Category: Business

  • MIL-OSI: Agillic patents large-scale personalised communication solution

    Source: GlobeNewswire (MIL-OSI)

    Press release, Copenhagen, 18 October 2024

    Agillic has achieved a Danish patent for its unique method for processing large-scale, real-time data processing. 

    The method reduces the complexity and efforts required to carry out such processing compared to other solutions leading to lower power consumption and lower financial operating costs.

    The Agillic platform has long been a leap forward in marketing technology, empowering brands to deliver personalised, real-time, and scalable customer experiences across channels, positioning them – and Agillic – at the forefront of omnichannel marketing.

    Says Martin Lindboe, Chief Technology Officer:
    “We are thrilled to achieve the patent, acknowledging the efforts behind our unique and highly effective solution for large-scale data communication. With this patent, we are reinforcing our commitment to innovation and supporting brands in creating seamless, data-driven customer engagement that drive results in the most efficient way possible.”

    For further information, please contact
    Emre Gürsoy, CEO, Agillic A/S
    +45 3078 4200
    emre.gursoy@agillic.com

    About Agillic A/S
    Agillic (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    Agillic A/S – Masnedøgade 22 – 2100 Copenhagen – Denmark – www.agillic.com

    The MIL Network

  • MIL-OSI: Fanhua Announces Change of Ticker Symbol From “FANH” to “AIFU”

    Source: GlobeNewswire (MIL-OSI)

    GUANGZHOU, China, Oct. 18, 2024 (GLOBE NEWSWIRE) — Fanhua Inc. (Nasdaq: FANH) (the “Company” or “Fanhua”), a leading independent technology-driven financial services provider in China, today announced the change of its ticker symbol from “FANH” to “AIFU”. Effective on October 23, 2024, the Company’s American Depository Shares will begin trading on Nasdaq under the new ticker symbol “AIFU”.

    The change aligns with the Company’s proposed change of Company’s English name from “Fanhua Inc.” to “AIX Inc.” and Chinese name from “泛华控股集团”to“智能未来有限公司”with effect from November 1, 2024, pending approval by the Company’s shareholders at the extraordinary general meeting scheduled on October 31, 2024.

    About Fanhua Inc.

    Driven by its digital technologies and professional expertise in the insurance industry, Fanhua Inc. is the leading independent financial service provider in China, focusing on providing insurance-oriented family asset allocation services that covers customers’ full lifecycle and a one-stop service platform for individual sales agents and independent insurance intermediaries.

    With strategic focus on long-term life insurance products, we offer a broad range of insurance products, claims adjusting services and various value-added services to meet customers’ diverse needs, through an extensive network of digitally empowered sales agents and professional claims adjustors. We also operate Baowang (www.baoxian.com), an online insurance platform that provides customers with a one-stop insurance shopping experience.

    For more information about Fanhua Inc., please visit https://ir.fanhgroup.com

    Forward-looking Statements

    This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Fanhua and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, quarterly variations in its operating results caused by factors beyond its control including macroeconomic conditions in China. Except as otherwise indicated, all information provided in this press release speaks as of the date hereof, and Fanhua undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Fanhua believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Fanhua is included in Fanhua’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.

    For more information, please contact:

    Fanhua Inc.

    Investor Relations
    Tel: +86 (20) 8388-3191
    Email: ir@fanhgroup.com

    The MIL Network

  • MIL-OSI Security: Chinese National Pleads Guilty To Illegally Exporting Semiconductor Manufacturing Machine

    Source: Office of United States Attorneys

    SAN FRANCISCO – Lin Chen pleaded guilty in federal court today to illegally exporting U.S. technology to a prohibited end user in China, in violation of the International Emergency Economic Powers Act (IEEPA) and the Export Administration Regulations (EAR). The plea was accepted by the Hon. William Alsup, Senior U.S. District Judge.

    In pleading guilty, Chen, 65, a citizen of the People’s Republic of China (PRC), admitted to acting on behalf of Jiangsu Hantang International Trade Group Corp., Ltd. (JHI), a company headquartered in Nanjing, PRC, to procure a wafer cutting machine on behalf of Chengdu GaStone Technology Co., Ltd. (GaStone), an entity located in Chengdu, PRC.  Chen admitted to knowing that GaStone was designated on the U.S. Department of Commerce’s Entity List on Aug. 1, 2014.  Federal regulations restrict the export of certain items to companies, research institutions, and other entities identified on the Department of Commerce’s Entity List. Under applicable Department of Commerce regulations, wafer cutting machines, which are used to cut thin semiconductors used in electronics (also known as silicon wafers), require a license for export to end-users such as GaStone.

    According to the plea agreement, by no later than Dec. 4, 2015, Chen knew that GaStone was prohibited from receiving restricted exports without a license, including a DTX-150 Scribe and Break Machine, a machine for processing silicon wafer microchips.  On approximately Dec. 10, 2015, Chen worked with a co-defendant to arrange the sale of a DTX-150 to GaStone by shipping it to the PRC in the name of JHI without an export license from Commerce. Chen used JHI’s status as an intermediary to conceal GaStone as the true end-user of the technology.

    A federal grand jury indicted Chen on Dec. 1, 2020, charging him with conspiracy to violate IEEPA; submitting false electronic export information; smuggling; and IEEPA violations.  Under the plea agreement, Chen pleaded guilty to count four, causing an unlawful export in violation of IEEPA.  Defendant currently is released on bond.

    Chen’s sentencing hearing is scheduled for January 28, 2025, before the Judge Alsup.  The maximum statutory penalty for an IEEPA violation is up to 20 years in prison and a $1 million fine.  However, any sentence will be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    United States Attorney Ismail J. Ramsey, Federal Bureau of Investigation (FBI) Special Agent in Charge Robert K. Tripp, Homeland Security Investigations (HSI) Special Agent in Charge Tatum King, and Brent Burmester, U.S. Department of Commerce, Bureau of Industry and Security (BIS) Special Agent in Charge, San Jose Field Office, made the announcement today.

    Assistant U.S. Attorney Colin Sampson and Brett Reynolds of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case with the assistance of Claudia Hyslop and Nina Burney.  The prosecution is the result of an investigation by FBI, HSI, and BIS.
     

    MIL Security OSI

  • MIL-OSI Security: Charlotte Man Is Sentenced To Prison For $700,000 Investment Fraud Scheme

    Source: Office of United States Attorneys

    CHARLOTTE, N.C. – Today, U.S. District Judge Kenneth D. Bell sentenced Frank Lynold Mercado, 27, of Charlotte, to 41 months in prison followed by two years of supervised release for defrauding over 100 victims of more than $700,000 through a fraudulent investment scheme, announced Dena J. King, U.S. Attorney for the Western District of North Carolina. Mercado was also ordered to pay $709,690 in restitution.

    Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, joins U.S. Attorney King in making today’s announcement.

    According to court documents and court proceedings, from July 2019 to December 2022, Mercado executed an investment fraud scheme in which he caused more than 100 investors to sustain nearly $700,000 in losses. Mercado induced the victims – many of whom were his friends, former co-workers, and other social acquaintances – to invest their money by holding himself out to be an expert in options trading with years of experience and a successful track record. As part of the scheme, Mercado falsely represented to victim investors that he would use their money for options trading and similar investments through his hedge fund, Tiger-Wolf Capital, LLC (Tiger-Wolf Capital). Instead of investing the funds as promised, Mercado used a portion of the money to make Ponzi-style payments to investors, and to fund his personal lifestyle, including to make large credit card payments and pay for personal expenditures such as Airbnb rentals, restaurants, and bars.

    Court documents show that with the money that he did invest, Mercado suffered trading losses and then lied to investors about the performance of their investments. For example, Mercado periodically sent updates to victim investors through emails, text messages, or screenshots of purported account portals that reflected fictitious trading gains. He also made false and fraudulent statements to investors about substantial returns on their investments in order to induce his victims to invest additional money with him and/or to leave their current investments with him. According to court documents, as a result of the scheme, Mercado caused victims to suffer losses, with some victims experiencing significant financial hardship.

    On June 12, 2022, Mercado pleaded guilty to wire fraud. He will be ordered to report to the Federal Bureau of Prisons upon designation of a federal facility.

    On May 30, 2024, the U.S. Securities and Exchange Commission announced the filing of a complaint against Mercado in the U.S. District Court for the Western District of North Carolina, charging Mercado and Tiger-Wolf Capital with securities violations.  On July 2, 2024, the court, pursuant to consents signed by Mercado and Tiger-Wolf, enjoined them from violating the charged provisions and ordered them to pay disgorgement, prejudgment interest, and civil money penalties in amounts to be determined at a later date.  The court also barred Mercado from serving as officer or director of a public company and enjoined him from participating in the issuance, purchase, offer, or sale of securities, except in his personal account.

    U.S. Attorney King commended the FBI for their investigation of the case and thanked the U.S. Securities and Exchange Commission for their coordination and assistance.

    Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case. 

    MIL Security OSI

  • MIL-OSI Security: Employee Who Stole More than $430,000 from San Diego Regional Economic Development Corporation Sentenced

    Source: Office of United States Attorneys

    SAN DIEGO – Escondido resident Katherine Lu Acquista, the former director of operations and accounting for the San Diego Regional Economic Development Corporation, was sentenced in federal court today to 12 months and 1 day in custody for stealing approximately $433,275.89 from her then-employer.  She was also ordered to pay a fine of $50,000.

    According to court documents, while employed at the non-profit organization known as EDC, Acquista used her access and authority to put personal expenses on EDC credit cards and pay those expenses using EDC funds. She also directed other employees to issue checks to her from the EDC company bank account. She then caused false entries about these transactions to be made in the EDC’s accounting system to disguise her ongoing theft. In addition, she stole from EDC’s flexible spending and payroll system. All told, she exploited her position of trust to steal more than $430,000 over at least a five-year period, between August 2017 and August 2022.

    The EDC is a 501(c)(3) charitable non-profit organization that works to grow San Diego’s economy and regional prosperity. The EDC’s mission is to maximize the region’s economic competitiveness and global competitiveness.  It is funded by individual and corporate donations, grants and investments from nearly 200 companies, public agencies, and private organizations.

    Explaining the impact of her crimes, the Chief Operating Officer of EDC stated, “[San Diego Regional Economic Development Corporation] is a nonprofit organization with a mission to maximize the region’s economic prosperity and raise our global competitiveness. Acquista’sactions defied two of our closely held values – accountability and integrity.”

    “Members of our community who donate to local non-profits depend on the integrity and stewardship of those entrusted with such funds,” said U.S. Attorney Tara McGrath. “This sentence serves to remind those engaged in crime for profit that whether your victim is the taxpayer, government, or a local non-profit, you will be held accountable.”

    “Those who seek to misappropriate non-profit donations are acting contrary to the interest of the public good. The FBI stands ready to investigate those who violate the trust of the donors and diminish the efforts of non-profit organizations such as the San Diego Regional Economic Development Corporation,” said San Diego FBI Special Agent in Charge Stacey Moy.

    This case is being prosecuted by Assistant U.S. Attorney Valerie H. Chu. Former Assistant U.S. Attorney Michelle Wasserman assisted in the case.

    DEFENDANT                                               Case Number 24CR0765-AJB

    Katherine Lu Acquista                                    Age: 47                                   Escondido, CA

    SUMMARY OF CHARGES

    Wire Fraud – Title 18, U.S.C., Section 1343

    Maximum penalty: Twenty years in prison and $250,000 fine

    INVESTIGATING AGENCY

    Federal Bureau of Investigation 

    MIL Security OSI

  • MIL-OSI Video: 5th Joint BoC – ECB – NY Fed Conference – Session 6

    Source: European Central Bank (video statements)

    Session 6 – Trade, firms and expectations measurement

    Session chair: Maarten Dossche, European Central Bank

    The Causal Effects of Expected Depreciations
    Martha Elena Delgado, Inter American Development Bank
    Juan Herreno, University of California, San Diego
    Marc Hofstetter, Universidad de los Andes and CEDE
    Mathieu Pedemonte*, Federal Reserve Bank of Cleveland

    The Coherence Side of Rationality: Theory and evidence from firm plans
    Pamela Giustinelli* and Stefano Rossi, both Bocconi University

    A Choice-Based Approach to the Measurement of Inflation Expectations
    Olga Goldfayn-Frank*, Deutsche Bundesbank
    Pascal Kieren, Heidelberg University
    Stefan Trautmann, Alfred-Weber-Institute

    https://www.youtube.com/watch?v=yfdI2D-qE20

    MIL OSI Video

  • MIL-OSI Video: 5th Joint BoC – ECB – NY Fed Conference – Policy Panel

    Source: European Central Bank (video statements)

    Chair: Philip R. Lane, Member of the Executive Board of the ECB

    Panellists:

    Yuriy Gorodnichenko, University of California, Berkeley
    Kim Huynh, Bank of Canada
    Wilbert van der Klaauw, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=jlg3W8c9QoM

    MIL OSI Video

  • MIL-OSI Video: 5th Joint BoC – ECB – NY Fed Conference – Session 5

    Source: European Central Bank (video statements)

    Session 5 – Geopolitical shocks, uncertainty and expectations

    Session chair: Oscar Arce, European Central Bank

    Do Election Shocks Affect Economic Expectations?
    Olivier Armantier, Gizem Kosar, Giorgio Topa* and Wilbert van der Klaauw, all Federal Reserve Bank of New York

    The Causal Effects of Inflation Uncertainty on Households’ Beliefs and Actions
    Olivier Coibion, University of Texas at Austin
    Dimitris Georgarakos*, European Central Bank
    Yuriy Gorodnichenko, University of California, Berkeley
    Geoff Kenny, European Central Bank

    Households’ Subjective Expectations: Disagreement, Common Drivers and Reaction to Monetary Policy
    Stefano Pica, Banca d’Italia
    Clodomiro Ferreira*, Banco de España

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

    MIL OSI Video

  • MIL-OSI Russia: Financial news: Silver rubles to the mint (18.10.2024)

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    On October 18, 2024, the Bank of Russia will issue into circulation commemorative silver coins in denominations of 3 and 200 rubles “300th Anniversary of the St. Petersburg Mint” of the “Historical Events” series.

    The Saint Petersburg Mint is one of the largest in the world. It was founded by decree of Peter I and is located in the most protected place of the Northern capital – on the territory of the Peter and Paul Fortress. Commemorative and investment coins made of precious metals, state awards, commemorative medals, and various tokens are minted here. The hallmark of the Saint Petersburg Mint is on the largest gold and silver commemorative coins of the Bank of Russia weighing 5 kilograms.

    Silver coins of 3 rubles (pure precious metal content – 31.1 g, alloy fineness – 925) and 200 rubles (pure precious metal content – 3000.0 g, alloy fineness – 925) have a round shape with a diameter of 39.0 and 130.0 mm, respectively.

    There is a raised edge along the circumference of both the obverse and reverse sides of the coins.

    On the obverse of the coins there is a relief image of the State Emblem of the Russian Federation, there are inscriptions: “RUSSIAN FEDERATION”, “BANK OF RUSSIA”, coin denomination “3 RUBLES”, “200 RUBLES”, date “2024”, designation of the metal according to the Periodic Table of Elements of D.I. Mendeleyev, alloy fineness, trademark of the St. Petersburg Mint and pure mass of precious metal.

     
     

    On the reverse side:

    — the 3-ruble coin (catalogue number 5111-0512) features relief images of a screw press for minting coins, the obverse of a 1724 ruble and the reverse of a 1924 fifty-kopeck coin, and an image of the St. Petersburg Mint building, made using laser matting; the background areas around the press are made using laser matting, the background above the image of the mint building is made using microrelief with a light interference effect; there are relief inscriptions: along the rim — “SAINT PETERSBURG MINT”, at the bottom in two lines — “300 YEARS”.

     

    The side surface of the coin is ribbed.

    The coin is made in proof quality.

    The mintage of the coin is 3.0 thousand pieces;

    — the 200-ruble coin (catalog No. 5119-0008) features relief images of the mint’s founder, Peter I, a medal-copying machine, the reverse of a chervonets of 1923, the reverse of the “St. George the Victorious” investment coin, the reverse of a ruble minted in 1724, reverses and obverses of change coins of different periods, a coin die, an image of the St. Petersburg Mint building bounded by a circle against a background of geometric images made using laser matting; there are inscriptions: “300 YEARS” at the top, and “ST. PETERSBURG MINT” in three lines at the bottom.

     

    The side surface of the coin is ribbed.

    The coin is made in proof-like quality.

    The mintage of the coin is 0.05 thousand pieces.

    The issued coins are legal tender in the Russian Federation and must be accepted at face value for all types of payments without restrictions.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    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/PR/?file=638648419322157504COINS.htm

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: SFST to attend Annual Conference of Financial Street Forum 2024 in Beijing

    Source: Hong Kong Government special administrative region

    SFST to attend Annual Conference of Financial Street Forum 2024 in Beijing
    SFST to attend Annual Conference of Financial Street Forum 2024 in Beijing
    **************************************************************************

         The Secretary for Financial Services and the Treasury, Mr Christopher Hui, will depart for Beijing tomorrow (October 19) to attend the Annual Conference of the Financial Street Forum 2024.      This year’s annual conference, themed “Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth”, will be held in Beijing from October 18 to 20. More than 500 guests from over 30 countries and regions worldwide will attend the annual conference to exchange views on current economic and financial hot topics.     Mr Hui will deliver a keynote speech at the main forum tomorrow on empowering industries through financial support to drive high-quality development.     The Financial Street Forum was founded in 2012. The Annual Conference of the Financial Street Forum has been enhanced as a national, global and professional forum since 2020. This year’s annual conference is jointly hosted by the Beijing Municipal People’s Government, the People’s Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, Xinhua News Agency and the State Administration of Foreign Exchange.       Mr Hui will return to Hong Kong on October 20. During his absence, the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, will act as the Secretary for Financial Services and the Treasury.

     
    Ends/Friday, October 18, 2024Issued at HKT 18:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: InvestHK and media partner South China Morning Post take deep dive into Hong Kong’s innovation ecosystem at InnoTech Forum 2024 (with photos)

    Source: Hong Kong Government special administrative region

         Organised by Invest Hong Kong (InvestHK) along with media partner South China Morning Post, the InnoTech Forum 2024 took place today (October 18) at the Hong Kong Ocean Park Marriott Hotel and was attended by over 200 guests. Through keynote addresses, in-depth panel discussions and presentations, the full-day forum provided audience members with an engaging discussion on the development of Hong Kong’s innovation ecosystem, long-term strategic plans and the practical applications of artificial intelligence (AI) and new energy technologies in reshaping the city and the economy. 

         During his keynote address at the forum, the Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “AI remains a key driver of I&T and business development. The Government has invested billions of dollars in cultivating an all-round AI ecosystem here in Hong Kong. Cyberport will soon put into operation its AI Supercomputing Centre (AISC) to support the strong computing demand from universities, research institutes and the industry. To support the commissioning of the AISC, the Government has allocated $3 billion to launch a three-year AI Subsidy Scheme. The Policy Address announced that the Government will pilot the use of a generative AI document processing copilot application, developed on the basis of a locally trained large language model, within the Government. In fact, a number of the hundred digital government and smart city initiatives that the Government presses ahead for rollout this year and next will make use of AI technology. Hong Kong stands on the cusp of making ground-breaking strides by capitalising on the vast potential of AI and other cutting-edge technologies. We are partners in this journey to seize the opportunities that lie ahead.”

         The Secretary for Environment and Ecology, Mr Tse Chin-wan, said, “In pursuit of carbon neutrality, green transformation is becoming a global trend and this will continue in the coming decades, triggering tremendous demands for green energy and various low-carbon technologies. Hydrogen is a secondary carrier of energy and is highly energy-efficient with less polluting potential. The Government published the Strategy of Hydrogen Development in Hong Kong in June this year. The Strategy puts forward four major strategies, namely improving legislations, establishing standards, aligning with the market, and advancing with prudence, with a view to getting the laws, standards and the basic infrastructure ready so as to create an environment conducive to the development of hydrogen energy in a prudent and orderly manner. By leveraging our advantage as an international hub, backed by our motherland and with innovation and devotion of the city, we can position Hong Kong as a key driver of hydrogen economy, towards carbon neutrality as well as a sustainable and prosperous future.”

         The discussion at the forum explored the importance of AI and new energy in integrating sustainability and resilience into modern cities, with panel discussions on the following topics:
     

    developing the AI ecosystem for long-term success with a focus on recent advancements in Hong Kong, including the development of cutting-edge infrastructure, talent cultivation, commercialisation of research, and financial incentives, and how a robust and sustainable AI ecosystem can benefit Hong Kong;
    real-life applications of AI in Hong Kong and beyond highlighting the latest trends and developments of AI innovations and how the city’s connected innovation system supports their growth on a global scale;
    How hydrogen is emerging as a core new energy priority, in line with the Hong Kong Government’s recently published hydrogen development strategy; and
    imagining Hong Kong’s future with innovative energy projects and how the city will evolve as these technologies mature and scale.

         The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, “This Forum has fostered meaningful dialogue, inspired new ideas and catalysed further collaboration between the Government, industry, academia and relevant stakeholders. As indicated in “The Chief Executive’s 2024 Policy Address” a couple of days ago, the Government has always spearheaded and enhanced the development of Hong Kong’s I&T industries and will continue to do so. Working together, we believe Hong Kong can remain at the forefront of innovation, harnessing the power of both AI and energy technologies to build a prosperous and sustainable future.”

         The Head of Innovation and Technology at InvestHK, Mr Andy Wong, said, “AI is one of the strategic pillars in our Government’s agenda to drive digital economy. To accelerate its development, the Government is establishing the AI Supercomputing Centre (AISC) and has set aside $3 billion to support the use of AISC financially. On the hydrogen front, legislation and standards shall be optimised to align with technology and market development, as well as enabling the trial of different hydrogen-related projects. All these will further propel Hong Kong to be a top-notch international innovation and technology hub, as well as a ‘living lab’ for technology to be adopted in other markets.”      

    MIL OSI Asia Pacific News

  • MIL-OSI China: Idemitsu Kosan to boost investment in SW China

    Source: China State Council Information Office 3

    This aerial photo taken on July 14, 2023 shows the night view in Chengdu of southwest China’s Sichuan Province. [Photo/Xinhua]

    Idemitsu Kosan, a Fortune Global 500 company, has announced an investment increase in the southwestern Chinese metropolis of Chengdu, aiming to establish its Chinese headquarters there, local authorities said on Thursday.

    Idemitsu Kosan and Xi’an Manareco New Materials Co., Ltd., have reached cooperation agreement and two sides intended to increase investment and expand production of the former’s manufacturing base in the Chengdu high-tech zone.

    The new development aims to transform the electronic material manufacturing base into a Chinese headquarters that integrates research and development, manufacturing, sales and other functions, and contribute to the development of local new display sector.

    Founded in 1911, Idemitsu Kosan is one of the largest petrochemical enterprises in Japan. As one of the earlier Japanese companies to enter the Chinese market, Idemitsu Kosan’s investments in the Chinese mainland cover various fields including energy, chemicals, lubricants, high-performance materials and electronic materials.

    In May 2018, Idemitsu Kosan invested 240 million yuan (about 33.7 million U.S. dollars) in Chengdu to build its electronic material manufacturing base. This project is Idemitsu Kosan’s first OLED emissive material manufacturing plant in China.

    MIL OSI China News

  • MIL-OSI China: Shanghai boasts 998 regional headquarters of multinationals

    Source: China State Council Information Office 3

    This panoramic aerial photo taken on Jan. 10, 2023 shows a view of Lujiazui area in the China (Shanghai) Pilot Free Trade Zone in east China’s Shanghai. [Photo/Xinhua]

    Shanghai, China’s financial hub and a popular foreign investment destination, is home to 998 regional headquarters of multinational companies at present, said the Shanghai Foreign Investment Association.

    Shanghai has over 75,000 foreign-invested enterprises, with the cumulative actual use of foreign capital reaching 350 billion U.S. dollars.

    Among them, 258 enterprises made it onto Shanghai’s top 100 rankings across four key categories in 2023, namely operating revenue, total imports and exports, tax contributions and job creation, according to the association’s announcement of the city’s top foreign-invested enterprises.

    In terms of the origin of investors, companies from the United States ranked first, with a total of 83 enterprises represented in the rankings, followed by 32 Japanese firms and 28 German companies. In 2023, Tesla Shanghai Co., Ltd. was the only enterprise to rank in the top 10 for all four categories, said the association.

    The municipal government of Shanghai issues certification to foreign companies’ regional headquarters as official recognition. In July, the certification was given to 30 regional headquarters of multinational companies and 15 foreign-funded research and development centers.

    Nearly half of them are from key industries prioritized by the city, such as electronic information, life sciences, advanced equipment, and consumption, including British pharmaceutical giant GlaxoSmithKline, French exhibition company GL events and global mining leader Anglo American. 

    “Shanghai is one of the most attractive destinations for foreign investment globally,” said Liu Ping, deputy secretary-general of the Shanghai municipal government, describing the foreign-invested enterprises gathered in Shanghai as a key engine driving the city’s industrial upgrades and a major force in promoting technological innovation.

    Official data indicates that foreign-invested enterprises in Shanghai contribute significantly to the city’s economy, accounting for nearly 60 percent of the city’s total imports and exports, 40 percent of its industrial output, one-third of its tax revenue, one-quarter of its GDP and one-fifth of its employment.

    MIL OSI China News

  • MIL-OSI Global: What does China want from the next US president?

    Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham

    During a Taiwan National Day speech on October 10, Taiwanese president Lai Ching-te said that Taipei was determined to defend Taiwan’s sovereignty against “annexation and encroachment”, and emphasised that “China has no right to represent Taiwan”.

    China’s response was swift. Less than a week after Lai’s provocative speech, a record 153 Chinese war planes swarmed and surrounded Taiwan during a Chinese military exercise over 24 hours. Beijing’s intention was simple: issue Taipei a “stern warning” for what China considers a “separatist act”.

    Beijing sees the island as a “sacred and inseparable part of China’s territory” that must return to the fold. The Taiwanese president sees things differently. Currently, the self-governing island has a different political system, and few Taiwanese are in favour of reunification with China.

    Though Washington doesn’t have diplomatic relations with Taipei officially, it does have regular communication through back channels and a strong economic relationship. The island is a key US trading partner and is a major supplier of semiconductors which are critical to the production of computers and other technologies. It also sells arms to Taiwan, although this has reduced significantly under Joe Biden.

    China has not ruled out taking Taiwan by force, and if it does, the US might come to the self-ruling island’s defence as indicated by Washington in the past.

    China holds extensive military exercises around the island of Taiwan in October 2024.

    But Xi will be hoping the outcome of the 2024 US presidential election might bring a leader that would have a different attitude to Taiwan as well as helping China resolve its economic storm, which has resulted in a rising number of protests. So, between an outspoken Donald Trump and a seemingly even-tempered Kamala Harris, does Beijing have a favourite? And do either of them offer Xi anything new?

    Taiwan and Xi’s legitimacy

    Aside from Mao Zedong, the founder of the People’s Republic of China, Xi is the only sitting Chinese head of state without term limits and whose political ideology is enshrined in the Chinese constitution.

    Xi could potentially prove his place in history by resolving China’s economic crisis. However, Beijing’s increasing isolation from the west due to its support of Russia’s Ukraine conquest makes this doubly hard.




    Read more:
    Biden on Taiwan: Did he really commit US forces to stopping any invasion by China? An expert explains why, on balance, probably not


    Like it or not, Xi might have to ramp up whatever agenda Beijing has for Taiwan. If he could make sufficient progress towards unification, he may be hailed as one of the greats of the Chinese Communist Party, which would consolidate his status within the party, and distract from the nation’s economic woes.

    Unlike Harris, who appears to take take alliances and partnerships seriously, Trump questions the benefits of many alliances forged by the US. In fact, the few times that he spoke about Taiwan centres on how the island state has taken America’s semiconductor business, and should pay more to the US for its defence.

    So, would Trump come to Taiwan’s aid if China does invade Taiwan? Given the importance of semiconductors to electronics and AI, he just might. But Trump also has a reputation as a “dealmaker-in-chief”, so he might just cut a deal with Beijing, which erodes Taiwan’s independence. And that is likely to worry Taipei.

    The Russia dilemma

    As Russia’s “partner of no limits”, China has been supplying Russia with technology that fuels Russia’s war machinery against Ukraine. But this has strained Sino-western relations and earned Beijing trade and import restrictions, which hampers China’s economic recovery.

    China could halt its aid to Russia to avoid western scrutiny, but that is not likely. Beijing needs a strong Russia to be a viable ally in its battle against a US-led world order, and to avoid being the focus of the west if Russia falters amid its conquest in Ukraine.

    While Harris backs Kyiv and sees the war as a strategic and moral issue, Trump has criticised US aid to Ukraine. He also believes that Kyiv should provide concessions to Russia to end the war that Putin started in February 2022.

    A future Trump administration might strengthen Russia by withdrawing support for Ukraine and lifting sanctions against Russia. And a more robust Russia is good news for Beijing.

    US economic hostility

    So, at first glance, Trump and Harris’s approaches towards China are different. Trump’s return to the White House could also intensify the trade war that he started in 2018, as tariffs on Chinese goods could go to as high as 60%. This might hasten the economic decoupling between the US and China.

    Harris, on the other hand, wishes to “de-risk” China. This approach seeks to maintain US global interest while engaging with the east Asian economic behemoth. In such a scenario, Beijing might prefer a Harris presidency as it leaves room for negotiation.

    However, Harris has relatively little foreign policy experience, and is expected to pick up where Joe Biden left off. This means the tariffs and technological restrictions that China faced under a Biden administration could stay under her presidency.

    Another factor is Tesla founder Elon Musk, who is an ardent supporter of Trump, and may take a top job within a Trump administration.

    How much influence the tech multi-billionaire actually has over Trump is uncertain. However, it’s worth noting that Musk has substantial business dealings in China, and might seek to lean on Trump if the former president’s policies harms Tesla’s interests.

    With many of these factors unclear at the moment, Beijing will be hoping for a US leader who is more interested in economic wins than protecting Taiwan, and one that Xi can negotiate with to warm up relations between the two countries.

    Chee Meng Tan 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. What does China want from the next US president? – https://theconversation.com/what-does-china-want-from-the-next-us-president-240516

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Cost of living advice available at North West Information and Support Event

    Source: Northern Ireland – City of Derry

    Cost of living advice available at North West Information and Support Event

    18 October 2024

    Foyle and Lisnagelvin Jobs and Benefits Offices, in partnership with Derry and Strabane Labour Market Partnership, are hosting a special information event in the Guildhall next week to allow people to avail of advice and guidance from local organisations and community support services.

    The free event in the Guildhall will take place on Thursday October 24th from 11am to 2pm and no prebooking is required.

    A range of community and voluntary organisations and partners will be in attendance to give information on the help and support available.

    Attendees will be able to access free advice on a range of cost-of-living issues surrounding housing, mortgages and benefits as well as general tips and advice.

    Department for Communities’ Make the Call and Finance Support staff will also be on hand to advise people on any additional supports they may be entitled to regarding pension credits, working tax credits, tax-free childcare or benefit entitlements and financial support.

    Representatives from Council will be in attendance to give advice on some of the services available.

    A spokesperson for Derry City and Strabane District Council encouraged people to take advantage of the chance to learn more about the range of support available in the Council area.

    “This event is open to everyone and is an ideal way to find out important information on a range of topics including cost of living support, wellbeing, benefits and employability.

    “Whether it’s advice support from the local Jobs and Benefits Offices or from Make the Call to ensure you’re getting the benefits, services and supports you’re entitled to, the correct entitlements or pension credits you need, or you’re just looking to find out what independent and community support is available, there is something for everyone.”

    Contact Foyle or Lisnagelvin Jobs and Benefits Office for further information and contact details can be found at https://www.communities-ni.gov.uk/articles/job-fairs-and-events-calendar

    MIL OSI United Kingdom

  • MIL-OSI China: China likely to further slash reserve requirement ratio before year-end: official

    Source: People’s Republic of China – State Council News

    China likely to further slash reserve requirement ratio before year-end: official

    BEIJING, Oct. 18 — China’s central bank is considering a cut of 0.25 to 0.5 percentage points in reserve requirement ratio at an appropriate time before the end of 2024, depending on market liquidity situations, Pan Gongsheng, governor of the People’s Bank of China, said on Friday.

    The loan prime rate (LPR), which will be released on Oct. 21, is expected to move downward by 0.2 to 0.25 percentage points, Pan said at the Annual Conference of Financial Street Forum 2024.

    China has recently introduced a package of financial measures to support the economy, and these policy moves have received positive feedback from both home and abroad, according to Pan. He added that these policies have bolstered social confidence and contributed to the stable operation of the economy and financial markets.

    The reserve requirement ratio was cut by 0.5 percentage points in late September. Major state-owned commercial banks announced reductions in deposit interest rates on Friday morning.

    The recent cut in mortgage rates for existing home loans is expected to benefit 50 million households and reduce total interest expenses for households by approximately 150 billion yuan (about 21.05 billion U.S. dollars) per year, Pan said.

    MIL OSI China News

  • MIL-OSI China: China likely to further slash reserve requirement ratio

    Source: China State Council Information Office

    China’s central bank is considering a cut of 0.25 to 0.5 percentage points in reserve requirement ratio at an appropriate time before the end of 2024, depending on market liquidity situations, Pan Gongsheng, governor of the People’s Bank of China, said on Friday.

    The loan prime rate (LPR), which will be released on Oct. 21, is expected to move downward by 0.2 to 0.25 percentage points, Pan said at the Annual Conference of Financial Street Forum 2024.

    China has recently introduced a package of financial measures to support the economy, and these policy moves have received positive feedback from both home and abroad, according to Pan. He added that these policies have bolstered social confidence and contributed to the stable operation of the economy and financial markets.

    The reserve requirement ratio was cut by 0.5 percentage points in late September. Major state-owned commercial banks announced reductions in deposit interest rates on Friday morning.

    The recent cut in mortgage rates for existing home loans is expected to benefit 50 million households and reduce total interest expenses for households by approximately 150 billion yuan (about 21.05 billion U.S. dollars) per year, Pan said.

    MIL OSI China News

  • MIL-OSI Global: Who is Tundu Lissu? Tanzania’s opposition leader is fighting for change in the face of fresh attacks on political freedoms

    Source: The Conversation – Africa – By Nicodemus Minde, Researcher, United States International University

    Tundu Lissu has become the face of opposition in Tanzania following his defiant and unrelenting criticism of the government. Since he came into the national limelight in 1995 when running for a parliamentary seat, Lissu has been a champion of democracy and human rights. He has taken on the ruling elite, exposing corruption and demanding accountability. This almost cost him his life in 2017.

    In September 2024, new evidence presented at a London tribunal revealed that the telecommunications company Tigo had shared Lissu’s mobile phone data – including his location – with the Tanzanian government. The implication was that the company was assisting the government in its harassment of the politician. Tigo’s owners have distanced themselves from these reports.

    The revelations coincided with a resurgence in government crackdowns on opposition figures.

    In the most recent developments, leaders of the country’s main opposition party Chadema (Chama cha Demokrasia na Maendeleo) – including Lissu, who is the party’s vice-chairperson, and chairman Freeman Mbowe – were arrested in September 2024. This followed their attempt to organise mass protests, which were foiled by the police. The protests had been organised to demand government accountability after the killing of a senior Chadema official and the disappearance of other party members believed to have been abducted by state operatives.

    I have studied Tanzania’s political party dynamics for a decade and interviewed Lissu as part of my PhD research on the country’s democracy. Lissu’s persistence in tackling democratic backsliding in Tanzania has made him a formidable force, challenging the ruling Chama Cha Mapinduzi party.

    Lissu spent about three years in exile in Belgium after the 2017 shooting. He staged a comeback as a presidential candidate in the 2020 elections. He lost to John Magufuli in a poll marred by violence and allegations of rigging.

    There have been changes in the country since Magufuli’s death in March 2021 and a string of political reforms under President Samia Suluhu. This has created the space for Lissu and his party Chadema to establish an opposition that now threatens the ruling party’s six-decade hold on power. Presidential elections are due to be held in 2025.

    So who is Lissu? What’s his history and how did he became involved in politics?

    Early years

    Lissu’s political activism began during his university years in the early 1990s. This marked the start of a career that would later shape Tanzania’s political landscape. Lissu studied law at the University of Dar es Salaam before going to the UK for a master’s degree in law.

    His first foray into national politics came in 1995, when he vied for a parliamentary seat. He was 27. The election was Tanzania’s first under a multiparty system. It introduced Lissu to the arena of opposition politics following his defeat.

    A year later, Lissu was one of the lead investigative lawyers for a public interest environmental law organisation investigating abuses and irregularities at a World Bank-backed gold mine in northern Tanzania. His early work focused on environmental and human rights.

    Lissu and his colleague Rugemeleza Nshala were investigating the killing of 62 small-scale miners and the evictions of thousands at the mine in 1996. They were charged with sedition over these investigations. The government eventually stopped following up on the case.

    Lissu thereafter worked on community land rights at the World Resources Institute, a global organisation focusing on policy research.

    Parliamentary years

    In 2010, Lissu won the parliamentary seat for Singida East under the opposition party Chadema. As a first-term member of parliament, he gained prominence by exposing significant state corruption scandals, particularly in the energy sector.

    Lissu and other Chadema opposition figures became a formidable force, openly naming corrupt government officials and exposing grand theft.

    They also began making calls for constitutional reform. These were aimed at addressing excessive presidential powers and the power imbalances of the union between Tanganyika and Zanzibar. This push culminated in then president Jakaya Kikwete initiating a constitutional review process in 2010.

    Lissu’s legal acumen played out in the constituent assembly, the body convened to deliberate on constitutional reforms. However, the assembly, dominated by members of the ruling party Chama Cha Mapinduzi, rejected many of the key provisions of the draft constitution. It had been widely regarded as the “people’s draft” because it included citizen participation. Its key provisions included reduced presidential powers and the establishment of independent state institutions.

    The process was to culminate in a referendum in 2014. This prematurely aborted and Tanzania went into the 2015 election without a new constitution.

    In these elections, Lissu successfully defended his parliamentary seat. As a second-term legislator, he focused on strengthening Chadema’s presence. This included door-to-door conversations with the public and grassroots mobilisation to build the party.

    The party’s momentum, however, was halted by a repressive regime under Magufuli, who became president in 2015. He cracked down on critics and instituted a partial ban on political rallies.

    Lissu became very critical of Magufuli’s economic policies. In a public address in 2017, Magufuli admitted to the government’s tapping of Lissu’s phone and described those who opposed his own economic reforms as traitors. Soon after this, Lissu was shot 16 times after leaving parliament buildings in the capital, Dodoma.

    Exile

    Lissu officially went into exile in Belgium after the shooting. In 2020, he published Remaining in the Shadows: Parliament and Accountability in East Africa, a critical examination of the presidentialist systems in Uganda, Kenya and Tanzania, which he argued had undermined democratic consolidation in the region.

    Through this publication, Lissu continued his activism, challenging political structures.

    His brief return to Tanzania to contest the presidency in 2020 was marked by repeated arrests and intimidation during the electoral campaign. After his loss to Magufuli, Lissu went back to Belgium.

    He announced his return home in 2023.

    Tanzania today

    It’s important to understand why Lissu and Chadema are viewed as a current threat in Tanzania.

    The country is entering an election period. Local government elections are scheduled for November 2024 ahead of general elections in 2025.

    The ruling party, Chama Cha Mapinduzi, has in the recent past relied on state violence to secure electoral victories. The last general election in 2020 was marred by violence, as well as intimidation of the opposition and censorship.

    It looks likely that Chadema will once again nominate Lissu to contest the presidency in the 2025 general election against president Samia. Lissu’s fearlessness and defiance make him the best candidate to take on the ruling party. Samia has already described Lissu as a troublesome character.

    With the ongoing opposition clampdown, it looks clear that the ruling party is once again willing to do whatever it will take to hold on to power. Even if Tanzania’s democracy suffers.

    Nicodemus Minde is affiliated with the Institute for Security Studies.

    ref. Who is Tundu Lissu? Tanzania’s opposition leader is fighting for change in the face of fresh attacks on political freedoms – https://theconversation.com/who-is-tundu-lissu-tanzanias-opposition-leader-is-fighting-for-change-in-the-face-of-fresh-attacks-on-political-freedoms-240821

    MIL OSI – Global Reports

  • MIL-OSI Submissions: Africa – Shelter Afrique Development Bank (ShafDB) Wins Pan-African Development Bank Leadership Award

    Source: Media Fast

    · The award is in recognition of the institution’s leadership and commitment to advancing sustainable development in the continent’s housing and urban development sectors.

    Zanzibar, Tanzania: 18 October 2024 – Shelter Afrique Development Bank (ShafDB), a leading Pan-African multilateral development bank, dedicated to financing and promoting housing, urban & related infrastructure development across the African continent, has been honored with the prestigious “Pan-African Development Bank Leadership Award – A Pioneer in Housing Finance” for its outstanding contributions to the development of the continent.

    The award, presented during the 40th Anniversary Gala of the African Union for Housing Finance (AUHF) and the International Secondary Mortgage Market Association (ISSMA), recognized Shelter Afrique Development Bank for its pioneering leadership and unwavering commitment to advancing sustainable development in Africa’s housing sector. This prestigious honor was conferred by Ambassador Sharon Trail, founder of the AUHF 42 years ago, who was also honored with a lifetime achievement award at the same event.

    Receiving the award, Shelter Afrique Development Bank Managing Director, Thierno-Habib Hann expressed gratitude for the recognition, stating, “This honor is a testament to our mission of transforming Africa’s housing and urban landscape. We are proud of the work we’ve done in collaboration with governments, development financial institutions (DFIs), private developers, and financial institutions across Africa to provide affordable housing solutions.”

    The award highlights the transformative changes taking place at ShafDB, driven by its visionary leadership and the ‘New Dawn’ strategy now coming to light.

    Last month, ShafDB was designated as the anchor resource mobilization partner at the African Union’s Inaugural Africa Urban Forum in its Addis Ababa Declaration, further solidifying the Bank’s central role in shaping Africa’s urban development and housing landscape.

    Shaping the housing agenda

    Over the past four decades, ShafDB has spearheaded various affordable housing projects in over 40 African countries, playing a crucial role in shaping the housing agenda by providing long-term financing solutions, promoting green building initiatives, and supporting the construction of inclusive communities.

    Going forward, the institution aims to build on its success by leveraging its expertise and resources to address Africa’s housing and urban challenges, focusing on scalable, sustainable, inclusive, and impactful solutions.

    “We dedicate this award to our shareholders, partners, clients, and the communities we serve. It is through these collaborations that we will continue to make a lasting impact on Africa’s development. My thanks go to our esteemed Board Members who have shown relentless support to our transformation, and to our bold staff at Shelter Afrique Development Bank. They are the reason for our success. For it is only through teamwork, passion, and dedication that we can elevate ShafDB to fulfill its mission for Africa,” Mr. Hann concluded.

    Note:

    About Shelter Afrique Development Bank:

    Shelter Afrique Development Bank (ShafDB) is the Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable green housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re).

    The institution is involved in financing housing and related infrastructure across the value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private partnerships (PPP) Group, and the Fund Management Group (FMG).

    About African Union Housing Finance (AUHF)

    Since its formation in 1984, the AUHF has evolved into a member-based, industry association of mortgage banks, building societies, housing corporations, Development Finance Institutions and other organisations involved in the mobilisation of funds for shelter and housing on the African continent. As an industry body, the AUHF promotes the development of effective housing markets and the delivery of affordable housing across Africa, working in the interests of the members and the industry as a whole. The AUHF is governed by a board of industry leaders elected every two years at its Annual General Body. The Centre for Affordable Housing Finance in Africa (CAHF), based in South Africa, acts as the Secretariat of the AUHF.

    International Secondary Mortgage Market Association (ISSMA)

    International Secondary Mortgage Market Association (ISMMA) is the first global association to bring together secondary mortgage markets institutions to focus on advocacy on regulatory issues, share information, and provide support to newly established institutions in this space.

    The association provides a platform for member countries to exchange ideas on how to improve access to housing finance for their citizens and ultimately reach the goal of adequate, safe and affordable housing for all. The UN estimates that the global population will reach 8.5 billion by 2030, with almost 60% of the population living in urban centers. An estimated 3 billion people will need new housing and basic urban infrastructure by 2030. Against the backdrop of rapid urbanization putting pressure on housing delivery systems, many urban poor will not be able to afford formal housing without proper housing finance solutions. This puts the issue of housing finance at the forefront of the global development agenda, and the ISMMA will serve as an important platform to envision and design solutions to enhance access to housing finance.

    The ISMMA Secretariat has moved from the World Bank to the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) as of July 1, 2022.

    MIL OSI – Submitted News

  • MIL-OSI Banking: Asian Development Blog: Why Nations Succeed: Three Ways to Enhance Capacity for Resilient Development

    Source: Asia Development Bank

    Building intellectual capacity and fostering learning partnerships enhance long-term capabilities in organizations and communities. Localized solutions rooted in indigenous knowledge and governance reforms empower societies to achieve resilient, sustainable development.

    Through my three decades in international development work from environment management to urban resilience to policy analysis to monitoring and evaluation, if I were to distill one recurring aspect – it is capacity. 

    The Oxford English Dictionary defines capacity as “the ability to learn or retain knowledge and to make a decision about an issue”. This could be a combination of knowledge, skills, infrastructure, and resources that allow organizations, individuals, and groups to address issues, enhance awareness, solve problems, and learn lessons. 

    For a person to have capacity for a decision, he or she must be able to “understand information, make choices, and communicate the decision to others.”  Capability is defined as “the power or ability to do something.”  

    Capacity is needed for completing a project successfully, and capability to assure its long-term sustainability. These aspects visibly support communities to thrive, and organizations and systems to innovate and adapt to achieve lasting impact. 

     Capacity and capability are the critical “invisible infrastructure” that ensures the effectiveness of development interventions through the efficient functioning of public systems to provide the desired quality of services. 

    However, despite its fundamental importance, capacity remains hidden due to its intangibility and its value is difficult to measure. Unlike projects that deliver physical infrastructure like roads, schools, hospitals and water treatment plants. 

    Building capacity and capabilities both at an individual and institutional level is now more important than ever as global challenges such as climate change, environment degradation, depleting natural water reserves, communicable diseases and technological advancements rapidly reshape the future. 

    Building capacity requires sustained investment over time, often without immediate, visible outcomes. This slow, often incremental process may not capture public attention or political will in the same way a new bridge or highway might. 

    Moreover, capacity-building efforts can be complex, requiring cooperation among organizations, regions, countries and sectors, investment in education and training, and a commitment to long-term, sustained and resilient development. These efforts are not perceived to be fashionable and glamorous compared to visible projects that can be tangibly measured. 

     Advancing economies have demonstrated that unlocking the potential of capacity and building capable institutions brings systemic improvements over short term project gains.

    This also builds resilience in times of crisis due to natural disasters, pandemics, or economic shocks and ensure individuals, communities, and institutions respond and recover; spur innovation to help individuals and organizations experiment, adapt, and scale solutions; enhance governance in institutions to manage resources, deliver services, that benefit citizens ensuring the transparent, accountable, and equitable functioning of society. 

    Communities and institutions would thereby solve their own problems, reduce reliance on external support making development more effective in the long term.

    Capacity is needed for completing a project successfully, and capability to assure its long-term sustainability. 

    Here are three ways to enhance capacity as the pathway to resilient development and effectiveness: 

    Build intellectual capacity and capability by strengthening public and private institutions through a combination of financial, technical and learning support that will foster cultural and behavioral change to do things differently and evolve over the long term.  

    This means designing interventions not only in smart infrastructure design using innovative financing models but also strategic planning, project and data management, leadership training and monitoring and evaluation systems, that allow institutions to deliver relevant and high-quality services over time. 

     Investments that enable cultural shifts from learning from what works and what can be done differently can create positive domino effects in organizations and societies, enhancing individual and collective capacity and capabilities to deliver solutions in complex situations.  

    The city of Melaka in Malaysia pioneered the green city action planning process in 2014 using local government participatory processes. This spurred a multiplier effect with city governments continuing to engage and collaborate across sectoral ministries to deliver projects that improve environmental quality and strengthen economic competitiveness.

    Foster learning partnerships that not only enhance capacity but also ensure long term capabilities. For example, educational institutions with strong research and teaching capacities generate new knowledge, ideas, and technologies that benefit the wider public. 

    When infused with experiential knowledge from the development community, these partnerships can become a powerful tool for grooming young learners to deliver interventions with lasting impacts. In the Pacific, the first structured diploma course on monitoring, evaluation and learning at the University of South Pacific has been accredited by the Pacific Board of Education Quality and launched. 

    Localize solutions and empower communities through investments that harness indigenous knowledge, combine awareness building, local knowhow, and technology. Further, improving governance to empower communities to take ownership of local issues to ensure solutions are rooted in local knowledge for lasting impacts.  

    In the state of Karnataka in India, a coastal protection and management project includes a specific component on capacity building for shoreline management. Unique community associations such as shoreline management organizations and dune care groups were formed and involved in project monitoring. 

    Funds were provided by the project and site-specific activities such as beach cleaning and beach festivals turned beneficiaries into project partners. Capacity and capabilities were enhanced both for communities as well as for the executing and implementing agencies. 

    Learning from the capacity building process to strengthen decision making and understand how economic institutions influence these efforts should be a mantra for development organizations as they prepare for an uncertain future.

    As Nobel Laureate Daron Acemoglu, co-author of Why Nations Fail: The Origins of Power, Prosperity, and Poverty, writes: “Economic institutions shape economic incentives: the incentives to become educated, to save and invest, to innovate and adopt new technologies.”
     

    MIL OSI Global Banks

  • MIL-OSI Economics: Analysis of the Crypt Ghouls group: continuing the investigation into a series of attacks on Russia

    Source: Securelist – Kaspersky

    Headline: Analysis of the Crypt Ghouls group: continuing the investigation into a series of attacks on Russia

    Last December, we discovered a new group targeting Russian businesses and government agencies with ransomware. Further investigation into this group’s activity suggests a connection to other groups currently targeting Russia. We have seen overlaps not only in indicators of compromise and tools, but also tactics, techniques, and procedures (TTPs). Moreover, the infrastructure partially overlaps across attacks.

    The group under review has a toolkit that includes utilities such as Mimikatz, XenAllPasswordPro, PingCastle, Localtonet, resocks, AnyDesk, PsExec, and others. As the final payload, the group used the well-known ransomware LockBit 3.0 and Babuk. We have dubbed the group “Crypt Ghouls”.

    Delivery and persistence

    It was only in two of the group’s attacks that we were able to determine the initial access vector. The attackers used a contractor’s login information to connect to the victim’s internal systems via a VPN. The VPN connections were established from IP addresses associated with a Russian hosting provider’s network and a contractor’s network. Nowadays attackers are increasingly gaining initial access through their targets’ contractors. We suspect that contractors are compromised via VPN services or unpatched vulnerabilities.

    To maintain access to the system, the attackers used the NSSM and Localtonet utilities. NSSM creates and manages services on a host, while Localtonet provides an encrypted tunnel for connecting to that host from an external network. Both utilities were downloaded directly from localtonet.com:

    Harvesting login credentials

    XenAllPasswordPro

    The attackers employed the XenAllPasswordPro tool to harvest a range of authentication data from the target system.

    This utility and the path to it, “allinone2023”, are characteristic of this series of attacks. Following is a list of locations for XenAllPasswordPro that we have observed in various victim infrastructures.

    • c:programdataallinone2023xenallpasswordpro.exe
    • c:programdatadbgallinone2023xenallpasswordpro.exe
    • c:programdata1callinone2023xenallpasswordpro.exe
    • $userdesktopallinone2023xenallpasswordpro.exe
    • c:intelxenallpasswordpro.exe

    The parent process for the commands above was wmiprvse.exe. Moreover, we found an Impacket artifact in command-line output. These are signs of using the Impacket WmiExec.py module:

    In one Crypt Ghouls attack, we discovered a malicious CobInt backdoor loader. This is a telltale tool that allowed us to draw parallels with other campaigns. The CobInt downloader we encountered is a VBScript called Intellpui.vbs that executes obfuscated PowerShell code. This code, in turn, communicates with a C2 server to load the CobInt backdoor into memory.

    In other cases, hackers used RDP instead of WMI.

    Additionally, we noticed that in certain attacks, the HKLMSECURITY registry hive was being saved to a temporary folder. The hive stores the host’s security policies and the secrets managed by the Local Security Authority.

    Mimikatz

    We detected the use of the Mimikatz utility in some of the investigated attacks. One case involved injection of malicious code from the utility into the memory of the rundll32.exe process.

    In another, a Mimikatz command was used to dump the memory of the lsass.exe process. This holds various login details of authenticated users:

    In this way, attackers used Mimikatz to extract victims’ credentials.

    dumper.ps1

    Crypt Ghouls ran an open-source PowerShell script that allowed them to dump Kerberos tickets from the LSA cache. The attackers renamed it to disguise it as a Group Policy script.

    MiniDump Tool

    MiniDump Tool is a utility designed to create a memory dump of a specified process. It helped Crypt Ghouls to extract login credentials from the memory of lsass.exe. The attackers initiated this by running the following command:

    The first argument is the process ID (PID). The second argument is the file name and directory to save the dump of the selected process to.

    The MiniDump Tool creates a driver at the following path:

    Next, it runs the driver and passes to it a control code to read the memory of the process whose identifier is specified as the first argument, then it saves the dump in the system, in this case — in a file in the current directory while using the process ID as its name.

    Login credentials from browsers

    Crypt Ghouls also copied files containing credentials stored in browsers to a temporary directory:

    The commands on the hosts were run via WMI.

    The attackers then used PowerShell to request a list of local users:

    NTDS.dit dump

    Crypt Ghouls connected to the domain controller with compromised credentials via WMI. After establishing the connection, they tried to save the NTDS.dit dump. The attackers leveraged an existing scheduler task to obtain the dump. They modified the task four times. First, they obtained the NTDS.dit dump with the Ntdsutil utility. Then they archived the folder containing the dump and deleted the folder. The final change to the scheduler task restored its original value.

    The 7-Zip utility was also downloaded from GitHub:

    However, we did not detect any further data exfiltration after the archiving.

    Network reconnaissance and spread

    Crypt Ghouls used the PingCastle utility (MD5: F4A84D6F1CAF0875B50135423D04139F) to collect information about the infrastructure of the domain they resided in. Additionally, the attackers periodically scanned the network using the legitimate utility SoftPerfect Network Scanner to identify open ports and network shares.

    As we mentioned above, the attackers used the WmiExec.py Impacket module for network navigation. We found that two of the targets had PAExec, a remote command tool, running on their systems at some point:

    Infrastructure

    Crypt Ghouls uses several remote access utilities. AnyDesk was the most commonly used tool according to our research, but the attackers employed a variety of other methods as well. The table below presents the names of the utilities and the directories where they were found.

    Name Directory
    AnyDesk C:Users[redacted]DownloadsAnyDesk.exe
    Localtonet C:WindowsTemplocaltonet.exe
    resocks /usr/sbin/xfs-modules

    The IP addresses used for remote connections to AnyDesk and Localtonet belonged to a Surfshark VPN subnet.

    Resocks is a reverse SOCKS5 proxy for tunneling traffic. While investigating this group’s activity, we found a proxy sample that was configured to use the IP address 91.142.73[.]178, which is part of the hosting provider VDSina’s network.

    Below are the notable parameters of the resocks sample, which provide additional context for the research:

    DLL sideloading

    The malicious actor used the DLL sideloading technique by placing a legitimate Windows installer management application, dism.exe, and a malicious loader, dismcore.dll, in the same folder: c:ProgramDataoracle.

    The dismcore.dll loader attempted to locate the file odbcconf.xml, which contained the payload, but we were unable to retrieve that file.

    File encryption

    The attackers encrypted data with publicly available versions of the popular LockBit 3.0 (for Windows systems) and Babuk (for Linux) malware. The LockBit sample we analyzed was configured with commands to encrypt local drives, terminate specific processes and services, disable Windows Defender, and delete event logs. The ransomware added system directories, as well as a folder named intel where the attackers loaded tools to harvest credentials, to the encryption exclusions list.

    A snippet of the LockBit 3.0 sample’s configuration

    We noticed something strange about how a victim’s files were encrypted. First, LockBit encrypted files with specific extensions, as defined in its sample configuration. These are the files that the attackers may find most valuable. Besides these, the malware encrypts files in the recycle bin while inserting random characters in these. Beyond the primary algorithm, we found a cycle that systematically renamed the original file in the recycle bin. This process iterated through every letter of the English alphabet, continuing until it reached the last one. This type of encryption makes it really hard, or even impossible, to recover the user’s files.

    The file renaming cycle

    Below is an example of how this appears in logs:

    The algorithm then attempts to delete the last version of
    c:$recycle.bin[redacted]zzzzzzzzzzz.

    The attackers leave a ransom note with a link containing their ID in the Session messaging service for future contact:

    A LockBit 3.0 ransom note

    Session supports end-to-end encryption, which minimizes the risk of data breaches. The developers claim their messaging service is built to guarantee complete privacy. Session has been used by other ransomware groups, such as GhostLocker, SEXi, and MorLock, in their attacks.

    Additionally, attackers targeted ESXi servers with the Babuk ransomware. They would connect to the ESXi server via SSH, upload Babuk, and initiate the encryption process for the files within the virtual machines:

    We believe the goal of the attackers was to disrupt the targeted organizations’ operations, besides financial gain.

    We are seeing a lot of overlap in the tools and techniques used by cybercriminals targeting Russian businesses and government agencies. Below, we outline the key similarities we found in attacks by different groups.

    MorLock

    MorLock activities, as investigated by F.A.C.C.T., shares many features with several of the attacks we analyzed for this report. The groups share most of the tools they use: SoftPerfect Network Scanner, XenAllPasswordPro, AnyDesk, PingCastle, Localtonet, NSSM, resocks, LockBit 3.0, and Babuk.

    The file and folder names used in attacks by both groups also show similarities. Thus we found a resocks utility named “xfs-healthcheck”, a name that follows the same template as the resocks names on the list of indicators published by F.A.C.C.T.: [xxx]-healthcheck. We noticed a further similarity when studying the XenAllPasswordPro utility: in MorLock attacks, it was located in a directory named “allinone2023”.

    Furthermore, we checked the MorLock infrastructure as reported by F.A.C.C.T., only to find that the group also used Surfshark VPN and the VDSina hosting services provider.

    BlackJack

    While investigating the utilities used in Crypt Ghouls attacks, we found an overlap with the toolkit employed by the BlackJack group, which also used XenAllPasswordPro. This caught our attention, as XenAllPasswordPro is not the most popular tool among cybercriminals despite being freely available.

    Twelve

    We have seen XenAllPasswordPro used in attacks by Twelve too. Furthermore, we discovered Intellpui.vbs, a loader for CobInt, also used by Twelve, on one of the systems attacked by Crypt Ghouls.

    Shedding Zmiy

    Shedding Zmiy is a group associated with the (Ex)Cobalt activity cluster. We found a further overlap in a report by Solar 4RAYS on this group-related incidents, namely the use of DLL sideloading with the dismcore.dll malicious loader. The report mentioned other familiar utilities and malware: resocks, SoftPerfect Network Scanner, and CobInt. In addition, Shedding Zmiy used VDSina to host its command-and-control servers.

    The similarities between the groups described above led to the conclusion that these attacks overlap with the activity of Crypt Ghouls. Our analysis of cybercriminal tools and tactics suggests that different groups may be collaborating, sharing resources, or exchanging intelligence. Other vendors have found evidence of the (Ex)Cobalt cluster members participating in these groups’ activities, and our analysis confirms this. Right now, we cannot say for sure that these campaigns are connected, but we anticipate their number will increase further. We will continue to monitor activity targeting Russian organizations.

    Victims

    Russian government agencies as well as mining, energy, finance, and retail companies have fallen victim to the Crypt Ghouls group.

    Conclusion

    Crypt Ghouls is another group attacking Russia. Cybercriminals are leveraging compromised credentials, often belonging to subcontractors, and popular open-source tools. These include modified configurations of the LockBit 3.0 and Babuk ransomware, whose builders and source code are publicly available. As the number of attackers using leaked builds increases, identifying the perpetrators of threats becomes increasingly difficult. The shared toolkit used in attacks on Russia makes it challenging to pinpoint the specific hacktivist groups involved. In the attacks carried out by the Crypt Ghouls, we have identified components of infrastructure and a variety of popular tools that are also used by many other groups. This suggests that the current actors are not only sharing knowledge but also their toolkits. All of this only makes it more difficult to identify specific malicious actors behind the wave of attacks directed at Russian organizations.

    Indicators of compromise

    Note: Network addresses specified in this section are valid at the time of publishing, but may change over time.

    SHA256:

    File paths:
    С:ProgramDataoracledismcore.dll
    odbcconf.xml – payload
    C:UsersUserDownloadsdumper.ps1 – dumper.ps1
    C:UsersUserDesktopx86x64mimikatz.exe
    C:programdata1callinone2023xenallpasswordpro.exe
    С:programdataallinone2023xenallpasswordpro.exe
    С:programdatadbgallinone2023xenallpasswordpro.exe
    С:programdata1callinone2023xenallpasswordpro.exe
    $userdesktopallinone2023xenallpasswordpro.exe
    C:programdataallinone2023XenAllPasswordPro.exe
    C:WindowsTempnssm-2.24win64nssm.exe
    C:Users[redacted]DownloadsAnyDesk.exe
    C:WindowsTemplocaltonet.exe
    C:ProgramDatat.exe (MiniDump Tool)
    C:UsersUserAppDataLocalTempkxxxxxxx.sys
    C:WindowsTempkxxxxxxx.sys
    /tmp/lock.out (Babuk)
    /usr/sbin/xfs-healthcheck (resocks)
    /usr/sbin/xfs-modules (resocks)
    c:programdataintellintellpui.vbs (CobInt)

    IP addresses and URLs:
    45.11.181[.]152 – netstaticpoints[.]com – CobInt C2
    169.150.197[.]10 – SurfShark VPN
    169.150.197[.]18 – SurfShark VPN
    91.142.73[.]178 – VDSINA-NET
    91.142.74[.]87 – VDSINA-NET
    95.142.47[.]157 – VDSINA-NET
    185.231.155[.]124 – VDSINA-NET

    Utilities:
    XenAllPasswordPro
    PsExec
    PAExec
    SoftPerfect Network Scanner
    Localtonet
    PingCastle
    Mimikatz
    AnyDesk
    NSSM
    resocks

    MIL OSI Economics

  • MIL-OSI: Seraph Launches Public Test Realm, Offering Exclusive Early Access and Rewards to Players

    Source: GlobeNewswire (MIL-OSI)

    Web3 Game Launches Final PTR Test, Paving the Way for Official Season 1 Release

    SEOUL, Korea, Oct. 18, 2024 (GLOBE NEWSWIRE) — Seraph, one of the most highly anticipated AAA Web3 games, is set to launch its Public Test Realm (PTR) on Oct. 17, 2024. This milestone marks a significant step in the game’s development, giving players early access to new features and gameplay mechanics ahead of the official release of Season 1.

    The PTR will allow players to explore exclusive in-game content, participate in time-limited events, and earn valuable rewards. This testing phase offers players the opportunity to provide feedback and help shape the final version of the game.

    Exciting Play-to-Earn Opportunities

    Coinciding with the PTR launch, Seraph is also unveiling the RUSH Season 1 event. During this event, players can earn Starry Feathers, which will be redeemable for $SERAPH tokens in the future. By completing tasks and earning points, players can unlock rewards, including:

    • 100 Points: 1 Starry Feather
    • 200 Points: 1 Starry Feather
    • 500 Points: 3 Starry Feathers
    • 1,000 Points: 5 Starry Feathers

    Starry Feathers can be minted as NFTs, providing players with the flexibility to trade or hold them for future token airdrops. All in-game activities, including NFT minting, will be managed through the ActPass wallet system.

    New Features and Content in the PTR

    Throughout the PTR test, players can expect a series of updates designed to enhance gameplay and introduce new content. Key features include:

    • Activation Code Invitation Rewards
    • Secret Prison Mode
    • New Guild Gameplay and Class Adjustments
    • Cosmetic System Enhancements
    • Chaos Dungeon Treasure Chest Broadcast
    • Adventure Notes and New Dark Gold Equipment

    Players will also get a first look at the new Druid character, along with updated Void Realm maps, new leveling systems, and dynamic gameplay elements designed to keep the testing experience engaging.

    Seraph’s Growing Success

    Seraph has already made waves in the GameFi space, achieving over 17,000 ETH in NFT trading volume and attracting more than 90,000 active players during its Season 0 phase. Built on the BNB Chain, Seraph continues to push the boundaries of Web3 gaming innovation.

    By joining the PTR, players can secure early access to exclusive content, unlock rewards during the RUSH event, and gain valuable assets for future game updates—without any upfront investment required.

    How to Participate

    To join the PTR, players need to obtain an activation code, which can be accessed through official Seraph channels. Registration is open at https://reserve.seraph.game/, where players can secure their spot and start exploring Seraph’s final PTR phase.

    For more information and updates, visit the official website at https://www.seraph.game/#/news.

    Contact:
    Nell Loo
    Brand Director
    seraph@actoz.com

    Disclaimer: This content is provided by Seraph. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/edc7d671-799b-422d-bfd6-dd635c933186

    The MIL Network

  • MIL-OSI Africa: Who is Tundu Lissu? Tanzania’s opposition leader is fighting for change in the face of fresh attacks on political freedoms

    Source: The Conversation – Africa – By Nicodemus Minde, Researcher, United States International University

    Tundu Lissu has become the face of opposition in Tanzania following his defiant and unrelenting criticism of the government. Since he came into the national limelight in 1995 when running for a parliamentary seat, Lissu has been a champion of democracy and human rights. He has taken on the ruling elite, exposing corruption and demanding accountability. This almost cost him his life in 2017.

    In September 2024, new evidence presented at a London tribunal revealed that the telecommunications company Tigo had shared Lissu’s mobile phone data – including his location – with the Tanzanian government. The implication was that the company was assisting the government in its harassment of the politician. Tigo’s owners have distanced themselves from these reports.

    The revelations coincided with a resurgence in government crackdowns on opposition figures.

    In the most recent developments, leaders of the country’s main opposition party Chadema (Chama cha Demokrasia na Maendeleo) – including Lissu, who is the party’s vice-chairperson, and chairman Freeman Mbowe – were arrested in September 2024. This followed their attempt to organise mass protests, which were foiled by the police. The protests had been organised to demand government accountability after the killing of a senior Chadema official and the disappearance of other party members believed to have been abducted by state operatives.

    I have studied Tanzania’s political party dynamics for a decade and interviewed Lissu as part of my PhD research on the country’s democracy. Lissu’s persistence in tackling democratic backsliding in Tanzania has made him a formidable force, challenging the ruling Chama Cha Mapinduzi party.

    Lissu spent about three years in exile in Belgium after the 2017 shooting. He staged a comeback as a presidential candidate in the 2020 elections. He lost to John Magufuli in a poll marred by violence and allegations of rigging.

    There have been changes in the country since Magufuli’s death in March 2021 and a string of political reforms under President Samia Suluhu. This has created the space for Lissu and his party Chadema to establish an opposition that now threatens the ruling party’s six-decade hold on power. Presidential elections are due to be held in 2025.

    So who is Lissu? What’s his history and how did he became involved in politics?

    Early years

    Lissu’s political activism began during his university years in the early 1990s. This marked the start of a career that would later shape Tanzania’s political landscape. Lissu studied law at the University of Dar es Salaam before going to the UK for a master’s degree in law.

    His first foray into national politics came in 1995, when he vied for a parliamentary seat. He was 27. The election was Tanzania’s first under a multiparty system. It introduced Lissu to the arena of opposition politics following his defeat.

    A year later, Lissu was one of the lead investigative lawyers for a public interest environmental law organisation investigating abuses and irregularities at a World Bank-backed gold mine in northern Tanzania. His early work focused on environmental and human rights.

    Lissu and his colleague Rugemeleza Nshala were investigating the killing of 62 small-scale miners and the evictions of thousands at the mine in 1996. They were charged with sedition over these investigations. The government eventually stopped following up on the case.

    Lissu thereafter worked on community land rights at the World Resources Institute, a global organisation focusing on policy research.

    Parliamentary years

    In 2010, Lissu won the parliamentary seat for Singida East under the opposition party Chadema. As a first-term member of parliament, he gained prominence by exposing significant state corruption scandals, particularly in the energy sector.

    Lissu and other Chadema opposition figures became a formidable force, openly naming corrupt government officials and exposing grand theft.

    They also began making calls for constitutional reform. These were aimed at addressing excessive presidential powers and the power imbalances of the union between Tanganyika and Zanzibar. This push culminated in then president Jakaya Kikwete initiating a constitutional review process in 2010.

    Lissu’s legal acumen played out in the constituent assembly, the body convened to deliberate on constitutional reforms. However, the assembly, dominated by members of the ruling party Chama Cha Mapinduzi, rejected many of the key provisions of the draft constitution. It had been widely regarded as the “people’s draft” because it included citizen participation. Its key provisions included reduced presidential powers and the establishment of independent state institutions.

    The process was to culminate in a referendum in 2014. This prematurely aborted and Tanzania went into the 2015 election without a new constitution.

    In these elections, Lissu successfully defended his parliamentary seat. As a second-term legislator, he focused on strengthening Chadema’s presence. This included door-to-door conversations with the public and grassroots mobilisation to build the party.

    The party’s momentum, however, was halted by a repressive regime under Magufuli, who became president in 2015. He cracked down on critics and instituted a partial ban on political rallies.

    Lissu became very critical of Magufuli’s economic policies. In a public address in 2017, Magufuli admitted to the government’s tapping of Lissu’s phone and described those who opposed his own economic reforms as traitors. Soon after this, Lissu was shot 16 times after leaving parliament buildings in the capital, Dodoma.

    Exile

    Lissu officially went into exile in Belgium after the shooting. In 2020, he published Remaining in the Shadows: Parliament and Accountability in East Africa, a critical examination of the presidentialist systems in Uganda, Kenya and Tanzania, which he argued had undermined democratic consolidation in the region.

    Through this publication, Lissu continued his activism, challenging political structures.

    His brief return to Tanzania to contest the presidency in 2020 was marked by repeated arrests and intimidation during the electoral campaign. After his loss to Magufuli, Lissu went back to Belgium.

    He announced his return home in 2023.

    Tanzania today

    It’s important to understand why Lissu and Chadema are viewed as a current threat in Tanzania.

    The country is entering an election period. Local government elections are scheduled for November 2024 ahead of general elections in 2025.

    The ruling party, Chama Cha Mapinduzi, has in the recent past relied on state violence to secure electoral victories. The last general election in 2020 was marred by violence, as well as intimidation of the opposition and censorship.

    It looks likely that Chadema will once again nominate Lissu to contest the presidency in the 2025 general election against president Samia. Lissu’s fearlessness and defiance make him the best candidate to take on the ruling party. Samia has already described Lissu as a troublesome character.

    With the ongoing opposition clampdown, it looks clear that the ruling party is once again willing to do whatever it will take to hold on to power. Even if Tanzania’s democracy suffers.

    – Who is Tundu Lissu? Tanzania’s opposition leader is fighting for change in the face of fresh attacks on political freedoms
    https://theconversation.com/who-is-tundu-lissu-tanzanias-opposition-leader-is-fighting-for-change-in-the-face-of-fresh-attacks-on-political-freedoms-240821

    MIL OSI Africa

  • MIL-OSI United Kingdom: Manchester to be guest city at iconic Barcelona festival next year

    Source: City of Manchester

    The iconic La Mercè Festival

    Manchester is to team up with Barcelona next September at the Catalan city’s iconic La Mercè festival – which each year attracts hundreds of thousands of visitors into the city for a 4-day cultural festival that sets the very highest of bars for festivals everywhere, showcasing the very best of traditional Catalan culture, outdoor arts and music.

    Manchester has been chosen by its Catalan counterparts to be the first-ever English guest city at next year’s event in a move that will see partners from the two cities working closely over the next 12 months to put together a spectacular programme of Mancunian-grown talent in outdoor arts and music for audiences in Barcelona. 

    The invitation to be guest city at the festival is regarded as a big coup for Manchester and one that it’s hoped will lead to a sustained relationship between the two cities that goes beyond next year. 

    It follows a recent visit to Barcelona by a deputation from Manchester that included Leader of Manchester City Council Bev Craig and Deputy Leader of the Council Garry Bridges, for discussions with their Catalan counterparts including Mayor of Barcelona, Jaume Collboni. 

    It’s further hoped that the year-long cultural partnership will help forge an even closer relationship between the two cities that extends beyond culture into other areas of shared policy interest.  

    Councillor Bev Craig, Leader of Manchester City Council, said: “We’re honoured to have been invited by Barcelona to be the 2025 guest city at their historic La Mercè Festival. 

    “Our two cities share very similar visions and through celebrations like the incredible La Mercè festival and our own Manchester Day and packed programme of year-round city-wide cultural activity, it’s clear we both also value the importance of culture and the part it plays in helping build communities, pride and prosperity in our cities.

     “Our city-to-city friendship with Barcelona already spans several decades through various collaborations in culture and sport, as well as in areas like housing, higher education, digital technologies, and sustainability.  We’re very much looking forward to now further strengthening our relationship with the city, both through the next year in the run-up to La Mercè 2025, and beyond.”

    La Mercè attracts hundreds of thousands of visitors each year

     A Memorandum of Understanding was signed during the visit between the cities – with the Mayor of Barcelona, Jaume Collboni, noting that the two cities share a very similar industrial past with histories that are linked to workers’ movements, as well as a present and future with great cultural wealth linked to the creative industries.

    The Memorandum – which both Manchester and Barcelona hope will continue after next year – puts the cultural collaboration between the two cities into effect and provides a working framework for artists, organisations and other partners involved, focusing initially on music productions and street arts events for next year’s La Mercè festival.

    Jaume Collboni, Mayor of Barcelona, said: “We’re deeply honoured to invite Manchester to be the guest city for their historic La Mercè in 2025.

    “It will be very interesting for the people of Barcelona to discover Manchester’s cultural expression first hand, its music, for which it is known the world over, but also its visual and street arts, sports and theatre.”

    The invitation for Manchester to be guest city at next year’s La Mercè festival follows a long relationship over many years between cultural organisations in Barcelona and Manchester-based arts organisations XTRAX and Without Walls, and will see XTRAX acting as Creative Director across next year’s guest city programme. 

    Maggie Clarke, Director at Xtrax said:  “I’m proud to have helped secure Manchester as Guest City for La Mercè festival 2025, a relationship XTRAX has nurtured over many years. Our winning bid focuses on outdoor arts, and we’re supporting the Artistic Director of La Mercè street arts festival to select a programme of diverse and ambitious outdoor arts from Manchester to feature in the festival in Barcelona in 2025. 

    “XTRAX believes in the importance of outdoor festivals and is committed to international collaboration. Since 2001 we’ve supported hundreds of artists to showcase their work at international festivals in the UK and around the world. In light of the challenges to European mobility presented by Brexit, I am thrilled that this collaboration with one of Europe’s major outdoor festivals allows us to showcase the variety and quality of work from the UK, and Manchester in particular. We hope this will pave the way for more European collaborations in the years to come.” 

    Manchester’s contribution to next year’s La Mercè will also be closely supported by Without Walls as Co-Curator and Strategic Partner. 

    Ralph Kennedy, Chief Executive at Without Walls said: “As an organisation rooted in Manchester, we’re immensely proud to be part of the La Mercè Festival in 2025 and to help bring outstanding outdoor work to its audiences next year. 

    “Together with XTRAX we look forward to co-curating an outdoor arts programme that celebrates innovation, excellence and international cultural exchange to support and showcase the diversity of artists that reflect the city we live in today.”  

    The Manchester music programme for next year’s festival will be curated by Manchester-based music organisation Brighter Sounds.

    Kate Lowes, Director, Brighter Sound, said: “Manchester is renowned globally for its rich musical heritage and pioneering new artists, and we are delighted to be able to showcase this at Barcelona’s vibrant La Mercè festival in 2025. As a member of the Music Cities network, Manchester is proudly international in its musical outlook and there are exciting opportunities ahead for collaboration with the incredible music scene in Catalonia. We look forward to strengthening the bond between our two cities through our shared love of music at La Mercè, and for years to come.”

    Live music at this year’s La Mercè

    The collaboration between Manchester and Barcelona as two cities with very similar backgrounds and identities is also being championed by Marketing Manchester, with benefits expected for both cities from the partnership.   

    Victoria Braddock, Managing Director at Marketing Manchester, said: “Barcelona’s annual La Mercè Festival is a fantastic showcase of civic pride and inimitable Catalonian culture, and we’re honoured that Manchester has been invited to join the event in 2025 as guest city. There are many synergies between Manchester and Barcelona: both vibrant cultural hubs, rich in history, with strong identities, and a shared passion for so much, especially music and sport. This is a perfect city-to-city partnership, and we look forward to bringing our cities even closer together over the coming years.” 

    The cultural partnership between the two cities is also being supported by Arts Council England.

     Jen Cleary, Director North and Combined Arts, Arts Council England, said: “We’re delighted to support this unique creative collaboration between Manchester and Barcelona – celebrating and showcasing some of the best outdoor artists and companies in both cities. The partnership opens up new opportunities for international touring and artistic exchange, as well as providing a platform to strengthen civic ties through arts and culture. La Mercè is a major event in the European outdoor arts calendar and we can’t wait to see Manchester take pride of place as the Festival’s Guest City.” 

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Stylish new opening of The Cream Store in Sheffield city centre Independent premium fashion retailer The Cream Store has opened a 3,000 sq ft flagship shop on the ground floor of Burgess House today in Sheffield’s Heart of the City, the Council’s prize-winning redevelopment scheme. 18 October 2024

    Source: City of Sheffield

    Independent premium fashion retailer The Cream Store has today opened a 3,000 sq ft flagship shop on the ground floor of Burgess House in Sheffield’s Heart of the City, the Council’s prize-winning redevelopment scheme.

    On 7 November, a limited-edition collaboration with Carhartt WIP will launch, along with Thornbridge who will host a limited-edition beer for the event, as well as other activities taking place throughout the day.

    Sheffield will become The Cream Store’s second dedicated shop in the UK, following the long-term success of the company’s Nuneaton store, which opened in 2005. The new opening provides the local community with a ‘go to’ place to shop for quality in a relaxed, ambient atmosphere where customers can view the latest fashion collections.

    The store, which also boasts a raised mezzanine, will stock contemporary clothing and lifestyle accessories for both men and women. Premium brands, which are regularly refreshed and rotated, include the popular Carhartt WIP, Fred Perry, Edwin, Nudie Jeans Co, Gramicci, plus many more.

    Like Nuneaton, the store will also house its acclaimed ‘Sneaker Treat’ service, offering customers a range of sustainable cleaning and restoration solutions to bring their favourite trainers back to life.

    Councillor Ben Miskell, Chair of the Transport, Regeneration and Climate Policy Committee at Sheffield City Council, said: “We’re thrilled to welcome The Cream Store to Heart of the City, which is another significant addition to the growing fashion offer in Sheffield. As one of the largest urban regeneration schemes in Britain, this has been a huge year for Heart of the City, which has seen the Radisson Blu, Cambridge Street Collective food hall and Leah’s Yard as new additions, BOX sports bar and kitchen set to open its doors next month and being named Outstanding Development of the Year.”

    Manish Patel, Director of The Cream Store, said: “We’re incredibly excited to open our doors to the Sheffield public and showcase what we’re all about. The store looks stunning. We have fully committed to a bespoke design, where the team has gone above and beyond to create something truly unique to us that reflects our brand. It will offer a relaxed, ambient atmosphere for our clients to chat, linger, and browse our latest collections.

    “Client service is at the heart of everything we do. We love connecting with our clients, sharing our advice, and discussing our passion for our products. This approach has helped us maintain a loyal client base over the last two decades, and we’re excited to grow something even bigger in Sheffield.”

    The Cream Store also boasts a dedicated online shop, with a ‘click and collect’ service. Please visit https://thecreamstore.com for more details.

    MIL OSI United Kingdom

  • MIL-OSI Banking: Results of the ECB Survey of Professional Forecasters for the fourth quarter of 2024

    Source: European Central Bank

    18 October 2024

    • Inflation expectations at 2.4% for 2024 and 1.9% for 2025 and 2026; unchanged except for 0.1 percentage point downward revision for 2025; longer-term inflation expectations (for 2029) remain at 2.0%
    • Real GDP growth expectations broadly unchanged; small downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024
    • Unemployment rate expectations unchanged; expected to average 6.5% in 2024 and 2025 but to decline to 6.4% in 2026 and in the longer term

    Respondents’ expectations for headline inflation, as measured in terms of the Harmonised Index of Consumer Prices (HICP), were 2.4% for 2024 and 1.9% for both 2025 and 2026. These were unchanged except for a 0.1 percentage point downward revision for 2025, mainly reflecting expectations for lower oil prices. Expectations for core HICP inflation, which excludes energy and food, were revised upwards slightly for 2024, reflecting data outturns and more persistent than expected services inflation, but were unchanged thereafter. Longer-term expectations for both headline and core HICP inflation were unchanged at 2.0%.

    Respondents expected real GDP growth of 0.7% in 2024, 1.2% in 2025 and 1.4% in 2026. Compared with the previous survey, the expectations for 2025 were revised down by 0.1 percentage points. The downward revision for 2025 largely reflects a carry-over from weaker than previously expected growth in the second half of 2024, with the expected quarterly growth profile thereafter largely unchanged. Longer-term growth expectations remained unchanged at 1.3%.

    The expected profile of the unemployment rate was unchanged. Respondents continued to expect the unemployment rate to average 6.5% in 2024 and 2025, but to decline to 6.4% in 2026, and then to remain at 6.4% in the longer term.

    MIL OSI Global Banks

  • MIL-OSI: UXLINK Strengthens Ecosystem with Strategic Partnerships to Drive Token Growth and Innovation

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 18, 2024 (GLOBE NEWSWIRE) — UXLINK is pleased to announce several strategic partnerships aimed at expanding its ecosystem and supporting the growth of new Web3 projects. Through its UFLY eco-fund, UXLINK will provide resources to top-tier developers and emerging projects, enabling them to issue tokens and develop thriving communities.

    “Partnering with innovative projects aligns with our vision of creating a robust and sustainable Web3 ecosystem,” said Sean, Founder at UXLINK. “By leveraging our infrastructure and UFLY eco-fund, we aim to attract the brightest minds in the industry to build on UXLINK.”

    Supporting Community Development and Growth

    These partnerships will deploy new applications on platforms such as Line and KakaoTalk, offering unique social experiences and driving user engagement. UXLINK’s UFLY eco-fund is designed to accelerate the growth of these projects, ensuring they have the support and resources needed to succeed in the competitive Web3 landscape.

    For more information on UXLINK’s partnership opportunities, visit http://www.uxlink.io.

    About UXLINK:

    UXLINK is the world’s largest Web3 social platform and infrastructure provider, connecting a wide array of ecosystem partners and users through a seamless and interactive digital experience. By leveraging blockchain technology, UXLINK aims to redefine social networking, ensuring a secure, transparent, and rewarding environment for its global community.

    Contact Details:

    UXLINK: https://www.uxlink.io/
    Twitter: https://twitter.com/UXLINKofficial
    Telegram: https://t.me/uxlinkofficial, https://t.me/uxlinkofficial2
    CMC: https://coinmarketcap.com/currencies/uxlink/

    Contact Information:
    UXLINK
    admin@uxlink.io

    Media Contact:
    Rachita Chettri
    MediaX Agency
    contact@mediax.agency

    Disclaimer: This content is provided by UXLINK. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8e758ba4-9fe2-4c14-bbcd-6fc2fade87c5

    The MIL Network

  • MIL-OSI Banking: Euro area monthly balance of payments: August 2024

    Source: European Central Bank

    18 October 2024

    • Current account recorded €31 billion surplus in August 2024, down from €41 billion in previous month
    • Current account surplus amounted to €408 billion (2.8% of euro area GDP) in the 12 months to August 2024, up from €138 billion (1.0%) one year earlier
    • In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €510 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €718 billion in the 12 months to August 2024

    Chart 1

    Euro area current account balance

    (EUR billions unless otherwise indicated; working day and seasonally adjusted data)

    Source: ECB.

    The current account of the euro area recorded a surplus of €31 billion in August 2024, a decrease of €10 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€32 billion) and services (€19 billion). Deficits were recorded for secondary income (€15 billion) and primary income (€ 4 billion).

    Table 1

    Current account of the euro area

    (EUR billions unless otherwise indicated; transactions; working day and seasonally adjusted data)

    Source: ECB.

    Note: Discrepancies between totals and their components may be due to rounding.

    Data for the current account of the euro area

    In the 12 months to August 2024, the current account surplus widened to €408 billion (2.8% of euro area GDP), up from €138 billion (1.0% of euro area GDP) one year earlier. This increase was mainly driven by a larger surplus for goods (up from €147 billion to €379 billion), and, to a lesser extent, by larger surpluses for services (up from €129 billion to €162 billion) and primary income (up from €29 billion to €33 billion). The secondary income deficit remained broadly stable (slightly down from €166 billion to €165 billion).

    Chart 2

    Selected items of the euro area financial account

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

    In direct investment, euro area residents made net disinvestments of €196 billion in non-euro area assets in the 12 months to August 2024, declining from net disinvestments of €324 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €358 billion in net terms from euro area assets in the 12 months to August 2024, decreasing from net disinvestments of €471 billion one year earlier.

    In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €105 billion in the 12 months to August 2024, up from €56 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents rose to €406 billion, up from €361 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €324 billion in the 12 months to August 2024, up from €208 billion one year earlier. Over the same period, non-residents’ net purchases of euro area debt securities widened to €395 billion, up from €370 billion one year earlier.

    Table 2

    Financial account of the euro area

    (EUR billions unless otherwise indicated; transactions; non-working day and non-seasonally adjusted data)

    Source: ECB.

    Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

    Data for the financial account of the euro area

    In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €204 billion in the 12 months to August 2024 (following net disposals of €73 billion one year earlier), while they recorded net disposals of liabilities of €248 billion (down from €280 billion one year earlier).

    Chart 3

    Monetary presentation of the balance of payments

    (EUR billions; 12-month cumulated data)

    Source: ECB.

    Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

    The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €541 billion in the 12 months to August 2024. This increase was mainly driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment debt, portfolio investment equity and other investment. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment and other flows.

    In August 2024 the Eurosystem’s stock of reserve assets increased to €1,288.4 billion up from €1,282.8 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€15.4 billion), mostly due to an increase in the price of gold. This development was partly offset by negative exchange rate changes (€6.8 billion) and net sales of assets (€3.0 billion).

    Table 3

    Reserve assets of the euro area

    (EUR billions; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted data)

    Source: ECB.

    Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

    Data for the reserve assets of the euro area

    Data revisions

    This press release incorporates revisions to the data for July 2024. These revisions did not significantly alter the figures previously published.

    Next releases:

    • Monthly balance of payments: 19 November 2024 (reference data up to September 2024)
    • Quarterly balance of payments: 13 January 2025 (reference data up to the third quarter of 2024)[1]

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 5482.

    Notes

    • Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
    • Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.

    MIL OSI Global Banks

  • MIL-OSI Europe: Written question – Possible distortions of competition in Formula 1 team entries – P-002093/2024

    Source: European Parliament

    16.10.2024

    Priority question for written answer  P-002093/2024
    to the Commission
    Rule 144
    Christine Anderson (ESN)

    The fact that the Formula One Group (FOG) rejected Andretti’s entry into Formula 1, despite the team having FIA approval, could indicate a fundamental conflict of interest. Existing teams may be forming a de facto cartel that systematically excludes new competitors to protect their revenues and market values. This practice could significantly distort competition in the European motor sport industry.

    The case of the Williams team illustrates the issue, as financial difficulties during the COVID-19 crisis meant that the long-established company had to be sold, with the Williams family having to give up all its shares. The high team values resulting from market foreclosure make it practically impossible for innovative private entrepreneurs such as Eddie Jordan or Ross Brawn to enter into Formula 1 or take over existing teams.

    This situation has direct implications on the internal market, as many Formula 1 teams are based in the EU.

    • 1.Given this problematic set-up, what is the Commission’s assessment of the cartel-like structures in Formula 1, which hinder the entry of new teams and lead to a concentration of team owners among large investors?
    • 2.What measures is the Commission considering to ensure a fairer and more transparent process for the entry of new teams into Formula 1 and a wide range of team owners?
    • 3.Is the Commission planning to investigate the impact of these entry barriers and the resulting market concentration on innovation, jobs and the competitiveness of the motor sport and automotive sector in the EU?

    Submitted: 16.10.2024

    Last updated: 18 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Italy: Europe to gain advanced industrial edge as EIB finances BeDimensional with €20 million for new graphene and other 2D materials plants

    Source: European Investment Bank

    EIB

    • EIB supports Italian materials manufacturer BeDimensional to scale up production of cutting-edge graphene.
    • BeDimensional to expand production more than tenfold following inauguration today of Genoa plant.
    • EIB financing backed by InvestEU, the investment programme of the European Union.

    The European Investment Bank (EIB) is offering Italian materials manufacturer BeDimensional SpA financial support to expand production of cutting-edge graphene that promises to help Europe bolster its industrial base and global competitiveness. The EIB is providing €20 million in venture debt financing to BeDimensional to help it become a leading producer of breakthrough two-dimensional crystals known as Few-Layer Graphene (FLG) and Few-Layer Hexagonal Boron Nitride (FLhBN or FLB).  

    EIB Vice-President Gelsomina Vigliotti and BeDimensional Chief Executive Officer Vittorio Pellegrini announced the financing accord at the inauguration today of the company plant in Genoa that is the world’s first producer of FLG and FLB. BeDimensional plans to build a second plant in Italy to scale-up production of FLG and FLB by 2027.

    BeDimensional’s new graphene technologies have shown unprecedented performance in batteries for electric vehicles and a new generation of metal-free engine oils. As a result, the technologies mark a milestone in Europe’s green transition and will herald job creation in Italy’s advanced-manufacturing sector.

    “This project is a perfect example of how the EIB can help European innovators scale up new technologies that are critical for the EU’s industrial base and the green transition,” said EIB Vice-President Gelsomina Vigliotti. “We are contributing to Europe’s technological leadership, reducing our dependence on external suppliers and creating high-skilled jobs.”

    With EIB support, which is backed by the InvestEU programme, BeDimensional plans to increase its capacity to produce two-dimensional crystals more than tenfold to over 30 tonnes a year by 2028. Today’s plant inauguration was attended by academics, researchers, members of Italy’s Parliament officials from the Liguria Region and the Municipality of Genoa, executives from BeDimensional’s partner companies and financial-sector representatives.

    “We are at the beginning of novel greentech market opportunities,” said BeDimensional CEO Vittorio Pellegrini. “We are excited and grateful that the EIB has decided to join our investors to support our industrial expansion. We are committed to becoming a champion of this emerging market of two-dimensional crystals, securing Europe a leadership position in the production and supply of these advanced materials.”  

    BeDimensional, a spin-off from the Graphene Labs of the Istituto Italiano di Tecnologia, has established itself as a leader in the development of two-dimensional crystals. The company’s mission is to revolutionise material manufacturing by producing graphene, hexagonal boron nitride and other two-dimensional crystals at industrial scale and competitive costs.

    Graphene is widely recognised for its transformative potential in a range of industries including energy storage and conversion, smart textiles, paints, coatings and composite materials. Its most promising application is in battery technology, where it has been already shown to play a crucial role in stabilising silicon-dominant anodes.

    By enhancing the lifecycle and maximising the capacity of new generation anodes, graphene-based batteries deliver substantial advantages over traditional technologies, such as increased specific capacity and faster charging speeds. These advancements are expected to boost the adoption of EVs, significantly contributing to the decarbonisation of transport and supporting the EU’s environmental goals.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investments that contribute to EU policy. EIB projects boost competitiveness, foster innovation, promote sustainable development and improve social and territorial cohesion while supporting a fair and rapid transition towards climate neutrality. Over the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

    The EIB provides a long-term Venture Debt product tailored to meet the specific funding needs of rapidly growing innovative companies. This financing structure features bullet repayments and compensation tied to the equity risk of the investees, complementing existing venture capital investments. Since 2015, the EIB has invested €6 billion in Venture Debt, backing over 200 companies and realising over 50 exits. For more information on Venture Debt, click here: Venture debt (eib.org)

    The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to mobilise private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme has three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is allocated through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    BeDimensional is a leading producer of Few-Layer Graphene (FLG) and Few-Layer Hexagonal Boron Nitride (FLhBN or FLB). Its mission is to scale up production of these two-dimensional crystals for industrial use at competitive costs, revolutionizing manufacturing with more efficient and sustainable materials. As a spin-off from the Italian Institute of Technology’s Graphene Labs, BeDimensional leverages deep scientific expertise to drive rapid industrialization. Its patented process produces FLG and FLhBN with atomic-level thickness, the highest quality on the market, which can easily be integrated into any material to enhance performance and durability. BeDimensional’s technologies are applied across industries, in energy storage and conversion products, smart textiles, paints, coatings, and composite materials. Its growth potential has attracted major investors, including Eni Next and venture capital funds like CDP Venture, Eureka! Venture, and Nova Capital. The EIB investment follows BeDimensional’s collaboration, since its founding, with the EU’s Graphene Flagship, the community’s largest investment in research and development dedicated to bringing 2D materials to market.

    MIL OSI Europe News