Budget and Performance Committee – Chamber, City Hall, Kamal Chunchie Way, 10am
The Mayor of London is responsible for a total budget of £20.7 billion, but what should his priorities be for 2025-26?
The London Assembly Budget and Performance Committee will hear from a panel of external experts on the effectiveness of the Mayor’s current budget priorities, and also to discuss and anticipate future financial trends and challenges ahead of next year’s budget. Guests include:
Panel 1 – TfL Funding (10am – 11.15am)
Stuart Hoggan, Associate Consultant, LG Futures
Antonia Jennings, CEO, Centre for London
Tom Pope, Deputy Chief Economist, Institute for Government
Tony Travers, London School of Economics Department of Government and Director of LSE London
Luke Hillian, Strategic Finance Analyst, London Councils
Police and Crime Committee – Chamber, City Hall, Kamal Chunchie Way, 10am
The London Assembly is expected to hold a confirmation hearing to assess the Mayor’s proposed appointment to the office of Deputy Mayor for Policing and Crime, Kaya Comer-Schwartz, and make a recommendation to the Mayor as to whether it agrees or rejects the proposed appointment.
In addition to the proposed confirmation hearing, the Committee will begin the meeting with a Q&A session with the Mayor’s Office for Policing and Crime (MOPAC), focusing on recent issues including Notting Hill Carnival and officer confidence.
Guests for the Q&A session (10am – 11.30am) are:
Darren Mepham, Interim Chief Executive Officer, MOPAC
Kenny Bowie, Head of Strategy and MPS Oversight, MOPAC
GLA Oversight Committee – Chamber, City Hall, Kamal Chunchie Way, 2pm
London’s New Years Eve (NYE) fireworks event is the largest annual fireworks display in Europe. It is enjoyed by up to 100,000 ticketed spectators at the event, and millions more nationally and internationally through its broadcast.
The final cost for the 2023 event was £4.1m. The GLA Oversight Committee will scrutinise the organisation of London’s NYE fireworks event for the first time. The guests are:
Culture in the LFB Fire Committee – Chamber, City Hall, Kamal Chunchie Way, 2pm
The Fire Committee holds the first meeting of its investigation looking at the progress the London Fire Brigade has made, two years on from a review which identified institutional misogyny, racism and issues in handling mental health. The Committee will be hearing about complex culture change programmes in other organisations. Guests include:
Panel 1: Organisational and cultural change
Ann-Marie Barlow – Director, Energise Development
Suzanne McCarthy – Independent Chair, Fire Standards Board
Dr Jessica White, Acting Director of Terrorism and Conflict Studies, Royal United Services Institute
Dr Rowena Hill MBE, Professor of Resilience, Emergencies and Disaster Science, Nottingham Trent University
Panel 2: Experience of firefighters
Paula Lyons, Company Secretary, Women in the Fire Service
Anna Snelson, LFB Women in the Fire Service
Gareth Cooke, London Regional Organiser, Fire Brigades Union
Adam Shaw, London Regional Treasurer, Fire Brigades Union
Transport Committee – Chamber, City Hall, Kamal Chunchie Way, 2pm
In the second meeting of its Accessibility and Inclusion in Transport Planning investigation, the Transport Committee looks at demographic trends in people using services, barriers to use and inclusivity in planning, and Transport for London’s (TFL) engagement with its advisory groups. Members will ask what more, or alternative, accessibility and inclusion measures TfL could consider to improve its services. Guests include:
Panel 1:
Emily Barker, Research and Learning Officer, 4in10
Gideon Salutin, Senior Researcher, Social Market Foundation
Dr Liz Hind, Senior Local Partnerships and Training Officer, Women’s Budget Group
Dr Sara Reis, Deputy Director and Head of Research and Policy, Women’s Budget Group
Panel 2:
James Lee, City Bridge Foundation, TfL’s Independent Disability Advisory Group Board Member
MILES AXLE Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
The Project Office of the Department of Acceleration Programs and Project-Based Learning of the State University of Management reports on innovations in the organization of project-based learning processes, mandatory for 1st-3rd year full-time undergraduate students.
This academic year, within the framework of project-based learning, thematic events of the project day were organized within the framework of the functioning of the Project-based Learning Support Clubs, organized by all departments of the State University of Management, as well as within the framework of the activities of the structural divisions of the State University of Management participating in the implementation of project-based learning (Project Mentoring Center, Business Accelerator, Business Incubator, and others).
To participate in the Project Day events, you now need to join the Project-Based Learning at GUU community on the MakeEvents platform (unified login data with the BusinessChain platform). It will have an event calendar available, registration for events will be conducted, and attendance at Project Day events will be monitored.
In order for all data to be loaded correctly and you to avoid problems with accounting for event attendance, each 1st-3rd year undergraduate student is required to register (if not already done) and fill out a personal profile in strict accordance with the registration instructions. For other students – optional.
At the end of each event, check your attendance record.
We remind you that the choice of events for participation is voluntary and should be based on personal preferences and the direction of your own project activities. However, within the framework of the discipline “Project Work” all students are required to attend at least 10 project day events per semester.
All events held during the project day are held with the aim of sharing experience, discussing current issues and trends in the field of project management and contribute to the development of students’ universal, professional and project competencies.
Subscribe to the TG channel “Our GUU” Date of publication: 10/18/2024
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.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Canadian Banc Corp. (The “Company”) declares its monthly distribution of $0.14238 for each Class A share and $0.06625 for each Preferred share. Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Under the distribution policy announced in November 2021, the monthly dividend payable on the Class A shares is determined by applying a 15% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on October 31, 2024 will receive a dividend of $0.14238 per share based on the VWAP of $11.39 payable on November 8, 2024. The yield will remain stable at 15.00% (based on the VWAP) under this distribution policy.
Preferred shareholders will receive prime plus 1.50% with a minimum rate of 5.00% and a maximum rate of 8.00%.
Since inception Class A shareholders have received a total of $22.80 per share and Preferred shareholders have received a total of $10.77 per share inclusive of this distribution, for a combined total of $33.56.
The Company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the PRESS RELEASE portfolio, The Company engages in a selective covered call writing program.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Financial 15 Split Corp. (“Financial 15”) declares its regular monthly distribution of $0.12570 for each Class A share ($1.51 annualized) and $0.07708 for each Preferred share ($0.925 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $26.31 per share and Preferred shareholders have received a total of $11.97 per share inclusive of this distribution, for a combined total of $38.28.
Financial 15 invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Dividend 15 Split Corp. II (“Dividend 15 II”) declares its monthly distribution of $0.10000 for each Class A share and $0.04792 for each Preferred share. Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $15.30 per share and Preferred shareholders have received a total of $9.67 per share inclusive of this distribution, for a combined total of $24.97.
Dividend 15 II invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Financial 15 Split Corp. (“Financial 15”) declares its regular monthly distribution of $0.12570 for each Class A share ($1.51 annualized) and $0.07708 for each Preferred share ($0.925 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $26.31 per share and Preferred shareholders have received a total of $11.97 per share inclusive of this distribution, for a combined total of $38.28.
Financial 15 invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Canadian Banc Corp. (The “Company”) declares its monthly distribution of $0.14238 for each Class A share and $0.06625 for each Preferred share. Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Under the distribution policy announced in November 2021, the monthly dividend payable on the Class A shares is determined by applying a 15% annualized rate on the volume weighted average market price (VWAP) of the Class A shares over the last 3 trading days of the preceding month. As a result, Class A shareholders of record on October 31, 2024 will receive a dividend of $0.14238 per share based on the VWAP of $11.39 payable on November 8, 2024. The yield will remain stable at 15.00% (based on the VWAP) under this distribution policy.
Preferred shareholders will receive prime plus 1.50% with a minimum rate of 5.00% and a maximum rate of 8.00%.
Since inception Class A shareholders have received a total of $22.80 per share and Preferred shareholders have received a total of $10.77 per share inclusive of this distribution, for a combined total of $33.56.
The Company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5-20% in weight but may vary at any time. To generate additional returns above the dividend income earned on the PRESS RELEASE portfolio, The Company engages in a selective covered call writing program.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — New Commerce Split (The “Company”) declares its monthly distribution of $0.02500 per share ($0.30 annually), for Class I Preferred shareholders (YCM.PR.A), and $0.03125 per share ($0.375 annually) for Class II Preferred shareholders (YCM.PR.B). The Class I Preferred share dividends are paid at an annual rate of 6.00% based on the $5 repayment amount. Class II Preferred share dividends are paid at an annual rate of 7.50% based on their $5 repayment amount. Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
The Company invests in common shares of Canadian Imperial Bank of Commerce, a Canadian financial institution.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Dividend 15 Split Corp. II (“Dividend 15 II”) declares its monthly distribution of $0.10000 for each Class A share and $0.04792 for each Preferred share. Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $15.30 per share and Preferred shareholders have received a total of $9.67 per share inclusive of this distribution, for a combined total of $24.97.
Dividend 15 II invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.
Source: The Conversation – UK – By David Paton, Chair of Industrial Economics, Nottingham University Business School, University of Nottingham
Vaccinating older people probably did avert some deaths in 2021, but the effects were small. And even those small effects on mortality seem to have dissipated during the booster programme. That’s the conclusion of our new study, published in the European Economic Review.
COVID-related deaths decreased significantly in most of Europe and the US from the middle of 2021. Although this reduction coincided with the rollout of COVID vaccines, it has proved surprisingly difficult to identify the extent to which vaccination contributed to the drop in deaths.
Randomised controlled trials (the gold standard for testing new treatments) suggest COVID vaccination can provide significant protection against serious illness and death relative to unvaccinated people who have not previously been infected with COVID. But there are reasons the effect of vaccination on mortality may be lower when viewed outside of trials.
Early in the programme, there were hopes that vaccination would also prove highly effective in preventing the spread of COVID but it has since become clear that vaccination provides only limited and short-term protection against infection and transmission.
It is also well established that a previous infection provides protection both against reinfection and against serious illness and death in the event of reinfection that is at least as effective as vaccination. Having a previous infection significantly reduces the likelihood of being vaccinated meaning the vaccinated population will include a relatively high proportion of people without protection from prior infection. So even if vaccination provides protection at an individual level, we may still observe population-level mortality rates that are similar for vaccinated and unvaccinated groups.
The effectiveness of vaccination programmes may also be limited by people’s behaviour. For example, there is evidence that vaccinated people who get infected are more likely to have mild symptoms and this may cause them to take fewer precautions than others against spreading infection. As a result, vaccination may sometimes be associated with more rather than less transmission.
Taken together, even if vaccination reduces the risk on an individual basis, it does not necessarily follow that it will reduce deaths at a population level. Existing research reflects this ambiguity with some research finding very significant effects of vaccination on death while other findings conclude there was little or no effect at all.
Our new study attempts to improve our knowledge about the effect of COVID vaccination programmes by estimating the effect of vaccination take up on deaths in care homes. This is a particularly important group to examine. Given that the vast majority of COVID-related deaths occur in the elderly, any effect on deaths is highly likely to be seen in care homes.
Machine learning used to analyse the data
We examined deaths from COVID in care homes across nearly 150 local authorities in England from the start of the vaccine rollout in December 2020 until after the second booster dose in summer 2022. We tested whether higher rates of vaccination of staff and elderly residents led to fewer deaths both in total and from COVID.
One feature of our research is the use of machine learning (a type of artificial intelligence) to isolate the effect of vaccination from other factors that may also have affected mortality including levels of prior infection as well as demographic, economic and health differences among local authorities.
Machine learning is particularly adept at separating out the effects of a high number of potential explanatory variables, providing much better evidence of when associations represent true causal relationships. In contrast to some other research, we also use a measure of vaccination that takes account of the fact that effectiveness wanes over time.
We found that higher vaccination rates of residents (but not of staff) did indeed lead to fewer deaths, but the effect was relatively small. For example, an increase in the resident vaccination take-up rate of 10% in a local authority caused, on average, a reduction of 1% in the total care home mortality rate. That is equivalent to about 22 fewer deaths per week nationwide.
Of course, any reduction in deaths is welcome. But vaccination does not appear to be the key factor in reducing care home deaths from COVID. We also found that the reduction in deaths was restricted to the initial vaccination rollout.
From September 2021, when the booster vaccination programme started in England, higher vaccination rates of elderly residents do not seem to have led to any reduction in deaths. Based on these results, vaccination is unlikely to have been responsible for the sustained fall in COVID-related deaths.
Why then did Europe and the US experience large reductions in COVID deaths since 2021, even during times when infection rates have soared?
There are two explanations. The first is the growth of variants such as omicron that, although highly infectious, are less deadly than variants responsible for the early waves.
Second, is the rise in the cumulative number of people who gained protection from having had previous infections.
These explanations are consistent with the experience of places such as Hong Kong, New Zealand and Taiwan. All saw relatively low COVID infections and deaths in 2020, meaning only limited levels of natural immunity had been built up. All then experienced high mortality rates during 2022, well after most people in those places had been vaccinated.
For example, the seven-day average mortality rate in Hong Kong reached 40 deaths per million in March 2022, a rate far above the highest peak seen in the US during the whole pandemic despite cumulative vaccination rates at that time being similar.
Even though vaccination probably reduced care home deaths by a small amount in the early rollout period, there is little evidence that the booster programme had any significant effect on COVID-related deaths.
David Paton is a member of HART (Health Advisory and Recovery Team).
Sourafel Girma does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: People’s Republic of China – State Council News
TIANJIN, Oct. 18 — China’s consumer goods trade-ins have unleashed new market demands, with over 1.4 million applications for automobile scrapping and renewal subsidies recorded so far, Vice Minister of Commerce Sheng Qiuping said on Friday.
As of Wednesday, more than 10.8 million consumers across the country had purchased some 15.6 million pieces of household appliance included in China’s consumer goods renewal program, Sheng told the 2024 Haihe International Consumption Forum that opened on the same day in Tianjin, north China.
Household appliance trade-ins have driven a total sales of 73.36 billion yuan (about 10.3 billion U.S. dollars), according to the vice minister.
During the first half of this year, consumption alone contributed 60.5 percent to China’s economic growth, driving its GDP growth by 3 percentage points, said Sheng.
He said the ministry will join hands with other departments to further boost consumption and consolidate the stable and positive momentum of the market.
In March this year, China unveiled an action plan to implement the equipment and consumer goods renewal program to expand domestic demand and shore up the economy. In July, it further stepped up policy support for the program with an extra fund injection of 300 billion yuan via ultra-long special treasury bonds.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Dividend 15 Split Corp. (The “Company”) declares its monthly distribution of $0.10000 for each Class A share ($1.20 annualized) and $0.04583 for each Preferred share ($0.550 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $27.30 per share and Preferred shareholders have received a total of $10.95 per share inclusive of this distribution, for a combined total of $38.25.
Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — Dividend 15 Split Corp. (The “Company”) declares its monthly distribution of $0.10000 for each Class A share ($1.20 annualized) and $0.04583 for each Preferred share ($0.550 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $27.30 per share and Preferred shareholders have received a total of $10.95 per share inclusive of this distribution, for a combined total of $38.25.
Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.
LISBON, Portugal, Oct. 18, 2024 (GLOBE NEWSWIRE) — Matchain, a leading AI blockchain platform, is excited to share the milestones achieved since its mainnet launch on August 28th, recapping all the important metrics of the ecosystem. The platform has reached significant milestones in user adoption, transaction volume, and strategic partnerships, solidifying its position as a frontrunner in the AI & Decentralized Identity space.
Explosive Growth in User Base and Transactions
Unlike traditional platforms where data is harvested and monetized without consent, Matchain’s vision is that user data should only be shared with explicit permission. This data, when shared, can be leveraged for training AI models, with users receiving a share of the revenue generated. By enabling individuals to decide how their data is used, Matchain not only fosters greater transparency but also gives users an active role in the growing AI economy, ensuring they benefit from the value of their own contributions.
To achieve this goal, Matchain has been focused on onboarding Web2 users into the Web3 space, providing a smooth transition to decentralized platforms. At the core of the strategy is leveraging Telegram’s massive web2 reach as a familiar gateway, allowing millions to explore blockchain technology without friction.
Matchain’s strategy lies in driving real, authentic interactions within its ecosystem. All initiatives were focused on encouraging users to explore and experience the dApps firsthand, of which, LoL, the first AI memecoin on Matchain, quickly gained momentum and sparked engagement within the community.
The strong and enthusiastic response not only highlighted the community’s support but also served as a powerful driver for increasing Matchain’s visibility and accelerating its growth.
A Recap of the most important numbers:
Successful Transition from Testnet to Mainnet
Matchain’s journey to its current success began with a carefully planned transition from testnet to mainnet. While the testnet was used to validate our core offering and vision, mainnet opened up the doors for the public to join and build on Match.
How’s it going so far:
Onchain Activity: The testnet phase lasted a year and saw over 180 million transactions processed, demonstrating the network’s capability to handle high volumes, while the mainnet saw a total of 32 million transactions within less than a month of being launched.
Community Engagement: With a total user outreach of over 12 million across all channels, Matchain’s mini-app has attracted 3 million+ daily active users, creating strong momentum. This success is amplified by hyper-successful Megadrop campaigns in collaboration with exchange partners, fueled by the enthusiastic support of the Matchain community.
Ecosystem Growth: We’ve built a network of over 50+ strategic partners across sectors like DEXs, DeFi platforms, games, and AI, creating a solid foundation for seamless building on Matchain. MatchID partners are integrating our identity solution to drive real-world use, while infrastructure partners ensure builders can engage with Matchain easily and securely. With a focus on the future, we’ve also aligned with AI leaders across industries to empower individual sovereignty.
Get Involved With Matchain
Matchain’s growth has taken off thanks to strategic partnerships and community-driven efforts led by our Business Development team. Here are some of the key initiatives that are still going strong—and there’s plenty of room for you to jump in and be part of the journey.
Megadrop Program: A multi-phase reward program designed to incentivize user participation and ecosystem growth in collaboration with industry leaders like OKX, Bitget, and Bybit, expanding Matchain’s integration on leading web3 platforms.
Mini-App Quests: Over 7 million users engaged through Matchain’s mini-app games, earning Match Points in real time.
Match Hub: If you share the same vision as Matchain, let’s build something great together! Our BD team’s got your back—offering technical and marketing support to help grow your projects!
Looking Ahead
Matchain is set to continue to focus on strengthening its infrastructure, expanding partnerships, and developing AI and Decentralized Identity (DID) solutions to meet the evolving demands of the blockchain community.
With its rapid momentum, Matchain is poised for significant growth and is on track to expand its user base to over 40 million users in the coming months.
But that’s just the beginning—stay on the lookout for Matchain. With so much happening behind the scenes, you won’t want to miss out. A lot of exciting updates and insights will be shared at ETH Sofia, where our CEO, Petrix, will join Par from Paris Saint-Germain F.C. (PSG) for a fireside chat.
Keep an ear for subtle clues about what’s next for Matchain.
About Matchain Matchain is a blockchain platform that offers advanced AI-driven decentralized identity solutions. It ensures privacy, security, and control over personal data, allowing users to own and monetize their digital information within a secure ecosystem.
For more details, visit Matchain’swebsiteor contactAnastasia Drinevskaya, Chief Marketing Officer, for inquiries and updates.
Disclaimer: This content is provided by Matchain. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (The “Company”) declares its regular monthly distribution of $0.11335 for each Class A share ($1.3602 annualized) and $0.07917 for each Preferred share ($0.950 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $17.06 per share and Preferred shareholders have received a total of $11.54 per share inclusive of this distribution, for a combined total of $28.60.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
TORONTO, Oct. 18, 2024 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (The “Company”) declares its regular monthly distribution of $0.11335 for each Class A share ($1.3602 annualized) and $0.07917 for each Preferred share ($0.950 annually). Distributions are payable November 8, 2024 to shareholders on record as at October 31, 2024.
Since inception Class A shareholders have received a total of $17.06 per share and Preferred shareholders have received a total of $11.54 per share inclusive of this distribution, for a combined total of $28.60.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
PLAINVIEW, N.Y., Oct. 18, 2024 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (NASDAQ: VECO) plans to release its third quarter 2024 financial results after the market closes on Wednesday, November 6, 2024. The company will host a conference call to review these results starting at 5:00 PM ET that day.
To join the call, dial 1-877-407-8029 (toll free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco’s website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website beginning at 8:00 PM ET that same evening.
About Veeco Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit http://www.veeco.com.
To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management’s Discussion and Analysis sections of Veeco’s Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
A Peruvian national was sentenced yesterday to 98 months in prison and to pay nearly $700,000 in restitution to his more than 1,100 victims for his role overseeing a transnational fraud conspiracy that targeted recent immigrants to the United States.
According to court documents, Jose Alejandro Zuñiga Cano, 40, of Lima, was the operator of a Peruvian call center that defrauded and extorted Spanish-speaking United States residents by falsely threatening them with arrest, court proceedings and immigration consequences. Zuñiga was extradited from Peru in March to face charges related to the scheme and pleaded guilty to conspiracy to commit mail and wire fraud in July.
In pleading guilty, Zuñiga admitted that he owned and operated a call center in Lima, that placed unsolicited calls to Spanish-speaking consumers in the United States and falsely claimed that they had won or qualified for free products, including computer tablets and English language courses. On later calls, Zuñiga and his co-conspirators falsely claimed that victims were contractually obligated to pay large sums to receive the products. Zuñiga and his co-conspirators impersonated lawyers, court officials, police officers and representatives of a supposed “minor crimes court” to intimidate victims and force them to send payments. Zuñiga and his co-conspirators queried potential victims about their country of origin and threatened victims with court proceedings, arrest and immigration consequences if they did not pay.
Many victims who made payments following these lies and threats were frequently re-victimized by Zuñiga and his co-conspirators with a related restitution scheme. The defendant and his co-conspirators placed additional calls to victims who had already paid and, while posing as lawyers for a U.S. court, falsely represented that victims were entitled to restitution payments and would receive their money back if they paid additional fees. In reality, there was no lawyer, no restitution order and no funds returned to the victims who made those additional payments. Instead, Zuñiga kept those additional victim payments for himself.
“The Justice Department’s Consumer Protection Branch is dedicated to protecting vulnerable U.S. consumers from fraudsters no matter where those fraudsters reside,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Today’s sentence demonstrates that individuals who defraud our immigrant communities will be held accountable in U.S. courts. We will continue to work with our partners to ensure that individuals who impersonate government and court officials are brough to justice.”
“The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly and recent immigrants,” said U.S. Attorney Markenzy Lapointe for the Southern District of Florida. “We will not allow transnational criminals to use fear tactics and intimidation to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”
“Today’s sentencing of Jose Alejandro Zuñiga Cano is proof of the dedication between the U.S. Postal Inspection Service, the Justice Department’s Consumer Protection Branch and the U.S. Attorney’s Office to stop at nothing to bring those suspects who victimize our citizens to justice,” said Inspector in Charge Juan A. Vargas of the U.S. Postal Inspection Service (USPIS) Miami Division.
With today’s sentencing in the U.S. District Court for the Southern District of Florida, 12 defendants have now been convicted and sentenced in connection with a $15 million transnational fraud scheme that defrauded and threatened Spanish-speaking U.S. consumers, claiming they would suffer legal consequences if they did not pay for English-language learning products they never requested. Collectively, the scheme was responsible for defrauding more than 30,000 Spanish-speaking residents of the United States. Many of the victims were recent immigrants who had merely expressed interest in learning English.
The 12 defendants include eight Peruvian call center owner-operators and four distribution center owner-operators who processed payments, distributed products and facilitated the fraud in the United States. Many of the defendants shared strategies on how to defraud Spanish-speaking residents of the United States.
Zuñiga is the eighth defendant to be extradited from Peru and plead guilty in federal court to fraud charges related to Peruvian call centers involved in the English language learning scam. In 2021 and 2022, U.S. District Judge Robert N. Scola, Jr., sentenced Henrry Milla, Carlos Espinoza, Jerson Renteria, Fernan Huerta, Omar Cuzcano, Evelyng Milla and Josmell Espinoza to sentences ranging from 88 months to 110 months in prison.
USPIS and the Civil Division’s Consumer Protection Branch investigated the case.
Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorney Carolyn Rice of the Civil Division’s Consumer Protection Branch are prosecuting the case, and Assistant U.S. Attorney Annika Miranda for the Southern District of Florida is handling asset forfeiture. The Justice Department’s Office of International Affairs, U.S. Attorney’s Office for the Southern District of Florida, State Department’s Diplomatic Security Service, U.S. Marshals Service, Peruvian National Prosecutor General’s Office and Peruvian National Police provided critical assistance.
The Justice Department continues to investigate and bring charges in other similar matters involving threats against Spanish-speaking residents of the United States.
If you or someone you know is age 60 or older and has experienced financial fraud, experienced professionals are standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.
More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit http://www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints can be filed with the FTC at http://www.reportfraud.ftc.gov/ or at 877-FTC-HELP. The Justice Department provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at http://www.ovc.gov.
Headline: Peruvian National Sentenced in Transnational Scheme to Defraud Spanish-Speaking United States Consumers
A Peruvian national was sentenced yesterday to 98 months in prison and to pay nearly $700,000 in restitution to his more than 1,100 victims for his role overseeing a transnational fraud conspiracy that targeted recent immigrants to the United States.
A total of 36,992 deals (comprising mergers & acquisitions (M&A), private equity, and venture financing deals) were announced globally during January to September (Q1-Q3) 2024, which represents a 12.5% year-on-year (YoY) decline over 42,288 deals announced during the same period in 2023, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database disclosed that the volume of M&A deals declined by 6.7% during Q1-Q3 2024 compared to Q1-Q3 2023 while the number of private equity deals and venture financing deals experienced YoY fall of 8.9% and 22.2%, respectively.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The majority of the decline in global deal activity came from Q1 and Q2 while the impact was relatively much lesser in Q3. Although the deal activity continued to remain subdued in 2024, the impact seems to be diminishing in recent months or quarters. For instance, the decline in Q3 2024 compared to Q3 2023 remained at just 1%, whereas when compared between Q1 2024 and Q1 2023, the decline stood much higher at around 20% in Q1 2024.
“The relatively lesser decline could be attributed to improving deal-making sentiments in some regions. In fact, the trend across regions also remained a mixed bag during Q1-Q3 2024, with regions like Asia-Pacific showcasing just a single-digit decline while North America experienced a double-digit decline.”
North America experienced a 16% YoY decrease in the number of deals announced during Q1-Q3 2024 compared to Q1-Q3 2023, whereas Europe, Asia-Pacific, Middle East and Africa, and South and Central America regions saw respective deal volume fall by 13.6%, 6.8%, 7.6%, and 22.3% YoY.
Bose adds: “Deal activity across several countries also remained a mixed bag, with some experiencing significant decline and some witnessing relatively lesser decline while few markets experienced improvement.”
For instance, the US, the UK, China, Canada, Germany, France, Italy, the Netherlands, Spain, and Sweden witnessed YoY decline in deal volume by 15.4%, 7.2%, 22.8%, 21%, 17.9%, 30.8%, 9.4%, 16.7%, 20.2%, and 16%, respectively, during Q1-Q3 2024. Meanwhile, India, Japan, and Australia witnessed deal volume improve by 9.6%, 16.2%, and 2.2% during Q1-Q3 2024 compared to Q1-Q3 2023, respectively.
A total of 519 deals (comprising mergers and acquisitions (M&A), private equity, and venture financing deals) were announced in the travel and tourism sector globally during January to September (Q1-Q3) 2024, which was a year-on-year (YoY) decline of 11% over 583 deals announced during the same period in the previous year, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database also revealed that the volume of M&A deals decreased by 6.8% during Q1-Q3 2024 compared to the same period in 2023, while the number of venture financing deals was down by 25.2% YoY. Meanwhile, private equity deals volume remained unchanged.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in global travel and tourism deal activity was mostly driven by a significant fall in deals volume in some regions and countries, while deal activity remained relatively better for some other regions and countries. In fact, some regions and countries even showcased double-digit growth in deal volume, which seems to be an indication of improving deal-making sentiments.”
North America, Asia-Pacific, and South and Central American regions experienced decline in deal volume by 36%, 7.7%, and 20% during Q1-Q3 2024 compared to Q1-Q3 2023. In contrast, Europe registered 10.3% YoY improvement in deal activity. Meanwhile, deal volume for the Middle East and African region mostly remained at the same level.
Similarly, the trend across different countries also remained a mixed bag. The US, China, and France witnessed YoY decline in deal volume by 36.3%, 38.5%, and 42.9%, respectively, during Q1-Q3 2024, whereas India and Japan experienced respective deal volume improve by 24.3% and 38.1% YoY. Meanwhile, deal volume for the UK, South Korea, and Australia mostly remained at the same level.
Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain
A total of 36,992 deals (comprising mergers & acquisitions (M&A), private equity, and venture financing deals) were announced globally during January to September (Q1-Q3) 2024, which represents a 12.5% year-on-year (YoY) decline over 42,288 deals announced during the same period in 2023, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Deals Database disclosed that the volume of M&A deals declined by 6.7% during Q1-Q3 2024 compared to Q1-Q3 2023 while the number of private equity deals and venture financing deals experienced YoY fall of 8.9% and 22.2%, respectively.
Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The majority of the decline in global deal activity came from Q1 and Q2 while the impact was relatively much lesser in Q3. Although the deal activity continued to remain subdued in 2024, the impact seems to be diminishing in recent months or quarters. For instance, the decline in Q3 2024 compared to Q3 2023 remained at just 1%, whereas when compared between Q1 2024 and Q1 2023, the decline stood much higher at around 20% in Q1 2024.
“The relatively lesser decline could be attributed to improving deal-making sentiments in some regions. In fact, the trend across regions also remained a mixed bag during Q1-Q3 2024, with regions like Asia-Pacific showcasing just a single-digit decline while North America experienced a double-digit decline.”
North America experienced a 16% YoY decrease in the number of deals announced during Q1-Q3 2024 compared to Q1-Q3 2023, whereas Europe, Asia-Pacific, Middle East and Africa, and South and Central America regions saw respective deal volume fall by 13.6%, 6.8%, 7.6%, and 22.3% YoY.
Bose adds: “Deal activity across several countries also remained a mixed bag, with some experiencing significant decline and some witnessing relatively lesser decline while few markets experienced improvement.”
For instance, the US, the UK, China, Canada, Germany, France, Italy, the Netherlands, Spain, and Sweden witnessed YoY decline in deal volume by 15.4%, 7.2%, 22.8%, 21%, 17.9%, 30.8%, 9.4%, 16.7%, 20.2%, and 16%, respectively, during Q1-Q3 2024. Meanwhile, India, Japan, and Australia witnessed deal volume improve by 9.6%, 16.2%, and 2.2% during Q1-Q3 2024 compared to Q1-Q3 2023, respectively.
Messenger ribonucleic acid (mRNA)-based innovator pharmaceuticals saw a staggering 800% increase in licensing agreement deal values from 2019 to 2024YTD, driven by the remarkable success of mRNA vaccines during the COVID-19 pandemic. With growing confidence in this transformative technology, key companies are investing heavily in its potential to address unmet medical needs, indicating that mRNA will remain a critical focus for pharmaceutical innovation and development, says GlobalData, a leading data and analytics company.
Ophelia Chan, Business Fundamentals Senior Analyst at GlobalData, comments: “The COVID-19 pandemic highlighted the key advantages of mRNA technology in vaccine development, including rapid production, precise immune targeting, and streamlined manufacturing- factors that drove the success of mRNA-based COVID-19 vaccines.”
Since the FDA approved Pfizer’s Comirnaty in August 2021, the first mRNA vaccine to achieve global market entry, rising licensing agreement values have reflected growing confidence in mRNA technology’s broader potential beyond vaccines, marking a pivotal shift in its applications across the pharmaceutical landscape.
According to GlobalData’s Drugs Database, the global sales of innovator mRNA-based drugs are expected to grow from $22 billion in 2023 to $26.2 billion in 2030.
Chan adds: “Licensing agreement deal values for mRNA-based pharmaceuticals have doubled since 2023, reaching $3.8 billion, as major players like GSK and Bristol Myers Squibb invest in mRNA therapeutics to address unmet medical needs.”
GSK and CureVac restructured their 2020 collaboration into a new licensing agreement worth up to $1.57 billion in July 2024. This deal focuses on the development, manufacturing, and commercialization of mRNA vaccine candidates for influenza and COVID-19, spanning from preclinical to Phase II trials.
Bristol Myers Squibb formed a multi-year, $1.87 billion strategic collaboration with Repertoire Immune Medicines in April 2024 to develop mRNA-based tolerizing vaccines for up to three autoimmune diseases, including type 1 diabetes and multiple sclerosis, along with other vaccine candidates.
The US Department of Health and Human Services (HHS) recently allocated $176 million to Moderna for the development of mRNA-based vaccines targeting multiple strains of pandemic influenza. This investment highlights HHS’s focus on pandemic preparedness, reinforcing the versatility and potential of mRNA platforms.
Chan concludes: “The increase in licensing agreement values for mRNA pharmaceuticals indicates that this will continue to be a key area for innovation and investment. With advancements in mRNA technology and delivery systems, drugmakers have significant opportunities to expand their portfolios, paving the way for breakthroughs in treating various diseases.”
Note:Includes all announced and completed deals for companies headquartered globally from 2020–2024YTD as a percentage growth from the baseline year 2019. Includes deals where at least one drug involved is an innovator mRNA-based drug where Marketed, Pre-Registration, Phase III, Phase II, Phase I, Preclinical, and Discovery stages are considered. Includes deal values disclosed in the public domain. YTD= Year to date.
Messenger ribonucleic acid (mRNA)-based innovator pharmaceuticals saw a staggering 800% increase in licensing agreement deal values from 2019 to 2024YTD, driven by the remarkable success of mRNA vaccines during the COVID-19 pandemic. With growing confidence in this transformative technology, key companies are investing heavily in its potential to address unmet medical needs, indicating that mRNA will remain a critical focus for pharmaceutical innovation and development, says GlobalData, a leading data and analytics company.
Ophelia Chan, Business Fundamentals Senior Analyst at GlobalData, comments: “The COVID-19 pandemic highlighted the key advantages of mRNA technology in vaccine development, including rapid production, precise immune targeting, and streamlined manufacturing- factors that drove the success of mRNA-based COVID-19 vaccines.”
Since the FDA approved Pfizer’s Comirnaty in August 2021, the first mRNA vaccine to achieve global market entry, rising licensing agreement values have reflected growing confidence in mRNA technology’s broader potential beyond vaccines, marking a pivotal shift in its applications across the pharmaceutical landscape.
According to GlobalData’s Drugs Database, the global sales of innovator mRNA-based drugs are expected to grow from $22 billion in 2023 to $26.2 billion in 2030.
Chan adds: “Licensing agreement deal values for mRNA-based pharmaceuticals have doubled since 2023, reaching $3.8 billion, as major players like GSK and Bristol Myers Squibb invest in mRNA therapeutics to address unmet medical needs.”
GSK and CureVac restructured their 2020 collaboration into a new licensing agreement worth up to $1.57 billion in July 2024. This deal focuses on the development, manufacturing, and commercialization of mRNA vaccine candidates for influenza and COVID-19, spanning from preclinical to Phase II trials.
Bristol Myers Squibb formed a multi-year, $1.87 billion strategic collaboration with Repertoire Immune Medicines in April 2024 to develop mRNA-based tolerizing vaccines for up to three autoimmune diseases, including type 1 diabetes and multiple sclerosis, along with other vaccine candidates.
The US Department of Health and Human Services (HHS) recently allocated $176 million to Moderna for the development of mRNA-based vaccines targeting multiple strains of pandemic influenza. This investment highlights HHS’s focus on pandemic preparedness, reinforcing the versatility and potential of mRNA platforms.
Chan concludes: “The increase in licensing agreement values for mRNA pharmaceuticals indicates that this will continue to be a key area for innovation and investment. With advancements in mRNA technology and delivery systems, drugmakers have significant opportunities to expand their portfolios, paving the way for breakthroughs in treating various diseases.”
Note:Includes all announced and completed deals for companies headquartered globally from 2020–2024YTD as a percentage growth from the baseline year 2019. Includes deals where at least one drug involved is an innovator mRNA-based drug where Marketed, Pre-Registration, Phase III, Phase II, Phase I, Preclinical, and Discovery stages are considered. Includes deal values disclosed in the public domain. YTD= Year to date.
Business student Emily Laput ’26 (CLAS) created her own marketing and consulting firm when she was in high school. That impressed interviewers at NBC Universal in New York City, and helped her capture a coveted summer internship.
Across the city, recent alum Peter Spinelli ’24 (BUS, CLAS), is working as a production intern at ABC News. He is passionate about increasing the percentage of Gen Z adults who watch TV news.
And alumna Emilia Kwasniak ’24 (BUS) —a self-described “theater kid” who loved the Nickelodeon show “Victorious” when growing up—is now a long-term temporary employee at the first TV channel created exclusively for kids.
Students Eager to Apply Business Knowledge in Creative Industries
Professor Sami Ghaddar, of the Boucher Management & Entrepreneurship Department in the School of Business, says the news and entertainment industries have become increasingly attractive to UConn students because they offer a compelling combination of creativity, adaptability, and strategic opportunity.
“The diversity of work within these industries is undoubtedly a key factor. The ability to work across various mediums and platforms allows our students to apply their business skills in dynamic and innovative ways,’’ he says. “Moreover, the versatility of a business degree is evident in how students can navigate these rapidly changing fields, leveraging their entrepreneurial mindset to succeed in new and exciting ways.’’
Kelly Kennedy, Director of Transformative Learning at the School of Business, agreed. She’s meeting more business students who are looking for opportunities beyond traditional employment paths, reflecting a larger generational shift toward more personally meaningful work.
“Creative industries need to hire analytical business students who are adaptable, driven, and can navigate a fast-paced environment with ease,’’ she says. “The proximity to New York City offers UConn business students both alumni networking opportunities and access to prestigious companies, making it easier to secure competitive internships. Their success speaks to the quality of our academic and experiential programs that equip our business Huskies with the confidence, tenacity, and grit to redefine work on their own terms.’’
Emily Laput Applied for 200 Summer Jobs
This summer, Laput, an honors student majoring in marketing and communications, worked as a corporate communications intern at NBC Universal in New York City. But getting a dream summer internship wasn’t an easy task.
“Professor Kennedy forced me to think about what I want to do and where I want to be. I had worked at an energy nonprofit recently and wasn’t interested in the industry, but entertainment and media offered something new every day,’’ she says. “I applied for more than 200 summer positions, including 20 at NBC Universal, all with customized applications.’’
She got five first-round interviews at NBC Universal, two second-round interviews, and then the offer.
Emily Laput ’26 helped promoted a new Minions movie this year (contributed photo).
“I think what helped me stand out is that in high school I created my own marketing and consultancy firm, and I did fundraising and event planning,’’ says Laput. “Creating my own opportunities really gave me a great start. I’m a junior and I enjoy forging my own opportunities and finding a path to get ahead.’’
One of her favorite summer tasks was helping promote a new Minions movie, “Despicable Me 4.” Prior to the movie’s release on July 3, she led the creation of a “Day in the Life of a Minion” reel. A native of Beacon Falls, Laput had been the mascot at her high school, which gave her an edge in starting the project. She created an Instagram reel that showed the Minion at the Kelly Clarkson Show, watching a movie trailer, and even buying bananas at the company commissary.
“This job brings me so much joy, it’s so cool,’’ she said over the summer. “Who else walks into work with the Today Show filming when you enter your office? I was on the Today Show elevator and [anchor] Hoda Kotb said hello to me. That made my day, my whole summer, actually.’’
In addition, the network partnered with America’s VetDogs to socialize a puppy named Atlas, who will soon be placed with a veteran. Laput handled Atlas’ Instagram posts. She also worked on employee engagement projects and edited the company newsletters. She says the variety of work made the days interesting.
“When I’d walk into work every day, I’d think, ‘This job was made for me!,’” she says. Originally leaning toward event planning, she now wants to work in internal communications and employee engagement.
Laput says she’d advise other interns not to wait around for an assignment, but instead suggest projects that interest them.
“If you have an idea, there’s no risk in throwing it out there. If it isn’t possible, move on,’’ she says. “I think what makes me different is that I ask for work, express interest in things, like video editing, and come up with ideas. If you express your career goals clearly, it lets others know what projects you would enjoy working on, and that’s more exciting.’’
Peter Spinelli Believes It’s Important to Be Informed
Only 11% of Gen Z adults routinely watch the news on television. When Spinelli discovered that fact, as part of a research project for his Content Entrepreneurship class at UConn, he was disappointed.
“Now that I’m of voting age, I think it is important to know what’s going on in your state and in your country. I want to make sure people are watching,’’ Spinelli says. He believes that 24-hour news streaming and social media can help leverage engagement.
He has spent the last few months working as a production intern at ABC News in New York. His team recruits on-air talent for the network and some of its affiliates. Spinelli has traveled to journalism conferences in Chicago, Los Angeles, and Austin, Texas, to connect young journalists to the company.
Peter Spinelli ’24 added journalism courses to his academic work during his senior year (contributed photo).
“I feel lucky to be traveling with the team. I enjoy the recruiting aspect,’’ he says. “I could see myself being with this team permanently one day. But before I do, I want to gain experience in production.’’
Spinelli has also vetted potential employees, reviewing their reels and previous work. He has learned more about what the company seeks in on-air talent and gained insight into the decision making that goes on behind the scenes.
“Being a younger person in the room, they would ask me who I liked and what’s appealing to a younger person. I appreciated being included in the discussion,’’ he says.
Spinelli, a native of Shelton, had a marketing internship at a health-insurance company, but wasn’t enamored with the work. In 2023, he pursued an internship at WTNH in New Haven, and that fueled his interest in broadcast journalism and production. He helped reporters with their scripts, edited some videos, and got a chance to try many aspects of the business.
“I’d be at an animal shelter one day, surrounded by puppies, and at the site of a shooting the next day,’’ he says. “It was fast-paced, and I loved that it was something different every day.’’
In addition to his coursework as a double major in management and communication, Spinelli says serving as a UConn Tour Guide and as Vice President of the Undergraduate Student Government prepared him well for his current job.
“As a tour guide, you’re working to present UConn in a positive light and answer questions about the university,’’ he says. “On the other side, the student government is often calling on the administration to do something better. During my time there, we created a food pantry because we knew there were students who were struggling and living on ramen. I have seen both sides.’’
“Those two jobs both involved telling the student story, from recruiting to advocacy,’’ he says. “Those two experiences prepared me for what I’m doing now, especially when it comes to being impartial and telling both sides of the story.’’
He credits the flexibility of UConn’s academic programs for allowing him to add journalism courses during his senior year. Before graduation, he applied to 50 jobs and internships. He says he feels lucky to have been hired by ABC, which is a Disney-owned company. His job runs until January, and he would love to stay on permanently.
One of the most surprising aspects of his job is how welcoming the talent is.
“They are very responsive to any request. They always come up to chat and never say no to posing for a photo or appearing in a silly video that I’m making for our team’s Instagram,’’ he says. “It’s great to know they’re the people they come across as on TV.’’
Emilia Kwasniak Enjoys the Business Side of Media
Growing up in Brooklyn, N.Y., Emilia Kwasniak was a proud theater kid. One of her favorite TV shows was “Victorious,” a Nickelodeon sitcom revolving around Tori Vega, a promising talent who attends Hollywood Arts, a fictional performing arts high school.
“It aligned well with me as a theater kid. In that show, all the performing arts kids are super cool,’’ she says, laughing.
Kwasniak says her long-term temporary job as a media planning coordinator at Nickelodeon involves importing shows, commercials, promos, and ratings, as well as scheduling and marketing strategy. She distinguishes herself by being a quick study and a conscientious worker.
Emilia Kwasniak ’24 is working at a place that inspired her as a child (contributed photo).
“I’m so happy to work somewhere that impacted me as a kid,’’ she says. “It is very collaborative here and I’m working with phenomenal people. I’m very lucky.’’
During her time at UConn, Kwasniak was an Honors student, photo producer for The Daily Campus, and Vice President of Internal Services for UConn Student Television.
But perhaps the most impactful experience was serving as Director of Media for the HuskyTHON Miracle Network Dance Marathon, which required a year-long commitment to strategizing and executing the fundraiser’s marketing campaign, including photography, videography, and managing a team of 10 student photographers. The event raised a record-breaking $1.7 million for Connecticut Children’s Foundation.
“Before this experience, working in the entertainment business seemed like a far-fetched dream. But HuskyTHON helped me realize that I could truly succeed in that environment. It’s the largest student-run organization on campus, so on top of the marketing experience I gained, it was also a big time commitment. I had to collaborate with a lot of people and cross-functional teams, which even included employees and families from Connecticut Children’s,’’ she says.
“There were so many email chains, meetings, and projects that I had to shift my attention to on a daily basis, while consistently maintaining the high quality of my work, so it taught me a great deal about what a professional workplace looks like,’’ she says. “It was essentially like an internship and equipped me with all the professional skills I needed to succeed.’’
Kwasniak’s greatest accomplishment in that role was producing the announcement video that brought the year-long campaign to life. “It surpassed 100,000 views on Instagram, which is an impressive accomplishment that helped me stand out during my Nickelodeon interview,’’ she says. “As the media planning coordinator, my role is to promote Nickelodeon’s short-and long-term campaigns on our channels, so it was helpful to mention my campaign announcement video and the tangible results that came from promoting it.’’
Kwasniak credits a one-credit career development course she took with Kennedy for giving her a foot in the door at Nickelodeon. Kennedy had assigned the students to reach out to conduct an informational interview with someone at a company where they might want to work.
“I knew someone who worked at Nickelodeon and asked for advice,’’ Kwasniak says. They had a great conversation, and the woman gave Kwasniak guidance to enhance her professional experiences.
“Right before graduation, she called and asked if I’d be interested in a temporary job. I said, ‘I’m beyond interested!’’’ she recalls. “If it weren’t for that class, I wouldn’t have had the confidence to reach out and ultimately wouldn’t have the job.’’
Kwasniak applied to UConn as a political science major, capitalizing on her love of history and social studies. But she kept exploring other options and wound up majoring in finance.
“I realized I can work on the business side of media and entertainment. I didn’t think I could create the content, but I could certainly help put it out,’’ she says. Today she promotes events and premiers, including the new Teenage Mutant Ninja Turtles show and The Kids’ Choice Awards.
“If I told 10-year-old me that I work at Nickelodeon now, she would probably think that I’m pranking her,’’ Kwasniak says. “As a kid, I didn’t even realize that working in entertainment was an option for me. I always had this expectation that becoming an adult and working an ‘adult job’ would be boring. Ten-year-old me would be so proud of me for finding a job that I am truly passionate about, and that I look forward to every day. And she would definitely think that I’m the coolest person in the world!’’
Since their July 2024 report, EY, the external auditors of the GLA Group have made the following change:
In light of the cyber-attack on TfL, the audit team will be required to “evaluate the effects of the attack on the scope of [their] work and reporting requirements” and the overall reporting timeline is likely to be delayed as limited system access hampered the GLA finance team’s ability to respond to audit requests.
Tomorrow, the London Assembly Audit Panel will examine the GLA External Audit Status Report and the Corporate Risk Register, both of which contain responses to the TfL cyber-attack. The Panel will also discuss the Register of Gifts and Hospitality and the procurement exercise for the New Year’s Eve fireworks event.
The guests are:
Stephen Reid, Partner, EY
Chloe Wilkinson, Audit Senior Manager, EY
Enver Enver, Interim Chief Finance Officer, GLA
Fay Hammond, Chief Finance Officer, GLA
David Esling, Head of Audit Assurance – Risk Management, MOPAC
Mark Woodley, Group Audit Lead, MOPAC
Karen Welsh, Senior Risk and Assurance Auditor, MOPAC
Dianne Tranmer, Executive Director Corporate Resources & Business Improvement, GLA
The meeting will take place on Thursday, 17 October 2024 from 2pm, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
Phunware Announces Next Generation AI-Driven SaaS Platform
Targets expansion into the Global Mobile App Market expected to exceed $420 Billion by 2028
AUSTIN, Texas, Oct. 16, 2024 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company“), a leader in cloud enterprise solutions for mobile applications and related technologies, today issued a letter to stockholders from Mike Snavely, the Chief Executive Officer of Phunware, providing an update on Phunware’s existing and new business units and performance and achievements during 2024. The letter provides insight into Phunware’s transition to a new generative AI-based software development platform and several other new business initiatives, and its avenues for continued growth and success in 2025.
Dear Fellow Stockholders:
A letter to Stockholders is often written after the end of the year to reflect on successes and challenges and to share insights for the road ahead. However, the past few years have been anything but a normal path for Phunware and as I reflect on my first year as CEO, I felt the time was right to update you on 2024 and to share our vision for 2025 and beyond.
Our primary focus is to create value for our stockholders. One key measure of that is our market capitalization which has varied from $12M late last year to a high of about $120M in the first quarter, settling at about $55M as of the writing of this letter. It’s certain that some of our stockholders’ positions have benefited from this price volatility and some have not. We acknowledge this by saying that we have always acted, and will continue to act, in what we see as the best long-term interests of our stockholders.
Often, volatility drives opportunity, and over the months we have used the trading volume and price volatility to raise capital to stabilize the balance sheet and to provide the capital required to think bigger.
This letter explains what we intend to do with that capital. We couldn’t be more optimistic about our future, and I want to briefly share what we have been doing to strengthen our core business, enhance our operations and right-size our cost structure in service of our strategic vision. More importantly, I am excited to highlight new initiatives we are launching. I believe these steps will help the market at large see why we believe we are a great investment and that our best days are ahead of us.
I’ll remind you of our recent performance: so far this year, we have lowered our cash burn by more than half and have increased sales by two orders of magnitude in the first half of 2024 as compared to the same period in 2023.
Six Months Ended
2024
2023
Change
Bookings (contracts executed)
$
1,746
$
168
939
%
Revenue
1,932
2,640
-27
%
Gross profit
994
610
63
%
Net loss from:
Continuing operations
(4,923
)
(8,126
)
39
%
Discontinued operations
(2,667
)
100
%
Loss per share from:
Continuing operations
(0.65
)
(3.90
)
83
%
Discontinued operations
(1.28
)
100
%
We believe our sales engine is just getting underway
As we move toward the end of the year and into 2025, we continue to do the blocking and tackling to continue to sell and grow revenue. We have been able to recruit seasoned sales and marketing talent to help us get our message out to more customers and to win more deals. We are also announcing various initiatives to unlock additional markets and to position ourselves as the most advanced and highest potential company in mobile globally.
OurSoftware Businesscontinues to evolve to pick up new efficiencies and to unlock new markets
Phunware is a market leader in providing enterprise cloud solutions for mobile applications. Our location-based services and patented wayfinding technology sets us apart from our competitors, providing real-time indoor navigation with unmatched precision and customization. Our technology for seamless transition from indoor wayfinding to outdoor location sharing and geofencing is best in class. Phunware is widely known for creating first rate custom mobile applications for large enterprise customers with complex needs to engage with their end users and to facilitate profitable engagements and experiences.
Our software development platform for mobile applications is currently designed to create fully customizable apps and provide related services for larger enterprises. In the first half of 2024, we have seen dramatic growth (939% over the comparable period in 2023) in bookings. Our customers like what we do for them and notably we are getting terrific word of mouth references, accelerating our growth in major customers. Finally, we have added new features and functionalities to our existing products, including artificial intelligence features like an AI Personal Concierge for property guests and Intelligent Reporting for property owners.
Leveraging the Power ofGenerative AI, our Platform Will Enable Rapid Development and Monetization of Custom Mobile App Solutions
Today, we are announcing the development of a new generative AI-based platform designed to democratize access to world-class design, user experience and content creation so that businesses of any size can design, create, build, and deploy high-quality custom mobile applications in days or even hours. By leveraging generative AI, we believe that the new platform will simplify mobile app design and content creation and drastically reduce the need for expensive and time-consuming design and development investments.
This platform marks the next chapter in Phunware’s evolution, building on a decade and a half of providing custom mobile app solutions to several thousand U.S. and global customers, including some of the most recognized Fortune 100 & 500 brands.
The platform is designed to harness and integrate the power of generative AI to enable all businesses to quickly develop and monetize custom mobile app solutions, making them accessible to small and medium-sized businesses. We also expect to add new AI-related features and functionalities to all of Phunware’s mobile app offerings, reinforcing our position as a leader and innovator in the continually-growing mobile app market.
Phunware’s Competitive Advantages in a Multi-Billion Dollar Global Mobile App Market1 Our planned incorporation of AI into our SaaS platform is driven by our view that consumer engagement with mobile-first solutions and artificial intelligence technology will continue to play a critical role across industries. Key competitive advantages of this platform will include:
AI-Driven Customization: Generative AI frameworks provide customizable templates for rapid mobile app creation, reducing development costs and accelerating time-to-market, and include important features and functionalities such as AI-powered personal concierge and contextual engagement.
End-to-End Modular Design: Our independent software modules, such as location-based services, digital advertising tools such as programmatic advertising and real-time data analytics support flexible audience building and engagement strategies.
Advanced Location-Based Services (LBS): Our market leading indoor navigation and outdoor geofencing systems continue to offer even more precise geopositioning and collection of user data using a combination of GPS, Wi-Fi, BLE, and sensor data for customized on-venue user engagement in sectors such as hospitality, healthcare, retail, residential, sports and convention centers, gaming facilities and other verticals involving large real properties or portfolios of properties.
Data Analytics: Our enhanced review and analysis of data of mobile app usage and user behaviors support assessment of intent and other metrics to drive user engagement, conversion and retention.
Multi-Industry Capability: Our platform is designed to provide low- or no-code custom mobile apps across a range of sectors, from hospitality and healthcare to other verticals such as advocacy, retail and ecommerce in the U.S. and other leading economies including China, Brazil and India.
The adoption of our generative AI-powered SaaS platform is expected to benefit our existing customers and all industry verticals and create meaningful opportunities for accessing new markets. Our platform is designed to automate the development intake process, reduce development costs and time-to-market, and enable innovation and user engagement through AI. We are leading the way to make AI-powered mobile applications accessible to enterprise and small and medium business customers alike.
We expect our new AI-powered SaaS platform will launch mid-2025. We also expect to further integrate AI and machine learning capabilities into our new platform in 2025. We intend to integrate AI-driven predictive analytics into the platform by Q3 2025, providing businesses with advanced tools for analyzing customer data to predict future behaviors. We also expect the new platform to offer seamless integrations of its mobile apps with additional cloud service providers, ensuring modern scalability, flexibility, efficiency and security for businesses of all sizes.
Digital Advertising Business
We also have a growing business in providing digital advertising campaigns for a range of customers. We work with agencies and directly with our own customers, from public companies to non-profit organizations to governmental entities. We place general awareness, performance-based and retargeting advertising campaigns for our customers, enabling them to successfully reach their audiences and achieve their marketing objectives. We have provided digital advertising and related placements to hundreds of customer campaigns in 2024 to date and continue to see strong demand for these services.
We plan to expand our digital advertising platform in several additional ways. We intend to relaunch our programmatic advertising capabilities into our core mobile platform. This will enable us to help our customers conduct more efficient, scalable digital advertising campaigns through our platform and through partnerships or alliances with one or more third-party programmatic advertising platforms. The integrated solution will be designed to utilize generative AI to help our customers personalize their digital advertising campaigns to individual users based on behavior, preferences and demographics to enhance user engagement and increase conversions. Finally, we intend to serve a global audience with these capabilities, tied to our mobile application portfolio growth.
Voter / Advocacy Engagement Business
We are also planning to invest in the application of our AI-powered platform to advocacy and voter engagement. You will recall that we developed and implemented the Donald J. Trump 2020 Presidential Campaign app, a highly regarded and well received voter / advocacy engagement app.
We think this was just the tip of the iceberg. Every election cycle, candidates set new records in spending and we believe that our AI-powered platform can help make that spend more impactful. Further, we believe that it is more important than ever for Phunware to help political candidates and voters connect, engage and participate in the voting process, and for individuals and organizations to become knowledgeable about, educate others about, and advocate for events, causes and issues that are important to them. Our platform can help them do just that.
We plan to continue to use our AI-powered platform to develop custom mobile apps for election campaigns, political action committees, and other organizations to identify, engage and turn out voters. Our mobile advertising solutions will be a part of driving voter engagement as well. We may invest in and partner with other technology providers and organizations that use mobile technologies to drive voter and advocacy engagement. We will likely pursue these opportunities both in the U.S. and with strategic partners and alliances globally.
Financial Strength
Our spend has been adjusted to fit the size of our business today and to focus investment on the future. We believe that sober execution against our business plan is the right way to deliver long-term stockholder value and we are focused on the careful stewardship of the company to bring our vision to life.
We have zero debt and believe we have adequate access to the necessary resources to support our investments and sustain our business as we invest in the evolution and growth of our company
We have seen dramatic improvement to our year-to-date software and advertising business bookings which we believe demonstrates a growing demand for our software and advertising offerings
We are judiciously investing in sales, engineering, AI, marketing and business development to fulfill our vision for the company’s future
We have not said much in the markets recently. In retrospect, we’ve probably said too little. Moving ahead, we intend to continue to provide our stockholders with additional updates on our businesses and products from time to time. Our focus will remain on platform launch, product roadmaps and timelines; innovation; operational efficiency; building thought leadership; and inorganic growth, including tactical and strategic acquisitions, investments, partnerships and alliances. And we will endeavor to keep stockholders advised of significant occurrences every step of the way.
I’ll end where I started…I believe Phunware’s best days are ahead. We look forward to continuing to create and enhance value for our stockholders, customers, employees and the consumers who use our products.
Thank you for your ongoing support.
Mike Snavely
Chief Executive Officer
About Phunware
Phunware, Inc. (NASDAQ: PHUN) is an enterprise software company specializing in mobile app solutions. We provide businesses with the tools to create, implement and manage custom mobile applications and analytics, digital advertising and location-based services. Phunware is transforming mobile engagement by delivering scalable and personalized mobile app experiences.
Phunware’s mission is to achieve unparalleled connectivity and monetization through widespread adoption of Phunware mobile technologies, by leveraging brands, consumers, partners and digital asset holders and market participants. Phunware is poised to expand its software products and services audience and industry verticals through its new platform, utilize and monetize its patents and other intellectual property rights and interests, and update and reintroduce its digital asset ecosystem for existing holders and new market participants.
This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. For example, Phunware is using forward-looking statements when it discusses the proposed offering and the timing and terms of such offering and its intended use of proceeds from such offering should it occur.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the SEC, including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
BEDFORD, Mass., Oct. 16, 2024 (GLOBE NEWSWIRE) — Berkshire Grey Inc., a leader in AI-powered robotic solutions for automating supply chain operations, announces the release of the V3 Put Wall, the latest iteration of its globally deployed solution. Designed to automate eCommerce order consolidation and returns processing, the V3 Put Wall provides a modern, integrated alternative to manual put walls and traditional linear sorters.
More than just a point solution for sortation, the V3 Put Wall is a critical enabler of amplified efficiency in automated fulfillment systems. By seamlessly integrating with key technologies such as ASRS (Automated Storage and Retrieval Systems), the V3 Put Wall enhances overall warehouse operations, empowering businesses to manage complex orders, scale rapidly, and process a broader range of SKUs. Its compact footprint maximizes throughput while complementing existing automation infrastructures, offering the flexibility to fit into any environment.
“The V3 Put Wall is a breakthrough in warehouse automation,” said Paul Ambruso, VP Product, at Berkshire Grey. “When paired with ASRS and other complementary systems, it acts as a force multiplier, boosting the value of existing automation investments.”
Key Features of the V3 Put Wall Include:
Complete SKU and Order Handling: Optimized to handle a wide range of SKUs—including small, oversized, irregular, and hard-to-handle items—minimizing the need for manual exception handling and processing even the most complex orders efficiently.
Compact and Customizable Design: Requiring just 540 sq ft, the V3 Put Wall easily fits into existing facilities, whether installed on the floor or mezzanines. It offers end or middle induction options, along with modular shelves or totes that can be reconfigured as business needs evolve.
Faster Return on Investment (ROI): V3 offers the best performance-to-cost ratio, with typical customer paybacks under 1 year.
Orchestration and Integration: Advanced software amplifies order processing by dynamically adjusting sort locations and integrating seamlessly with upstream automation systems like ASRS. This reduces manual labor, improves fulfillment efficiency, and ensures high throughput, even during peak times.
High Throughput and Scalable Destination Capacity: Expandable to over 10,000 units per hour (UPH) and thousands of destinations, the V3 Put Wall significantly enhances order processing speed and accuracy.
“The V3 Put Wall is the complete solution for businesses seeking to transform their fulfillment operations,” said Paul. “By acting as a critical link in the automation chain, it amplifies the value of ASRS and other systems, enabling businesses to service more orders simultaneously and with greater accuracy. This means quicker order fulfillment, lower labor costs, and seamless integration into existing operations—delivering unmatched value.”
Ideal for industries such as retail, eCommerce, 3PL, and omnichannel distribution, the V3 Put Wall offers scalable, efficient solutions for managing high order volumes. Set for deployment in 2025, the V3 Put Wall provides customizable sortation capabilities, delivering industry-leading efficiency and maximizing the performance of a fully automated fulfillment ecosystem.
For more information about the V3 Put Wall and Berkshire Grey’s full portfolio of robotic automation solutions, visit http://www.berkshiregrey.com.
About Berkshire Grey
Berkshire Grey Inc. helps customers radically change the essential way they do business by delivering game-changing technology that combines AI and robotics to automate fulfillment, supply chain, and logistics operations. Berkshire Grey solutions are a fundamental engine of change that transforms pick, pack, place, and sort operations to deliver competitive advantage for enterprises serving today’s connected consumers. Berkshire Grey customers include Global 100 retailers and logistics service providers. More information is available at http://www.berkshiregrey.com.
CHICAGO, Oct. 16, 2024 (GLOBE NEWSWIRE) — A global TransUnion (NYSE: TRU) analysis found that fraud continues to significantly impact businesses and their bottom lines. The newly released H2 2024 Update to the State of Omnichannel Fraud Report, which explores fraud trends in the first half (H1/January 1-June 30, 2024) of this year, also found that the lender risk exposure to synthetic identities for U.S. auto loans, bank credit cards, retail credit cards and unsecured personal loans reached their highest point ever.
Among the key findings in the report were the results of a TransUnion survey of more than 800 business leaders in Canada, India, the U.K. and the U.S. which revealed total fraud losses of 6.5% equivalent of their companies’ revenue. This totaled approximately $359 billion among these business leaders’ organizations, a number which projects out exponentially greater when considering these represent only a small percentage of business leaders. Among those surveyed in the U.S., they said their company lost the equivalent of 6.7% of their revenue due to fraud over the past year, totaling $112 billion.
In addition, 75% of the global survey respondents said that every type of fraud they measured stayed the same or increased year-over-year (YoY). Nearly half of respondents indicated that scam/authorized fraud, wherein a person is tricked into giving up something of value, saw the greatest YoY increase. It was also the most common cause of fraud loss according to global respondents at 31% and US respondents at 35%. In fact, in the U.S., this was more than double the next most common cause of fraud losses – synthetic identity fraud at 17%.
“Protecting customers and their businesses from fraud is essential to enabling safe and tailored consumer experiences. These findings reveal that despite the good-faith efforts that are being undertaken by global organizations to identify and prevent fraud to date, fraudsters continue to evolve and it’s vital that fraud prevention methods keep up with the changing times,” said Steve Yin, global head of fraud at TransUnion. “Business that aren’t already doing so should ensure that they are taking advantage of fraud prevention technologies such as identity verification, IP intelligence, device reputation and synthetic identity detection as critical components of their fraud prevention programs.”
According to proprietary insights from TransUnion’s global intelligence network, the global rate of suspected Digital Fraud remained stubbornly high in H1 2024 at 5.2% of all transactions. For transactions where the consumer was located in the U.S., 4.6% of digital transactions were suspected to be fraudulent over the period. Breaking it down by the industry, the highest rate of suspected Digital Fraud for transactions where the consumers were in the U.S. was the gaming sector, for which 13.3% of all transactions in that industry were suspected to be fraudulent in H1 2024.
Synthetic Identity Lending Exposure Reaches New Record High
Potentially driven in part by the wealth of stolen identities acquired via data breaches, accounts opened using synthetic identities continue to put lenders at risk. In fact, the increases among overall lender exposure to synthetic identities for US auto loans, bank credit cards, retail credit cards and unsecured personal loans continued in H1 2024. TransUnion documented such exposure rising from $3.0 billion in H1 2023 to $3.2 billion in H1 2024, an all-time high and growth of 7% YoY. The share of accounts opened for the four tradelines by synthetic identities rose 18% YoY, also reaching an all-time high.
The auto loan industry continued to be the most impacted by lender exposure to synthetic identities among the four tradelines, accounting for $2.0 billion of the total in H1 2024, the fourth consecutive first half of the year in which auto has seen the greatest exposure. In fact, since surpassing bankcards in H1 2021, auto loan exposure is now double that of bankcard, which is currently at $1.0 billion.
“Fraudsters are increasingly using synthetic identities to accumulate balances, particularly targeting the auto industry,” said Yin. “Unfortunately, this warrants attention to as the market is now facing a rising threat of charge-offs.”
Lender Exposure to Synthetic Identities Continues to Trend Upward, Led by Auto
End of H1 2020
End of H1 2021
End of H1 2022
End of H1 2023
End of H1 2024
Auto Loans
$871M
$869M
$1.3B
$1.8B
$2.0B
Bankcards
$966M
$783M
$951M
$1.1B
$1.0B
Retail Credit Cards
$250M
$183M
$157M
$145M
$121M
Unsecured Personal Loans
$48M
$36M
$57M
$57M
$52M
Totals
$2.1B
$1.9B
$2.4B
$3.0B
$3.2B
Source: TransUnion TruValidate™ data
The percentage of newly-opened accounts connected to synthetic identities has also seen a steady rise since 2020, and in H1 2024 stood at 0.20% of all accounts associated with the four tradelines in the table above. The tradeline with the highest percentage in H1 2024 was bank card, which was at 0.33% for the period, followed closely by auto loans at 0.27%.
Industry Perspective: Online Forums and Dating Sites Most Impacted by Digital Fraud in H1 2024
In H1 2024, the communities industry – which includes web properties like online forums and dating sites – experienced the largest percentage (11.5%) of suspected Digital Fraud globally. This represents a 23% increase over H1 2023. TransUnion’s communities customers reported profile misrepresentation as the most frequent type of fraud they witnessed in H1 2024. Not surprisingly, the communities industry had the highest suspected Digital Fraud rate in seven of the 19 countries and regions analyzed in H1 2024.
In terms of global volume, synthetic identity fraud was the fastest-growing Digital Fraud type across industries from H2 2023 to H1 2024, increasing by 153%. Electronic fund transfers fraud saw the highest YoY growth, up 113% from H1 2023 to H1 2024. However, promotion abuse, which is defined as consumers or fraudsters taking advantage of marketing offers to receive unintended financial incentives, was the most common Digital Fraud type globally in H1 2024, with 3.6% of Digital Fraud reported to TransUnion by its customers.
TransUnion came to its conclusions about Digital Fraud based on intelligence from its identity and fraud product suite that helps secure trust across channels and delivers efficient consumer experiences – TransUnion TruValidate. The rate or percentage of suspected Digital Fraud attempts reflect those that TransUnion customers determined met one of the following conditions: 1) denial in real time due to fraudulent indicators, 2) denial in real time for corporate policy violations, 3) determined to be fraudulent upon customer investigation, or 4) determined to be a corporate policy violation upon customer investigation —compared to all transactions it assessed for fraud.
Download the TransUnion H2 2024 Update to the State of Omnichannel Fraud Report to learn more. Specific country and regional data in the report include the United States, Botswana, Brazil, Canada, Chile, Colombia, the Dominican Republic, Hong Kong, India, Kenya, Mexico, Namibia, the Philippines, Puerto Rico, Rwanda, South Africa, Spain, the United Kingdom and Zambia.
For more information and insights about the global fraud trends, please download the report. Consumers who believe they may be a victim of fraud can find resources and information here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business
Source: Hong Kong Government special administrative region
Reduction of duty on liquor with alcoholic strength of more than 30 per cent Reduction of duty on liquor with alcoholic strength of more than 30 per cent ****************************************************************************
As announced in “The Chief Executive’s 2024 Policy Address”, the Government would reduce the duty on liquor with an alcoholic strength of more than 30 per cent (liquor) by introducing a two-tier system with different duty rates for each tier with effect from today (October 16). Under the new two-tier system, the duty rate for liquor with import price over $200 will be reduced from 100 per cent to 10 per cent for the portion above $200, while the duty rate for the portion of $200 and below as well as liquor with import price of $200 or below will remain at 100 per cent. The new duty rates will only be applicable to liquor of up to one litre. If a larger container is used, the duty payable will be calculated on a “value per litre” basis. A Government spokesman said, “Hong Kong has been adopting a simple ad valorem duty system on liquor since 1994. Given the experience in waiving wine duty in 2008, a reduction of liquor duty should similarly promote high-end liquor trade, thereby giving impetus to the development of other high value-added sectors such as logistics and storage, tourism as well as high-end food and beverage consumption, creating more job opportunities and bringing overall benefits to society. With the introduction of a two-tier system with different duty rates based on value, we believe that the proposal has struck a balance between facilitating the liquor business and guarding public health against binge drinking as a result of the reduction in liquor duty.” The above two-tier system is set out in the proposed resolution to be moved by the Secretary for Commerce and Economic Development pursuant to section 4(2) of the Dutiable Commodities Ordinance (Cap. 109) (the proposed resolution), which forms part of the Public Revenue Protection (Duty on Liquor) Order 2024 (the Order) made by the Chief Executive today to give full force and effect of law to the proposed resolution so long as the Order remains in force. The Order and the proposed resolution have been published in the Gazette today. The Hong Kong Customs and Excise Department has also put up notices at boundary control points and on its websites for travellers and the trade.
Ends/Wednesday, October 16, 2024Issued at HKT 19:56