NewzIntel.com

Category: Business

  • MIL-OSI New Zealand: Housing Finance Analysis – Difficult mortgage decisions for borrowers likely to continue

    Analysis by Kelvin Davidson, CoreLogic NZ Chief Property Economist

    The ‘perfect’ strategy for fixing mortgage rates through time is only ever known in hindsight, however new data points to a strong preference for short-term loans. 

    At a macro level this means any reduction in rates will flow through to balance sheets quickly, but with the labour market weakening there are clear ‘tail risks’ to watch for in terms of rising loan repayment problems.

    As it’s become clear in recent months that the medium-term outlook is for fairly steady declines in the official cash rate and mortgage interest rates, there’s been a strong preference for borrowers to take out short-term fixed loans. 

    In December last year, for example, 36% of new loans (by value) were taken out for a fixed term of up to 12 months. But that had spiked to 56% by February and reached a new record high of 68% in August – driven by an especially large surge in six-month activity, off the back of that first OCR cut. 

    Our analysis suggests that existing borrowers who are rolling over their loans onto a new fixed rate will have been behaving in a very similar way to new borrowers, and indeed the Reserve Bank’s figures show that the share of existing loans that are currently fixed but due to change mortgage rates (‘reprice’) within the next 12 months has now risen back to around 66% – matching a peak previously seen in the first half of 2021.
    Some of that stock growth will have also come from all of those recent new borrowers who have been fixing short too.
    In hindsight, it might not have been the best decision for borrowers – in aggregate – to fix for such short periods back in mid-2021 (unless they wanted loan flexibility for lump sum repayments, as an example).
    Indeed, anybody who bucked the trend and took out a five-year rate of around 3% at that time will still have about 18 months to run at those ultra-low rates. On the other hand, one can understand why borrowers are now choosing to take shorter fixed periods in the hope they will benefit from a series of loan renewals in the coming year or two at ever-lower rates.

    On that note, the one-year change in the average ‘special’ (high equity) one-year fixed mortgage rate, for example, has recently turned negative for the first time since mid-2021; i.e. people currently rolling off a one-year rate from October 2023 will be seeing their costs fall. 

    Some of the currently available market interest rates have recently dropped below the average rate prevailing across the stock of existing fixed loans for the first time in about three years too.
    Of course, much like it wasn’t necessarily an easy decision to decide on the ‘best’ fixed rate back in mid-2021 (although it’s clearer in hindsight what should have happened), it’s not necessarily straight-forward now either. 
    After all, the very short-term rates (e.g. six months fixed at 6.7%) remain quite a bit higher than the slightly longer terms (e.g. 12 months fixed at 6.2%) – so for the strategy of taking two consecutive six-month fixes to pay off (i.e. to get the lowest average rate over the relevant term), that rate basically needs to drop to 5.7% or less by April next year.
    Could that happen? Nothing’s out of the question, especially given the continued weakness of the economy and an emerging risk that inflation falls much more sharply than has been anticipated; which would likely see the OCR also fall more rapidly, alongside extra downward pressure on mortgage rates. 
    But at the same time, there could also be a sense at the moment that some of the potential future falls in the OCR have already been captured (‘priced in’) by current mortgage rates, meaning that the scope for more declines from here, regardless of the fixed term, could be a bit slower/smaller than what we’ve seen to date. Either way, the delicate decisions currently faced by mortgage borrowers may continue for a while yet.
    In addition, even though interest rates are now falling, it doesn’t necessarily mean we’ve passed the worst for financial stress amongst mortgage borrowers. Indeed, the non-performing loans ratio (loans that are at least 90 days in arrears or regarded as impaired) on banks’ books has recently edged up to around 0.6% of existing mortgages, the highest figure in more than a decade. 
    It was close to double that figure in 2009-10, however, these numbers are surely still a concern – and could continue to rise, given the job losses that we’re now seeing.
    Based on RBNZ figures, the trading banks themselves recently seem to have been raising provisions for possible future ‘bad’ housing loans, to the point where these allowances are now about 40% above even the largest COVID-era figure. 
    Mortgage stress will remain a factor to watch for some time to come yet and is another reason to be cautious about the size and strength of any upturn in house sales and prices as we head into 2025.

    MIL OSI New Zealand News –

  • MIL-OSI: Invesco Ltd: Form 8.3 – Centamin PLC; Public dealing disclosure

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Invesco Ltd.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		    
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree    		 Centamin PLC  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure    		 07.10.2024  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”    		 Yes, AngloGold Ashanti PLC  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
       
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: Ordinary NPV JE00B5TT1872  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 21,152,041* 1.82      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 21,152,041* 1.82      
    *The change in the holding of 6,280 shares since the last disclosure on 18.09.2024 is due to the transfer out of a discretionary holding at 1.53 GBP.  
       
    All interests and all short positions should be disclosed.

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

    		  
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

    		  
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
    Ordinary NPV JE00B5TT1872 Sale 491,319 1.46 GBP  
       
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (b) Agreements, arrangements, or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”    		  
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 08.10.2024  
    Contact name Philippa Holmes  
    Telephone number +441491417447  
       

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

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

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

    The MIL Network –

  • MIL-OSI Economics: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on Panamax Aktiengesellschaft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). Panamax Aktiengesellschaft failed to submit its accounting documents in full for the financial year 2022 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company lodged an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Interview with Delo

    Source: European Central Bank

    Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Miha Jenko

    8 October 2024

    You hold two high positions in the European Central Bank: you are a member of the ECB’s Executive Board as well as the Vice-Chair of its Supervisory Board. You are responsible for both monetary matters and banking supervision in the euro area. Can you explain your dual role at the ECB?

    Let me clarify that, at the ECB, decision-making on monetary policy and banking supervision is separate, and for good reason. We want these two functions to pursue their specific objectives and we want to avoid potential conflicts of interest.

    That being said, it is important for each side to be aware of what the other is thinking and to understand how the decisions being taken affect the other side. Let me give you a couple of examples. During our strategy review in 2021 we explicitly recognised the importance of safe and sound banks for our price stability mandate, acknowledging that financial stability is a precondition for price stability. Moreover, banks that are safe and sound are able to effectively pass through our monetary policy.

    So in the governance of the ECB there is a bridge between the two sides. And I currently occupy this bridge as a member of the Executive Board, which has six members including President Lagarde, as a member of the Governing Council and as Vice-Chair of the Supervisory Board. In practice, this means that I inform the Executive Board about what was discussed in the Supervisory Board, and I debrief the Supervisory Board on the decisions taken by the Governing Council. In short, my role is to help ensure that the ECB does not carry out these two separate tasks in isolation.

    What is the purpose of your current visit to Slovenia?

    The ECB’s two decision-making bodies – the Supervisory Board and the Governing Council – will meet in Slovenia in the space of a week. The Supervisory Board will meet for its regular retreat to discuss strategic issues, while the Governing Council will hold its next monetary policy meeting here. Our colleagues at Banka Slovenije are kindly hosting both events.

    Turning to banking supervision, how are banks’ activities and lending affected by the current environment of weak economic growth and deteriorating economic trends, which include increasing bankruptcies in some euro area countries? How resilient is the banking sector in Europe?

    European banks are resilient. They have sufficient and adequate capital and liquidity buffers which enable them to absorb losses and withstand shocks. But they should not be complacent, especially in the context of the worsening geopolitical environment, which could have direct and indirect effects on banks. Near-term growth prospects have deteriorated and are subject to high uncertainty because of these rising geopolitical risks. And banks also face several medium-term, more structural challenges.

    In this context, our supervisory priorities, which we update every year, help us focus on both the near-term and medium-term challenges faced by banks. We want to ensure that banks are resilient not only today, but also in the long run. As part of our priorities, we want to increase their resilience to sudden macroeconomic and geopolitical shocks and to accelerate the remediation of shortcomings in the governance and management of climate-related and environmental risks. At the same time, banks need to make further progress with their digital transformation and build up their operational resilience.

    In short, banks are resilient, but we should not be complacent amid these longer-term challenges, which we will address through our supervision over the coming years.

    What lessons have the ECB and the Eurosystem learned from the last financial crisis in order to be better prepared for a possible new crisis, which will not necessarily originate in the banking sector itself, but in companies connected to it?

    Since the global financial crisis we have created strong pan-European supervision – the Single Supervisory Mechanism. The financial reforms implemented after that crisis have strengthened banks without compromising their lending capacity. Several things have happened since the global financial crisis: we have had a pandemic, Russia’s invasion of Ukraine, an energy shock and high inflation. So European economies have been exposed to unforeseen challenges. We also witnessed turmoil in international banking markets last year, which exposed fragilities in banks’ risk management and internal governance.

    The European banking sector has shown itself to be resilient in the face of these challenges. Take non-performing loans, for example, which have fallen significantly in the European banking system. In 2015, their share was 7%, while in 2023 it was below 2%. That is a big step forward. And as I said, capital and liquidity indicators are now much higher than they were a decade ago. But as supervisors, we should never be complacent, especially given the new risk drivers, such as energy prices, cyberattacks, climate and nature-related risks and geopolitical risks.

    Turning now to current developments in the European banking sector, where UniCredit Group’s intention to take over the German bank Commerzbank has recently made headlines. What is your view as euro area banking supervisor?

    Let me first say that I cannot comment on individual banks, so my answer will be more general.

    We have been crystal clear that cross-border consolidation can be an instrument for further integration of the European banking sector, and we stand by that. Consolidation can also help address long-standing issues in the European banking sector, such as low profitability.

    Nonetheless, mergers always carry risks and, as supervisors, we assess them carefully, always applying the limitative criteria set out in Article 23 of the Capital Requirements Directive. Our job is to ensure that every banking transaction – whether at cross-border or national level – results in a banking group that can comply with supervisory requirements in the foreseeable future.

    What is your view of the banking sector in our country? What is your message to Slovenia?

    Thanks to the reforms implemented after the great financial crisis, banks in Slovenia have come a long way, and in the right direction. When the crisis hit, the Government had to support the three largest banks with a recapitalisation of €3.5 billion. And, naturally, it has taken several years for lending to strengthen. More recently, the privatisation of state-owned banks increased competition in the sector, and this has attracted international banks. Slovenian banks are now well-capitalised, highly profitable and are above the euro area average for profitability, mainly on account of very high net interest margins. Some of this progress can also be attributed to the work of supervisors, including those at Banka Slovenije, with whom we work very well.

    So, like in the rest of Europe, your banks are robust but they will continue to face a number of headwinds stemming from the macro-financial environment, geopolitical shocks and challenges related to the green and digital transitions.

    As mentioned, our central bank will host a Governing Council meeting next week. Do you expect a new interest rate decision at this meeting?

    We will come to Slovenia with an open mind, so I am looking forward to the trip to Ljubljana and to a very genuine and open discussion. Before the meeting, we will take note of all the data and analysis and, as we have said many times before, we will take a meeting-by-meeting approach. A number of recent indicators suggest that downside risks to economic growth are already materialising, so we will need to carefully assess whether this has any implications for our inflation outlook.

    What is very clear, however, is the direction of travel in the period ahead. If our projections that inflation will converge towards our 2% target in the second half of 2025 continue to be confirmed, we will continue to gradually ease our restrictive policy stance. At the same time, we need to maintain flexibility regarding the pace of adjustments. This will depend on incoming data, on the economic situation and on inflation. The latest data will of course be taken into account in whatever decision we take in Slovenia.

    What specific downside risks to growth do you have in mind?

    Economic growth came in at 0.2% in the second quarter, falling somewhat short of our projections. We look at a broad range of data, but we have seen that households are consuming less than anticipated and firms are less keen to invest than we had projected.

    What is your view on the exact nature of inflation in the euro area? In particular, services price inflation remains very persistent. Why?

    We expect inflation to decline to our target in the second half of 2025. Headline inflation is projected to average 2.5% in 2024, then 2.2% in 2025 and 1.9% in 2026. Services inflation remains strong but, according to our projections, we will see a deceleration going into the new year.

    We always look at the upside and downside risks surrounding these projections. Geopolitical tensions could raise energy prices, shipping costs and other transport costs in the short term, which could also lead to disruptions to global trade, which would push prices up. Inflation could also increase if wages rise more than expected or if profit margins increase, and extreme weather events and the climate crisis could increase food prices. However, there are also downside risks to inflation, such as lower than expected demand or an unexpected deterioration in the economic environment in the United States and globally.

    At the ECB, you are also responsible for monitoring the effects of climate change, in addition to the dual tasks mentioned at the beginning. This year we saw the catastrophic effects of floods in some central European countries, and last year we experienced them in Slovenia as well. Greece, Spain and other parts of southern Europe are ravaged by catastrophic droughts and fires. Can the ECB and national central banks contribute more effectively to mitigating the effects of climate change? After all, you have the power – you have monetary policy and banking supervision in your hands…

    I am very aware of the consequences of floods, and of those last year in Slovenia. They caused €10 billion of damage and more than two-thirds of the country was affected. Some places in the Koroška region were cut off from the world and most roads were completely submerged. Recently, we have seen similar things in several other EU countries.

    When talking about climate, nature and the ECB, I always say that we are not climate policymakers. We are not involved in climate policy. This is a task for governments, who implement legislation and policies like the European Climate Law and the EU “Fit for 55” plan, for example.

    But this topic is also extremely relevant for our mandate, because extreme events like flooding, wildfires and summer droughts also lead to financial risks for banks and the wider economy. In our banking supervision, we check whether banks are adequately managing their climate and nature-related risks. We also take climate and nature into account in our macroeconomic projections.

    Are you in favour of introducing more decisive measures that would offer banks more targeted incentives to grant loans for more environmentally friendly or “greener” purposes?

    It would be speculative to talk about possible measures that we might hypothetically take in the future. What is clear is that any measure we implement must be consistent with our primary objective of price stability. Our current monetary policy stance is restrictive, so a green lending facility would be something for us to consider in the future, in another phase of the cycle.

    That being said, climate change is part of our monetary policy strategy, and we have committed to regularly reviewing our climate-related measures to ensure that we continue to support a decarbonisation path that is consistent with the EU’s climate objectives. For this, within our mandate, all options are on the table. If we were to design new instruments in the future, it’s fair to assume that they would include climate considerations.

    In terms of global competitiveness, the EU is falling behind the United States and China. Former ECB President Mario Draghi recently presented a very ambitious plan to increase European competitiveness, including investments of up to €800 billion per year. In his opinion, this money could also be raised through European borrowing, so common European debt. What is your take on this proposal and Mr Draghi’s other recommendations?

    We welcome the publication of this report, how concrete it is and its call for urgent action. Competitiveness is critical for sustainable growth, improving the living standards of citizens and boosting economic resilience, especially in the current environment of heightened geopolitical fragmentation. We strongly support this urgent call for coordinated action at the European and national levels. It is now a matter of turning these proposals into concrete measures.

    Meeting the strategic investment needs identified in the report requires completing the capital markets union, which we have been advocating for a long time.

    The private sector will not be able to finance all of these investment needs alone. European initiatives, including financing through common European funds, could help finance common European public goods such as defence, public procurement, energy grids, disruptive innovation and cross-border infrastructure. Under the right conditions, the potential issuance of common European debt could help bridge the financing gap.

    Finally, a new European Commission is expected to start its work in a few weeks’ time. How do you see your cooperation, including on the common objective of making Europe more competitive?

    I am very much looking forward to continuing our excellent interactions with the European Commission, both with the outgoing Commission and the incoming one. There are a number of common European initiatives that we both have a very strong interest in. I have already mentioned the capital markets union. Further progress could be made on that, as well as on finalising all aspects of the banking union. And we know from the ECB’s stress tests that the longer we take to complete the green transition, the more it will cost us, so we would very much welcome further progress on that front as well.

    MIL OSI Economics –

  • MIL-OSI Economics: Hera planetary defence mission successfully launched

    Source: Thales Group

    Headline: Hera planetary defence mission successfully launched

    • Hera aims to confirm if it is possible to deflect a hazardous asteroid on a collision course with the Earth, as a repeatable strategy ready for use in case of an actual asteroid threat
    • Thales Alenia Space provided key technologies onboard the Hera spacecraft, which will send essential data from the Didymos binary asteroid, similar to one that could potentially impact our Planet

    Madrid, 8 October, 2024 – Hera, the European Space Agency’s (ESA) first planetary defence mission,  was successfully launched yesterday aboard a SpaceX Falcon 9 rocket, from Cape Canaveral in Florida. The satellite is now heading to a unique target among the 1.3 million known asteroids of our Solar System.

    If an incoming asteroid were to threaten Earth, what could be done to cope with the situation? On September 26th 2022, NASA’s Double Asteroid Redirection Test (DART) mission performed humankind’s first test of asteroid deflection by crashing into the Great-Pyramid-sized Dimorphos moonlet. This resulted in a shift of its orbit around the mountain-sized Didymos main asteroid.

    Hera networking with Cubesats ©ESA 

    Next comes ESA’s own contribution to the international Asteroid Impact & Deflection Assessment (AIDA) collaboration: the Hera mission will travel to Dimorphos so as to gather vital close-up data regarding the deflected body and turn DART’s grand-scale kinetic impact experiment into a well-understood and potentially repeatable planetary defence technique. Hera will provide in particular accurate measurements concerning the asteroid’s mass, as well as crucial information about its make-up and structure, which are essential to interpret the outcome of the impact.

    The Hera mission, will also carry out the most detailed exploration to date of a binary asteroid system – although binaries make up 15% of all known asteroids, they have never been studied in detail. Hera will also perform technology demonstration experiments, including the deployment of ESA’s first deep space ‘CubeSats’ – shoebox-sized spacecraft to venture closer than the main mission then eventually land – and an ambitious test of ‘self-driving’ for the main spacecraft, based on vision-based navigation. The OHB System AG (Germany), as prime contractor of Hera, led the industrial consortium, including responsibility for the overall spacecraft design, development, assembly, and testing.

    Thales Alenia Space’s contribution: a teamwork between Spain, Italy and Belgium

    Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), provided key technologies onboard Hera spacecraft. Thales Alenia Space in Spain was responsible for the communications subsystem, which allows to control and track the spacecraft from a distance up to 500 million kilometre away and to send all the information gathered by Hera back to Earth. Thales Alenia Space in Italy developed the state-of-art Deep Space Transponder, while Thales Alenia Space in Belgium developed the Travelling Wave Tube Amplifiers (TWTA), as well as the Power Conditioning and Distribution Unit (PCDU), which provides power to the spacecraft during all its lifetime.

    Safeguarding our planet

    Asteroids are bodies originated in the young stars nebulae that never grew to planets, formed of rock and metal. Among them, those that have an orbit that brings them close to Earth (within 45 million kilometres), known as near-Earth asteroids, represent a risk of hitting the Earth. There are plenty of such bodies in our Solar system, from tiny little ones measuring a few meters (there are 40-50 millions of them) up to larger ones, measuring more than 1 km but much more scarce (there’s less than 1000 of them).

    Neither the smaller near-Earth asteroids nor the larger ones represent a real threat to humanity. Small asteroids actually hit the Earth quite frequently (every two weeks) with no consequences. The larger ones, although potentially dangerous, are well known and tracked, and it takes millions of years to have one of them hitting the Earth. Actually, a 10km asteroid impact is the most accepted theory of the Cretaceous extinction around 66 million years ago, ending with three-quarters of the plant and animal species, among others the dinosaurs.

    Hera scans DART’s impact crater ©ESA 

    The mid-sized class asteroids of more than 100 meters are the ones we need to worry about. There are about 30,000 near-Earth asteroids of the 100 to 300 meter size class, 82% of them still to be spotted, hitting the Earth every 10,000 years. The impact energy of such an asteroid is equivalent to around 50 megatons of TNT, the power of a “Tsar Bomba”. The effect of such an impact would be devastating if it reached a populated area, capable of destroying an entire city or to create a tsunami if it impacted a sea.

    The Didymos binary asteroid system is prototypical in terms of size of the thousands of asteroids that pose a hazardous risk of impact to our planet. Around the Dydimos main body, 780 meter in diameter, orbits the 150 meter Dimorphos moonlet, which is the first body in the Solar System to have had its orbit measurably changed through human action, by the DART impact, and it is also the smallest asteroid yet visited by humankind.

    The Hera spacecraft will reach the binary asteroid in October 2026, after a two-year cruise phase. The day Hera reaches Didymos, it will be 195 million km away from Earth.

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023. Thales Alenia Space has around 8,600 employees in 9 countries, with 16 sites in Europe and a plant in the US.

    http://www.thalesaleniaspace.com

    THALES ALENIA SPACE – PRESS CONTACTS

    Oriol Casas Thió
    Tel.: +34 618 509 197
    oriol.casasthio@thalesaleniaspace.com

    Tarik Lahlou
    Tel: +33 (0)6 87 95 89 56
    tarik.lahlou@thalesaleniaspace.com

    Catherine des Arcis
    Tel: +33 (0)6 78 64 63 97
    catherine.des-arcis@thalesaleniaspace.com

    MIL OSI Economics –

  • MIL-OSI: Bread Financial Schedules Third Quarter 2024 Earnings Conference Call for Oct. 24

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Oct. 08, 2024 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, will host a conference call on Thursday, Oct. 24, 2024, at 8:30 a.m. ET to discuss the company’s third quarter 2024 results.

    Conference Call/Webcast Information
    Participants can register in advance here, and the conference call will be available at the company’s investor relations website. Analysts planning to participate in the Q&A can register in advance here. Additionally, there will be several slides accompanying the webcast. Please go to the website at least 15 minutes prior to the call to register, as well as download and install any necessary software. The webcast will also be archived on the investor relations website.

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback® American Express® Credit Card, Bread Rewards™ American Express® Credit Card and Bread Savings® products.    
         
    Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.

    Contacts
    Brian Vereb — Investor Relations
    Brian.Vereb@breadfinancial.com

    Susan Haugen – Investor Relations
    Susan.Haugen@breadfinancial.com

    Rachel Stultz — Media
    Rachel.Stultz@breadfinancial.com

    The MIL Network –

  • MIL-OSI: Draganfly Announces Board Update

    Source: GlobeNewswire (MIL-OSI)

    Advisory Board Welcomes Former White House Chief of Staff Andy Card and Kim Moody as Audit Chair

    Saskatoon, SK, Oct. 08, 2024 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is pleased to announce updates to its Board of Directors and Advisory Board. Olen Aasen is stepping down from the Draganfly Board, and Kim Moody has been appointed as the new Audit Chair. Additionally, Draganfly is welcoming back Andy Card, former White House Chief of Staff, to the Advisory Board.

    Andy Card, who previously served on Draganfly’s Board of Directors, is rejoining the Company as a member of its Advisory Board, brings decades of leadership experience. He served as White House Chief of Staff under President George W. Bush from 2000 to 2006, managing the Executive Office of the President and shaping U.S. policy during critical moments, including the September 11th attacks. Andy’s career also includes roles as U.S. Secretary of Transportation and Vice President of Government Relations for General Motors.

    “We are thrilled to welcome Andy back to the Draganfly team in this advisory capacity,” commented Cameron Chell, Draganfly CEO. “His leadership experience and trusted counsel have been critical to the Company’s growth, and we look forward to his continued insights as we drive innovation and expand our presence in the UAV industry.”

    Kim Moody has been appointed as the new Audit Chair, replacing Olen Aasen, who is stepping down to pursue new opportunities after servings as a director for over five years. Kim is the Founder of Moodys Private Client LLP, bringing extensive expertise in tax advisory, accounting, and financial governance. “On behalf of the Board and management, I would like to thank Olen for his exceptional service and contributions to Draganfly. We look forward to his continued advice when possible,” added Chell.

    New Committee Appointments

    • Julie Myers Wood, Chief Executive Officer at Guidepost Solutions, has been appointed as the head of the Compensation Committee. With over 25 years of experience in regulatory and enforcement issues, Julie brings a wealth of knowledge from her time as Assistant Secretary of Homeland Security for Immigration and Customs Enforcement (ICE) under President George W. Bush and her work in both public and private sectors.
    • Tim Dunnigan, CEO & President of MMS Products, Inc., and a retired U.S. Army Infantry Officer, will join the Audit Committee. Tim is a seasoned defense technology entrepreneur with a proven track record of developing leadership solutions for warfighters. He also holds multiple patents and has extensive experience supporting the Department of Defense.
    • Thomas B. Modly, former Acting Secretary of the Navy and Under Secretary of the Navy, will serve on the Audit and Nominating Committee. Throughout his career, Tom has focused on improving the agility and accountability of the Department of Defense. His vast experience in leadership, education, and defense operations and audit will be invaluable to Draganfly as it continues to grow in defense-related markets.

    Cameron Chell further commented, “With the addition of such seasoned leaders as Andy Card, Kim Moody, Tim Dunnigan, and Thomas B. Modly, our board brings an important level of defense and government expertise. This positions Draganfly to leverage our advanced drone technology in defense applications and address emerging challenges in national security. Their knowledge will guide us as we continue to innovate and expand our presence in these critical sectors.”

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations do business and serve their stakeholders. Recognized as being at the forefront of technology for over 24 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.

    For more information on Draganfly, please visit us at http://www.draganfly.com. For additional investor information, visit:

    CSE Listing
    NASDAQ Listing
    Frankfurt Listing

    Media Contact
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI: Stardust Power Secures Exclusivity to Negotiate Licensing Arrangement for Lithium Brine Concentration Technology from KMX Technologies

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Oct. 08, 2024 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, and KMX Technologies, Inc. (“KMX”) announced that it has entered into a 90-day exclusivity period during which Stardust Power and KMX will negotiate the terms and conditions related to Stardust Power’s exclusive use of lithium brine concentration technology from KMX (the “Licensing Arrangement”). The transaction is subject to the negotiation and execution of definitive documentation and the parties’ mutual board approvals.

    This important technology would allow Stardust Power to potentially lower operating costs and capital expenditures across its supply chain, including at its 50,000 metric tons per annum battery-grade lithium refinery under development in Muskogee, Oklahoma, while also potentially reducing the energy and carbon intensity of the refining process. A definitive agreement could give Stardust Power exclusive use of the technology for lithium in the United States and Canada, as well as certain other jurisdictions around the world.

    Stardust Power remains focused on increasing its sustainability and recycling water following commencement of its operations. KMX’s unique technology, known as vacuum membrane distillation (“VMD”), uses hydrophobic membranes to separate lithium while creating a high quality water as its byproduct. This process is less costly and potentially less energy-intensive than many competing solutions. The distilled quality water can also be used by lithium project developers as part of their direct lithium extraction washing process, in lieu of tapping sparse local freshwater resources and other uses.

    Stardust Power’s Chief Executive Officer and Founder, Roshan Pujari, commented: “Creating battery-grade lithium requires energy and water, and KMX’s technology is highly efficient on both fronts. Their VMD technology produces an extremely high-quality concentrate with significantly improved water recycling. Following the execution of definitive documentation, Stardust Power would intend to deploy this technology across the supply chain at its Oklahoma refinery, when it is put into operation, and at upstream sites. This is another step forward for Stardust Power, leading at the forefront of sustainability within the U.S. lithium supply chain.”

    Zachary Sadow, KMX Chief Executive Officer, said, “We are proud to partner with Stardust Power, pioneers in the critical mineral industry, as they build out the North American lithium supply chain.”

    KMX’s lithium concentration technology has been publicly validated by the Canadian government, showing its ability to concentrate lithium without significant losses, generating substantially enhanced project economics.

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.” For more information, visit http://www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson
    media@stardust-power.com

    About KMX Technologies

    KMX Technologies is solving the most critical environmental and energy challenges of the 21st century. Through its proprietary membrane distillation technology, the company sustainably sources critical minerals necessary for next generation supply chains and infrastructure, is advancing wastewater treatment, and is accelerating energy storage with its direct lithium recovery enhancement processes.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the negotiation and execution of definitive documentation regarding the Licensing Arrangement, the ability of Stardust Power to realize the anticipated benefits of KMX’s technology, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI: Efabless Unveils New Custom Chip Platform Designed for Edge ML Products

    Source: GlobeNewswire (MIL-OSI)

    • Achieve a 10x improvement in performance and power efficiency compared to current solutions
    • Partnership with SensiML delivers a complete end-to-end solution for ML edge applications such as keyword spotting

    PALO ALTO, Calif., Oct. 08, 2024 (GLOBE NEWSWIRE) — Efabless Corporation, the creator platform for chips, today announced the launch of chipIgnite ML, a new system-on-chip (SoC) platform. This empowers developers to create custom silicon solutions ten times more efficient than traditional off-the-shelf hardware, redefining possibilities for edge Machine Learning (ML) applications.

    Designed with ML in mind, the SoC platform offers dedicated functionality, which can be accessed using SensiML’s development tools. This integration allows developers to reduce development time and maximize the ML capabilities for edge applications. By leveraging these tools, engineers can efficiently deploy advanced ML models on custom silicon tailored to specific edge use cases, ensuring scalable and effective solutions such as keyword spotting.

    Power and Performance for Edge ML Applications
    The new SoC platform delivers an impressive 10x improvement in power efficiency and performance compared to microcontrollers (MCUs) with general-purpose Neural Processing Units (NPUs). This allows developers to optimize performance while reducing power consumption, which is crucial for battery-operated edge devices.

    “With our chipIgnite ML custom silicon platform, developers can create solutions that are perfectly tailored to their edge applications, offering significantly improved power efficiency and performance compared to existing solutions,” said Mohamed Kassem, CTO at Efabless. “This creates numerous opportunities for specialized ML edge applications that require both optimal performance and reduced power consumption.”

    Partnership with SensiML
    Efabless and SensiML have joined forces to deliver an open source enabled hardware and software solution for ML edge processing in IoT applications. SensiML’s AutoML platform enables embedded developers—regardless of their data science experience—to quickly create ultra-efficient sensor inference algorithms that run autonomously on resource-limited edge devices. Similarly, Efabless equips developers with easy-to-use, open-source tools to design optimized custom SoCs without requiring deep expertise in IC design. Together, Efabless and SensiML are eliminating two of the biggest barriers to IoT innovation by providing a seamless path from development to deployment.

    Key Benefits

    • Unmatched Performance: Leverage chipIgnite ML custom silicon platform to achieve dramatically faster performance compared to traditional MCU-based solutions.
    • Optimized Power Efficiency: Reduce power consumption by 10x, enabling longer battery life.
    • Tailored Solutions: Our combined expertise allows you to customize your silicon design to meet the specific requirements of your edge ML applications. Profiling and optimization of ML inference workloads can be accomplished in pre-hardware simulation to assist in sizing inference models appropriately.
    • Seamless Integration: Benefit from a complete development path, from data to silicon, powered by Efabless and SensiML.
    • Open-Source: Open-source hardware and software development tools provide transparency, customization, and a cost-effective path to ML at the edge products.

    “We’re excited to collaborate with Efabless to offer a comprehensive development pathway for intelligent edge devices,” said Chris Rogers, CEO of SensiML. “By combining our strengths, this joint platform tackles the complex hardware and software challenges developers face, enabling the creation of truly differentiated IoT edge sensing products and applications.”

    Availability
    Efabless has already taped out the chipIgnite ML, marking a major milestone in the platform’s development. A design kit will be available for early evaluation starting in November 2024, providing developers with the tools they need to explore and design using the platform. The first shuttle for prototyping is scheduled for April 2025, with full-scale production expected to follow.

    The introduction of this chipIgnite ML platform marks a significant advancement in the field of edge ML applications, giving innovators the ability to design custom silicon that delivers both performance and power efficiency, all at a fraction of the cost traditionally associated with custom hardware.

    For more information about Efabless’ SoC platform and partnership with SensiML, please visit http://www.efabless.com/chipignite-ml

    About SensiML
    SensiML, a subsidiary of QuickLogic (NASDAQ: QUIK), offers cutting-edge software that enables ultra-low power IoT endpoints that implement AI to transform raw sensor data into meaningful insight at the device itself. The company’s flagship solution, the SensiML Analytics Toolkit, provides an end-to-end development platform spanning data collection, labeling, algorithm and firmware auto-generation, and testing. The SensiML Toolkit supports a growing list of hardware including 8/16/32-bit MCUs from Microchip®, Arm® Cortex®-M class and higher microcontroller cores, Intel® x86 instruction set processors, and heterogeneous core AI/ML optimized SoCs. For more information, visit https://sensiml.com.

    About Efabless
    Efabless offers a platform applying open source and community models to enable a global community of chip experts and non-experts to collaboratively design, share, prototype and commercialize special purpose chips. Over the past three years, 1,400 designs and six hundred tapeouts have been executed on Efabless. The company’s customers include startups, Fortune 500 companies, universities, and research institutions around the world. For more information, please visit http://www.efabless.com.

    Press Contact:
    Andrea Vedanayagam
    andrea@efabless.com
    408.656.4494

    The MIL Network –

  • MIL-OSI: Eviden launches PQC HSMaaS, a EU sovereign, Post-Quantum Cryptography Hardware Security Module as a Service

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Eviden launches PQC HSMaaS, a EU sovereign, Post-Quantum Cryptography
    Hardware Security Module as a Service

    This secure cloud-independent solution, based on ANSSI’s Highest Qualified HSM,
    helps organizations meet the most stringent NIS2 requirements

    Les Assises de la Sécurité, Monaco and Paris, France – October 8, 2024 – Eviden, the Atos Group business leading in digital, cloud, big data and security today announces PQC HSMaaS, its EU sovereign, post-quantum cryptography Hardware Security Module (HSM) as a Service, powered by the Eviden HSM Trustway Proteccio™ brand.

    This secure, cloud-independent solution is the only HSM available on the market today which is based on ANSSI’s (Agence Nationale de la Sécurité des Systèmes d’Information1) Highest Security Qualification (“reinforced qualification”), thereby providing businesses with the highest level of security possible.

    Post-quantum-ready and EU sovereign for NIS2 compliance

    In addition to being based upon one of the most certified HSM on the market, Eviden’s PQC HSMaaS supports Post-Quantum Cryptography (PQC) algorithms, providing encryption that is future-proof against the advances of quantum computing.

    As a fully EU sovereign solution, Eviden’s PQC HSMaaS is hosted in resilient, sovereign data centers in France and managed by French teams, ensuring full control over sensitive data. This minimizes dependence on public cloud providers, reinforcing both data sovereignty and regulatory compliance. Furthermore, Eviden’s PQC HSMaaS helps businesses meet the stringent requirements of the NIS22Directive, securing sensitive data with robust encryption practices that guarantee confidentiality, integrity, and availability.

    Antoine Schweitzer-Chaput, Head of Trustway Business Unit, Eviden, Atos Group said: “This solution not only empowers companies to protect against emerging threats such as quantum computing through Post-Quantum Cryptography support, but it also established us as a strategic partner in helping organizations meet the stringent requirements of the NIS2 Directive. We take pride in offering an HSMaaS that blends the highest levels of security with the flexibility and control businesses need in today’s evolving landscape.”

    Eviden customers can now benefit from the PQC HSMaaS solution, via a monthly subscription. For more information, please visit : https://eviden.com/solutions/digital-security/data-encryption/trustway-proteccio-nethsm/

    ***

    About Eviden

    Eviden is a next-gen technology leader in data-driven, trusted and sustainable digital transformation with a strong portfolio of patented technologies. With worldwide leading positions in advanced computing, security, AI, cloud and digital platforms, it provides deep expertise for all industries in more than 47 countries. Bringing together 47,000 world-class talents, Eviden expands the possibilities of data and technology across the digital continuum, now and for generations to come. Eviden is an Atos Group company with an annual revenue of c. € 5 billion.

    About Atos

    Atos is a global leader in digital transformation with c. 92,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Press contact

    Zohra Dali – zohra.dali.external@eviden.com – +33 (0) 6 71 92 71 87

    1 National Cybersecurity Agency of France responsible for ensuring the security of information systems across France, particularly within government institutions and critical infrastructure.
    2 The NIS2 Directive (Directive on security of network and information systems) is a European Union regulation aimed at enhancing cybersecurity across the EU. It updates and expands upon the original NIS Directive (2016) to address the evolving landscape of cyber threats and improve the overall level of cybersecurity within member states.

    3 Eviden business is operated through the following brands: AppCentrica, ATHEA, Cloudamize, Cloudreach, Cryptovision, DataSentics, Edifixio, Energy4U, Engage ESM, Evidian, Forensik, IDEAL GRP, In Fidem, Ipsotek, Maven Wave, Profit4SF, SEC Consult, Visual BI, Worldgrid, X-Perion.

    Eviden is a registered trademark. © Eviden SAS, 2024.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: SPbGASU took part in the International Construction Week

    MILES AXLE Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – From left to right: Andrey Nikulin, Sergey Mikhailov, Svetlana Golovina, Inna Sukhanova, Dmitry Ulrikh and Denis Nizhegorodtsev

    From October 1 to 4, the International Construction Week was held in Yekaterinburg. It was attended by a delegation from SPbGASU, consisting of First Vice-Rector Svetlana Golovina, Vice-Rector for Educational Activities Sergey Mikhailov, Director of the Educational Center for Digital Competencies Inna Sukhanova, Deputy Director of the Educational Center for Digital Competencies Denis Nizhegorodtsev, Dean of the Faculty of Civil Engineering Andrey Nikulin, Dean of the Faculty of Environmental Engineering and Urban Management Dmitry Ulrikh, Head of the Department of Construction Organization Roman Motylev and fourth-year bachelor’s student of the Faculty of Civil Engineering Angelina Koroleva.

    Representatives of our university took part in the IV International Construction Championship, as well as the XI International Construction Forum and Exhibition 100 TechnoBuild, within the framework of which a meeting of the board of the Association of Construction Universities and the presidium of the Federal Educational and Methodological Association was held.

    Andrey Nikulin shared his impressions. According to him, the key event of the forum and exhibition was the plenary session “Construction of the Future”, at which representatives of developers and authorities discussed the transformation of residential spaces, the development of small towns, and trends in industrial and infrastructure construction.

    – The speakers disagreed on the prospects of the “15-minute city” concept and even noted that this innovative format, actively promoted by Western countries, resembles the Khrushchev period of Soviet development, where all everyday human needs were provided within walking distance within the microdistrict. This is economically beneficial for government bodies and developers, but, of course, it harms the moral and ethical development of a person, artificially confined to the sphere of consumption. At the same time, the speakers noted the need to develop transport infrastructure, which would allow people to leave the microdistricts and reach key cultural and historical centers in 15 minutes. However, this requires significant infrastructure costs, which is beyond the capabilities of regional budgets. As the speakers noted, the city of the future will be managed by artificial intelligence, and for its residents it will become commonplace to accept the delivery of goods, carried out by drones, at floor-by-floor reception points (new residential complexes are designed for this possibility).

    Andrey Nikolaevich noted a wide range of modern software products of domestic production that use TIM models of buildings and structures to control construction production, optimize costs for the purchase of building materials and equipment. Particularly memorable were BIM scanners and solutions based on artificial intelligence, which allow improving the quality of design solutions and minimizing the “human factor” in construction.

    According to Andrey Nikulin, the main result of participation in events of this level is the professional calibration of knowledge, ideas and vision of the future. In addition, this is, of course, the expansion of business contacts, “building professional bridges” with representatives of the real sector of the economy, which is very important for the development of scientific and educational areas of activity.

    Representatives of the companies Ascon, BRIO, PlanRadar, Jetstyle, Gectaro, TehnoPar and others received invitations to international conferences that will be held at SPbGASU in the near future.

    Inna Sukhanova and Denis Nizhegorodtsev joined the expert committee of the School League of the International Construction Championship. Roman Motylev acted as an expert of the Professional League. Angelina Koroleva, who participated in the Student League competition in the nomination “Labor Protection”, was awarded third place.

    Denis Nizhegorodtsev spoke about his work:

    – We were able to listen to and evaluate the works of the participants in the nomination “TIM-specialist”, in which schoolchildren of grades 8–11 from different regions of Russia competed. Their task was to model architectural solutions in the classrooms of a new school in Yekaterinburg. I would like to note the high level of the participants’ works. I am very glad that modern educational projects on construction topics are already available to schoolchildren and allow them to get acquainted with the profession in advance.

    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://www.spbgasu.ru/nevs-and-events/nevs/spbgasu-took-participation-in-international-construction-week/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Video: ECB Governing Council Press Conference – 17 October 2024

    Source: European Central Bank (video statements)

    ECB President Christine Lagarde explains the Governing Council’s monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 17 October 2024 at 14:45 CET in Ljubljana.

    https://www.youtube.com/watch?v=YaA5OUdugk4

    MIL OSI Video –

  • MIL-OSI Global: Trump and Harris are sharply divided on science, but share common ground on US technology policy

    Source: The Conversation – USA – By Kenneth Evans, Scholar in Science and Technology Policy, Baker Institute for Public Policy, Rice University

    Science topics don’t always come up during presidential debates – but they did on Sept. 10, 2024. Mario Tama via Getty Images

    For the first time in American history, quantum computing was mentioned by a candidate during a presidential debate, on Sept. 10, 2024. After Vice President Kamala Harris brought up quantum technology, she and former President Donald Trump went on to have a heated back-and-forth about American chipmaking and China’s rise in semiconductor manufacturing. Science and technology policy usually takes a back seat to issues such as immigration, the economy and health care during election season.

    What’s changed for 2024?

    From COVID-19 to climate change, ChatGPT to, yes, quantum computers, science-related issues are on the minds of American policymakers and voters alike. The federal government spends nearly US$200 billion each year on scientific research and development to address these challenges and many others. Presidents and Congress, however, rarely agree on how – and how much – money should be spent on science.

    With the increasing public focus on global competitiveness, the climate crisis and artificial intelligence, a closer look at Trump’s and Harris’ records on science and technology policy could provide a hint about how they’d approach these topics if elected this fall.

    Two distinct visions for science funding

    If politics can be described as “who gets what and when,” U.S. science and technology policy can be assessed through the annual budget process for R&D. By this measure, the differences between the Trump and Biden-Harris administrations couldn’t be starker.

    In his first budget request to Congress, in 2017, Trump spurned decades of precedent, proposing historic cuts across nearly every federal science agency. In particular, Trump targeted climate-related programs at the Department of Energy, the National Oceanic and Atmospheric Administration and the Environmental Protection Agency.

    Trump’s fiscal policy took a page from Reagan-era conservative orthodoxy, prioritizing military spending over social programs, including R&D. Unlike Reagan, however, Trump also took aim at basic research funding, an area with long-standing bipartisan support in Congress. His three subsequent budget proposals were no different: across-the-board reductions to federal research programs, while pushing for increases to defense technology development and demonstration projects.

    Congress rebuked nearly all of Trump’s requests. Instead, it passed some of the largest increases to federal R&D programs in U.S. history, even before accounting for emergency spending packages funded as part of the government’s pandemic response.

    In contrast, the Biden-Harris administration made science and innovation a centerpiece of its early policy agenda – with budgets to match. Leveraging the slim Democratic majority during the 117th Congress, Biden and Harris shepherded three landmark bills into law: the Infrastructure Investment and Jobs Act, the Inflation Reduction Act and the CHIPS and Science Act. These laws contain significant R&D provisions focused on environmental projects (IIJA), clean energy (IRA) and American semiconductor manufacturing (CHIPS).

    CHIPS set up programs within the National Science Foundation and the Department of Commerce to create regional technology hubs in support of American manufacturing. The act also set ambitious funding targets for federal science agencies, especially at NSF, calling for its budget to be doubled from $9 billion to over $18 billion over the course of five years.

    Despite its initial push for R&D, the Biden-Harris administration’s final two budget proposals offered far less to science. Years of deficit spending and a new Republican majority in the House cast a cloud of budget austerity over Congress. Instead of moving toward doubling NSF’s budget, the agency suffered an 8% decrease in fiscal year 2024 – its biggest cut in over three decades. For FY2025, which runs from Oct. 1, 2024, through Sept. 30, 2025, Biden and Harris requested a meager 3% increase for NSF, billions of dollars short of CHIPS-enacted spending levels.

    An emerging consensus on China

    On technology policy, Biden and Harris share more with Trump than they let on.

    Their approach to competing with China on tech follows Trump’s lead: They’ve expanded tariffs on Chinese goods and severely limited China’s access to American-made computer chips and semiconductor manufacturing equipment.

    Biden and Harris have also ramped up research security efforts intended to protect U.S. ideas and innovation from China. Trump launched the China Initiative as an attempt to stop the Chinese government from stealing American research. The Biden-Harris administration ended the program in 2022, but pieces of it remain in place. Scientific collaborations between the United States and China continue to decline, to the detriment of American scientific leadership.

    Semiconductor manufacturing is a key to many technologies; by extension, where it happens can be a security issue.
    Costfoto/NurPhoto via Getty Images

    The Biden-Harris administration has also drawn from Trump-era policy to strengthen America’s leadership in “industries of the future.” The term, coined by Trump’s then-chief science adviser Kelvin Droegemeier, refers to five emerging technology areas: AI, quantum science, advanced manufacturing, advanced communications and biotechnology. This language has been parroted by the Biden-Harris administration as part of its focus on American manufacturing and throughout Harris’ campaign, including during the debate.

    In short, both candidates align with the emerging Washington bipartisan consensus on China: innovation policy at home, strategic decoupling abroad.

    Science advice not always a welcome resource

    Trump’s dismissal of and at times outright contempt for scientific consensus is well documented. From “Sharpiegate,” when he mapped his own projected path for Hurricane Dorian, to pulling out of the Paris climate agreement, World Health Organization and the Iran nuclear deal, Trump has demonstrated an unwillingness to accept any advice, let alone from scientists.

    Indeed, Trump took over two years to hire Droegemeier as director of the White House Office of Science and Technology Policy, or OSTP, doubling the previous record for the length of time a president has gone without a scientific adviser. This absence was no doubt reflected in Trump’s short-on-science budget requests to Congress, especially during the beginning of his administration.

    On the other hand, the Biden-Harris administration has promoted science and innovation as a core part of its broader economic policy agenda. It elevated the role of OSTP: Biden is the first president to name his science adviser – a position currently held by Arati Prabhakar – as a member of his Cabinet.

    By law, the president is required to appoint an OSTP director. But it is up to the president to decide how and when to use their advice. If the new White House wants the U.S. to remain a global leader in R&D, the science adviser will need to continue to fight for it.

    Kenneth Evans receives funding from the National Science Foundation, the American Institute of Physics, and the Clinton Foundation. He is affiliated with Rice University and Rice University’s Baker Institute for Public Policy.

    – ref. Trump and Harris are sharply divided on science, but share common ground on US technology policy – https://theconversation.com/trump-and-harris-are-sharply-divided-on-science-but-share-common-ground-on-us-technology-policy-239053

    MIL OSI – Global Reports –

  • MIL-OSI Global: How foreign operations are manipulating social media to influence your views

    Source: The Conversation – USA – By Filippo Menczer, Professor of Informatics and Computer Science, Indiana University

    Russians, Chinese, Iranians – even Israelis – are trying to affect what you believe. Sean Gladwell/Moment via Getty Images

    Foreign influence campaigns, or information operations, have been widespread in the run-up to the 2024 U.S. presidential election. Influence campaigns are large-scale efforts to shift public opinion, push false narratives or change behaviors among a target population. Russia, China, Iran, Israel and other nations have run these campaigns by exploiting social bots, influencers, media companies and generative AI.

    At the Indiana University Observatory on Social Media, my colleagues and I study influence campaigns and design technical solutions – algorithms – to detect and counter them. State-of-the-art methods developed in our center use several indicators of this type of online activity, which researchers call inauthentic coordinated behavior. We identify clusters of social media accounts that post in a synchronized fashion, amplify the same groups of users, share identical sets of links, images or hashtags, or perform suspiciously similar sequences of actions.

    We have uncovered many examples of coordinated inauthentic behavior. For example, we found accounts that flood the network with tens or hundreds of thousands of posts in a single day. The same campaign can post a message with one account and then have other accounts that its organizers also control “like” and “unlike” it hundreds of times in a short time span. Once the campaign achieves its objective, all these messages can be deleted to evade detection. Using these tricks, foreign governments and their agents can manipulate social media algorithms that determine what is trending and what is engaging to decide what users see in their feeds.

    Adversaries such as Russia, China and Iran aren’t the only foreign governments manipulating social media to influence U.S. politics.

    Generative AI

    One technique increasingly being used is creating and managing armies of fake accounts with generative artificial intelligence. We analyzed 1,420 fake Twitter – now X – accounts that used AI-generated faces for their profile pictures. These accounts were used to spread scams, disseminate spam and amplify coordinated messages, among other activities.

    We estimate that at least 10,000 accounts like these were active daily on the platform, and that was before X CEO Elon Musk dramatically cut the platform’s trust and safety teams. We also identified a network of 1,140 bots that used ChatGPT to generate humanlike content to promote fake news websites and cryptocurrency scams.

    In addition to posting machine-generated content, harmful comments and stolen images, these bots engaged with each other and with humans through replies and retweets. Current state-of-the-art large language model content detectors are unable to distinguish between AI-enabled social bots and human accounts in the wild.

    Model misbehavior

    The consequences of such operations are difficult to evaluate due to the challenges posed by collecting data and carrying out ethical experiments that would influence online communities. Therefore it is unclear, for example, whether online influence campaigns can sway election outcomes. Yet, it is vital to understand society’s vulnerability to different manipulation tactics.

    In a recent paper, we introduced a social media model called SimSoM that simulates how information spreads through the social network. The model has the key ingredients of platforms such as Instagram, X, Threads, Bluesky and Mastodon: an empirical follower network, a feed algorithm, sharing and resharing mechanisms, and metrics for content quality, appeal and engagement.

    SimSoM allows researchers to explore scenarios in which the network is manipulated by malicious agents who control inauthentic accounts. These bad actors aim to spread low-quality information, such as disinformation, conspiracy theories, malware or other harmful messages. We can estimate the effects of adversarial manipulation tactics by measuring the quality of information that targeted users are exposed to in the network.

    We simulated scenarios to evaluate the effect of three manipulation tactics. First, infiltration: having fake accounts create believable interactions with human users in a target community, getting those users to follow them. Second, deception: having the fake accounts post engaging content, likely to be reshared by the target users. Bots can do this by, for example, leveraging emotional responses and political alignment. Third, flooding: posting high volumes of content.

    Our model shows that infiltration is the most effective tactic, reducing the average quality of content in the system by more than 50%. Such harm can be further compounded by flooding the network with low-quality yet appealing content, thus reducing quality by 70%.

    Curbing coordinated manipulation

    We have observed all these tactics in the wild. Of particular concern is that generative AI models can make it much easier and cheaper for malicious agents to create and manage believable accounts. Further, they can use generative AI to interact nonstop with humans and create and post harmful but engaging content on a wide scale. All these capabilities are being used to infiltrate social media users’ networks and flood their feeds with deceptive posts.

    These insights suggest that social media platforms should engage in more – not less – content moderation to identify and hinder manipulation campaigns and thereby increase their users’ resilience to the campaigns.

    The platforms can do this by making it more difficult for malicious agents to create fake accounts and to post automatically. They can also challenge accounts that post at very high rates to prove that they are human. They can add friction in combination with educational efforts, such as nudging users to reshare accurate information. And they can educate users about their vulnerability to deceptive AI-generated content.

    Open-source AI models and data make it possible for malicious agents to build their own generative AI tools. Regulation should therefore target AI content dissemination via social media platforms rather then AI content generation. For instance, before a large number of people can be exposed to some content, a platform could require its creator to prove its accuracy or provenance.

    These types of content moderation would protect, rather than censor, free speech in the modern public squares. The right of free speech is not a right of exposure, and since people’s attention is limited, influence operations can be, in effect, a form of censorship by making authentic voices and opinions less visible.

    Filippo Menczer receives funding from the Knight Foundation, Sloan Foundation, NSF, DoD, and the Swiss National Science Foundation.

    – ref. How foreign operations are manipulating social media to influence your views – https://theconversation.com/how-foreign-operations-are-manipulating-social-media-to-influence-your-views-240089

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Yuri Trutnev summed up the first results of the master plan implementation in Kamchatka

    MILES AXLE Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Yuri Trutnev heard reports on the implementation of the long-term plan for the comprehensive socio-economic development of the Petropavlovsk-Kamchatsky urban district

    October 8, 2024

    Yuri Trutnev, Governor of Kamchatka Krai Vladimir Solodov and Deputy Minister for the Development of the Far East and the Arctic Elvira Nurgalieva

    October 8, 2024

    Yuri Trutnev held a meeting with the management and instructors of the Kamchatka branch of the Voin center

    October 8, 2024

    Previous news Next news

    Yuri Trutnev heard reports on the implementation of the long-term plan for the comprehensive socio-economic development of the Petropavlovsk-Kamchatsky urban district

    As part of a working visit to Kamchatka Krai, Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev heard reports on the implementation of the long-term plan for the comprehensive socio-economic development of the Petropavlovsk-Kamchatsky urban district, and also held a meeting with investors and assessed the work of the Kamchatka branch of the Voin center.

    The long-term plan for the socio-economic development of the Petropavlovsk-Kamchatsky urban district provides for the implementation of 17 events containing 52 objects for the period up to 2030. The key events of the master plan include the construction of a number of roads, including a bypass road from Petropavlovsk Highway to the residential area of Severo-Vostok and a public road to the Pacific Ocean coast. A campus for students of the city’s universities and colleges will appear in the capital of Kamchatka. It is planned to place educational institutions, clubs, public spaces, recreation and leisure areas for students on the campus territory. The construction of the children’s and youth scientific and educational center “Voskhod” has begun. Among the key events of the master plan is the improvement of the city center with the construction of a public center.

    The master plan includes an environmental component. Within its framework, Kultuchnoye Lake in the city center will be cleaned. City landfills will also be reclaimed and an eco-technopark will be built. At the same time, integrated development projects will also be implemented in other areas: in the Severny microdistrict, the Zarechny microdistrict (near the airport), on Pogranichnaya Street, on Komsomolskaya Square, and also on the site of the existing regional hospital after its relocation to a new location. The construction of the bypass road TPP-1 – TPP-2 also plays a major role in the development of the regional capital.

    This year, the design of the interactive planetarium and creativity center on Nikolskaya Hill, the improvement of the Historical Quarter, the walking area along 50 Let Oktyabrya Street, Leninskaya, Sovetskaya, Partizanskaya Streets and the Kultuchnoye Ozero ecopark, three sewage pumping stations were completed. The implementation of 26 events continues.

    By the end of the year, work is planned to be completed at 15 sites. Work on the improvement of the central embankment and the park along Voytsesheka Street will be completed. The cultural heritage site (at 13 Krasintsev Street) will be restored as part of the art cluster, and equipment will be purchased for the creative industries school being created. The construction of sewage treatment facilities for the planned building of the regional children’s hospital will be completed. The design of a cable car, a building of the regional children’s hospital, a community center, an eco-technopark, two sewage treatment facilities (“Chavycha”, “29 km”) and five sewage pumping stations (“Rybny Port”, “Torgovy Port”, “Drama Theater”, “1/1E”, “Zarechnaya”) will be completed.

    Work is actively underway on the following projects, the commissioning of which is planned for 2025. A road to Khalaktyrsky Beach is being built. Construction of a gas boiler house has begun in the Severny microdistrict as part of the Far Eastern Quarter project. The Yu.A. Gagarin Children’s Health Camp is being renovated. It is planned to begin major repairs of the road along Leninskaya Street in the city center. This year, a large and extremely important project for the region will also begin on the construction of an LNG regasification complex in Rakova Bay, with a completion date of 2025.

    According to Deputy Minister for the Development of the Russian Far East and Arctic Elvira Nurgalieva, 12 billion rubles of a single presidential subsidy from the Ministry for the Development of the Russian Far East and 1.5 billion rubles of special treasury loans will be allocated for the implementation of the master plan for Petropavlovsk-Kamchatsky. The region has already received some of the funds for the design, major repairs and construction of facilities. The region will receive 0.6 billion rubles as part of a landscaping competition from the Russian Ministry of Construction. These funds were used to create an observation deck on Petrovskaya Sopka, and to improve the embankment in the city center along Ozernovskaya Kosa Street, a park along Voytsesheka Street, and Nikolskaya Sopka. This year, the Russian Ministry of Culture allocated funds for the purchase of equipment for the creation of a school of creative industries as part of the art cluster. The Russian Ministry of Energy will provide funding for the construction of an LNG regasification complex in Rakova Bay.

    Thanks to the implementation of the master plan activities, positive dynamics have been observed in a number of indicators this year: the volume of construction work is growing (an increase of 5.5% in the first half of 2024), the number of people employed in the construction industry is increasing, and indicators in related industries have increased many times over: the cargo turnover of sea transport has increased by more than a quarter, and automobile transport has more than doubled.

    Plans for 2025–2027 were discussed. In particular, it is planned to improve Nikolskaya Sopka by 2026 using funds from the federal project “Formation of a Comfortable Urban Environment”. It is planned to build five sewage pumping stations (“Zarechnaya”, “1/1E”, “Rybny Port”, “Torgovy Port”, “Drama Theater”). The deadlines for completing the construction of a public center on Lenin Square, a hotel and business center with improvement of the park on the territory of “Petropavlovskaya Gavan”, a fish market on the territory of “Prichal Mekhzavod” and a cable car have been set by the end of 2027.

    “There are initial results. An observation deck has been built, the embankment is being improved. We only started implementing the master plan this year. And there is still a lot of work to be done,” Yuri Trutnev summed up the discussion.

    During a meeting with investors, the Deputy Prime Minister noted that more than 250 investors with projects worth almost 300 billion rubles have taken advantage of state support in Kamchatka, with 106 billion rubles already invested. 79 projects have been commissioned, and more than 11,000 new jobs have been created.

    According to Vladimir Solodov, Governor of Kamchatka Krai, 128.2 billion rubles were attracted to Kamchatka Krai in 2023. Investment growth was 60% compared to the previous year. Tourism is a priority industry. Last year, investment growth in this area was 53%. At the same time, 17 new hotels were built in 2023 alone, and the number of accommodations increased by 1,031 places.

    Projects for the construction of hotels in the Kamchatka priority development area were discussed. The Cosmos Hotel Kamchatka company plans to build a five-star tourist and recreational complex. The Berloga company will create a five-star hotel complex with a thermal spa complex in the Elizovsky district of the Kamchatka priority development area. The implementation of a major investment project by a Kamchatka priority development area resident to create an international standard resort, the Three Volcanoes Park, was discussed.

    The progress of completing the construction of the new passenger terminal of the Petropavlovsk-Kamchatsky International Airport (Yelizovo) was also considered. Several contractors are involved in the construction of the new airport complex of the Yelizovo airport. A total of 1,200 people and 50 units of special equipment are working on the construction of the facility. The overall construction readiness is 82%.

    On the same day, Yuri Trutnev held a meeting with the management and instructors of the Kamchatka branch of the Voin center. “I always take the opportunity when I am in a territory where there is a branch of the center, to visit it, to see how things are going. Reviving patriotic education is our initiative with Sergei Vladilenovich [Kiriyenko]. It was supported by the President of Russia. And of course, we must monitor how things are going. The most important thing, in my opinion, the most positive thing, is that the feedback from the cadets is good everywhere. This shows that we started our work on time and that the desire for patriotism, the desire to be able to defend your homeland, to love it are in demand,” Yuri Trutnev opened the meeting.

    Addressing the branch management and instructors of the Voin center, the Deputy Prime Minister emphasized the importance of work on patriotic education: “You are shaping the future by educating a new generation of Russians. There are currently 21 branches of the Voin center operating in the Russian Federation, including branches created in all liberated territories. Since the start of the Voin center, 35 thousand young men and women have been trained. And this year, the Voin center will train 30 thousand young people across the country.”

    It was noted that the Voin center had developed a draft textbook, Basics of Initial Military Training. It is currently in the final stages of revision. This academic year, it is planned to test the publication by cadets of the Voin center and students of some educational organizations.

    Director of the Voin Center branch in Kamchatka Alexander Burkhavetsky and Chairman of the regional branch of DOSAAF of Russia Dmitry Pavlov reported on the work of the Kamchatka branch. About 800 teenagers will undergo training in Kamchatka by the end of the year. Currently, construction of classrooms and arrangement of the territory of the Military Sports Training Center in the Yelizovsky District is underway. By the end of November 2024, it is planned to complete the construction of classrooms with a parade ground, a GTO site, a combined arms obstacle course, a parking lot and an entry group. In 2025, it is planned to complete the construction of a 500-meter gallery for sniping, arrangement of a tactical field, construction of several shooting galleries, installation of a facade for storming the building (for assault mountaineering), construction of a canteen, barracks for 120 people, preparation of a place for placing a tent camp for 160 people.

    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://government.ru/nevs/52936/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI: Parex Resources Announces Production Update and Timing of Q3 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 08, 2024 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) announces a production update as well as its plan to release its Q3 2024 financial and operating results on Tuesday, November 5, 2024.

    Q3 2024 Production Update(1)

    • Q3 2024 average production was 47,569 boe/d.
    • Average production was in line with the most recent production guidance(2).
    • September 2024 production was supported by a new well at Capachos.
    • Parex’s production guidance incorporates a range of technical outcomes and contingency for significant downtime events; there were no notable downtime events during the quarter.
    boe/d For the three months ended September 30, 2024
    Block LLA-34 24,975
    Southern Llanos 15,031
    Northern Llanos 4,567
    Magdalena Basin 2,268
    Natural Gas Production 728
    Average Production 47,569

    (1) See “Product Type Disclosure.”
    (2) See August 28, 2024 news release.

    Monthly Production Breakdown(1)(2)

    boe/d July 2024 August 2024 September 2024
    Average Production 48,850 46,350 47,450

    (1) See “Product Type Disclosure.”
    (2) Rounded for presentation purposes.

    Q3 2024 Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q3 2024 results on Wednesday, November 6, 2024, beginning at 9:30 am MT (11:30 am ET). Additional details will be available on the Company’s website in due course.

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Product Type Disclosure

    Product Type July 2024 August 2024 September 2024
    Light & Medium Crude Oil (bbl/d) 9,308 8,832 9,041
    Heavy Crude Oil (bbl/d) 38,793 36,808 37,681
    Conventional Natural Gas (mcf/d) 4,492 4,262 4,363
    Oil Equivalent (boe/d) 48,850(1) 46,350(1) 47,450(1)

    (1) Rounded for presentation purposes.

    Product Type For the three months ended September 30, 2024
    Light & Medium Crude Oil (bbl/d) 9,064
    Heavy Crude Oil (bbl/d) 37,776
    Conventional Natural Gas (mcf/d) 4,370
    Oil Equivalent (boe/d) 47,569

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 thousand cubic feet (“Mcf”) of natural gas to 1 bbl. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    Advisory on Forward-Looking Statements

    Certain information regarding Parex set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    Although the forward-looking statements contained in this press release are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this press release, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources in the future to pay a dividend in the future; that the Board will declare dividends in the future; and other matters.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; risk that Brent oil prices are lower than anticipated; risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; risk that initial test results are not indicative of future performance or ultimate recovery; risk that other zones to be tested do not contain the expected hydrocarbon bearing formations; the risk that Parex’s 2024 capital expenditures and planned exploration and development programs are different than expected, including in a manner adverse to Parex; the risk that Parex’s financial and production results may be less favorable than anticipated; the risk that certain of Parex’s wells may not spud or come onstream when anticipated, or at all; the risk that Parex may not have sufficient financial resources in the future to pay a dividend or repurchase its shares; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; that risk that Parex may not actively adjust its capital allocation or maximize shareholder value; the risk that the Company may purchase less shares per day through its automatic share purchase plan than anticipated and that it may not adjust to match its targeted long-term capital allocation framework as required; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this press release and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    Abbreviations

    The following abbreviations used in this press release have the meanings set forth below:

    bbl one barrel
    bbl/d barrels per day
    boe barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d barrels of oil equivalent of natural gas per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day

    The MIL Network –

  • MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Announces Dates for Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 08, 2024 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI), today announced the Company will hold a conference call to review its third quarter 2024 financial results on Thursday, October 31, 2024 at 9:00 a.m. Eastern Time. The Company’s third quarter 2024 financial results will be released after the market closes on Wednesday, October 30, 2024. During the conference call, Company officers will review third quarter 2024 performance, discuss recent events and conduct a question-and-answer period.

    To register for the call, please use the following link:

    https://register.vevent.com/register/BIa37467c5213342ac9459168840830682

    After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

    About Apollo Commercial Real Estate Finance, Inc.
    Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $696 billion of assets under management as of June 30, 2024.

    Additional information can be found on the Company’s website at http://www.apollocref.com. Please note that our URL address has changed.

    Forward-Looking Statements
    Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    CONTACT: Hilary Ginsberg
    Investor Relations
    (212) 822-0767

    The MIL Network –

  • MIL-OSI Banking: BoBC Auction Results – 8 October 2024

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 16 October 2024.  The summarised results of the auction held on  9 October 2024, are attached below:

    BOBC Results 8 October 2024.pdf

    MIL OSI Global Banks –

  • MIL-OSI: Form 8.3 – [KEYWORDS STUDIOS PLC] – 07 10 2024 – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 KEYWORDS STUDIOS PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 07 OCTOBER 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,370,614 1.7023    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,370,614 1.7023    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 715 2438p
    1p ORDINARY SALE 1,935 2438.2p
    1p ORDINARY SALE 1,015 2438.202p
    1p ORDINARY PURCHASE 400 2440p

    (b)        Cash-settled derivative transactions

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

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

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

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 08 OCTOBER 2024
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

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

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

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

    The MIL Network –

  • MIL-Evening Report: Government to put pressure on opposition with legislation to ensure NBN stays in public hands

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The Albanese government on Wednesday will introduce legislation to ensure the NBN remains in government ownership.

    The move is designed to set up a test for the Coalition, putting pressure on the opposition ahead of the election to declare whether it would try to privatise the NBN.

    The government said in a statement from Prime Minister Anthony Albanese, Finance Minister Katy Gallagher and Communications Minister Michelle Rowland: “The Coalition rushed to declare the NBN ‘complete’ so they could put it on the block for sale – selling out Australian consumers and regional communities.

    “The Albanese government won’t let that happen. This legislation will ensure the NBN is owned by who it belongs to – the Australian people.”

    The upgrades the government had undertaken “are already making a real difference in the lives of Australians through faster, more reliable internet access. Keeping the NBN in public hands will lock in affordable and accessible high speed internet for all Australians for generations to come.”

    Albanese said:“The Coalition made a mess of the NBN – my government is getting on with the job of fixing it and making sure it stays in public hands, where it belongs.”

    Rowland said: “Australians don’t trust the Coalition not to flog off the NBN just like they did with Telstra, resulting in higher prices and poorer services, especially in the regions.”

    Downgraded

    The Rudd Labor government announced what was to be a predominantly fibre-to-the-home wholesale network in 2009, promising it would cost $43 billion and later be privatised to claw back the expense.

    In 2010 Communications Minister Stephen Conroy said Labor “remained firmly committed to selling its stake in NBN Co after the network was fully built and operational, subject to market conditions and security considerations”.

    By 2020 the government was estimated to have spent $51 billion on a scaled-down version of the project completed using a mix of technologies.

    In June that year a review by the Parliamentary Budget Office put its fair value at $8.7 billion.

    Michelle Grattan 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. Government to put pressure on opposition with legislation to ensure NBN stays in public hands – https://theconversation.com/government-to-put-pressure-on-opposition-with-legislation-to-ensure-nbn-stays-in-public-hands-240807

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Director of Public Policy of TikTok

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Director of Public Policy of TikTok Southeast Asia, Ms. Shinto Nugroho, at the sidelines of the 2024 ASEAN Business and Investment Summit, in Vientiane, Lao PDR. They discussed how the private sector, such as TikTok, could contribute to the region’s continued growth and development as well as explored future opportunities to advance ASEAN’s digital transformation.

    The post Secretary-General of ASEAN meets with Director of Public Policy of TikTok appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: FinTech Week to kick off on Oct 28

    Source: Hong Kong Information Services

    The ninth edition of Hong Kong FinTech Week (HKFW), themed “Illuminating New Pathways in Fintech” will take place from October 28 to November 1, Invest Hong Kong (InvestHK) announced today.

    HKFW 2024 will place a significant emphasis on cutting-edge technologies such as Artificial Intelligence (AI), it added.

    The event is expected to draw over 30,000 attendees from more than 100 economies.

    The main conference, involving hundreds of distinguished speakers, will take place between October 28 and 29 at Hong Kong AsiaWorld-Expo.

    It will feature eight themed forums, namely a Global Forum, an AI & Advanced Tech Forum, a Blockchain & Digital Assets Forum, a Payments & Other FinTech Forum, an InsurTech Forum, a Green FinTech & Impact Forum, a WealthTech & InvestTech Forum, and the Hong Kong Connect Forum. 

    Meanwhile, a series of community engagement events will take place from October 28 to November 1 in Hong Kong and Shenzhen. These will include a tour of the Greater Bay Area, satellite and networking events, lifestyle activities and workshops, and the inaugural Web3x3 basketball game.

    InvestHK said HKFW enjoys the confidence of both Mainland and international companies and markets.

    It highlighted that this year’s event will feature a record number of big tech companies from the Mainland showcasing their latest innovations, as well as notable speakers and delegates from the Association of Southeast Asian Nations and the Middle East, reflecting Hong Kong’s multifaceted business connections and outlook.

    Secretary for Financial Services & the Treasury Christopher Hui said Hong Kong has emerged as a super connector and super value-adder for fintech thanks to its strategic location and robust financial infrastructure.

    “Our city is ranked third in the latest Global Financial Centres Index and first in the Asia Pacific Region,” he added. “In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally.

    “This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong.”

    Mr Hui also stressed that, owing to various initiatives aimed at attracting and retaining strategic companies and talent, the city is primed to reap the benefits of Hong Kong FinTech Week. He said the event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech operations.

    HKFW 2024 is organised by the Financial Services & the Treasury Bureau and InvestHK, in collaboration with the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Going Above & Beyond: Samsung Care Technicians Celebrate their Rewarding Customer Experiences

    Source: Samsung

    When an appliance breaks down, it can throw our daily routines into chaos. Whether it’s a malfunctioning oven that interrupts family dinners, a broken washer or dryer that delays weekend plans, or an inoperable TV right before movie or game night, these inconveniences remind us of the value of fast, reliable, and high-quality service.
    To celebrate Customer Service Week (October 7-11, 2024) and this year’s theme, “Above & Beyond,” we’re shining a spotlight on our very own dedicated Samsung Care technicians who go the extra mile to restore normalcy. From innovative digital care solutions to best-in-class training, our Samsung Care pros are committed to providing a customer-first care experience no matter where you live.
    Samsung provides 99.9% of the U.S. with convenient Care coverage. With programs like Samsung Beyond Boundaries, customers within a four-hour radius of a Samsung Care Center in various U.S. regions can receive at-home repairs, ensuring that even the most remote customers have access to our top-notch care. Samsung also delivers #1 Quality and Service Coverage in the U.S. for mobile devices,1 providing Galaxy owners access to more than 9,000 Samsung Mobile certified technicians with convenient walk-in, mail-in and We Come to You repair options.
    Hear from some of our Samsung Care technicians as they share their rewarding experiences and the impact of delivering exceptional customer care — along with our valued customers’ reviews.

    “Technician Scott, knew exactly what he was doing. He had a lot of patience with me and fixed my TV immediately after receiving the appropriate part from the factory. He was very pleasant and polite. I am 80 years old and live alone and am nervous with letting a strange man into my home, but he made me feel very comfortable. Thank you, Scott, you did wonderful job. Now I can enjoy sleeping in my own bed again. I can only go to sleep with the TV on.”
    – Real customer feedback Samsung service technician, Scott
    “The tech was fast, friendly, and on the ball. He had my dryer up and running quickly as well as did a full diagnostic on everything else in the unit. Samsung has been a brand I personally trust. Every cell phone I have owned has been a Samsung. I recommend their products and can attest if they go down, they get the tech out as fast as possible to resolve your issue, not many companies care like that.”
    – Real customer feedback Samsung service technician, Lloyd
    Introducing the Samsung Care Compliment Program
    Samsung has launched the Care Compliment program, making it easier for customers who’ve had a great repair experience to share feedback directly with the service technician who worked on their appliance or mobile device at an authorized service center. This includes repairs performed on appliances or mobile phones using Samsung’s walk-in service or in-home service repair partners.
    How it works: After a repair, customers receive a feedback form. If customers indicate they had a positive Care experience, they can leave additional comments that are shared directly with the technician. This program seamlessly integrates technician recognition into our feedback system — and highlights that when customers are empowered to share their positive experiences, they’re more motivated to offer compliments.

    Celebrating Samsung Care Technicians
    On October 9th at Samsung 837, our Samsung Care team is excited to host A Night with Mýa. Join us in-person, as our Vice President of Customer Care, Mark Williams, and other team members as they discuss Care Tech and how we extend the life of our customers’ devices. Enjoy fun competitions with our Samsung Certified Technicians, celebrate their achievements, and get an exclusive behind-the-scenes look at how phones are built and repaired. To make the event even more special, we’ll offer on-the-spot phone repairs in-store and the ability to schedule repairs for a time that is convenient for you. It’s a great opportunity to honor the hard work of our technicians and show how we care for your devices.
    Underscoring Samsung’s efforts in product quality and service, the company achieved #1 customer satisfaction and #1 overall service quality among 5G mobile devices in the 2024 American Customer Satisfaction Index (ASCI®) Survey. Samsung also secured #1 rankings in TVs for overall customer satisfaction and #1 in home appliance service experience for the second year in row in the ACSI® survey.
    Looking for more news or need additional support from the Samsung Care team? Visit the Samsung Care YouTube Channel, check out the Samsung Members App and Samsung Communities, or text us any time by messaging 1-800-SAMSUNG to start a conversation with a Samsung Care Pro.

    MIL OSI Economics –

  • MIL-OSI: Craft Named “Top 50 Providers to Watch” by Spend Matters

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 08, 2024 (GLOBE NEWSWIRE) — Craft, the supply chain resilience company, today announced it was named a “Top 50 Providers to Watch” by Spend Matters. This achievement further solidifies Craft’s standing as an industry trailblazer, dedicated to developing innovative solutions that enable organizations to know their suppliers, protect against disruptions, and build resilient supply chains.

    Each year the Spend Matters’ ‘50 Providers to Watch’ list recognizes the fast-rising companies in the procurement and supply chain market. These companies are the up-and-coming solution providers who continue to grow and develop innovative products propelling the market forward.

    “We are thrilled to be acknowledged by Spend Matters as a fast rising company to watch in this highly important market,” said Ilya Levtov, CEO and founder, Craft. “Being named a top provider to watch reflects the recognition by our customers and dedication of our team as we illuminate the path to supply chain resilience by providing real-time visibility, predictive insights and coordinated execution across supply chains.”

    “With the emergence of new procurement software and services offerings, decisions on who make the lists are only getting tougher,” said Nikhil Gaur, Director, Strategic Projects & Research Analyst, Spend Matters.

    Abigail Ommen, Research Analyst & Production Manager, Spend Matters, added, “Craft provides a supplier intelligence layer that stands out for its user-friendly UX.” She also noted the depth and breadth of data in Craft’s platform which harnesses over 2,100 streams of data and provides 500+ data points per supplier profile.

    With Craft, the U.S. Department of Defense and 60+ other federal government organizations, Hapag-Lloyd, major financial services institutions, and other Fortune 500 companies confidently navigate third-party risks, regulatory environments, uphold ethics, and drive business continuity and growth. 

    For more information about Craft, visit http://www.craft.co or contact press@craft.co.

    For more information on Spend Matters Top 50 Procurement Providers to Watch, visit https://spendmatters.com/procurement-tech-recognition/

    #SpendMatters50toWatch

    About Craft
    Craft illuminates the path to global supply chain resilience. It empowers businesses to strengthen their supplier networks and supply chains with the industry’s most reliable and comprehensive data fabric and AI-driven risk mitigation engine. Craft’s user-friendly platform offers 360-degree visibility to explore and evaluate supplier networks, AI-generated insights to detect and mitigate disruptions, and collaborative tools to enhance supply chain strategies. Procurement and supply chain professionals can confidently navigate regulatory environments, adhere to ethical standards, and ensure business continuity. Headquartered in San Francisco, CA, Craft assists commercial and governmental organizations worldwide in creating more resilient supply chains. 
    For more information about Craft, visit http://www.craft.co.

    About Spend Matters
    Spend Matters is the leading solution intelligence source for procurement and supply chain professionals. Combining deep technology analysis and tailored advisory services with daily news coverage and subscription research, Spend Matters is trusted by CPOs, consultants, investors and solution providers alike as their procurement technology intelligence partner.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c9c1eba1-9297-4655-ad92-64ab4daa11ca

    The MIL Network –

  • MIL-OSI: Urgently Secures Three-Year, Roadside Assistance Contract Renewal with Global Automotive Fleet Management Customer Partner

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Oct. 08, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced its three-year contract renewal with a customer partner that operates a global automotive fleet management company. The renewal extends this long-term customer partner relationship to nine years, with Urgently powering the fleet management company’s roadside assistance program.

    With the addition of this customer partner renewal, Urgently has successfully retained all roadside assistance contracts up for renewal since the beginning of the second quarter of 2024, an indication of Urgently’s commitment to delivering customer value through exceptional service, cutting edge technology and a prioritization of safety.

    “We are privileged to have the opportunity to continue this successful partnership, which we believe reflects the strength of our technology and the outstanding level of service we deliver,” said Matt Booth, Chief Executive Officer, Urgently. “We look forward to continuing to provide roadside assistance solutions that meet our customer partner’s evolving needs and support our focus on accelerating profitable growth.”

    Under the renewed contract, the automotive fleet management company will leverage Urgently’s comprehensive technology stack and capabilities, including:

    • Service capabilities, encompassing vehicle classes 1 through 6, from light duty passenger cars, vans and small pickup trucks, through medium duty commercial vehicles
    • AI-driven yield-based pricing technology with predictive and location-aware capabilities that deliver network pricing and actionable insights to help minimize vehicle downtime

    Urgently believes this renewal solidifies its position as a preferred roadside and mobility assistance partner, leveraging Urgently’s connected assistance platform to drive efficiency and an exceptional customer experience aligned with the automotive fleet management company’s brand.

    For more information about Urgently’s roadside and mobility assistance solutions visit https://www.geturgently.com/industry-solutions.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit http://www.geturgently.com.

    Forward Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s customer partner contract renewal, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 202, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended June 30, 2024, which was filed with the SEC on August 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

    Contacts:
    For Press: media@geturgently.com
    For Investors: investorrelations@geturgently.com

    The MIL Network –

  • MIL-OSI: CrashPlan Acquires Microsoft Partner Parablu to Extend M365 Protection

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Oct. 08, 2024 (GLOBE NEWSWIRE) — Data protection and resilience leader CrashPlan announced today it has acquired Parablu, Inc. a leading provider of data security and resiliency solutions known for its market-leading offerings protecting Microsoft 365 (M365) data. The acquisition positions CrashPlan to deliver the industry’s most comprehensive backup and recovery capabilities for data stored on servers, on endpoint devices and in Exchange, OneDrive, SharePoint, and Teams to Azure, their cloud, or to CrashPlan’s proprietary cloud.

    “Organizations of all sizes worldwide rely heavily upon Microsoft applications to store their most valued intellectual property,” said CrashPlan CEO John Becker. “Recent events like the UniSuper incident have reminded organizations that it is mission-critical to back up the valuable data stored on their platforms. In fact, the responsibility to regularly backup data is assigned to users by nearly every SaaS platform’s terms and conditions.”

    The Parablu acquisition enables CrashPlan to offer a complete cyber-ready data resilience solution that protects intellectual property (IP) and other data from accidental data deletion, ransomware, and Microsoft service interruptions.

    In addition to providing data protection and the ability to recover quickly from ransomware incidents, the combined technology can help customers store backup data with no additional costs by leveraging existing OneDrive and Azure infrastructure. Parablu earned a patent for its technology’s integration with Microsoft OneDrive for Business and Google Drive, allowing enterprises with Microsoft 365 or Google Workspace subscriptions to use unused portions of their OneDrive for Business or Google Drive storage as secure backup repositories. Because CrashPlan has its own proprietary cloud infrastructure with data centers around the globe rather than relying on third-party cloud providers, customers can also take advantage of unlimited backup for endpoints and low-cost storage for servers and SaaS application backups.

    “Customers frequently come up against storage limits and turn to Parablu for archiving to save money while retaining rich data access,” said Parablu CEO and President Anand Prahlad, who will now act as CTO for CrashPlan. “We have seen even higher demand for M365 and Google Workspace protection over the last year as businesses have come to understand their shared responsibility for data backup.”

    “Idea workers” and the backup gap
    M365 risk is just one dimension of a growing problem inside of intellectual property-intensive businesses: a backup gap. In these organizations, data is distributed, and dozens of ‘idea workers’ – media, researchers, designers, engineers, architects, even lawyers – are constantly iterating within a number of specialized applications. Their files are often multiversion and very large, making backup trickier and endpoints riskier. Backup tools originally built to be used by IT departments for Oracle and SAP databases just don’t meet their needs.

    “Today’s idea workers create and store enormous value for their organizations – and without the right backup tools in place, weeks, even months of work can be lost in an instant,” added Becker. “At CrashPlan, we are building the first comprehensive cyber-ready data resiliency platform for organizations whose ideas power their revenue.”

    About CrashPlan
    CrashPlan® enables organizational resilience through secure, scalable, and straightforward data backup. With automatic backup and customizable file version retention, you can bounce back from any data calamity. What starts as backup and recovery becomes a solution for ransomware recovery, breaches, migrations, and legal holds. So, you can work fearlessly and grow confidently.

    Media Contact:
    Maura Lafferty
    Firebrand Communications

    The MIL Network –

  • MIL-OSI: SADA launches Managed SecOps powered by Google Security Operations

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Oct. 08, 2024 (GLOBE NEWSWIRE) — SADA (an Insight company), a leading business and technology consultancy and award-winning Google Cloud Premier Partner across various products and engagement models, announces the launch of its Managed Security Operations (SecOps) services, available Oct. 8, 2024.

    This comprehensive offering provides organizations with a fully managed, 24/7 security solution leveraging the power of Google Security Operations (formerly Chronicle). SADA’s Managed SecOps empowers businesses to achieve:

    • Enhanced Threat Detection and Rapid Response: Identify and neutralize threats with Google Cloud’s industry-leading, intelligence-driven, and AI-powered security analytics and automation capabilities.
    • Cost-Effective Security Operations: Reduce the burden on internal resources and eliminate the need for expensive in-house Security Operation Center (SOC) infrastructure.
    • Improved Security Detection: Gain deeper visibility and continuous monitoring across your entire IT environment, from cloud and SaaS to on-premises.

    Addressing the Security Operations Challenge

    Today’s organizations grapple with a constant barrage of security data and alerts, often lacking the skills and expertise to manage them effectively. Traditional security information and event management (SIEM) and security orchestration, automation, and response (SOAR) solutions continue to increase in complexity, along with the threats they are trying to defend against. As a result, SOC management is resource-intensive, leaving security teams overwhelmed and unable to maintain 24/7 monitoring.

    Building and maintaining an in-house SOC is costly and requires advanced security solutions and analyst resources. There is a growing opportunity for security engineering teams to leverage AI to optimize their operations and tackle the challenges of increasing workloads; however, understanding how to best utilize these tools requires significant investment and technical knowledge.

    “The ever-expanding threat landscape requires organizations to adopt advanced security solutions with continuous monitoring and rapid response capabilities,” said Rocky Giglio, Global Director of Security GTM at SADA. “Our Managed SecOps service leverages the power of Google Cloud and its proven ability to handle massive amounts of data and its Security Operations platform, combined with SADA’s global team of experienced security analysts to deliver comprehensive protection and peace of mind to our customers.”

    SADA’s Managed SecOps addresses these challenges directly by providing:

    • Top Experts in Google Security Operations:
      SADA’s Google Cloud-certified experts leverage the advanced threat detection and automation capabilities of Google Security Operations to deliver comprehensive security monitoring.
    • Continuous Threat Monitoring and Response:
      SADA’s security operations center, staffed by highly trained analysts, provides 24/7 monitoring and rapid response to security incidents, including both external and insider threats.
    • Reduced Alert Fatigue:
      SADA’s security teams filter out noise and prioritize high-risk threats, enabling customer technical staff to focus on the most critical issues with a high-touch ticket portal providing quick remediation handoff.
    • Improved Threat Investigation:
      Leveraging our expertise and Google Cloud’s advanced analytics, SADA can perform threat hunts and investigate complex threats quickly and efficiently, powered by Mandiant Intelligence.
    • Enhanced Security Posture:
      SADA’s Managed SecOps helps customers maintain a strong security posture by supporting customers’ regulatory compliance and data security, including receiving an annual Security Assessment to check up on their security configuration across their IT environment.
    • AI Augmentation:
      SADA’s Managed Security Team can act quickly and effectively with the help of Google Security Operations’ AI capabilities to build and enhance Security Operation workflows in ways that legacy Managed Security Service Providers cannot, such as rapid, tailored query creation or custom playbook automation development.

    About SADA, An Insight company
    SADA, An Insight company, is a market leader in professional services and an award-winning solutions provider of Google Cloud. Since 2000, SADA has been committed to helping customers in healthcare, media, entertainment, retail, manufacturing, and the public sector solve their most complex challenges so they can focus on achieving their boldest ambitions. With offices in North America, India, and Armenia providing sales and customer support teams, SADA is positioned to meet customers where they are in their digital transformation journey. SADA is a 7x Google Cloud Partner of the Year award winner with 10 Google Cloud Specializations and has been named to Inc. Magazine’s Best Workplaces four years in a row. Learn more at http://www.sada.com

    Media Contact
    Stephanie Krivacek
    press@sada.com

    The MIL Network –

  • MIL-OSI: Tenable Cloud Risk Report Sounds the Alarm on Toxic Cloud Exposures Threatening Global Organizations

    Source: GlobeNewswire (MIL-OSI)

    COLUMBIA, Md., Oct. 08, 2024 (GLOBE NEWSWIRE) — Tenable®, the exposure management company, today released its 2024 Tenable Cloud Risk Report, which examines the critical risks at play in modern cloud environments. Most alarmingly, nearly four in 10 organizations globally are leaving themselves exposed at the highest levels due to the “toxic cloud triad” of publicly exposed, critically vulnerable and highly privileged cloud workloads. Each of these misalignments alone introduces risk to cloud data, but the combination of all three drastically elevates the likelihood of exposure access by cyber attackers.

    Security gaps caused by misconfigurations, risky entitlements and vulnerabilities combine to dramatically increase cloud risk. The Tenable Cloud Risk Report provides a deep dive into the most pressing cloud security issues observed in the first half of 2024, highlighting areas such as identities and permissions, workloads, storage resources, vulnerabilities, containers and Kubernetes. It also offers mitigation guidance for organizations seeking ways to limit exposures in the cloud.

    Publicly exposed and highly privileged cloud data lead to data leaks. Critical vulnerabilities exacerbate the likelihood of incidents. The report reveals that a staggering 38% of organizations have cloud workloads that meet all three of these toxic cloud triad criteria, representing a perfect storm of exposure for cyber attackers to target. When bad actors exploit these exposures, incidents commonly include application disruptions, full system takeovers, and DDoS attacks that are often associated with ransomware. Scenarios like these could devastate an organization, with the 2024 average cost of a single data breach approaching $5 million.1

    Additional key findings from the report include:

    • 84% of organizations have risky access keys to cloud resources: The majority of organizations (84.2%) possess unused or longstanding access keys with critical or high severity excessive permissions, a significant security gap that poses substantial risk.
    • 23% of cloud identities have critical or high severity excessive permissions: Analysis of Amazon Web Services (AWS), Google Cloud Platform (GCP) and Microsoft Azure reveals that 23% of cloud identities, both human and non-human, have critical or high severity excessive permissions.
    • Critical vulnerabilities persist: Notably, CVE-2024-21626, a severe container escape vulnerability that could lead to the server host compromise, remained unremediated in over 80% of workloads even 40 days after its publishing.
    • 74% of organizations have publicly exposed storage: 74% of organizations have publicly exposed storage assets, including those in which sensitive data resides. This exposure, often due to unnecessary or excessive permissions, has been linked to increased ransomware attacks.
    • 78% of organizations have publicly accessible Kubernetes API servers: Of these, 41% also allow inbound internet access. Additionally, 58% of organizations have cluster-admin role bindings — which means that certain users have unrestricted control over all the Kubernetes environments.

    “Our report reveals that an overwhelming number of organizations have access exposures in their cloud workloads of which they may not even be aware,” said Shai Morag, chief product officer, Tenable. “It’s not always about bad actors launching novel attacks. In many instances, misconfigurations and over-privileged access represent the highest risk for cloud data exposures. The good news is, many of these security gaps can be closed easily once they are known and exposed.”

    The report reflects findings by the Tenable Cloud Research team based on telemetry from billions of cloud resources across multiple public cloud repositories, analyzed from January 1 through June 30, 2024.

    To download the report today, please visit: https://www.tenable.com/cyber-exposure/tenable-cloud-risk-report-2024

    1 IBM Security Cost of a Data Breach Report 2024

    About Tenable
    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for more than 44,000 customers around the globe. Learn more at tenable.com.

    Media Contact:
    Tenable
    tenablepr@tenable.com

    A video accompanying this release is available at 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/532ee720-34f5-486e-89cc-4ea7531a7fc9

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  • MIL-OSI: Need for Vehicle Affordability Becoming More Pronounced, According to New CarGurus Report

    Source: GlobeNewswire (MIL-OSI)

    Analysis of third quarter trends also highlights hybrid demand overtaking electric vehicles, the ongoing balance between new car inventory and sales, and more

    BOSTON, Oct. 08, 2024 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its Quarterly Review for Q3 2024, identifying areas of opportunity as the consumer need for affordability becomes more pronounced.

    “As we near the end of 2024, it’s clear that consumers are speaking loudly with their wallets. After years of post-pandemic revenge spending, consumers are becoming more prudent as they face economic uncertainty, still-high interest rates, and vehicle prices that remain elevated,” said Kevin Roberts, Director of Economic and Market Intelligence at CarGurus. “As a result, we’re seeing concentrated demand for more affordable cars, with sales of certain price segments—$20,000 to $30,000 for new and $15,000 to $20,000 for used—accounting for the greatest share of annual sales growth, 43% and 59% respectively.”

    According to CarGurus data, the shift is especially pronounced in the used market, with vehicles $30,000 and under driving year-over-year sales growth, while cars over $30,000 declined. Further reflecting this trend, used cars over $35,000 are remaining on dealer lots longer compared to more affordable options.

    Additional highlights from the report include:

    • Hybrids are having the year many expected for electric vehicles (EVs): There were big expectations for EV demand in 2024, but hybrids have taken the spotlight with more affordable pricing and fewer concerns around range and charging. Year-to-date, new hybrids accounted for nearly 11% of total retail sales, while EVs were 4% (excluding direct-to-consumer sales volumes). New hybrid retail sales volumes are up nearly 44% year-over-year.
    • New car inventory working to find equilibrium with demand: As automakers try to balance new inventory with demand, a larger share of aging new cars remain on dealer lots. At the end of September, about 58,000 new listings nationwide were two years or older (a nearly 58% increase compared to pre-Covid averages). With 2025 models rolling onto lots, the surplus of these new, but slightly older, models could present an opportunity for price-conscious shoppers.
    • The upcoming election could impact new and used sales demand: In analyzing vehicle sales from 2002 onward—and comparing the seasonality of non-presidential election years to presidential election years—presidential election years tend to see a decline in sales demand in August, October, and November before rebounding at year-end.
    • Immediate impact of interest rate cuts might be muted: While interest rate reductions are a welcome update, the September cuts will do little to improve near-term affordability concerns. Because auto rates tend to follow two- and five-year treasury rates as opposed to the short-term Federal Funds Rate, consumers will not immediately see significant declines. Additionally, with auto loan delinquencies rising, financial institutions may be more hesitant to lend credit or quickly lower rates.

    To read about these trends and more, the complete Quarterly Review for Q3 2024 is available here.

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit http://www.cargurus.com, and for more information about CarOffer, visit http://www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    Investor Contact:
    Kirndeep Singh
    Vice President, Investor Relations
    investors@cargurus.com

    The MIL Network –

  • MIL-OSI: iLearningEngines Aims to Serve European Insurtech Market with Enterprise AI Platform and Knowledge Cloud

    Source: GlobeNewswire (MIL-OSI)

    BETHESDA, Md., Oct. 08, 2024 (GLOBE NEWSWIRE) — iLearningEngines, Inc. (Nasdaq: AILE) (“iLearningEngines” or “the Company”), a leader in AI-powered learning and work automation, today announced the launch of its Insurtech Enterprise AI Knowledge Cloud and hyper apps aiming to serve the European Insurtech industry. iLearningEngines aims to help private insurers and their industry associations adopt and scale their AI projects, particularly where telematics application development can be accelerated and hyper-automated. This will be achieved by leveraging Generative AI partners such as Genlab Venture Studio, a founding member of CoSAI (Coalition for Safe AI), and global cloud service providers, global systems integrators, assurance and audit partners.

    The decision to serve the European Insurtech market builds on the capabilities of the ILE’s Telematics Hyper-App, a cloud marketplace application that is now a cornerstone of the ILE Hyper-App portfolio. The company aims to introduce ILE’s Knowledge Cloud service to insurers across Denmark, Sweden, Switzerland, The Netherlands, and the UK – markets known for their mature digital ecosystems.

    Harish Chidambaran, CEO of iLearningEngines, commented: “The European Insurtech industry can now leverage iLearningEngines’ expertise in hyper-automation, AIOps, and AI model development to drive innovation and operational efficiency. Our AI solutions, which include telematics for industrial fleets and claims automation, can help insurers fast-track their digital transformation and deliver enhanced value to their customers.”

    Balakrishnan Arackal, President of iLearningEngines, added: “We are excited to formally introduce the iLearningEngines offering to Europe. Our strong digital transformation team, led by experts from leading tech companies, combined with our AI platform and marketplace partnerships, positions us uniquely to accelerate the hyper-automation journey of Europe’s top insurers.”

    About iLearningEngines

    iLearningEngines (Nasdaq: AILE) is a leading Applied AI platform for learning and work automation. iLearningEngines enables Enterprises to rapidly productize and deploy a wide range of AI applications and use cases (AI Engines) at scale. 

    iLearningEngines is powered by proprietary vertical specific AI models and data with a flexible No Code AI canvas to drive rapid out-of-the-box deployment while offering low latency and high levels of data security and compliance. Serving over 1,000 enterprise end customers, iLearningEngines is deployed globally into some of the most demanding vertical markets including Healthcare, Education, Insurance, Retail, Energy, Manufacturing and Public Sector to achieve mission critical outcomes.

    For more information about iLearningEngines, please visit: http://www.ilearningengines.com.

    About GenLab Venture Studio

    GenLab Studio is a venture studio focused on business models that leverage the impact, application, and growth of generative AI. By focusing on solid design principles and engaging a diverse community, GenLab Studio aims to create groundbreaking products that help build a more robust AI ecosystem. GenLab is also a founding sponsor of CoSAI.

    For more information about GenLab Studio, please visit: https://genlab.studio/.

    Forward-Looking Statements

    Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995 with respect to the Business Combination. Forward looking statements generally are accompanied by words such as “believe,” “may,” “will, “estimate,” “continue,” “anticipate,” “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “outlook”, the negative forms of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding: the ability of iLearningEngines to help private insurers and their industry associations adopt and scale their AI projects and hyper-automate and scale their AI DevSecOps best practices; the ability of iLearningEngines’ and GenLab Ventures’ alliance to help to scale model development, AIOps, governance, risk management, and compliance; the potential benefits that iLearningEngines’ digital transformation expertise can provide to private European insurers and their industry association partners, including their ability to accelerate their most critical transformation initiatives, particularly in telematics for global industrial fleets, asset management and claims automation; iLearningEngines’ ability to help the European Insurtech industry achieve operational excellence across the region; and iLearningEngines’ ability to address market opportunities across artificial intelligence. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the iLearningEngines’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions this press release relies on. Many actual events and circumstances are beyond the control of iLearningEngines. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the outcome and findings of the ongoing special committee investigation of allegations raised by a recent short-seller report; iLearningEngines’ failure to realize the anticipated benefits of its recently completed business combination with Arrowroot Acquisition Corp.; risks related to the rollout of iLearningEngines’ business and the timing of expected business milestones; iLearningEngines’ dependence on a limited number of customers and partners; iLearningEngines’ ability to obtain sufficient financing to pay its expenses incurred in connection with the closing of the business combination; the ability of iLearningEngines to issue equity or equity-linked securities or obtain debt financing in the future; risks related to iLearningEngines’ need for substantial additional financing to implement its operating plans, which financing it may be unable to obtain, or unable to obtain on acceptable terms; iLearningEngines’ ability to maintain the listing of its securities on Nasdaq or another national securities exchange; the risk that the business combination disrupts current plans and operations of iLearningEngines; the effects of competition on iLearningEngines’ future business and the ability of iLearningEngines to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; risks related to political and macroeconomic uncertainty; the outcome of any legal proceedings that may be instituted against iLearningEngines or any of their respective directors or officers, including litigation related to the business combination; the impact of the global COVID-19 pandemic on any of the foregoing risks; and those risks and uncertainties identified in the “Risk Factors” sections of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the U.S. Securities and Exchange Commission on August 13, 2024, and its other subsequent filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that iLearningEngines does not presently know, or that iLearningEngines does not currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect iLearningEngines’ expectations, plans, or forecasts of future events and views as of the date of this communication. iLearningEngines anticipates that subsequent events and developments will cause iLearningEngines’ assessments to change. However, while iLearningEngines may elect to update these forward-looking statements at some point in the future, iLearningEngines specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing iLearningEngines’ assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    For iLearningEngines Investors:
    iLearningEngines, investors@ilearningengines.com
    Kevin Hunt, iLearningEnginesIR@icrinc.com

    For iLearningEngines PR:
    Dan Brennan, ICR Inc., iLearningPR@icrinc.com

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