmas cartoon special trying to take away everyone’s toys.
    We’ve seen countless examples of collusion between Big Tech, Big Media, and the weaponization of our own government, attempting to regulate speech by “fact-checking” posts and suppressing content that runs counter to an administrative agenda or pushing content that supports it.  Some may say that platforms such as Twitter or Facebook choosing to regulate speech content is their right as a company.   However, when Government is in the shadows holding the carrot and stick of regulation, taxes, franchises, and favorable rules, that crosses a very clear line.
    It is a fair criticism to say our Republic is not the most nimble form of government.  Our system, by design, is not swift in making decisions or taking actions.  But the trade-off is the more swiftly a government moves, the more easily it crushes the rights of the individual.  In absolutist systems – monarchies, dictatorships and despots of both right and left – protecting the individual is a far lower priority than protecting the state itself and the interests of its agents and their favorites.
    Our Republic is specifically designed to do the opposite, and the freedom of speech is rightfully enshrined in the very first Amendment listed.  The vitality of our Republic depends on the debate of ideas, not the suppression.   The importance of free speech in a free society cannot be overstated and one cannot exist without the other.  As Voltaire once wrote, “I wholly disapprove of what you say – and will defend to the death your right to say it.”  That’s the whole point.
    Our Constitution is seen cynically by some as a handful of gravel into the gearbox of government, especially by those seeking to preserving their own power.  However, the proper role of government is to first serve the people and protect their rights in every possible circumstance.  We should keep a close watch on politicians and entities who consider any of our constitutional freedoms a roadblock.  For them, our liberty is not a priority, and our freedom is an inconvenience.
    Best regards,
    Not yet subscribed to the Labrador Letter?  Click HERE to get our weekly newsletter and updates.  Miss an issue?  Labrador Letters are archived on the Attorney General website.

    MIL OSI USA News

  • MIL-OSI Canada: Changes to AgriStability program saving Alberta farmers time and money

    Source: Government of Canada News

    News release

    October 17, 2024 – Edmonton, Alberta – Agriculture and Agri-Food Canada

    Changes to Agriculture Financial Services Corporation (AFSC)’s AgriStability program will reduce paperwork and lower costs for producers.

    Farmers are vital to Alberta’s economy, providing essential food resources and driving rural prosperity, yet they often face burdensome paperwork and high accounting fees that hinder their productivity. Governments are making changes to the AgriStability program to address these challenges.

    A new option to align AgriStability reporting with tax filing in 2025 will result in less paperwork, reduce accounting fees, and make enrolment and participation in the program much easier. An accelerated deadline to submit program forms to AFSC will lead to earlier payment. Enrolling in AgriStability can also provide producers access to other credit options like the federal Advance Payments Program, which offers low-cost cash advances. 

    AgriStability is an individual, whole-farm, margin-based program that helps producers who experience margin declines greater than 30% due to production loss, adverse market conditions and increased costs. In 2023, AgriStability also increased compensation for margin declines exceeding 30%, offering 80 cents per dollar of decline, up from the previous rate of 70 cents.

    Producers rely on business risk management programs to offset the financial impact of many challenges. AgriStability provides income stabilization protection to help producers manage large margin declines that threaten their farm’s viability.

    Risk management is critical in farming and each producer needs to examine their situation and the tools available before making decisions. AFSC has a robust suite of lending, business risk management and insurance options that producers can access.

    Quotes

    “Farmers can often face uncertainty, and programs like AgriStability help them to protect their operations. To make things a little bit easier, we’ve made changes to the AgriStability program that will reduce paperwork, so our farmers can get the support they need, faster, and continue producing top-quality products.”

    –  The Honourable Lawrence MacAulay, Minister of Agriculture and Agri-Food 

    “We value the dedication and adaptability of our province’s farmers. These changes to the AgriStability program will better respond to each producer’s unique situation, making the program more predictable, timely and simpler to access, which is what producers have been asking for.”

    – RJ Sigurdson, Minister of Alberta Agriculture and Irrigation 

    “Through our risk management programs, AFSC plays an important role in sustaining the agriculture industry. By making enrolment and participation in the AgriStability program easier it allows us to support Alberta producers more effectively.”

    – Darryl Kay, CEO, Agriculture Financial Services Corporation (AFSC)

    Quick facts

    • AgriStability protects Canadian producers against large declines in farming margins for reasons such as production loss, increased costs and market conditions.

      • AgriStability is one of the Business Risk Management programs under the Sustainable Canadian Agricultural Partnership (Sustainable CAP).
    • For more than 80 years, AFSC, a provincial Crown corporation, has provided loans, crop insurance and farm income disaster assistance programs to farmers, agribusinesses and other small businesses.

    • AFSC provides leading, innovative, client-focused financial and risk-management solutions to grow agriculture in Alberta. 

    • The deadline to apply for 2025 program coverage is April 30, 2025. 

    Associated links

    Contacts

    For media:

    Annie Cullinan
    Director of Communications
    Office of the Minister of Agriculture and Agri-Food
    annie.cullinan@agr.gc.ca

    Media Relations
    Agriculture and Agri-Food Canada
    Ottawa, Ontario
    613-773-7972
    1-866-345-7972
    aafc.mediarelations-relationsmedias.aac@agr.gc.ca
    Follow us on Twitter, Facebook, Instagram, and LinkedIn
    Web: Agriculture and Agri-Food Canada

    Darby Crouch
    darby.crouch@gov.ab.ca
    587-335-6934
    Press Secretary, Agriculture and Irrigation

    MIL OSI Canada News

  • MIL-OSI Canada: Minister Champagne announces new thematic campus and collaboration on energy transition

    Source: Government of Canada News

    News release

    Concordia University initiative will support research and innovation in sustainability

    October 18, 2024 – Shawinigan, Quebec 

    Across Canada, universities are at the forefront of innovation, advancing research and preparing future leaders in critical fields. To maintain Canada’s leadership in clean energy and sustainable technologies, the Government of Canada is investing in groundbreaking initiatives that will support cutting-edge research and foster the development of the next generation of skilled workers.

    Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced that Concordia University will establish a thematic campus in Shawinigan, Quebec, focused on energy transition. The campus will be dedicated to advancing clean energy research, which is critical to addressing climate change and promoting sustainability. This project is part of Concordia University’s “Volt-Age: Where Innovation Meets Purpose” initiative, which received a $123 million investment through the $1.4 billion Canada First Research Excellence Fund (CFREF) in 2022. CFREF supports world-leading research at Canadian universities and colleges.

    The campus will foster collaboration between Concordia University, the City of Shawinigan and the National Center in Environmental Technology and Electrochemistry (CNETE), aligning with broader federal efforts to address critical challenges in energy storage, transport electrification and sustainable innovation.

    This investment highlights the importance of connecting academic research with local and international partners to deliver tangible social and economic benefits for Canadians, while positioning Canada at the forefront of clean energy research.

    In support of this new initiative, the National Research Council of Canada signed a memorandum of understanding with Concordia University today to advance battery materials research in Canada and address the gaps in next-generation battery processing and manufacturing.

    Quotes

    “Investing in clean energy research is essential to securing Canada’s future as a global leader in sustainability. This new campus in Shawinigan dedicated to energy transition will lead cutting‑edge research to support the fight against climate change. This initiative will play a pivotal role in training the next generation of innovators who will help us achieve our ambitious climate goals.”
    – The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

    “When we invest in our researchers, we are investing in the communities of tomorrow—ones that are greener, more sustainable and healthier. The Canada First Research Excellence Fund uniquely positions our researchers to expand their skills to help their communities develop, and this is what we see today—the unveiling of a clean energy campus built on networks that are rich in research and innovation.”
    – Dr. Ted Hewitt, Chair, Tri-agency Institutional Programs Secretariat Steering Committee, and President, Social Sciences and Humanities Research Council of Canada

    “The National Research Council of Canada is committed to working with partners across Canada to advance technology that will advance our economy and mitigate climate change. This memorandum of understanding with Concordia University brings us together, with our complementary expertise in battery materials research, to address challenges in the battery innovation ecosystem and advance Canada’s globally competitive position in the clean energy sector.”
    – Mitch Davies, President, National Research Council of Canada

    “The establishment of our thematic campus in Shawinigan focused on energy transition is in line with the current narrative and showcases a city that has always been at the forefront of hydroelectricity and lithium battery production.”
    – Karim Zaghib, CEO, Volt-Age, Concordia University

    Quick facts

    •  Since 2016, the federal government has invested over $22 billion in science and research initiatives, such as infrastructure, emerging talent and other science and technology support measures, including measures announced in Budget 2024.

    • Created in 2014, the Canada First Research Excellence Fund (CFREF) supports Canadian postsecondary institutions in their efforts to become global research leaders. The program helps Canadian universities, colleges and polytechnics compete with the best in the world for talent and partnership opportunities. It also supports them in making breakthrough discoveries; seizing emerging opportunities; strategically advancing their greatest strengths on the global stage; and implementing large-scale, transformational and forward‑thinking institutional strategies.

    • CFREF invests approximately $200 million per year to support selected Canadian postsecondary institutions in turning their key strengths into world-leading capabilities.

    • Initiatives funded by CFREF are selected through an independent, multidisciplinary, international competitive peer review process, which is held every seven years.

    • CFREF is a tri-agency institutional program administered by the Social Sciences and Humanities Research Council of Canada (SSHRC) on behalf of the three federal research funding agencies: the Canadian Institutes of Health Research, the Natural Sciences and Engineering Research Council of Canada, and SSHRC.

    Associated links

    Contacts

    Audrey Milette
    Press Secretary
    Office of the Minister of Innovation, Science and Industry
    audrey.milette@ised-isde.gc.ca

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Stay connected

    Find more services and information on the Innovation, Science and Economic Development Canada website.

    Follow Canadian Science on social media.
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    X (Twitter): @ISED_CA | LinkedIn: Innovation, Science and Economic Development Canada

    MIL OSI Canada News

  • MIL-OSI Global: How your online world could change if big tech companies like Google are forced to break up

    Source: The Conversation – UK – By Renaud Foucart, Senior Lecturer in Economics, Lancaster University Management School, Lancaster University

    vectorfusionart/Shutterstock

    The US Department of Justice may be on the verge of seeking a break-up of Google in a bid to make it less dominant. If the government goes ahead and is successful in the courts, it could mean the company being split into separate entities – a search engine, an advertising company, a video website, a mapping app – which would not be allowed to share data with each other.

    While this is still a distant prospect, it is being considered in the wake of a series of rulings in the US and the EU which suggest that regulators are becoming increasingly frustrated by the power of big tech. That power tends to be highly concentrated, whether it’s Google’s monopoly as a search engine, Meta’s data gathering from Facebook, Instagram and WhatsApp, or by small businesses becoming dependent on Amazon.

    But what would a breakup of these tech giants achieve for consumers? Those in favour of shaking up Silicon Valley in this way argue that it would lead to more competition and more choice. And the best-case future scenario might look something like this:

    The year is 2030, and you are on your way to meet a friend for a meal. You receive a message notification on WhatsApp, which was sent by your friend using her Signal messaging app. Sending and receiving messages from different apps is now so common you barely notice it.

    In fact, “interoperability” – where different systems and tech work seamlessly together – is everywhere. In the same way you could send an email from Gmail to Hotmail back in 2024, you can now choose from a range of social media apps – alongside Instagram, TikTok and Snapchat – with text, pictures and video posted on one network easily accessible via another.

    You choose an app because you like the way it looks or the way it filters and presents content – not just because everyone else is on it.

    Similarly, your choice of restaurant and information on directions came from apps you have chosen from a much wider selection than the one you had access to back in 2024. You look at reviews produced by people you follow, irrespective of the platform they used to share it.

    Product placement and AI-generated content have practically disappeared, as the mapping app does not want to risk giving you advice you don’t want. If it did, you would simply switch to a competitor which provides a superior service.

    This increased level of competition is central to those who argue for breaking up big tech. Instead of app developers having to pay 30% of their sales to Google or Apple, there would be numerous app stores available, all competing to offer the best apps by cutting their profit margins. The theory is that the app market – and technological innovation – would thrive as a result.

    Research also suggests that the existence of competing apps makes consumers less lazy, and forces businesses to deliver better products, and better value for money.

    Private browsing

    In 2024, you would have had to trust the results provided to you by Google search, Google Maps, or a Google advert. And because Google owned your data, it could auction information about you to other businesses trying to reach you, without your say.

    You might have found Google’s services useful, but most of the benefit from personalised data would have gone to Google. And another big change that could come from breaking up big tech is that you might finally become the unique owner of that data.

    Potentially, you would be the only one with full access to your browsing history – the products you searched for, the ones you bought and the ones you almost bought. You would own the information about where you went for lunch, what you ordered, and how much you spent.

    Other information that would be owned by you might include how you commute to work, which video clips make you laugh, and which books you finished and the ones you abandoned immediately. The same goes for how you met your partner online, your dating history, and the health data your watch has collected about how hard you work at the gym.

    Your workout, your data.
    PeopleImages.com – Yuri A/Shutterstock

    In the imagined year of 2030, you would keep this data on an encrypted server, and different companies would offer apps to help you organise and manage your information. Whenever you wanted to, you could decide to use your data for your own purposes.

    Breaking up is hard to do

    Splitting up big tech companies is not without risks however. An obvious consequence is that those big companies would be less profitable.

    Right now, Google and Meta make (a lot of) money from advertising, and this is only possible because they own so much information about us. If they didn’t, they might end up charging users for the services they provide.

    Interoperability and greater competition may also provide more room for scam app operators. And while more choice about apps may be fine for some, it may be problematic for those who find modern technology challenging enough already.

    For regulators though, the challenge of modern technology seems to be a sense of powerlessness. And if they do decide to take the radical option and break up dominant companies, it could make a big difference to the online world for all of us.

    Renaud Foucart 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 your online world could change if big tech companies like Google are forced to break up – https://theconversation.com/how-your-online-world-could-change-if-big-tech-companies-like-google-are-forced-to-break-up-240960

    MIL OSI – Global Reports

  • MIL-OSI Global: Liam Payne: journalistic ethics are often ignored when celebrities die

    Source: The Conversation – UK – By Polly Rippon, University Teacher in Journalism, University of Sheffield

    When someone famous dies, particularly if they are young or it was unexpected, it is natural for their fans to want to know what happened. But, as the reporting on the tragic death of singer Liam Payne shows, the media does not always handle this appropriately or ethically.

    The singer, 31, fell to his death from the third floor of a hotel in Buenos Aires while under the influence of “drugs or alcohol”, local police said. LA-based celebrity news website TMZ initially reported the story alongside graphic images of Payne’s body.

    After a backlash, TMZ removed the photos, but executive editor Michael Babock defended publication, claiming the site was “trying to confirm reports Liam had died before police had established his identity”.

    Other mainstream outlets published transcripts or recordings of a 911 call made to police shortly before Payne was found, and an Argentinian newspaper published images of Payne’s hotel room which included images of drugs paraphernalia.

    This is certainly not the first time the media, and TMZ in particular, has come under fire for insensitive or harmful reporting of celebrity deaths. When basketball great Kobe Bryant died in a helicopter crash in January 2020, TMZ shared the news before police were able to notify his family. Bryant’s widow later testified that she learned of her husband and daughter’s deaths through social media. This breaches the UK’s journalism codes of practice.

    In their quest to get a scoop, what precautions and sensitivities do journalists have to respect when it comes to reporting sudden and tragic deaths?

    Media guidelines and ethics

    The ethical standards and guidelines vary from country to country. In the UK,
    these are set out by the Independent Press Standards Organisation (Ipso) and independent press monitor Impress for print media, and by Ofcom for broadcasters.

    An Ipso clause around intrusion into grief and shock says journalists should make enquiries with “sympathy and discretion” and publication should be handled “sensitively”.

    Ofcom has similar guidelines for broadcasters. The section on privacy states: “When people are caught up in events which are covered by the news they still have a right to privacy.”

    This can be infringed if “warranted”, says Ofcom, for example if it is in the public interest. This could include revealing or detecting crime, protecting public health or safety, exposing misleading claims or disclosing incompetence. But a tragic death, even of a high profile person, is unlikely to meet this standard.

    Broadcasters should not interview or film people who have experienced a personal tragedy unless it is “warranted” or they have given consent. And journalists are advised not to “reveal the identity of someone who has died unless it is clear that the next of kin have been informed”.

    Impress, which regulates more independent journalism, has released a statement condemning the reporting of Payne’s death.

    It said: “The defence of publishing in the public interest does not give outlets carte blanche to report the most intimate details of a celebrity’s life, or their death.”

    It is important to state at this stage that what happened prior to Payne’s tragic death and his intentions at the time are unknown. It is the job of the coroner to investigate and come to a conclusion at his inquest.

    The effect of reporting on tragedy

    Beyond accuracy and respect for the victim of a tragedy and their family, there are wider concerns that journalists should take into account.

    Research conducted by the World Health Organization (WHO) has shown irresponsible media reporting of celebrity deaths, particularly suicides, can increase suicide rates.

    One study examining patterns of suicide and media coverage found that in the five months following comic Robin Williams’ death in 2014, there were 1,841 more deaths from suicide in the USA compared to the same period the previous year – a 9.85% rise.

    The WHO’s international guidelines for reporting suicide urge the media to avoid sensationalism. Journalists should not provide details about methods, and should include information about mental health resources in stories.

    Analysis of over 100 academic studies found repeated coverage and high-profile news stories were most strongly associated with copycat behaviour.

    The WHO states: “Such stories can inadvertently function as celebrity endorsements of suicidal behaviour and it is known that celebrity endorsements can have an impact on behaviour of the public.”

    Sensitive reporting can reduce the risk of copycat suicides. Providing context in relation to mental health challenges and offering resources for support is vital.

    In the UK, guidelines were first drawn up by the Samaritans charity in 1994 to improve reporting on suicide and prevent copycat attempts. These are taught to journalism students on courses accredited by the National Council for the Training of Journalists.

    Guidance includes avoiding “dramatic” headlines, emotive or sensational pictures or video footage and excessive amounts of coverage. Not speculating about the trigger or cause is urged, because it can oversimplify the issue.

    “Coverage that reflects the wider issues around suicide, including that it is preventable, can help reduce the risk of suicidal behaviour”, the guidelines state. “Include clear and direct references to resources and support organisations.”

    Making a change

    Despite all of these guidelines, many media outlets flout them in the race for clicks. It is heartening that there has been so much outrage at the publication of the images of Payne, but some members of the public still seem to have an insatiable appetite for it. Nothing, it seems, is off limits.

    We need to take collective responsibility. Journalists and editors should reacquaint themselves with responsible reporting guidelines and put themselves in the bereaved family’s shoes. Members of the public can also do their bit by not clicking on or sharing this kind of material, so editorial priorities change.

    Ultimately, our thoughts must be with Payne and his loved ones. A death so young is a real tragedy and those who loved him will be affected for the rest of their lives.


    If you’re struggling with suicidal thoughts, the following services can provide you with support:
    In the UK and Ireland – call Samaritans UK at 116 123.
    In the US – call the National Suicide Prevention Lifeline at 1-800-273-TALK (8255) or IMAlive at 1-800-784-2433.
    In Australia – call Lifeline Australia at 13 11 14.
    In other countries – visit IASP or Suicide.org to find a helpline in your country.

    Polly Rippon 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. Liam Payne: journalistic ethics are often ignored when celebrities die – https://theconversation.com/liam-payne-journalistic-ethics-are-often-ignored-when-celebrities-die-241631

    MIL OSI – Global Reports

  • MIL-OSI Global: My Fair Lady turns 60: a linguist on how the film has held up

    Source: The Conversation – UK – By Amanda Cole, Lecturer in Department of Language and Linguistics, University of Essex

    On October 21 1964, the iconic and much-celebrated film My Fair Lady premiered in Hollywood. Sixty years later, the film remains an enjoyable rollick full of catchy songs, but is not a wholly accurate depiction of what linguists do – certainly not nowadays at least.

    Linguists are far from the academics who are most frequently depicted in films. It’s normally the white-coat, work-in-a-lab, scientist-of-some-nondescript-sort professors who get to give stark warnings or unsettling research insights to the maverick protagonist. But My Fair Lady is a film all about linguistics (and also class, love and terrible Cockney accents – more on that later).

    In the film, Professor Henry Higgins (Rex Harrison), takes under his wing a Cockney flower seller called Eliza Doolittle (Audrey Hepburn). He wagers with his friend and fellow haughty linguist, Colonel Pickering, that he can teach her to speak “properly”.

    It seems at first there is no hope but – hoorah! – Eliza finally grasps it, suddenly blurting out “the rain in Spain stays mainly in the plain” in a perfect imitation of Queen’s English.

    Doolittle then dazzles at an embassy ball, the perfect replica of an upstanding posh woman – or, as the film’s title suggests, a “lady” (itself a problematic word which encodes sexist tropes about what should be aspirational and respectable for women).

    She even fools a man who has made a name for himself by identifying imposters based on their accent. Though, you may also wonder if she evades detection by barely speaking at the ball, converted into a demure and unforthcoming shadow of her previously forthright, unapologetic and garrulous self.

    Professor Higgins: not your typical linguist

    My Fair Lady avoids the common pitfall of assuming that the primary endeavour of the linguist is to learn as many different languages as they can, collecting them like stamps (the film Arrival can take note). But it still doesn’t get our job quite right.

    I, for one, have never groomed a young, destitute woman to speak “correctly” while moulding her into a “respectable”, posh woman (if only modern academia granted the breathing space for such folly).

    Linguists love, celebrate and are constantly itching to understand, study and explore the diverse tapestry of accents, dialects and languages that exist in the UK and around the world. We have no interest in reinforcing any societal ideal for a supposedly “correct” accent, or throwing a grammar rule book at unwitting members of the public.

    By contrast, Higgins is repulsed by any accent that is not Queen’s English (which, by a wonderful turn of luck, is also his accent). In the opening number, he has a pop at the dialects of Yorkshire, Cornwall, America, Scotland and Ireland.

    But he is particularly dismayed and repulsed that Doolittle, despite being from London, has a strong London accent (or she is meant to at least – I can only imagine Hepburn was instructed to open her mouth as wide as possible for all vowels and caw like a crow if all else fails).

    Higgins makes various proclamations which will have you shouting at the telly, “Steady on, Professor!”. In his words:

    Look at her, a prisoner of the gutter / Condemned by every syllable she ever utters / By right, she should be taken out and hung for the cold-blooded murder of the English tongue.

    Best not tell him “hanged” is the past tense of “hang” when referring to capital punishment, else he walk himself straight to the gallows.

    With a little bit of accent prejudice

    The real beast in disguise at the embassy ball is not young, Cockney, Eliza Doolittle. It is misogyny and contempt for the working class that hides behind a mask of maintaining good standards and protecting the English language.

    It is no coincidence that women and working-class people (and Cockneys who are often seen as emblematic of the working class) often bear the brunt of accent prejudice.

    Accent prejudice is a smokescreen for broader societal prejudice. My Fair Lady seems antiquated and quaint in many ways – like Higgins using a gramophone to play back recordings of Doolittle – but accent prejudice is alive and well.

    Women in the UK such as Alex Scott, Angela Rayner and Priti Patel still routinely face criticism, commentary and contempt for their regional accents.




    Read more:
    Ask or aks? How linguistic prejudice perpetuates inequality


    You might think that the film’s lesson is for Doolittle to take on the world with her freshly mastered “standard” accent. After all, she consented to being ridiculed and paraded around like a show dog as she felt her accent prevented her from getting a job in a flower shop. Now, nothing stands in her way.

    But people should not have to change their accent to get along – and it is not always possible or even a guaranteed ticket out of discrimination. If we take the accent out of accent prejudice, we are still left with the prejudice – let’s remove the prejudice and be left with the accent.

    We need more unapologetically working-class women with regional accents at the embassy ball, but also in politics, academia, in the media and in all walks of life.

    In the film, Doolittle ultimately feels she has been used and disrespected, leading her to sour on Higgins. After she leaves, he grows to miss her and wistfully plays back recordings of her voice.

    And this is the real lesson for viewers today. Higgins has gotten to know Doolittle as a person and now sees beyond her accent and his own prejudice. The more we hear people with regional accents, the more normal and uneventful it becomes, and the more we will focus on what they say and not how they say it.

    Amanda Cole 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. My Fair Lady turns 60: a linguist on how the film has held up – https://theconversation.com/my-fair-lady-turns-60-a-linguist-on-how-the-film-has-held-up-241030

    MIL OSI – Global Reports

  • MIL-OSI USA: Investor Bulletin: Robo-Advisers

    Source: Securities and Exchange Commission

    Feb. 23, 2017

    The last few years have seen the growth in availability and popularity of automated digital investment advisory programs (often called “robo-advisers”).  These programs allow individual investors to create and manage their investment accounts through a web portal or mobile application, sometimes with little or no interaction with a human being with the potential benefit of lower costs than traditional investment advisory programs.  The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about these programs, and to help investors using robo-advisers to make informed decisions in meeting their investment goals.   

    What is a Robo-Adviser?

    The term “robo-adviser” generally refers to an automated digital investment advisory program.  In most cases, the robo-adviser collects information regarding your financial goals, investment horizon, income and other assets, and risk tolerance by asking you to complete an online questionnaire.  Based on that information, it creates and manages an investment portfolio for you.  Robo-advisers often seek to offer investment advice for lower costs and fees than traditional advisory programs, and in some cases require lower account minimums than traditional investment advisers.  The services provided, approaches to investing, and features of robo-advisers vary widely.  You can find information about these topics in the adviser’s Form ADV Part 1 and Part 2 brochure. 

    While robo-advisers have similarities to traditional investment advisory programs, there are also differences.  Before making a decision about whether to invest through a robo-adviser, or in deciding which robo-adviser might be best for you, you should do your own research.  Make sure the robo-adviser and the investment portfolio it puts together for you are a good match for your investment needs and goals, and that you understand the potential costs, risks, and benefits of using that particular robo-adviser.  Below we’ve highlighted some issues you may want to consider in making these important decisions.

    What Level of Interaction with a Person is Important to You?

    The amount of human interaction available to you may vary from one robo-adviser to another.  Some robo-advisers may offer the opportunity to contact an investment professional to discuss your investment needs (this hybrid of both automated and personal advice is sometimes referred to as “bionic” advice).  Other robo-advisers may only make technical support staff available, which will limit you to relying on the information on their websites or other sources you find to address your questions about investing. 

    If a robo-adviser does make an investment professional available to you, the format and amount of the interaction may also vary.  For example, a person may be available by email but not by phone, or available only for a limited number of in-person meetings.  In some cases, a robo-adviser may offer access to a person only for accounts that meet a certain minimum account size.  Still other robo-advisers may offer limited, if any, involvement of an investment professional in the creation and management of a client’s account.  

    Unlike a traditional investment adviser, there may be no initial or subsequent conversation with a person to gather information about you and your personal financial needs.  However, the robo-adviser may be able to offer you lower costs and fees by limiting the expense associated with a human adviser’s time. 

    As with any adviser, it is very important you take the time to learn about the robo-adviser’s services, including the level of interaction with a person, and find out answers to any questions you may have.  Here are a few questions to consider:

    • How much human interaction is important to you?  Would you like to be able to ask a person questions about your investments, the investment strategy being used, and potential risks? Would you like to be able to speak with a person during market events, such as periods of exceptional volatility or downturns?  Do you prefer being able to talk in person or on a phone, or is electronic communication fine with you?
    • What is your level of financial literacy, especially when it comes to investing?  Your ability to ask a person questions about investing (for example, about the robo-adviser’s investment strategy) may be limited and you may need to rely almost entirely on the robo-adviser’s online disclosures or other sources of information that you find on your own.  Are you comfortable using online resources?
    • As with a traditional adviser, you may be interested in how often you will have contact with the robo-adviser.  For example, how often does the robo-adviser follow-up with clients to confirm any changes that would affect their investment choices?  Would you have to contact the robo-adviser with any updates to your financial situation? 

    What Information is the Robo-Adviser Using to Create a Recommendation?

    A robo-adviser uses information you provide to create a recommendation.  As a result, a robo-adviser’s recommendation is limited by the information it requests and receives from you, typically through an online questionnaire.  It is important to keep in mind that some robo-advisers may obtain and consider only limited information about you.  In addition, as with traditional advisers, in many cases the burden to update this information will fall on you.  Here are a few questions to consider:

    • Would you use the robo-adviser for a specific financial goal (for example, retirement, buying a home, or investing for your children’s education), or to meet your overall financial needs more broadly?  Does the robo-adviser’s recommendation take into account your purpose in using the robo-adviser?   
    • Does the robo-adviser’s recommendation take into account relevant personal financial information, given your goal?  For example, does the robo-adviser ask for information about high interest credit card debt or student loans you may have? Does it take into account your bank and savings accounts? Does it take into account your real estate holdings, such as your home, or other investments such as retirement accounts? Does it take into account other assets that you have?
    • How does the robo-adviser take into account your tolerance for risk?  How you respond to the robo-adviser’s questions about risk can affect what portfolio the robo-adviser recommends. In addition to the initial makeup of your portfolio, how does your risk tolerance impact how the robo-adviser might rebalance your portfolio (for example, in the event of a market decline)?   

    What is the Robo-Adviser’s Approach to Investing?

    Different robo-advisers have different approaches to investing, including different investment styles and different products offered.  Some have several pre-determined portfolios of investments that they will recommend for you that you may or may not be able to customize.  Some robo-advisers focus solely on a limited range of investment products, such as broad-based exchange-traded funds, or ETFs. 

    Exchange-Traded Funds  
    Many robo-advisers utilize ETFs.  ETFs have unique characteristics that may make them more suitable for certain investors and less suitable for others.  To learn more about ETFs, including how they differ from mutual funds, read our Investor Bulletin: Exchange-Traded Funds (ETFs).  Also, certain robo-advisers may use hypothetical performance for newer ETFs in their marketing materials.  To learn more about performance claims, read our Investor Bulletin: Performance Claims

    Some robo-advisers may recommend emerging market funds or invest in smaller companies, which could be more volatile or potentially less liquid.  The investment style of the robo-adviser can make a big difference in the asset allocation of your portfolio.  In addition, some robo-advisers have additional features that can affect returns on your investment.  Also, in some cases robo-advisers may not have been tested under stressed market conditions. 

    You should take the time to understand how the robo-adviser develops a portfolio recommendation, and what pieces of information it uses – or does not use – in developing the portfolio.  Here a few questions to consider:

    • Does the robo-adviser offer a limited range of investment products, such as only ETFs?  Are the investment products utilized by the robo-adviser appropriate for your goals?  
    • Does the robo-adviser only offer certain limited portfolios within those investment products?  How many different portfolios could your money possibly be invested in?  What portfolio does the robo-adviser recommend for you and why? 
    • What type of accounts does the robo-adviser manage?  For example, does the robo-adviser manage individual retirement accounts (IRAs)? Taxable accounts? 401(k) accounts or college savings plans?
    • How does the robo-adviser handle volatility? For example, does the robo-adviser have the ability to freeze sales (not let you sell your investments for cash for a certain period of time)?
    • How often is your account rebalanced?  Rebalancing can have tax implications, depending on the type of account.  What would trigger a change in the asset allocation or investment categories of your portfolio?

    Tax Loss Harvesting
    Does the robo-adviser utilize tax loss harvesting? Tax loss harvesting involves selling investments that have experienced losses in your account, which may result in tax implications.  The value of tax loss harvesting can depend on your particular tax situation in a given year.  It also may implicate rules against wash sales.  Make sure you understand the tax implications of any sales, and consider whether you may wish to consult a tax adviser.  For more information about wash sales, read IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses).

    What Fees and Costs Will the Robo-Adviser Charge?

    Fees and other costs can greatly impact your return on investment.  One of the main benefits of a robo-adviser can be lower fees and costs – so it is very important that you understand what you would be charged.  A robo-adviser may offer lower-cost investment advice, but if the robo-adviser utilizes investment products with high costs, your total overall costs could still be high.  It’s important to understand your total costs.

    Also, in some cases, a robo-adviser may offer services that are not significantly different from services you could obtain through a traditional investment advisory program or through investing in a product such as a target date retirement fund.  It is worth considering whether one product or service can offer what you need at a lower overall cost than another.  Here are a few questions to consider:

    • What fees would you be charged directly by the robo-adviser? Are there any other costs (e.g., brokerage fees, management fees for ETFs purchased for your account) that you would pay directly or indirectly?
    • How is the robo-adviser compensated?  Does the way it is compensated create any conflicts of interest with you, the investor?  For example, is the robo-adviser paid to offer particular products or does it offer only products with which it is affiliated (e.g., mutual funds sponsored by the robo-adviser or its affiliates)?
    • Are there penalties or fees if you want to withdraw your investment, or transfer or close your account? Liquidating an account may have tax implications for you as well.
    • Does the amount you are charged depend on how much money you invest?
    • Can the costs and fees change over time?
    • Does the robo-adviser pay a referral or marketing fee, or other incentives for finding new clients?  Robo-advisers may use different marketing techniques, such as paying money to others or providing discounted fees for making client referrals.  You should understand if a robo-adviser has that kind of feature, even if you are not paying a fee yourself.

    Licensing and Registration – How Do You Find More Information?

    Firms that provide advisory services in the U.S. are typically registered as investment advisers with either the SEC or one or more state securities authorities.  Although the services that they provide are automated, robo-advisers in the U.S. must comply with the securities laws applicable to SEC or state-registered investment advisers.  Use the SEC’s Investment Adviser Public Disclosure (IAPD) database, which is available on Investor.gov, to research the background, including registration or license status and disciplinary history, of any individual or firm recommending an investment.  In addition, a firm that provides robo-adviser services may be affiliated with a broker that can execute the robo-adviser’s recommendations by buying and selling specific securities for your account.  You can research that broker using the Investment Adviser Public Disclosure (IAPD) database as well, which is again available on Investor.gov. 

    Finally, like traditional investment advisers, robo-advisers are also required to file a Form ADV.  Robo-advisers may also offer certain information about their advisory business on their websites or in communications with clients.  Check the robo-adviser’s website regularly to see if there is any updated information.   

    Additional Information

    Investor Alert: Automated Investment Tools

    Ask a question or report a problem concerning your investments, your investment account or a financial professional.  Report possible securities fraud. 

    Visit Investor.gov, the SEC’s website for individual investors.

    Receive Investor Alerts and Bulletins from the Office of Investor Education and Advocacy (“OIEA”) by email or RSS feed.  Follow OIEA on Twitter @SEC_Investor_Ed.  Like OIEA on Facebook at facebook.com/secinvestoreducation.

    MIL OSI USA News

  • MIL-OSI USA: Investor Bulletin: Ten Things You Should Know About Investing

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors basic information that may help them make informed financial decisions and avoid common scams.

    Whether you’re a first-time investor or have been investing for many years, there is some basic information you should know about investing.  Below is a list of ten investing-related pieces of information that may help you make sound financial decisions and avoid fraud. 

    Checking the background of an investment professional is easy and free.  Details on an investment professional’s background and qualifications are available through the SEC’s Investment Adviser Public Disclosure website and FINRA BrokerCheck.  If you have any questions on checking the background of an investment professional, call the SEC’s toll-free investor assistance line at (800) 732-0330.

    It can be costly to ignore the fees associated with buying, owning, and selling an investment product.  Expenses vary from product to product, and even small differences in these costs can translate into large differences in earnings over time.  An investment with high costs must perform better than a low-cost investment to generate the same returns for you.  In addition, some products are designed to be long-term investments.  If you need your money early, you may need to pay substantial surrender fees.

    Diversification can help reduce the overall risk of an investment portfolio.  By picking the right mix of investments, you may be able to limit your losses and reduce the fluctuations of your investment returns without sacrificing too much in potential gains.  Some investors achieve diversification through ownership of mutual funds or exchange-traded funds.

    Promises of high returns, with little or no associated risk, are classic warning signs for fraud.  Every investment carries some degree of risk and the potential for greater returns comes with greater risk.  Ignore so-called “can’t miss” investment opportunities or those promising “guaranteed returns” or, better yet, report them to the SEC.

    Any offer or sale of securities must be either registered with the SEC or exempt from registration.  Otherwise, it is illegal.  SEC registration is important because it provides investors access to key information about the company’s management, products, services, and finances.  While many companies that do not register or file reports with the SEC may be legitimate investments, you assume more risk when you invest in a company about which little or no information is publicly available.  Investors should always check whether an offering is registered with the SEC by using the SEC’s EDGAR database or contacting the SEC’s toll-free investor assistance line at (800) 732-0330.

    It can be risky to invest heavily in shares of any individual stock.  In particular, you should think twice before investing heavily in shares of your employer’s stock.  If the value of your employer’s shares declines significantly, or the company goes bankrupt, you may lose money and there’s a chance you might lose your job, too.

    Some investments provide tax advantages.  For example, employer-sponsored retirement plans and individual retirement accounts generally provide tax advantages for retirement savings, and 529 college savings plans also offer tax benefits.  Individuals who are interested in learning about the tax impact of their investment decisions should consult their tax adviser or visit the IRS website.

    Mutual funds, like other investments, are not guaranteed or insured by the FDIC or any other government agency.  This is true even if you buy a mutual fund through a bank and the fund carries the bank’s name.

    The key to avoiding investment fraud, including scams that target specific groups, is using independent information to evaluate financial opportunities. We see too many investors who might have avoided trouble and losses if they had asked questions from the start and verified the answers with sources outside of their family, community, or group.

    Examples of Common Persuasion Tactics Used In Investment Scams

    Research shows that con-artists are experts at the art of persuasion, often using a variety of influence tactics tailored to the vulnerabilities of their victims.  Common tactics include:

    • Phantom riches (dangling the prospect of wealth, enticing you with something you want but can’t have);
    • Source credibility (trying to build credibility by claiming to be with a reputable firm or to have a special credential or experience);
    • Social consensus (leading you to believe that other savvy investors have already invested);
    • Reciprocity (offering to do a small favor for you in return for a big favor); and
    • Scarcity (creating a false sense of urgency by claiming limited supply).

    Unbiased resources are available to help individuals make informed investing decisions.  Whether checking the background of an investment professional, researching an investment, or learning about new products or scams, unbiased information can be a significant advantage for investing wisely.  A good starting point for this information is the SEC’s Investor.gov website.

    RELATED INFORMATION

    We offer educational materials so that investors can develop an understanding of the securities industry and learn how to avoid costly mistakes and fraud.  Our educational materials also provide tips on how investors can invest wisely.  Investors can order our free publications by calling (800) SEC-0330, or access them on the Internet through the SEC’s Investor.gov website.  For additional educational information for investors, see the SEC’s Investor.gov website or the Office of Investor Education and Advocacy’s homepage.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Readout: Foreign Secretary meeting with Chinese Foreign Minister

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary David Lammy met Foreign Minister of the People’s Republic of China, Wang Yi, in Beijing today.

    Foreign Secretary David Lammy met Foreign Minister of the People’s Republic of China, Wang Yi, in Beijing today (18 October).

    The Foreign Secretary set out that as fellow Permanent Members of the UN Security Council, it is a necessity that the UK and China increase bilateral engagement. He made clear that, as global players, both countries have an obligation to work together to find pragmatic solutions to complex challenges. 

    Areas of pragmatic, mutually beneficial cooperation were clear. This included working together on achieving the global green transition; making greater efforts on development and global health; and the safe use of AI. The Foreign Secretary reiterated his commitment to promoting secure and resilient growth through increased trade and investment which creates jobs, drives innovation, boosts productivity and provides economic stability and certainty for the UK economy. They agreed that the UK and China can support both countries’ growth objectives, with China as the world’s second largest economy and the UK’s 4th largest trading partner.

    The Foreign Secretary also raised a number of foreign policy and security matters, including Russia’s war in Ukraine, where he stated how both the UK and China have a shared interest in European peace and ending the war. He reaffirmed that concerns over China’s supply of equipment to Russia’s military industrial complex risks damaging China’s relationships with Europe whilst helping to sustain Russia’s war. The Foreign Secretary urged Wang Yi to take all measures to investigate and to prevent Chinese companies from supplying Russia’s military. The Foreign Ministers agreed to continue to discuss this and other broader foreign policy issues, such as the ongoing conflict in the Middle East.

    Human Rights were discussed, including in Xinjiang, and the Foreign Secretary referenced this as an area which the UK and China must engage, even where viewpoints diverge. Hong Kong is a shared interest, and the Foreign Secretary raised serious concerns around the implementation of the National Security Law and the ongoing treatment of British national Jimmy Lai, again calling for his release. 

    The meeting was constructive across the full breadth of the bilateral relationship, from areas of pragmatic cooperation to issues of contention. Both the Foreign Secretary and Foreign Minister agreed that maintaining channels of communication was essential and committed to holding regular discussions across their respective governments at Ministerial level.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 18 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Canada: Healthy meals for kids in Manitoba

    Source: Government of Canada News

    News release

    October 18, 2024 – Winnipeg, Manitoba – Department of Finance Canada

    When children have access to healthy food, they do better in school and are set up to succeed.

    The federal government’s generational investments like the Canada Child Benefit, which provides families with up to nearly $8,000 per child, per year, help cover the costs of essentials children need. We’re building on this support by providing healthy meals at school, so children have what they need to learn, grow, and succeed—regardless of their family’s circumstances.

    Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Wab Kinew, Premier of Manitoba, alongside the Honourable Jenna Sudds, Minister of Families, Children and Social Development and the Honourable Dan Vandal, Minister of Northern Affairs, announced that the governments of Canada and Manitoba have reached an agreement to expand school food programs in Manitoba. This agreement, made possible by the federal government’s $1 billion National School Food Program, will enhance and expand Manitoba’s existing school food programs to provide meals to about 19,080 more kids every year, starting this school year.

    Manitoba is the second province, after Newfoundland and Labrador, to sign an agreement with the federal government for the new National School Food Program. Today’s agreement includes an initial federal investment of approximately $17.2 million over the next three years to ensure more kids get the nutritious food they need to thrive. 

    The federal government invites all provinces and territories to help more kids get access to school food by reaching these agreements. It is one of the best investments we can make to lower costs, support families, and care for the next generation.

    With an investment of $1 billion over five years, the National School Food Program will feed up to 400,000 more kids across Canada every year. This is a generational investment, especially in the most vulnerable children, who are most impacted by a lack of access to food. Through today’s agreement, the federal government is helping children across Manitoba reach their full potential.

    Quotes

    “Giving our children the best start in life is an essential part of fairness for every generation. Today’s agreement with Manitoba will ensure that over 19,000 more children get the food they need at school, starting this year, while saving a family with two kids up to $800 on groceries annually. Our National School Food Program will cut costs for families and help build a Canada where every child is set up to succeed.”

    The Honourable Chrystia Freeland,
    Deputy Prime Minister and Minister of Finance

    “Kids can’t learn on an empty stomach. We made a commitment to Manitoba families that we’d make sure kids across our province had access to food when they go to school, and we’ve delivered on that promise. Kids across Manitoba can now get a meal or a snack when they need one, so they can concentrate, learn and reach their full potential.”

    The Honourable Wab Kinew,
    Premier of Manitoba

    “It’s wonderful to see another province partner with us to deliver our National School Food Program. This agreement with the Government of Manitoba means that more of the top-quality, local food that our hardworking farmers produce will reach kids who need it and help set them up for success in the classroom and beyond.”

    The Honourable Lawrence MacAulay,
    Minister of Agriculture and Agri-Food

    “Today, we’re delivering a promise to the kids and parents of Manitoba—a promise that every child will have access to the healthy meals they need to succeed. It’s simple: when kids eat well, they learn better, play harder, and feel good. And for parents, it gives them peace of mind, knowing that their kids are getting the fuel they need to focus on just being kids. We will keep working to make sure that every family across Canada benefits from this program.”

    The Honourable Jenna Sudds,
    Minister of Families, Children and Social Development

    “Every child deserves the best start in life. And that begins with ensuring that no one goes to school on an empty stomach. I’m incredibly proud that Manitoba is the second province to sign onto our National School Food Program, so we can fill the gap and make sure every child has the chance to thrive.”

    The Honourable Dan Vandal,
    Minister of Northern Affairs

    Quick facts

    • In Budget 2024, the federal government launched a new National School Food Program, providing $1 billion over five years, to provide meals for up to 400,000 more kids each year, ensuring all children have the food they need to have the best start in life, regardless of their family circumstances.

      • The Program is expected to save the average participating family with two children $800 per year in grocery costs, with lower-income families benefitting the most.
      • Budget 2024’s investment of $1 billion over five years includes distinctions-based funding for First Nations on-reserve, as well as Inuit, Métis, and Modern Treaty and Self-Government agreement holders. The federal government is working directly with Indigenous partners to rollout that funding, with more information to come.
    • On June 20, 2024, the federal government released the National School Food Policy, as the foundation for collaborative and complementary action by all orders of government to improve access to food at school. 

    • In addition to the National School Food Program, the federal government launched the new School Food Infrastructure Fund in September, which will deliver $20.2 million to help not-for-profit organizations invest in infrastructure and equipment to support school food programming across Canada. 

    • In addition to today’s $17.2 million federal investment, the Government of Manitoba is investing $30 million to create a Universally Accessible School Nutrition Program for 2024-2025, which will deliver funding through three streams:

      • $15 million directly to Manitoba’s 37 school divisions;
      • $6 million to 50 schools in communities with high socioeconomic need; and,
      • $9 million in grants to community partners.
    • To give every child the best start in life, the federal government is also:

      • Giving families more money through the Canada Child Benefit to help with the costs of raising children and make a real difference in the lives of kids in Canada. The Canada Child Benefit, which is providing up to nearly $8,000 per child in 2024-25, is indexed annually to keep up with the cost of living and has helped lift hundreds of thousands of children out of poverty since its launch in 2016.
      • Building a Canada-wide system for $10-a-day child care, which has already cut fees for regulated child care to an average of $10-a-day or less in over half of all provinces and territories, and by 50 per cent or more in all others.
      • Rolling out the Canadian Dental Care Plan, which is already available for children under 18, with family incomes under $90,000, because no one should have to choose between taking care of their kids’ teeth and putting food on the table. Families are encouraged to apply online at Canada.ca/dental.

    Associated links

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    Media may contact:

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

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    Department of Finance Canada
    mediare@fin.gc.ca
    613-369-4000

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    MIL OSI Canada News

  • MIL-OSI Global: Getting carbon capture right will be hard – but that doesn’t make it optional

    Source: The Conversation – UK – By Myles Allen, Professor of Geosystem Science, Director of Oxford Net Zero, University of Oxford

    Kodda / Shutterstock

    The UK government has given the go-ahead to carbon dioxide capture and storage (CCS) schemes worth £22 billion (US$28.6 billion). Critics are insisting that this technology – which involves capturing carbon as it is emitted or taking it back out of the atmosphere, then pumping it into rocks deep underground – is unsafe, unproven and unaffordable. Defenders are responding with painstaking rebuttals.

    Could the whole debate be missing the point? I think it is better to focus on the big picture – why we need CCS to work – rather than playing whack-a-mole with every objection to individual projects.

    The case for CCS boils down to waste disposal: we are going to make too much carbon dioxide (CO₂), so we need to start getting rid of it, permanently.

    By burning fossil fuels and producing cement alone, we will generate more CO₂ than we can afford to dump into the atmosphere to have any chance of limiting global warming to close to 1.5°C – even after accounting for the capacity of the biosphere and oceans to mop it up.

    So, we need to start disposing of that CO₂, safely and permanently, on a scale of billions of tonnes a year by mid-century. And the only proven way of doing this right now is to re-inject it back underground.

    Keep our options open

    The world is not giving up fossil fuels any time soon, and the transition is going to be difficult enough without tying our hands by ruling out using CCS technology.

    The questions we should be asking are: will “green hydrogen” – a low-carbon fuel produced from water using renewable electricity – be a cheaper way of dealing with lulls in renewable energy generation than gas-fired power plants fitted with CCS? And, can we get by entirely on recycled steel, and eliminate the use of conventional cement in construction, when steel and cement are notoriously hard to produce without fossil fuels?

    If the answer to any of these questions, anywhere in the world, turns out to be “no” – or even “not by 2050” – then we need CCS.

    Would taking CCS off the table focus minds and make us abandon fossil fuels faster? Perhaps, but it could equally make us abandon climate targets – ultimately, the most expensive option of all.

    We should be conscious of “lifecycle emissions” for all forms of energy – including, for example, green hydrogen made with electricity from solar panels that were manufactured using coal-fired power. The right response is to find cleaner suppliers of solar panels for green hydrogen, and cleaner suppliers of gas for blue hydrogen. The wrong response is to give up on either fuel source.

    Nature is maxed out

    What about offsetting continued fossil fuel use with nature-based solutions, such as restoring ecosystems and rewilding? Unfortunately, we are already maxing out nature’s credit card.

    In the Intergovernmental Panel on Climate Change’s (IPCC) scenarios in which warming is kept close to 1.5°C, we need to eliminate deforestation almost immediately, and restore a cumulative total of 250 billion tonnes of CO₂ to the biosphere over the coming 75 years – by restoring forests and wetlands, for example.

    Over the same period, we also need to dispose of four times that amount of CO₂ back underground through various forms of CCS – after slashing the amount of CO₂ we produce by 75%-80%.

    We cannot bank on stuffing an additional trillion tonnes of CO₂ into the biosphere over the next 75 years – especially as more Earth system feedbacks emerge and accelerate, whereby carbon stored at the Earth’s surface is re-released to the atmosphere as the world warms, forests burn, and peatlands dry out.

    Invest, but invest wisely

    To limit global warming to the extent the planet urgently requires, we need a means of permanent CO₂ disposal that does not make further demands on the biosphere. But at the same time as enabling CCS technology, we also need to make sure its availability does not encourage yet more CO₂ emissions.

    This is where critics of government policy may have a point. If CCS is widely available and heavily subsidised, will that just encourage individuals and companies to use more fossil fuels? The danger is real, but it doesn’t mean we should abandon CCS. We need to be smart about how it is implemented.

    Given the way the first CCS projects were set up by the previous UK government, an initial injection of £22 billion from taxpayers is, by now, the only way to kickstart a CO₂ disposal industry. But this should not become an endless subsidy which allows private industry to keep profiting from selling the stuff that causes global warming, while taxpayers pay for the clean-up.

    Fortunately, there is another way. The EU has shown, in its Net Zero Industry Act, how regulation can force the fossil fuel industry to contribute to the cost of CCS without relying on US-style subsidies.

    The UK government could make it clear that, by mid-century, anyone selling fossil fuels in the UK will be responsible for permanently disposing all CO₂ generated by their activities and the products they sell.

    Pricing in safe CO₂ disposal would make fossil fuels more expensive, potentially adding 5p per kWh to the cost of natural gas over the next 25 years. That’s cheap compared with the cost of just dumping CO₂ into the atmosphere.

    It is possible, and even affordable, to ensure fossil fuel use falls to meet our available CO₂ disposal capacity. There again, building a global CO₂ disposal industry from a standing start in only 25 years will be hard.

    Fortunately, the UK has the right geology, skills and expertise, as well as a history of innovation in climate policy. It also has a clear interest in getting involved in what should become one of the major industries of the second half of this century. And it has a moral obligation, having pioneered taking fossil carbon out of the Earth’s crust, to join the first wave of countries putting it back.



    Don’t have time to read about climate change as much as you’d like?

    Get our award-winning 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.


    Myles Allen receives funding from the Strategic Research Fund of the University of Oxford and the European Commission. He is a member of the Advisory Board of Puro.Earth.

    ref. Getting carbon capture right will be hard – but that doesn’t make it optional – https://theconversation.com/getting-carbon-capture-right-will-be-hard-but-that-doesnt-make-it-optional-241515

    MIL OSI – Global Reports

  • MIL-OSI United Nations: Statement attributable to the Spokesperson for the Secretary-General on the report of the Eminent Person, Mohamed Chande Othman, concerning the investigation into the conditions and circumstances resulting in the tragic death of Dag Hammarskjöld

    Source: United Nations secretary general

    The Secretary-General has transmitted to the President of the General Assembly the report of the Eminent Person, former Chief Justice of Tanzania, Mr. Mohamed Chande Othman, concerning the investigation into the conditions and circumstances resulting in the tragic death of Dag Hammarskjöld and of the members of the party accompanying him. The Secretary-General’s letter to the President of the General Assembly is accompanied by the Eminent Person’s report and will be publicly available as General Assembly document A/78/1006.

    Dag Hammarskjöld served as Secretary-General from April 1953 until his death in a plane crash in Ndola, Northern Rhodesia, now Zambia, along with 15 others, UN staff members and crew, on the night of 17/18 September 1961. The Secretary-General pays tribute to all those that died and emphasizes that their families deserve answers.

    The Secretary-General is grateful to Judge Othman for his unwavering commitment to this matter and is encouraged that the body of relevant knowledge has grown with each successive mandate of the Eminent Person. He notes that significant new information has been provided to the Eminent Person during his present mandate, including in the areas of: (i) probable intercepts by Member States of relevant communications; (ii) the capacity of the armed forces of Katanga, or others, to have conducted a possible attack on flight SE-BDY; (iii) the presence in the area of foreign paramilitary and intelligence personnel; and (iv) further new information relevant to the context and surrounding events of 1961.

    At this juncture, the Eminent Person assesses it to remain plausible that an external attack or threat was a cause of the crash. The Eminent Person notes that the alternative hypotheses that appear to remain available are that the crash resulted from sabotage, or unintentional human error.

    The Secretary-General is encouraged by the disclosure of new information by some Member States and by some key Member States’ continued commitment to engage with the Eminent Person. He is also grateful for the cooperation and collaboration by Independent Appointees of Member States as well as individual researchers.

    The Secretary-General notes that the Eminent Person considers that it is almost certain that specific, crucial and to date undisclosed information exists in the archives of Member States. The Secretary-General further notes the Eminent Person’s assessment that he has not received, to date, specific responses to his specific queries from certain Member States. The Secretary-General has personally followed up on the Eminent Person’s outstanding requests for information, and calls upon Member States to release any relevant records in their possession.

    With significant progress having been made, the Secretary-General calls on all of us to renew our resolve and commitment to pursue the full truth of what happened on that fateful night in 1961.
     

    MIL OSI United Nations News

  • MIL-OSI: Boussard & Gavaudan Holding Ltd (EUR): Particulars of Cash Exit

    Source: GlobeNewswire (MIL-OSI)

       Boussard & Gavaudan Holding Limited (the “Company”)

    a closed-ended investment company incorporated with limited liability
    under the laws of Guernsey
    with registration number 45582

    Legal Entity Identifier: 5493002XNM3W9D6DF327
            
                            

    Particulars of Cash Exit

    In accordance with the circular to Shareholders dated 25 June 2024 (the “Circular“) and the Articles, the Company announces the particulars of the compulsory redemption of Shares to be effected pursuant to the Cash Exit on 1 November 2024.

    Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as set out in the Circular. Shareholders should refer to the Circular for full details of the Cash Exit, including the timetable for the redemption and distribution of redemption proceeds.

    The redemption price payable to each Shareholder pursuant to the Cash Exit will be an amount equal to the net asset value (NAV) per Share of the relevant class of Shares as at the close of business of the Calculation Date, being 31 October 2024. The redemption monies will be payable in the currency of each relevant class of Shares and will be paid to Shareholders within 14 Business Days of the Cash Redemption Date (being 1 November 2024), or as soon as practicable thereafter.

    On each Business Day, the Company announces on its website the estimated net asset value of its Euro Shares and Sterling Shares as at the close of business of the preceding Business Day. This information is available here: https://www.bgholdingltd.com/p/14/financial-announcements.

    In the event that the net asset values per Share calculated as at the close of business of 31 October 2024 were equal to their most recent estimates, the resulting redemption price per Share payable to holders of Euro Shares (ISIN: GG00B1FQG453) and holders of Sterling Shares (ISIN: GG00B39VMM07) under the Cash Exit would be €28.4353 and £25.5630, respectively.

    These figures are hypothetical, non-indicative of the actual redemption price and non-binding. They are provided for illustration purposes only and no reliance should be placed on them. The actual redemption price will be equal to the net asset value as at 31 October 2024, which may differ from the most recent estimated net asset values per Share provided above.

    For further information please contact:
    Boussard & Gavaudan Investment Management LLP
    Emmanuel Gavaudan
    +44 20 3751 5389

    JTC Fund Solutions (Guernsey) Limited
    Secretary
    +44 (0) 1481 702400

    18 October 2024

    Website: http://www.bgholdingltd.com

    The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.

    This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

    Neither the Company nor BG Master Fund ICAV have been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States.
    You should always bear in mind that:

    • all investment is subject to risk;
    • results in the past are no guarantee of future results;
    • the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
    • if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.

    This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

    Attachment

    The MIL Network

  • MIL-OSI Economics: 8 expert tips for getting started with NotebookLM

    Source: Google

    You might know Steven Johnson as an author. He’s written a number of books, many focused on the science of how we think and the history of innovation. But he’s also a Googler who has worked on the NotebookLM team from the beginning of the project two years ago. “Simply put, NotebookLM is a tool for understanding things,” Steven says. Think of it as your virtual note-taking and research assistant: NotebookLM takes information, digests and analyzes it so that you can glean more from it. It’s designed for that “deeper dive” you may need to take into a topic — or multiple topics at once.

    With NotebookLM, you create individual notebooks dedicated to a topic or project. You can upload up to 50 “sources” with up to 25 million words — all from things like PDFs, Google Docs, websites and YouTube videos. Then, NotebookLM uses Gemini 1.5’s multimodal capabilities to assess and make connections between the sources you’ve added. You can ask questions about the content or ask NotebookLM to format it in a specific way — it will even provide citations that link back to the most relevant original passages in your sources. And along the way, your private information is never shared or used to train the model.

    If you’re just getting started, try these eight tips from Steven to get the most out of NotebookLM.

    1. Experiment with your recent documents — even if they’re random

    One of the first things Steven suggests new NotebookLM users do is upload their 10 most recent documents into one notebook and start experimenting by asking questions. Even if your most recent documents are unrelated and totally random, it’s a great way to test run what NotebookLM can do. Whether you know the material in the documents down to the letter, or it’s all pretty new to you, NotebookLM will help you uncover some interesting insights.

    2. Create one main notebook and then identify topic-based notebooks from there

    Steven suggests keeping what he calls an “everything notebook,” which you load up with sources that include the general knowledge you work with most days. The sources might be inspirational quotes from books you read, or the core documents that describe the company you work for, or all your brainstorming ideas that you’ve captured over the years. “I do a lot of open-ended thinking and exploring of ideas in my ‘everything’ notebook,” Steven says. But it’s equally important to create topic- or project-based notebooks as well. “I’ve got a notebook devoted exclusively to the work we do building NotebookLM,” Steven explains. “It’s got all the press releases, new feature descriptions and important internal docs we write as a team.” By keeping all those related sources in a single notebook, Steven effectively has a personalized AI that’s almost like having another member of the team. “I can go in there and type something like, ‘Draft the outline of a blog post for that feature we were discussing last week,’ and Notebook knows exactly what to do.”

    3. Use NotebookLM to connect the dots from different materials

    NotebookLM is extremely useful for situations where you need to manage, connect and synthesize information from multiple sources. “We all have this problem where we’re working on something, and the information we need is scattered across desktop folders, tabs and wherever else,” Steven says. This is what NotebookLM is made for, he explains: connecting all those scattered dots.

    It can be especially helpful as a next step after using Gemini and Gems. After you brainstorm or have other open-ended conversations in those tools, NotebookLM can take the results and turn them into something easy to follow. Steven offers the example of working on a slide deck. Maybe you start the process by brainstorming with Gemini, which leads you to open a few tabs of articles, save some design inspo images and put some notes in a Google doc. You can then feed all of that into NotebookLM, which will synthesize the information into an easy-to-digest format so you can reference everything in one place when you get to the stage of building your presentation in Google Slides.

    4. Start with the suggested questions

    Once you’ve added content to NotebookLM, it’s time to start asking questions — which might leave you stumped. Similarly to tips we shared about using the Gemini-powered side panel in Workspace tools, Steven says NotebookLM’s suggested questions are a great resource. “The model will actually help you ask questions that guide you through the material for a while until you think of something you want to ask,” he explains. You can find some starter questions in the “Notebook Guide” that appears after you upload your first sources. Plus, when you start asking questions, NotebookLM will suggest follow-up queries, too, based on what you’ve already asked and what you uploaded.

    5. Ask NotebookLM to deliver info in different ways

    Something that came out of early testing, Steven says, was the need for NotebookLM to show information in various formats. “Everyone processes information differently, or even just prefers to see information presented in different ways,” he explains. Using the Notebook Guide feature, NotebookLM can turn your uploaded content into an FAQ, a briefing document, a timeline, a table of contents, a study guide — or the popular new Audio Overview, which actually transforms your information into an engaging conversation between two AI “hosts.” Try different options both to see what works best for your own learning purposes as well as for presenting information to others.

    6. Don’t shy away from creative uses

    NotebookLM is an amazing resource for work and school projects (the team actually just launched a pilot program for NotebookLM Business for collaborating within a workplace). But it’s also a great tool for lots of creative uses outside the office or classroom. “We’re seeing a lot of people using it for assistance with writing fantasy and sci-fi novels or developing games where they’re working on world building and intricate backstories,” Steven says. Maybe for your screenplay, you jotted down some notes in a doc, saved various webpages and took photos and videos as inspiration. “There’s all of this information that can be hard to keep straight,” Steven says. “You can put all of that stuff into a single notebook and ask things like, ‘What was the deal with that one character?’ Or ‘Remind me which characters live where?’”

    Steven particularly likes that you can ask NotebookLM for creative input with questions like, “Which characters do you think are most compelling?” or, “What are your favorite parts?” “It’s like being able to control F for ‘interestingness’!” he says.

    7. Turn your sources into Audio Overviews

    You should definitely turn each of those 10 documents you start with, or whatever else you upload, into an Audio Overview, Steven says. “After waiting a few minutes for it to generate, you will have a very entertaining, kind of mind-blowing audio conversation about whatever you uploaded!” Steven says. And the team has just released a new feature in Audio Overviews that allows you to adjust the format of the conversation. Just hit “Customize” in the Audio Overviews panel and enter a short description of what you want the hosts to focus on from your sources. “You can also steer them in terms of the approach of the level of sophistication you want from the Overview,” Steven explains. “I’ve been uploading my own writing and asking them to give me constructive criticism about my work.”

    8. Revisit your NotebookLM chat sessions

    NotebookLM makes it easy to save anything interesting that comes up during your text chats with the AI, just by hitting the “save to note” button in every text exchange. Steven recommends another option as well. “Let’s say you have a conversation about one of your notebooks — you ask questions and then follow-up questions, and you even ask it to refine your idea,” Steven says. You don’t want to lose whatever progress you made or insights you gathered during that dialogue. “At the end of the chat, you can ask NotebookLM to summarize the key points from the conversation into a single note that goes in that notebook,” Steven explains. “That way,” he says, “Future You will thank Past You — and NotebookLM — for making it as easy as possible to pick up where you left off.”

    MIL OSI Economics

  • MIL-OSI Security: St. Louis County Woman Sentenced for $100,000 Pandemic Loan Fraud

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

    ST. LOUIS –U.S. District Judge Rodney W. Sippel on Thursday ordered a woman who fraudulently obtained five pandemic relief loans to repay $113,223 to the U.S. Small Business Administration and placed her on probation for five years.

    Camille N. Foster, now 32, of St. Louis County, Missouri, obtained five Paycheck Protection Program (PPP) loans between May 2020 and November 2021 by submitting fraudulent loan applications on behalf of three businesses: Humble Hearts Home Healthcare LLC, Embellished Jewels LLC and Muse Me Boutique LLC. On the applications, she knowingly misrepresented the payroll and annual income of the businesses, which were not in operation at the time. She also submitted fraudulent tax forms with the applications. In a loan application for Muse Me Boutique, Foster used someone else’s name and Social Security number on the application, and signed that person’s name on the application without the person’s knowledge.

    PPP loans were intended to help struggling small businesses during the COVID-19 pandemic, but Foster did not use the money for that purpose. She spent it on retail purchases, dining, cosmetic surgery, bill payments, travel, taxes and payments to others. She then submitted fraudulent applications for PPP loan forgiveness for many of the loans she received, claiming that she had spent most or all the money on payroll costs.

    Foster, also known as Foster-Nunley, pleaded guilty in April to two counts of wire fraud.

    The FBI investigated the case. Assistant U.S. Attorney Jonathan Clow prosecuted the case.

    Anyone with information about pandemic fraud should call the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or report via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI

  • MIL-OSI Russia: Financial News: Inflation Remains High in September Despite Decline in Year-On-Year Rate in Most Regions

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The annual price growth slowed in September in 76 regions, most significantly in Sakhalin Oblast and the Chechen Republic.

    The annual growth rate of food prices has slowed most noticeably. Sugar has become cheaper than a year ago, while fruit and vegetable products and eggs have risen more slowly.

    The annual growth in prices for non-food products, in particular for cars, household appliances and electronics, has decreased.

    The annual increase in prices for services remained almost as high as in August. Foreign tourism has increased in price the most over the year.

    For more information on inflation in each region, seeinformation and analytical materials, published on the website of the Bank of Russia.

    Preview photo: Yuri Smityuk / TASS

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

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

    http://vvv.kbr.ru/press/event/?id=21101

    MIL OSI Russia News

  • MIL-OSI Security: Federal Jury Convicts Imran Alrai in Connection with a Financial Scheme to Steal Approximately $6.7 Million From the United Way

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

    CONCORD – After a 2-week trial, a Windham man was convicted by a federal petit jury, for wire fraud and money laundering in connection with his ownership of an information technology (IT) company that contracted with the United Way of Massachusetts Bay and Merrimack Valley (United Way) while being employed by United Way, United States Attorney Jane E. Young announces.

    Imran Alrai, 50, was convicted of 12 counts of wire fraud and 6 counts of money laundering. United States District Court Judge Joseph Laplante ordered Alrai detained pending sentencing, which is scheduled for January 17, 2025.

    “The jury’s swift verdicts in this case underscore the overwhelming evidence presented at trial of Mr. Alrai’s guilt,” said U.S. Attorney Jane E. Young. “Over the past two weeks, prosecutors skillfully untangled the web of the defendant’s deceit, highlighting for the jury how he used his position of trust to rig and maintain a major contract with United Way in favor of a company he owned and controlled. The United Way lost millions to the defendant – we hope the jury’s verdicts in this case is a step forward for their community.”

    “Imran Alrai abused his position of trust with the United Way of Massachusetts Bay and Merrimack Valley to steal millions of dollars to which he knew he wasn’t entitled, money that was intended to help the less fortunate in our area. Instead, he used it to pay off his house, and increase his personal wealth,” said Jodi Cohen, Special Agent in Charge of the FBI Boston Division. “The FBI is grateful for the jury’s swift verdict, and we will not hesitate to investigate and bring to justice anyone engaged in such egregious financial fraud.”

    Between 2012 and June 2018, Alrai, an IT professional at the United Way, obtained approximately $6.7 million in payments for IT services supposedly provided to United Way by an independent outside contractor, DigitalNet Technology Solutions, Inc. Alrai misrepresented material facts about DigitalNet and fraudulently concealed that he owned and controlled DigitalNet. In early 2013, Alrai rigged the bidding process for a major contract to provide managed IT services at the United Way so that DigitalNet was chosen. Alrai then gave fake references and false information about DigitalNet to United Way.

    For the next five years, while serving as United Way’s Vice President for IT Services, Alrai steered additional IT work to DigitalNet, so that his company soon became United Way’s second-largest outside vendor, receiving more than $1 million annually. Alrai concealed his connection with DigitalNet from his colleagues. He routinely sent emails with attached invoices from a fictitious person to himself at United Way.

    After the fraud came to light, in June 2018, officials at the United Way confronted Alrai and terminated him. Federal agents executed search and seizure warrants and seized incriminating documents and data from Alrai’s home office in Windham, as well as approximately $2.2 million in fraud proceeds in bank and investment accounts. During the scheme, Alrai wired $1.2 million in fraud proceeds to a DigitalNet bank account in Lahore, Pakistan. 

    According to expert testimony at the trial, United Way lost at least $3.5 million as a result of DigitalNet’s excessive billing, duplicate billing, and billing for services not delivered. 

    Homeland Security Investigations and the Federal Bureau of Investigation led the investigation. The Internal Revenue Service provided valuable assistance. Assistant U.S. Attorneys Charles L. Rombeau and John J. Kennedy are prosecuting the case.

    MIL Security OSI

  • MIL-OSI: Boussard & Gavaudan Holding Ltd (GBP): Particulars of Cash Exit

    Source: GlobeNewswire (MIL-OSI)

      Boussard & Gavaudan Holding Limited (the “Company”)

    a closed-ended investment company incorporated with limited liability
    under the laws of Guernsey
    with registration number 45582

    Legal Entity Identifier: 5493002XNM3W9D6DF327
            
                            

    Particulars of Cash Exit

    In accordance with the circular to Shareholders dated 25 June 2024 (the “Circular“) and the Articles, the Company announces the particulars of the compulsory redemption of Shares to be effected pursuant to the Cash Exit on 1 November 2024.

    Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as set out in the Circular. Shareholders should refer to the Circular for full details of the Cash Exit, including the timetable for the redemption and distribution of redemption proceeds.

    The redemption price payable to each Shareholder pursuant to the Cash Exit will be an amount equal to the net asset value (NAV) per Share of the relevant class of Shares as at the close of business of the Calculation Date, being 31 October 2024. The redemption monies will be payable in the currency of each relevant class of Shares and will be paid to Shareholders within 14 Business Days of the Cash Redemption Date (being 1 November 2024), or as soon as practicable thereafter.

    On each Business Day, the Company announces on its website the estimated net asset value of its Euro Shares and Sterling Shares as at the close of business of the preceding Business Day. This information is available here: https://www.bgholdingltd.com/p/14/financial-announcements.

    In the event that the net asset values per Share calculated as at the close of business of 31 October 2024 were equal to their most recent estimates, the resulting redemption price per Share payable to holders of Euro Shares (ISIN: GG00B1FQG453) and holders of Sterling Shares (ISIN: GG00B39VMM07) under the Cash Exit would be €28.4353 and £25.5630, respectively.

    These figures are hypothetical, non-indicative of the actual redemption price and non-binding. They are provided for illustration purposes only and no reliance should be placed on them. The actual redemption price will be equal to the net asset value as at 31 October 2024, which may differ from the most recent estimated net asset values per Share provided above.

    For further information please contact:
    Boussard & Gavaudan Investment Management LLP
    Emmanuel Gavaudan
    +44 20 3751 5389

    JTC Fund Solutions (Guernsey) Limited
    Secretary
    +44 (0) 1481 702400

    18 October 2024

    Website: http://www.bgholdingltd.com

    The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc’s main market for listed securities.

    This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

    Neither the Company nor BG Master Fund ICAV have been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States.
    You should always bear in mind that:

    • all investment is subject to risk;
    • results in the past are no guarantee of future results;
    • the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and
    • if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice.

    This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

    Attachment

    The MIL Network

  • MIL-OSI: The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom”

    Source: GlobeNewswire (MIL-OSI)

    The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom”

    Geneva, Switzerland – October 18, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that, in collaboration with the OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom,” it reaffirms its commitment to defending human rights in the digital environment. Since its founding in 1998, the OISTE Foundation has focused its efforts on ensuring that human rights are respected both online and offline. As digital technologies advance, they also present challenges in terms of privacy, digital identity, and the misuse of surveillance tools, raising concerns about data protection and online violence.

    This commitment resonates with the values promoted by the Vargas Llosa Chair, which, since its establishment in 2011, has fostered the study of contemporary literature and supported freedom of expression. Both institutions share a common mission: to defend democratic principles and promote a culture of freedom and respect, both in the literary and digital realms.

    The OISTE Foundation is committed to finding feasible solutions for digital identity management as an essential component of a knowledge society. OISTE led a workshop titled “Matching the Speed of the Running Code: Public Awareness and Digital Identity Management,” aimed at raising public awareness among internet users about the risks of the current environment and the threats to individual privacy rights.

    Trust among users is at the core of OISTE’s trust model, which strives for legitimacy that can only be achieved through documented consensus. As part of its adherence to OISTE Foundation’s trust model, the foundation aims to promote the security of electronic communications worldwide, ensuring compliance with regulations related to information protection. The company is a leading advocate for protecting individual privacy rights online while enabling individuals to maximize their use of the Internet.

    About WISeKey
    WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

    WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com 
    WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com
    Katie Murphy
    Tel: +1 212 836-9612 / kmurphy@equityny.com

    The MIL Network

  • MIL-OSI Security: Par Funding Principal and Former CFO Pleads Guilty to Racketeering Conspiracy

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

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Joseph Cole Barleta (aka “Joe Cole”), 41, of Philadelphia, Pennsylvania, entered a plea of guilty today before United States District Court Judge Mark A. Kearney on one count of racketeering conspiracy, in connection with his role in the operation of a fraudulent investment vehicle known as Complete Business Solutions Group Inc. d/b/a Par Funding (“Par Funding”), which is alleged to have generated over $100 million in illegal proceeds for Barleta and its other principals, to the detriment of Par Funding’s numerous investors, many who live in the Philadelphia region.

    According to a second superseding indictment filed in February, Barleta and codefendants Joseph LaForte, James LaForte, and others, were part of an association-in-fact RICO enterprise that conspired to commit a number of predicate crimes, including crimes related to the fleecing of Par Funding’s many investors. Barleta’s admitted role in the conspiracy related to the securities and wire fraud components of the enterprise.

    Joe LaForte and James LaForte pleaded guilty last month to racketeering conspiracy, securities fraud, and related crimes.

    Joe LaForte is scheduled to be sentenced on January 13, 2025.

    James LaForte and Joseph Cole Barleta are both scheduled to be sentenced on February 20, 2025.

    Per the terms of Barleta’s plea agreement, the government is seeking a sentence of imprisonment of up to eight years, although the Court has discretion to impose a higher or lower sentence.

    This case was investigated by the FBI, IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and Pennsylvania State Police and is being prosecuted by Assistant United States Attorneys Matthew T. Newcomer, Samuel S. Dalke, Eric D. Gill, and Patrick J. Murray, as well as former Assistant United States Attorney Alexandra M. Lastowski. The SEC in Florida investigated and litigated the civil securities fraud charges, which formed the basis of a portion of the criminal prosecution.

    MIL Security OSI

  • MIL-OSI USA: Waller, Centralized and Decentralized Finance: Substitutes or Complements?

    Source: US State of New York Federal Reserve

    Thank you for inviting me to speak today.1 I have participated in this conference for nearly 20 years and have often presented my research on monetary theory, banking, and payments. So, I believe this is the right audience to speak to regarding the role of centralized finance and the emergence of decentralized finance, or defi for short. Over the past few years, there has been a lot of attention and work on defi, which will be a major focus of my remarks. Many argue that defi will replace traditional centralized finance while others argue that it merely extends traditional finance methods and trading activities onto new platforms. It is in this sense that I want to address the question of whether centralized finance and defi are substitutes or complements to each other.
    Advances associated with defi have the potential to profoundly affect financial market trading. While I believe these advances could lead to efficiency gains, I recognize the significant value that has been delivered for centuries by financial intermediaries and through centralized financial markets. Before I share my views on the promise of these new technologies, let me tell you where I’m coming from on these issues.
    I am an economist, and so my first inclination is to think about the underlying economics driving an issue. But to understand the value proposition of defi, it is useful to first recall why centralized financial market trading arose in the first place. Centralized finance clearly provides benefits to people, but obviously also comes with some costs. I am going to take a few minutes to discuss those benefits and costs before turning to the question at hand.
    Let’s start with the economics of trading. Most financial trades are “pairwise” in that the seller of an object needs to find a buyer of that exact object. The problem is that it is often complicated, costly, and time-consuming to search for a buyer. This gives rise to the need for someone to step in and help buyers and sellers match in a faster and less costly manner. In short, there is a profit opportunity for someone to intermediate the trade.
    Another name for intermediaries is middlemen. Why would we pay a middleman? In their paper from nearly 40 years ago, Ariel Rubenstein and Asher Wolinsky described it eloquently: “What makes the middlemen’s activity possible is the time-consuming nature of the trade, which enables middlemen to extract surplus in return for shortening the time period that sellers and buyers have to wait for a transaction.”2
    Let me contextualize the value of middlemen with an example I used for years when teaching money and banking. Suppose you had some extra income from saving and wanted to lend it out to earn interest. How would you do that? First, you would have to advertise that you had funds to lend. Then, you would have to wait for the right person who needed that exact amount of funds, which could be a long time. Once you met the right person, you would have to negotiate when repayment would occur. Next, you would need to know a lot of information about the person receiving your funds and the likelihood you would get repaid. This is needed to assess the risk of the transaction and the compensation you would need to give up your funds. You would also need a lot of legal advice to draw up a contract and stipulate how the contract would be enforced under a range of conditions. Finally, since you are the sole source of funding, you will bear the entire cost of a default. It should be clear that this would be a daunting exercise for most people and explains why they would turn to a middleman who specializes in this type of activity to do all this on their behalf.
    It is for these reasons that banks arose as early as in ancient Mesopotamia to carry out some of these functions.3 Similar issues arise when it comes to other ways of transferring resources from one person to another, as occurs from non-bank debt, equities and insurance contracts. Many point to trades of shares in the Dutch East India Trading Company in Amsterdam in the 1660s as the origins of the first modern stock exchange. Lloyds of London was founded as a means of pooling funds to share risk and return in the shipping industry, thus becoming the first insurance firm. The fact that similar arrangements still exist centuries later is a testament to the value of intermediation and centralized financial trading.
    However, these arrangements are not without drawbacks. An obvious drawback of intermediation from the perspective of those wishing to trade is that those middlemen must get paid. That is, there are transaction costs. Another drawback of intermediation is that you typically must turn over control of your assets, such as savings or stocks, to the intermediary for them to be traded. This creates a classic “principal-agent” problem whereby incentives between the principal—you—and the agent—the intermediary—may not be aligned. That can raise concerns about custody arrangements and recourse to regain control of one’s assets. Intermediation also requires recordkeeping arrangements that customers can trust accurately reflect their true holdings. In other words, centralized finance requires a substantial amount of trust. With all that in mind, let me turn to how and why technological innovations have given rise to defi.
    In a capitalist system, the existence of profits provides incentives for others to enter the market, offer a better product, and compete away any excess profits. This can be done by the creation of new financial firms that can provide the same or better service at a lower cost. Often that occurs through innovations and exploiting new technologies. Think about how the invention of the telegraph and the telephone revolutionized trading. More recently, the advent of the internet further advanced the ease and speed of financial trading. These are examples of how financial trading has evolved over time. And the next wave of innovations in financial market trading could be driven by technological advances that alleviate some potential drawbacks of the centralized approach.
    Often broad technological advances emanate from narrower efforts to design products or processes that solve specific problems. For example, one technology used to support portable home appliances like vacuum cleaners was originally developed to support the space program.4 Similarly, the development of crypto-assets led to the development of technologies that are fueling possibilities in defi.
    We don’t have enough time for me to cover the full history of crypto-assets, but I will focus on several key elements that have affected the evolution toward defi. An early crypto-asset—Bitcoin—was developed to function in a world in which trust among individuals did not exist. Rather than relying on intermediaries which require trust, Bitcoin relied on technology to facilitate trade. Bitcoin was also designed for privacy. No one would know who was buying or selling Bitcoin. This was achieved through cryptographic technology and private keys. In addition, it allowed individuals to maintain control of their crypto-assets throughout the entire trading process. That is, they no longer had to delegate control to others. Finally, all records were kept on a form of distributed ledger called a blockchain, which has design features that promote transparency and are censorship-proof. No individual or government could destroy the records of trades or take ownership of the objects traded.
    With that history in mind and before we delve into the question of whether defi and centralized finance are substitutes or complements, I think it is useful to carefully define some terms. This will make sure we’re all talking about the same things. As I described in a speech last year, I think of the crypto ecosystem as consisting of three parts:

    a crypto-asset, which generally refers to any digital object traded using cryptographic techniques;
    technology that directly facilitates trading crypto-assets; this includes smart contracts and tokenization;5 and
    a database management protocol used to record trades and ownership of assets, commonly referred to as the blockchain, which includes both permissioned and permissionless distributed ledger technologies.

    It is easy to see how the emergence of these technologies could lead one to think of defi as a substitute for centralized finance. For example, the technologies are allowing for individuals to trade assets without giving up control of those assets to an intermediary—a critical distinction with centralized finance.
    However, there are other uses emerging from these technologies that look more like complements to centralized finance. For example, distributed ledger technology, or DLT, may be an efficient and faster way to do recordkeeping in a 24/7 trading world. We already see several financial institutions experimenting with DLT for traditional repo trading that occurs 24/7. But before these ledgers can be used to facilitate transactions in traditional assets—like debt, equity, and real estate—these assets must be tokenized. Undertaking the process to tokenize assets and use distributed ledgers like blockchain can speed up transfers of assets and take advantage of another innovation: smart contracts.
    Rather than relying on each party to separately carry out the transaction, smart contracts can effectively combine multiple legs of a transaction into a single unified act executed by a smart contract. This can provide value as it can mitigate risks associated with settlement and counterparty risks by ensuring the buyer will not pay if the seller does not deliver. While these efforts are still in early stages, the functionality could expand to a broad set of financial activities. The bottom line is that things like DLT, tokenization, and smart contracts are just technologies for trading that can be used in defi or also to improve efficiency in centralized finance. That is why I see them as complements.
    Stablecoins are another important innovation in defi. Stablecoins were created in the crypto universe in hopes of providing a “safe” asset with a stable value for trading. Nearly all stablecoins are pegged to the U.S. dollar one-for-one. They provide an opportunity for buyers and sellers to transact in a decentralized fashion with the stablecoin used as the settlement instrument. Because they are effectively digital currency, stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally. But their safety is not assured. History is replete with cases in which synthetic dollars became subject to runs. Stablecoins thus face all of the same issues any substitute for genuine U.S. dollars faces. If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms.
    These technologies will almost certainly lead to efficiency gains over time, but as they develop, we should think carefully about their role in the broader financial landscape.
    Is it really possible to completely decentralize finance using these technologies? The answer is obviously “no.” Intermediation is still valuable for the average person, and we see this by the existence of trading exchanges in the crypto world. All these platforms involve giving custody of one’s crypto-assets to an intermediary, who conducts trades on behalf of the client. This reintroduces the need for trust in these platforms just as trust is needed in modern banking systems.
    Returning to the technologies behind defi, one must ask whether there are unique risks associated with the use of these technologies. If so, what is the nature of these risks? Are they contained to just those people directly engaging with the technologies, or could there be broader spillovers to society? For example, can these technologies increase the risk of inadvertently providing funds to bad actors? In centralized finance there are regulations that require banks to know who their clients are. Are similar rules and regulations needed around some of these new technologies? When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited.
    So where does that leave us? Ultimately, I believe that advances in technology have the potential to drive efficiency gains in finance, just as technological innovation has done for centuries. While there are certain services emerging through defi that cannot be provided by centralized finance, the technological innovations stemming from defi are largely complementary to centralized finance. They have the potential to improve centralized finance, thereby increasing the significant value that financial intermediaries and centralized financial markets deliver. I look forward to seeing the continued evolution of financial technology and the benefits that evolution will bring to the households and businesses served by the financial system.

    1. I would like to dedicate these remarks to an old friend and longtime participant of this conference, Paul Klein, who passed away unexpectedly two months ago. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Ariel Rubinstein and Asher Wolinsky, “Middlemen,” The Quarterly Journal of Economics 102 (August 1987): 581–93, https://academic.oup.com/qje/article-abstract/102/3/581/1887969. Return to text
    3. See Benjamin Bromberg, “The origin of banking: religious finance in Babylonia (PDF),” The Journal of Economic History 2 (May 1942): 77–88. Return to text
    4. See National Aeronautics and Space Administration, “Spinoff from a Moon Tool (PDF),” January 1, 1981. Return to text
    5. See Christopher J. Waller, “Thoughts on the Crypto Ecosystem” (speech at Global Interdependence Center Conference: Digital Money, Decentralized Finance, and the Puzzle of Crypto, La Jolla, CA, February 10, 2023). Return to text

    MIL OSI USA News

  • MIL-OSI Security: Virginia Man Sentenced to 66 Months in Prison for Stealing From Elderly Incapacitated Victims

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

    PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Carlton Rembert, 70, of Hampton, Virginia, was sentenced on October 11, 2024, by United States District Judge Joel H. Slomsky to 66 months’ imprisonment, five years of supervised release, $534,335 in restitution to the victims, and a $400 special assessment for his role in a scheme to defraud elderly incapacitated people of over $1 million.

    Rembert’s late co-conspirator and sister, Gloria Byars, was a court-appointed guardian for over 100 incapacitated wards in Pennsylvania. Between 2012 and 2018, Byars, Rembert, and other co-conspirators stole the life savings from dozens of wards while Byars served as their court-appointed guardian. Byars pleaded guilty to conspiracy, wire fraud, money laundering, and tax fraud for her role in the fraud scheme. Rembert proceeded to trial in November 2023 and after a four-day trial, a jury found Rembert guilty of conspiracy, bank fraud, and wire fraud.

    As guardian, Byars had unfettered access to wards’ property including bank accounts, pensions, real estate, retirement accounts, and other assets. Byars stole money from the wards’ bank accounts by writing unauthorized checks to companies she controlled, or to shell companies controlled by her co-conspirators, Rembert and Alesha Mitchell. Rembert and Mitchell assisted Byars in the theft by opening bank accounts in their home state of Virginia in the names of shell companies purporting to be medical services companies. Byars made the checks payable to her co-conspirators’ fake medical services companies, to make it appear that the elderly incapacitated ward incurred a legitimate medical expense.

    After receiving dozens of checks from his sister, Rembert deposited over $695,000 in stolen ward checks into five separate shell business bank accounts he had opened. Rembert then withdrew over $388,000 in cash through 94 structured withdrawals. Rembert also obtained $217,082 in certified checks, sending the certified checks to Byars and keeping a share of the stolen ward money for himself. When confronted by law enforcement, Rembert lied to investigators, pretending that he provided services to the elderly and sick victims. Some of the victims’ families testified at Rembert’s trial, telling the court that they had never heard of Rembert’s sham medical companies, and that neither Rembert nor his companies provided any services for their loved ones.

    Rembert and Byars spent the stolen ward money on personal expenses, including vacations, clothing and other retail purchases, restaurants, vehicles, gifts, and parties. In all, Byers, Rembert, and Mitchell stole well over $1 million from at least 120 incapacitated people in the Eastern District of Pennsylvania.

    Alesha Mitchell is scheduled to be sentenced on October 24.

    “Rembert and his co-conspirators had no qualms about ripping off these incapacitated victims and living it up on their stolen money,” said U.S. Attorney Romero. “The greed and callousness here are off the charts. It’s vile that criminals target the elderly and infirm specifically to take advantage of their vulnerability. My office and our partners will continue to do all we can to hold these crooks responsible and protect our elders from such greed, fraud, and abuse.”

    “Elder fraud leaves a damaging impact on victims and our communities, and our office remains steadfast in pursuit of those who exploit this vulnerable population,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “We encourage those who believe that they or a loved one are a victim of elder fraud to report it. Reporting elder fraud is not only a step towards justice, but it helps protect others from victimization.”

    “Carlton Rembert, together with his co-conspirator Gloria Byars, abused the trust of the most vulnerable among us – individuals who have been incapacitated by age, illness, or both. What they did was truly heinous – and truly criminal. I applaud United States Attorney Romero for prosecuting these individuals, in one of the first guardianship fraud cases to be prosecuted. Unfortunately, this type of fraud is increasing, and it is important for law enforcement to send a clear signal that it will not be tolerated,” said Delaware County District Attorney Jack Stollsteimer.

    “As a law enforcement community, it is our duty to hold individuals accountable who abuse their position of trust and steal from the people that are under their care,” said Amy MacNeely, Acting Special Agent in Charge of IRS Criminal Investigation. “We, along with our law enforcement partners and the Department of Justice, will continue to hold accountable those who exploit the most vulnerable among us.”

    The case was investigated by the FBI, the Delaware County District Attorney’s Office Criminal Investigation Division, and IRS Criminal Investigation and is being prosecuted by Assistant United States Attorneys Tiwana Wright and Samuel Dalke.

    MIL Security OSI

  • MIL-OSI USA: FEMA advises You to Check Your Furnace

    Source: US Federal Emergency Management Agency

    Headline: FEMA advises You to Check Your Furnace

    FEMA advises You to Check Your Furnace

    HARRISBURG, Pa. — The weather might be crisp and lovely right now, but Pennsylvania’s fierce winter winds and snow are on their way. Before it gets icy, take this time to check your furnace and any other appliances that might have been damaged in the August 9-10 flooding that came with Tropical Storm Debby. If your furnace isn’t working and it isn’t covered by your insurance, you may be eligible to receive help from FEMA to repair or even replace it.  

    Assistance from FEMA is limited to only owner-occupied primary homes, not vacation homes or second homes. In addition, home repair assistance is available to homeowners only for uninsured or underinsured disaster-damaged items that make your home safe, sanitary, secure and inhabitable. Households with damage to essential living spaces in a basement – including garden apartments – may also be eligible for FEMA assistance to help cover those losses.  

    When you apply for assistance, be sure to indicate the furnace and other essential electrical appliances damaged during the summertime disaster. If you have already repaired or replaced the furnace, be prepared to provide FEMA with valid estimates or receipts.  

    If you discover your heating systems need replacing after you have already received a FEMA grant, you can use the FEMA appeals process to request additional assistance. To learn more about the process, visit www.fema.gov/assistance/individual/after-applying/appeals. 

    If you have yet to apply for FEMA assistance, go online to www.DisasterAssistance.gov, call 800-621-3362, or use the FEMA App on your phone. If you use a video relay service or captioned telephone service. give FEMA your number for the service. And for in-person assistance, visit a Disaster Recovery Center. The registration deadline is November 12, 2024

    For more information on Pennsylvania’s disaster recovery, visit the Pennsylvania Emergency Management Agency Facebook page, fema.gov/disaster/4815 and facebook.com/FEMA.  

    ###

    FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3

    Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).

    erika.osullivan

    MIL OSI USA News

  • MIL-OSI Canada: Government of Canada announces $3 million in funding to support tourism recovery in Jasper and the region

    Source: Government of Canada News (2)

    Jasper is one of Canada’s most iconic destinations, treasured by Canadians and renowned around the world.

    October 18, 2024 – Jasper, Alberta

    Jasper is one of Canada’s most iconic destinations, treasured by Canadians and renowned around the world. With its proximity to majestic mountains and clear blue lakes, Jasper draws over two million visitors from across Canada and around the world every year. This summer’s wildfires had a devastating impact on Jasper and the region’s economy, which is built on tourism. That’s why the Government of Canada is taking action to support Jasper’s recovery and help its tourism industry come back strong.

    The Honourable Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec, alongside Marsha Walden, President and CEO of Destination Canada, the Honourable Joseph Schow, Alberta Minister of Tourism and Sport, Richard Ireland, Mayor of the Municipality of Jasper, David Goldstein, CEO of Travel Alberta, and Tyler Riopel, CEO of Tourism Jasper, today announced $3 million in support from the Government of Canada to help Jasper and the region’s tourism industry recover, rebuild and retake its place on the world stage. This is made possible through collaboration between Destination Canada and Travel Alberta, which are integrating their marketing strategies to showcase one of Canada’s most sought-after experiences.

    Key marketing initiatives delivered by Destination Canada include:

    • investing in Destination Canada-led seasonal marketing campaigns, in collaboration with Travel Alberta, with a focus on the United States—Canada’s top international arrivals market;
    • co-investing in opportunities for targeted Destination Canada-led marketing programs in additional key markets such as the United Kingdom, France, Germany, Japan, South Korea, Australia and Mexico;
    • hosting Canada’s largest global tourism media event in Jasper in September 2025, which will be organized in collaboration with Travel Aberta and Tourism Jasper and will serve as a platform to foster relationships between over 80 top-tier travel media outlets from around the world and Canadian tourism industry representatives; and
    • leveraging Destination Canada’s $50 million International Convention Attraction Fund.     

    These important investments build on significant support for Jasper already announced by the Government of Canada. This began with calling in the Canadian Armed Forces to fight the wildfires in July. As Jasper began to recover, the government matched donations and ensured local residents received the benefits and services they needed. As the town started rebuilding, the government quickly made changes to put the municipality in charge of the effort. This work is being directed by a special cabinet committee, led by the Honourable Randy Boissonnault. 

    Today’s announcement followed Minister Ferrada and Minister Schow’s co-hosting of the annual Canadian Council of Tourism Ministers meeting in Banff, Alberta and subsequent tour of the region. At the meeting, federal, provincial and territorial ministers responsible for tourism discussed challenges facing the tourism sector and cross-governmental opportunities to support its growth.

    Marie-Justine Torres
    Press Secretary
    Office of the Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec
    marie-justine.torresames@ised-isde.gc.ca
    613-327-5918

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    For easy access to government programs for businesses, download the Canada Business app.

    MIL OSI Canada News

  • MIL-OSI USA: Hageman Introduces Expedited Appeals Review Act Allowing Challengers of an Agency Decision an Expedited Verdict by a Neutral Arbiter

    Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

    Washington, D.C. – Today, Congresswoman Hageman introduced the Expedited Appeals Review Act (EARA), which provides entities before the Department of the Interior’s Board of Land Appeals (IBLA) the opportunity to file for an expedited review so they can quickly go to court in front of a neutral arbiter.

    Under current law, challengers of an agency decision within the Department of Interior (DOI), must appeal to the IBLA, an administrative court that is also housed within the DOI.  The use of administrative courts pose a variety of constitutional issues, including in relation to the separation of powers, as the agencies who adopt the regulations seek to enforce them through their in-house court system, such as the IBLA.  Over 90% of these cases are typically resolved in the agency’s favor, while often taking years for the case to be decided.

    “We are a government ‘of, by and for the people’ and every agency and their employees should be accountable to the people. It is no wonder that the current construct of in-house courts ruling on cases where the agency’s policies are in question tend to fall on the side of the government almost exclusively.

    “In my 3 decades of practicing law I witnessed cases argued before agency-appointed judges on numerous occasions and then waited as the IBLA delayed issuing a decision. Not only does this leave the non-agency party in limbo as to the outcome of their case, but also costs them significantly in potential fees and penalties waiting for their cases to be considered.

    “This broken system needs to be fixed so that American citizens and companies have a fighting chance against the DOI’s ongoing agenda against our legacy industries.  My bill gives these parties the opportunity to expedite the process and pursue an impartial route in those circumstances where the IBLA is refusing to timely address the matter in front of it.  

    The Expedited Appeals Review Act ensures that if IBLA fails to make a decision within 18 months of the appeal being filed, the applicant can demand an expedited review. The IBLA then has 6 months to resolve the case. Failure to do so allows for that non-agency party to proceed to district court where they will be granted the opportunity to conduct discovery and develop the administrative record.

    Background:

    • The IBLA is a regulatorily constructed, pseudo-judicial, administrative court within the Department of the Interior. It oversees appeals of agency actions, including those from the Bureau of Land Management, Bureau of Ocean Energy Management, Bureau of Safety and Environmental Enforcement, Office of Natural Resources Revenue, and Office of Surface Mining Reclamation and Enforcement.
    • Currently, there are seven administrative judges, four of which were appointed in the last year. · There are over 650 appeals sitting before the IBLA, many of which have been pending for over five years.
    • During an appeal, the agency establishes the administrative record. Frequently, the record is heavily redacted and purposefully excludes documents that favor the appellant. In fact, IBLA judges have explicitly found that the Department compiled administrative records in bad faith and in a biased manner.
    • In FY ’23, IBLA decided only 36 cases on the merits, 34 (94%) of which upheld the Department’s decision. Once a case is finally decided, the administrative record is set and the agency’s decision receives deference, only being overturned if it is found to be arbitrary and capricious. And even if a party wins in District Court, the Court will remand the decision to the agency, restarting the entire process.
    • As a member of the House Judiciary Committee, Rep. Hageman spearheaded an oversight hearing titled “Reining in the Administrative State: Agency Adjudication and Other Agency Action” which exposed the unconstitutionality of administrative courts, including their denial of due process and jury trial rights as well as infringement on the separation of powers
    • Prior to taking office as Wyoming’s lone congressional member, Harriet Hageman was an attorney defending individuals and entities against government agencies, winning cases opposing several of the agencies that are within the Department of Interior.

    ###

    Contact: Chris Berardi, Sr. Advisor/Communications Director

    MIL OSI USA News

  • MIL-OSI USA: Rep. Panetta Announces New Federal Investment in Local Semiconductor Manufacturer Expansion

    Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

    San Jose, CA – United States Representative Jimmy Panetta (CA-19) announced a significant new federal investment in a local semiconductor manufacturer through the landmark CHIPS and Science Act.  The $93 million federal investment awarded to Infinera will support the expansion and modernization of both a new semiconductor fabrication plant, or Fab, in South San Jose and a new Advanced Test and Packaging (ATP) facility in Bethlehem, Pennsylvania.  This funding is expected to multiply Infinera’s domestic manufacturing capacity by ten and create up to 1,200 construction jobs.  

    Infinera is a local semiconductor and telecommunications equipment manufacturer that has operated its U.S. fabrication and ATP facilities for over two decades.  Specifically, the project in South San Jose will construct a new modernized Fab and foundry with over 40,000 square feet of cleanroom space to increase its indium phosphide-based photonic integrated circuits (InP PICs) manufacturing.

    Rep. Panetta with bipartisan majorities in the House and Senate passed the CHIPS and Science Act into law during the 117th Congress.  The landmark legislation has already allocated over $35 billion in proposed funding across 16 states, including California, and is expected to create over 115,000 jobs in emerging high-tech manufacturing and research sectors.  Since the beginning of the Biden-Harris Administration, semiconductor and electronics companies have announced over $400 billion in private investments, catalyzed in large part by public investment.

    “Although Silicon Valley leads the world in innovation, it isn’t really known as a manufacturing base for semiconductor chips,” said Rep. Panetta.  “That may change with this major federal investment in Infinera, its innovation, and its manufacturing of semiconductor chips in California’s 19th Congressional District. Through the bipartisan CHIPS and Science Act, we are investing in local projects with hundreds of good-paying jobs that will bolster our innovation and dramatically increase our domestic output of semiconductors in South San Jose.”

    InP PICs are key components in optical network communications.  These components enable the fast and reliable transfer of large amounts of data in communications, spanning short- to long-distance broadband networks; between AI and machine-learning clusters inside the data center; and between data centers.  This technology is essential to powering American economic innovation and support security technology.

    “We are honored to be part of the Department of Commerce’s efforts to increase semiconductor fabrication and packaging in the U.S. and protect our national and economic security as part of the bipartisan CHIPS and Science Act,” said Infinera CEO David Heard. “Optical semiconductor technology and photonics are at the heart of scalable and resilient connectivity required to support the rapidly growing need for high-speed communications.  This proposed funding would enable us to better serve our customers, expand our partnerships, and compete more effectively with foreign adversary competitors, especially at a time when supply chain security is increasingly important to America’s communications infrastructure, from high-capacity long-haul transmission and broadband networks to power-efficient connectivity inside data centers to support the explosive growth in AI workloads.”

    The California project will be supported by the Nor Cal Carpenters Union (NCCU).  For trades not covered by NCCU, Infinera’s general contractor, Vulcan Construction, has agreed to hire from a contractor base consisting of 100% labor union-signatory contractors affiliated with the building trades.  Infinera’s current operations in South San Jose are 95% carbon free, which is expected to continue with the expansion of the Fab.

    “From artificial intelligence to electric vehicles to telecommunications infrastructure, 21st century technologies all rely on optical semiconductors like the ones manufactured by Infinera,” said U.S. Secretary of Commerce Gina Raimondo.  “The Biden-Harris Administration is achieving the economic and national security goal of the CHIPS and Science Act with investments like this one.  We are securing semiconductor manufacturing projects across the country to build a robust domestic chip ecosystem that will create high-tech jobs and economic opportunities for communities across the country.”

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    MIL OSI USA News