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Category: Business

  • MIL-OSI: Form 8.3 – [KEYWORDS STUDIOS PLC – 14 10 2024] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 KEYWORDS STUDIOS PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 14 OCTOBER 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,351,089 1.6777    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,351,089 1.6777    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 8,235 2436p
    1p ORDINARY SALE 7,265 2437p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

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

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 15 OCTOBER 2024
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

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

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

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

    The MIL Network –

  • MIL-OSI USA: Breaking: Brown Announces New Partnership to Recycle Nickel in Piketon

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    PIKETON, OH – Today, U.S. Senator Sherrod Brown (D-OH) announced that the U.S. Department of Energy (DOE) is entering into a partnership with Leidos and The Conductive Group to develop a new facility that will recycle surface contaminated nickel in Piketon and create jobs in the community.

    The Department of Energy and Leidos and The Conductive Group will partner on a multi-phased project to develop a commercial scale processing facility at the former Portsmouth Gaseous Diffusion Plant (PORTS) in Piketon to recycle surface contaminated nickel.

    “Together with the Piketon community and Ohio Steelworkers, we worked to make this partnership a reality because we knew it would create good union jobs, grow the local economy, and advance the environmental cleanup at PORTS,” said Brown. “By working together, we are building a stronger future for Piketon.”

    Nickel is a critical for the modern battery technologies that are foundational to our country’s economic future and vital for numerous products. There is approximately 6,400 tons of nickel located at PORTS. Nickel recovered from PORTS could be used to produce a high-purity nickel for products like grid scale batteries.

    “For two decades, the United Steelworkers have been trying to unlock the potential of recycling the nickel from the DOE Portsmouth site to support reindustrialization. Senator Sherrod Brown has stood apart from the rest as a partner in Washington and has worked tirelessly to ensure valuable metals in rural Ohio can be used to create good-paying union jobs. This week, his advocacy and ours paid off,” said Herman Potter, President, Local USW Local 689.

    “We are very excited to hear about the Department’s announcement that they have selected a company to extract some of the nickel at the PORTS site. I know this has been years in the making and has been of high concern to the Commission. This announcement is a big step toward bringing in a talented outside workforce and providing good jobs for the talented people here in Pike County. We hope this initial step will be successful and lead to further nickel extraction and potentially more manufacturing onsite, ultimately bringing more jobs to Pike County and the surrounding community,” said Tony Montgomery, Pike County Commissioner.

    This project does not require federal funding and will employ local United Steelworkers (USW) members.  

    Senator Brown has been pushing the DOE on efforts around the cleanup and reindustrialization of PORTS throughout his time in office as a U.S. Senator, including pushing DOE to move forward with this opportunity to recycle nickel.

    MIL OSI USA News –

  • MIL-OSI Security: More Indicted in Nationwide Business E-Mail Compromise Scheme

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

    HOUSTON – A total of seven people in multiple states have been charged in a superseding indictment related to a large business email compromise (BEC) scheme, announced U.S. Attorney Alamdar S. Hamdani.

    Authorities have now arrested Houston resident Amber Bush, 29. She is expected to make her initial appearance before U.S. Magistrate Judge Christina A. Bryan Oct. 15 at 2 p.m.

    The three-count superseding indictment also charges Houston residents Bolaji Okunnu, 30, and Philip Ogbeide Jr., 34, along with Ayodeji Okunnu, 25, Austin; Victor Rubio Jr., 27, and Bougar Robert Linares Soto, 42, both of Los Angeles, California.

    Another Houston resident – Destini Godfrey, 30 – is considered a fugitive and a warrant remains outstanding for his arrest. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.

    All are charged with conspiracy to commit wire fraud and money laundering.

    The BEC scheme involved deceiving victims into sending money to others and causing millions in losses, according to the charges.

    Conspirators allegedly posed as legitimate businesses and fraudulently diverted money from victim bank accounts into accounts they controlled. According to the allegations, they gained access to business email accounts and spoofed email addresses to deceive victims into believing they were making legitimate payments.  

    The superseding indictment indicates fraudulently diverted payments from numerous victims throughout the United States, including a financial services company from Oregon, a township in New Jersey, a demolition company in Texas, a healthcare liability insurance company in Georgia and a nutrition products manufacturer outside Texas.

    Conspirators allegedly used email accounts to request payment for services to be sent to new bank accounts that did not belong to the vendor, according to the charges.

    They allegedly deceived victims into wiring millions to fraudulent bank accounts the conspirators opened instead of actually paying the vendor. The charges further allege conspirators laundered the funds in a manner designed to conceal the source, ownership and control of the funds by quickly transferring the money from the receiving account to other bank accounts they controlled.

    They then withdrew the fraud proceeds incrementally in cash, according to the charges.  

    If convicted, they face up to 20 years in prison on the conspiracy and money laundering conspiracy charges as well as five years for the money laundering and illegal money transmitting charge. Each charge carries a possible $250,000 maximum fine.

    The FBI-Bryan Resident Agency and IRS-Criminal Investigation conducted the investigation with valuable assistance from the Middlesex County District Attorney’s Office and the Edison Police Department in New Jersey and other law enforcement agencies and U.S. Attorney’s Offices throughout the United States. Assistant U.S. Attorneys Belinda Beek and James Hu are prosecuting the case.

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI –

  • MIL-OSI Global: Ghana’s informal settlements are not all the same – social networks make a difference in community development

    Source: The Conversation – Africa – By Seth Asare Okyere, PhD, Visiting lecturer, University of Pittsburg and Adjunct Associate Professor, Osaka University, University of Pittsburgh

    Informal settlements in Africa are diverse. Across regions and even in the same city, socioeconomic and physical conditions vary. One thing is common though: upgrading them is a challenge.

    Among the challenges are issues of including people, having enough funding and sustaining improvements. That’s why attention is shifting to community driven development. This concept refers to local interventions that are started or led by community groups with support from the local government, private or civil society organisations.

    Community driven development has gained support from international agencies such as the World Bank. The World Bank Group is estimated to have invested about US$30 billion in projects like this across 94 countries.

    These initiatives are considered more affordable, efficient and durable. Communities often contribute local resources and labour, and residents can learn skills from service providers which enable them to manage projects in the long term. When residents work together it can also strengthen bonds and build social capital. Social capital generally refers to the ties, bonds, relationships and trust found in a community. It is an important resource in informal settlements.

    We are a group of urban and development planners who examined the role of social capital in community driven development in urban Ghana.

    We conducted our study in the Abese Quarter (La township) and Old Tulaku communities, in the Greater Accra metropolitan area. These are both informal settlements but have different social characters.

    Our findings highlight the need for local governments to tailor development to the social context of informal settlements. Development planning institutions should use the networks already present in communities, as well as providing external help and resources.

    The research

    Our analysis was based on questionnaire responses from 300 residents of informal settlements in Greater Accra. Abese Quarter is what we call an indigenous settlement. It it composed of residents from the local Ga ethnic group with similar cultural practices. Old Tulaku is a migrant settlement. It includes a mix of residents originally from other regions in Ghana who moved to Accra in search of economic opportunities.

    We observed community water and sanitation projects planned and carried out by local residents.

    In doing so, we considered the role of two types of social capital: bonding and bridging.

    Bonding social capital deals with the personal relationships between individuals based on shared identity. It’s about family, close companionship, culture and ethnicity. Bridging social capital refers to the connection between people and external groups.

    In the indigenous settlement, bonding social capital had a positive influence on community driven development. Bridging social capital showed a negative relationship with it. For example, the public toilet in the community was in a deplorable state. This seemed to be explained by an inability to build wider connections outside the community to get the support needed. We reason that socially homogeneous communities tend to generate inward-looking networks that limit access to resources from beyond the group. Overemphasis on social ties can impede long-term community development.

    In the migrant informal settlement, our research revealed the opposite. Without shared identities (like ethnicity, language and social norms), migrant residents drew on shared challenges and goals. They organised and built connections to get support from businesses and donors for community projects.

    Our research reinforces the argument that the relationship between social capital and community-driven development of informal settlements is not straightforward. The social character of the settlement, be it indigenous or migrant, produces different outcomes.

    Bonding and bridging social capital

    Informal settlements are often neglected by local government and planning authorities. In such poor conditions, social connections influence the local capacity to carry out improvement projects.

    Typically, high levels of bonding social capital are seen to promote collective action in communities that share similar social and cultural norms and practices. However, the long term benefits of such projects may require building partnerships with external support organisations and service providers.

    Bridging social capital goes beyond shared identities. It fosters connection between people and external organisations.

    Generally, community-driven development success is greatest when both forms of social capital are high and used together. For instance, in the Ubungo Darajani informal settlement in Kinondoni Municipality in Dar es Salaam, Tanzania, landholders relied on both to secure land for community development.

    What next?

    Local government and community-based organisations should harness the different forms of social capital for development.

    Policymakers can learn from the creative and innovative ways that informal communities solve problems. This could help improve informal settlements equitably and sustainably.

    Beatrice Eyram Afi Ziorklui, a registered valuer and auditor at the Performance and Special Audit Department of the Ghana Audit Service, was part of the research team and contributed to this article.

    Louis Kusi Frimpong receives funding from Social Science Research Council (SSRC) through the African Peacebuilding Network (APN) Individual Research Fellowship Program.

    Matthew Abunyewah receives funding from the Foundation for Rural and Regional Renewal (FRRR) and Northern Western Australia and Northern Territory Drought Resilience Adoption and Innovation Hub (Northern Hubb)

    Stephen Leonard Mensah receives funding from the Works, Inc. Memphis, Tennessee, USA for his PhD studies.

    Seth Asare Okyere, PhD 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. Ghana’s informal settlements are not all the same – social networks make a difference in community development – https://theconversation.com/ghanas-informal-settlements-are-not-all-the-same-social-networks-make-a-difference-in-community-development-239133

    MIL OSI – Global Reports –

  • MIL-OSI USA: Statement from Governor Hochul on Federal CHIPS Grant

    Source: US State of New York

    “The rebirth of Upstate New York’s manufacturing industry continues today, as the Biden-Harris Administration announces a major $750 million CHIPS grant for Wolfspeed. New Yorkers are incredibly grateful to the Biden-Harris Administration, Secretary Raimondo, Leader Schumer and the entire New York Congressional Delegation for championing the CHIPS and Science Act – a law that is helping companies create good-paying jobs and expand economic opportunity across New York.

    “Two years ago, I was proud to cut the ribbon on Wolfspeed’s first-of-its-kind, 200 mm silicon carbide fabrication facility at Marcy Nanocenterwhich is already creating good manufacturing jobs, attracting top-notch talent and bringing opportunity to Upstate NY. Wolfspeed was able to expand in Oneida County thanks to years of research and development in the Empire State. Even before shovels were in the ground at Marcy Nanocenter, Wolfspeed had been working at Albany’s Nanotech Complex with NY CREATES to perfect the 200mm silicon carbide manufacturing process. Now, the technology produced in Marcy powers electric vehicles, the 5G revolution and industrial products to help meet our nation-leading sustainability goals. With Wolfspeed as an anchor and investments by my administration in shovel readiness through the FAST NY program, we will bring even more innovative and cutting edge companies to the Mohawk Valley.

    “With federal investments and New York’s own Green CHIPS Act, we’re making the Empire State a global leader in advanced manufacturing. We’re charting a new path forward to seize the future and prepare for the next century of economic growth.”

    MIL OSI USA News –

  • MIL-OSI Africa: African Development Bank supports BIASHARA Africa 2024 Business Forum

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

    KIGALI, Rwanda, October 15, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org) has lent support to the Biashara Africa 2024 Business Forum or AfCFTA Business Forum, held from 9-11 October 2024 in Kigali, Rwanda. 

    The meeting, organized by the African Continental Free Trade Area (AfCFTA) (https://apo-opa.co/4h90Ciq), brought together industry leaders, policymakers and government representatives to promote African trade and foster economic growth on the continent. This year’s forum was themed “Dare to Invent the Future of the AfCFTA.” 

    As part of ongoing institutional support to the AfCFTA Secretariat, an African Development Bank delegation to the forum included Acting Director for the Bank’s Industrial and Trade Development department Ousmane Fall, Trade Policy Officer Abou Fall and Trade Facilitation Officer Rachael Nsubuga. 

    During the opening ceremony President Paul Kagame of Rwanda and AfCFTA champion emphasized connectivity across the continent in his remarks. 

    “How well we adapt as Africa to crisis depends on how strongly connected, we are,” Kagame said, urging governments to strengthen governance and institutions to prioritize implementation of AfCFTA protocols on trade in goods, services and movement of people for efficient trade.  

    Fall delivered a statement underscoring the Bank’s commitment to support African member countries through a comprehensive strategy to address investments tacking policy and regulation, corridors infrastructure, technology and connectivity constraints.  

    He noted that the African Development Bank has been very active in addressing access to trade finance as a major impediment to productivity. So far, the Bank has facilitated more than 3,000 trade transactions involving 170 financial institutions in all regional member countries  for a cumulative trade value of over $12 billion since the inception of The Bank Trade Finance Program.  

    Africa accounts for only two percent of global production, although it is most integrated in global value chains, but in the less profitable segments of value chains, Fall said.   

    The Biashara 2024 Business Forum held business exhibitions and side events on diverse topics such as unlocking the trade potential of Africa; trade finance; value chains; partnerships for Africa’s trade; and business to business events. 

    The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight regional economic communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion. 

    MIL OSI Africa –

  • MIL-OSI Africa: World Future Economy Digital Leaders Summit debuts at GITEX GLOBAL, shaping the future global tech and policy landscape

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

    DUBAI, United Arab Emirates, October 15, 2024/APO Group/ —

    Government officials, global industry leaders and experts gathered in Dubai for the opening day of the World Future Economy Digital Leaders Summit on Monday as conversations began about charting a course for AI Compute-Driven economic transformation.

    GITEX GLOBAL, the world’s largest tech event, got underway at Dubai World Trade Centre (DWTC), as topics on ‘Tech Investment Day’ centred around the next-gen semi-conductors market, which is expected to be valued USD $1 trillion by 2030, and the future of data governance. The mega event is under the theme of ‘Global Collaboration to Forge a Future AI Economy’.

    The World Future Economy Digital Leaders Summit comes at a time where UAE is accelerating its efforts in adopting AI in different sectors. Last year, the country’s AI market was valued (https://apo-opa.co/3zPf3HZ) at USD $3.47 billion. H.E. Abdullah Bin Touq Al Marri, Cabinet Member & Minister of Economy at UAE’s Ministry of Economy, explained the importance of AI and how it is central to the country’s economic future.

    Addressing the audience, he highlighted AI is a major driver for the future and is already impacting our everyday lives whether it is transportation or ordering food but to propel growth even further across different sectors, people and companies need to learn how to enable AI effectively.

    This year’s GITEX GLOBAL has attracted its largest international participation with 40% growth, welcoming new nations to the 44th edition of the showpiece event. Europe has a major presence this week, the biggest in the event’s history with the region’s tech industry projected to grow by 12% by the end of this year.

    Stephane Ouaki, Head of Department at European Innovation Council outlined how the continent is accelerating its tech ecosystem. He said the Council is supporting game-changing innovations, giving entrepreneurs access to opportunities to enhance their knowledge, and learn from other professionals to boost the growth of their businesses which benefits not only economies nationally but also regionally.

    Ignacy Niemczycki, Undersecretary of State Ministry of Economic Development and Technology of Poland, delivered a presentation on how the country is embracing technology. He said: “Our culture is a key pillar in our journey of being a tech leader and we have a stable economy which has been very resilient for the last 30 years.

    “More importantly, there is a real interest in the STEM field – if you ask most people in Poland, their choice would be to become an software engineer and this has created a situation where we have one of the best IT programmers in the world with some great tech entrepreneurs already from Poland.”

    Attendees also heard from Dr. Jaroslaw Kutylowski, the founder and CEO of DeepL a German-leading global language AI company, on how his business utilises large language models (LLMs). He said: “The models that we have been building have all stayed true to our products which has brought us success so far. As the company has been growing, we have been able to invest more into compute technologies and have built a data centre facility in Sweden. However, we need to keep innovating and see what the next step is. If we do not think ahead, we would be in the same position as we are today.”

    Meanwhile, Heman Bekele, who was named TIME’s 2024 Kid of the Year for inventing a potential treatment for skin cancer, shared his inspiring story. He explained how the failures that he experienced in life in producing his innovative soap product has made him a stronger individual and passion has a been a key attribute to his career success so far.

    Taking place at Dubai World Trade Centre (DWTC) until 18 October, GITEX GLOBAL presents its biggest, most international edition in its 44th year, welcoming over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries.

    GITEX GLOBAL is seamlessly connecting with world’s largest network of tech events with its stellar list including GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.

    For more information on GITEX GLOBAL 2024 and to secure your passes, please visit http://www.GITEX.com.

    MIL OSI Africa –

  • MIL-OSI Banking: Amazing Black Friday 2024 Deals at Samsung South Africa Coming November 2024

    Source: Samsung

    Sign Up Now for Black Friday Offers!
     
    Get ready for Samsung Black Friday 2024, from 01-29 November 2024, coming soon with unbeatable deals across a wide variety of Samsung favourites. Whether you’re looking to upgrade to the latest Galaxy S, Galaxy Z and Galaxy A Series mobile phone, TV, gaming monitor, fridges or washing machine.

    Pre-Black Friday Deals
    As you wait for Black Friday 2024 to commence, you can continue to enjoy exclusive Samsung deals year-round by visiting our Samsung Deals Page and make sure to sign up to hear about the latest innovative products dropping, and exclusive Black Friday 2024 deals that you’ll love. Stay tuned for incredible savings and offers on all your favourite Samsung electronics and appliances.
     
    What’s in Store for Black Friday 2024 Samsung South Africa?
    Black Friday 2024 at Samsung is set to be bigger and better than ever! Get ready to tick off everything on your Samsung wish list. Whether you’re hunting for a Samsung Galaxy S24, Galaxy Z Flip6, Galaxy Z Fold6 mobile phone deal, upgrading your home with the latest Samsung French Door Fridge, or enhancing your entertainment discover the right Samsung TV for you with our range of Gaming TVs , Smart TVs ,  Sports TVs, Soundbars and more! The Black Friday 2024 Sale at Samsung is the best time to grab amazing deals on your favourite tech products.
     
    What and When is Cyber Monday?
    Cyber Monday follows right after Black Friday on Monday, 02 December 2024. It’s the perfect online shopping event to secure those last-minute Holiday Season deals. If you missed out on Black Friday, Cyber Monday offers you a second chance to grab incredible discounts on Samsung’s innovative tech.

    Why Buy from Samsung?
    When you buy directly from Samsung, you benefit from a range of exclusive perks designed to make your shopping experience seamless and rewarding.
     
    Enjoy Free Delivery on all purchases, allowing you to receive your favourite Samsung products straight to your door without additional costs.
    Take advantage of our Trade-in and Trade-up programs, where you can trade in your old device, and we’ll even remove and recycle your old item responsibly.
    Additionally with Flexible Finance you can spread the cost of your purchase over time with flexible payment options and 0% interest and no hidden fees, making it easier to afford the premium Samsung products you love.
    Latest Black Friday Offers:
    Smartphone Offers
    TV & Soundbar Offers
    Home Appliances Offers
    Tablet & Wearable Offers
    Monitor Offers

    MIL OSI Global Banks –

  • MIL-OSI: ASML reports €7.5 billion total net sales and €2.1 billion net income in Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    ASML reports €7.5 billion total net sales and €2.1 billion net income in Q3 2024
    ASML expects total net sales for 2024 of around €28 billion

    VELDHOVEN, the Netherlands, October 15, 2024 – Today, ASML Holding NV (ASML) has published its 2024 third-quarter results.

    • Q3 total net sales of €7.5 billion, gross margin of 50.8%, net income of €2.1 billion
    • Quarterly net bookings in Q3 of €2.6 billion2 of which €1.4 billion is EUV
    • ASML expects Q4 2024 total net sales between €8.8 billion and €9.2 billion, and a gross margin between 49% and 50%
    • ASML expects 2024 total net sales of around €28 billion
    • ASML expects 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
    (Figures in millions of euros unless otherwise indicated) Q2 2024   Q3 2024  
    Total net sales 6,243   7,467  
    …of which Installed Base Management sales1 1,482   1,541  
             
    New lithography systems sold (units) 89   106  
    Used lithography systems sold (units) 11   10  
             
    Net bookings2 5,567   2,633  
             
    Gross profit 3,212   3,793  
    Gross margin (%) 51.5   50.8  
             
    Net income 1,578   2,077  
    EPS (basic; in euros) 4.01   5.28  
             
    End-quarter cash and cash equivalents and short-term investments 5,019   4,985  

    (1) Installed Base Management sales equals our net service and field option sales
    (2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.

    Numbers have been rounded for readers’ convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on http://www.asml.com

    CEO statement and outlook
    “Our third-quarter total net sales came in at €7.5 billion, above our guidance, driven by more DUV and Installed Base Management1 sales. The gross margin came in at 50.8%, within guidance.

    “While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness. Regarding Logic, the competitive foundry dynamics have resulted in a slower ramp of new nodes at certain customers, leading to several fab push outs and resulting changes in litho demand timing, in particular EUV. In Memory, we see limited capacity additions, with the focus still on technology transitions supporting the HBM and DDR5 AI-related demand.

    “We expect fourth-quarter total net sales between €8.8 billion and €9.2 billion with a gross margin between 49% and 50% which includes the recognition of the first two High NA systems upon customer acceptance, reflecting progress on imaging, overlay and contrast. ASML expects R&D costs of around €1.1 billion and SG&A costs of around €300 million. We expect full-year 2024 total net sales of around €28 billion. Based on the recent market dynamics as mentioned above, we expect our 2025 total net sales to grow to a range between €30 billion and €35 billion, which is the lower half of the range that we provided at our 2022 Investor Day. We expect a gross margin between 51% and 53%, which is below the range we then provided, mainly related to the delayed timing of EUV demand,” said ASML President and Chief Executive Officer Christophe Fouquet.

       
    Update dividend and share buyback program
    An interim dividend of €1.52 per ordinary share will be made payable on November 7, 2024.

    In the third quarter, we did not purchase any shares under the current 2022-2025 share buyback program.

    Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML’s website (www.asml.com/investors).

    Media Relations contacts Investor Relations contacts
    Monique Mols +31 6 5284 4418 Skip Miller +1 480 235 0934
    Sarah de Crescenzo +1 925 899 8985 Marcel Kemp +31 40 268 6494
    Karen Lo +886 939788635 Peter Cheang +886 3 659 6771

    Quarterly video interview and investor call
    With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2024 third-quarter results and outlook for 2024 and 2025. This video and the transcript can be viewed on http://www.asml.com.

    An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on October 16, 2024 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.

    About ASML
    ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity’s toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 43,700 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at http://www.asml.com.

    US GAAP Financial Reporting
    ASML’s primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly Summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on http://www.asml.com.

    The consolidated balance sheets of ASML Holding N.V. as of September 29, 2024, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and nine months ended September 29, 2024 as presented in this press release are unaudited. 

    Regulated information
    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Forward Looking Statements
    This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected demand, bookings, backlog, expected recovery in the semiconductor industry and expected timing thereof including expected industry recovery continuing in 2025, plans to continue to build capacity, outlook and expected financial results, outlook of market segments, including expected results for Q4 2024, including net sales, IBM sales, gross margin, R&D costs, SG&A costs, outlook for full year 2024, including expected full year 2024 total net sales, gross margin and estimated annualized effective tax rate, expectations and modelling with respect to 2025 revenue and gross margin, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to execution of ESG sustainability strategy, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, including the amount of shares that may be repurchased thereunder and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans and other non-historical statements. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Innovative Essex health projects get cash boost

    Source: Anglia Ruskin University

    Published: 15 October 2024 at 14:30

    Funding from Anglia Ruskin University is helping small firms’ cutting-edge initiatives

    Virtual reality therapy for people suffering from mental health disorders, using AI to manage demand on NHS services, and technology that listens to a child’s cough to assist early diagnoses are among the Essex innovations that have received thousands of pounds of funding from Arise Innovation Hubs – part of Anglia Ruskin University (ARU).

    The ABOVE (Arise Beyond Open Innovation for Value and Entrepreneurship) innovation support grants are aimed at assisting small and medium-sized enterprises in Essex working on healthcare solutions through medical technology. Not-for-profit, charitable organisations, micro, small and medium-sized enterprises (SMEs), and start-ups are all eligible for support.

    The following eight businesses have been awarded grants of up to £5,000:

    • Aerial Icon Limited, which is pioneering the production of ultra-high-quality aerial 360 videos to deliver innovative virtual reality (VR) therapeutic health interventions for mental health disorders such as anxiety, fear of heights, and seasonal affective disorder (SAD). The initiative has also received funding from Innovate UK.

    • Elixir AI is working on a project to determine if listening to a child’s cough at the time of GP referral can lead to early diagnosis, and received funding to enhance their software for a larger study with Colchester and Ipswich Hospitals.

    • Japeto, a software agency in Harlow, used their grant to build a dedicated computer rig capable of running Large Language Models (LLMs) at sufficient speed. This project, named ‘The Blue Fairy,’ aims to establish the viability of different LLMs in healthcare chatbot applications.

    • C-Prio Ltd, focusing on automation and AI to meet the growing demand on NHS histopathology services, used its ABOVE grant in the clinical validation phase of their AI models, specifically for acquiring real digital images of colorectal biopsies, enabling rigorous testing and refinement.

    • Tech Balance Limited received grant funding to support the development of a wellbeing app using behavioural science to guide UK university students towards better wellbeing.

    • Guardpack Ltd, a manufacturer of sachets and wipes, used its funding to help develop more environmentally friendly options for its customers.

    • eScent is developing a wearable, context-driven scent intervention to address increasing levels of anxiety and stress. The funding will be used to secure the company’s intellectual property in the USA and commission a design.

    • Southend-based Surgical Holdings will use its grant to complete ecodesign work, leading to patent protection of new products which are sold worldwide.

    The funding for the ABOVE programme has been provided by Essex County Council as part of its 10-year sector strategy to grow life science, digitech, advanced manufacturing and engineering sectors, leading to more opportunities, jobs and growth across Essex.

    Arise Innovation Hubs are also working closely with partners Medilink Midlands, a specialist provider of support to the life science sector, to help SMEs overcome barriers to growth.

    Dr Beverley Vaughan, Director of Arise Innovation Hubs, said:

    “We were delighted to receive so many applications for the first round of ABOVE funding from healthcare innovators across the county.

    “The enterprises that have been supported by these grants are working on projects that have potential to make a real difference to people’s lives.

    “The ABOVE funding has been a vital cog in the development of some of these projects, assisting these small firms with job creation, testing and product design.”

    Melanie Davidson, CEO at Medilink Midlands, added:

    “Developing the partnership with Arise Innovation Hubs, our innovation focused business support programmes have gone from strength to strength, and the ABOVE funding grants allow the eight awarded innovators to further develop and grow their health care solutions within the medtech sector.”

    MIL OSI United Kingdom –

  • MIL-OSI USA: Deadline Approaching in Washington for SBA Working Capital Loans Due to Excessive Heat

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded small nonfarm businesses in 22 Washington counties and neighboring counties in Oregon of the Nov. 14, 2024, deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by excessive heat in the following primary counties that occurred March 15–July 31, 2023.

    Primary Washington counties:  Adams, Benton, Chelan, Douglas, Franklin, Grant, Kittitas, Klickitat, Okanogan, Walla Walla and Yakima;
    Neighboring Washington counties: Columbia, Ferry, King, Lewis, Lincoln, Pierce, Skagit, Skamania, Snohomish, Whatcom and Whitman;
    Neighboring Oregon counties:  Hood River, Gilliam, Umatilla, Morrow, Wasco and Sherman.

    When farmers face crop losses and a disaster is declared by the Secretary of Agriculture, SBA working capital loans become a lifeline for eligible small businesses. “These loans are the backbone that helps rural communities bounce back and thrive after a disaster strikes,” Sánchez said.

    According to Sánchez, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” Sánchez continued.

    “SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez added.

    The interest rate is 4 percent for businesses and 2.375 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on March 14.

    Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: Introducing the RWA Launchpad: Your All-In-One Platform for Launching Real-World Asset Tokens

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, Oct. 15, 2024 (GLOBE NEWSWIRE) — RWA Inc. is thrilled to announce the official launch of the RWA Launchpad — This all-in-one platform is set to redefine how entrepreneurs, investors, and businesses engage with tokenized markets, offering opportunities to raise funds, launch tokens, and participate in the rapidly growing world of real-world asset (RWA) markets.

    Tokenizing real-world assets creates a wide range of investment opportunities, democratizing access to traditionally illiquid markets like real estate, commodities, and private equity. Historically, asset tokenization has been a complex process, creating barriers for asset owners and investors alike. The RWA Launchpad removes these barriers by offering a secure, intuitive, and compliant solution for users to explore new investment opportunities in tokenized assets.

    The RWA Launchpad stands out with its focus on security, efficiency, and ease of use, offering unparalleled solutions for both asset owners and investors, its key features include:

    1. Flexible Investment Opportunities
      The RWA Launchpad provides various ways to participate in tokenized markets, including Initial DEX Offerings (IDOs), private sales, staking, and community-driven crowdfunding. The platform accommodates a range of investment strategies, making participation simple and accessible.
    2. Comprehensive Platform
      From token minting to liquidity and trading, the RWA Launchpad offers an end-to-end platform for managing digital assets. Allowing the user to launch startup utility tokens seamlessly, while maintaining regulatory compliance.
    3. User-Centric Approach
      Designed for all user levels, the platform’s intuitive interface, KYC/AML infrastructure, and dedicated support ensure a smooth experience for both newcomers and seasoned investors. From token creation to secondary market trading, the platform provides transparency, security, and convenience.

    At RWA Inc., our mission is clear: to revolutionize access to investment through the seamless tokenization, listing and trading of real-world assets. Web3 is transforming how assets like real estate, startup equity, and collectibles are bought, sold, and traded. By fractionalizing high-value assets, the RWA Launchpad broadens their market reach and unlocks liquidity, creating opportunities for investors who may not have had access to these markets previously.

    As one of the fastest-growing sectors in decentralized finance (DeFi), real-world asset tokenization has drawn the attention of major investment firms, including BlackRock. Market research predicts that the RWA tokenization market will surpass $16 trillion by 2030, and RWA Inc. is poised to lead this space by providing secure, scalable solutions for both asset owners and investors.

    Getting started with the RWA Launchpad is simple. Users can register via the platform’s streamlined onboarding process and immediately begin exploring tokenization opportunities or investing in Web3 projects. With access to educational resources and tools, the platform ensures users of all experience levels can confidently navigate the tokenized market.

    Getting started with the RWA Launchpad is a straightforward process. Our website contains a comprehensive guide so both new and experienced users can explore our products with confidence.

    The launch of the RWA Launchpad is just the beginning. RWA Inc. plans to introduce new features, including secondary market trading and advanced analytics, as we continue to innovate and expand the tokenization landscape. By enhancing liquidity, empowering startups, and opening access to tokenized RWAs, we aim to drive the future of investment.

    The RWA Launchpad is designed for everyone—whether you’re a seasoned investor, an entrepreneur, or someone new to the world of tokenization. Our comprehensive platform is your gateway to a world of tokenized assets and Web3 projects, ensuring anyone can participate in this rapidly growing market.

    For more information, or to sign up for the RWA Launchpad, visit our website.

    Stay connected:

    Twitter/X | Telegram Community | Medium | Website

    Contact Details:

    Kevin Yunai
    Founder and CEO
    kevin@rwa.inc 

    Disclaimer: This content is provided by “RWA”. 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.

    Images accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/556b4388-be9d-4dfe-af35-aee594ae1806
    https://www.globenewswire.com/NewsRoom/AttachmentNg/4c87380d-7d21-4ce5-bd67-a99fac7537b1

    The MIL Network –

  • MIL-OSI: Ress Life Investments A/S: Ress Life Investments A/S publishes Net Asset Value (NAV)

    Source: GlobeNewswire (MIL-OSI)

    Ress Life Investments
    Nybrogade 12
    DK-1203 Copenhagen K
    Denmark
    CVR nr. 33593163
    http://www.resslifeinvestments.com

    To: Nasdaq Copenhagen
    Date: 30 September 2024

    Corporate Announcement 32/2024

    Ress Life Investments A/S publishes Net Asset Value (NAV).

    Ress Life Investments A/S publishes the Net Asset Value (NAV) per share as of 30 September 2024.

    NAV per share in USD: 2536.65
    NAV per share in EUR: 2265.68

    The performance during September is 0.82% in USD. The year-to-date net performance is 4.08% in USD.

    Assets under management (AUM) was 305.2 million USD.    

    The NAV per share in EUR, 2265.68, is calculated as the USD NAV divided by the EUR/USD exchange rate as of 30 September 2024 which was 1.1196.

    To calculate the present EUR NAV, divide the most recent USD NAV with the current EUR/USD exchange rate.

    Questions related to this announcement can be made to the company’s AIF-manager, Resscapital AB.

    Contact person:
    Gustaf Hagerud
    gustaf.hagerud@resscapital.com
    Tel + 46 8 545 282 27

    Note: The terms for subscription of shares, minimum subscription amount and redemption of shares are provided in the Articles of Association, Information Brochure and in the Key Information Document available on the Company’s website, http://www.resslifeinvestments.com.

    Attachment

    The MIL Network –

  • MIL-OSI Canada: Appointments to the Judicial Compensation and Benefits Commission

    Source: Government of Canada News (2)

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the appointments of Graham Flack, Douglas Hodson, and Anne Giardini, to the Judicial Compensation and Benefits Commission.

    October 15, 2024 – Ottawa – Department of Justice Canada

    The Honourable Arif Virani, Minister of Justice and Attorney General of Canada, today announced the appointments of Graham Flack, Douglas Hodson, and Anne Giardini, to the Judicial Compensation and Benefits Commission.

    The Judicial Compensation and Benefits Commission, also known as the Quadrennial Commission, is established under the Judges Act (the Act) to examine the adequacy of the salaries and benefits of the federally appointed judiciary. Additional information on the Judicial Compensation and Benefits Commission is available at quadcom.gc.ca.

    Biographies

    Graham Flack of Ottawa is appointed as the member nominated by the Minister of Justice and Attorney General of Canada. Mr. Flack received degrees in political science and economics from Dalhousie and Oxford University where he was a Rhodes Scholar. He is a former law clerk of the Supreme Court of Canada and graduated with an LL.B. from Dalhousie University and an LL.M. from Harvard University. Mr. Flack began his career in the Privy Council Office and worked on the Quebec referendum campaign, the Quebec Secession Reference and Clarity Act. Following 9/11 he became Director of Operations and led work on the Canada-US Smart Borders Declaration, as well as Canada’s first National Security Policy. He held senior executive roles at Natural Resources Canada and the Department of Finance where he was Assistant Deputy Minister, International Trade and Finance and worked on the G7 and G20 response to the worst economic crisis since the Great Depression. From 2010-2013, he was Associate Deputy Minister then-Acting Deputy Minister at Public Safety Canada. From 2013-14, he was Deputy Secretary to the Cabinet at the Privy Council Office. From 2014-18, he was Deputy Minister of Canadian Heritage. From 2018-2022, he was Deputy Minister of Employment and Social Development Canada. From 2022-2024, he was Secretary of the Treasury Board. Mr. Flack is the founding chair of the Deputy Minister Committee on Innovation and Deputy Minister Champion for the Federal Youth Network and for Dalhousie University.

    Douglas Hodson, K.C., of Saskatoon is appointed as the member nominated by the judiciary. Mr. Hodson attended the University of Saskatchewan and earned a B.Comm. (with honours) in 1981 and a LL.B. (with distinction) in 1984. He was admitted to the Saskatchewan bar in 1985. Mr. Hodson is a partner at MLT Aikins LLP in Saskatoon since 1984. He focuses on commercial litigation and has significant experience in complex arbitrations, transportation law, and shareholder disputes. He has argued significant cases before all levels of court in Saskatchewan, British Columbia, Alberta, Manitoba and Ontario and before the Federal Courts and the Supreme Court of Canada. He was appointed King’s Counsel in 2007. Mr. Hodson is a fellow of the American College of Trial Lawyers and a fellow of the Litigation Counsel of America. He is one of the most distinguished community leaders in Saskatoon. His volunteer portfolio is diverse and extensive, and includes active involvement with a number of professional, business and social organizations. His significant contributions to his profession and community have been recognized on numerous occasions.

    Anne Giardini, K.C., of Toronto is appointed Chair following her nomination by the other two members of the Judicial Compensation and Benefits Commission. Ms. Giardini is a Canadian business executive, journalist, lawyer, and writer. She earned a B.A. from Simon Fraser University and a LL.B. from the University of British Columbia. She also holds an LL.M. from Cambridge University. She was admitted to practise in Ontario, British Columbia, and Washington State. From 1985 to 2020, Ms. Giardini clerked at the Court of Appeal for British Columbia, articled at Bull Housser & Tupper (now Norton Rose), practised at Mawhinney & Kellough (now Dentons) in Vancouver, before moving to Italy to work for a US law firm. In 1994, she joined Weyerhaeuser Company Limited, Canadian subsidiary of Weyerhaeuser Company, an international forest products company with a head office in Washington. She was Canadian vice-president and general counsel from 2006 to 2008 and president from 2008 to 2015. Since 2015, she is a sole corporate director. She was appointed King’s Counsel in 2009. Ms. Giardini is an active volunteer and has served as Chair of the Greater Vancouver Board of Trade, Vancouver International Writers Festival, UniverCity at SFU, and Simon Fraser University as deputy chair. She is also a supporter of Plan Canada and volunteer for Vancouver YWCA’s Women of Distinction Awards and Young Women in Business. She served as the 11th chancellor of Simon Fraser University from 2014 to 2020. She has been on the boards of Hydro One, mining companies, the Sustainable Forestry Initiative Inc. and other companies. Ms. Giardini was awarded a Queen Elizabeth II Diamond Jubilee Medal in January 2013 for her fundraising efforts for Plan Canada’s Because I’m a Girl campaign. She was appointed an Officer of the Order of Canada in 2016 and was appointed an Officer of British Columbia in 2018.

    Chantalle Aubertin
    Deputy Director, Communications
    Office of the Minister of Justice and Attorney General
    613-992-6568
    Chantalle.Aubertin@justice.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Security: Former Health Care Manager Sentenced to Prison for Embezzlement Scheme

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

    MACON, Ga. – The former office manager of a Middle Georgia chiropractic office was sentenced to serve more than five years in prison after a federal jury found her guilty of committing bank fraud and other federal crimes in an embezzlement scheme that cost an established spinal center more than $200,000 in losses and resulted in its closure.

    Emiliya Radford, 33, of Warner Robins, Georgia, was sentenced to serve 66 months in prison to be followed by three years of supervised release by U.S. District Judge Marc Treadwell on Oct. 9. In addition, Radford will pay $298,042.72 in restitution to Dr. James C. Smith on behalf of Smith Spinal Care Center. Radford was found guilty of one count each of bank fraud, wire fraud and federal program theft following approximately one hour of deliberations by a federal jury on June 27. There is no parole in the federal system.

    “Financial crime can be life-changing for its victims; here, it forced a business’s closure and burdened innocent people with debt and other troubles,” said U.S. Attorney Peter D. Leary. “FBI and our other federal, state and local law enforcement partners will work to protect small businesses from financial crimes and hold fraudsters accountable.”

    “Radford violated the trust of the company that hired her and elevated her to a position of leadership,” said Robert Gibbs, Senior Supervisory Senior Resident Agent of FBI Atlanta’s Macon office. “Because of her selfishness and greed, she has not only thrown away her career, but crippled a business and took away jobs from numerous victims. She will now serve a well-deserved prison sentence.”

    According to court documents and evidence submitted at trial, Radford’s company, Cyber Pinecone, was hired in Sept. 2019 under a one-year contract to perform marketing work for Smith Spinal Care Center (SSCC) in Warner Robins. In May 2020, Radford was hired as Office Manager at the business, and her new salary included marketing work. Radford was given signatory authority over the SSCC bank account and was responsible for issuing and signing all biweekly payroll checks, including her own.

    Radford collected her salary as office manager and, without authorization of SSCC, continued to write and endorse checks to her business, Cyber Pinecone, for extensive marketing work totaling more than $200,000. In addition, she gave herself an unauthorized pay raise and used money from the SSCC bank account to purchase $11,015.67 worth of items from the Apple store that she shipped to her residence. When Radford quit on Dec. 19, 2022, none of the Apple items could be located at SSCC, but some were found inside her home when federal agents executed a search warrant on May 4, 2023. A portion of the embezzled funds came from COVID-19 Federal Economic Disaster Loans (EIDL) directed to aid the business.

    The case was investigated by FBI.

    Assistant U.S. Attorney Elizabeth Howard prosecuted the case for the Government.

    MIL Security OSI –

  • MIL-OSI Economics: Swaminathan J: Central banks and financial stability

    Source: Bank for International Settlements

    Distinguished panellists – Prof. Randall S. Kroszner, Professor, University of Chicago and Former Governor, Federal Reserve Board; Ms. Emmanuelle Assouan, Director General, Financial Stability and Operations, Banque de France; Ms. Sarah Breeden, Deputy Governor for Financial Stability, Bank of England; Dr. Sajjid Chinoy, Managing Director and Chief Economist India, JP Morgan; esteemed delegates and colleagues from the Reserve Bank. A very good afternoon to all of you.

    It is an honour to open this discussion on this very important and pertinent topic in today’s financial world – “Central Banks and Financial Stability: Assessing Risks and Building Resilience.”

    The financial sector is the backbone of the economy, enabling efficient allocation of resources, managing risks through various instruments, and ensuring smooth payments and settlements. It performs crucial functions that support investments and drives economic growth. Therefore, the financial sector becomes the cornerstone of a well-functioning economy.

    The financial sector is vulnerable to risks-especially systemic ones that, which if left unchecked, can have far-reaching consequences. As you are aware these systemic risks manifest across two dimensions: time and interconnectedness. On the one hand, financial risks can build up over time, especially in periods of economic euphoria. On the other, the growing interconnections between financial institutions, markets, and the broader economy make the system more open to shocks.

    In today’s world, challenges are more complex and unpredictable than ever. Traditional risks, like credit and liquidity risks, now have new and faster drivers. For example, bank runs that once unfolded over days, giving regulators time to respond, can now occur within hours due to the speed of internet and mobile banking. The increasing reliance on technology also introduces vulnerabilities, such as dependence on third-party service providers and heightened cybersecurity threats, all while customers expect uninterrupted services. Additionally, we face emerging risks, such as climate risk.

    In this increasingly volatile environment, building resilience is crucial to maintaining financial stability. However, resilience is a balancing act-too much emphasis on safeguarding can stifle innovation and growth, while too little can expose the system to significant vulnerabilities. Finding that right balance so that we can have a robust financial system that can weather crises without constraining economic progress is one of the key challenges that we face today.

    Indeed, central banks are much like wicketkeepers in cricket or goalkeepers in football-often unnoticed in success but always in the spotlight during failure. When everything works seamlessly, their efforts remain behind the scenes, often taken for granted. However, when a crisis occurs, they are asked as to how they could allow the ball to slip through their fingers! In addition, Central Bankers are also tasked with preventing further damage and restoring stability quickly.

    Let me offer an analogy: imagine a person teetering on the edge of a cliff, seemingly about to fall, only to be pulled back just in time by a watchful observer. When central banks intervene in such a manner to prevent a potential crisis, those they protect may claim they didn’t need saving at all. This highlights a common paradox-while regulators work tirelessly to maintain stability and avert disasters, their successes often go unnoticed, and their actions are sometimes viewed as unnecessary, intrusive or excessive by those unaware of the risks. Yet it is precisely this proactive oversight that ensures the safety and soundness of the financial system, allowing it to function smoothly even in times of uncertainty.

    Over the years, the role of central banks has significantly evolved. Initially seen as the lender of last resort, today, central banks are equipped with a broad range of tools-regulatory, supervisory, and monetary-to ensure the stability of the financial system. In some countries, central banks do not have supervisory roles, with the supervision being carried out by a separate agency, but a coordinated approach is essential. Governments, central banks, financial regulators, and the industry must all work together to ensure appropriate and timely action is taken to safeguard financial stability.

    In India, the Financial Stability and Development Council (FSDC), chaired by the Union Finance Minister, along with its sub-committee led by the Governor of the Reserve Bank, has been effectively facilitating discussions and enhanced understanding of risks across the financial sector. Biannually, Reserve Bank publishes Financial Stability Reports that deliver a thorough risk assessment of India’s financial landscape. These reports utilise macro stress tests, sensitivity analyses, network and contagion assessments, and systemic risk surveys to provide valuable insights into potential vulnerabilities that affect the financial sector. Apart from inter-regulatory coordination, RBI also actively engages with the industry through regular engagements/ interactions including conferences with the Boards of supervised entities, periodic meetings with the MDs & CEOs, Heads of Assurance functions as well as interactions with auditors.

    Having discussed the importance of domestic coordination, I would also like to emphasise the significance of global supervisory cooperation. Historically, crises have acted as catalysts for bringing supervisors together to address shared challenges. For instance, the Basel Committee on Banking Supervision was formed in the aftermath of the Herstatt Bank failure, highlighting the necessity for a coordinated response to systemic risks. However, we should not wait for crises to play out before strengthening international collaboration. Greater engagement for proactive horizon scanning of potential risks and vulnerabilities, along with discussions on strategies to mitigate and address these challenges, can enhance our collective resilience and crisis preparedness.

    Indeed, as a part of our agenda for the next decade, RBI@100, the Reserve Bank intends to engage more with the central banks of the global south. The Reserve Bank also aims to establish a global model of risk-focused supervision by fostering a strong risk discovery and compliance culture, building a “through-the-cycle” risk assessment framework. Reserve Bank is working to create a comprehensive data analytics ecosystem to support its supervisory functions.

    With these thoughts in mind, I look forward to a rich and insightful panel discussion on how central banks can continue to enhance financial stability and build a resilient global financial system. Thank you!

    MIL OSI Economics –

  • MIL-OSI Economics: Michael Debabrata Patra: Assessing inflation targeting

    Source: Bank for International Settlements

    The Context

    Over the past three and a half decades since the formal adoption of inflation targeting (IT), it has proliferated across continents, regardless of the position of host jurisdictions in the developmental ladder. By the turn of this century, it has been increasingly embraced by emerging market economies (EMEs) so much so that they now outnumber advanced economies (AEs) as practitioners. A unique feature of IT is its operationalisation even before the development of a formal theory. The journey of IT has been tumultuous, navigating as it has the Great Moderation and ‘once in a century’ shocks such as the global financial crisis (GFC), the COVID-19 pandemic, and persisting geopolitical conflicts that have had a direct bearing on both inflation’s evolution and on financial conditions. Yet, there is no evidence of any major country abandoning it. On the other hand, central banks have drawn lessons from these humungous challenges and innovated and refined their policy frameworks. The endogenous evolution of IT has rendered it the longest surviving monetary policy framework in modern times.

    Three pillars of the framework – flexibility; transparency and, therefore, accountability; and credibility – have enabled IT to stand the test of time. Empirical evidence suggests that the post-pandemic price shocks have actually had relatively short-lived effects in comparison with the persistence of the price shocks of the 1970s on the wider acceptance that monetary policy will do whatever it takes. The effectiveness of inflation targeting is also found to be underpinned by its institutional quality, reinforcing pre-pandemic evidence pointing to IT being a better absorber of shocks than other regimes. The taming of the post-pandemic surge in inflation down to its last lap provides further validation of the framework. Everywhere, long-term inflation expectations remain broadly anchored in spite of heightened uncertainty.

    MIL OSI Economics –

  • MIL-OSI Russia: “Our system allows us to prevent data center failures”

    MILES AXLE Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Photo: hackathon “Digital Breakthrough” / VKontakte

    First year student of the Master’s program “Product approach and data analytics in HR management» Konstantin Balcat and his team of like-minded people have developed a system for predicting hard drive failures based on machine learning. With this project, they are among the best at the Digital Breakthrough hackathon for the second year in a row. Vyshka.Glavnoe talked to Konstantin about developing innovations and studying at the university.

    About the project

    — The system we propose allows companies providing cloud services and using their own hard drives to promptly manage stocks and equipment in data centers, as well as effectively plan purchases and optimize the warehouse. At the same time, the possibility of warranty service for purchased batches of equipment is preserved. All this is especially important for large cloud providers.

    The idea for this solution arose from a case and problem proposed by the company “Sila”, which our project helps within the framework of the hackathon “Digital Breakthrough”. Based on historical data on the use and failure of disks, we can predict the moment of failure of a new disk in the future. At the same time, our system takes into account the features of each specific batch of equipment. This allows for more competent management of resources and prevention of failures in the operation of data centers.

    About the team

    — Our team won the regional hackathon “Digital Breakthrough” in Omsk last year with this project. In 2024, in the same hackathon, but at the federal level, we again entered the top, taking 4th place. We are currently negotiating with the company “Sila” about further development and implementation of our solution in the industry.

    The team also includes Daniil Galimov, Alexander Serov, Alexander Kharlamov and Artem Tarasov. We met two years ago at the educational forums “I am a professional” in IT and specialized programs at Sirius. Since then, we have taken part in dozens of competitions, in some of which we won or took prizes. Now, under the grant “Code-AI” of the Foundation for Assistance to Innovations, we are developing a system for identifying marine mammals using aerial photographs. All participants work as IT specialists in Russian bigtech companies: Daniil Galimov and Alexander Kharlamov are specialists in backend and Python, Alexander Serov and I are machine learning engineers and project managers.

    About HSE and studies

    – This year I entered the Higher School of Economics Faculty of Computer Science. My program, “Product Approach and Data Analytics in HR Management,” is being implemented jointly with Alfa-Bank. Having a technical education, I considered it important to delve into the field of management and people management. At the same time, I did not want to stray too far from the technical side and artificial intelligence engineering. It was in the FCN program that I saw such an opportunity. Now I am developing a solution for analyzing interpersonal communications using large language models. It was important for me to have the opportunity to discuss, collaborate with Alfa-Bank, and receive feedback on my project during classes.

    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.hse.ru/nevs/edu/974825227.html

    MIL OSI Russia News –

  • MIL-OSI Banking: Transparency International celebrates International Council member Daron Acemoglu on Nobel Prize in Economic Sciences

    Source: Transparency International

    Transparency International extends its heartfelt congratulations to Daron Acemoglu, a distinguished member of our International Council, along with his co-laureates Simon Johnson and James A. Robinson, on being awarded the 2024 Nobel Prize in Economic Sciences. They have demonstrated the importance of societal institutions for a country’s prosperity with research that shows why societies with poor rule of law and exploitative institutions fail to generate growth or positive change.

    Their findings resonate strongly with Transparency International’s mission to fight corruption and strengthen institutions worldwide. Transparency, accountability and inclusive institutions are essential to fostering economic equity and sustainable development – principles at the heart of both Acemoglu’s research and our global work.

    Transparency International remains committed to advocating for institutional reforms that align with the laureates’ research on the transformative power of good governance.

    Maíra Martini, Head of Policy & Advocacy (Interim), Transparency International, said:

    “We are immensely proud to have Daron Acemoglu as a member of our International Council. The research conducted by Acemoglu, Johnson and Robinson not only deepens our understanding of economic development but also reinforces the significance of our collective work in promoting transparency and combating corruption.”

    MIL OSI Global Banks –

  • MIL-OSI USA: Congressman Robert Garcia and House Democrats Call on Fortune 1000 CEOs to Reject Division and Uphold Workplace Equality Initiatives

    Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

    Washington, D.C. – Today, Congressman Robert Garcia (CA-42) led a group of 49 colleagues to call on the CEOs of Fortune 1,000 companies to affirm their commitment to workplace equality and stand against coordinated conservative efforts to dismantle programs and policies that foster inclusive workplaces. The letter comes in response to at least three Fortune 75 companies succumbing to a conservative media campaign aimed at scaling back critical diversity initiatives and gutting employee resource groups. To read the full letter, click here.

    “Employees deserve to work in environments that are free from discrimination and that are welcoming to Americans from all backgrounds,” said Congressman Garcia. “Corporations must stand up to groups that aim to bring our country backward. Supporting programs that foster inclusivity in the workplace is good for business and benefits employees, customers, and the bottom line.”

    Studies have shown that creating corporate environments where everyone is welcome improves business revenue, strengthens workplace morale, increases employee retention, and encourages innovation. The letter reminds corporations that decisions to end these programs not only jeopardizes the well-being of workers, but strips away overwhelming benefits for businesses. 

    Co-signers of the letter include: Congresswoman Alma Adams, Congresswoman Becca Balint, Congresswoman Nanette Barragán, Congresswoman Joyce Beatty, Congressman Jamaal Bowman, Congresswoman Shontel Brown, Congresswoman Julia Brownley, Congressman André Carson, Congressman Joaquin Castro, Congresswoman Judy Chu, Congressman Emanuel Cleaver, Congressman James E. Clyburn, Congresswoman Jasmine Crockett, Congressman Danny Davis, Congresswoman Lois Frankel, Congressman Raúl Grijalva, Congresswoman Pramila Jaypal, Congressman Henry Johnson, Congresswoman Sydney Kamlager-Dove, Congressman Daniel Kildee, Congresswoman Barbara Lee, Congresswoman Summer Lee, Congressman Ted Lieu, Congresswoman Gwen Moore, Congresswoman Grace Napolitano, Congresswoman Eleanor Norton, Congressman Scott Peters, Congressman Mark Pocan, Congresswoman Katie Porter, Congresswoman Ayanna Pressley, Congresswoman Delia Ramirez, Congresswoman Linda Sánchez, Congresswoman Janice Schakowsky, Congresswoman Haley Stevens, Congressman Mark Takano, Congressman Bennie Thompson, Congresswoman Dina Titus, Congresswoman Rashida Tlaib, Congressman Paul Tonko, Congresswoman Nydia Velázquez, Congresswoman Bonnie Watson Coleman, Congresswoman Susan Wild, Congresswoman Nikema Williams, Congresswoman Frederica Wilson, Congresswoman Sylvia Garcia, Congresswoman Yvette Clarke, Congresswoman Robin Kelly, and Congressman Jimmy Gomez.

    As the first gay immigrant in Congress, Congressmember Garcia has always fought to protect marginalized communities in the workplace and beyond. In June, Congressman Garcia sent a letter to federal officials asking them to help protect LGBTQ+ people from violence during Pride month in response to threats from anti-Pride extremists. In January, Congressman Garcia demanded that the Pentagon resolve cases of LGBTQ+ people dishonorably expelled from the military under “don’t ask, don’t tell.” Last year, Congressman Garcia introduced the International Human Rights Defense Act with Senator Markey to enshrine global protections for LGBTQ+ people in US law and foreign policy, reaffirming the U.S.’s role in protecting and promoting LGBTQ+ rights. As former Mayor of the City of Long Beach, Congressman Garcia worked to ensure the city achieved a perfect score in the Human Rights Campaign’s Municipal Equality Index every year he served in office. During his tenure, the city ensured that gender-affirming care was made available to all city employees.

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: The Villers-Cotterêts Call for an honest, trustworthy digital space in the Francophone world (4 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    A free, open and safe Internet is an essential tool for promoting exchanges, inclusion and development. As digital platforms form a significant part of the Internet, their social responsibility must not be ignored.

    The Francophonie is a community of language and values, of women and men whose common language is French, and of the 88 member countries of the International Organisation of La Francophonie (OIF) which promote the same values: democracy, human rights and fundamental freedoms, as well as a constant commitment to cultural and linguistic diversity.

    While a source of progress and opportunities, the digital transformation also raises multiple challenges for OIF member countries: fighting the digital divide, promoting inclusion, protecting fundamental rights, promoting pluralism of currents of thought and opinion, maintaining the integrity of electoral processes and promoting and protecting the right to reliable, high-quality information, and to be protected from fraudulent, malicious and hate content, as well as all forms of discrimination.

    This Call is intended to help address these challenges by inviting digital platforms to step up their commitment to a safer and more honest digital space.

    To this end, We, the Heads of State and Government of countries which have a shared relationship with French, meeting on 4 and 5 October 2024 for the 19th Francophonie Summit in the French Republic,

    Intending to work to develop, within the Francophonie and beyond, a digital space which is inclusive, respectful of democracy and human rights and encourages cultural and linguistic diversity, in accordance with our commitments in the Bamako Declaration (2000), the Saint-Boniface Declaration (2006), the 2022-2026 Strategy for Digital Francophonie, the Declaration on the French Language in the linguistic diversity of Francophonie (2022) and the Declaration of the 18th Francophonie Summit in Djerba (2022);

    Drawing on the guidelines applicable to digital cooperation and the governance of artificial intelligence (AI) provided by international law, including the Charter of the United Nations, the Universal Declaration of Human Rights and the 2030 Agenda for Sustainable Development, but also the specific instruments of the acquis of the World Summit on the Information Society (WSIS), incorporated in the Geneva Declaration of Principles and the Geneva Plan of Action, as well as in the Tunis Agenda for the Information Society, the UNESCO Convention on the Protection and Promotion of the Diversity of Cultural Expressions, the NETmundial+10 Multistakeholder Statement, the UNESCO Guidelines for the Governance of Digital Platforms and the Global Digital Compact;

    Continue to pay special attention to the specific needs of all people in the Francophone space, in all their diversity.

    Call on digital platforms to step up their efforts and commitments to an inclusive, pluralistic, high-quality and trustworthy digital space, especially by implementing the following actions and measures:

    Providing greater transparency, diversity and proximity

    1. Guarantee access, in French and in the largest possible number of national and official local languages of OIF member countries, in clear and understandable language, to the terms of service, as well as their policies and content moderation methods;

    2. Implement simple mechanisms which are easily accessible to all, in French and in the largest possible number of local languages of OIF member countries, in order to highlight content which is considered illegal or runs contrary to the terms of service;

    3. Report to the relevant stakeholders, including the users, public authorities and regulatory authorities, on the implementation of their terms of service and content-related policies;

    4. Facilitate Francophone researchers’ and academics’ access to application interfaces and data, under conditions which appropriately protect legitimate rights and interests, including compliance with and protection of users’ personal data and the confidentiality of algorithmic processes protected by trade secrets;

    5. Provide protection for personal data based on transparent, accessible procedures which are understandable by all, in French and in the languages of the countries providing a service, and ensure that there are sufficient human capacities to undertake this role.

    Taking greater responsibility in terms of content moderation

    6. Appoint single regional and subregional contact points with sufficient capabilities to ensure direct communication with the public authorities of OIF member countries, and effective processing of user requests, in French and local languages;

    7. Forge deeper ties with the relevant regulatory authorities, based on the model of commitments made with the Francophone Network of Media Regulators (REFRAM) at the Abidjan Conference on 23 and 24 April 2024;

    8. Set up moderation policies and methods for online content, scaled according to needs and capable of taking account of diverse cultures and national and regional languages, whether they be carried out automatically or are supervised by humans;

    9. Acknowledge the key role of associations, action groups, non-governmental organizations, and more generally, recognized bodies in Francophone civil societies as trusted flaggers, which can produce well-founded, reasoned requests to facilitate priority processing by digital platforms.

    Helping better protect Francophone societies and information spaces from risks linked to the use of their services

    Under all circumstances:

    10. Assess, within public reports, the risks of large-scale dissemination in OIF member countries of content which could channel hate speech or lead to violence on any discriminatory grounds; propose, in collaboration with the relevant stakeholders, preventive measures aimed at reducing such discrimination;

    11. Strengthen the legal and normative frameworks which organize the protection of the rights of the child in the digital space, in accordance with international human rights law and in particular the Convention on the Rights of the Child.

    12. Set up measures to provide high levels of confidentiality, safety and security for minors using their services;

    13. Collaborate, in accordance with the 2019 Christchurch Call, on quickly and effectively eliminating illegal terrorist and violent extremist content online;

    14. Take special care to prevent risks relating to misinformation and foreign interference; to this end, support independent fact-checking initiatives, including by backing the work of the OIF in this area, such as its ODIL platform;

    15. Use recommendations systems which provide a wide variety of information sources, as well as the free expression of pluralism of currents of thought and opinion, including by identifying and promoting content which is labelled by independent professionals, such as the Journalism Trust Initiative, all in compliance with national legislation;

    16. Help develop ethical and responsible artificial intelligence, which respects human rights, development and peace, as well as the Sustainable Development Goals;

    In election periods:

    17. While strictly observing countries’ sovereignty and complying with their legislation, help strengthen democratic institutions by maintaining the integrity of electoral processes, including by setting up public assessment and risk-reduction protocols specifically dealing with the integrity of elections or referendums in OIF member countries, before, during and after each process;

    18. Transparently identify public policies, particularly during electoral cycles; monitor the monetization of publications by political parties and their representatives and store these ads and all information enabling them to be analysed in a library with exhaustive content, which is accessible online and regularly updated;

    In crisis periods:

    19. In emergency or crisis situations such as armed conflict, environmental or public health crises, analyse the impact of operations, products, services and advertising systems of companies on fundamental rights and the dynamics of said situations.

    Contributing to cultural and linguistic diversity and fair remuneration for content creation

    20. Actively and tangibly promote cultural and linguistic diversity in creating, producing, distributing, disseminating, accessing and using cultural goods and services online, including in developing artificial intelligence;

    21. Help develop artificial intelligence which encourages cultural and linguistic diversity to combat the risk of homogenous, culturally-poor content;

    22. Help promote the use of various languages in this area, particularly in order to incorporate this cultural and linguistic plurality/diversity into the training for generative artificial intelligence models;

    23. Help with the discoverability of Francophone cultural and scientific content and in national and local languages spoken within the Francophone space as well as making available and promoting digital content which is representative of the cultural and linguistic diversity of the Francophonie, including by (i) presenting collected data to create models without prejudice to applicable intellectual property rules and (ii) promoting algorithmic explainability in the interests of users;

    24. Provide effective protection for works protected by copyright and related rights without depriving users of the effective benefit of exceptions to copyright and related rights;

    25. Guarantee fair and equal remuneration for creators in all countries in the Francophone space and for rights holders when they have consented to their work being used on digital platforms through licensing agreements.

    Contributing to digital inclusion and the training of users to create Francophone digital citizens

    26. Actively contribute to strengthening digital literacy and training in digital careers for people from OIF member countries, particularly young people and women, by supporting and collaborating with the “D-Clic, Formez-vous au numérique” project, thus improving the digital literacy of all Francophone users regarding products, services, processes and risks associated with the platforms in their design, operations and uses;

    27. Help implement media and information education programmes to give users more autonomy and develop their critical thinking with regard to information with which they interact online, in French and in the local languages of OIF member countries, including by supporting OIF action in the areas like the ODIL platform, and by collaborating with the relevant public authorities, universities, civil society organizations which work with groups in vulnerable situations, researchers, librarians, teachers, special educators, IT and media professionals, journalists, artists and cultural professionals;

    28. Contribute to cooperation between OIF member countries in the area of education on the media, IT and digital citizenship, encouraging shared experiences, best practice and resources.

    We continue to work towards the objectives set out in this Call and to support the actions enabling us to meet them;

    To this end, we ask the International Organisation of La Francophonie to regularly monitor this Call, in conjunction with the relevant stakeholders within the framework of the Strategy for Digital Francophonie and work already underway in this area;

    We call on digital platforms to hear this Call and help achieve its objectives, in particular by cooperating with the relevant stakeholders.

    Source: Press Service, Presidency of the French Republic

    MIL OSI Europe News –

  • MIL-OSI: Prospect Capital Corporation Closes $764 Million of New Investments in Fiscal Year June 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) closed $764 million of new investments during its fiscal year ended June 30, 2024, investing in 38 new and existing portfolio companies.

    91% of PSEC’s originations during fiscal year 2024 were first lien, senior secured loans.

    Selected investments in both new and existing portfolio companies during fiscal year 2024 include:

    • $56 million of first lien loans to refinance the debt of a provider of clinical trial services. The company is a clinical development services provider that operates and conducts clinical trials for pharmaceutical and biotechnology customers.
    • $60 million of primarily first lien loans to finance an acquisition of a provider of business process outsourcing solutions. The company provides customer experience services and business process outsourcing services, which includes customer call centers, online chat, text message, and general ‘contact center as a service’.
    • $26 million of primarily first lien loans to finance an acquisition of a healthcare services provider. The company is a detox and rehabilitation provider that offers residential inpatient treatment, partial hospital programs, and intensive outpatient care in multiple restore facilities.
    • $30 million of a first lien loan to finance a shareholder distribution for a direct-to-consumer marketing company. The company is a direct marketer and distributor of modern-era government-issued gold and silver coins.
    • $37 million of primarily first lien loans to finance an add-on acquisition and shareholder distribution for a logistics service provider. The company provides turnkey inventory management and transportation services.
    • $13 million of a first lien loan to finance an add-on acquisition by a furniture provider. The company provides furniture and furnishings to residential and commercial end markets, including churches, hospitality, offices, restaurants, and schools.
    • $10 million of first lien loans for a healthcare services provider in a secondary transaction. The company is a home-based infusion pharmacy services provider serving patients with chronic conditions.
    • $20 million of first lien loans to finance a shareholder distribution of a branded jeweler designer. The company is a designer and retailer of distinctive handcrafted gold-plated women’s jewelry decorated with semi-precious stones, including necklaces, bracelets, rings, and earrings.

    In addition, as of October 14, 2024, Prospect is processing an investment pipeline of more than $350 million, which includes transactions where due diligence and analysis are still in process.

    The investment pipeline includes transactions for which a formal mandate, letter of intent, or signed commitment may or may not have been issued. The consummation of any of the investments in this pipeline depends upon, among other things, one or more of the following: satisfactory completion of Prospect’s due diligence investigation of the prospective portfolio company, Prospect’s acceptance of the terms and structure of such investment, and the execution and delivery of transaction documentation satisfactory to Prospect. In addition, Prospect may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Prospect cannot assure you that it will make any of these investments or that Prospect will sell all or any portion of these investments.

    About Prospect Capital Corporation

    Prospect is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For further information, contact:

    Grier Eliasek, President and Chief Operating Officer

    grier@prospectcap.com

    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI USA: Wasserman Schultz, Salazar Sponsor Bipartisan REVOCAR Act to Defund Maduro’s Repression of Venezuelans

    Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

    “Maduro’s brutal regime refuses to honor the undeniable election results, despite clear evidence proving his loss. Rescinding these special licenses, which exclusively serve to subsidize the regime’s crony corruption, violent repression, and flagrant human rights abuses, must be part of our international effort to reject Maduro’s election theft,” said Wasserman Schultz. “If we truly intend to see through a peaceful transition of power and honor the will of the Venezuelan people, we cannot afford to indulge fossil fuel companies’ investors at the expense of democracy.”

    WASHINGTON, D.C. – Today, U.S. Reps. Debbie Wasserman Schultz (FL-25), co-chair of the Congressional Venezuela Democracy Caucus, and María Elvira Salazar (FL-27), Chair of the House Foreign Affairs Subcommittee on the Western Hemisphere, introduced the bipartisan Revoke Exemptions for Venezuelan Oil to Curb Autocratic Repression Act, or REVOCAR Act, to prohibit new and existing licenses for companies to transact with Venezuela’s state oil company, which provides revenue for the Maduro regime’s crimes against humanity. U.S. Senator Dick Durbin (D-IL) previously introduced a similar bill in the Senate.

    “Maduro’s brutal regime refuses to honor the undeniable election results, despite clear evidence proving his loss. Rescinding these special licenses, which exclusively serve to subsidize the regime’s crony corruption, violent repression, and flagrant human rights abuses, must be part of our international effort to reject Maduro’s election theft,” said Wasserman Schultz. “If we truly intend to see through a peaceful transition of power and honor the will of the Venezuelan people, we cannot afford to indulge fossil fuel companies’ investors at the expense of democracy.”

    “It’s long past time to cut off the flow of money that the Maduro Dictatorship uses to oppress their people,” said Salazar. “We are sending a loud and clear message that if Maduro stays, there will be no oil money for the Venezuelan regime.”

    “Despite the sweeping and clear opposition victory in the recent Venezuelan presidential election, the Maduro regime refused to release results, announced that it had won instead, and arbitrarily arrested thousands of opposition supporters,” said Durbin. “We must put an end to the outright theft of the Venezuelan voters’ overwhelming choice for a better future.  I’m pleased that Reps. Wasserman Schultz and Salazar are introducing the House bill to terminate all U.S. petroleum cooperation and related trade with Venezuela until the legitimate results of the recent election are respected. The Maduro regime clings to power using oil revenues dependent on U.S. involvement.  Under our bill, that will end, and so will Maduro’s financial strength.”

    The REVOCAR Act would prohibit U.S. persons and entities from engaging in transactions with PdVSA, Venezuela’s regime-controlled energy company, eliminating General Licenses issued by the Treasury Department’s Office of Foreign Assets Control (OFAC) that allow certain companies to do business with the Maduro regime. These prohibitions would extend for three years or until the President certifies that a democratic transfer of power to Venezuelan president-elect Edmundo González has taken place.

    On July 28, 2024, more than 10,000,000 citizens of Venezuela voted in a presidential election in which meticulously documented and publicized data from credible election monitors clearly and convincingly showed that opposition candidate Edmundo Gonzalez received more than two-thirds of the votes against the regime of Nicolas Maduro. The Maduro regime has refused to respect the overwhelming choice of the people of Venezuela and subsequently arrested and abused thousands of innocent citizens of Venezuela, including children, for peaceful political participation.

    Reps. Wasserman Schultz and Salazar have partnered on recent efforts promoting democracy in Venezuela including the VOICE Act, which would place individual sanctions on anti-democratic officials in the Maduro regime, and the AFFECT Human Rights in Venezuela Act, which would direct U.S. support for international investigations and reporting on the Maduro regime’s criminal repression of the Venezuelan people.

    The full text of the bill can be found here.

    ###

    MIL OSI USA News –

  • MIL-OSI: Sheaff Brock is #7 on the CNBC Financial Advisor 100 List

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 15, 2024 (GLOBE NEWSWIRE) — Ranking at #7 in the 2024 CNBC FA 100 list, Sheaff Brock announced its 5th consecutive year in being selected as one of CNBC’s top 100 advisory firms from across the United States that help clients successfully navigate their financial lives.

    Sheaff Brock ranks #7 on the 2024 CNBC FA 100 list,
    its 5th consecutive year of placing as one of CNBC’s top 100
    registered investment advisory firms in the U.S.

    Sheaff Brock Managing Directors and co-founders Dave Gilreath and Ron Brock shared their excitement with the 2024 results. “To be ranked 7th in the U.S. is an incredible achievement. We’re honored to be on this list for our straight fifth year, and even more proud of this year’s ranking,” said Brock.

    Gilreath added, “I believe being listed at #7 is a testament to the strength of our team here at Sheaff Brock. It shows the dedication of our certified financial planners, portfolio consultants, administrative coordinators—and our entire team—to supporting our clients and helping them achieve their long-term financial goals.”

    To develop the 2024 list, CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the 2024 CNBC FA 100 list. Analyzing data from 40,896 RIAs, AccuPoint screened multiple aspects such as years in business, total accounts, total assets under management, number of certified financial planners, number of employees, and the firm’s compliance record to trim the list down to 903 RIAs. From there, CNBC and AccuPoint distilled the list into the final 100 advisory firms based on additional data provided by each firm via email survey.

    In 2020, the first year Sheaff Brock made the list, the company ranked #95; in 2021, Sheaff Brock ranked #82; in 2022, #68; and the firm came in at #10 in last year’s list in 2023.

    About Sheaff Brock:
    Sheaff Brock is an SEC-registered, fee-only independent investment firm striving to enhance portfolios of growth- and income-oriented investors, managing $1.3 billion in assets nationwide as of 06/30/2024. Managing Director David Gilreath contributes investment commentary to CNBC.com, ThinkAdvisor, Medical Economics, and Financial Advisor magazine. Visit sheaffbrock.com for more information.

    Disclosure: 
    Sheaff Brock Investment Advisors, LLC (“SBIA”) is an SEC-registered investment advisor founded in 2001. Clients or prospective clients are directed to SBIA’s Form ADV Part 2A prior to deciding to participate in any portfolio or making any investment decision. The views and opinions in the preceding commentary are subject to change without notice and are as of the date of the report. There is no guarantee that any market forecast set forth in the commentary will be realized. This material represents an assessment of the market environment at a specific point in time, should not be relied upon as investment advice, and is not intended to predict or depict performance of any investment.

    About CNBC Financial Advisor 100
    The 2024 CNBC Financial Advisor 100 (ranked 7th 10/2/24), 2023 CNBC Financial Advisor 100 (ranked 10th, 9/12/23), 2022 CNBC Financial Advisor 100 (ranked 68th, 10/4/22), 2021 CNBC Financial Advisor 100 (ranked 82nd, 10/6/21) & the 2020 CNBC Financial Advisor 100 (ranked 95th, 10/6/20) list is an independent ranking. CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for the CNBC FA 100 list. The analysis started with 40,896 RIA firms for 2024, 40,646, RIA firms for 2023, 39,818 RIA firms for 2022, 38,302 for 2021 and 37,369 for 2020 from the Securities and Exchange Commission regulatory database. AccuPoint screened the list down to 903 RIAs for 2024, 812 RIAs for 2023, 904 RIAs for 2022, 749 for 2021, and 750 for 2020 who were required to complete a survey to be in consideration for the CNBC FA 100 list. Sheaff Brock does not pay for applying for the award; however, Sheaff Brock does pay for use of the CNBC Financial Advisor 100 logo.

    Data points used by AccuPoint for the ranking included regulatory/compliance record, number of years in the business, number of certified financial planners, number of employees, number of investment advisors registered with the firm, ratio of investment advisors to total number of employees, total assets under management, percentage of discretionary assets under management, total accounts under management, number of states where the RIA is registered and country of domicile.

    Third-party rankings and recognition from rating services or publications, such as the CNBC FA 100, is no guarantee of future investment success and working with a highly rated advisor does not ensure that a client or prospective client will experience a higher level of performance or results. The ranking may not reflect a client or prospective client’s experience with the registered investment advisor. Past performance does not guarantee or indicate future results.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7c16cee-9ec4-4c47-b365-939d99e7291c

    The MIL Network –

  • MIL-OSI: Baltic Horizon Fund publishes its NAV for September 2024

    Source: GlobeNewswire (MIL-OSI)

    The net asset value (NAV) per unit of the Baltic Horizon Fund (the Fund) amounted to EUR 0.7099 at the end of September 2024 (0.8011 as of 31 August 2024). The month-end total net asset value of the Fund was EUR 101.9 million (EUR 95.8 million as of 31 August 2024). The EPRA NRV as of 30 September 2024 stood at EUR 0.7510 per unit.

    In September 2024, the Baltic Horizon Fund successfully completed the private placement and issued 23,927,085 new units corresponding to a gross value of EUR 6.29 million.

    In September 2024, the consolidated net rental income of the Fund remained at the level of EUR 1.0 million (EUR 1.0 million in August 2024).

    At the end of September 2024, the Fund’s consolidated cash and cash equivalents amounted to EUR 10.0 million (31 August 2024: EUR 3.9 million). As of 30 September 2024, the total consolidated assets of the Fund were EUR 256.8 million (31 August 2024: EUR 249.8 million).

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    http://www.baltichorizon.com

    Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.

    Distribution: Nasdaq, GlobeNewswire, http://www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on http://www.baltichorizon.com. You can also follow Baltic Horizon Fund on http://www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI Canada: Minister MacAulay announces research funding for an innovative, sustainable poultry sector

    Source: Government of Canada News

    News release

    October 15, 2024 – Guelph, Ontario – Agriculture and Agri-Food Canada

    Today, the Honorable Lawrence MacAulay, Minister of Agriculture and Agri-Food, toured the University of Guelph’s research facilities to meet with researchers and learn about their innovative work in support of a sustainable poultry sector. As part of his visit, Minister MacAulay highlighted that the Government of Canada is delivering an investment of $5,155,608 to the Canadian Poultry Research Council (CPRC) through the AgriScience Program – Clusters Component, an initiative under the Sustainable Canadian Agricultural Partnership.

    This funding will allow the CPRC to partner on research that will ensure poultry welfare at all levels of the production chain, meeting the consumer demand for healthy and safe poultry products, and decreasing the environmental impacts of poultry farms—including ambient air quality, emissions, and the effect on humans and birds in the surrounding area.

    Some examples of Cluster activities include upcycling Canadian fruit waste to develop novel feed ingredients, managing environmental conditions to reduce the risk of avian influenza, researching alternatives to antimicrobials, and optimizing feed to reduce particulate matter emissions.

    Research funding in the poultry sector is crucial for the continued development of sustainable practices and improved animal welfare.

    Quotes

    “Investments in research are vitally important to the future of our agricultural sector. By making sure our hardworking poultry farmers are using best practices and adopting innovative solutions, we’re not only strengthening our economy, we’re building a resilient industry that meets the needs of consumers, while protecting our environment for generations to come.”

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

    “This new injection of funding from AAFC will ensure continued innovation and excellence in research that benefits the entire Canadian poultry supply chain. Research will focus on three main areas – environment and climate change, economic growth, and sector resilience – looking for ways to reduce greenhouse gas emissions, find innovative approaches to disease management, and improve the overall strength of the poultry sector.”

    – Caroline Wilson, Executive Director of the Canadian Poultry Research Council

    Quick facts

    • The Canadian poultry industry contributed about $5.5 billion in farm cash receipts in 2021, with over 2,800 chicken producers, 1,200 egg producers, 513 turkey producers, and 232 hatching egg producers across the country.

    • The CPRC leads the industry in its national research endeavours and seeks to address national poultry and egg research priorities, driven by the National Research Strategy for Canada’s Poultry Sector.

    • The CPRC has delivered the 3 previous poultry clusters and is made up of five members: the Canadian Hatching Egg Producers, the Egg Farmers of Canada, the Turkey Farmers of Canada, the Chicken Farmers of Canada, and the Canadian Poultry and Egg Processors.

    • The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is a $3.5-billion, 5-year agreement (2023 to 2028), between the federal, provincial and territorial governments to strengthen the competitiveness, innovation, and resiliency of the agriculture, agri‐food and agri‐based products sector.

    • The AgriScience Program, under the Sustainable CAP, aims to accelerate innovation by providing funding and support for pre-commercial science activities and research that benefits the agriculture and agri-food sector, and Canadians.

    • The AgriScience Program – Clusters Component supports projects intended to mobilize industry, government and academia through partnerships, and address priority national themes and horizontal issues.

    Associated links

    Contacts

    For media:

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

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

    MIL OSI Canada News –

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Consultation Mission to Chad

    Source: IMF – News in Russian

    October 15, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • After increasing to 4.9 percent in 2023, growth is expected to moderate this year, reflecting a slight decline in oil production and the impact of floods.
    • Following a decline in 2023, inflation is expected to increase significantly in 2024 on account of higher fuel and food prices before moderating over the medium term.
    • The authorities are encouraged to pursue ongoing efforts to enhance sustainability of public finances and increase their contribution to development objectives.
    • As the authorities are finalizing their National Development Plan for the next five years, the IMF staff team discussed with them a number of medium-term macroeconomic challenges Chad is facing. The team made recommendations aimed at increasing resilience against climate change, improving the business climate, strengthening governance, and reducing gender disparities.

    Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Édouard Martin, Mission Chief for Chad, visited N’Djamena to hold discussions on the 2024 Article IV consultation from October 3–15, 2024. Mr. Vitaliy Kramarenko, Deputy Director of the IMF African department, joined the mission for policy discussions. The Article IV discussions will continue in the coming days.

    At the conclusion of the discussions, Mr. Martin issued the following statement:

    “Chad’s economic activity grew by 4.9 percent in 2023, driven by a rebound in agricultural production, an increase in public investment, and higher oil production. After declining in 2023 (to 4.2 percent from 8.3 percent at end-2022) owing to a slowdown in food prices, year-over-year inflation went back up to 8.7 percent at end-August 2024, reflecting a rebalancing in domestic fuel prices and a rebound in food prices during a particularly difficult lean season.

    “The overall fiscal balance deteriorated substantially in 2023—to -2.7 percent of non-oil GDP from +4.9 percent in 2022. Non-oil revenue increased steadily as a result of tax administration reforms while current expenditures remained elevated, reflecting in part spending pressures related to the arrival of refugees from Sudan and the large use of emergency spending procedures (Dépenses avant ordonnancement, DAOs).

    “The banking sector remains undercapitalized. At end-December 2023, the sector’s capital adequacy ratio was below the regulatory minimum, while non-performing loans amounted to 31.5 percent of total loans. The mission emphasized the need to promptly finalize and start implementing restructuring plans for the two systemic public banks.

    “Looking ahead, the outlook for 2024-25 remains broadly favorable but subject to significant risks. The economy is expected to decelerate this year owing to a slight decline in oil production and the impact of floods. Despite a further decline in oil production, growth would increase to 3.4 percent in 2025 owing to better agricultural crops and livestock activity. Reflecting substantial increases in food and fuel prices, inflation would increase to 8.8 percent year-over-year at end- 2024 before gradually declining over the medium term. Risks include a possible intensification of regional conflicts, large fluctuations in oil prices, and an increase in climate-change related events, such as the recent floods.

    “Despite a further decline in oil revenue, the overall fiscal balance would somewhat recover in 2024. Non-oil revenue would increase significantly, reflecting further tax administration reforms, the increase in domestic fuel prices, and the renewal of telecommunications licenses. Current spending would decline, reflecting the phasing out of one-off spending related to the political transition and the election and the progress in reducing the use of emergency spending procedures.

    “With oil revenue expected to further decline over the medium term, discussions focused on measures to further improve domestic non-oil revenue mobilization, including through digitalization, and contain current expenditure, including the wage bill and transfers to the energy sector. The mission also encouraged the authorities to ensure that budget allocations for social spending (e.g., health, education, women, and environment) are actually spent and to reform public procurement to increase the efficiency of public investment.

    “The authorities are finalizing their National Development Plan, which will articulate the policies and reforms the government intends to implement over  the next five years to meet its development objectives. In this context, the mission discussed the key medium-term macroeconomic challenges that Chad is facing. It stressed the importance of ensuring a sustainable and inclusive development, which will notably require mobilizing concessional financing and grants to finance investment in key areas and taking measures to promote the development of the private sector and the diversification of the economy. It also made recommendations aimed at increasing resilience against climate change, improving the business climate, strengthening governance, and reducing gender disparities.

    “The IMF team would like to thank the Chadian authorities and other counterparts for their hospitality, excellent cooperation, and candid and constructive discussions.”

    The mission met with Mr. Mahamat Idriss Déby Into, President of the Republic of Chad; Mr. Tahir Hamid Nguilin, Minister of State for Finance, Budget, Economy and Planning; Ms. Ndolenodji Alixe Naïmbaye, Minister of Hydrocarbons, Mines, and Geology; Mr. Patalet Kanabe Marcelin, Minister of Water and Energy]; Mr. Idriss Ahmat Idriss, National Director of the regional central bank (BEAC); and other senior officials, as well as representatives of the private sector, civil society and international development partners.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/15/pr-370-chad-imf-staff-completes-2024-article-iv-consultation-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Former Chief Executive Officer of Chicago Hospital Added to Federal Indictment Alleging Corruption and Embezzlement

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

    CHICAGO — An ongoing federal investigation into alleged corruption and embezzlement at a Chicago hospital has resulted in a conspiracy charge against the hospital’s former Chief Executive Officer.

    A 45-count, second superseding indictment accuses former CEO GEORGE MILLER, JR., 73, of Dallas, Texas, of conspiring with the hospital’s then-Chief Financial Officer, ANOSH AHMED, 40, of Houston, Texas, to corruptly steer vendor contracts and other hospital business to certain medical supply companies in exchange for cash from the companies’ owner, SAMEER SUHAIL, 47, of Chicago.  Ahmed, Suhail, and the hospital’s former Chief Transformation Officer, HEATHER BERGDAHL, 37, of Houston, Texas, were originally indicted earlier this year on fraud, embezzlement, and money laundering counts.  The charges accused them of causing the hospital to issue payments to purported vendor companies for goods and services that they knew had not been provided.  Many of the purported vendor companies were created by Suhail and Ahmed under various names to conceal their association with the fraudulent payments, the charges alleged.  Bergdahl allegedly opened bank accounts in the names of two legitimate hospital vendors and caused the hospital to deposit fraudulent payments into those accounts.

    The second superseding indictment, which was returned Thursday in U.S. District Court in Chicago, renews the prior charges against Ahmed, Suhail, and Bergdahl, adds Miller as a defendant, and includes new tax charges against Ahmed for allegedly underreporting income in his individual tax returns.  The newly returned indictment alleges that from 2018 to 2021, Suhail paid Miller and Ahmed a share of $19 million in payments that he received from the hospital, in return for Miller and Ahmed steering those contracts and business to him.  The payments to Miller and Ahmed were in addition to the millions of dollars in fraudulent payments charged in the prior indictment.

    Arraignments on the second superseding indictment have not yet been scheduled.

    The second superseding indictment was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Mario Pinto, Special Agent-in-Charge of the U.S. Department of Health and Human Services, Office of Inspector General, and Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago.  The government is represented by Assistant U.S. Attorneys Sheri H. Mecklenburg and Kelly L. Guzman.

    The public is reminded that an indictment is not evidence of guilt.  The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

    MIL Security OSI –

  • MIL-OSI USA: Deadline Approaching in North Dakota for SBA Working Capital Loans Due to Severe Winter Storm and Straight-line Winds

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded North Dakota private nonprofit organizations of the Nov. 15, 2024, deadline to apply for an SBA federal disaster loan for economic injury caused by severe winter storm and straight-line winds that occurred Dec. 25‑27, 2023. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.

    According to Sánchez, eligible private nonprofits of any size may apply for SBA Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage,” Sánchez said.

    These low-interest federal disaster loans are available in Barnes, Cass, Dickey, Grant, LaMoure, Logan, McIntosh, Ransom, Richland, Sargent, Steele, Stutsman and Traill counties.

    The interest rate is 3.25 percent with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

    Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    ###

    About the U.S. Small Business Administration
    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: Five Star Bancorp Announces Third Quarter 2024 Earnings Release Date and Webcast

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), expects to report its financial results for the quarter ended September 30, 2024, after the stock market closes on Monday, October 28, 2024.

    Management will host a live webcast for analysts and investors to review this information at 1:00 PM ET (10:00 AM PT) on October 29, 2024.

    The live webcast will be accessible from the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. Please pre-register for the event using this link. The webcast will be archived on the Company’s website for a period of 90 days.

    About Five Star Bancorp
    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California. For more information, visit https://www.fivestarbank.com.

    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –