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Category: Business

  • MIL-OSI Economics: Alessandra Perrazzelli: Technology and regulation – bridging the gap in the collective interest

    Source: Bank for International Settlements

    Ladies and Gentlemen, good morning.

    I am delighted to be here today at the Milan Fintech Summit. Since its first edition – four years ago – this summit has provided a valuable opportunity to strengthen the dialogue among stakeholders and market participants, bringing together financial institutions, fintech companies, academics, and experts with different backgrounds.

    Innovative technology affects the entire financial system, globally and domestically [Slide 1]. Fintech reshapes traditional business models, opening the door to newcomers, developing new services, and restructuring value chains. The impressive, fast, and interrelated changes push policy makers and supervisors to run in-depth analyses to update the regulatory landscape and the supervisory toolbox.

    Global fintech investments increased significantly from 2010 to 2019, peaking at around 217 billion U.S. dollars [Slide 2]. In 2020 – in the midst of the pandemic – investments fell by more than 40 per cent to 124 billion U.S. dollars, eventually rebounding to over 229 billion U.S. dollars in 2021. In the last two years, however, global fintech investments have entered a downward trend, owing to the uncertain macroeconomic situation and to the heightened geopolitical risks that, unfortunately, we are living through.

    Fintech applications are widely implemented in the financial sector, especially in the payments field. The digital evolution has led to lower research costs, more efficient services, higher security levels, and the use of large amounts of data to analyse customer behaviour and to customize the products and services being offered.

    MIL OSI Economics –

  • MIL-OSI Economics: Rosanna Costa: Welcoming remarks – FSB RCG Americas meeting

    Source: Bank for International Settlements

    Welcoming words

    Good afternoon, and welcome to Santiago. It is my great pleasure to host this year’s meeting of the FSB Regional Consultative Group for the Americas, organized jointly by the Financial Stability Board, the Financial Markets Commission of Chile and the Central Bank of Chile. Let me extend a warm welcome to our distinguished guests, esteemed colleagues, and participants. We are honored by your presence here today, particularly as we gather together to address some of the most pressing challenges and latest developments in the realms of financial stability, market development and regulatory coordination.

    Allow me to especially acknowledge the presence of Mr. Klaas Knot, Chair of the Financial Stability Board and Tiff Macklem and Kenneth Baker, Co-Chairs of the Regional Consultative Group for the Americas, whose work and commitment have contributed greatly to shaping our global and regional efforts aimed at enhancing financial stability.

    I am also glad to extend a warm welcome to Mr. Rodrigo Coelho, Head of Policy Benchmarking of the Financial Stability Institute, who will be our keynote speaker today, whose expertise and perspective I am sure will provide us with key concepts and insights to foster today’s discussions.

    Lastly, let me express my sincere gratitude to the organizing teams of the Secretariat of the Financial Stability Board, the Financial Markets Commission, and our team in the Central 2 Bank of Chile, for their hard work and dedication that have been instrumental in making this event possible. 

    MIL OSI Economics –

  • MIL-OSI Economics: Elizabeth McCaul: Beyond the spotlight – using peripheral vision for better supervision

    Source: Bank for International Settlements

    Introduction

    Thank you very much for inviting me to today’s conference, it is a pleasure to be here.

    The former German Chancellor Helmut Schmidt used to say “People with visions should go to the doctor”. This sounds concerning to a supervisor. After all, the word “supervision” is made up of the prefix “super”, which means “over” or “above”, and “vision”. But what exactly is vision? To find out, I followed Helmut Schmidt’s advice and went to the doctor.

    What I learnt is that eye doctors distinguish between central vision, fringe vision and peripheral vision.

    Central vision is the very centre of the visual field. It delivers sharp, detailed pictures, allowing us to focus on objects straight ahead. In the banking world, these are the issues directly in front of us: capital, asset quality, profitability and key risk categories including climate-and environmental risks or cyber risk etc.

    Fringe vision refers to the area right outside the central vision, around 30 to 60 degrees of the visual field, where visual clarity and detail recognition start to decrease. Fringe vision helps us to absorb information faster when we read as our brains anticipate the next words and letters, making the process faster and smoother. Translating this to banking, this would be like noticing changes in the macroeconomic environment, rising geopolitical tensions, and their impact on banks’ business models and risk profiles.

    Finally, peripheral vision is everything that occurs outside the very centre of our gaze, beyond 60 degrees. It encompasses everything that can be seen to the sides, providing spatial awareness which helps with navigation and balance. Improving peripheral vision is crucial for athletes as it increases reaction speed, improves anticipation and reduces the risk of injury. In banking, beyond the centre of our gaze are the structural transformations of our societies and economies: the acceleration of technological progress, including the rise of generative artificial intelligence or the impact of social media on depositor behaviour; the reconfiguration of the financial value chain; new entrants in the competitive landscape or the growing share of non-bank financial institutions.

    Good supervision and good risk management in banks require central, fringe and peripheral vision. Good peripheral vision sets apart decent athletes from great ones, allowing them to anticipate movements and respond swiftly to changes on the field. And the same holds true for banking supervisors: while central vision and fringe vision are crucial in focusing on immediate risks, it is the ability to maintain a broad, strategic view – our “peripheral vision” – that ensures truly effective supervision. This broader perspective enables us to detect emerging risks in the wider financial system, anticipate potential disruptions and respond proactively.

    In my remarks today, I will share our assessment of the current risk landscape, describing what we see in our central, fringe and peripheral vision.

    Central vision

    Let me start with the central vision of the state of the European banking system.

    In recent years, Europe’s banking sector has shown resilience in the face of unforeseen challenges: the pandemic, the energy supply shock following Russia’s invasion of Ukraine and a period of high inflation.

    This resilience is reflected in the numbers: in 2015, the average ratio of non-performing loans (NPLs) for significant banks in the banking union was 7.5%, at a time when some banking systems had ratios close to 50%. At the end of the second quarter of this year, this ratio had decreased to 2.3%, driven mainly by the reduction of NPLs in high-NPL banks. Similarly, the Common Equity Tier 1 ratio for significant banks has risen from 12.7% in 2015 to 15.8% today. Bank profitability has considerably increased in recent quarters, benefiting from higher interest rates, and return on equity now stands at 10.1%.

    On the one hand, this resilience is a result of the strengthened supervisory and regulatory framework put in place after the global financial crisis and the related improvements in banks’ risk management. On the other hand, looking particularly at recent years, banks have also benefited from policy support which has helped shield the real economy from adverse shocks. For example, during the pandemic, comprehensive fiscal support measures contained corporate insolvencies and the associated loan losses. While bank profitability and valuations have recently improved due to higher interest rates, the effects of this supporting factor are gradually diminishing.

    Turning to liquidity, banks continue to show strong positions despite an ongoing reduction in excess liquidity. Access to both retail and wholesale funding remains robust, and the higher-than-expected stickiness of deposits has contributed to a stable funding environment. Nevertheless, banks should remain cautious and ensure that their liquidity and funding strategies are resilient to potential market disruptions. They need to maintain robust asset and liability management frameworks to enhance their resilience to both liquidity and funding risks as well as interest rate risk in the banking book. I will return to this topic later again.

    Finally, our supervisory priorities also include banks’ capabilities to manage climate- and environmental risks and cyber risk. Climate change can no longer be regarded only as a long-term or emerging risk, which is why banks need to address the challenges and grasp the opportunities of climate transition and adaptation. With regard to cyber risk, we have recently concluded a cyber resilience stress test to assess how banks would respond to and recover from a severe but plausible cybersecurity incident. While cyber risk has become a key risk for the banking sector, geopolitical tensions have further increased the threat of cyber-attacks.

    So, we may ask: how much of this resilience is structural, how much is cyclical? To get a more accurate picture of the current risk landscape, we need to slightly widen our gaze.

    Fringe vision

    This brings me to the fringe vision, looking at the broader macroeconomic environment.

    While the macro-financial environment has recently been improving as inflation decreases, near-term growth remains weak and subject to high uncertainty. Recent data indicate a gradual recovery in real GDP growth, primarily driven by the services sector, while industrial activity continues to face headwinds.

    Credit risk has only partially materialised so far, supported by strong fundamentals of households and corporates. Still, NPLs are slowly increasing, particularly in the commercial real estate (CRE) and small and medium-sized enterprise (SME) sectors. While the macroeconomic outlook signals a lower immediate risk of recession, asset quality in riskier segments is slowly deteriorating as the higher interest rate environment experienced over the last two years after a decade of ‘low for long’ weighs and may affect the debt servicing capacity of borrowers. In this context, we are conducting targeted reviews on banks’ portfolios that demonstrate more sensitivity to the current macro-financial environment. This includes targeted reviews of SME portfolios and following up on the findings from residential real estate and CRE portfolio reviews as well as from deep dives on forbearance and unlikely-to-pay policies. Banks also need to remediate persistent shortcomings in their IFRS 9 frameworks and maintain an adequate level of provisions. In this context, we are continuing IFRS 9 targeted reviews focusing on, among other things, the use of overlays and coverage of novel risks.

    The current market risk environment is characterised by high risk appetite and benign risk pricing, which has prevailed in financial markets over the past year. This environment is susceptible to sudden shifts in market sentiment and episodes of high volatility, as seen in the recent global financial market sell-off. Although markets showed substantial resilience during the spike in volatility in August, banks should be ready for and able to cope with further episodes of sharp repricing and high volatility. The implementation of the recently postponed market risk part of the Basel III reform, the Fundamental Review of the Trading Book, will strengthen capital requirements for banks and help boost their resilience.

    Rising geopolitical tensions

    Also within the broader macro-environment, the evolving geopolitical risk landscape has been on our radar for some time, considering the events of the past two and a half years, namely Russia’s war in Ukraine and the conflict in the Middle East.

    While the direct impact of recent geopolitical events on the banking sector has been contained so far and the immediate threats are limited, we need to remain attentive and systematically assess the possible ramifications for banks. Geopolitical shocks are cross-cutting and could have direct and indirect effects on banks’ financial and non-financial risks.

    For example, geopolitical shocks can exacerbate governance, operational and business model risks they lead to more sanctions or increased cyberattacks. We have seen a clear increase in the number of significant cyber incidents in 2023 and 2024, driven by attacks on service providers (typically ransomware) and by distributed denial-of-service attacks on banks. There can also be material consequences for banks’ credit, market, liquidity, funding and profitability risks, especially in cases where banks have large-scale direct or indirect balance sheet exposures to the countries, sectors, supply chains or firms and households that may be adversely affected by a geopolitical shock.

    Moreover, geopolitical events can also have wider second-round effects that could have negative knock-on consequences for the banking sector. For instance, downside risks to growth from slower economic activity or worsened sentiment as well as upward pressure on inflation related to supply or price shocks in energy or broader commodity markets can disrupt banks’ operating environment. Escalating geopolitical tensions might also result in heightened financial market volatility, triggering further episodes of asset price corrections.

    The recent increase in geopolitical tensions calls for heightened scrutiny and robust risk management frameworks in banks, so that supervisors and banks can properly assess potential risks in the evolving geopolitical environment and proactively mitigate them. As Supervisory Board Chair Claudia Buch said recently1, strengthening resilience to geopolitical shocks is a key priority for ECB Banking Supervision, and we will focus on a range of risk factors, from governance and risk management to capital planning, credit risk and operational resilience.

    Peripheral vision

    And now, let us exercise our athletic capabilities, and use our peripheral vision to look at the wider risk landscape.

    Structural trends, such as the reconfiguration of the financial value chain, the impact of digitalisation and social media on liquidity, and the rise of non-bank financial institutions, are reshaping the environment in which banks operate.

    Reconfiguration of the financial value chain

    The emergence of big tech companies and other non-banking firms offering financial services is leading to a major restructuring in the market, changing the risk landscape, blurring traditional industry lines and challenging conventional regulatory boundaries.

    Companies whose primary business is technology are entering the financial sector through e-commerce and payment platforms and subsequently expanding into retail credit, mortgage lending or crypto services. These firms may explore alternative, less regulated lending forms like crypto lending using peer-to-peer platforms, ultimately mimicking the economic functions of banks without being subject to the same comprehensive oversight.

    We need to expand our tools and surveillance to prevent gaps in oversight and ensure they are robust and versatile enough to oversee disintermediated, increasingly interconnected and possibly distributed-ledger-based business models. We must adapt the regulation and oversight of such firms, especially for entities that are mainly active in non-financial services, to gain a thorough understanding of the financial activities of large non-bank groups across jurisdictions and sectors. Let me underscore that we should avoid a regulatory “race to the bottom” driven by a narrow mission of prioritising innovation and attracting large firms, which may not contribute to the good of society.

    Liquidity risk supervision post-March 2023

    Earlier, I asked how much of banks’ resilience is structural and how much is cyclical. Let us look at the banking turmoil of March 2023 to better understand how banks weathered this crisis and identify what lessons we have learnt with regard to liquidity and funding.

    First, the events were a reminder to banks of the changing and increasingly volatile nature of depositor behaviour. Social media can play a pivotal role in encouraging large numbers of customers to withdraw deposits. In the case of Silicon Valley Bank, this behaviour was exacerbated by a highly networked and concentrated depositor base. Moreover, the advent of online banking, digitalisation, and the influence of non-bank competitors may also have a significant impact on depositor behaviour, affecting the stability of liquidity and funding sources. Therefore, banks must adapt their approaches so that they can monitor these risks more closely and understand the channels through which deposits are collected.

    We recently conducted a targeted review on the diversification of funding sources and the adequacy of funding plans. Our findings indicate a concerning heterogeneity in the adverse scenarios considered by significant banks. Often, these scenarios are only described at a high level, are not conservative, or only “stress” individual balance sheet items. The absence of comprehensive and credible underlying assumptions in these adverse scenarios reduces the reliability of funding plans and increases execution risk.

    The events of March 2023 also underscored the importance of banks’ readiness to swiftly implement contingency and recovery measures. Another recent targeted review focused on collateral mobilisation. It found that banks have the operational capacity to tap central bank liquidity facilities. However, banks’ assumptions about the time needed to monetise the assets appear rather optimistic in some cases, especially under stressed conditions. This optimism could hinder banks’ ability to cover any unexpected outflows in a timely and sufficient manner.

    Furthermore, banks need to adopt a more holistic and comprehensive cross-risk analysis of potential vulnerabilities. The turmoil demonstrated how quickly deficiencies in business models and shortcomings in the management of interest rate risk in the banking book (IRRBB) can escalate into liquidity issues. It is essential to assess spillover effects and understand how shortcomings in one area can amplify risks in another.

    From a regulatory perspective, the events of spring 2023, along with past crises, have shown that compliance with the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) may not provide sufficient assurance about a bank’s liquidity and funding situation. For instance, an LCR above 100% might still hide significant cliff risks just beyond the 30-day horizon. Two banks with identical LCRs might have vastly different liquidity profiles owing to concentration risks not captured by the ratio.

    However, it is important to remember that the LCR and the NSFR do not – and are not intended to – prevent all liquidity crises. They are not designed to address every residual risk, which should be managed on a case-by-case basis under Pillar 2. So while we support a review of specific aspects of the current calibration of these metrics, we are cautious about drastic changes.

    Instead, I would focus on the supervisory follow-up. And I can draw four main lessons with regard to the supervision of liquidity risk.

    First, supervisors, like banks, need to carry out holistic cross-risk analysis. Instead of looking at risks in isolation, we need to broaden our gaze and also focus on the interplay between IRRBB, liquidity risk management and governance arrangements.

    Second, we need increased supervisory scrutiny of banks’ modelling of non-maturity deposits, as these models are sometimes not based on proper economic evidence.

    Third, it is essential that supervisors consider supplementary liquidity and funding risk indicators, such as survival period or concentration metrics, to capture residual risks not addressed by the LCR or the NSFR. In European banking supervision we have successfully used maturity ladder reporting to calculate survival periods, which provides a more comprehensive analysis beyond the fixed calibration of the LCR and the NSFR.

    Finally, the March 2023 turmoil demonstrated the need for timely and up-to-date information on liquidity and funding. We therefore introduced weekly data collections for liquidity risks in September 2023. This has been instrumental in identifying changes and detecting structural shifts across the banking system.

    Growth of non-bank financial institutions

    Another issue we detect in our peripheral vision is the staggering growth of the non-bank financial institution (NBFI) sector. In the euro area, the sector has more than doubled in size, from €15 trillion in 2008 to €32 trillion in 2024. Globally, the numbers are even more worrying, with the sector growing from €87 trillion in 2008 to €200 trillion in 2022.

    The private credit market is of particular concern. It accounts for €1.6 trillion of the global market and has also seen significant growth recently. The European private credit market has grown by 29% in the last three years but is still much smaller than the market in the United States, which is where investors and asset managers are often based. The end investors are pension funds, sovereign wealth funds and insurance firms, but banks play a significant role in leveraging and providing bridge loans at various levels to credit funds. We have recently completed a deep dive on the topic and found that banks are not able to properly identify the detailed nature and levels of their full exposure to private credit funds. Therefore, concentration risk could be significant.

    We know that risk from the NBFI sector can materialise through various channels. One of them is through the correlation of exposures, especially given the growth in private credit and equity markets. We supervisors do not have a full picture of the level of exposure and correlations between NBFI balance sheets and bank lending arrangements, lines of credit or derivatives to and from NBFIs.

    To make the market less opaque and more visible within even our fringe and central line of sight, we should further harmonise, enhance and expand reporting requirements. We need to make information sharing between authorities easier at global level to provide the visibility we need to play with more agility on the field.

    Conclusion

    Earlier, I asked how much of the banking system’s resilience is cyclical and how much is structural. I think it is safe to say that the European banking system is in better shape today than it was ten years ago. This won’t surprise anyone in this room. Stronger capital and liquidity positions and healthier balance sheets are objective factors contributing to the resilience of the system.

    Still, I am a supervisor, so I am paid to worry. If my career has taught me anything, it’s that accidents are more likely to happen when people get complacent. This is why I am calling on you to use your full vision – not only your central and fringe vision, but your peripheral vision too. Crises often emerge from the shadows, and it’s the overlooked risks that pose the greatest danger.

    Let me conclude with another lesson that I have learnt during my career. It’s a quote from Mark Twain: “There is no education in the second kick of a mule”. We have seen too many crises caused by hidden risks lurking beneath the surface – the ones we fail to see until it’s too late – which is precisely why we must get ahead of these risks this time around.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI: FLYR and Riyadh Air Partner to Deliver the World’s First Digitally-Native Airline, Utilizing Offer and Order Technology

    Source: GlobeNewswire (MIL-OSI)

    Together, Riyadh Air and FLYR are transforming the passenger experience with shopping cart capabilities for passengers at every touch point

    Riyadh Air’s digital guest journey will be revealed at Future Investment Initiative Institute in Riyadh at the end of October

    SAN FRANCISCO and RIYADH, Saudi Arabia, Oct. 09, 2024 (GLOBE NEWSWIRE) — FLYR, the technology company that unlocks freedom to innovate for the travel industry, and Riyadh Air, one of the most forward-thinking airlines globally, today announced a strategic partnership that will shape the future of passenger travel. Through this partnership Riyadh Air will become the first full service carrier to operate on a fully native offer and order based technology to deliver a modern retailing platform and experience to its customers. Both FLYR and Riyadh Air have adopted the International Air Transport Association’s (IATA) guiding business architecture principles for IT in modern airline retailing.

    Comments on the news:

    Tony Douglas, CEO of Riyadh Air, said: “At Riyadh Air, innovation is at the core of everything we do. We are not just launching an airline; we are launching a new era of air travel. Our partnership with FLYR empowers us to harness the latest technologies to deliver a truly personalized and seamless travel experience, exceeding expectations at every step of the journey and offering our guests a virtually unlimited range of options at every touchpoint.”

    Alex Mans, Founder and CEO of FLYR, said: “Backed by the hopes, dreams, and financial might of a nation that is 92 percent urban and just 29 years of age on average, Riyadh Air embodies the future. Our partnership represents a significant step forward for the airline industry, proving that airlines can indeed say goodbye to the legacy PSS and welcome the future of retailing with Offer and Order. Together, we will set a new standard and demonstrate how a more responsive, personalized, and end-to-end travel experience is possible while simultaneously remaining compatible with technologies of the past.”

    An integral part of this step forward in airline retailing is how FLYR’s technology directly enables Riyadh Air to craft the digital retail experience today’s travelers have come to expect from most other industries. By easily introducing key capabilities such as shopping cart-like experiences, customers can book and change plans seamlessly, accessing everything they need for their trip in one location – from Riyadh Air flights and ancillaries, to third-party integrations including hotels and activities. FLYR provides the foundation for Riyadh Air to deliver these experiences in the form of several key technology solutions:

    • Offer Management capabilities, often referred to as “making the customer promise”, are delivered through Product Catalog, Stock Keeper, and Offer Translator enable Riyadh Air to deliver personalized offers to its customers across all touch points. Powered by artificial intelligence (AI), Riyadh Air is able to introduce and distribute new products in real-time, while delivering tailored options for all customers across every touchpoint.
    • Order Management capabilities built upon IATA’s open ONE Order standard, will enable Riyadh Air to have order as the “single source of truth” for all downstream systems and processes. Riyadh Air is able to unify the entire customer journey including air and non-air products including airfare, seat selection, baggage, ancillaries, and third party products – into a single order. FLYR’s implementation of ONE Order supports all products the airline chooses to sell, including those from third parties, to be stored and managed centrally.
    • Digital Customer Experience capabilities orchestrate modern booking flows and integrate various systems involved with the retailing flow, visibly positioning Riyadh Air as the world’s first truly digitally native airline by offering exceptional and seamless travel experiences from booking to landing.

    Riyadh Air is shaping the future of flying, ushering in a new era for the travel and flying experience. The world-class, full-service airline is committed to sustainability and the highest safety standards across its advanced fleet of aircraft. Collaborating closely with airline partners such as Delta Air Lines, Singapore Airlines, and more, Riyadh Air will offer a seamless, globally connected travel experience unlike any other. Riyadh Air and FLYR will reveal the comprehensive digital guest journey at the Future Investment Initiative (FII), the flagship investment conference in Riyadh, at the end of October.

    About FLYR
    FLYR is a technology company that unlocks freedom to innovate for the travel industry – eliminating legacy constraints to enable real-time decision making and create the experiences travelers seek. Cloud native, FLYR leverages technologies including deep learning, an advanced form of AI. FLYR is helping airlines and hospitality businesses around the globe improve revenue performance, reduce cost, and modernize their e-commerce experience. Learn more at http://www.flyr.com.

    About Riyadh Air
    Riyadh Air, a PIF company, is a world-class airline. Launched in March 2023, the airline will be a digitally led, full-service airline that adopts the best global sustainability and safety practices across its advanced fleet of aircraft. Riyadh Air will equip its aircraft with the most advanced, state-of-the-art features with innovative, best-in-class cabin interiors and experiences, including next generation digital in-flight entertainment systems and connectivity solutions. Riyadh Air will connect guests to over 100 destinations around the world by 2030 through offering an exceptional guest experience with an authentic, warm Saudi hospitality at its heart. Website: http://www.riyadhair.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37141509-0fe2-4527-8863-7a52d06dcff6

    The MIL Network –

  • MIL-OSI Economics: Adriana D Kugler: The global fight against inflation

    Source: Bank for International Settlements

    Charts and figures accompanying the speech 

    Thank you, Isabel, and thank you for the opportunity to speak here at the ECB today. I am particularly pleased to be part of this year’s conference because the theme you have chosen has, for some time now, also been a theme of my career as an academic and public servant. Every day, of course, central bankers must bridge science and practice, drawing on the insights that research provides, specifically, because the economy and the world are continuously subject to new circumstances. We must do so, and put those insights into practice, because everyone in the United States, and in Europe, and around the world, depends on a healthy and growing economy, and depends on policymakers making the right decisions to help keep it that way.

    But well before I came to the Federal Reserve, I was also bridging science and practice. First, as a labor economist, when, for example, I was exploring how employment, productivity, and earnings are influenced not only by educational attainment and experience, but also by policies. Later, as chief economist at the Department of Labor, I brought science to bear in carrying out its mission of supporting workers. As the U.S. representative at the World Bank, economic science was likewise crucial in deciding how to best direct the institution’s resources to where they were needed the most. In each of these roles, I have learned a bit more about the need to balance rigorous scientific understanding of the problems that people face with the real-world experiences of those people, which sometimes do not fit so neatly into an economic theorem or principle.

    Most recently, my colleagues and I on the Federal Open Market Committee (FOMC) have been focused on the very practical task of reducing inflation while keeping employment at its maximum level. To understand the recent experience of high inflation in the United States, it is helpful to consider how inflation behaved around the world after the advent of the COVID-19 pandemic. In the remainder of my remarks, I will discuss the global dimensions of the recent bout of high inflation in different economies, both comparing similarities and contrasting differences, with a special emphasis on the factors that enabled the United States to achieve disinflation while having stronger economic activity relative to its peers. I will then conclude with some comments on the U.S. economic outlook and the implications for monetary policy.

    MIL OSI Economics –

  • MIL-Evening Report: Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next?

    Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University

    Japan’s new prime minister, Shigeru Ishiba, has been in the job for just over a week. But today, as had been widely expected, he dissolved Japan’s parliament, the Diet, triggering a snap election for later this month. It’s the fastest dissolution by a postwar leader in Japan.

    The typically short campaign will officially start on October 15, with election day on October 27.

    So, why is this election happening so soon after Ishiba took office? And what could happen next?

    Why hold elections now?

    Ishiba became prime minister on September 27 after finally winning the contest to be leader of the ruling Liberal Democratic Party (LDP) on his fifth attempt. He narrowly beat the ultra-nationalist Sanae Takaichi, denying her bid to become Japan’s first female prime minister.

    By holding a snap election for the House of Representatives, a year before it is required under the Constitution, Ishiba is hoping to catch the opposition parties off guard and secure a more solid mandate to pursue his policy agenda. He’s banking on the public rallying behind a new face and image for his party, following the unpopularity of former Prime Minister Fumio Kishida.

    The LDP should win next month’s election handily, despite the turbulence caused by recent scandals and leadership changes in the party. The LDP is still far ahead of the opposition in recent polling. A large number of people, however, remain uncommitted to any political party.

    The first approval rating poll for Ishiba’s new cabinet was also just over 50%. That’s lower than the polling for Kishida’s first cabinet three years ago. This indicates the public is not as enthusiastic for the new prime minister as the LDP might have hoped.

    The main opposition Constitutional Democratic Party (CDP) has also just elected a new leader, former Prime Minister Yoshihiko Noda. It is hoping to boost its consistently low opinion poll ratings by attempting to project an image of reliability and stability.

    What is Ishiba promising?

    In his first policy statement to the Diet last week, Ishiba pledged to revitalise the economy, particularly through doubling subsidies and stimulus spending for regional areas. He also promised to address wage growth, which remains weak due to cost of living pressures. It has been made worse by the relatively weak yen.

    Ishiba also wants to boost investment in next-generation technologies, particularly artificial intelligence and semiconductor manufacturing. And he indicated he may support an increase in the corporate tax rate. This could tap the massive cash reserves of major corporations to fund regional revitalisation programs. It could also provide more support to families of young children to boost Japan’s sagging birth rate.

    Tax hikes would also be necessary to maintain the higher defence spending that began under former Prime Minister Shinzo Abe and continued under Kishida.

    To appease the conservative wing of his party, which had backed Takaichi in the LDP leadership contest, Ishiba has backtracked on several policy positions he had previously supported. This includes reducing Japan’s reliance on nuclear power, allowing women to keep their family names after marriage, legalising same-sex marriage, and encouraging the Bank of Japan to gradually increase interest rates.

    Ishiba also conceded his proposal to pursue an “Asian-style NATO” will have to remain a longer-term ambition, after officials from India and the US expressed doubts over the proposal.

    Ishiba has confirmed, after some initial uncertainty, that his party will not endorse ten Diet members in the election who were implicated in a slush fund scandal that had damaged Kishida’s government. These Diet members are mainly from the large conservative wing of the party, removing some internal opposition to the new prime minister.

    However, public doubts over Ishiba’s commitment to genuine party reform, as well as infighting from the resentful remaining members of the conservative wing, could also result in a drop in support for the LDP.

    Is there any hope for the opposition?

    If it fares poorly in the election, the LDP could be even more dependent on support from its coalition partner, the Komeito Party, to retain control of the lower house and remain in government.

    The Komeito Party is backed by the Buddhist Soka Gakkai religious movement. It currently has 32 members in the Diet, compared to 258 for the LDP.

    To even have a chance of forming a minority government, the main opposition CDP (which has 99 seats currently) will need to present an appealing alternative policy program, which it has so far been unable to do. Japan has not had a minority government since 1993.

    Should the LDP-Komeito coalition nevertheless drop below the 233 Diet members required to maintain a majority, the second-largest opposition party, the populist, right-wing Japan Innovation Party, could find itself holding the balance of power.

    Ishiba’s challenge in this early election is not only to win enough votes to retain government, but to be electorally successful enough to hold off his rivals from the conservative wing of the LDP. They will be seeking to exploit any future failures by Ishiba to pressure him to step down early.

    If that were to happen, Takaichi would likely be a leadership contender again.

    Craig Mark 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. Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next? – https://theconversation.com/why-did-japans-new-leader-trigger-snap-elections-only-a-week-after-taking-office-and-what-happens-next-240888

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Bank “ROSSIYA” acted as a partner of the X All-Russian Conference “Priorities of Market Electric Power Industry in Russia”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Bank “RUSSIA” Russia Bank – 09.10.2024

    Bank “ROSSIYA” acted as a partner of the X All-Russian Conference “Priorities of Market Electric Power Industry in Russia”

    Bank “ROSSIYA” took part in and became a partner of the jubilee 10th All-Russian conference “Priorities of the market electric power industry in Russia: (un)limited possibilities”, which was held on October 2-4 in Sochi.

    At the initiative of Bank “ROSSIYA”, a business breakfast was held as part of the conference, dedicated to the problems of developing digital services and financial infrastructure for “green” electric power industry.

    It was attended by the Chairman of the Board of the Association “NP Market Council” M.S. Bystrov and the Director of the Department of Competition, Energy Efficiency and Ecology of the Ministry of Economic Development of Russia I.A. Petrunina. The Bank was represented at the event by Deputy Chairman of the Board A.V. Shalenkov, Senior Vice President E.V. Svitova, Vice President – Head of the Department for Work with Electric Power Enterprises R.I. Tugushev and other managers.

    A.V. Shalenkov addressed the event participants with a welcoming speech. In his speech, he noted the importance of supporting initiatives aimed at preserving the climate: “In our country, as in the rest of the world, there is a growing demand for financial instruments that ensure the “greening” of business and confirm its commitment to ESG principles. Bank “ROSSIYA” has experience working with projects related to “green” energy – they are valuable to us not only because of their economic efficiency, but also in terms of the climate goals that our country and society face. We have the necessary infrastructure to implement new services in this area and are confident that our numerous clients will respond to such initiatives.”

    The prospects of new instruments were outlined by M.S. Bystrov: “The interests of the state in the sphere of “green” electric power coincide with the goals of business and ordinary consumers. The “green” agenda remains among the priorities of petrochemical, metallurgical and other industrial companies. Ordinary people, mainly young people, also want to make their consumption more responsible and environmentally friendly. The certification system allows both to move in this direction, opening up new “green” opportunities.”

    I.A. Petrunina in her speech emphasized the importance of the climate agenda in the country’s economic development: “The Ministry of Economic Development is working in two key areas – low-carbon regulation and energy efficiency. Over the past two years, noticeable shifts have been observed in this area, the necessary regulatory and legal architecture of public administration is being created. We are also creating infrastructure for the implementation of climate projects by businesses. Carbon units, like “green” certificates, are already actively used by market participants.”

    Member of the Board of the Association “NP Market Council”, General Director of the Center for Energy Certification LLC O.G. Barkin told the participants about the development of the “green” certification system in Russia. With the help of certificates, consumers can confirm the use of energy obtained from clean sources. Given the growing awareness of society and the overall growth in demand for products with a low carbon footprint, energy certification can also be considered a promising area.

    The Director of Energy and Resource Provision of PJSC SIBUR V.V. Tupikin, the Director of Work with Natural Monopolies of JSC RUSAL Management M.G. Balashov, the Managing Director of JSC Energosbyt Plus Yu.B. Chernyavskaya and other participants of the event also presented their vision of the problems of “green” electric power industry.

    The Bank’s retail employees took an active part in the conference. Participants and guests were given consultations on mortgages in the primary market, refinancing, consumer lending, and applications for credit cards were accepted. Agreements were also reached on holding retail events on the premises of enterprises in the electric power sector.

    For ten years, Bank “ROSSIYA” has been an authorized credit organization of the Wholesale Electricity and Capacity Market (WECM). During this time, the Bank managed to create an effective technological structure for settlements between enterprises in the electric power industry.

    Participation in the conference contributed to the development of mutually beneficial cooperation and strengthening the image of Bank “ROSSIYA” among players in the electric power market.

    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://abr.ru/about/nevs/13713/

    MIL OSI Russia News –

  • MIL-OSI Security: Four arrests and nine companies seized in anti-mafia operation in Italy and Brazil

    Source: Eurojust

    Eurojust supported this international operation, which hit a notorious mafia organisation. Investigations into the criminal organisation uncovered an elaborate scheme that was laundering money from Italy to Brazil, through several companies. The operation on 7 October led to the arrest of four suspects and the seizure of nine companies in Italy, Hong Kong and Brazil.

    The suspects arrested today were involved in the mafia organisation and used extortion, money laundering and the fraudulent transfer of valuables to facilitate important mafia organisations. The main suspect in the scheme set up multiple companies in Brazil using straw men and shell companies. The companies were used to hide the criminal gains of mafia organisations from Italy.

    The investigations revealed that other companies active in the property and hospitality sectors in Italy, Hong Kong and Brazil were part of this elaborate money-laundering scheme. During the operation, nine companies were seized, as well as money worth EUR 350 000.

    The operation on 7 October is the second action from a joint investigation team (JIT) set up at Eurojust between Italian and Brazilian authorities. The JIT has been investigating the mafia organisation since 2022. The first operation took place on 13 August and led to the arrest of a member of a mafia family and the freezing of assets worth EUR 50 million. 

    The Italian and Brazilian authorities have been investigating the activities of the mafia organisation since 2022 through a JIT, set up with the support of Eurojust. Their investigations uncovered the activities of the organisation in Switzerland and Hong Kong.

    The following authorities were involved in the actions:

    • Italy: Public Prosecutor’s Office of Palermo – District Antimafia Directorate; Guardia di Finanza – G.I.C.O. (Organized Crime Investigative Group) of Palermo
    • Brazil: Federal Prosecutor’s Office of Rio Grande do Norte

    MIL Security OSI –

  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” publishes its NAV for September 2024

    Source: GlobeNewswire (MIL-OSI)

    At the end of September 2024, the net asset value (NAV) of UAB “Atsinaujinančios energetikos investicijos” including success fee-accrual decreased to EUR 110,652,666 compared to the previously determined NAV at the end of June 2024 which amounted to EUR 112,755,226.

    The share price including success fee-accrual decreased to EUR 1.8865 compared to the previously determined share price which at the end of June 2024, amounted to EUR 1.9223. The pro-forma internal rate of return (IRR) since inception including success fee-accrual decreased to 6.73% compared to the previously announced IRR of June 2024, which amounted to 8.12%.

    At the end of September 2024, the NAV excluding success fee accrual decreased to EUR 110,652,656 compared to the previously determined NAV at the end of June 2024, which amounted to EUR 112,836,039. The share price excluding the success fee accrual decreased to EUR 1.8865 compared to the previously determined share price which at the end of June 2024, which amounted to EUR 1.9237. The IRR excluding the success fee accrual decreased to 6.73 % compared to the previously announced IRR of June 2024, which amounted to 8.15%

    Contact person for further information:

    Grėtė Bukauskaitė

    Manager of the Investment Company

    grete.bukauskaite@lordslb.lt

    http://www.lordslb.lt/AEI_green_bonds

    The MIL Network –

  • MIL-OSI: Total voting rights – Correction

    Source: GlobeNewswire (MIL-OSI)

    FORESIGHT TECHNOLOGY VCT PLC

    LEI: 21380013CXOR8N6OD977

    Total Voting Rights – Correction

    Foresight Technology VCT plc (the “Company”) wishes to notify the following corrections to the voting rights disclosed in the below ‘Total Voting Rights’ announcements, which were made public on the dates specified below. The Deferred Convertible Shares issued by the Company hold no voting rights and, therefore, shareholders should use the total number of voting rights in issue in respect of the FWT Share class only as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.

    As at today’s date, the Company has 35,459,937 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 35,459,937. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.

    Date announcement published Date of voting rights Correction to total voting rights disclosure
    07 August 2023 31 July 2023 The Company has 25,419,835 FWT Shares and 34,046,589 non-voting Deferred Convertible Preference Shares in issue.

    Therefore, the total voting rights in the Company is 25,419,835. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    30 November 2023 30 November 2023 The Company has 27,338,866 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 27,338,866. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    29 December 2023 29 December 2023 The Company has 28,313,945 FWT Shares and 34,046,589 non-voting Deferred Convertible Preference Shares in issue.

    Therefore, the total voting rights in the Company is 28,313,945. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    29 February 2024 29 February 2024 The Company has 29,045,658 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 29,045,658. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    28 March 2024 28 March 2024 The Company has 32,445,165 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 32,445,165. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    30 April 2024 30 April 2024 The Company has 35,206,969 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 35,206,969. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    05 June 2024 31 May 2024 The Company has 35,459,937 FWT Shares and 34,046,589 non-voting Deferred Convertible Shares in issue.

    Therefore, the total voting rights in the Company is 35,459,937. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company under the FCA’s Disclosure Guidance and Transparency Rules.

    For further information please contact:

    Gary Fraser, Foresight Group: 020 3667 8181

    The MIL Network –

  • MIL-OSI Asia-Pac: 19th Meeting of Hong Kong/Guangdong Expert Group on Co-operation in Informatisation held in Guangzhou

    Source: Hong Kong Government special administrative region

         The Hong Kong/Guangdong Expert Group on Co-operation in Informatisation convened its 19th meeting in Guangzhou today (October 9) to deepen sustained co-operation in informatisation between the Hong Kong Special Administrative Region (HKSAR) and Guangdong Province.

         The Commissioner for Digital Policy, Mr Tony Wong, and the Deputy Director-General of the Department of Industry and Information Technology of Guangdong Province (GDDIIT), Mr Qu Xiaojie, reviewed the work progress and achievements of the Expert Group over the past year. They discussed and exchanged views on the work plan in the coming year, and agreed to continue strengthening co-operation in five areas of informatisation:

    1. accelerating development of a Guangdong-Hong Kong smart city cluster;
    2. deepening collaboration on cross-boundary e-commerce between Hong Kong and Guangdong;
    3. enhancing informatisation for cross-boundary customs clearance;
    4. continuing to deepen the innovation and technology (I&T) co-operation; and
    5. expediting co-operation in telecommunications business and infrastructure between Hong Kong and Guangdong.

         Mr Wong said in the meeting that “Guangdong’s Research Report on Development of New Quality Productive Forces 2023” revealed that Guangdong has established significant competitive advantages in three major sectors including artificial intelligence (AI), high-end manufacturing, and biomedicine. This resonated well with the emphasis of the Hong Kong I&T Development Blueprint that Hong Kong should focus on the development of I&T industries of strategic importance such as life and health technology, AI and data science, as well as advanced manufacturing and new energy technology industries. He hoped that the Digital Policy Office (DPO) and the GDDIIT could jointly explore avenues for promoting collaboration in the development of AI and digital industries between the two places.

         Officials from relevant departments, including the DPO, the Office of the Communications Authority, the Innovation and Technology Commission, the Marine Department, and Hong Kong Customs attended the meeting on behalf of the HKSAR Government. Mainland representatives who attended the meeting included officials from the GDDIIT, the Guangdong Provincial Administration of Government Service and Data, the Department of Science and Technology of Guangdong Province, the Radio and Television Administration of Guangdong Province, the Guangdong Communications Administration, the Guangdong Sub-Administration of the General Administration of Customs of the People’s Republic of China, the Department of Transport of Guangdong Province, the Department of Commerce of Guangdong Province, the Guangdong Provincial Development and Reform Commission, and the Hong Kong and Macao Work Office of the CPC Guangdong Provincial Committee. Members of the HKSAR delegation also comprised representatives from research institutions and industry organisations, including the Hong Kong Applied Science and Technology Research Institute, the Logistics and Supply Chain MultiTech R&D Centre, the Cyberport, and GS1 Hong Kong.

         With the arrangement of the GDDIIT, the Hong Kong delegation visited the Guangzhou Digital Technology Group after the meeting to learn more about the enterprise’s developments on AI, smart city solutions and its exploration of data elements.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKMA and HKAB support ICAC’s launching of Banking Industry Integrity Charter

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) fully support the Banking Industry Integrity Charter (Integrity Charter) introduced by the Independent Commission Against Corruption (ICAC). The two organisations co-hosted today (October 9) a launching ceremony for the Integrity Charter together with the ICAC. Senior management from 30 banks, including those from major retail banks and private wealth management banks in Hong Kong, attended the ceremony. Representatives of the Chinese Banking Association of Hong Kong and the Private Wealth Management Association also attended the event (see Annex).
          
         The HKMA has long been encouraging banks to further their work in integrity building. The ICAC launched the Integrity Charter to create a platform for communication through public-private partnership, helping banks to implement effective integrity management and anti-corruption measures. The ICAC will provide anti-corruption recommendations tailored for the banking industry, share anti-corruption cases with the industry, and arrange regular thematic training for banks to further support the industry’s efforts in integrity building and promoting honest and responsible business practices. Banks participating in the Integrity Charter will commit to further strengthening their internal anti-corruption capabilities and promoting an integrity culture among their business partners.
          
         The Chief Executive of the HKMA, Mr Eddie Yue; the Commissioner of the ICAC, Mr Woo Ying-ming; and the Chairman of the Hong Kong Association of Banks, Ms Luanne Lim, officiated at the ceremony to mark the launch of the Integrity Charter. During the event, the ICAC also showcased for the first time the logo specially designed for the Integrity Charter.
          
         In his welcome remarks, Mr Yue said, “Customer trust is an important pillar for the sustainable development of the banking industry. The professionalism and ethical conduct of banks and their frontline staff are key to building customer trust. The launch of the Integrity Charter by the ICAC is conducive to maintaining the stability of the Hong Kong banking system, and also helps to consolidate and enhance Hong Kong’s status as an international financial centre. It provides strong support for the Hong Kong banking industry to develop new markets, including the Middle East and Southeast Asia.”
          
         Mr Woo said in his welcome remarks, “Hong Kong is widely recognised as one of the most corruption-free places in the world and its financial sector is vibrant and thriving. The Integrity Charter combines the two advantages of Hong Kong – integrity and finance – underlining the banking industry’s commitment to integrity and enhancing its anti-corruption capabilities, to maintain and develop Hong Kong’s position as an international financial centre.”
          
         Ms Lim said, “The Integrity Charter will help the public better understand banks’ determination to maintain a clean society and combat corruption collectively.” She encouraged members of the association to participate in the Integrity Charter.
          
         For further information about the Integrity Charter, please visit the webpage of the ICAC’s Corruption Prevention Advisory Service at cpas.icac.hk/EN/Info/TP_Library?cate_id=10046.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: “Time of Science” at the “Knowledge Day” of the Rosatom Corporation

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The regional part of the career guidance event “Knowledge Day” of the Fuel Division of the Rosatom State Corporation was held at the Advanced Engineering School of Peter the Great St. Petersburg Polytechnic University “Digital Engineering” (AES SPbPU).

    The main goal of the event is to develop and strengthen the human resources potential of the nuclear industry, provide regional enterprises with the necessary personnel and timely career guidance work with young people to prepare a new generation of nuclear workers as part of the implementation of the Rosatom-2030 strategy. More than 700 representatives of enterprises of the Fuel Division of the Rosatom State Corporation, educational organizations, students and schoolchildren from Moscow, St. Petersburg, Novosibirsk, Kaliningrad, Elektrostal, Glazov, Seversk, Zelenogorsk, Vladimir, Novouralsk, Angarsk and other cities took part in the large-scale Knowledge Day in person and remotely.

    The Advanced Engineering School of SPbPU “Digital Engineering” and Centrotech-Engineering LLC acted as co-organizers of the regional stage of the event in St. Petersburg. Let us recall that Rosatom, consisting of seven divisions, including the Fuel Division, actively supported the program of the Advanced Engineering School of SPbPU “Digital Engineering” with letters of guarantee for co-financing for the development of joint scientific and technological project activities and the development of common educational programs, as well as the expansion of educational infrastructure.

    Thus, in the SPbPU PISh “Digital Engineering” training of master’s students is conducted according to the educational program “System digital engineering in nuclear engineering” (direction “Applied Mechanics”), developed jointly with OOO “Tsentrotekh-Engineering” (part of the management circuit of the Fuel Company of JSC “TVEL” of “Rosatom”). Also for the organization of effective training of “engineers of the future” in the interests of the nuclear industry PISh SPbPU and the Fuel Division of “Rosatom” opened joint Scientific and Technological Educational Space “TVEL – SPbPU” in 2023.

    The program of the “Day of Knowledge” included a presentation by the management of the Fuel Division of Rosatom, representatives of schools, colleges and universities to exchange experiences and combine best practices in attracting young people to choose engineering professions in the nuclear industry and developing the potential of young engineering personnel, as well as an exciting game “Time of Science” for students and schoolchildren.

    Natalia Sobakinskaya, Vice President for Human Resources Management at TVEL Fuel Company of Rosatom State Corporation, greeted the participants of the Knowledge Day and spoke about their professional path in the nuclear industry. She noted a wide range of Rosatom events and initiatives aimed at developing a personnel reserve, including expanding the network of specialized schools and colleges, creating thematic communities for young people and their parents, where they can learn more about growth opportunities in the corporation in four vectors: Science, Technology, Production, Projects.

    One of our tasks is to create new science-intensive technologies that no one in the world will be able to repeat. This is exactly what Rosatom’s competitive advantage is based on. Therefore, everyone who works in our science is the creator of the future, namely new materials, designs, products that the world has never seen before. Technologists at our enterprises are actively involved in digitalization. This role combines the knowledge of an engineer, technologist and programmer. Thus, several areas of development are opening up for young specialists at once, – concluded Natalia Sobakinskaya.

    On behalf of the Ministry of Education of the Russian Federation, Deputy Director of the Department of State Policy in the Sphere of Secondary Vocational Education and Training Marina Safronova spoke, highlighting the training of qualified personnel in the SPO system in the context of technological leadership and national sovereignty.

    It is necessary to think about choosing a future profession already at school. Within the framework of the federal project “Professionality”, which has been successfully implemented for three years, we tried to form a student’s career map so that each young person has a clear understanding of the goals he wants to achieve, as well as the necessary steps and knowledge on the way to them. Consistency in choosing a career path is the value that is in the focus of the development of the entire system of secondary vocational education, – explained Marina Innokentyevna.

    Deputy General Director for Digital Engineering of Centrotech-Engineering LLC Viktor Duranichev shared his experience of cooperation with PISh SPbPU.

    We are working on solving urgent frontier tasks of the nuclear industry, which require multidisciplinary knowledge from us. In this regard, the established partnership with the Advanced Engineering School of SPbPU “Digital Engineering” helps us a lot. Even during their studies, master’s students of the Advanced Engineering School of SPbPU have the opportunity to join those science-intensive projects that we conduct jointly with the Advanced Engineering School of the Polytechnic University, and continue working on them after graduation, but already in the team of OOO “Centrotech-Engineering”. We already have examples when a graduate of the Advanced Engineering School of SPbPU heads his own project in our company, which, without exaggeration, is aimed at the technological leadership of the country at the present time. I thank the team of the Advanced Engineering School of SPbPU “Digital Engineering” and invite all the guys to join our innovative projects in due time, – said Viktor Duranichev.

    Deputy Head of the Advanced Engineering School of SPbPU “Digital Engineering” Oleg Rozhdestvensky spoke about admission to the school’s master’s program, cooperation with industrial partners and invited everyone to attend career days at the Polytechnic University.

    When admitting to the Master’s program, we start from the fact that we are looking not just for students, but for potential colleagues — highly qualified engineers who will ensure the development of industries, take part in the digital transformation of production and conduct breakthrough research in the next five years. During the admission campaign to the Master’s program, we focus on assessing the portfolio, which reflects not only the student’s formalized knowledge, but also applied research, during which he gained real experience in project activities, calculations and modeling. After admission to the SPbPU PISh, we actively develop these skills and competencies of the student together with industrial partners as part of common project activities. Most often, our graduates continue this truly complex and important research, but already full-time in the partner’s company, — Oleg Igorevich summed up.

    The participants of the educational game “Time of Science” from Polytechnic University were 3rd-5th year students of the Physics and Mechanics Institute, the Institute of Power Engineering of SPbPU and the Advanced Engineering School of SPbPU “Digital Engineering” in four mixed teams. The game process was divided into three rounds with ten tasks in each. The guys demonstrated their knowledge and erudition, logic and attentiveness, answered questions on physics, chemistry, mathematics, geometry. Read more about this here.

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

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

    https://vvv.spbstu.ru/media/nevs/partnership/time-of-science-at-the-day-of-knowledge-of-rosatom-corporation/

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: CMA cautions will writing and legal service providers as new guidance launched

    Source: United Kingdom – Government Statements

    CMA issues letters to businesses alongside new guidance following an investigation into unregulated providers of will writing, online divorce and pre-paid probate services.

    iStock

    The Competition and Markets Authority (CMA) is taking action to protect the growing number of UK consumers who are opting for alternatives to high street solicitors when making a will or getting divorced. Businesses which provide these unregulated legal services are a growing part of the legal sector and it is crucial they understand and comply with their consumer protection obligations. People buying these services need to be sure they are getting a fair deal. 

    The CMA has written to seven providers of unregulated legal services cautioning them against using particularly concerning practices such as aggressive upselling, the refusal of refunds and failing to respond to complaints. 

    Those who receive a letter should acknowledge it and act on any recommendations to review and revise their contract terms and practices. With the CMA set to receive stronger enforcement powers from next spring, if concerns are not addressed, the businesses could face a formal investigation. 

    As these types of services are not purchased very often, the CMA is concerned that consumers may not have a clear idea of what they may be expected to pay or the different options available to them. So, to help boost compliance levels across unregulated legal services, the CMA is also issuing new tailored guidance for businesses in the sector. This follows a consultation which received widespread support from consumer bodies, trade associations and the firms offering these services.  

    To complement the guidance for businesses, the CMA has published consumer guides for people making a will or going through a divorce. The significant consumer risks associated with pre-paid probate services are also highlighted. 

    Hayley Fletcher, CMA’s Interim Senior Director for Consumer Protection, said:

    Alternatives to conventional high street law firms can offer convenient services for people – and when day-to-day budgets are already under pressure, they can be a more cost-effective option.  

    Those offering these types of legal services often meet their customers at some of the most challenging times in life, so it’s particularly important that a difficult time is not made harder by misleading or unfair practices.   

    Our new guides will help empower consumers to ask businesses the right questions before they buy and give businesses an opportunity to get their house in order. 

    To ensure they comply with the law, we expect businesses in the sector to read the new guidance and make the necessary changes to their terms and practices. Those who don’t could face enforcement action.

    The new guidance explains how businesses can ensure they: 

    • draft fair terms and conditions and provide consumers with the information they need to make informed decisions 

    • provide services with reasonable care and skill 

    • use sales practices that are not misleading or aggressive 

    To raise business awareness of the CMA’s new guidance, an open letter has been sent to providers and published online. The CMA will continue to monitor the sector and expects to conduct a formal compliance review in due course. 

    Guides for consumers 

    The CMA’s new guides for consumers outline the options available when choosing a will writer or a divorce service provider, including the key things people need to keep in mind when buying these services and the potential sources of help if things go wrong after purchase.  

    Consumers are cautioned to think carefully before buying pre-paid probate plans as they come with significant consumer protection risks, including that the company could cease trading before the consumer’s death. A consumer warning on pre-paid probate services is already available via the Financial Conduct Authority and sets out the key issues for consumers to be aware of in relation to these services. 

    More information can be found on the unregulated legal services case page.  

    Notes to editors:  

    1. The CMA’s work in this area relates to consumer protection law, which applies across the UK. The separate laws relating specifically to wills, probate and divorce and the provision of legal advice in those areas differ across the nations of the UK: 

      • In England and Wales, only certain legal services (‘reserved legal activities’) are restricted to regulated legal services professionals (such as solicitors or chartered legal executives). Reserved legal activity is a defined term in the Legal Services Act 2007. 

      • In Scotland, certain legal services are restricted to professionals authorised to conduct those services based on the qualification they hold (such as solicitors, advocates and certain other professionals including commercial attorneys, notaries public and conveyancing practitioners). They are subject to statutory regulation: see Section 32 of the Solicitors (Scotland) Act 1980. Note that the Regulation of Legal Services (Scotland) Bill is currently before the Scottish Parliament, which if enacted will affect the regulation of legal professionals in Scotland. 

      • Similarly, in Northern Ireland, certain legal services are restricted to qualified persons such as solicitors: see Article 23 of the Solicitors (Northern Ireland) Order 1976.  

    2. The focus of the new guidance is unregulated providers, where the additional requirements of professional regulation do not apply. However, regulated providers must also meet their legal obligations including compliance with consumer law.  

    3. The CMA has a range of enforcement powers under consumer protection law, and these are shared with other bodies, such as local Trading Standards Services.  

    4. This consumer enforcement investigation was initiated by the CMA in July 2023 to protect consumers following complaints about unregulated providers offering will writing, online divorce, and pre-paid probate services. Since then, the Digital Markets, Competition and Consumer Act 2024 has received royal assent. When relevant provisions come into force, the CMA itself will be empowered to determine whether consumer law has been breached and will have the ability to impose fines and order firms to pay compensation to affected consumers.  

    5. The providers of unregulated legal services that have received one of the seven advisory letters from the CMA will not be named. 

    6. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk  

    7. All enquiries from the public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or by phone on 020 3738 6000.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Open letter to unregulated legal services providers

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    The CMA has published an open letter to unregulated providers of will writing, online divorce and pre-paid probate services outlining their consumer law obligations.

    Documents

    Open letter to the unregulated legal services sector

    HTML

    Open letter to the unregulated legal services sector (printable version)

    PDF, 238 KB, 4 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email general.enquiries@cma.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    This letter reminds unregulated businesses offering will writing, online divorce and pre-paid probate services of their existing obligations under UK consumer law, and points readers to compliance guidance published by the CMA.  

    Businesses who provide these services should read this letter together with the final guidance.

    Read more on our  unregulated legal services case page.

    Updates to this page

    Published 9 October 2024

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Netball’s triumphant return to Liverpool set for 2025!

    Source: City of Liverpool

    Netball will make a triumphant return to Liverpool in May next year when M&S Bank Arena team up with Manchester Thunder to host a highly anticipated Netball Super League (NSL) match, reaffirming the city’s status as a destination for top-tier sporting events.

    The event will see some of the UK’s finest netball talent compete against each other in front of passionate netball fans. Fixtures, announced today, reveal Manchester Thunder will meet Birmingham Panthers in Liverpool.  The return to the city is particularly exciting for local supporters, as it was the host city for the unforgettable 2019 Vitality Netball World Cup, where fans packed the stands to create an electric atmosphere.

    M&S Bank Arena, one of the UK’s leading sports and entertainment venues, is thrilled to welcome Manchester Thunder for what promises to be an exhilarating match. The venue’s state-of-the-art facilities and commitment to creating memorable fan experiences ensure it will be a spectacular showcase for netball fans across the Liverpool city region.

    Ben Williams, Commercial & Business Development Manager for M&S Bank Arena said, “We are delighted to be welcoming netball back to the city. Liverpool has a rich sporting history, and local fans always create a special atmosphere. We are proud to host this prestigious event and can’t wait to see the arena buzzing with excitement as the players take to the court.”

    Karen Greig, Head Coach and Franchise Director for Manchester Thunder said, “We are delighted to be bringing a game to Liverpool and the M&S Bank Arena. We recognise as a North West based franchise that we have a responsibility to develop both local and elite netball across our region. It’s important for us to engage with netballers in the whole of the North West to get more people watching netball and coming to Liverpool is an exciting move for us. We will be working closely with Liverpool and its surrounding areas to engage not only young aspiring netballers but reaching out to netballers across the city. We are excited to see this new partnership drive forward and help develop partnerships and netball.”

    Manchester Thunder, four-time Netball Super League champions, are playing in Liverpool for the first time in their history. The sport’s return to Liverpool in 2025 comes at a time when netball continues to grow in popularity across the UK, inspiring a new generation of players and fans alike. With a strong history of hosting international sporting events, Liverpool is ready to bring netball to new heights and once again show why it’s the premiere destination for top-tier sporting events.

    Event Details:

    • Location: M&S Bank Arena, Liverpool
    • Date: 18 May 2025
    • Tickets: On sale from 12th October 2024

    For more information, please visit mandsbankarena.com or follow us on social media for the latest updates.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Witness account secures another fly-tip prosecution for Winchester City Council

    Source: City of Winchester

    A Hampshire man has been ordered to pay over £4,000 following a witness account of him committing a fly-tipping offence. 

    The fly-tipped waste in Boarhunt 

    Timothy James O’Keefe, aged 58 years-old and a resident of Arundel Street, Portsmouth, was found guilty by a jury following a trial at Portsmouth Crown Court on 3 October 2024.

    Evidence was supplied by a passing motorist who saw Mr O’Keefe in Ashley Down Lane, Boarhunt on 28 September 2022 with distinctive bags at his car, bags which were subsequently found dumped in undergrowth a few yards away.

    The case was prosecuted by Winchester City Council and Mr O’Keefe was found guilty of depositing controlled waste without an environmental permit.

    The judge sentenced Mr O’Keefe to a fine of £1,000 and ordered him to pay prosecution costs of £3,000, a compensation order for clearance costs of £67.64 and a victim surcharge of £400, making a total of £4,467.64. He has also received a criminal record.

    Winchester City Council’s Deputy Leader and Cabinet Member for Finance and Performance Cllr Neil Cutler said: “We are very grateful to the witness for reporting this crime – we rely on reports from the public to prosecute so I’d encourage anyone who witnesses or captures footage of someone dumping waste illegally in our district to report it, just as this motorist has done.

    “This successful prosecution just goes to show how important eyewitnesses are in our mission to clamp down on fly-tipping and sends the clear message that we will not tolerate this type of environmental crime in our district.”   

    Reports of fly-tipping can be made on the council’s website at http://www.winchester.gov.uk/report, via the Your Winchester app or by calling 0300 300 0013. 

    MIL OSI United Kingdom –

  • MIL-OSI: HUMAN Raises $50+ Million in Growth Funding to Protect the Digital Customer Journey and Defend Against Bots, Fraud and Risk

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — HUMAN Security, a leading cybersecurity company committed to safeguarding every step of the customer’s online journey by defending against bots, fraud, and digital risk – announced today $50+ million in growth capital led by WestCap with additional investment from Goldman Sachs, ClearSky, NightDragon and Vertex Ventures US to bolster HUMAN on its mission to protect the integrity of the digital world by ensuring every online interaction, transaction, and connection is authentic, secure, and human.

    Since 2012, HUMAN has invested heavily in developing a unified Human Defense Platform that verifies over 20 trillion digital interactions weekly, empowering 500+ global brands with unparalleled telemetry for rapid, real-time response to even the most sophisticated threats. This latest investment will further accelerate the platform’s growth by incorporating advanced AI techniques to enhance scale and efficacy, including improvements to digital account protections, and new media security solutions for click fraud defense and advertising integrity for platforms, agencies, and brands. The funding will also deepen HUMAN’s engagement in the public sector, driving new use cases that enhance cybersecurity for government entities in response to the proliferation of influence operations. Further, investment and focus will be placed on unlocking the full platform power of HUMAN’s truly unique products and insights and strengthening capabilities across the entire customer journey.

    “From ad fraud and account takeover to account fraud and compliance, HUMAN has proven their platform can defend against most prolific threats on the internet today,” said Kevin Marcus, Partner, Co-COO and Head of Strategic Operators at WestCap. “HUMAN is uniquely positioned to protect the integrity of the digital world by bringing trust back into the equation in the fight against bots, fraud and digital risks.”

    In January 2024, HUMAN strengthened its leadership team by bringing on Stu Solomon as a CEO, formerly the President of Recorded Future, to expand product use cases, and elevate commercial and marketing efforts. Under Solomon’s leadership, the Human Defense Platform was recognized as a Leader in The Forrester Wave™: Bot Management Software, Q3 2024 by principal analyst Sandy Carielli. The Human Defense Platform received top scores in nine categories including “Detection Models,” “Mobile App and API Protection,” and “ Vision.” Customers ranked HUMAN the #1 vendor in G2’s Summer 2024 Grid and Fall 2024 Grid for Bot Detection and Mitigation solutions. Building on HUMAN’s history of leadership in the media security space, the company expanded its relationship with LinkedIn to help detect and filter invalid traffic on LinkedIn and across its network of publishers.

    “HUMAN stands at the forefront of cybersecurity, offering a unique approach to protecting the entire digital commerce ecosystem globally. From the moment digital ad content is served, through its publication and consumer engagement, to the critical account decision points, HUMAN offers real-time protection ensuring proactive detection and disruption of the most sophisticated threats,” said Stu Solomon, CEO of HUMAN. “With this growth investment from WestCap, Goldman Sachs, ClearSky, NightDragon and Vertex Ventures US, we will accelerate our leadership position by delivering one powerful platform that ensures every interaction, transaction and connection is authentic, secure and trustworthy.”

    The Human Defense Platform solves enterprise-wide pain points through its product offerings across the entire customer journey:

    • Advertising Protection: Protects programmatic inventory from bots, fraud, malvertising, and ad quality violations, ensuring brand reputation and revenue by fostering a trusted buying experience.
    • Application Protection: Protects against account takeover, scraping, transaction abuse, fake interactions, and client-side supply chain attacks by fostering a trusted application environment where users feel safe to interact and transact.
    • Account Protection: Protects accounts from automated credential stuffing and brute force account takeover attacks, fake accounts used by fraudsters to exploit platforms and services, and remediates accounts that have been compromised.

    “As an investor, board member and strategic partner with HUMAN, NightDragon has had a front-row seat to the company’s strong growth and market position, as well as the clear differentiation its technology offers to stop online fraud and cybersecurity attacks at the source,” said Dave DeWalt, CEO and Founder, NightDragon. “HUMAN is tackling one of the internet’s most essential challenges today: maintaining the human touch in digital experiences, verifying impressions for fraud and digital risk while providing confidence for the business to transact and act upon those interactions in real-time.”

    To augment the best-in-class technology of the platform, HUMAN’s Satori Threat Intelligence and Research Team, continues to drive product enhancements by feeding the Human Defense Platform and engineering teams with new and emerging bot threats and orchestrating disruptions and takedowns across cybersecurity and ad fraud.

    “HUMAN’s platform and its intelligent technology, fueled by uniquely scaled signal intelligence, helps its clients protect against a wide range of sophisticated modern threats and empowers them to make high-fidelity decisions,” said Anthony Arnold, Managing Director at Goldman Sachs. “Following this growth investment in HUMAN, we look forward to working with them and our partners to accelerate HUMAN’s leadership across these new areas of investment.”

    About HUMAN

    HUMAN is a leading cybersecurity company committed to protecting the integrity of the digital world. We ensure that every digital interaction, transaction, and connection is authentic, secure, and human. The Human Defense Platform safeguards the entire customer journey with high-fidelity decision-making that defends against bots, fraud, and digital threats. Each week, HUMAN verifies 20 trillion digital interactions, providing unparalleled telemetry data to enable rapid, effective responses to even the most sophisticated threats. Recognized by our customers as a G2 Leader, HUMAN continues to set the standard in cybersecurity. To ensure your digital connections are trusted, visit http://www.humansecurity.com

    About WestCap

    WestCap is a strategic operating and investing firm that partners with visionary leaders to build generational businesses. Our team is comprised of seasoned industry leaders and entrepreneurs who guide companies through the most pivotal stages of growth. With over $6 billion of assets under management, notable investments include Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, and GoodLeap. The firm has offices in New York, San Francisco and London. For more information, please visit http://www.westcap.com

    Contact information:
    Masha Krylova, Director of Communications
    masha.krylova@humansecurity.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d7731948-7b53-4c55-882e-d50d7fb76d34

    The MIL Network –

  • MIL-OSI New Zealand: Housing and Finance – OCR down again as mortgage rates set to keep falling – CoreLogic

    Source: CoreLogic – Commentary from Kelvin Davidson, CoreLogic NZ Chief Property Economist

    Leading up to today’s official cash rate decision, there were equally strong cases for either a 0.25% or 0.50% cut, with the Reserve Bank ultimately opting for the latter. 

    This seems to reflect a new focus on the ‘real time’ economic indicators (such as falling employment) and the potentially growing risk that weak activity causes inflation to undershoot the 1-3% target before too long, rather than staying stubbornly above it.

    Given this was an ‘interim’ Monetary Policy Review (as opposed to the full Monetary Policy Statement), the commentary attached to the decision was always likely to be fairly brief and that proved to be the case. 
    There’s a sense in the Reserve Bank’s commentary that they feel a need to act fairly quickly to get monetary policy back towards a more neutral setting (or even stimulatory), rather than the restrictive territory it’s been in for quite some time now.
    Overall, the OCR is now clearly on a steady downward path.
    In terms of the housing market impacts, the key point is that mortgage interest rates are likely to continue to drop too. This could easily produce a short-term lift in confidence and a more active housing market as we hit the normal Spring uplift anyway.
    However, although house prices may well stop falling in the near future, there are also plenty of reasons why they are unlikely to surge upwards either. For a start, housing affordability remains stretched, and elevated listings are certainly putting finance-approved buyers in a strong position when it comes to price negotiations.
    But perhaps the most important restraint right now is the labour market. Job losses themselves will tend to limit house sales and prices. 
    But there’s also the knock-on effect on sentiment even for those people who keep their jobs but don’t feel as secure in their role as they did before. In addition, flatter wages will also tend to subdue the housing market.
    Looking ahead, it wouldn’t be a surprise to see limited growth in house prices in 2025, as mortgage rates drop. 
    But keep in mind that lower rates will simply bring forward the timing for the debt-to-income restrictions to start biting; another reason to be cautious about the speed and duration of the next housing cycle.
    Indeed, the DTIs are effectively an ‘insurance policy’ for the Reserve Bank in this cycle. Previously, they might have been wary of cutting too soon, at the risk of driving house prices up. But now DTIs will act to curb that growth.

    MIL OSI New Zealand News –

  • MIL-OSI Russia: The number of participants in the Made in Moscow program has exceeded six thousand

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    About 500 new brands joined the Made in Moscow project in the third quarter of 2024. Now more than six thousand Moscow entrepreneurs are participating in the program. They can use a range of offline and online tools for business development. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

    “Since the beginning of the year, entrepreneurs have sold about 100 thousand goods worth 325 million rubles. From July to September alone, this figure reached 170 million rubles, which is three times more than for the whole of 2023,” said Natalia Sergunina.

    60 percent of the products this year were sold at major city events, exhibitions, and in brand stores. For example, about 400 Moscow brands presented the goods at the market on Bolotnaya Square as part of the forum-festival “Territory of the Future. Moscow 2030”. The total turnover following the event exceeded 50 million rubles.

    Another 40 percent of revenue was generated through online trading. Since January, the project’s branded showcases have appeared on Russia’s largest marketplaces. Enterprises are helped not only to register their pages in online stores, but also to promote the brand through promotions and advertising campaigns.

    Another channel for distributing products was the website “Made in Moscow”, which has already been visited by four million users. The site presents more than 29 thousand items of goods – from clothes and shoes to children’s toys and interior items.

    In August, as part of the City of Ideas project, residents of the capital discussed development “Made in Moscow” program. In total, over 1.6 thousand initiatives were received from users. 62 of them were selected for implementation as the most promising.

    So, online showroom Muscovites suggested to supplementinterviews with company founders, video content, reviews of capital cosmetics, as well as advice from industry experts.

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

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

    https://vvv.mos.ru/nevs/item/145003073/

    MIL OSI Russia News –

  • MIL-OSI: Notification of Share Transaction

    Source: GlobeNewswire (MIL-OSI)

    ICG Enterprise Trust plc (the “Company”)

    9 October 2024

    Notification of Share Transaction

    The Company has received notification that on 8 October 2024, Oliver Gardey, Head of Private Equity Fund Investments at ICG, bought 1,125 ordinary shares in the Company at a price of 1185.8 pence per share; and 600 ordinary shares in the Company at a price of 1189.8 pence per share.

    As a result of these transaction Oliver Gardey and his connected persons hold a total of 66,969 ordinary shares, being 0.10% of the ordinary share capital of the Company (excluding treasury shares).

    Analyst / Investor enquiries:

    Chris Hunt
    Shareholder Relations, ICG
    +44 (0) 20 3545 2020

    Andrew Lewis
    Company Secretary, ICG
    +44 (0) 20 3545 1344

    Media:

    Catherine Armstrong
    Corporate Communications, ICG
    +44 (0) 20 3545 1850

    The MIL Network –

  • MIL-OSI: Global Net Lease Completes $569 Million of Dispositions Through Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) today announced continued progress on its 2024 strategic disposition plan. Through Q3 2024, GNL has closed nearly $569 million of dispositions, and, including its pipeline, dispositions total $870 million1.

    “We are pleased with the continued momentum of our 2024 strategic disposition plan, having closed nearly $569 million of dispositions through Q3 2024 at favorable cash cap rates, demonstrating the quality of our investment-grade portfolio,” said Michael Weil, CEO of GNL. “The dispositions include approximately $111 million of vacant assets, eliminating their negative impact on our net operating income. This initiative is essential for achieving our strategic objectives of reducing our Net Debt to Adjusted EBITDA and lowering our cost of capital. By using the net sale proceeds to reduce outstanding debt, we enhance GNL’s financial flexibility and position the Company for long-term growth.”

    GNL has furnished a slide detailing the progress of its 2024 strategic disposition plan with a Current Report on Form 8-K with the Securities and Exchange Commission on the date hereof.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    Footnotes:
    1 Disposition data as of September 30, 2024, includes transactions that are either closed or a pipeline of transactions under agreement or letter of intent, and assumes purchase agreements and letters of intent lead to closing based on their contemplated terms, which cannot be assured.

    The MIL Network –

  • MIL-OSI: Eagle Bancorp Announces Earnings Call on October 24, 2024

    Source: GlobeNewswire (MIL-OSI)

    BETHESDA, Md., Oct. 09, 2024 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, today announced that it will host a teleconference call for the financial community on October 24, 2024, at 10:00 a.m. (EDT). On this call, Eagle Bancorp Inc.’s Chief Executive Officer Susan Riel and Chief Financial Officer Eric Newell will discuss earnings for the third quarter 2024 financial results. Those results will be released after the close of business on October 23, 2024.

    Interested parties will need to register at the below-noted URL in order to listen and participate in the call. Once a participant registers with a valid email, they will receive a dial-in phone number and unique PIN number which will be needed to access the call. The call will also be available live via webcast on the Company’s website, which is http://www.EagleBankCorp.com. A replay of the call will be available on the Company’s website through November 7, 2024.

    Participant Call Registration Link:
    https://register.vevent.com/register/BI6cdce3c45a9f49219ea94a6f7c9fa083

    Webcast Link:        
    https://edge.media-server.com/mmc/p/79xpxyi2

    Caution About Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. Except as required by law, the Company does not undertake to update forward-looking statements contained in this release.

    About Eagle Bancorp, Inc. and EagleBank
    Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 12 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

    EagleBank Contact
    Eric Newell, Chief Financial Officer, Eagle Bancorp, Inc.
    240.497.1796

    The MIL Network –

  • MIL-OSI Asia-Pac: Hong Kong’s first Chinese medicine hospital officially named “The Chinese Medicine Hospital of Hong Kong” (with photo)

    Source: Hong Kong Government special administrative region

         The Government announced today (October 9) the official naming of Hong Kong’s first Chinese medicine hospital as “The Chinese Medicine Hospital of Hong Kong” (CMHHK) and launched the hospital’s logo at the same time. The Secretary for Health, Professor Lo Chung-mau, said that the establishment of the CMHHK marks a milestone in the city’s commitment to driving Chinese medicine (CM) development. The Government is actively progressing with various preparations for the commissioning of the CMHHK, aiming to commence services in phases starting from the end of next year.
     
         Professor Lo said, “As the first CM service-predominant hospital in Hong Kong, the CMHHK will lead the way for local CM services to go beyond primary healthcare and play a part in secondary and tertiary healthcare, signifying a major breakthrough in CM development of Hong Kong. The CMHHK will also serve as the city’s flagship CM institution, taking on the roles of a pioneer and change-driver to leverage Hong Kong’s traditional advantages in CM through active interaction with various stakeholders in the CM sector and joining forces with the sector to promote CM development in Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the international community as a whole, thereby contributing to the construction of CM Highlands in the GBA and the national CM development.”
    　　
         The design of the CMHHK logo, characterised by the outline of the hospital building, incorporates the Chinese character “中” among architectural features that depict the building outlines and colours resembling a mountain range. It also includes a moon gate design common in classical Chinese gardens, symbolising a welcoming passageway for the public into the extensive and profound realm of CM. The overall design of the logo showcases both traditional Chinese architectural elements and the vibrancy of Chinese culture, highlighting the unique position of the CMHHK within Hong Kong’s healthcare system.
     
         The CMHHK will focus on providing pure CM, CM-predominant and integrated Chinese-Western medicine clinical services, covering government-subsidised inpatient and outpatient services. The hospital will also undertake key missions in training and education, research, collaboration and creating health values, including offering clinical internships to students of the three local universities with Schools of Chinese Medicine and serving as a clinical training platform for CM practitioners. Moreover, the CMHHK will collaborate with universities and education institutions in Hong Kong, on the Mainland and overseas on clinical research, proprietary Chinese medicines development and other CM-related research to push forward the research development of CM.
     
         Located at 1 Pak Shing Kok Road in Tseung Kwan O, the CMHHK adopts a public-private partnership model with its construction fully funded by the Government. The Government commissioned Hong Kong Baptist University (HKBU) as the Contractor through tendering procedures in 2021. HKBU subsequently incorporated a company limited by guarantee (i.e. HKBU Chinese Medicine Hospital Company Limited) in the same year in accordance with the service deed to act as the Operator for managing, operating and maintaining the hospital.    

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: UK push for de-escalation and stability during Middle East visit

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary in Middle East to drive de-escalation

    • Meetings in Bahrain and Jordan to strengthen efforts to de-escalation in the Middle East.
    • Foreign Secretary will meet with UK personnel working in the region to underscore commitment to security.
    • He will tour HMS Lancaster to see firsthand UK’s presence in the Gulf.

    The UK continues to work with likeminded partners towards de-escalation in the Middle East, as Foreign Secretary arrives in region to drive efforts towards security and stability, and to press for an end to the cycle of violence which intensified following the atrocities of October 7.

    In talks with leaders in Bahrain and Jordan, key regional partners for the UK, the Foreign Secretary will reiterate the UK’s concern over the risk of escalation and miscalculation in the region and underline our call for an immediate ceasefire in Gaza and Lebanon.

    He will reaffirm the importance of working with regional partners to press the case for restraint and will demand Iran and its proxies stop their attacks which are causing chaos and destruction for the region and its people. This follows the UK’s condemnation of Iran’s actions against Israel last week which risked plunging the region into a deeper crisis.

    Foreign Secretary David Lammy said:

    The situation is incredibly dangerous and further escalation or miscalculation in the region is in no one’s interests.

    I am pleased to be back in the region to meet with our key partners in Bahrain and Jordan and see firsthand our combined efforts towards building long-term security and stability in the Middle East.

    We must not waver at this critical period to achieve ceasefires in Gaza and Lebanon, to get more desperately needed aid into Gaza, and secure the release of all hostages.

    Our nations share deep-rooted partnerships across defence, trade, and security, which I look forward to building upon.

    During his time in Bahrain, the Foreign Secretary will meet with UK Armed Forces personnel who are helping to maintain Gulf Security, including commercial shipping in the Red Sea. He will tour HMS Lancaster which is deployed in the region and has a played a key role in patrolling the waters to detect and deter Houthi activity. His visit underscores the UK’s commitment to confronting shared threats in the region.

    He will meet with senior figures and will lead talks on regional security and prosperity, including forging greater business ties. Trade between the UK and the Gulf Cooperation Council is worth more than £57 billion, with investors from the region making up an important delegation at the UK International Investment Summit next week.

    While in Jordan, he will meet with senior leaders, including Foreign Minister Ayman Safadi, and express the UK’s support for the country’s role in delivering much needed humanitarian aid for the people of Gaza.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Banking: OEUK news OEUK CEO provides key insights at the Great British Energy Bill Committee 9 October 2024

    Source: Offshore Energy UK

    Headline: OEUK news

    OEUK CEO provides key insights at the Great British Energy Bill Committee

    9 October 2024

    In his submission, David highlighted the advantages that the UK holds in the energy sector, stating, “We are so lucky in this country that we have brilliant people, we have a world-class supply chain, we’re lucky that the wind blows, and we have the North Sea and other assets. We must make best use of it.”

    David’s testimony underscored the importance of maximizing the UK’s energy assets, leveraging renewable energy sources, and supporting the 200,000 people working within the sector. He stressed that with the right policies, the UK can maintain its leadership in energy production and continue to drive sustainable growth in the industry.

    You can watch David Whitehouse’s full submission to the committee below.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: TRA recommendation to keep protections on ceramic tiles accepted

    Source: United Kingdom – Executive Government & Departments

    The Government has accepted the TRA’s recommendation to maintain an anti-dumping measure on ceramic tiles from China.

    The Secretary of State for Business and Trade has accepted the Trade Remedies Authority’s recommendation to maintain an anti-dumping measure on ceramic tiles from China, except on certain larger subsets of the product that are not produced in the UK.

    This measure was among those inherited from the EU system and has been in place for 12 years. The TRA conducted a transition review to establish whether it was still suitable for the UK’s needs.

    In its Final Recommendation the TRA recommended that the anti-dumping measure on ceramic tiles with a surface area of less than or equal to 3600cm2, with no tile edge greater than 600mm in length, be maintained for a further five years.

    However, it recommended that the measure be removed on tiles where the largest surface area exceeds 3600cm2 or those that have an edge equal to or longer than 600mm. The measure would still apply in these cases if the tiles in question have a differential relief on the surface area that exceeds 3mm.

    The UK imported over £382 million worth of ceramic tiles in 2021, with 1.5% of these imports coming from China. Chinese imports of tiles to the UK currently face duty rates ranging from 14% to 70%.

    Background information:

    • The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.
    • Dumping occurs when goods are imported into a country and sold at a price that is below their normal value in their country of export.
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU and the TRA is currently reviewing each one to check if it is suitable for UK needs.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Chief Minister opens Countering Financial Crime Conference

    Source: Isle of Man

    Chief Minister Alfred Cannan MHK highlighted the importance of public-private sector collaboration as he opened the flagship Countering Financial Crime Conference at the Villa Marina today, Wednesday 9 October.

    Addressing an audience of almost 600 people, he called on everyone to play their part in maintaining the integrity of the Island’s financial services sector.

    ‘Combatting the scourge of financial crime requires a robust and co-ordinated national response,’ the Chief Minister said. ‘We must keep pace with developments, maintain high standards and work together to protect the Island from those who seek to exploit our financial systems.

    ‘Maintaining the Island’s reputation as a first-class international finance centre is a political priority. I am determined to lead from the front to ensure the Isle of Man can look forward to a vibrant, diverse and sustainable future.’

    Today’s conference brings together a diverse group of experts, practitioners, and policymakers to share their professional insight and highlight best practice.

    The line-up of speakers includes:

    • Eric van der Schild of Europol, the European Union Agency for Law Enforcement Cooperation
    • Donald Toon, Head of Financial Crime Threat Mitigation for the Natwest Group
    • Kathryn Westmore, Senior Research Fellow at the Centre for Finance and Security at the Royal United Services Institute
    • Ruth Dearnley OBE of Stop the Traffik, a campaign coalition which aims to bring an end to human trafficking
    • Zoe Warren and John Tanagho of the International Justice Mission
    • Scott Johnston, Head of Public Sector Operations at Chainalysis
    • Cindy van Niekerk of IOM Fintech Innovation Challenge winners Umazi

    The speakers will explore a range of financial crime topics and challenges, including work aimed at countering money laundering, terrorist financing, proliferation financing, human trafficking and modern slavery.

    Panel discussions focus on data and innovation, the importance of collaboration, and how the Isle of Man can make a positive difference as a small jurisdiction with a big financial footprint.

    The conference will also see the official launch of the Financial Crime Partnership, a public-private sector initiative coordinated by the Isle of Man Financial Intelligence Unit.

    MIL OSI Global Banks –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (69.59%), MRNY (61.51%), FBY (58.57%), YMAX (60.44%), YMAG (76.46%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name
    		 Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC
    Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs   Multiple $0.2044 Weekly 60.44% 62.93% 10/10/2024 10/11/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs   Multiple $0.2823 Weekly 76.46% 50.85% 10/10/2024 10/11/2024
    NVDY YieldMax™ NVDA Option Income Strategy ETF   NVDA $1.0999 Every 4 Weeks 55.90% 3.24% 10/10/2024 10/11/2024
    DIPS   YieldMax™ Short NVDA Option Income Strategy ETF   NVDA $0.6859 Every 4 Weeks 55.43% 3.69% 10/10/2024 10/11/2024
    FBY YieldMax™ META Option Income Strategy ETF   META $0.9231 Every 4 Weeks 58.57% 3.22% 10/10/2024 10/11/2024
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF   GDX® $0.6060 Every 4 Weeks 43.84% 3.27% 10/10/2024 10/11/2024
    BABO YieldMax™ BABA Option Income Strategy ETF   BABA $1.2932 Every 4 Weeks 69.59% 2.62% 10/10/2024 10/11/2024
    JPMO YieldMax™ JPM Option Income Strategy ETF   JPM $0.3768 Every 4 Weeks 27.12% 3.60% 10/10/2024 10/11/2024
    MRNY YieldMax™ MRNA Option Income Strategy ETF   MRNA $0.3762 Every 4 Weeks 61.51% 3.91% 10/10/2024 10/11/2024
    PLTY* YieldMax™ PLTR Option Income Strategy ETF   PLTR — Every 4 Weeks — — — —
    Scheduled for next week: YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY


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

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

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

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

    * The inception date for PLTY is October 7, 2024.

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

    2     The Distribution Rate shown is as of close on October 8, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

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

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

    5     As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

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

    Standardized Performance

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

    Prospectuses

    Click here.

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

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

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

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

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

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

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to BABO and TSMY)

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

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

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

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

    Risk Disclosures (applicable only to GDXY)

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

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

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

    Risk Disclosures (applicable only to YBIT)

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

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

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

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

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Risk Disclosures (applicable only to YQQQ)

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

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

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

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

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Survey Reveals that Half of U.S. Enterprises Have Immature External Attack Surface Management Programs Despite 90% Indicating Increases in Impactful Incidents

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — TacitRed today announced new survey findings in its “2024 State of Attack Surface Intelligence report.” The research, conducted by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals, found that half of U.S. enterprises have immature external attack surface management (EASM) programs despite nearly all respondents indicating an increase in impactful attack surface incidents. Organizations are investing in new technologies and applications to drive digital transformation, but in doing so, have enabled cyber adversaries means to exploit external attack surface exposures.

    The 2024 Attack Surface Threat Intelligence report, which aimed at getting a better understanding of the key cyber security microtrends impacting businesses today, provides insights into the challenges, advances, maturity, and best practices for managing external attack surface risk. A findings summary infographic can be downloaded at http://www.tacitred.com/asm2024inf. To obtain the full report, visit http://www.tacitred.com/asm2024rpt.

    “Given increased threats, operational deficiencies, and limited resources, the survey results underscore ample room for growth in maturing the people, processes, and tools necessary for effective EASM,” said Holger Schulze, CEO and founder of Cybersecurity Insiders. “Organizations should evaluate how to move beyond inconsistent and reactive measures and invest in more efficient, proactive, and responsive approaches to attack surface management to enhance their overall cyber posture and resiliency.”

    Attack Surface Intelligence Insights and Challenges

    Findings indicate that changes in attack surface infrastructure and external-originated incidents are steadily growing, but current tools are not effectively serving security operations teams. include:

    • 90% of organizations experienced an increase in impactful attack surface incidents.
    • 84% of respondents expressed attack surface dynamics contributing to security incidents.
    • Over a third of respondents expressed challenges of coping with too much threat noise (39%) and poor threat intelligence (37%) — contributing to analyst burnout, missed detections, and delayed response.
    • Similarly, more than half of respondents (66%) claimed only nominal usefulness in their attack surface threat intelligence tools while 40% expressed challenges in identifying third-party exposures, maintaining accurate internet-facing asset inventory, and detecting active threats.
    • Security analysts were a third less positive about tools supporting EASM programs compared to senior management — indicating a gap between tool perception and hands-on efficacy.  

    EASM Programs Lack Maturity, Not Budget  

    The maturity of EASM programs varies significantly across organizations. Nearly 50% of respondents report that their programs are in the early stages of development, either in the Initial or Repeatable phases, where risk management remains unstructured and reactive. Only 33% of respondents are in more advanced stages of maturity, having more defined, automated, and optimized capabilities. Technology and healthcare industries claim slightly (10%) stronger maturity compared to government and financial services organizations.

    Large organizations (over 2,500 employees) appear twice as likely to have mature programs than smaller organizations – which may be attributed to having more resources and investment. Fortunately, budgets for EASM programs are on the rise with 90% expecting increased investment in EASM tools and threat intelligence. 40% of respondents anticipate a budget increase over 20% compared to the previous year. The findings have major implications for EASM providers as organizations seek to improve processes and evaluate new technologies to address operational gaps.

    Additional findings include:

    • 90% of organizations experienced an increase in impactful attack surface incidents
      • Smaller companies (<2,500 employees) had 60% more incidents than larger companies
    • 49% of organizations currently have immature EASM programs
      • Near-term program objectives are to improve threat responsiveness (65%) and asset inventory accuracy (59%)
      • Over half of respondents anticipate security tool convergence and the application of Generative AI to positively impact EASM programs
    • 66% of respondents rated their attack surface intelligence tools as nominally useful
      • Professionals (65%) are seeking multi-source, curated, and prioritized threat intelligence
    • 90% anticipate budgets increasing for attack surface management and threat intelligence tools – 40% expect an increase of over 20%

    Join Cybersecurity Insiders, TacitRed, and an expert practitioner panel as they examine key survey findings, share insights, and explore best practices on the “state of attack surface threat intelligence” webinar to be held on October 22nd at 11am EST. Register for the webinar at http://www.tactired.com/asm24webinar/.

    Tweet This: New research finds that 90% of organizations experienced an increase in impactful attack surface incidents and 66% find external attack surface threat intelligence tools ineffective. Download the report at http://www.tacitred.com/asm2024rpt. #tacitred #attacksurfacemanagement #threatintelligence

    Survey Details
    The research and report was produced by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals. The online survey was conducted in September 2024 and responses were compiled from 312 qualified security professionals in enterprises ranging from 1,000 to over 10,000 employees across multiple industries in the United States. All respondents manage external attack surface management programs and teams, or are security operations and analyst team members that use threat intelligence and EASM tools daily.

    About Cogility TacitRed™
    Cogility TacitRed™ empowers security analysts to take immediate, decisive actions to mitigate impactful cyber exposures by taking advantage of unparalleled tactical attack surface intelligence – fully curated, prioritized, and detailed. The SaaS solution continuously analyzes global internet and threat intelligence of entities and adversaries to provide actionable insight on compromised and at-imminent-risk assets with complete visualization, scoring, attack chain stage, and threat context for over 18 million U.S. entities. As a result, organizations can optimize resources, mitigate data breach exposure, proactively improve their security posture, and help reduce supply chain risk. To obtain a free 30-day trial, visit http://www.tacitred.com.

    Media Contact
    Grace Halvorsen
    gracehalvorsen@lightspeedpr.com

    A PDF accompanying this release is available at http://ml.globenewswire.com/Resource/Download/375c7a18-bd47-490a-84ec-f572ac51977e

    The MIL Network –