Category: Business

  • MIL-OSI Africa: National Bank of Malawi Plc Secures landmark US$100 million financing facility from Afreximbank to support trade finance

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

    CAIRO, Egypt, September 25, 2024/APO Group/ —

    In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed a landmark US$100-million Trade Finance Facilitation Facility (AFTRAF) agreement with National Bank of Malawi (NBM) Plc, the country’s largest bank by assets.

    Representing the largest AFTRAF facility ever to be extended by Afreximbank in Malawi, the US$100-million AFTRAF agreement will enhance and maximize the capacity of NBM Plc to finance trade transactions of its clients in the manufacturing, energy and agriculture sectors.

    Additionally, it will allow NBM Plc to issue letters of credit confirmed by Afreximbank, addressing the difficulty posed by a shortage of confirming banks lines. It will also support the importation of critical goods required by Malawi, including intermediate products for the manufacturing sector, fuel, pharmaceuticals and fertiliser.

    The signing ceremony was held at Afreximbank’s headquarters in Cairo on September 24, 2024. Mr. Haytham ElMaayergi, Executive Vice President, Global Trade Bank Africa at Afreximbank and Mr. Harold Jiya, Chief Executive Officer, NBM Plc inked the deal on behalf of their respective organisations.

    In his comments during the signing ceremony, Mr. ElMaayergi said: “Our support to National Bank of Malawi through the Afreximbank Trade Facilitation “AFTRAF” programme will have a significant impact on Malawi’s strategic sectors including manufacturing, agriculture and energy, by empowering them to import inputs and components to generate value-added exports.” He added, “this partnership seeks to sustain supply chains of these sectors to enhance the foreign exchange earning capacity of the country.”

    Mr. El Maayergi added that the collaboration is expected to boost intra- and extra-African trade across NBM’s expanding geographical footprint in the southern African region by supporting corporates with financing products as well as capacity building.

    On his part, National Bank of Malawi plc CEO, Mr Harold Jiya said the credit line is a huge step forward for the Bank and, more importantly, for the people of Malawi.

    He explained: “This partnership will allow us to provide more financing solutions, especially for businesses engaged in international trade. As a Bank, we are committed to making international trade easier and more affordable for our customers. The Afreximbank credit line will help reduce the risks and costs associated with cross-border transactions, giving businesses of all sizes—from large corporations to small enterprises—access to the tools they need to thrive.”

    NBM plc is an Afreximbank Trade Finance Intermediary, which allows it to collaborate with Afreximbank on transactions. It is currently in the process of reprofiling itself into a regional bank.

    MIL OSI Africa

  • MIL-OSI Russia: SUM staff and students took part in the International Forum “Digital Transportation – 2024”

    MIL OSI Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On September 23-24, 2024, the Lomonosov cluster hosted the II International Forum “Digital Transportation”, in which a group of teachers and scientists from the State University of Management took part, and our volunteers helped in the organization.

    For the second year in a row, the forum has brought together industry leaders, experts and government officials. The focus is on the main trends and key tasks of the transport and logistics complex, innovative digital solutions, import substitution issues and ensuring the technological sovereignty of our country.

    The Forum was attended by the Minister of Transport of the Russian Federation Roman Starovoit, his deputy for digitalization Dmitry Bakanov, CEO of PJSC Aeroflot Sergey Aleksandrovsky, Chairman of the Board of JSC Russian Railways Oleg Belozerov, Chairman of the Board of Directors of Sitronics Group Nikolay Pozhidaev, CEO of JSC GLONASS Alexey Raikevich, Director of Digitalization of the State Corporation Rosatom Ekaterina Solntseva, Vice President of the FESCO Transport Group Dmitry Surovets.

    From the State University of Management in the business program of the forum, Professor of the Department of Transport Complex Management Vladimir Savchenko-Belsky, Associate Professor of the Department of Transport Complex Management Artem Merenkov, Associate Professor of the Department of Project Management Svetlana Sycheva, and Director of the Business Incubator Dmitry Rogov took part.

    Participants discussed advanced technologies in the field of digitalization of transportation, the introduction of unmanned systems on land, in water and in the air, cybersecurity issues, the use of “big data”, mechanisms and projects for the transition from import independence to the export of large digital platforms in the field of transport, logistics and tourism services. Experts shared their experience in implementing digital solutions in state and municipal administration to improve management efficiency and provide better services to citizens and spoke about the most ambitious plans for the near future. A separate session was devoted to staffing the industry.

    The forum was also attended by students of the Institute of Industry Management studying in the educational programs “Logistics and Supply Chain Management”, “Transport and Logistics Systems Management”, “Automotive Business Management” and “Project Management”. And 13 students of our university helped in organizing the Forum as volunteers.

    For students studying in a specialized field, it is especially important to attend such events in order to delve deeper into the specifics of their future profession, get acquainted with innovative solutions, learn about current trends in the industry and establish useful contacts with potential employers.

    The Forum is organized by the Digital Transport and Logistics Association with the support of the Ministry of Transport of the Russian Federation.

    Subscribe to the TG channel “Our GUU” Date of publication: 09/25/2024

    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.

    SUM staff and students took part in the International Forum “Digital Transportation – 2024”

    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 USA: US Department of Labor files suit to recover unpaid overtime wages, damages for more than 180 shortchanged Coway USA workers

    Source: US Department of Labor

    LOS ANGELES – The U.S. Department of Labor has filed a suit in the U.S. District Court for the Central District of California alleging that Coway USA Inc., a Los Angeles-based company that sells, leases and services household appliances, failed to pay overtime wages earned by more than 180 employees, a violation of the Fair Labor Standards Act

    The action follows an investigation by the department’s Wage and Hour Division that found Coway knowingly shortchanged employees who serviced and maintained company products by falsifying employment records to hide all hours worked by employees. The investigation also revealed that Coway failed to account or pay for time spent by employees on calls with customers, loading and unloading vehicles with products for delivery, trips to the warehouse to pick up inventory and attending mandatory trainings. Additionally, Coway automatically deducted 30 minutes per day for lunch even though employees worked through lunch to meet customer needs or stay on schedule.

    In addition to falsifying records, the department alleges that Coway utilized a flawed methodology for purposes of computing overtime pay, further reducing their overtime liability and depriving employees of their overtime wages. 

    The division estimates Coway owes hundreds of thousands of dollars in unpaid overtime wages to more than 180 employees. In addition to seeking the recovery of all unpaid wages, the department is seeking an equal amount in liquidated damages. 

    “Coway knowingly violated federal law by depriving workers of their hard-earned overtime pay and falsifying the hours they worked,” explained Regional Solicitor Marc Pilotin in San Francisco. “Coway’s violations have to be remedied and the company must be brought into compliance to ensure workers are fully and accurately compensated.”  

    “Our investigation found Coway, with brand ambassadors such as Korean pop band BTS, failed to pay more than 180 workers their overtime wages,” said Wage and Hour Division District Director Kimchi Bui in Los Angeles. “Employers can pay by piece-rate based on the number of units employees service, but they must pay overtime using the correct methodology and accounting for all hours worked.”

    Based in Los Angeles, Coway USA Inc. is a subsidiary of international household appliance manufacturer Coway Co. Ltd. The company produces water purifiers, air purifiers, bidets, water softeners and mattresses from South Korea.

    The Wage and Hour Division’s Los Angeles District Office conducted the investigation. The regional Office of the Solicitor in San Francisco is litigating the case in court.

    Learn more about the Wage and Hour Division, including a search tool to use if you think you may be owed back wages collected by the division and how to file an online complaint. For confidential compliance assistance, employees and employers can call the agency’s toll-free helpline at 866-4US-WAGE (487-9243), regardless of where they are from. The division can speak with callers in more than 200 languages.

    Download the agency’s new Timesheet App for iOS and Android devices – available in English and Spanish – to ensure hours and pay are accurate.

    MIL OSI USA News

  • MIL-OSI USA: Administrator Samantha Power at the Clinton Global Initiative

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Thank you so much. And, President Clinton, just the good that you have done in your life as President, before you were president at CGI [Clinton Global Initiative], just thank you so much. Thank you, truly.

    So, I have been working for three decades in the international domain, seeking ways to improve and save lives. And, honestly, never in my career have I seen such a compelling, low-cost opportunity to make such a massive impact on a major global killer. 

    The scale of lead poisoning around the world is actually mind boggling. Right now, in low- and middle-income countries, half of children have elevated blood lead levels – lead that slows their brain development, harms their bodies, and can even kill them. Imagine: one in two kids. 

    The damage that lead is causing to children’s brains is actually estimated to account for 20 percent of the education gap between high- and low-income countries. Every year, lead poisoning is estimated to cost the global economy a trillion dollars, and it kills at least 1.5 million people, as you just heard. 

    But, none of this has to happen. This problem is solvable. 

    Decades ago, we banned leaded gasoline, long the biggest source of lead exposure here in the United States. And then, we worked with countries across the planet to phase out lead from gas, which continues to save over a million lives every year. 

    Of course, in high income countries, we didn’t stop with gasoline. We worked to remove lead from consumer products and to clean up industrial operations that leach lead into the environment. But, for those sources, we didn’t replicate the playbook in other countries, so kids there simply continue to be poisoned. 

    Well, it is time to change that – and, partner countries abroad have started leading the way. 

    Countries like Bangladesh and Malawi, for instance, have launched campaigns that eliminated lead from spices and paint for a total cost of just a few million dollars or less. 

    In just the eight months since we began a concerted push to galvanize awareness and support for this global issue, six countries have committed to banning lead in paint. They are showing us that stopping lead pollution at its source is both achievable and it is affordable. 

    USAID, UNICEF, and Open Philanthropy are announcing a Clinton Global Initiative Commitment to Action to launch the Partnership for a Lead Free Future — a global coalition to end childhood lead poisoning in developing countries once and for all. 

    Up to now, as you heard, just $15 million a year in donor capital was supporting this effort. Well, today, on behalf of the Partnership, we are delighted to commit $150 million to get the lead out. This is ten times the previous annual funding levels. This is remarkable, but it is just the start. 

    We need you all to help generate more resources and more awareness that gets governments and companies to act. So we hope you will join us and come together to help put an end to one of the great injustices of our time. 

    Thank you so much. 

    MIL OSI USA News

  • MIL-OSI USA: Western Global Airlines to pay $84K to resolve gender wage discrimination alleged in federal review

    Source: US Department of Labor

    ESTERO, FL – The U.S. Department of Labor announced its Office of Federal Contract Compliance Programs and Western Global Airlines Inc. have entered into a conciliation agreement in which the employer will pay $84,727 in back wages and interest to resolve alleged gender-based pay discrimination at the company’s Estero facility. 

    A routine compliance review of Western Global Airlines initially raised concerns about base pay and bonuses for female managers, support professionals, technicians and administrators. The agency determined the employer’s actions violated Executive Order 11246, which prohibits federal contractors from discriminating in employment based on race, color, religion, sex, sexual orientation, gender identity or national origin.

    Western Global Airlines agreed to resolve the OFCCP’s preliminary findings by paying 18 female workers $79,977 in back wages and interest, as well as $4,750 in bonuses. As part of the agreement, the employer will conduct an annual review of its compensation policies and practices and provide training to company officials responsible for determining compensation. During the agency’s compliance evaluation, the employer also made $157,500 in pay equity adjustments to female employees.

    “As a federal contractor, Western Global Airlines Inc. must ensure their employment practices are free of discrimination, provide all employees with equal employment opportunities and audit their processes to make sure no barriers to equal employment exist,” said Office of Federal Contract Compliance Programs Acting Southeast Regional Director Diana Sen. 

    View the conciliation agreement

    Since 2023, Western Global Airlines Inc. has been paid more than $4.5 million in federal contracts to provide scheduled freight air transportation services to the Department of Defense’s U.S. Transportation Command.   

    OFCCP launched the Class Member Locator to identify applicants or workers who may be entitled to monetary relief and/or consideration for job placement as a result of OFCCP’s compliance evaluations and complaint investigations. 

    In addition to Executive Order 11246, OFCCP enforces Section 503 of the Rehabilitation Act of 1973, and the Vietnam Era Veterans’ Readjustment Assistance Act of 1974. Together, these laws prohibit employment discrimination.

    Learn more about OFCCP.

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces appointments 9.24.24

    Source: US State of California 2

    Sep 24, 2024

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Steve Juarez, of Truckee, has been appointed to the California State Teachers’ Retirement Board. Juarez served as a Deputy State Treasurer at the California State Treasurer’s Office from 2016 to 2018. He was Associate Vice President of State Government Relations for the University of California from 2008 to 2016. Juarez was a Senior Investment Banker at J.P. Morgan from 2006 to 2008. He was Director of Financial Management for the J. Paul Getty Trust from 1998 to 2006. Juarez was Associate Vice Chancellor of Government and Community Relations for the University of California, Los Angeles from 1996 to 1998. He was Chief Legislative Representative for the County of Los Angeles in 1995. Juarez was Executive Director of the California Debt Advisory Commission from 1991 to 1995 and Principal Committee Consultant in the California State Assembly from 1987 to 1991. Juarez was Manager of Government Relations for the Los Angeles County Transportation Commission from 1984 to 1987. He was a Program Analyst in the Legislative Analyst’s Office from 1981 to 1984. Juarez is Chair of the National Association of Counties EDGE Board of Directors and a member of the California Museum and Keep Tahoe Blue Board of Directors. He earned a Master of Public Administration degree from the University of Southern California and a Bachelor of Arts degree in Political Science from the University of California, Los Angeles. This position requires Senate confirmation and the compensation is $100 per diem. Juarez is a Democrat. 

    Derek Urwin, of San Clemente, has been appointed to the Occupational Safety and Health Standards Board. Urwin has been an Assistant Adjunct Professor in the Department of Chemistry and Biochemistry at the University of California, Los Angeles since 2022. He has been Chief Science Advisor at the International Association of Fire Fighters since 2021. Urwin has been a Firefighter and Engineer at the Los Angeles County Fire Department since 2010. He was a Firefighter at Miami-Dade Fire Rescue from 2007 to 2010. Urwin is a member of the Los Angeles County Firefighters IAFF Local 1014. He earned a Doctor of Philosophy degree and a Master of Science degree in Chemistry from the University of California, Los Angeles and a Bachelor of Science degree in Applied Mathematics from the University of California, Los Angeles. This position does not require Senate confirmation and the compensation is $100 per diem. Urwin is registered without party preference.

    Sandra Sims, of Los Angeles, has been appointed to the Baldwin Hills Conservancy Governing Board. Sims has been a Human Resources Business Partner and Personnel Manager for the University of California, Los Angeles since 2023. She was a Human Resources Manager for Long Beach City College from 2021 to 2023. Sims was a Freelance Reporter and Writer with various news publications from 2016 to 2021. She was a Principal Analyst and Policy Human Resources Analyst for the Los Angeles County Department of Human Resources from 2007 to 2016. Sims was a Civil Service Advocate for the Department of Children and Family Services at the Los Angeles County Department of Human Resources from 2006 to 2007. She is a member of the Screen Actors Guild-American Federation of Television and Radio Artists. Sims earned a Juris Doctor degree from the University of California College of the Law, San Francisco and a Bachelor of Arts degree in Political Science from the University of California, Los Angles. This position does not require Senate confirmation and the compensation is $100 per diem. Sims is a Democrat. 

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    MIL OSI USA News

  • MIL-OSI Translation: AMERICA/HAITI – Father Massimo Miraglio: “we continue with courage and determination our commitment alongside the people so that one day they may have a dignified life”

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    Wednesday, September 25, 2024

    MM

    by Antonella PrennaPourcine (Agenzia Fides) – “Although the international spotlight on Haiti has been turned off for some time now, newspapers and media no longer talk about it, the situation has absolutely not changed or improved”. Father Massimo Miraglio, a Camillian missionary, tells Fides the reality he found upon his return to Haiti after a long and forced Italian break. “Despite the intervention of the UN forces led by the Kenyan group, which arrived on the island last 25 June, and these days reinforced with additional Jamaican and Belizean forces, the context is always one of degradation. We can say that the presence of these forces in Haiti is almost inoperative. They complain about lack of material, fear of loss of human lives, and fairly restrictive rules of engagement – ​​the missionary remarks. In fact, the capital Port au Prince continues to be in the hands of armed gangs, sowing terror among the people. All activities continue to be almost paralyzed. The entrance to both the south and north of the capital are completely blocked, you can only pass after paying bribes to the various groups that stop along the way. However, this only applies to public transport and trucks which in many cases are seized instead of being allowed to pass. Even the exit that leads to Jeremie, 200 km south of the capital, is now totally closed, it is practically impossible to get there by land. And it is in this tragically sad context for the majority of the Haitian population that the school year will open on October 1st” explains Father Massimo, who has been on the island for almost twenty years. “We cannot hide the fact that the school year will open with many apprehensions and a thousand difficulties. Many children will not go to school and many schools will remain closed, especially in Port au Prince due to the presence of armed gangs. Many children will not be able to go to school because they do not have the money necessary to buy the minimum materials to be able to access teaching. Let us remember that in Haiti 80% of schools are private and costs increase more every year while families continue to fall into poverty.” Even in Jeremie – where the Camillians have a community – the situation is dramatic and many children will not be able to start the school year on time on October 1st. “Books, like all school supplies, are prohibitively expensive and arrive with difficulty from the capital. As well as the uniform and school bag for the students. Finding a decent pair of shoes to send them to school has become truly challenging and very expensive. In short, it promises to be a truly difficult school year for the children of Haiti” adds Fr. Miraglio. “In our parish of Our Lady of Help in Pourcine, in the mountainous hinterland of Jeremie, this year we will have 250 pupils enrolled in primary school and nursery school” explains Fr. Massimo who is the parish priest (see Fides 28/9/2023). We managed to build two small, very simple structures, with local wood, tents and sheet metal, where six primary school classes and two nursery school classes will be hosted. With equally great difficulty we managed to complete the teaching staff. They are all very young, the only ones who agree to come and teach in such distant places, despite the idea of ​​having a salary. It will be the second year that the ‘Our Lady of Perpetual Help’ school will open here in the Pic-Makaya mountains.” Among the various projects that the missionaries try to carry forward on the Caribbean island the Camillian emerges as the absolute priority of a clinic doctor. “We would like to create a small clinic in the parish to avoid the large movements to which those who become ill are subjected, our Foyer Saint Camille in Port au Prince is very far away. Furthermore, this week, with a group of Cuban doctors and the support of a local organization, we will organize a mobile clinic with which we can give an initial welcome to the sick in a mountain area and bring together people from two nearby valleys. This too is an arduous undertaking because to reach the place where we would like to take the clinic more than four hours are needed on foot and the same number to be able to return to the paths along the slopes which are very dangerous, especially in this period of rain.”“Following the charism of our Founder, San Camillo, we want to work in the area alongside groups of chronically ill people, children with nutritional problems, elderly people who are often abandoned and alone in their homes. We hope to be able to create a clinic by 2025, we are very grateful to the organization Madian Orizzonti, of the Camillian Missionaries of Turin, which supports us with great affection and we trust in the support of many other people who will meet us on our journey.”“In Unfortunately, at the moment the province is also not free from problems due to the enormous difficulties in communicating with the capital. Being able to receive goods of all kinds from Port au Prince is very complicated, as Haiti is a country where everything is very centralized and everything comes from the capital. In recent times, even transport from the province to the capital Jeremie is difficult due to the increase in the cost of diesel and petrol.” from the source to the center of the village. And it is very important not only because it will shorten the distances from the source to the valley, where most people live, but above all because we will be able to make the water drinkable and avoid/limit the continuous and frequent epidemics of cholera and intestinal diseases. Together with the aqueduct, work to support agriculture continues. In the next few months we hope to launch a coffee production nursery in the area which in the past had provided a certain prosperity. However, let us not lose hope and continue to fight to create better living conditions – concludes Father Miraglio. The aqueduct, the schools, the nursery, the mobile clinics, are all important aspects to revive the hope of the population and ensure that their living conditions can improve and keep people from abandoning these countryside locations to come and gather in metropolises or provincial towns which are already, like Jeremie, overloaded with people, where it is not possible to provide work or hope to these people who leave the countryside to go to the city. We continue our commitment with courage and determination alongside this peasant population, we try to support their faith, to accompany them so that one day they can achieve dignified living standards”. (Agenzia Fides 25/9/2024)MM

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

    MIL Translation OSI

  • MIL-OSI Economics: Swaminathan J: Reaching the unreached – ensuring last mile connectivity of banking services

    Source: Bank for International Settlements

    Regional Director of RBI for Karnataka, Smt. Sonali Sen Gupta; Chief General Manager, NABARD, Shri KVSSLV Prasada Rao; Chief General Manager, Canara Bank and Convenor, SLBC Karnataka, Shri K.J. Shrikanth; Area Heads of Union Bank of India and Bank of Baroda, senior executives from banks; Lead District Managers (LDMs); District Development Managers (DDMs); LDOs and other officers of RBI, present here. Ellarigu Namaskara and a very good morning to all.

    Let me begin by complimenting Bengaluru Regional Office of the Reserve Bank of India for organising this conference with an apt theme – Reaching the Unreached – Ensuring Last Mile Connectivity of Banking Services. The theme reminds us that financial inclusion is an ongoing journey. While significant progress has been made in this journey, there is still some distance to be traversed. I must also thank the Bengaluru Regional Office for selecting this place, Hubballi, for this conference, a place where I served as a young officer of State Bank of India, some thirty years ago – which brings back lots of nostalgic memories of the basic banking that we used to do over three decades ago.

    India’s journey towards inclusive development after independence has been marked by several initiatives aimed at reducing poverty and improving living standards. Measures like expanding access to essential services such as education, healthcare and sanitation, and creating productive employment opportunities for all sections of the population have seen tremendous progress. Ensuring that the benefits of economic growth are shared by all segments of society, including marginalised groups has been the cornerstone of these initiatives. It has been a multifaceted journey with significant achievements in terms of economic growth, poverty alleviation, improvements in education and health care, etc.

    In the relatively early days of this journey, the Lead Bank Scheme was institutionalised in 1969 and since then the Scheme has served as an important tool in enhancing credit flow to the sectors that have been identified as national priority and to the underserved population of the country, boosting economic growth at all levels, e.g., block level, district level and state level.

    Over more than half a century since its inception, the Scheme has evolved in line with the development agenda for the country. The Lead Bank Scheme relies on a co-ordinated approach at all levels amongst banks, financial institutions and the government machinery for effective delivery of banking services to all sections of the economy. This co-ordinated approach has yielded significant results in terms of expanding banking access and improvement in the flow of priority sector credit.

    More recently it has also led to the expansion of digital payments with SLBCs taking the lead role in the objective of making every district in the country digitally enabled. I am happy to note that 354 districts are now digitally enabled. Ten states including Karnataka and six Union Territories have achieved 100 per cent coverage of districts under this initiative.

    Indeed, the Lead Bank Scheme can be a powerful tool to bring about transformative change. As LDMs, DDMs and LDOs, you are the very pillars on which this scheme rests, playing a crucial role in driving financial inclusion at grassroots level. Your efforts in extending banking services and credit access to underserved regions would undoubtedly bring immense satisfaction to all involved. Having served as the Convenor for the SLBC in Telangana, I can personally attest to the deep fulfilment that comes from making a tangible difference in people’s lives through the LBS fora.

    A common question we face is, are we doing enough? How much more remains to be done? In 2021, the Reserve Bank introduced the Financial Inclusion Index (FI-Index), which tracks progress across 97 indicators in three key dimensions: (i) Access (ii) Usage (iii) Quality. The Index which was at 53.9 in March 2021 now stands at 64.2 for March 2024 as a testimony to the efforts that has been put in by all of you.

    India has made significant strides in enhancing ‘access’ to banking and financial services, reaching even the most remote areas. However, there is still considerable ground to cover in deepening financial inclusion. This requires greater focus on promoting ‘usage’ and improving the ‘quality’ of services. In both these critical areas, the role of Lead District Managers from the banks and District Development Managers from NABARD is indispensable.

    In this context, I would like to outline a few key expectations.

    Know your district well

    Firstly, it is imperative that you cultivate a deep understanding of your respective districts-so, you should truly ‘Know Your Districts’ well. This knowledge will form a solid foundation for comprehensive district profiles, covering a wide range of critical data. Such profiles could include detailed demographic information, agricultural trends, banking penetration and activities, industrial profiles, and the various performance metrics under the Annual Credit Plans (ACP).

    Knowing your districts well, you can leverage upon data analytics and field surveys to gain insights into economic activities, local credit needs, and barriers to credit access. A holistic understanding of your district will enable you to identify gaps in financial inclusion, assess the credit needs of different sectors, and design targeted strategies for intervention. It will also help you to identify the root causes of the various issues observed in your districts. By staying attuned to your districts, you can provide invaluable feedback to the SLBCs, enabling the formulation of targeted and effective credit plans, and foster sustainable economic growth and development.

    Formulation of targeted and effective credit plans, a bottom up approach

    Secondly, building upon your strong understanding of your district, the formulation, monitoring, and implementation of Credit Plans must follow a granular bottom-up approach.

    The principal phase of credit planning is done by DDMs by preparing the Potential Linked Credit Plans (PLPs) for all the districts in the State by mapping credit potential under Priority Sector Lending (PSL). The preparation of PLPs involves assessment of block-wise and sector-wise potential. LDMs conceptualise the block credit plans at the grassroots level which aggregate into district credit plans, ultimately converging to shape the comprehensive state-level Annual Credit Plan. While doing so, target setting for credit disbursement needs to be aspirational while being realistic. LDMs must take into account the scope for lending indicated in the Potential Linked Plan as well as the past record of achievement in credit disbursement while formalising the credit plans for the blocks and districts under their charge.

    Address the gaps

    Thirdly, we need to address the remaining gaps. Although credit delivery to priority sectors has progressed over time, there is still significant work to be done especially with regard to Micro, Small and Medium Enterprises. Similarly, nearly half of Self-Help Groups (SHGs) are yet to be linked to formal credit, and a large proportion of small and marginal farmers still lack access to bank financing. Therefore, we must factor in the credit requirements of these segments in PLPs as well as in block and district-level credit strategies.

    MSMEs are crucial to India realising her demographic dividend. One of the key requirements in this regard is increasing the female labour participation rate. Various studies1 have shown that businesses with at least one women founder have a more inclusive work culture, employ more women than men and generate more revenue. However, less than 20 per cent of MSMEs are owned by women. Women entrepreneurs often encounter major hurdles, such as limited access to funding, societal barriers, and challenges in obtaining affordable finance.

    It is therefore crucial to bridge the gender gap. At the district level, this can be addressed by offering support to women-led enterprises through government-sponsored programmes and tailored banking schemes for women-owned businesses. Additionally, efforts must be made to raise awareness among potential women entrepreneurs about these opportunities and provide them with necessary guidance and support.

    Financial literacy

    Fourthly, we need to bolster financial literacy. Strengthening the supply-side is crucial, but holistic financial inclusion also necessitates demand-side initiatives. Financial literacy stands as a fundamental building block. It is not just about access, it is about empowering individuals to make informed choices. Financial literacy is the ability of people to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

    Members of public should be made aware of various financial products available to them, be it social security products such as insurance and pension schemes, which will cover their risks or loan products with significant subsidies that will enable them to undertake productive economic activities. A special focus needs to be given to Digital Financial Literacy for improving public confidence in undertaking digital transactions. This will enable banks to explore avenues for wider adoption of fintech, to provide seamless and frictionless credit.

    At the block level, financial literacy is being promoted through Centres for Financial Literacy (CFLs), established by NGOs with funding support from the RBI, NABARD, and banks. The reach of CFLs has expanded significantly, with 2,421 CFLs now operating across almost every block in the country. In Karnataka alone, 79 CFLs and 177 Financial Literacy Centres (FLCs) are spreading awareness of financial products at the grassroots level. LDMs must play a crucial role in ensuring that FLCs perform their functions effectively, supporting CFLs, participating in CFL camps, and facilitating the linkage of financial services while overseeing the proper conduct of these camps.

    In conclusion, I encourage you to give your best, set exemplary standards, and become pioneers in developmental activities, ensuring continued progress of your districts and the State of Karnataka.

    As you may be aware, the Reserve Bank of India is celebrating 90 years of its foundation this year. Looking ahead to the next decade, our journey towards RBI@100, we have formulated strategies aimed at positioning the Reserve Bank as a model central bank of the Global South. One of our key objectives is to deepen financial inclusion by enhancing the Accessibility, Availability, and Quality of financial services for all segments of society. I urge each of you to actively support us in realizing this vision by contributing to inclusive growth, ensuring that no one is left behind in accessing essential financial services, and fostering economic empowerment at the grassroots level.

    I would like to leave you with a quote from Rashtrakavi Kuvempu (an extract from his epic work “Malegaḷalli madumagaḷu”):

    ಇಲ್ಲಿಯಾರೂ ಮುಖ್ಯರಲ್ಲ
    Illi yaaroo mukhyaralla
    No one is precious here

    ಯಾರೂ ಅಮುಖ್ಯರಲ್ಲ
    Yaroo amukhyaralla
    No one is unimportant here

    ಇಲ್ಲಿ ಎಲ್ಲಕ್ಕೂ ಇದೆ ಅರ್ಥ
    Illi ellakkoo ide artha
    Everything has significance here

    ಯಾವುದೂ ಅಲ್ಲ ವ್ಯರ್ಥ
    Yavudoo alla vyartha
    Nothing is useless

    ನೀರೆಲ್ಲವೂ ತೀರ್ಥ!
    Neerellevoo theertha!
    All the water is holy!

    In the context of today’s gathering, it would mean: All groups of people are equally important and should be financially included; every effort taken for financial inclusion is meaningful and nothing goes wasted.

    With this I would like to end with my best wishes to each one of you. Thank you!


    MIL OSI Economics

  • MIL-OSI Economics: Kazuo Ueda: Japan’s economy and monetary policy

    Source: Bank for International Settlements

    Introduction

    It is my great pleasure to have the opportunity today to exchange views with a distinguished gathering of business leaders in the Kansai region. I would like to take this chance to express my sincerest gratitude for your cooperation with the activities of the Bank of Japan’s branches in Osaka, Kobe, and Kyoto. I look forward to hearing your candid opinions, which will be useful in the Bank’s policy decisions and business operations.

    Before hearing from you, I would like to talk about developments in Japan’s economic activity and prices and explain the Bank’s thinking on the conduct of monetary policy.

    I. Economic Activity and Prices

    Current Situation of and Outlook for Economic Activity

    Let me start by talking about the current situation of and outlook for economic activity in Japan. As shown in Chart 1, real GDP for the April-June quarter of 2024 increased clearly. The Bank assesses that the economy has recovered moderately, although some weakness has been seen in part, and expects that it will continue to recover moderately.

    MIL OSI Economics

  • MIL-OSI Economics: Michelle W Bowman: Recent views on monetary policy and the economic outlook

    Source: Bank for International Settlements

    Good morning. I would like to thank the Kentucky Bankers Association for the invitation to join you today for your annual convention.1 I appreciate the opportunity to share my views on the U.S. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry.

    In light of last week’s Federal Open Market Committee (FOMC) meeting, I will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy.

    Update on the Most Recent FOMC Meeting

    In order to address high inflation, for more than two years, the FOMC increased and held the federal funds rate at a restrictive level. At our September meeting, the FOMC voted to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent and to continue reducing the Federal Reserve’s securities holdings.

    As the post-meeting statement noted, I dissented from the FOMC’s decision, preferring instead to lower the target range for the federal funds rate by 1/4 percentage point to 5 to 5-1/4 percent. Last Friday, once our FOMC participant communications blackout period concluded, the Board of Governors released my statement explaining the decision to depart from the majority of the voting members. I agreed with the Committee’s assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. As my statement notes, I preferred a smaller initial cut in the policy rate while the U.S. economy remains strong and inflation remains a concern, despite recent progress.

    Economic Conditions and Outlook

    In recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. The 12-month measure of core personal consumption expenditures (PCE) inflation, which provides a broader perspective than the more volatile higher-frequency readings, has moved down since April, although it came in at 2.6 percent in July, again remaining well above our 2 percent goal. In addition, the latest consumer and producer price index reports suggest that 12-month core PCE inflation in August was likely a touch above the July reading. The persistently high core inflation largely reflects pressures on housing prices, perhaps due in part to low inventories of affordable housing. The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the Committee’s 2 percent goal.

    Prices remain much higher than before the pandemic, which continues to weigh on consumer sentiment. Higher prices have an outsized effect on lower- and moderate-income households, as these households devote a significantly larger share of income to food, energy, and housing. Prices for these spending categories have far outpaced overall inflation over the past few years.

    Economic growth moderated earlier this year after coming in stronger last year. Private domestic final purchases (PDFP) growth has been solid and slowed much less than gross domestic product (GDP), as the slowdown in GDP growth was partly driven by volatile categories including net exports, suggesting that underlying economic growth was stronger than GDP indicated. PDFP has continued to increase at a solid pace so far in the third quarter, despite some further weakening in housing activity, as retail sales have shown further robust gains in July and August.

    Although personal consumption has remained resilient, consumers appear to be pulling back on discretionary items and expenses, as evidenced in part by a decline in restaurant spending since late last year. Low- and moderate-income consumers no longer have extra savings to support this type of spending, and we have seen loan delinquency rates normalize from historically low levels during the pandemic.

    The most recent labor market report shows that payroll employment gains have slowed appreciably to a pace moderately above 100,000 per month over the three months ending in August. The unemployment rate edged down to 4.2 percent in August from 4.3 percent in July. While unemployment is notably higher than a year ago, it is still at a historically low level and below my and the Congressional Budget Office’s estimates of full employment.

    The labor market has loosened from the extremely tight conditions of the past few years. The ratio of job vacancies to unemployed workers has declined further to a touch below the historically elevated pre-pandemic level-a sign that the number of available workers and the number of available jobs have come into better balance. But there are still more available jobs than available workers, a condition that before 2018 has only occurred twice for a prolonged period since World War II, further signaling ongoing labor market strength despite the reported data.

    Although wage growth has slowed further in recent months, it remains indicative of a tight labor market. At just under 4 percent, as measured by both the employment cost index and average hourly earnings, wage gains are still above the pace consistent with our inflation goal given trend productivity growth.

    The rise in the unemployment rate this year largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs remain low. In addition to some cooling in labor demand, there are other factors likely contributing the increased unemployment. A mismatch between the skills of the new workers and available jobs could further raise unemployment, suggesting that higher unemployment has been partly driven by the stronger supply of workers. It is also likely that some temporary factors contributed to the recent rise in the unemployment rate, as unemployment among working age teenagers sharply increased in August.

    Preference for a More Measured Recalibration of Policy

    The U.S. economy remains strong and core inflation remains uncomfortably above our 2 percent target. In light of these economic conditions, a few further considerations supported the case for a more measured approach in beginning the process to recalibrate our policy stance to remove restriction and move toward a more neutral setting.

    First, I was concerned that reducing the target range for the federal funds rate by 1/2 percentage point could be interpreted as a signal that the Committee sees some fragility or greater downside risks to the economy. In the current economic environment, with no clear signs of material weakening or fragility, in my view, beginning the rate-cutting cycle with a 1/4 percentage point move would have better reinforced the strength in economic conditions, while also confidently recognizing progress toward our goals. In my mind, a more measured approach would have avoided the risk of unintentionally signaling concerns about underlying economic conditions.

    Second, I was also concerned that reducing the policy rate by 1/2 percentage point could have led market participants to expect that the Committee would lower the target range by that same pace at future meetings until the policy rate approaches a neutral level. If this expectation had materialized, we could have seen an unwarranted decline in longer-term interest rates and broader financial conditions could become overly accommodative. This outcome could work against the Committee’s goal of returning inflation to our 2 percent target.

    I am pleased that Chair Powell directly addressed both of these concerns during the press conference following last week’s FOMC meeting.

    Third, there continues to be a considerable amount of pent-up demand and cash on the sidelines ready to be deployed as the path of interest rates moves down. Bringing the policy rate down too quickly carries the risk of unleashing that pent-up demand. A more measured approach would also avoid unnecessarily stoking demand and potentially reigniting inflationary pressures.

    Finally, in dialing back our restrictive stance of policy, we also need to be mindful of what the end point is likely to be. My estimate of the neutral rate is much higher than it was before the pandemic. Therefore, I think we are much closer to neutral than would have been the case under pre-pandemic conditions, and I did not see the peak stance of policy as restrictive to the same extent that my colleagues may have. With a higher estimate of neutral, for any given pace of rate reductions, we would arrive at our destination sooner.

    Ongoing Risks to the Outlook

    Turning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment. Although the labor market data have been showing signs of cooling in recent months, still-elevated wage growth, solid consumer spending, and resilient GDP growth are not consistent with a material economic weakening or fragility. My contacts also continue to mention that they are not planning layoffs and continue to have difficulty hiring. Therefore, I am taking less signal from the recent labor market data until there are clear trends indicating that both spending growth and the labor market have materially weakened. I suspect the recent immigration flows have and will continue to affect labor markets in ways that we do not yet fully understand and cannot yet accurately measure. In light of the dissonance created by conflicting economic signals, measurement challenges, and data revisions, I remain cautious about taking signal from only a limited set of real-time data releases.

    In my view, the upside risks to inflation remain prominent. Global supply chains continue to be susceptible to labor strikes and increased geopolitical tensions, which could result in inflationary effects on food, energy, and other commodity markets. Expansionary fiscal spending could also lead to inflationary risks, as could an increased demand for housing given the long-standing limited supply, especially of affordable housing. While it has not been my baseline outlook, I cannot rule out the risk that progress on inflation could continue to stall.

    Although it is important to recognize that there has been meaningful progress on lowering inflation, while core inflation remains around or above 2.5 percent, I see the risk that the Committee’s larger policy action could be interpreted as a premature declaration of victory on our price-stability mandate. Accomplishing our mission of returning to low and stable inflation at our 2 percent goal is necessary to foster a strong labor market and an economy that works for everyone in the longer term.

    In light of these considerations, I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2 percent target, while closely watching the evolution of labor market conditions.

    The Path Forward

    Despite my dissent at the recent FOMC meeting, I respect and appreciate that my FOMC colleagues preferred to begin the reduction in the federal funds rate with a larger initial cut in the target range for the policy rate. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our goals of attaining maximum employment and returning inflation to our 2 percent target.

    I will continue to monitor the incoming data and information as I assess the appropriate path of monetary policy, and I will remain cautious in my approach to adjusting the stance of policy going forward. It is important to note that monetary policy is not on a preset course. My colleagues and I will make our decisions at each FOMC meeting based on the incoming data and the implications for and risks to the outlook guided by the Fed’s dual-mandate goals of maximum employment and stable prices. We need to ensure that the public understands clearly how current and expected deviations of inflation and employment from our mandated goals inform our policy decisions.

    By the time of our next meeting in November, we will have received updated reports on inflation, employment, and economic activity. We may also have a better understanding of how developments in longer-term interest rates and broader financial conditions might influence the economic outlook.

    During the intermeeting period, I will continue to visit with a broad range of contacts to discuss economic conditions as I assess the appropriateness of our monetary policy stance. As I noted earlier, I continue to view inflation as a concern. In light of the upside risks that I just described, it remains necessary to pay close attention to the price-stability side of our mandate while being attentive to the risks of a material weakening in the labor market. My view continues to be that restoring price stability is essential for achieving maximum employment over the longer run. However, should the data evolve in a way that points to a material weakening in the labor market, I would support taking action and adjust monetary policy as needed while taking into account our inflation mandate.

    Closing Thoughts

    In closing, thank you again for welcoming me here today. It is a pleasure to join you and to have the opportunity to discuss my views on the economy and monetary policy. And given the recent FOMC meeting decision and my dissent, I appreciate being able to provide a more detailed explanation of the reasoning that led me to dissent in favor of a smaller reduction in the policy rate at last week’s FOMC meeting.

    I look forward to answering your questions and to engaging with your members on bank regulatory and supervisory matters.


    MIL OSI Economics

  • MIL-OSI Economics: Tiff Macklem: Economic growth during uncertain times

    Source: Bank for International Settlements

    Good afternoon. I want to thank the Institute of International Finance and the Canadian Bankers Association for inviting me to take part in your 2024 Forum.

    Your focus on growth during uncertainty is timely. Uncertainty feels like the new reality: The uncertainty caused by war in Europe and in the Middle East. The uncertainties arising from geopolitical tensions and economic fragmentation. And the related uncertainties about supply chains, trading relationships and global investment risks.

    Rapid advances in new technologies, particularly artificial intelligence (AI) and its new offspring, Generative-AI, are disrupting business models and creating new uncertainties for firms and workers.

    Uncertainty surrounds the impacts of climate change and the policy frameworks to adapt to and mitigate it.

    There is political uncertainty. And fiscal uncertainty.

    As your theme implies, uncertainty and economic growth do not sit well together: uncertainty impedes growth.

    But with inspired policy, good business decisions and sound risk management, we can manage uncertainty and reduce its impact on households, businesses and growth. We have recent historical evidence.

    Sixteen years ago this month, Lehman Brothers failed, and the financial system froze because nobody knew which banks were safe. Today, the global financial system is much safer thanks to the implementation of sweeping global reforms to increase capital and liquidity buffers, and reduce leverage.

    With the rapid development of new vaccines and with exceptional fiscal and monetary policies, uncertainty about our health and the health of our economies has decreased dramatically since the depths of the COVID-19 pandemic.

    Thanks to decisive monetary policy action and the unblocking of supply chains, uncertainty about costs and inflation are much lower today than two years ago, when inflation peaked above 8% in Canada and was even higher in many other countries.

    In the past few weeks, I have given speeches on the shifting global trade landscape and the economic implications and risks of rapid advances in artificial intelligence. These are two key areas where we can reduce uncertainty through good policy and far-sighted business leadership.

    At the same time, we need to recognize that new uncertainties are a new reality, and we must be ready for the inevitable shocks in a more turbulent world. That puts a priority on risk management and investments in resilience.

    A key function of financial institutions is to help households and businesses manage the risks they face. Financial institutions also have a responsibility to manage their own risks prudently so that they do not themselves become a source of uncertainty and instability.

    As Canada’s central bank, we have a role to play in mitigating and managing risks and uncertainty. Our primary mandate is price stability-in other words, low, stable and predictable inflation. We also have mandates to foster a stable financial system and ensure safe and efficient payments.

    Let me say a few words on financial stability and payments. And then I’ll finish with some thoughts on monetary policy.

    Our financial stability focus is on risks that could lead to system-wide stress. And we publish these findings in our annual Financial Stability Report (FSR).1

    In our most recent FSR, published in May, we reported that Canadian mortgage holders had experienced a modest increase in levels of financial stress. Since then, we’ve observed that arrears on mortgages have continued to rise, although they remain below pre-pandemic levels. It also appears that these households have not leaned on revolving credit products such as lines of credit and credit cards to a greater degree than before the pandemic.

    But there is a notable increase in financial stress among borrowers without a mortgage, mainly renters. During the pandemic, for most credit products, the share of these borrowers missing payments reached historical lows. However, we’re now seeing a larger share of these borrowers lagging behind on credit card and auto loan payments. Over the past year the share of borrowers without a mortgage who carry a credit card balance of at least 90% of their credit limit has continued to climb. And this share is now above typical historical levels. This is concerning.

    Our responsibilities related to payments require us to adapt to increasing digitalization. Innovation in payments continues to accelerate.

    In 2021, the Bank assumed a new mandate for the supervision of retail payment service providers. Starting November 1st of this year, more than 3,000 service providers will need to register with the Bank and follow new rules aimed at safeguarding consumers and protecting the integrity of retail payments.  

    We are also looking at the bigger picture of payment innovation, both in Canada and around the world. As part of this work, in the past few years we’ve built an extensive body of knowledge about the framework and technology behind a possible central bank digital currency (CBDC), including the benefits and risks.

    But recognizing that there is not currently a compelling case to move forward with a CBDC in Canada, the Bank is scaling down its work on a retail central bank digital currency and shifting its focus to broader payments system research and policy development. The Bank will continue to monitor global retail CBDC developments. And the Bank will be ready to ensure Canadians always have a safe and secure supply of public money.

    Now, let me circle back to monetary policy.

    In June, we began lowering our policy interest rate. We cut the policy rate at our last three decisions, for a cumulative decline of 75 basis points to 4.25%.

    Our most recent decision on September 4th reflected two main considerations.

    First, we noted that headline and core inflation had continued to ease as expected. Second, we said that as inflation gets closer to target, we want to see economic growth pick up to absorb the slack in the economy.

    Since then, we’ve been pleased to see inflation come all the way back to the 2% target. It has been a long journey. Now we want to keep inflation close to the centre of the 1%–3% inflation-control band. We need to stick the landing.

    What does this mean for interest rates? With the continued progress we’ve seen on inflation, it is reasonable to expect further cuts in our policy rate. The timing and pace will be determined by incoming data and our assessment of what those data mean for future inflation.

    As always, we try to be as clear as we can about what we are watching as we chart the course for monetary policy.

    Economic growth picked up in the first half of this year, and we want to see it strengthen further so that inflation stays close to the 2% target. Some recent indicators suggest growth may not be as strong as we expected. We will be closely watching consumer spending, as well as business hiring and investment.

    We will also be looking for continued easing in core inflation, which is still a little above 2%. Shelter cost inflation remains elevated but has started to come down, and we are looking for it to moderate further.

    Our next decision is October 23rd. And we will have a revised economic outlook at that time.

    With those introductory thoughts, let’s get the discussion started.

    I would like to thank Russell Barnett, Claudia Godbout and Brian Peterson for their help in preparing these remarks.


    MIL OSI Economics

  • MIL-OSI Economics: Alessandra Perrazzelli: Steering the transition to a quantum-safe world. An internationally coordinated approach

    Source: Bank for International Settlements

    Introduction

    Good morning and a very warm welcome to this important workshop on how to build a quantum-safe financial system.* I would like to start by thanking Prof. Cirac Sasturain and all the participants in the panel sessions for their insightful and thought-provoking contributions. Let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in Rome. Your presence and contributions are vital for the success of this workshop. I am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system’s transition towards a quantum-safe world.

    Quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. Thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current ‘digital economy’ to a new era of ‘quantum economy’. Such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration.

    As central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. It is part of our duty to promote and actively participate in the discussion on how to ensure the financial system’s transition to the quantum era in the safest possible way, considering the limitations of current technology.

    Quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. In fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum-safe world.

    With today’s workshop, we intend to launch a discussion on a possible path for steering the financial system’s migration to quantum resilience, within the framework of an internationally coordinated approach involving all the stakeholders: authorities, financial industry, technology providers and academia.

    1. The quantum financial system of the future: timeline, opportunities and risks

    The quantum revolution is already happening, although the exact timeline for its full deployment can hardly be predicted. Innovation in this field is characterized by pivotal and often unexpected transformative breakthroughs leading to sudden acceleration, and sustained by consistent and sizeable public and private investments. The explosion of artificial intelligence technologies, whose interplay with quantum computing holds the potential for both steering and accelerating the development of far-reaching solutions, is making this path even more unpredictable. Against this backdrop of high uncertainty, we expect that the quantum machine capacity necessary to give rise to a significant cybersecurity threat will be achieved in a foreseeable future.1

    The financial sector plays a dual role that enables it to look at the quantum phenomenon from two distinct perspectives: firstly, as a user, keen on embracing the capacity of quantum computing for innovation, and secondly, as a highly vulnerable target for quantum-powered cyberattacks.

    Although the use of quantum computing in the financial sector is still at an immature stage, experimental results already highlight its ability to improve key financial processes, such as risk and portfolio management, payment services and computationally intensive simulation-based tasks (e.g. analyses related to fraud detection and prevention, and anti-money laundering).

    Exploiting the benefits of quantum computing also presents unique challenges for financial institutions. Like other enabling technologies, quantum computing raises issues related to equitable access and market competitiveness; the full integration of this technology into legacy systems poses significant hurdles. Furthermore, the very nature of quantum computing entails a substantial paradigm shift in how financial services operate. Regulators must carefully navigate the new environment to support the smooth adoption and avoid misuse of these technologies from the private and public sectors.

    Quantum technologies also bring new risks for the financial sector. In particular, such technologies could be exploited to break the encryption algorithms currently underpinning the security of critical communication systems and digital assets.

    Critical financial infrastructures are among the main targets of cyberattacks based on quantum computing. They include the financial infrastructures of the future – which will support, for instance, central bank digital currencies and crypto-assets – as the two techniques of key encapsulation and digital signature currently used are both based on asymmetric encryption, which is vulnerable to the quantum threat. It will be of outmost importance to factor in the risks stemming from quantum computing when designing the central bank digital currencies.

    This risk is already on the table with the practice of ‘harvest now, decrypt later’ used by malicious actors. Information embedded in contracts currently in force needs to be kept secret for years to come. Even just the possibility that some of it will be exposed – as soon as the technology becomes available – is already a potential blow to trust.

    2. The state of the art: one problem, many potential technical approaches

    As we will see through the lunch session, some solutions to mitigate cyber issues are already available. The heart of cybersecurity lies in cryptography, which – from encrypting data to securing online transactions – is the guardian of our digital world.

    As the financial industry and governments prepare to protect against quantum threats, it is necessary that they become ‘crypto-agile’, adopting a multifaceted security strategy that incorporates a range of easily upgradable quantum-resistant solution. The showcase exercise that will be performed in this session will demonstrate that there are two different but complementary approaches that can be used in order to deal with quantum-safe cryptography.

    On the one hand, we can take advantage of quantum properties to establish secure communication channels between parties, where any attempt to eavesdrop or intercept the exchange of encryption keys is detected. On the other hand, considering that the cryptography involves the use of mathematical algorithms to transform readable data into encrypted data and vice versa, it is possible to replace the current algorithms (unbreakable now, but solvable with quantum computing) with others that are more difficult to solve, even for a quantum computer.

    Each one of these technologies – or a combination of them – will allow full end-to-end security in our digital communications. At the same time, however, these technologies are all extremely demanding in terms of time and resources. At the current state of the technology, embracing the quantum physics approach is estimated to impose costs of a higher order of magnitude, though it appears to provide a definitive solution to the quantum threat. The showcase exercise will demonstrate how some solutions already available to the market work, leveraging the points I have just mentioned.

    Clearly, this is not a technological dilemma that can be solved with a black-or-white answer, and what is optimal now may not be optimal in the medium or long term. Migrating the whole financial system toward a quantum-safe setup is a dynamic process requiring a multifaceted approach. Whatever strategy is chosen, though, we need to have interoperable solutions working at all times for the financial industry within a single jurisdiction and between different jurisdictions.

    3. Why authorities should act now

    Numerous public and private initiatives have been launched to develop what are known as ‘quantum-safe’ solutions. However, some key elements of uncertainty are hampering the market’s ability to effectively embrace the migration to quantum-resilient solutions.

    First, while the implementation timeline for the quantum threat is by no means certain, short-term risk mitigation costs are significant. Second, there is a lack of agreement on a sound migration approach and on suitable interoperable technical standards. Third, the regulatory and capability landscape is fragmented across jurisdictions. These are all obstacles to a timely and orderly transition.

    Despite growing awareness of the quantum threat, a comprehensive and widely shared action plan in this area remains elusive. The lack of harmonized regulations and of clear international guidelines and standards concerning the transition to a quantum-safe world may induce protracted inertia in the financial system’s migration efforts.

    The global nature of the financial system, the interconnectedness of intermediaries within the financial industry, and between them and the technology providers, call for public authorities to take a whole-of-government approach towards addressing the common threat posed by quantum technology. This includes fostering a dialogue between all relevant public and private stakeholders, aimed at establishing priority areas of intervention and ensuring a common path towards a quantum-safe economy through proactive cooperation and international coordination.

    A systematic approach involving all international stakeholders is particularly important for financial infrastructures, given their high interconnectedness. We need to protect all links of the chain, especially the weakest.

    4. A common path to a quantum-resilient financial system

    All these elements make the discussion on the migration strategy something that cannot be put off any longer. The importance of preparing the financial system for the transition to quantum computing is at the heart of this workshop. This is the right time to address the challenges of the transition to quantum computing, to agree on the respective roles of public authorities and of the private sector, and to take concrete action.

    To protect the financial system from the threats posed by quantum computing, the Bank of Italy is proposing – in the context of the ongoing work on risks from emerging technologies affecting the financial system that is being carried out in the G7 Finance Track – that G7 member countries jointly develop a ‘common roadmap for quantum resilience’, providing a unified policy framework for the actions needed to steer the transition to a quantum-safe financial system through an international cooperation approach.

    The roadmap should include all initiatives that are essential for a quantum-resilient financial system and could be implemented under the responsibility of different multinational organizations. The monitoring, coordination and governance of the overall roadmap should be undertaken at the highest political level. For example, a shared response at the level of G7 countries would provide a benchmark that could outline the way forward for other jurisdictions so as to cover, eventually, the global financial system.

    Whichever migration path we decide to adopt, it has to fulfil certain requirements. First, it needs to build on existing regulation in order to capitalize on best practices and, possibly, avoid over-regulation.

    Second, it will entail the standardization of the approaches taken to risk mitigation across jurisdictions, so as to enable synergies and speed up the transition, as the suppliers of technical solutions will work based on shared guidelines.

    Third, financial industry players as well as hardware and software providers must participate in the design of the strategy. Their involvement is necessary in order to devise a way forward that hinges on the best and most up-to-date technologies in a field where innovation is characterized by sudden accelerations.

    Fourth, preservation of interoperability and quality of services must remain the guiding principle of this transition process together with its gradual and safe implementation and with the principle of proportionality, to strike a balance between short-term fixes and long-term solutions. Continuous monitoring of the progress achieved and of the resources absorbed in this endeavour will be important: on this basis, the roadmap commitments can be reassessed along the way, including with respect to the timeline, by accelerating or delaying some milestones as needed.

    Finally, international coordination is a key aspect. The G7 Cyber Expert Group could be the right forum for operatively managing the quantum resilience migration roadmap, as well as for drafting policy guidelines. Other multinational institutions already involved in the adoption of quantum technologies in the financial system, such as the BIS and the standard setting bodies, could contribute proactively in defining guidelines and standards as cornerstones of the migration.

    Due to their critical role, financial markets and payment infrastructures, including those that will be supporting the central bank digital currencies, deserve particular attention. The CPMI-IOSCO could be the right organization to lead the work for the quantum resilience of these crucial nodes of the financial system.

    * * *

    Let me conclude by thanking you all for gathering today to discuss this extremely important topic. Hopefully, the discussion that we initiated today will continue in a fruitful way in the immediate future to deliver as quickly as possible a migration roadmap which can be embraced by all G7 members and possibly also shared with G20 and other countries for wider adoption.

    * I would like to thank Silvia Vori, Valerio Paolo Vacca, Giuseppe Bruno, Lorenzo Bencivelli, Mauro De Santis, Cristina Andriani, Sabina Marchetti, Antonio Castellucci and Giovanna Piantanida for their contributions to this speech.


    MIL OSI Economics

  • MIL-OSI Economics: Frank Elderson: Energy performance data – a must-have for managing climate-related credit risk

    Source: Bank for International Settlements

    Good morning and a very warm welcome to all of you. It is a pleasure to see so many of you – bank representatives, journalists and supervisors – here in Frankfurt to discuss good practices for collecting and assessing climate-related data for the real estate sector.

    We have come a long way since 2019 when we first started to talk about climate-related and environmental risk management with you – the banks we supervise. Thanks to the tireless work of many dedicated climate risk experts in banks across Europe, jointly we have built up considerable expertise and made encouraging progress.

    Real estate lending represents a significant share of supervised banks’ banking books. The real estate sector is also a concrete example of how physical and transition risks affect traditional prudential risk categories, in this case credit risk. And just as we do for any other material risk, we expect banks to identify, measure and – most importantly – manage these risks.

    Good data are crucial for sound risk management

    In short, to manage your risks you need to know them. And to know your risks you need to have good data. The same holds true when integrating climate-related risk drivers into credit risk management.

    To manage credit risk in the real estate sector, we need data on buildings’ energy efficiency. This is crucial for collateral valuations or determining borrowers’ ability to pay back their loan, for example.

    With this in mind, back in 2021 ECB Banking Supervision started looking at energy performance data for the commercial and residential real estate sectors by conducting targeted reviews for a sample of banks that were most exposed to these sectors. Supervisors collected data from these banks and engaged with them on their practices. As expectations were not yet set on this specific topic, we let banks explain how they obtained energy performance data. We looked at new lending as well as existing loan stocks.

    Overall, our targeted review showed that more progress had been made for new lending, for which most data were based on real data from energy performance certificates. As a concrete outcome of our targeted review, we asked all banks in the sample to collect real energy performance data at loan origination. Our supervisory recommendation was well received by banks that were not yet doing it, showing banks’ willingness to integrate energy performance data into their credit risk management policies. This is good news.

    However, as supervisors, we are also concerned about the existing stock of loans. Most of the data on this are based on proxies, which makes it difficult for both banks and supervisors to design and implement proper risk management measures. Obtaining real data is admittedly challenging, yet many of the banks represented here today have made notable strides. You have found a way to collect energy performance data and use them effectively. And we invite all banks that have not yet advanced on collecting such data to learn from the good practices of those banks that have made critical leaps forward.

    Legislative changes will improve the availability of energy performance data

    Integrating climate-related data is also vitally important in view of impending legislative changes. The revised Energy Performance of Buildings Directive1, which includes common requirements for setting up national databases on the energy performance of buildings, is an important development that should help narrow the data gap. In the spirit of the Directive, further work is needed to ensure adequate data management and increase the reliability and consistency of climate-related real estate data across the European Union. Establishing a comprehensive European database of all buildings in the EU will take time. So banks cannot just sit back and wait. As supervisors we expect banks to manage all material risks. And this requirement is not conditional on the attainability of harmonised data.

    We therefore strongly encourage all efforts to improve data availability and welcome the successful strategies that some banks have implemented to address data gaps.

    Today’s agenda will focus on the collection of energy performance data for the commercial and residential real estate sectors. But this will not be the only topic. Properties in areas prone to hazard events such as floods, rising sea levels or wildfires are increasingly vulnerable and could see a decrease in their collateral value. Last week’s devastating floods in Austria, Czechia, Hungary, Italy, Poland, Romania and Slovakia were a stark reminder of that. Therefore, later in today’s programme we will discuss the challenges and potential solutions for monitoring physical risk. In the coming weeks, the ECB will publish an analytical paper focusing on whether residential mortgage rates in high climate risk areas are influenced by this risk. The paper finds evidence that climate-related risk is already priced into mortgages. In other words, we see that an average bank took climate-related risks into account as loans secured by real estate in high climate risk areas were more expensive than loans with the same characteristics but in safer regions. However, the effect we find is economically small, so it seems that the climate-related risk is still underpriced by the average bank.

    Let me conclude.

    Good, reliable data are a cornerstone of sound risk management. This also holds true for managing the risks stemming from climate change. Thanks to the ongoing dialogue between supervisors and banks, some major stumbling blocks have already been overcome. The good practices observed for collecting real data on energy performance show that, while the task is challenging, it is far from impossible. Sharing your practices with peers will help more banks to improve the availability of energy performance data. So we are all looking forward to hearing about your experiences and learning from what worked well.

    The ongoing climate and nature crises will inevitably render our economy more susceptible to shocks. From a risk-based perspective, let me reassure you that ECB Banking Supervision will continue to play our part in spurring on banks to prepare for these risks. To succeed in our common goal of making banks resilient to climate and nature-related risks, it is vital that we keep up this dialogue with you – the industry – and encourage the exchange of good practices in the years to come.

    I would like to thank you for coming to Frankfurt today to share your experiences.


    MIL OSI Economics

  • MIL-OSI Economics: Nexomus GmbH: BaFin warns against website nexomus.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (KreditwesengesetzKWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Economics: Luigi Federico Signorini: Building a quantum-safe financial system – what role for authorities and for the private sector?

    Source: Bank for International Settlements

    Ladies and Gentlemen,

    It is my pleasure to open this seminar on the implications of quantum technology for the financial sector.

    Experts agree that we are on the eve of a very significant technological change: one that will redefine our approach to data and to the tools we use to process them, and may well revolutionise important, even critical, aspects of the way financial institutions operate.

    Like all significant technological advances, the quantum revolution comes with both promises and threats. Massively enhanced computational power, algorithms that are far more efficient than existing ones, and a much stronger base for artificial intelligence, are expected to offer opportunities for better and cheaper services, but they will also introduce new challenges, not least for financial stability.

    Central banks and financial institutions have often been early adopters of technological innovations. To preserve trust, institutions should continue to be bold and imaginative, but at the same time fully aware of the risks. Prudent supervisory guidance is needed to preserve the stability, security and integrity of the financial system. Our seminar will be an opportunity to go beyond generalities and explore the most likely concrete challenges and trade-offs we need to face in the quantum era.

    The Bank of Italy has a tradition of actively and rapidly adapting its policies to changes in the data management landscape. Drawing on our experience, we have long contributed to the action of the European System of Central Banks. We continue to work in partnership with academia and in cooperation with national and international institutions.

    The most immediate threat most of us currently perceive concerns the protection of the integrity and confidentiality of data. We feel that such a threat calls for a coordinated response, within the G7 and beyond. We shall take the opportunity of this workshop to share our experiences and ongoing work at the Bank of Italy and to present some real-life examples of useful and feasible cooperation at the national, European and global level. We encourage all participants to do the same.

    Since Peter Shor demonstrated, in 1994, that a quantum computer could theoretically solve problems much faster than traditional ones, he has inspired scientists all over the world to imagine the countless possibilities of this technology, and technologists to look for ways to actually build a functioning machine based on it. Thirty years on, while we still lack a fully functional and reliable quantum computer, we seem to be actually getting closer and closer.

    As the cybersecurity threat is serious but there are potential ways to fend it off, we cannot afford to wait. Implementing quantum-resistant cryptography tools before quantum computers become practically operational is crucial for data longevity. Sensitive data that are encrypted using today’s technology could be stored now by malicious agents and decrypted later, once quantum tools become available; upgrading cryptographic tools as soon as possible is therefore necessary to ensure long-term data security. This is especially relevant for financial institutions. Their core business is ultimately based on the ability to create, manage and use sensitive data, and it is not unlikely that the quantum revolution will hit the financial sector faster and more intensively than other industries.

    Awareness of the need to act is growing. In the spring of this year, the European Commission published a ‘Recommendation on a Coordinated Implementation Roadmap for the transition to Post-Quantum Cryptography’. In the US, the National Institute of Standards and Technology (NIST) officially released its first set of finalised post-quantum cryptography (PQC) algorithms last month. This is a major step forward.

    In the G7 Finance Track, the Italian presidency identified quantum computing as one of the key strategic cyber issues facing us. It may affect multiple policy areas, including national security, competitiveness, ethics, and skill development.

    While solutions to achieve quantum security are starting to become available, there are factors that can make market players reluctant to adopt them quickly. These include uncertainty about the actual urgency of the quantum threat, the fact that a common transition approach has not yet emerged, and the fragmentation of investments, responsibilities and regulatory frameworks across jurisdictions.

    The G7 has launched several technical initiatives to foster coordination among the main stakeholders. With today’s workshop, we aim to engage key experts in G7 countries, with a view to developing a shared understanding of the most urgent issues, a potential roadmap to address the transition to quantum resilience and, to the extent possible, an agreed policy agenda. We are fortunate today to have speakers and attendants from a wide range of backgrounds: academia, government institutions (including law-enforcement agencies), central banks, international organisations and the finance industry. This promises to be an ideal opportunity to exchange views, in that it brings together a set of distinguished experts with considerably diverse experience. I encourage all participants to be active, ask questions and share their insights.

    Ladies and gentlemen, we are also honoured to have Professor Juan Ignacio Cirac Sasturain with us today as a keynote speaker. As many of you will know, our speaker is one of the leading theorists in quantum computation. His contributions range from the physics of quantum computers to quantum algorithms and quantum information theory. Many here will be especially interested in his seminal work on quantum cryptography. Professor Cirac is the Director of the Theory Department at the Max Planck Institute of quantum optics in Garching bei München, Bavaria, and collaborates with many other academic institutions. He has received an impressive number of high-level awards, including the Prince of Asturias Award for Technical and Scientific Research (2006), the BBVA Frontiers of Knowledge Award (2008), the Benjamin Franklin Medal (2010), the Wolf Prize in Physics (2013), the Max Planck Medal (2018), and many others; more are sure to come. The subject of his talk is, very aptly, ‘opportunities and challenges of the next generation’s computers’. We are certain that his remarks on today’s central issue will set the stage for a very productive seminar.

    Please join me in welcoming Ignacio Cirac to the stage.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)

    Source: Hong Kong Government special administrative region

    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    ******************************************************************************************

         The Secretary for Justice, Mr Paul Lam, SC, today (September 25) continued his visit programme in the Association of Southeast Asian Nations (ASEAN) in Ho Chi Minh City, Vietnam, with a delegation comprising representatives from the Law Society of Hong Kong, the Hong Kong Bar Association and alternative dispute resolution (ADR) organisations.     In the morning, Mr Lam and his delegation met with the Chief Supervisor of the China Business Association Ho Chi Minh City Branch, Mr Sun Guo Qiang, to discuss and explore business opportunities in both places and learn about the demand for legal services in the local business sector. They then had lunch with Vice-Chairman of the Hong Kong Business Association Vietnam Mr Fred Burke to have a better understanding of the Vietnam business environment and their need for cross-jurisdictional legal services.     In the afternoon, Mr Lam and his delegation met with representatives from the Vietnam International Arbitration Center to exchange views on recent developments in the arbitration landscape in both places and explore ways to strengthen collaboration. They then had a meeting with representatives from the Ho Chi Minh City Bar Association to discuss the development of the legal profession and explore potential future collaborations in building stronger and closer ties.     In the evening, Mr Lam will have dinner with the Acting Consul General of the People’s Republic of China in Ho Chi Minh City, Mr Xu Zhou, to share with him the latest developments in Hong Kong’s legal and ADR sector.     Upon arriving in Ho Chi Minh City yesterday afternoon, Mr Lam and his delegation attended a forum titled “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”, followed by a networking dinner, organised by the Department of Justice, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry to meet local legal and business sectors. Speakers from the Hong Kong delegation shared their views with the audience on various topics, including Hong Kong’s diversified legal and dispute resolution services, its unique advantages of enjoying strong support from the motherland while being closely connected to the world under “one country, two systems”, and the opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. The event received an enthusiastic response with over 120 participants from the legal, business and other sectors of Vietnam.     Mr Lam and the delegation will conclude their visit to Ho Chi Minh City and depart for Kuala Lumpur, Malaysia, tomorrow (September 26) to attend a seminar to promote Hong Kong’s legal and dispute resolution services.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:50

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Translation: 24.09.2024 Breslavia “Reconstruction plus” – investments for the safety of all of us

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    El primer ministro Donald Tusk took part in a meeting of the crisis staff in Wrocław. The Prime Minister announced investments in flood protection infrastructure under the “Reconstruction plus” program, which will help reduce the scale of possible damage in the future. The government will also strengthen the Territorial Defense Forces, which have proven to be of great support in recent days. Crisis staff meeting in WrocławEl Primer Minister Donald Tusk returned to Lower Silesia after the meeting of the Council of Ministers to take part in the crisis staff meeting in Wrocław. The head of government asked for information important for citizens to be provided in the most transparent way possible. “I appreciate the professional information very much, of course, but today we have the opportunity to explain in an understandable way whether and what may threaten people in the event of a flood wave in those towns where “it is working at the moment,” the Prime Minister said to the representatives of the services present at the meeting. The Head of Government thanked all residents and services for the effort they put into strengthening security and rebuilding the areas affected by the flood. “Reconstruction plus” – ready for bold investments Program ” “Reconstruction plus” means new and better infrastructure that will help protect us against further natural disasters. “Nature will not change, or rather it will change for the worse. We will not be able to prevent such phenomena from occurring, but we must be better prepared for it. And here we have a very serious job to do,” the Prime Minister announced. The state and local governments will have to, among others: quickly develop necessary solutions for the future through public consultations. The result of this work will be investments that may seem burdensome to some – such as the construction of further reservoirs – but it is about our common safety. “We know well what would happen without the reservoir in Racibórz,” noted the Prime Minister. The government will take responsibility for making the decision. regarding needed investments. However, the Prime Minister asked local government officials for support in dialogue with residents. “We want you to participate very actively in the conversation and in convincing people. Para bromear also affects the interests of those who live there today and work there, and who may be flooded again in a year, in five, in seven years. We will have to make optimal decisions together,” explained the Prime Minister. The government will provide financing for investments in infrastructure. “Wisdom and political responsibility always require us to use such crises and disasters to intensively repair the reality around us,” concluded Donald Tusk. Conversations with residents should be honest so that everyone understands why certain actions are necessary. The Territorial Defense Forces passed the test. The Council of Ministers today adopted – in addition to the special act helping flood victims – a draft law supporting entrepreneurs who employ soldiers of the Territorial Defense Forces and Active Reserve. “The state appreciates those employers who, as part of corporate social responsibility, employ soldiers of the Territorial Defense Forces,” emphasized Deputy Minister of National Defense Władysław Kosiniak-Kamysz. The head of the Ministry of Defense presented the main solutions introduced by these regulations, including tax relief for companies employing Territorial Defense Forces soldiers. “Para bromear en este momento, in which it must be said very clearly – the Territorial Defense Forces have proven themselves in a critical situation in an unequivocally positive way” – concluded Donald Tusk. The state will strive to develop the Territorial Defense Forces and increase their effectiveness. Plan for the coming days Donald Tusk asked local government officials for precise information regarding their needs not only in the fight against the element, but also with its effects, e.g. in terms of waste disposal and collection. . But if you need other types of help – human, organizational, technical – I would ask for as detailed information as possible. We will bend over backwards to help you, not only by financing these very demanding projects,” declared the head of government. Water levels are falling in many places, but the services are still carefully monitoring the embankments and flood protection infrastructure. According to forecasts, today at midnight, for the first time in many days, the water in Wrocław will be below the alarm level. “It is too early to announce the end of the flood threat in Wrocław. The pressure on the embankments is, of course, present, but it is certainly a turning point – at least here in Lower Silesia” – Donald Tusk commented on the forecasts. The next meeting of the crisis staff in the capital of the Lower Silesian Voivodeship will be held on Tuesday at 8:00. Afterwards, the Prime Minister will return to Warsaw, where the government will submit information to the Sejm regarding actions taken during the flood. On Saturday, the Council of Ministers will again consider the state budget for next year. “I am talking about the necessary expenses related to repairing the effects of the flood. We will also want to make the first presentation of losses and, above all, how to overcome this collapse in many places and what projects we are preparing,” announced the head of government. In the following days, visits to the Lubuskie and West Pomeranian Voivodeships, where the flood wave is passing, will be possible.

    MILES AXIS

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

    MIL Translation OSI

  • MIL-OSI: Eightco Announces $100 million Revenue Forecast – Releases 2025 Strategic Plan

    Source: GlobeNewswire (MIL-OSI)

    Improved Financial Condition Allows Focus on Revenue Growth & Profitability

    Easton, PA, Sept. 25, 2024 (GLOBE NEWSWIRE) — Eightco Holdings Inc. (NASDAQ: OCTO) (the “Company” or “Eightco”) is pleased to provide an update to its shareholders regarding its achievements year to date and 2025 initiatives.

    2024 Achievements

    The Company has made significant progress in 2024 by improving its balance sheet, most notably through the elimination of $5.4 million in convertible notes and increasing shareholder equity by $23 million. An aggregate of 5,846,627 dilutive shares related to warrants and convertible securities were cancelled in connection therewith, as well as several one-time accounting events.

    Operationally, during the 6 months ended June 30, 2024:

    • Gross profit margin was increased to 22%, versus 12% in the prior year period; and
    • SG&A was reduced to $6.9 million, down 23% from $9.0 million in the prior year period

    These improvements helped the Company regain compliance with two NASDAQ requirements, as was announced yesterday.

    2025 Plan

    The Company’s primary focus is the growth of its primary operating subsidiary, Forever 8 Fund LLC (“Forever 8”), which operates in two main areas: providing inventory solutions for small to mid-sized e-commerce sellers in the US & UK, as well as supplying refurbished Apple products for sellers in the UK and Europe. Forever 8 buys existing inventory from e-commerce sellers and commits to purchasing future inventory directly from their suppliers, maintaining specific inventory levels to enhance sales and growth. The sellers are invoiced after sales occur on a monthly basis, at which point Forever 8 charges them its cost plus a markup. Forever 8’s tech platform facilitates this entire process end-to-end, making it seamless and scalable.

    In the short term, the Company intends to seek additional non-dilutive senior debt financing to replace the capital used to repay its dilutive convertible notes in the first quarter of 2024. The Company currently has approximately 1.8 million shares outstanding. By deploying this capital, the Company aims to deliver 2025 revenues of $100 million, with the Company achieving positive EBITDA at the public company level. Such funding would also support further growth in 2025. Forever 8 believes it can deploy significant additional capital via its scalable platforms due to high inbound demand for its services from existing and new customers.

    Paul Vassilakos, CEO of Eightco and President of Forever 8, said “The Company is excited to focus on prioritizing the Forever 8 business to deliver growth and shareholder value through 2025. With regaining compliance with the NASDAQ rules behind us and a significantly improved balance sheet, we believe 2025 has the potential to be our best year since our inception in 2020.”

    About Eightco

    Eightco (NASDAQ: OCTO) is committed to growth of its subsidiaries, made up of Forever 8 Fund LLC, an inventory capital and management platform for e-commerce sellers, and Ferguson Containers, Inc., a provider of complete manufacturing and logistical solutions for product and packaging needs, through strategic management and investment. In addition, the Company is actively seeking new opportunities to add to its portfolio of technology solutions focused on the e-commerce ecosystem through strategic acquisitions. Through a combination of innovative strategies and focused execution, Eightco aims to create significant value and growth for its portfolio companies and stockholders.

    For additional information, please visit www.8co.holdings

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact could be deemed forward looking. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “estimate,” “could,” “should,” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: Eightco’s ability to regain and maintain compliance with the Nasdaq’s continued listing requirements; unexpected costs, charges or expenses that reduce Eightco’s capital resources; Eightco’s inability to raise adequate capital to fund its business; the inability to innovate and attract users for Eightco’s and its subsidiaries’ products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eightco’s actual results to differ from those contained in forward-looking statements, see Eightco’s filings with the Securities and Exchange Commission (the “SEC”), including in its Annual Report on Form 10-K filed with the SEC on April 1, 2024, as amended. All information in this press release is as of the date of the release, and Eightco undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.

    For further information, please contact:
    Investor Relations
    investors@8co.holdings

    The MIL Network

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on Fund of Funds ETFs

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Sept. 25, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions on the following YieldMax™ ETFs:

    ETF
    Ticker
    1
    ETF Name Distribution
    per Share
    Distribution
    Frequency
    Distribution
    Rate
    2,4
    30-Day
    SEC Yield
    3
    Ex-Date &
    Record Date
    Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs $0.2220 Weekly 64.49% 65.73% 9/26/2024 9/27/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs $0.1701 Weekly 45.49% 50.80% 9/26/2024 9/27/2024

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

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

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

    2   The Distribution Rate shown is as of close on September 24, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3   The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended August 31, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  As of the date hereof, distributions for YMAX and YMAG have included return of investor capital. For additional information, please visit http://www.yieldmaxetfs.com/TaxInfo.

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

    Standardized Performance

    For YMAX, click here. For YMAG, click here.

    Prospectuses

    Click here.

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

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

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

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

    Risk Disclosures (the following risks are applicable to all YieldMax ETFs shown in the table above)

    Investing involves risk. Principal loss is possible.

    Underlying Security Risk. Each Underlying YieldMax™ ETF invests in options contracts that are based on the value of its Underlying Security. This subjects each Underlying YieldMax™ ETF to certain of the same risks as if it owned shares of its Underlying Security, even though it does not. As a result, each Underlying YieldMax™ ETF is subject to the risks associated with the industry of the corresponding Underlying Issuer.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Each Underlying YieldMax™ ETF’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or Underlying YieldMax™ ETF’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The Underlying YieldMax™ ETFs investment strategies are options-based. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are

    affected by fiscal and monetary policies and by national and international policies, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. Each Underlying YieldMax™ ETF aims to provide current income, although there’s no guarantee of distribution in any given period, and the distribution amounts may vary significantly. Distributions may consist of capital returns, reducing each Underlying YieldMax™ ETF’s NAV and trading price over time, thus potentially leading to significant losses for investors (including the Fund), especially as an Underlying YieldMax™ ETF’s returns exclude any dividends paid by the Underlying Security, which may result in lesser income compared to a direct investment in the Underlying Security.

    NAV Erosion Risk Due to Distributions. When an Underlying YieldMax™ ETF makes a distribution, its NAV typically drops by the distribution amount on the related ex-dividend date. The repetitive payment of distributions may significantly erode an Underlying YieldMax™ ETF’s NAV and trading price over time, potentially resulting in notable losses for investors (including the Fund).

    Call Writing Strategy Risk. The continuous application of each Underlying YieldMax™ ETF’s call writing strategy impacts its ability to participate in the positive price returns of its Underlying Security, which in turn affects each Underlying YieldMax™ ETF’s returns both during the term of the sold call options and over longer time frames. An Underlying YieldMax™ ETF’s participation in its Underlying Security’s positive price returns and its own returns will depend not only on the Underlying Security’s price but also on the path the Underlying Security’s price takes over time, illustrating that certain price trajectories of the Underlying Security could lead to suboptimal outcomes for the Underlying YieldMax™ ETF.

    Single Issuer Risk. Each Underlying YieldMax™ ETF, focusing on an individual security (Underlying Security), may experience more volatility compared to traditional pooled investments or the market generally due to issuer-specific attributes. Its performance may deviate from that of diversified investments or the overall market, making it potentially more susceptible to the specific performance and risks associated with the Underlying Security.

    High Portfolio Turnover Risk. Each Underlying YieldMax™ ETF may actively and frequently trade all or a significant portion of the Underlying YieldMax™ ETF’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Underlying YieldMax™ ETF’s expenses.

    Counterparty Risk. Each Underlying YieldMax™ ETF faces counterparty risk through its investments in options contracts, held via clearing members due to its non-membership in clearing houses, with the risk exacerbated if a clearing member defaults or if limited clearing members are willing to transact on its behalf. This risk is also magnified as the Underlying YieldMax™ ETF primarily focuses on options contracts on a single security, potentially leading to losses or hindrance in implementing its investment strategy if adverse situations with clearing members arise.

    Price Participation Risk. Each Underlying YieldMax™ ETF employs a strategy of selling call option contracts, limiting its participation in the value increase of the Underlying Security during the call period. Should an Underlying Security’s value increase beyond the sold call options’ strike price, the Underlying YieldMax™ ETF may not experience the same extent of increase, potentially underperforming the Underlying Security and experiencing a NAV decrease, especially given its full exposure to any value decrease of the Underlying Security over the call period.

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

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

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

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

    © 2024 YieldMax™ ETFs

    The MIL Network

  • MIL-OSI Submissions: Economy – Earnings season, not central banks, will now drive markets – deVere Group

    Source: deVere Group

    September 25 2024 – With central banks beginning to lower interest rates, earnings season will be a primary driver of stock markets, affirms the CEO of one of the world’s largest independent financial advisory and asset management organizations.

    Nigel Green of deVere Group is weighing in ahead of the critical reporting season which moves up a gear next week and as US futures dipped on Wednesday morning as Wall Street seems on track to extend its impressive September gains.

    “As the Federal Reserve, and its global central bank peers, shift gears by lowering interest rates, the spotlight is turning to the broader economy, raising the stakes for the upcoming Q3 earnings season,” he says.

    “Investors are now eagerly awaiting company reports that will provide crucial insights into how key businesses are doing.

    “With the recent rate cuts signaling concerns about economic growth, corporate performance and guidance will play a critical role in shaping market sentiment and investment strategies in the coming months.”

    This move has shifted investor focus from the central bank’s actions to the overall health of the economy.

    “As interest rates drop, the effectiveness of this monetary easing in stimulating growth and sustaining corporate profitability becomes a key concern for market participants,” notes the deVere CEO.

    While the rate cut provides some relief from borrowing costs, it also indicates that the economic outlook may be less robust than previously thought.

    This has raised the importance of corporate earnings reports as investors seek tangible data on how companies are coping with challenges such as changing consumer demand.

    Nigel Green continues: “Beyond the top-line and bottom-line numbers, the commentary from corporate leaders will be particularly telling. Executives’ perspectives on demand trends, cost pressures, and strategic adjustments will provide deeper insights into the business climate and potential growth opportunities or pitfalls.”

    As the Q3 earnings season ramps up, it is likely to bring increased market volatility.

    “Unexpected earnings results or cautious forward guidance is going to trigger sharp market moves, particularly in sectors most sensitive to economic changes, consumer discretionary, financials, and industrials. Investors should be prepared for a period of heightened activity and adjust their strategies accordingly,” he confirms.

    Financials and consumer goods companies typically report early, followed by tech and industrial firms.

    The deVere Group CEO concludes: “This earnings season will be the true barometer of economic health.

    “As companies report their results, the narratives they share will carry more weight than any central bank policy change.

    “The earnings we see in the coming weeks will not only illuminate the resilience of businesses, but also provide crucial insights for investors facing this transitional phase.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $12bn under advisement.

    MIL OSI – Submitted News

  • MIL-OSI United Kingdom: Drive to Net Zero Wins Award

    Source: Scotland – City of Dundee

    Dundee City Council is celebrating more national success for its drive to net zero and use of electric vehicles.  

    Logistics UK recently announced the winners of its Van Awards 2024.   

    Dundee City Council won the Van Decarbonisation category against competition from industry giants like Aspire Defence, John Lewis Partnership, Reflex Vehicle Hire, Speedy Hire and the AA.   

    The award put a national spotlight on Dundee’s electrification and decarbonisation strategy  

    Simultaneously, Dundee City Council will now be shortlisted for the Van Business of the Year category at the prestigious Logistics Awards 2024 taking place in December.  

    Fair Work, Economic Growth and Infrastructure convener Cllr Steven Rome said: “This award represents more national recognition for the journey Dundee is undertaking.    

    “We have accomplished much, and we are working on actions set out in the Council’s Net Zero Transition Plan to become a more sustainable city and a more modern council.” 

    Kevin Green, Director of Policy & Communications at Logistics UK said: “The competition was fierce this year and being selected as a finalist is a great achievement itself Over three million people employed across industries ranging from engineering and construction to emergency and rescue services rely on a van for their job, so it is impossible to understate the contribution the sector makes to all our lives and the broader economy.”  

    MIL OSI United Kingdom

  • MIL-OSI: Man Group PLC : Form 8.3 – Smith (DS) plc

    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: Man Group PLC
    (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
    Smith (DS) 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
    24/09/2024
    (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 / NO / N/A
    Offeror: International Paper Company

    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: 10p ordinary
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled:        
    (2)   Cash-settled derivatives: 14,948,791 1.08 26,895 0.00
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    14,948,791 1.08 26,895 0.00

    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

    (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
    10p ordinary Equity Swap Closing a long & opening a short position 15,943 4.588 GBP
    10p ordinary Equity Swap Closing a long & opening a short position 44,314 4.588 GBP
    10p ordinary Equity Swap Closing a long & opening a short position 4,954 4.588 GBP
    10p ordinary Equity Swap Closing a long & opening a short position 72,561 4.588 GBP

    (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: 25/09/2024
    Contact name: Mackenzie Terry
    Telephone number: +442071441555

    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 www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: Issue of Tranche 1 shares in IDEX Biometrics private placement on 16 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 17 September 2024 regarding the private placement of shares with gross proceeds of NOK 70 million (the “Private Placement”). The Company retained Arctic Securities AS as sole manager and bookrunner for the Private Placement (the “Manager”).

    The Private Placement is divided into two tranches. 101,624,966 shares were allocated in the first tranche (“Tranche 1” and the “Tranche 1 Offer Shares”) and 365,041,700 Offer Shares were allocated in the second tranche (“Tranche 2”). Completion of Tranche 1 was subject to the Company’s board of directors (the “Board”) being granted a board authorization to issue shares (the “Board Authorization”). The Board Authorization was granted to the Board by the 23 September 2024 Extraordinary General Meeting. Completion of Tranche 2 is subject to approval by an Extraordinary General Meeting in the Company on 9 October 2024.

    The Board resolved on 25 September 2024 to issue the Tranche 1 Offer Shares in the Private Placement. The Tranche 1 Offer Shares will, following registration of the share capital increase associated with such shares in the Norwegian Register of Business Enterprises, be delivered on a separate and non-tradable ISIN, pending publication by the Company of a prospectus approved by the Norwegian Financial Supervisory Authority.

    Following registration of the share capital increase associated with the issuance of the Tranche 1 Offer Shares, the Company’s share capital will be NOK 66,056,228.10 divided into 440,374,854 shares, each with a nominal value of NOK 0.15.

    For more information about the Private Placement, please see the above-mentioned announcement.

    For further information contact:
    Marianne Bøe, Head of Investor Relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: + 47 9180 0186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    About this notice
    This notice is published in accordance with section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI: Keiretsu Forum Investor Capital Expo: A Must-Attend Event for Angel Investors, Family Offices, and Venture Capital Professionals

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, Sept. 25, 2024 (GLOBE NEWSWIRE) — The upcoming Investor Capital Expo, hosted by Keiretsu Forum in Philadelphia, offers a rare opportunity for accredited investors to engage directly with early-stage companies that have undergone Keiretsu Forum’s rigorous due diligence process. Scheduled for October 31, 2024, at Convene City View in Philadelphia, this event provides a platform for investors to explore diverse high-growth opportunities while building relationships with fellow investors and company founders.

    This year’s twelve presenting companies represent a wide range of sectors, each poised to make a significant impact in their respective industries. Among them are Relavo Medical, Seneca Therapeutics, and Iris Dynamics Limited:

    Relavo Medical is revolutionizing kidney failure treatment with its innovative device, the PeritoneX, which addresses a critical barrier to peritoneal dialysis (PD) adoption by reducing the risk of peritonitis. With only 12% of kidney failure patients currently choosing PD, the PeritoneX’s in-line disinfection system significantly reduces microbial contamination and integrates with existing setups, offering a safer, more accessible option for patients to receive treatment at home. Investors will find a compelling opportunity in Relavo Medical’s mission to improve patient outcomes while reducing healthcare costs.

    Seneca Therapeutics is advancing cancer treatment with its oncolytic immunotherapy, SVV-001. This innovative approach targets solid tumors that express the TEM8 receptor, enhancing the immune response and offering hope for patients with drug-resistant cancers. Having demonstrated safety and potential efficacy in preclinical and clinical trials, Seneca Therapeutics is actively seeking funding to push its promising cancer therapy into later-stage trials.

    Iris Dynamics Ltd., based in Victoria, British Columbia, specializes in advanced motion control systems designed for applications ranging from aerospace to virtual reality simulation. Their Orca Series motors and IO SmartHub are transforming industrial automation with high-precision control and simplified integration. Investors interested in cutting-edge technology will find Iris Dynamics’ expansion plans to be an exciting opportunity in intelligent motion control.

    These companies, along with the other presenters, have comprehensive investment packages and are actively raising capital. Attendees at the Investor Capital Expo will have the chance to engage with these companies’ leadership teams, gaining deeper insights into their growth strategies and potential returns on investment.

    “We’re proud to present such a strong lineup of companies that are actively shaping the future of their industries,” said Howard Lubert, Regional President of Keiretsu Forum. “This Expo is a valuable chance for investors to collaborate with other seasoned professionals and explore opportunities backed by our extensive due diligence process.”

    Networking and Collaboration: The Key to Successful Investing

    In addition to company presentations, the Investor Capital Expo offers unparalleled networking opportunities for investors to connect with peers from across the angel investing and early-stage company landscape. Whether attending in person or virtually, participants will have the chance to build relationships and discover new investment opportunities.

    Event Details:

    Date: October 31, 2024, 8:00 AM – 6:00 PM EDT

    Location: Convene City View, 30 S 17th St, Philadelphia, PA

    Registration: Accredited angel investors can register HERE

    Don’t miss this chance to engage with high-potential companies and collaborate with top investors. Join us in Philadelphia for a day of learning, networking, and discovery.

    For media inquiries, please contact:
    Cindi Sutera
    CindiS@AMSCommunications.net
    610-613-2773

    About Keiretsu Forum

    Keiretsu Forum is the world’s largest private equity angel investment network with 2000+ accredited investors in 35 North American and 23 International chapters, who have invested more than $1B in early-stage companies in the last 23 years.

    The Keiretsu Forum portfolio features Entrepreneurs and Companies from Technology-(Internet, Software, Cyber Security, SaaS, Mobile Systems, IoT, etc.), Life Sciences-(Pharma, Medical Devices, Health IT, etc.), FinServ/FinTech, Consumer Products, Clean-Green Energy, Consumer Products, & more!

    The MIL Network

  • MIL-OSI Banking: [Interview] Behind the Scenes of Galaxy Ring: Product Planning a Game Changer in Health Management

    Source: Samsung

    Dating back more than 3,000 years to ancient Egypt, rings have symbolized different values throughout human history — including love, power and self-expression. With Samsung Electronics’ newly unveiled Galaxy Ring, health has now been added to that list.
     
    The smallest and most compact form factor in the Galaxy wearable portfolio, the Galaxy Ring fits comfortably on users’ fingers like a traditional ring. Equipped with cutting-edge sensors and Galaxy AI features, the Galaxy Ring offers a powerful health management experience.
     
    Samsung Newsroom sat down with Sungjin Kim and Yujin Roh from the Wearable Product Planning Group, Mobile eXperience Business at Samsung Electronics, to learn how the Galaxy Ring came to be.
     
     
    Ultra-Compact Form Factor Optimized for 24/7 Health Monitoring
    Q. What inspired the creation of the Galaxy Ring, a completely new addition to Samsung’s wearable lineup?
     
    Kim: We’ve been exploring new opportunities in the wearable market with a particular focus on the rapidly growing field of health management. This led us to look for the optimal form factor to provide more accurate, uninterrupted health data for personalized health solutions. After evaluating various form factors, we settled on the ring — a user-friendly, small and lightweight shape that can be worn 24/7.
     
    ▲ Sungjin Kim
     
     
    Q. What key health management benefits does the Galaxy Ring offer?
     
    Roh: Sleep is the foundation of health. The Galaxy Ring is comfortable enough to wear while sleeping and can last up to a week on a single charge,1 making it ideal for collecting detailed and in-depth sleep data. A powerful sleep AI algorithm provides advanced sleep insights to help users better understand and improve their sleep. Furthermore, Energy Score analyzes sleep quality, activity levels, sleeping heart rate and sleeping heart rate variability data to deliver a daily health index to users.
     

    ▲ Yujin Roh
     
     
    Q. What factors were considered during the design process?
     
    Kim: To maximize the advantages of the ring form, we examined the historical and biological significance of rings before incorporating these insights into the product. For example, we adopted a simple yet modern concave style to enhance the Galaxy Ring’s value as an everyday accessory. Moreover, the charging case and packaging have clamshell designs reminiscent of a jewelry box — elevating the quality of the product down to the finest details that users touch.
     
    ▲ Packaging and charging case for the Galaxy Ring
     
     
    The Quest for an Effortless User Experience
    Q. What was your primary focus during the planning process?
     
    Kim: Since our main focus was to provide users with meaningful health insights, we engaged in extensive discussions with the Digital Health Team and other relevant departments. One notable outcome of these collaborations is the introduction of Energy Score on Samsung Health. In addition, users can receive personalized health insights powered by Galaxy AI to help them reach their health goals. This innovation marks a new step in active and autonomous health management, moving beyond mere monitoring to offer users valuable guidance for healthier lifestyles.
     
    ▲ The Galaxy Ring features a heart rate sensor, accelerometer and skin temperature sensor.
     
    Roh: Comfort and aesthetics were also key priorities for us. Users were pleasantly surprised by how light the wearable is. During the planning phase, we conducted extensive research to ensure lightweight comfort. In addition, we carefully selected colors that complement a wide range of styles.
     
    ▲ The Galaxy Ring is available in Titanium Black, Titanium Silver and Titanium Gold.
     
     
    Q. What was the biggest challenge in designing the Galaxy Ring?
     
    Roh: Designing and implementing gestures was particularly challenging. To create a connected Galaxy ecosystem, we considered various user scenarios to ensure the product would be practical and convenient for everyone. As a result, we introduced the alarm turnoff feature — allowing users to dismiss the wake-up alarm on their Galaxy smartphone with a double-pinch gesture on the Galaxy Ring. This same movement can also control the Galaxy smartphone’s camera, maximizing connectivity between devices.
     
     
    Q. What has been the most memorable feedback since the Galaxy Ring launched?
     
    Kim: Unlike our previous products, we released teasers for the Galaxy Ring before its launch to attract attention. I vividly remember how excitement for the wearable exploded beyond our expectations when the product was revealed. This surge in interest energized everyone working on the product, fueling our passion during the final stretch of the launch. I’m proud to say that every single member of the team worked hard to perfect the device.
     
    Roh: The consumer feedback that pleased me the most was, “I love how it gives me such thorough health information, from sleep to exercise, when all I did was wear it.” We frequently hear that the product is so comfortable that users forget they have it on. This makes us proud and shows that our focus during the planning stage paid off. We’re grateful that users recognized our efforts in creating a premium experience — from the Galaxy Ring’s aesthetic to the charging case and practical sizing kit that allows users to measure their ring size in advance.
     
    ▲ (From left) Sungjin Kim and Yujin Roh discuss the product planning process behind the Galaxy Ring.
     
     
    Ushering in a New Era of Health Management
    Q. In one word or sentence, how would you describe the Galaxy Ring?
     
    Kim: I would say it’s a “game changer.” The Galaxy Ring is the first new form factor since the Galaxy Watch series — offering an even more intimate health experience with powerful capabilities packed into a small, lightweight device. Achieving this feat required hard work from the development and design teams as well as various other departments. I want to extend my heartfelt thanks to everyone involved in creating this product.
     
    Roh: In a word, it’s the “beginning.” For some, the Galaxy Ring marks the start of a new day. For others, the device signifies the commencement of a full-blown health management journey. Nonetheless, we hope it will open a new era of possibilities in the wearable market.
     
    ▲ (From left) Yujin Roh and Sungjin Kim pose for a photo with the Galaxy Ring.
     
     
    Q. What’s next for the Galaxy Ring?
     
    Kim: We aim to maximize the benefits of this ultra-small form factor to track and manage health data in the simplest way possible. As the wearable market continues to rapidly grow with a variety of products and services expected to emerge, our teams are dedicated to developing robust solutions that meet users’ needs.
     
    Roh: Beyond measuring health information, we will continue to explore ways of providing more specific insights and meaningful health improvements tailored to each user’s environment. We appreciate the continued interest in our innovations and hope users will share our anticipation for upcoming products.
     
    The creation of the Galaxy Ring — the smallest yet most powerful product in the Galaxy wearable lineup — was driven by the passion and tireless efforts of many dedicated individuals. Samsung looks forward to the new horizons the Galaxy Ring will unlock for health management in users’ everyday lives.
     
     
    1 Battery life is based on testing conducted with the size 12 and size 13 Galaxy Ring. Battery life of the size 12 and size 13 Galaxy Ring lasts up to 7 days on a single charge. Battery life varies by ring size. Battery life is based on results from internal lab tests for typical usage pattern scenarios conducted by Samsung. Tested with results from a pre-released version of the device under the scenario of Sleep Tracking for 6 hours, Auto Workout Detection for 1 hour and 30 minutes and several specific events (20 times of reconnection after disconnection, 3 times of Samsung Health app setting change, 0.5 times of Find My Ring execution, 3 minutes of Gestures execution) assuming 24 hours of use per day. Actual battery life may vary depending on different usage patterns, device model or the battery manufacturer. Rated capacity is 17mAh for Galaxy Ring sizes 5,6,7 (battery life lasts up to 6 days on a single charge), 18.5mAh for sizes 8,9,10,11 (battery life lasts up to 6 days on a single charge) and 22.5mAh for sizes 12,13 (battery life lasts up to 7 days on a single charge). Testing conducted by Samsung using Fast Charging USB C Cable and Samsung 25W USB C Power Adapter. Charge time varies with settings, usage patterns and environmental factors; actual results may vary.

    MIL OSI Global Banks

  • MIL-OSI Video: Slow growth and the cost of debt: the World Bank’s Chief Economist on the global outlook

    Source: World Economic Forum (video statements)

    “The global economy – it’s a complicated picture, in the sense that it’s doing better than we expected just six months ago but it’s doing much worse than what it was doing six years ago.”

    World Bank Chief Economist Indermit Gill gives his assessment of the ‘glass half-full’ global economy.

    And as the World Economic Forum publishes the latest edition of its Chief Economists Outlook, the Forum’s Head of Economic Growth, Revival and Transformation, Aengus Collins, talks us through the highlights.
    Links:

    Chief Economists Outlook: https://www.weforum.org/podcasts/radio-davos/episodes/chief-economists-outlook-world-bank-indermit-gill
    Related podcasts:

    How do we ensure the green transition doesn’t penalise the poorest? (https://www.weforum.org/podcasts/radio-davos/episodes/equitable-transition-climate/)

    Globalization is in transition – not retreat, says this analyst of global trade (https://www.weforum.org/podcasts/radio-davos/episodes/geopolitics-trade-amnc24/)

    The long game: how to understand China and how it sees its role in the world (https://www.weforum.org/podcasts/radio-davos/episodes/china-west-geopolitics-trade-marcus-herrmann/)

    Check out all our podcasts on wef.ch/podcasts (http://wef.ch/podcasts) :

    YouTube: (https://www.youtube.com/@wef/podcasts) – https://www.youtube.com/@wef/podcasts

    Radio Davos (https://www.weforum.org/podcasts/radio-davos) – subscribe (https://pod.link/1504682164) : https://pod.link/1504682164

    Meet the Leader (https://www.weforum.org/podcasts/meet-the-leader) – subscribe (https://pod.link/1534915560) : https://pod.link/1534915560

    Agenda Dialogues (https://www.weforum.org/podcasts/agenda-dialogues) – subscribe (https://pod.link/1574956552) : https://pod.link/1574956552

    Join the World Economic Forum Podcast Club (https://www.facebook.com/groups/wefpodcastclub) : https://www.facebook.com/groups/wefpodcastclub

    https://www.youtube.com/watch?v=5AR5sHZ89us

    MIL OSI Video

  • MIL-OSI Europe: Statement by Antonio Tajani, Minister for Foreign Affairs and International Cooperation of Italy in his capacity as Chair of the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly (23 September 2024)

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

    1. Introduction

    In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.

    They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

    In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.

    2. Summit for the Future

    In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected in the Pact for the Future adopted at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.

    3. Steadfast Support to Ukraine

    The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.

    They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities.

    Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.

    The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.

    The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

    They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.

    Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine.

    The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.

    They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.

    They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.

    They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.

    The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.

    They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.

    They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.

    They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return. They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.

    They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.

    They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.

    They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.

    They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.

    The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.

    4. Situation in the Middle East

    The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.

    They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.

    The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.

    They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.

    The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.

    The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process. They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.

    They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.

    They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue. As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).

    They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.

    They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.

    They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.

    They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.

    De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.

    5. Fostering partnerships with African Countries

    The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.

    They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.

    The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.

    They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.

    They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.

    They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.

    They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.

    6. Indo-Pacific

    The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.

    As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.

    They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies. The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.

    They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels.

    The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.

    They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.

    The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.

    They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.

    They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.

    7. Regional Issues

    Venezuela

    The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.

    They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people.

    They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.

    They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.

    They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.

    Haiti

    The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.

    They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.

    The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.

    They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.

    They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.

    The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.

    Libya

    The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.

    They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.

    They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.

    Sudan

    The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.

    They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.

    They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks. They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.

    They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.

    They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.

    They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.

    Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.

    MIL OSI Europe News

  • MIL-OSI USA: Medical Startup Soleia Biosciences Aims to Eliminate Severe Pain–Without the Opioids

    Source: US State of Connecticut

    Surgeons perform almost 800,000 total-knee replacements, and more than a half-million hip replacements, in the United States each year.

    And while those procedures are typically life- and mobility-enhancing, the initial post-surgical pain can be very unpleasant for some patients. Opioids remain among the most popular prescription medication to combat orthopedic post-surgical pain, but two UConn Health faculty members think they’ve found a better solution.

    Researchers Lakshmi Nair, Ph.D. and Yusuf Khan, Ph.D., both associate professors in the Department of Orthopedic Surgery, believe they are on the cusp of a breakthrough pain-reduction treatment that is both highly effective and safe. Nair has been working to significantly extend the duration of local anesthetics, enabling patients to be pain-free, mobile, and benefit from medications that have been safely used for decades. The pain medication would be delivered by injection.

    Their pharmaceutical company, Soleia Biosciences, has been identified as one of five extremely promising UConn-affiliated startups. They will be pitching in the Wolff New Venture Competition on Oct. 1 in Downtown Hartford.

    Opioids Are the ‘Most Feared’ Treatment

    “Opioids are among the most popular prescriptions, and most feared,’’ Khan says. “We’ve spoken with doctors, patients, and pharmacists during our customer discovery research, and they universally agree there needs to be a better strategy. No one has said, ‘Ah, we’ve got it all figured out!’’’

    Nair, who has been working on this pain-relief challenge for a decade, says the human responses to pain are complicated and complex.

    “That may be why there is no great opioid alternative developed so far,’’ she says. “We’re entering the market with a niche solution. To provide alternative therapies for surgeons to recommend and offer that extended pain relief to patients is truly exciting.’’

    Khan says although opioids work well, they present considerable concern about addiction. Patients often speak with their family or their medical team and refuse to take opioids. They also present side effects in some patients, including stomach upset, sleeplessness and brain fog.

    Soleia Bioscience Contending in Wolff Competition

    Nair and Khan are excited to be competing in the Wolff New Venture Competition, which is the School of Business’ pinnacle entrepreneurship challenge. The event, which is open to the public, will award more than $70,000 in prize money to participants, with the first-place finisher receiving a $30,000 check.

    If they win the Wolff prize, Nair and Khan will hire FDA consultants to begin their formal application process, and will work to refine their scientific dosage studies followed by clinical trials.

    New this year, a startup showcase is being added alongside the pitch competition. Thirty UConn startups will be exhibiting their technologies, products, and services. Among them are: Lambda Vision, a company developing the first protein-based artificial retina to restore vision for patients who are blind or have lost sight due to macular degeneration and other diseases, and Kona Brand, a clothing company that makes fun winter flannels with summer designs. Attendees will be able to purchase items from the startups that sell consumer products. The startup showcase companies will vie for $45,000 in in-kind prizes will be awarded.

    Pre-Clinical Studies Are Already Underway

    Nair has been working on developing pain management approaches for about a decade and she has completed many successful pre-clinical studies on animals. Earlier this year Hair and Khan participated in a National Science Foundation I-Corps program through UConn.

    “Many scientists form the company first, and then complete the pre-clinical studies, so I think we’re farther along in the process than we initially thought,’’ Khan says. Although they are initially focused on orthopedic post-surgical care, they believe their formula will have multiple applications in the future.

    The Connecticut Center for Entrepreneurship & Innovation extended an invitation to the Soleia Bioscience team to participate in its eight-week Summer Fellowship Accelerator, where the founders took business classes for entrepreneurs and met mentors who are eager to help them take the next-steps to grow their company. The experience was incredible, Khan says.

    “We had to learn how to build from the ground up,’’ Khan says. “We’re researchers. We write articles and conduct experiments. CCEI gave us the map and showed us where to begin to establish ourselves as a business. The Center is rich with business advisers, mentors, and contacts.

    “The best part is that just because the program is over, they’re still there for us. We can pick up the phone at any time and they’re willing to help,’’ he says. “We got exactly what we hoped for from the program—and more.’’

    “After two months everything about our business trajectory went from fuzzy to clear,’’ Nair says. “We know what we need to know, who to contact, and where to get help!’’

     

    The Wolff New Venture Competition will be held on Oct. 1 from 5:30 to 8:30 p.m. at the YG Club at Dunkin Park in Hartford. The event is free to attend, and all are welcome. Please pre-register at Wolff New Venture Competition.

    The Competition is supported thanks to the generosity of the Wolff Family Fund for Strategic Entrepreneurship, as well as Revyrie, wiggin(x), Digital Surgeons, Santander, Sardilli Produce and Dairy, Prime Materials Recovery Inc., Webster Bank, Fiondella, Milone and LaSaracina CPAs, Baystate Financial, Mark and Jamie Summers, and Event Resources.

    MIL OSI USA News

  • MIL-OSI Translation: The Confederation closes its Mastodon instance

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Chancellery

    Bern, 25.09.2024 – The Federal Chancellery has been operating a Mastodon instance for the federal administration since September 2023. The pilot project, which was limited to one year, ends today as the conditions for its continuation have not been met.

    As part of their legal information mandate, the Federal Council and the federal administration have also been communicating on social networks for many years and are constantly examining whether previously unused platforms are relevant.

    In September 2023, the Conference of Federal Information Services decided to launch a pilot project on the decentralised Mastodon platform. The Federal Chancellery then opened the social.admin.ch instance, on which members of the Federal Council and departments could manage official accounts. The pilot project was limited to one year.

    Mastodon has useful features for government communication. Thanks to its decentralized organization, the platform escapes the control of a single company and any state censorship. Its source code is open, it respects data protection and is not driven by algorithms.

    Too few active users

    On the social.admin.ch instance, three departments administered five accounts, and the Federal Chancellery administered one account for the entire Federal Council. The six accounts of the Confederation had around 3,500 subscribers in total.

    On platforms such as X or Instagram, the Federal Council and the Federal Administration reach significantly more subscribers with comparable accounts. In addition, the contributions of the Mastodon accounts of the Federal Council and the Federal Administration have rather low engagement rates (likes, shares, comments). Finally, the number of active Mastodon users worldwide is once again declining.

    The Conference of Information Services of the Confederation therefore considers that the conditions for continuing the pilot project have not been met, and activities on the Mastodon accounts of the Federal Council and the federal administration are suspended as of today. The social.admin.ch instance will be closed at the end of the month.

    Address for sending questions

    Urs BrudererHead of Communication Section058 483 99 69urs.bruderer@bk.admin.ch

    Author

    Federal Chancelleryhttps://www.bk.admin.ch/bk/fr/home.html

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

    MIL Translation OSI

  • MIL-OSI: AGF Management Limited Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 25, 2024 (GLOBE NEWSWIRE) —

    • Reported quarterly adjusted diluted earnings per share of $0.37
    • Total assets under management and fee-earning assets of $49.7 billion
    • Declared quarterly dividend per share of 11.5 cents

    AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2024.

    AGF reported total assets under management and fee-earning assets1 of $49.7 billion compared to $47.8 billion as at May 31, 2024 and $42.3 billion as at August 31, 2023.

    “Amid an uncertain economic backdrop and significant market volatility, we are pleased to see early signs of improvement with positive retail net flows complementing our solid investment performance,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “This improvement can be attributed to our long-term strategic plan which diversifies our business across asset classes and client channels ensuring we thrive through changing market cycles.”

    AGF’s mutual fund gross sales were $1,012 million for the quarter compared to $934 million in the previous quarter and $633 million in the prior year quarter. Mutual fund net sales were $14 million compared to net redemptions of $112 million in the previous quarter and net redemptions of $151 million in the prior year quarter.

    “Given the current market environment and industry trends, we are pleased with the trajectory of our sales strategy,” said Judy Goldring, President and Head of Global Distribution, AGF. “Heading into the final months of 2024, we remain focused on diversifying our capabilities and offerings through a vehicle agnostic approach that meets the evolving needs of our clients.”

    _________________
    1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers

    Key Business and Financial Highlights:

    • AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.
    • AGF Management Limited partnered with Archer Holdco, LLC – a leading technology-enabled service provider to the investment management industry – to help further grow its Separately Managed Accounts (SMA) model business through additional product offerings and investment strategies.
    • AGF SAF Private Credit LP was named a Top Contender for a 2024 Canadian Hedge Fund Award Fund.
    • Adjusted EBITDA2 for the three months ended August 31, 2024, was $40.2 million, compared to $37.0 million for the three months ended May 31, 2024 and $33.7 million in the prior year comparative period.
    • Net management, advisory and administration fees2 were $78.7 million for the three months ended August 31, 2024, compared to $81.2 million for the three months ended May 31, 2024 and $73.8 million for the comparative prior year period.
    • Adjusted revenue from AGF Capital Partners for the three months ended August 31, 2024, was $18.5 million, compared to $12.0 million for the three months ended May 31, 2024 and $7.3 million for the comparative prior year period. The increase quarter over quarter and year over year were driven by higher fair value adjustments and distribution income and the consolidation of a full quarter of KCPL financial results. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
    • Adjusted selling, general and administrative costs2 were $59.6 million for the three months ended August 31, 2024, compared to $60.0 million for the three months ended May 31, 2024 and $50.3 million for the comparative prior year period.
    • Adjusted net income attributable to equity owners was $24.5 million ($0.37 adjusted diluted EPS) for the three months ended August 31, 2024, compared to $23.6 million ($0.35 adjusted diluted EPS) for the three months ended May 31, 2024 and $22.9 million ($0.34 adjusted diluted EPS) for the comparative prior year period.
        Three months ended Nine months ended
          August 31,     May 31,     August 31,     August 31,     August 31,  
      (in millions of Canadian dollars, except per share data)   2024     2024     2023     2024     2023  
                           
      Revenues                    
      Management, advisory and administration fees $ 114.4   $ 116.4   $ 107.4   $ 339.4   $ 324.0  
      Trailing commissions and investment advisory fees   (35.7 )   (35.2 )   (33.6 )   (104.6 )   (101.5 )
      Net management, advisory and administration fees2 $ 78.7   $ 81.2   $ 73.8   $ 234.8   $ 222.5  
      Deferred sales charges   1.4     1.9     1.8     5.3     5.7  
      Adjusted revenue from AGF Capital Partners2   18.5     12.0     7.3     54.7     29.4  
      Other revenue2   1.2     1.9     1.1     5.1     2.4  
      Total adjusted net revenue2   99.8     97.0     84.0     299.9     260.0  
                           
      Selling, general and administrative   66.3     68.2     50.2     192.3     156.2  
      Adjusted selling, general and administrative2   59.6     60.0     50.3     173.1     155.0  
                           
      EBITDA2   33.0     26.6     33.8     104.8     103.8  
      Adjusted EBITDA2   40.2     37.0     33.7     126.8     105.0  
                           
      Net income – equity owners of the Company   20.3     18.1     23.0     68.9     70.9  
      Adjusted net income – equity owners of the Company   24.5     23.6     22.9     81.8     71.9  
                           
      Diluted earnings per share   0.30     0.27     0.34     1.03     1.05  
                           
      Adjusted diluted earnings per share   0.37     0.35     0.34     1.23     1.07  
                           
      Free cash flow2   29.1     23.7     22.9     73.9     62.8  
                           
      Dividends per share   0.115     0.115     0.110     0.340     0.320  
      (end of period) Three months ended
          Aug. 31,     May 31,     Feb. 28,     Nov. 30,     Aug. 31,  
      (in millions of Canadian dollars)   2024     2024     2024     2023     2023  
                             
      Mutual fund assets under management (AUM)3 $ 28,104   $ 26,961   $ 26,186   $ 24,459   $ 24,377  
      ETFs and SMA AUM   2,128     1,800     1,676     1,465     1,332  
      Segregated accounts and sub-advisory AUM   6,430     6,313     7,162     6,774     7,058  
      Total AGF Investments AUM   36,662     35,074     35,024     32,698     32,767  
      AGF Private Wealth AUM   8,186     8,026     7,836     7,341     7,360  
      AGF Capital Partners AUM   2,774     2,663     48     46     42  
      Total AUM $ 47,622   $ 45,763   $ 42,908   $ 40,085   $ 40,169  
      AGF Capital Partners fee-earning assets4   2,080     2,081     2,104     2,095     2,090  
      Total AUM and fee-earning assets4 $ 49,702   $ 47,844   $ 45,012   $ 42,180   $ 42,259  
                             
      Net mutual fund sales (redemptions)3   14     (112 )   (125 )   (224 )   (151 )
      Average daily mutual fund AUM3   27,542     26,604     25,197     23,840     24,168  

    2 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
    3 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
    4 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    For further information and detailed financial statements for the third quarter ended August 31, 2024, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

    Conference Call

    AGF will host a conference call to review its earnings results today at 11 a.m. ET.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/fwjgan3c/. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Ken Tsang
    Chief Financial Officer
    416-865-4338, InvestorRelations@agf.com

    Caution Regarding Forward-Looking Statements

    This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2023 Annual MD&A.

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