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Category: Economy

  • MIL-OSI: First American Bank Welcomes Stephen Penney as New Associate Advisor

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Jan. 30, 2025 (GLOBE NEWSWIRE) — First American Bank is excited to announce the addition of Stephen Penney as the newest Associate Advisor to its team, furthering the bank’s efforts to build and grow its wealth management business in Florida. Stephen joins the bank from Deutsche Bank, bringing over 8 years of experience in the financial services industry. His deep expertise in wealth management, combined with a passion for client service, will be invaluable as the bank continues to expand its offerings and deliver personalized financial solutions to clients across the state.

    In his own words, Stephen shared, “I joined First American Bank because of its strong family-owned foundation and commitment to client service. I’m excited to contribute to a growing institution with a clear vision for the future.”

    As an Associate Advisor, Stephen will specialize in wealth planning, helping individuals, families, and businesses achieve their financial goals. He will leverage his extensive experience in financial services to craft tailored strategies that address clients’ unique needs.

    About Stephen Penney
    Stephen Penney is a wealth management professional with over 8 years of experience in the financial sector. Prior to joining First American Bank, Stephen served as a client associate at Deutsche Bank, where he provided exceptional support to top advisors and high-net-worth clients. He also held the role of Investment Specialist on Bank of America’s trade desk. Stephen holds an MBA from the University of Florida, is FINRA licensed, and is actively pursuing the CFA designation.

    Outside of his professional life, Stephen enjoys sailing on Biscayne Bay, learning to play golf, and spending time with friends and family.

    First American Bank investment products are not FDIC insured, not bank guaranteed, and may lose value.

    Contact:
    Teresa Lee
    305-631-6400
    tlee@firstambank.com

    The MIL Network –

    January 31, 2025
  • MIL-OSI Video: President Lagarde presents the latest monetary policy decisions – 30 January 2025

    Source: European Central Bank (video statements)

    Today our Governing Council decided on monetary policy, determining what’s needed to return inflation to our 2% goal in a timely manner.

    Listen to President Christine Lagarde present today’s decisions. The statement also covers:
    • how the economy is performing
    • how we expect prices to develop
    • the risks to the economic outlook
    • the dynamics behind financial and monetary conditions

    Published and recorded during our press conference on 30 January 2025

    Our monetary policy statement at a glance, 30 January 2025 www.ecb.europa.eu/press/press_conf…_january.en.html

    Christine Lagarde, Luis de Guindos: Monetary policy statement, 30 January 2025 www.ecb.europa.eu/press/press_conf…418aa0f4.en.html

    Monetary policy decisions, 30 January 2025 www.ecb.europa.eu/press/pr/date/20…0b29e622.en.html

    Combined monetary policy decisions and statement, 30 January 2025 www.ecb.europa.eu/press/press_conf…fb5af6f3189be827

    European Central Bank
    www.ecb.europa.eu/home/html/index.en.html

    You can also listen on all major podcast platforms.

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

    MIL OSI Video –

    January 31, 2025
  • MIL-OSI USA: Improving Healthcare for Kids with Developmental Disabilities

    Source: US State of New York

    Governor Kathy Hochul and Senator Charles Schumer today announced the opening of The Center for Discovery’s Children’s Specialty Hospital in Rock Hill, New York. This innovative facility is dedicated to supporting children and adolescents with complex disabilities, including autism, through specialized short-term inpatient care. Developed by The Center for Discovery’s (TCFD) multidisciplinary team over the past decade in close partnership with the NYS Office for People With Developmental Disabilities (OPWDD), it introduces a new care model focused on proactive treatments to reduce long-term residential placements.

    “New York State is devoted to improving health outcomes for all children, particularly those with developmental disabilities whose families face challenges in accessing suitable medical care for their child’s needs,” Governor Hochul said. “By bolstering this continuum of care through The Center for Discovery’s Children’s Specialty Hospital, families will spend less time apart and remain connected to their communities following treatment.”

    Senator Charles Schumer said, “The Center for Discovery’s Children’s Specialty Hospital will provide critical life enhancing care to children and teens and be a beacon of hope in Sullivan County for generations to come. The impacts of the discoveries and systems of care made at this facility will stretch far beyond the Hudson Valley to help thousands of kids across America and the world. I was proud to deliver the historic federal investment to jumpstart this new first-of-its-kind hospital paving the way for a healthier future for vulnerable young patients and brighter future for the Hudson Valley, and I deeply appreciate the partnership of Governor Hochul and New York State legislative leaders in making this facility a reality. The Center for Discovery is a pillar of the Sullivan County economy, and this new hospital will create 400+ jobs while expanding the world class care provided here at the Center. Governor Hochul has been a tremendous partner and thanks to our team effort the dream for this facility that started so many years ago is finally a reality.”

    Funding for the Children’s Specialty Hospital project was made possible through a $48 million low-interest loan from the U.S. Department of Agriculture (USDA) Office of Rural Development’s Community Facilities Program, that Senator Schumer a longtime TCFD advocate helped secure, as well as a $4 million investment from New York State’s Empire State Development. The project also received critical support from the Office for People With Developmental Disabilities (OPWDD), the New York State Department of Health (DOH), and the Dormitory Authority of the State of New York (DASNY).

    Under Governor Hochul’s leadership, New York State has made significant strides with this innovative initiative, positioning itself as a national leader in preventive and holistic care for people with developmental disabilities. The launch of this facility reflects Governor Hochul’s dedication to improving the lives of families across New York.

    The Specialty Hospital is designed for children ages five to 21 who meet OPWDD’s eligibility criteria and require medical care, in addition to supporting their developmental disabilities. The Children’s Specialty Hospital will provide inpatient treatment and conduct comprehensive medical, behavioral, and clinical assessments over a maximum of six months. Through a collaborative approach, this program is designed to help children and adolescents thrive at home, in school, and remain integrated in the community.

    New York State Office for People With Developmental Disabilities Acting Commissioner Willow Baer said, “Achieving health equity for people with developmental disabilities is a priority for the Office for People With Developmental Disabilities and ensuring access to complete medical care for children, in an appropriate setting, is a part of that goal. We’re so excited for The Center for Discovery’s new Children’s Specialty Hospital to begin to help New York families and are grateful to our state and federal partners for making this vital resource possible for children and teenagers with complex medical conditions.”

    Designed with both medical and therapeutic needs in mind, the new facility where the Children’s Specialty Hospital is located includes classrooms, a health clinic, sensory rooms, a therapeutic gym for physical and occupational therapies, a café, and a training kitchen. The 15-acre campus also offers outdoor walking trails, healing gardens, and a Food is Medicine® greenhouse, all supporting TCFD’s holistic approach to care.

    After completing short-term treatment at the Hospital, patients will return home with a specialized care plan that includes training for families, caregivers, and school districts. TCFD’s team of experts will continue to support families as they build on the progress made during their child’s stay.

    The Center for Discovery President & CEO Dr.Terry Hamlin said, “The Center for Discovery is deeply committed to supporting children and adolescents in innovative and expanded ways. With the launch of our new Children’s Specialty Hospital, we are thrilled to extend our reach and impact, providing a lifeline to families in search of answers. The children admitted to our hospital face extraordinary challenges. They live with co-occurring medical conditions that make their developmental disabilities profoundly complex to treat. Many of these medical issues are accompanied by pain, which often leads to maladaptive behaviors that further impact their quality of life. Families have long needed a place where their children’s complex needs are understood, and where there is integrated and coordinated care in one place. At The Center for Discovery, we are dedicated to addressing these medical complexities head-on, treating the root causes, and improving outcomes in ways that transform lives.”

    The Children’s Specialty Hospital is poised to establish a new benchmark for specialized care and is projected to make a significant impact both nationally and internationally. This new facility will enhance the range of services available throughout New York State, offering a model of care that has the ability to revolutionize the treatment of children with complex disabilities while providing essential support for families statewide.

    This groundbreaking initiative not only improves the level of care for children with disabilities but also aims to reduce extended hospital stays, enabling them to return home more swiftly.

    Assemblymember Angelo Santabarbara said, “As Chair of the Assembly Committee on People with Disabilities and as a parent of a child with autism who attends The Center for Discovery, I know firsthand the challenges families face in accessing specialized care for children with complex disabilities. The opening of this first-of-its-kind Children’s Specialty Hospital is a monumental step forward for New York, providing critical medical care and much-needed support for families. This innovative model will not only improve health outcomes but also help reduce the need for long-term residential placements. I thank Governor Hochul, Senator Schumer, and all those who made this vision a reality.”

    About The Center for Discovery

    The Center for Discovery (TCFD) is a leading provider of healthcare and education services for more than 1,200 children and adults with complex conditions, medical frailties and autism spectrum disorders, located 90 miles northwest of New York City. Named a Center of Excellence in 2016, TCFD has long been a leader in developing new models of care for individuals with complex conditions. Located on 1,500 acres of land in Sullivan County, TCFD houses school campuses, residences, medical and research facilities, organic and biodynamic farmland, and leased private businesses offering meaningful employment opportunities. Deeply focused on an individual’s personal potential and possibilities, rather than a disability, TCFD strives to create better care and unique and challenging opportunities for the most vulnerable populations. For more information about TCFD, please visit their website.

    For more information about The Children’s Specialty Hospital, please contact Michael Rosen, Executive VP of Development, Marketing, and Strategic Communications, at [email protected].

    MIL OSI USA News –

    January 31, 2025
  • MIL-OSI: ProVen Growth and Income VCT plc: Interim Management Statement

    Source: GlobeNewswire (MIL-OSI)

    ProVen Growth and Income VCT plc
    Interim Management Statement
    for the nine months ended 30 November 2024

    ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.

    Performance

            Unaudited
    30-Nov 2024
    Unaudited
    31-Aug
    2024
    Unaudited
    31 May
    2024
    Audited
    29-Feb
    2024
            Pence Pence Pence Pence
    Net Asset Value per share (“NAV”)       51.7 51.5 54.7 54.7
    Dividends paid since class launch (originally as ‘C’ Shares)*       79.90 79.90 78.40 78.40
    Total Return (NAV plus dividends paid since ‘C’ Share class launch)       131.60 131.40 133.10 133.10

    * Dividends paid represents dividends paid in respect of the Original ‘C’ Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the ‘C’ Share conversion. ‘C’ Shares were converted into Ordinary Shares on a one for one basis in 2009.

    Dividends paid or declared
    On 5 November 2024, the Company announced an Interim dividend for the year ending 28 February 2025 of 1.25p per share. This dividend was paid on 17 January 2025 to Shareholders on the register at 20 December 2024. Payment of this dividend will reduce the NAV per share as shown above to 50.45p and increase dividends paid to date to 81.15p per share.

    Investment portfolio summary at 30 November 2024
    Portfolio summary

      Cost Valuation
    Venture capital investments £’000 £’000
         
    Picasso Labs, Inc. (t/a CreativeX) 4,546                  11,425
    Luxury Promise Limited 6,020                   9,360
    MPB Group Limited 1,194                   6,476
    Gorillini NV (t/a Gorilla) 2,886                   6,464
    Social Value Portal Ltd 2,542                   5,472
    Dash Brands Ltd 3,282                   5,277
    Infinity Reliance Limited (t/a My 1st Years) 2,769                   5,057
    Utilis Israel Ltd (t/a Asterra) 2,144                   4,803
    Papier Ltd 4,703                   4,703
    Lupa Foods Limited 284                   4,585
    Other investments 81,716 60,970
    Total investments 112,086 124,592
         
    Cash and cash equivalents   39,655
    Other net current assets   (2,186)
         
    Net Assets   162,061

    Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

    Investment activity during the three-month period ended 30 November 2024

    Investment additions

    There were no additions made in the quarter to 30 November 2024.

    Investment disposals

     

    Cost

    Market
    value at 1 March 2024

    Disposal
    proceeds

    Gain
    against
    cost
    Realised gain/
    (loss)
    in period
      £’000 £’000 £’000 £’000 £’000
    Lupa Foods Limited (loan repayment) 362 468 468 106 –
    Buckingham Gate Financial Services Limited – 150 155 155 5
      362 618 623 261 5

    Investment activity from 1 December 2024 to the date of this announcement

    In the period from 1 December 2024 to the date of this announcement, a follow on investment was made in Social Value Portal Ltd at cost of £118,000.

    In the period from 1 December 2024 to the date of this announcement, Lupa Foods Limited was fully disposed of, realising £4,574,000 of proceeds for the Company. Commonplace Digital Limited was disposed of for consideration of shares in Zencity Technologies Ltd. 

    Changes to share capital Ordinary
    Shares
    of 1.6187p each
    As at 1 September 2024 315,001,048
    Shares bought back during the 3 months to 30 November 2024 (4,402,488)
    Shares issued during the 3 months to 30 November 2024 3,129,865
    As at 30 November 2024 313,728,425

    In the period from 1 December 2024 to the date of this announcement, 1,797,547 Ordinary Shares were issued on 5 December 2024 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 53.38p, based on the net asset value of 51.5p per Ordinary Share, being the net asset value as at 31 August 2024.

    In the period from 1 December 2024 to the date of this announcement, 1,094,340 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 17 January 2025.

    Offer for Subscription
    ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 6 November 2024 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £30,000,000 (up to £15,000,000 for each Company) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £10,000,000 (up to £5,000,000 for each Company).

    Material events
    Other than the matters described above, there were no material events during the period from 1 September 2024 to 30 November 2024 or in the period from 1 December 2024 to the date of this announcement.

    Further information
    Further information regarding the Company can be found on the Company’s website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.

    Beringea LLP
    Company Secretary
    Telephone 020 7845 7820
    -End

    The MIL Network –

    January 31, 2025
  • MIL-OSI Banking: Calling all small business champions of the circular economy 

    Source: International Chamber of Commerce

    Headline: Calling all small business champions of the circular economy 

    Share this:

    Launched in 2021, the Small Business Champions Initiative celebrates organisations that empower small businesses to participate and succeed in global trade. This year, the organisers – the  International Chamber of Commerce, International Trade Centre and World Trade Organization’s Informal Working Group on Micro-, Small- and Medium-Sized Enterprises, in partnership with United Nations Trade and Development – will recognise concepts and initiatives that help small businesses embrace the circular economy. 

    Along with the recognition, the winners will be invited to Geneva for an award ceremony on 27 June 2025. The International Trade Centre will additionally award each winner US$4,000 prize money to support the development or further scaling of their winning project and issue an award certificate. 

    What are we looking for and who can participate? 

    • Small businesses, enterprises, industry associations, chambers of commerce and non-governmental organisations leading initiatives such as awareness-raising campaigns, competitions, capacity building, training, mentoring and networking programmes related to the circular economy 
    • Small businesses engaged in the circular economy with innovative business concepts that reduce, prevent or repurpose waste 

    All proposals must have a clear link to international trade and include an action plan (see past competitions for reference). 

    Submit your proposal   

    Proposals should be submitted through this form by 28 March 2025. The winning proposals will be jointly selected by representatives from the competition organisers. For additional information, consult this guide. 

    Related publication

    • Sustainability

    Circular economy: Challenges and opportunities for businesses and policymakers

    MIL OSI Global Banks –

    January 31, 2025
  • MIL-OSI United Kingdom: Jail terms for men who ran Kent waste warehouse

    Source: United Kingdom – Executive Government & Departments

    Rubbish later caught fire, disrupting town – Lancashire and Devon men guilty of waste crime

    Fire-ravaged unit at Westwood Business Park in Margate

    Routine complaints about flies in a seaside town unearthed a vast cavern of illegally-stored waste.

    No wonder the flies, as well as rats, were interested. David Weeks and Lee Brookes had built up a massive stockpile of rubbish, neatly packaged in black plastic.

    The Environment Agency prosecuted the pair, resulting in suspended prison sentences totalling 20 months between them for filling a Margate warehouse with the waste.

    It was spring 2017. As the weather warmed up, frustrated residents rang the local council to report swarms of flies close to an anonymous building.

    Officials at Thanet District Council contacted the Environment Agency, which began an investigation. It discovered the illegal storage of thousands of bales of household and construction waste inside the building, unit P, on the Westwood Business Park.

    Baled waste stored inside unit P before the fire.

    A director of Devon-based DW Land Ltd, Weeks signed a one-year lease with the building’s owners at the start of 2017.

    Lorry after lorry dumped waste

    But no sooner was the ink dry on the lease that lorry after lorry began arriving in Margate from across the home counties – a procession of 220 vehicles over three months, offloading 6,000 blocks of waste and placed in the building.

    Totnes businessman Weeks employed Brookes’ firm, OMC Outdoor Maintenance Company, of Whitworth, in Lancashire, to secure and manage unit P. Weeks told the Environment Agency he was the agent for two companies wanting the site for an energy-from-waste plant. 

    Judge Simon Taylor KC heard the waste had left legal sites in Hampshire and Hertfordshire, bound for the Kent coast, to be stored inside the building, but outside the law. Neither Brookes nor Weeks obtained an environmental permit for the storage of waste.

    Risk became reality when building went up in flames

    Matt Higginson, environment manager for the Environment Agency in Kent, said:

    Weeks and Brookes profited financially from payments made to the sites where the waste originated and from its storage in Kent.

    Not getting an environmental permit for the building, avoiding the cost and requirements of getting one, Weeks and Brookes gave themselves an unfair advantage over legitimate waste operators

    A permit for the site would have required a plan to manage the risk of fire. Risk became reality when the building went up in flames. The disruption for local people went on for almost a month.

    This case proves you must use firms authorised to take away your waste. Check the register of waste carriers’ licences on gov.uk.

    Throughout 2017 and 2018, Weeks and Brookes gave the Environment Agency several excuses as to why they couldn’t clear the waste from the building. 

    On 18 September that year, the building caught fire. Kent Fire and Rescue Service fought the blaze for 25 days. At its peak, rubbish burst out of the packaging. Although no cause for the fire has ever been found, roads and businesses had to close, and the disruption led to operations cancelled at the local hospital.

    View of fire-ravaged unit P at Westwood Business Park in Margate.

    It was only a year later, towards the end of 2019, and almost three years after the first delivery of rubbish, what waste survived the fire was finally removed by the battered building’s new owner.

    Weeks and Brookes gave scant assistance to the Environment Agency’s investigation. Even after the fire, the pair kept a very low profile.

    David Weeks, 55, of School Hill, Totnes, Devon, was sentenced to 16 months in prison, suspended for two years. He also to pay £5,000 in costs, and a victim surcharge of £140.

    Judge Taylor also gave Weeks 150 hours unpaid work and 20 hours of rehabilitation activity aimed at preventing him from reoffending. He’ll have to wear an electronic tag to monitor his daytime movements for the next two months. 

    Lee Brookes, of Tonacliffe Way, Whitworth, Lancashire, received a sentence of four months in prison, suspended for a year. He was also given 80 hours of unpaid work and the same 20 hours of rehabilitation programme. The court also ordered the 49-year-old to pay costs of £1,000 and a £115 victim surcharge.   

    At the hearing on 21 January, the court was told Weeks was fined almost £10,000 seven years ago for his part in the management of a site in Plymouth where 13,000 tonnes of wood was stored illegally.   

    The two men pleaded guilty at an earlier hearing to knowing their respective companies, DW Land and OMC Maintenance, ran the waste operation in Margate without an environmental permit between 13 January 2017 and 22 August 2019, against regulation 12 (1)(a) of the Environmental Permitting (England and Wales) Regulations 2016. 

    DW Land Ltd, of Paignton Road, Stoke Gabriel, Totnes, Devon, and OMC Outdoor Maintenance Company Ltd, also of Tonacliffe Way, Whitworth, Lancashire, are no longer trading.

    Contact us: Journalists only –

    0800 141 2743 or communications_se@environment-agency.gov.uk

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    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom –

    January 31, 2025
  • MIL-OSI Global: Rachel Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Go My Media/Shutterstock

    After six months of talking down the economy and warning of tough times ahead, the UK chancellor Rachel Reeves has changed her tune. She is now much more optimistic about Britain’s economic prospects and has announced a raft of measures including major pension reforms designed to unlock cash to boost growth and productivity.

    But Labour’s political problem is that none of her plans will have an immediate impact on the UK’s anaemic growth rate – the economy has virtually flatlined for the last six months. From day one Reeves has put growth at the centre of her plans, and a lack of it will mean tough choices in the spring, when she must spell out government spending plans for the next three years.

    The government is focusing on a wide range of “supply side” reforms, including unleashing pension funds to invest in Britain, as well as relaxing the planning system and building infrastructure – many of which have an uncanny resemblance to measures once proposed by former prime minister Liz Truss.

    At the heart of these plans is a big increase in investment in infrastructure to boost productivity – things like roads, public transport and technology – where Britain lags behind its major rivals.

    But there’s a big catch. The independent spending watchdog, the Office for Budget Responsibility (OBR), estimates that it will take years – or even decades – for infrastructure projects to transform the British economy, with only a 0.1% boost in growth in the near term for every additional 1% on public investment.

    Without other measures that have a more immediate impact, the political risk to Labour is that its pledge to make everyone better off may feel hollow to voters.

    The challenges are particularly acute for big transport projects, as the debacle of HS2 illustrates. Even with changes to the planning system, work on expanding Heathrow airport is unlikely to start before 2030. And major projects like the Lower Thames crossing between Kent and Essex and the Sizewell C nuclear reactor in Suffolk have been in the planning stage for nearly 20 years.

    Electricity supply is another crucial area, with the need for more renewable energy and an expansion of the grid. This will now need to be financed largely by private capital as the government has scaled back its “green new deal”.

    So how exactly will all these big plans be financed? The government is hoping to unleash additional investment from the UK pension fund industry, by changing the rules to allow defined benefit (sometimes called final salary) schemes with surpluses to invest more widely.

    Although there is currently £160 billion available in these schemes, this could change if interest rates fall. It is also not clear how attractive such UK infrastructure investment would even be. Many projects, such as in privatised industries like water and electricity, will at least partly be funded by increased charges to consumers.

    The government’s own spending plans to increase public investment are relatively modest. These plans bring government capital spending (which allows for borrowing under the fiscal rules) just slightly above the historic average.

    Planning reform could also prove problematic. Although the government is changing some of the rules, especially in relation to housebuilding, planning decisions will be still made by local authorities. In many cases these will face strong local opposition, potentially delaying decisions.

    This points to the larger political problem for the government. The changes will not eliminate the tension between the government’s growth and environmental objectives, with the latter potentially a crucial issue in many of the marginal seats won by Labour in the last election.

    Heathrow expansion will put the government’s climate targets in serious jeopardy.
    Dinendra Haria/Shutterstock

    Prime Minister Keir Starmer has described the need to pull out the “weeds” of regulation as vital to growth plans. He has already sacked the head of the key regulatory agency, the Competition and Markets Authority. But allowing more consolidation of British industry could create monopolies, which tend to raise prices, increase profits and neglect investment.

    There are even greater concerns over possible deregulation of the financial sector, which could abolish many of the safeguards established after the global financial crisis in 2008.

    What’s missing?

    The government is much less clear on what it is going to do about the supply of skilled labour than the availability of capital. Shortages of skilled workers could limit progress on these big infrastructure projects if workers are also needed to build housing.

    Government plans for boosting skills training, and the funding for further and higher education, are still works in progress. Meanwhile, limits on immigration will reduce the number of skilled construction workers. And the details of the government’s plan to boost the labour force by getting more people on disability benefit back to work have yet to be spelled out.

    As Labour sets out its long-term growth plan, dark clouds are looming. In particular, in global terms the British economy is one of the most dependent on international trade and investment. But most of its trade is with its two largest trading partners – the EU and the USA.

    Growing protectionism in the US, coupled with a lack of access to EU markets caused by Brexit, could have a significant effect on Britain’s growth. The UK economy is projected by the IMF to grow by just 1.6% this year, which is still weak by historic standards.

    It may be of little consolation to the public if this is higher than in France and Germany. Reeves may well find that’s simply not enough to satisfy the expectations of voters.

    Steve Schifferes does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Rachel Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough – https://theconversation.com/rachel-reeves-route-to-economic-growth-is-a-slow-one-and-there-are-no-guarantees-voters-will-be-patient-enough-248690

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI Security: New Orleans Man Charged with Commodity Exchange Act Violation

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

    NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced today that MICHAEL BRIAN DEPETRILLO, (“DEPETRILLO”), age 43, from New Orleans, was charged, on January 27, 2025, in a bill of information with violating Title 7, United States Code, Section 13(a), the Commodity Exchange Act.

    According to the bill of information, DEPETRILLO was not properly registered as a Commodity Pool Operator (“CPO”) or an Associated Person (“AP”) of a CPO with the United States Commodity Futures Trading Commission (“CFTC”).  DEPETRILLO, through various companies including, Meteor, LLC; NOLA FX Capital Management, LLC; ELC Enterprise Solutions, LLC; and Argosapolis, LLC, acted as a CPO and AP of a CPO and embezzled client funds in violation of federal law.    DEPETRILLO, while acting as an AP of unregistered CPOs, represented to victim investors that their funds would be pooled and invested in the NOLA FX FUND, that would be used to trade foreign currency pairs on a leveraged, margined, or financed basis (“retail forex”).

    DEPETRILLO told investors that pooling their funds would be beneficial to them.  DEPETRILLO further represented to certain investors, that either METEOR or NOLA FX CAPITAL managed the NOLA FX FUND.  In at least one representation, however, DEPETRILLO identified “NOLA FX Capital,” not the NOLA FX FUND, as the pooled investment vehicle.   DEPETRILLO lured investors by claiming he was investing their funds by trading  in the foreign currency exchange, gold futures options, stocks, and cryptocurrency.  Instead of trading as promised, DEPETRILLO misappropriated pool funds.  DEPETRILLO then used these misappropriated pool funds to: (1) make lulling payments to existing pool participants; (2) pay his personal expenses, such as rent, private air travel, and online gambling; and (3) trade  in his personal trading accounts. To conceal DEPETRILLO’s misappropriation, he created and issued fictitious account statements in the names NOLA FX FUND and NOLA FX CAPITAL.  The fictitious account statements purported to show that: (1) DEPETRILLO had traded forex using pool participant funds, and (2) the NOLA FX FUND and NOLA FX CAPITAL had achieved significant trading returns for pool participants because of his profitable forex trading.  In fact, DEPETRILLO never deposited pool participant funds into trading accounts belonging to NOLA FX FUND or NOLA FX CAPITAL, and he never achieved the trading returns represented on the false account statements.  DEPETRILLO also did not set up the forex pool in the manner required by the regulations, did not receive pool participant funds in the name of the forex pool, and commingled pool participant funds with his own funds.  DEPETRILLO took in approximately $9.2 million in investor funds from approximately 60 victim investors during a seven-year period.

    If convicted, DEPETRILLO faces up to ten (10) years imprisonment, up to three (3) years of supervised release, up to a $1,000,000.00 fine, plus the amount of any proceeds, and a mandatory $100 special assessment fee.

    U.S. Attorney Duane A. Evans stated that a bill of information is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

    The case is being investigated by the Federal Bureau of Investigation (“FBI”).  The FBI is seeking information that may help identify potential victims of DEPETRILLO’s fraudulent scheme.  FBI encourages the public to report any information to http://fbi.gov/depetrillovictims.

    The prosecution of this case is being handled by Assistant United States Attorneys Kathryn McHugh of the Financial Crimes Unit and Brian M. Klebba, Chief of the Financial Crimes Unit.

    MIL Security OSI –

    January 31, 2025
  • MIL-OSI United Nations: COP28 SIDE EVENT: Enabling climate action through data, transparency and finance

    Source: United Nations Economic Commission for Europe

    The climate emergency has picked up pace, demanding urgent and robust action. The event focused on key enablers to accelerate climate solutions across sectors and systems, in particular, data, transparency and accountability, triggering better finance. Data is crucial in determining the extent of the effects and impact of climate change, as well as the gaps in and effectiveness of climate action.

    The event spotlighted current advancements in climate data, finance, and transparency, including loss and damage data, modelling applications, and the Enhanced Transparency Framework. It emphasized the need for high-quality statistics and data to support reporting, policymaking, and public awareness. It explored the use of new technologies and transparency frameworks to unlock climate finance.

    See also:

    MIL OSI United Nations News –

    January 31, 2025
  • MIL-OSI United Nations: Special Event: New Green Jobs in the Forest Sector at Las2017

    Source: United Nations Economic Commission for Europe

    At Las2017, the Joint Session of the UNECE Committee on Forests and the Forest Industry (COFFI) and the FAO European Forestry Commission (EFC), which took place from 9 to 13 October 2017, Warsaw, Poland, the UNECE/FAO Team of Specialists (ToS) on Green Jobs in the Forest Sector – ILO/UNECE/FAO/ Joint Expert Network showed the results of their work.

    From the event description: New Green Jobs in the Forest Sector

    The transition to a greener economy offers important opportunities for new green jobs in the forest sector. Considering the worldwide megatrends in society, the natural environment and technology, European forests give a new boost for jobs, growth and investment in urbanized, but specially and most important also in rural areas.

    Download the presentation on Green Forest Jobs, given by Diarmuid McAree.

    Download the flyer of the event.

    Should you have any questions, please contact the Secretariat.

    MIL OSI United Nations News –

    January 31, 2025
  • MIL-OSI United Nations: Marianske Lazne +70: Celebrating 70 years of UNECE/FAO cooperation on forests

    Source: United Nations Economic Commission for Europe

    The Czech Republic hosted the International Conference “Marianske Lazne +70” on 5 to 7 September 2017 to celebrate 70 years of fruitful ECE COFFI and FAO EFC cooperation on forests.

    In May 1947, an International Timber Conference was convened in Marianske Lazne, former Czechoslovakia, to address the situation of forests and timber in post-war Europe, addressing both the future demand for timber and the capacity of forests to supply the necessary wood. New intergovernmental bodies were created to improve cooperation and promote mobilisation of wood on a sustainable basis after the wartime levels of harvest: the UNECE Timber Committee, later renamed the Committee on Forests and the Forest Industry (COFFI), and the FAO European Forestry Commission (EFC). 

    For the last 70 years, these two intergovernmental bodies have been working in close partnership for forests and the forest sector. They were able to adapt to changing circumstances and needs, from a focus on urgent post war reconstruction, to becoming a leader of analysis of the forest sector’s long term outlook and an advocate of a “dynamic forest policy”, a forum for exchange of experience and information, to today’s emphasis on monitoring and advocating sustainable forest management and the forest sector’s contribution to the emerging green economy. Find out more about the history of ECE COFFI and FAO EFC cooperation on forests.

    The report of the meeting is available here and you can read the press release issued on the event here.

    To see the pictures of the event, please click here.

     The final programme can be downloaded here.

    Date     Programme – Overview
    5 Sept. Afternoon: Arrival of participants
    (bus transport from the Vaclav Havel Airport Prague to Marianske Lazne)
    Evening: Welcome Drink
    6 Sept. Morning session: Field trip
    Afternoon session: Roundtable Discussion on Forest Certification in the ECE Region
    Evening: Dinner
    7 Sept. Morning session: Tree planting ceremony; High-level panel on the past and future of the forest sector in the region
    Anniversary Lunch
    Afternoon: Departure of participants

    On Wednesday afternoon, 6 September, a Rountable Discussion on Forest Certification in the ECE Region took place.

    The objective was to provide a platform for forest owners, forest based industries, policymakers, forest certification organizations, NGOs and other stakeholders to discuss the latest trends and developments on forest certification in the ECE region, its future and its complementarity with current legislation, such as the EU Timber Regulation (EUTR) and the US Lacey Act. In particular, the discussion aimed at addressing current issues with certification, including (i) demands of certification schemes, (ii) advantages of certification and disadvantages of non-certification respectively, and (iii) challenges for and interests of various stakeholders; thus bringing together policy and market perspectives. This event offered an opportunity for open discussion, and enhanced the dialogue between different stakeholders.

    Download the full concept note of the Roundtable Discussion on Forest Certification in the ECE Region (as of 31 August).

    Download the introductory presentation on forest certification made by the moderator of the roundtable discussion, Mr Florian Steierer (ECE/FAO Forestry and Timber Section).

    In preparation of the roundtable discussion, a survey had been created to gather information on perceptions of sustainable forest management and on forest certification. The collected information may provide some preparatory insights to the roundtable discussion.

    The survey is still available. To take the survey (15 minutes), please use the following link.

    “Forest certification in the ECE region –are there any limits?”, presented by Florian Steierer.

    “70thanniversary of ECE COFFI and FAO EFC: Celebrating 70 years of regional cooperation on forests”, presented by Ekrem Yazici.

    Presentation given at Stora Enso.

    Historical Forestry Photo Exhibition: Countries shared pictures from the post-war period to nowadays, showing forest workers, forest related meetings, excursions, saw-mills, forest related industries in the UNECE region. This presentation has also been on display at Las2017, the Joint Session of the UNECE Committee on Forests and the Forest Industry (COFFI) and the FAO European Forestry Commission (EFC), which took place in Warsaw, Poland, from 9-13 October 2017.

    Please find the pictures of the event here.

    Should you have any questions or need more information please contact the Secretariat.

    MIL OSI United Nations News –

    January 31, 2025
  • MIL-OSI United Nations: Ninth Joint OECD-UNECE Seminar on SEEA Implementation

    Source: United Nations Economic Commission for Europe

    Categories24-7, English, MIL OSI, United Nations, United Nations Economic Commission for Europe

    Post navigation

    Report PDF
    Programme  PDF
    Get to know the speakers PDF
    Concept note PDF
    Link to the Guidelines for Measuring Circular Economy  
    Session 1: Opening & Setting the Scene 
     
    Updates on related work from OECD PDF
    London Group on Environmental Accounting Update PDF
    SEEA-related activities in Asia and the Pacific, ESCAP PDF
    Relevant outcomes from UN Statistical Commission, and work of UNCEEA PDF
    Online inventory of thematic and extended accounts, UNECE PDF
    Session 2: Utilising SEEA for Measuring Circular Economy
     
    2a: Introduction, information needs, existing measurement frameworks and their links with SEEA
     
    The concept of a Circular Economy and the most important measurement points, University of Exeter PDF
    Circular Economy in EU policy, European Commission, DG Environment PDF
    CES Guidelines for Measuring Circular Economy, Finland PDF
    Circular material use rate indicator: how it is calculated, results and interpretation, Eurostat PDF
    2e: Waste Accounts for measuring circularity
    The difficulty of finding circularity in solid waste accounts, Luxembourg PDF
    Limitations of SEEA waste accounts: conceptual, data collection and experiences from policy use, Australia PDF
    Experimental study: Using waste accounts for measuring plastic flows in the EU economy, Eurostat PDF
    2c: New developments and utilising EGSS for measuring jobs, goods and services related to circular-economy
     
    Conceptual framework pillar “socio-economic opportunities of a circular economy”: main indicators, UNECE PDF
    Updating of related classifications-Classification of environmental purposes (CEP), Eurostat PDF
    Using EGSS data for measuring circular economy, France     PDF
    Comparison of EGSS and structural business statistics data on measuring circular economy, Finland PDF
    2d: Measuring flows of biomass and bio-based material in a circular economy
     
    The concept of a Circular Economy and some key agenda for biological materials, University of Exeter PDF
    The sustainable and circular bioeconomy in the EU, European Commission PDF
    Costa Rica: Use of environmental accounts for policy making on circular economy and bioeconomy PDF
    Measuring stocks in the urban mine to monitor circular economy with SEEA, The Netherlands PDF
    2b: Utilising SEEA for measuring physical flows of plastics
     
    Policy development and the development of a statistical guideline on measuring flows of plastic along the lifecycle, UNEP PDF
    Measuring plastic flows with Plastic-KEYs, UNITAR PDF
    What statistics tell us about international trade of plastics? UNCTAD PDF
    Statistics Canada’s Physical Flow Account for Plastic Material PDF
    The use of SEEA – material flow accounts for deriving circular economy indicators, North Macedonia PDF
    Session 3: Informing climate-change-adaptation and response policies with SEEA
     
    3a: Introduction, information needs, existing measurement frameworks and their links with SEEA
    Climate change adaptation policies and SEEA-related information demands, OECD PDF
    Disaster-related statistics and the linkages to SEEA, ESCAP PDF
    Role of NSOs in Achieving National Climate Objectives, UNECE PDF
    3b: Climate change expenditures 
     
    Update on the revision of the Classification of Functions of Government (COFOG), UNSD PDF
    An integrated Approach to the classification of public environmental expenditure, OECD PDF
    G20 Data Gaps Initiative, IMF PDF
    Climate mitigation investments, The Netherlands PDF
    Climate Change Mitigation and Adaptation Expenditures in the Economy: Towards an Operational Definition, United States PDF
    Environmental expenditures account and its application in the Republic of Kazakhstan

    ENG

    RUS

    3c: Measuring ecosystem condition, degradation and loss of ecosystem services
     
    Ecosystem services accounts: from the operational platform (INCA) to their economic bridging (LISBETH), Joint Research Centre  PDF
    The role of the SEEA in the Kunming-Montreal Global Biodiversity Framework (GBF), UNSD PDF
    Ecosystem condition accounting in Statistics Lithuania PDF
    Working with blue carbon ecosystem accounts: value of coastal ecosystems in alleviating impacts of climate change, Australia PDF
    Implementation of Environmental Accounts in Ukraine – results and challenges. Estimation of damages caused by war PDF
    Session 4: Conclusions & Recommendations
     
    Draft conclusions and recommendations  PDF

    MIL OSI United Nations News –

    January 31, 2025
  • MIL-OSI United Nations: Workshop on Financial Accounts | UNECE

    Source: United Nations Economic Commission for Europe

    Categories24-7, English, MIL OSI, United Nations, United Nations Economic Commission for Europe

    Post navigation

    Agenda   PDF PDF
    Report   PDF PDF
    Session 1: Recapitulation from the previous workshop
    Session 1: Video recording   Part 1, Part 2 Part 1, Part 2
    Consistency and Balancing (IMF)   PDF PDF
       Practical exercise, including solutions   EXCEL EXCEL
    Financial account in Kazakhstan   PDF PDF
    Financial accounts in Kyrgyzstan    PDF PDF
    Session 2: Financial accounts and monetary data      
    Session 2: Video recording   Video Video
    Monetary aggregates and financial accounts (Eurostat)   PDF PDF
    Monetary aggregates and financial accounts. Responses to the exercise (Eurostat)   PDF PDF
    Session 3: Whom-to-whom matrices      
    Session 3: Video recording   Part 1, Part 2 Part 1, Part 2
    Who-to-whom matrices (ECB)   PDF PDF
    Compiling the who-to-whom matrix for Belgium   PDF PDF
    Session 4: Issues related to financial corporations      
    Session 4: Video recording   Part 1, Part 2 Part 1, Part 2
    Compiling financial corporations sub-sectors (ECB)   PDF PDF
    Automation of the preparation process of financial corporations statistics with Python (Türkiye)   PDF PDF
    Financial corporations and interest rates, sectors’ sensitivity to interest rates, FISIM (Eurostat)   PDF PDF
    Financial corporations and interest rates. Interest rates – practical exercise, including solutions   PDF PDF
    Sessions 5: Issues related to non-financial corporations and household sectors      
    Session 5: Video recording   Part 1, Part 2, Part 3 Part 1, Part 2, Part 3
    Analysing non-financial corporate and household sectors issues using institutional sector accounts (IMF)   PDF PDF
    Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB exercise   EXCEL EXCEL
    Analysing non-financial corporate and household sectors issues using institutional sector accounts. (IMF) OFVB solution   EXCEL EXCEL
    Financial Accounts of the Household Sector: Sources, Compilation and some Results (Netherlands)   PDF PDF
    Compilation and utilisation of the financial account of the household sector (Indonesia)    PDF PDF
    Session 6: Conclusions and future work      
    Conclusions and way forward   PDF PDF
    Session 6: Video recording   Video Video

    MIL OSI United Nations News –

    January 31, 2025
  • MIL-OSI: From Davos to reality: $1B partnership begins with $220M Lumia Towers by SEN

    Source: GlobeNewswire (MIL-OSI)

    DAVOS, Switzerland, Jan. 30, 2025 (GLOBE NEWSWIRE) — Lumia Foundation and SEN Group have officially commenced construction and tokenization of the highly anticipated Lumia Towers by SEN, the first project under their landmark $1 billion real estate tokenization agreement. Valued at $220 million, the twin towers will redefine modern urban living by integrating luxurious residential spaces with Turkey’s first dedicated crypto hub.

    Located in Istanbul, Turkey, the Lumia Towers by SEN project symbolizes a powerful collaboration between Lumia Foundation, created by US-based visionaries Kal and Yanush Ali, and Turkey’s SEN Group, a leader in sustainable and earthquake-resistant real estate development.

    A vision introduced in Davos

    At the World Economic Forum in Davos, Lumia Foundation’s co-founder Yanush Ali, Chief Blockchain Architect Deniz Dalkilic, and Chief Product Officer Diego Grassano, presented the Lumia Towers by SEN project and the broader tokenization initiative. Their series of presentations, hosted by Webit, CVLabs, and Blue Hat Founders, emphasized how blockchain technology can revolutionize real estate markets and empower global investors.

    “This is our debut at Davos, and we’re honored to be here at the invitation of our partner Binance, who has been instrumental in supporting Lumia as the only full-cycle RWA blockchain,” said Yanush Ali, co-founder of Lumia Foundation. “Events like these define global industry trends, and asset tokenization is poised to become a major focus for 2025. That’s why we chose the World Economic Forum as the stage to announce our groundbreaking $220 million twin skyscraper project in Istanbul. This development isn’t just a milestone for us—it’s a statement. We’re tokenizing the entire project, creating Turkey’s first Crypto hub, and setting a new standard for innovation in real estate and blockchain technology.”

    Diego Grassano, reflecting on the project’s innovation, remarked:
    “With Lumia Towers, we are not just building structures; we are building opportunities. Tokenization allows anyone, anywhere, to become a part of something extraordinary.”

    Deniz Dalkilic highlighted the blockchain aspect:
    “Our mission is to create a seamless bridge between Real World Assets and DeFi ecosystems. Lumia Towers is just the beginning of what blockchain can achieve in transforming industries.”

    Empowering small investors
    By tokenizing real estate properties, Lumia Foundation aims to democratize access to high-value investments. Traditional real estate investments often require significant capital, making them inaccessible to smaller investors. However, with the Lumia Towers by SEN project, token ownership begins at just $1, enabling investors worldwide to participate.

    This innovation aligns with the growing trend of Real World Assets (RWA), a market projected to reach $10 trillion by 2030. Lumia Foundation’s efforts are further amplified by its collaboration with Binance, with the two organizations sponsoring Webit, a leading technology and innovation event.

    A milestone for blockchain and real estate
    The $1 billion framework agreement between Lumia and SEN Group is a testament to the potential of combining blockchain with real estate development. The construction of Lumia Towers by SEN is not just a step forward for the partnership but a significant contribution to Turkey’s economic growth and global leadership in blockchain innovation.

    “This partnership represents the perfect synergy of cutting-edge technology and real-world application,” said Kal Ali, co-founder of Lumia Foundation. “Turkey has enormous potential to set new standards in innovation, and we are proud to be a part of this transformative journey.”

    About Lumia Foundation
    Lumia Foundation is a next-generation blockchain platform focused on tokenizing Real World Assets and integrating them into the DeFi and Web3 ecosystems. Created by US-based visionaries Kal and Yanush Ali, Lumia combines innovative technology with a vision for financial inclusion.

    About SEN Group
    SEN Group is a Turkish real estate developer specializing in sustainable and earthquake-resistant housing. Known for its innovative construction techniques, the company is committed to advancing Turkey’s urban landscape with cutting-edge technologies

    Media Contact

    Lumia Foundation
    Furkan Karasaç
    Founder of SEN Grup
    hadiye.taskin@sengrup.com

    SEN Group
    Kal Ali
    Lumia Founder
    egor@lumia.org

    Disclaimer: This content is provided by Lumia Foundation. 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.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/82643737-1950-446d-90ea-e7fd9502c176

    https://www.globenewswire.com/NewsRoom/AttachmentNg/04512c52-dd57-4c95-864a-a0556b17f6fd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8b0fbd82-1287-4501-ad51-a4fb513c0fb4

    The MIL Network –

    January 31, 2025
  • MIL-OSI: ProVen VCT plc: Interim Management Statement

    Source: GlobeNewswire (MIL-OSI)

    ProVen VCT plc
    Interim Management Statement
    for the nine months ended 30 November 2024

    ProVen VCT plc (the “Company”) presents an Interim Management Statement for the nine-month period ended 30 November 2024. The statement also includes relevant financial information between the end of the period and the date of this announcement.

    Performance

            Unaudited
    30-Nov 2024
    Unaudited
    31-Aug
    2024
    Unaudited
    31 May
    2024
    Audited
    29-Feb
    2024
            Pence Pence Pence Pence
    Net Asset Value per share (“NAV”)       64.0 62.9 65.6 65.2
    Dividends paid up to date*       86.00 86.00 84.25 84.25
    Total Return (NAV plus dividends paid since 10p Share consolidation)       150.00 148.90 149.85 149.45

    *Dividends paid represent dividends paid since the consolidation of 5p Ordinary Shares into 10p Ordinary Shares in October 2012. Prior to this date, the Company paid dividends totalling 113.95p on the 5p Ordinary Shares.

    Dividends paid or declared
    On 5 November 2024, the Company announced an Interim dividend for the year ending 28 February 2025 of 1.5p per share. This dividend was paid on 17 January 2025 to Shareholders on the register at 20 December 2024. Payment of this dividend will reduce the NAV per share as shown above to 62.5p and increase dividends paid to date to 87.5p per share.

    Investment portfolio summary at 30 November 2024
    Portfolio summary

      Cost Valuation
    Venture capital investments £’000 £’000
         
    MPB Group Limited 1,684 10,230
    Gorillini NV (t/a Gorilla) 4,624 9,074
    Luxury Promise Limited 5,680 8,928
    Infinity Reliance Limited (t/a My 1st Years) 4,731 7,440
    Picasso Labs, Inc. (t/a CreativeX 2,729 5,706
    Access Systems, Inc. (t/a AccessPay) 3,737 5,661
    Social Value Portal Ltd 2,458 5,351
    Farmer J Limited 3,670 5,314
    Lupa Foods Limited 309 4,925
    Moonshot CVE Ltd 2,298 4,680
    Other Venture Capital investments 83,269 63,099
    Total Venture Capital investments 115,189 130,408
         
    Cash and cash equivalents   43,438
    Other net current assets   (1,799)
         
    Net Assets   172,047

    Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines.

    Investment activity during the three-month period ended 30 November 2024

    Investment additions

    There were no additions made in the quarter to 30 November 2024.

    Investment disposals

     

    Cost

    Market
    value at 1 March 2024

    Disposal
    proceeds

    Gain
    against
    cost
    Realised gain/
    (loss)
    in period
      £’000 £’000 £’000 £’000 £’000
    Lupa Foods Limited (loan repayment) 385 502 502 117 –
    Buckingham Gate Financial Services Limited – 57 59 59 2
      385 559 561 176 2

    Investment activity from 1 December 2024 to the date of this announcement

    In the period from 1 December 2024 to the date of this announcement, a follow on investment was made in Social Value Portal Ltd at cost of £132,000. 

    In the period from 1 December 2024 to the date of this announcement, Lupa Foods Limited was fully disposed of, realising £4,914,000 of proceeds for the Company. Commonplace Digital Limited was disposed of for consideration of shares in Zencity Technologies Ltd.

    Changes to share capital Ordinary
    Shares
    of 10p each
    As at 1 September 2024 268,709,951
    Shares bought back during the 3 months to 30 November 2024 (3,030,427)
    Shares issued during the 3 months to 30 November 2024 3,343,547
    As at 30 November 2024 269,023,071

    In the period from 1 December 2024 to the date of this announcement, 1,930,047 Ordinary Shares were issued on 5 December 2024 pursuant to the offer for subscription that opened on 6 November 2024 and were allotted at an average price of 65.03p, based on the net asset value of 62.9p per Ordinary Share, being the net asset value as at 31 August 2024.

    In the period from 1 December 2024 to the date of this announcement, 1,103,805 Ordinary Shares were issued under the Company’s Dividend Reinvestment Scheme (“DRIS”) in relation to the dividend paid on 17 January 2025.

    Offer for Subscription
    ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) announced on 6 November 2024 that they had published a Prospectus (comprising Securities Note, Registration Document and Summary) in respect of a combined offer for subscription to raise up to £30,000,000 (up to £15,000,000 for each Company) by way of an issue of new ordinary shares in the Companies, with an over-allotment facility of up to a further £10,000,000 (up to £5,000,000 for each Company).

    Material events
    Other than the matters described above, there were no material events during the period from 1 September 2024 to 30 November 2024 or in the period from 1 December 2024 to the date of this announcement.

    Further information
    Further information regarding the Company can be found on the Company’s website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820.

    Beringea LLP
    Company Secretary
    Telephone 020 7845 7820
    -End

    The MIL Network –

    January 31, 2025
  • MIL-OSI United Kingdom: TUV meet American Consul to Northern Ireland

    Source: Traditional Unionist Voice – Northern Ireland

    Jim Allister KC MP, Timothy Gaston MLA and Dr Dan Boucher from the TUV met the American Consul General James Applegate and Political-Economic Chief Dori Winter to Northern Ireland on Thursday 30 January in Ballymena.

    Mr Allister said:

    “We were delighted to meet the Consul and Deputy Consul.

    “Having expressed our condolences following the tragic events in Washington DC overnight, we talked about both the constitutional and economic implications of the Irish Sea border and particularly its implications for the United Kingdom’s relationship with the United States and its implications on a possible UK-US trade deal.

    “Constitutionally, we impressed upon our friends the impact of what has been the biggest reversal in democracy in the western world, with the disenfranchisement of the people of Northern Ireland in 300 areas of law, and our subjection to the law of a foreign Parliament that we don’t make and cannot change, and the consequences of the European Union’s attendant intervention to undermine cross community consent at Stormont.

    “Economically, we explained  how the dependence of Northern Ireland, as a fully integrated part of the UK economy, on receipt of economic inputs from Great Britain, means that rather that providing us with the best of both worlds, the Irish Sea border is undermining and damaging those parts of the Northern Ireland economy that sit beyond the service sector, (to which the Protocol does not apply), especially manufacturing.

    “We also reflected on the forthcoming 250th anniversary of the American Declaration of Independence on 4th July 2026 and on the critical role played by Ulster Scots from Northern Ireland in laying the foundation for the United States.”

    MIL OSI United Kingdom –

    January 31, 2025
  • MIL-OSI Africa: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

    Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

    Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

    Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

    These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.


    Read more: Nigeria’s plastic ban: why it’s good and how it can work


    In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

    Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

    This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

    I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

    Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

    The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

    Understanding these influences might help the government to target policies.


    Read more: Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis


    Education level and information

    Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

    Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

    Parenthood, family size and financial obligations

    Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

    However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

    Religion and cultural norms

    Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

    These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

    Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

    Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

    These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.


    Read more: Informal waste management in Lagos is big business: policies need to support the trade


    Gender dynamics

    Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

    As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

    This would empower women and make waste collection a more inclusive and sustainable business.

    Age and desire to be an entrepreneur

    Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

    This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

    Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

    Economic and social factors

    Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

    Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

    Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.


    Read more: Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling


    Looking ahead

    The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

    Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

    Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

    Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

    – Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation
    – https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

    MIL OSI Africa –

    January 31, 2025
  • MIL-OSI Economics: SheTalks – A Solutions Lab on Improving Access to Finance for Caribbean Women Entrepreneurs

    Source: Caribbean Development Bank

    Join us for our third SheTalks! Learn about our flagship study on Access to Finance for Caribbean Women Entrepreneurs, hear practical guidance from finance industry experts, and share your valuable insights on how the Hub can help women owned and led businesses to unlock capital and investment opportunities. 

    Join the SheTrades Caribbean Hub and Register for this event. 

    Under the theme Risky Business, this session takes a practical deep dive into access to finance facilitated by the SME Team of the JMMB Group Limited, one of the region’s innovative financiers. The JMMB’s team of Commercial Bankers will lead this conversation providing practical insights into their key considerations when designing and deploying financial solutions, services and products to women led businesses.

    Event Format:

    • Opening Remarks
    • Panel Discussion
    • Q&A Segment
    • SheTrades Entrepreneur Spotlight
    • Closing Remarks

    MIL OSI Economics –

    January 31, 2025
  • MIL-OSI Global: The growing influence of Israel’s ultranationalist settler movement

    Source: The Conversation – UK – By Leonie Fleischmann, Senior Lecturer in International Politics, City St George’s, University of London

    Days after taking office, as he issued executive order after executive order to change the political face of America, Donald Trump also turned his attention to the war in Gaza.

    His proposal that Gaza should be cleared out and Palestinians should be relocated to other countries such as Egypt and Jordan has been met with outraged disbelief in many quarters. The Arab League has accused him of advocating ethnic cleansing.

    But Trump’s statement has met with approval from far-right leaders in Israel. Influential politicians have been advocating for this “solution” for years. These include finance minister and leader of the Religious Zionist party, Bezalel Smotrich and his ideological ally Itamar Ben Gvir, leader of the Otzma Yehudit (Jewish Strength) party and former national security minister.

    Smotrich responded to Trump’s utterance with the declaration that he aimed to turn the idea into an actionable policy. Ben Gvir, who resigned his ministerial position recently in response to the Israeli acceptance of the latest ceasefire deal, claimed that the evacuation of Gazans was the most “humanitarian answer” to the crisis and the only way to ensure peace and security for both Israelis and Palestinians.

    The pair – and their followers in Israel – share an anti-Arab ideology and a messianic belief in the Jewish people’s right to what they call “Greater Israel”. This would be a Jewish state which would also include the West Bank, which they referred to as “Judea and Samaria”, as well as Gaza and part of Jordan, Lebanon, Egypt, Syria, Iraq and Saudi Arabia.

    They have repeatedly called for Israel to use the war as an opportunity to reoccupy Gaza.

    These leaders enjoy a degree of influence due to the amount of media attention they receive. But it would be a mistake to assume they represent the majority of Israelis.

    Data collected in 2024 by the Pew Research Center found that 45% and 41% of Israelis expressed very unfavourable views of Ben-Gvir and Smotrich, respectively. In the 2022 elections, as the combined Religious Zionist party, they won just 10.84% of the vote.

    Meanwhile, the Israel Democracy Institute found that a majority of Israelis (57.5%) support a comprehensive deal for the release of all the hostages in return for an end to the war in Gaza.

    And yet Israel’s ultranationalists have been able to take advantage of the changing political landscape in Israel over the past few decades and the fragile multiparty system to wield disproportionate power over a government that has depended on their support to stay afloat.

    Israel’s rightwards shift

    During the 1990s, there was significant support in Israeli society for the Oslo peace process towards a two-state solution to the Israeli-Palestinian conflict. This culminated in the historic handshake between the then Israeli prime minister, Yitzhak Rabin, and the Palestine Liberation Organisation chairman, Yasser Arafat, on the White House lawn in 1993.

    While support for the peace process reached a high of 72% in Israel in 1995 when Oslo II was signed, right-wing factions attempted to derail the agreements. Rabin was assassinated in November 1995 by Yigal Amir, an extremist Israeli Jew, who did not want to see the realisation of a Palestinian state.

    The collapse of the Camp David talks in 2000, which then prime minister Ehud Barak blamed on Arafat, was followed in short order by the outbreak of the second intifada. The idea that there was “no partner for peace on the Palestinian side” became a mantra for Israeli voters, who looked to those who could guarantee their security.

    Benjamin Netanyahu, who had been prime minister from 1996 to 1999, returned to power in 2009, with the image of “Mr Security”.

    Netanyahu is now Israel’s longest serving prime minister. His masterful manipulation of the fragile political system in Israel has accounted for his longevity in power.

    But it has also enabled a gradual shift towards the most right-wing coalition in Israel’s history. Part of that has been the Religious Zionist camp.

    Biblical promise

    The Religious Zionists originally formed a small minority of the broader Zionist movement in the years preceding the declaration of the State of Israel. Religious Zionists combine faith and nationalism. Their core belief is that the Jewish people have the God-given right to settle the whole of Greater Israel.

    The West Bank in particular, but also the Gaza Strip, were the sites of many key events in biblical times and the home of a number of Israelite kingdoms. In the Bible, God promises this land to the descendants of Abraham – the Jewish people. Religious Zionists have chosen to take this literally.

    Having failed to wield power through the parliament in the early days of statehood, the Religious Zionists sought to realise their ideology through extra-parliamentary activity. This meant establishing settlements with a view to change facts on the ground. In the aftermath of the 1967 war, the main focus of settlement building was national security, rather than religious nationalist ideology.

    But ideology has always been a key factor for those who live in the settlements in the West Bank today – and those who vow to return to Gaza. The movement has been successful by establishing outposts and settlements in the West Bank and in getting “their people” into government.

    The Religious Zionist camp is broad and heterogeneous, and according to recent polls now represents 22% of the Jewish population in Israel. The party’s position in holding the balance of power in the Israeli parliament, or Knesset, since the election in 2022, has enabled them to gradually wield greater influence on Israeli policy both in the West Bank and the war in Gaza.

    Meanwhile many of their supporters have formed settler groups, who use violence to destabilise and displace Palestinian families living in the West Bank.

    And now the US president has not only backed one of their dearest dreams, to clear Palestinians from Gaza, he has removed the Biden-era sanctions on several of the most aggressive settler groups. So the recent news that Netanyahu will be the first foreign leader to visit the White House next week feels particularly ominous for the fate of the Palestinian people.

    Leonie Fleischmann does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The growing influence of Israel’s ultranationalist settler movement – https://theconversation.com/the-growing-influence-of-israels-ultranationalist-settler-movement-248568

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI Canada: Award-winning exhibition “Money in 10 Questions: Kids Edition” hits the road across Canada

    Source: Bank of Canada

    The Bank of Canada Museum is thrilled to announce the nationwide tour of its award-winning travelling exhibition, Money in 10 Questions: Kids Edition, kicking off at the Lloydminster Museum + Archives from January 31 to April 27, 2025.

    This engaging, play-based exhibition, designed to inspire young minds and families, recently earned an Award of Excellence from Interpretation Canada.

    In developing the exhibition, the Museum asked young Canadians a simple question: What do you want to know about money? More than 800 questions flooded in from across the country. The questions were thoughtful and complex, while some were just plain fun.  The exhibition is built around 10 of these questions, such as “Why do you have to work for money?” and “Can money be dinosaur bones?” to help kids build a strong foundation for managing their financial futures.

    Highlights of the exhibition experience include: 

    • Can you save a million dollars? Learn about the magic of compound interest.
    • Discover some surprising forms of money. Touch them; some of them are furry.
    • Meet a kid entrepreneur and find ways to make your own money.

    The Lloydminster Museum + Archives marks the first stop on a three-year journey that will bring Money in 10 Questions: Kids Edition to communities across Canada.

    For more information on the exhibition or its tour schedule, visit the Travelling Exhibitions page.

    MIL OSI Canada News –

    January 31, 2025
  • MIL-OSI Global: Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation

    Source: The Conversation – Africa – By Solaja Mayowa Oludele, Lecturing, Olabisi Onabanjo University

    Plastic waste in Nigeria presents a dual challenge: cleaning up environmental pollution, and tapping into its economic potential.

    Many countries worldwide face similar challenges. India, for one, has chosen policies that give producers of plastic the responsibility to manage their waste. Rwanda has banned single-use plastic and promoted recycling initiatives led by communities.

    These approaches show it’s possible to address plastic waste issues while fostering economic opportunities.




    Read more:
    Nigeria’s plastic ban: why it’s good and how it can work


    In Nigeria, informal collectors of plastic bottle waste are central to achieving both of these goals. They turn waste into monetary value.

    Previous research has highlighted the environmental and economic benefits of collecting plastic bottle waste. There’s been less attention on what shapes perceptions of waste collection as a business, particularly in Nigeria.

    This article explores that gap, looking at the socio-cultural, economic and environmental influences on those perceptions.

    I am a researcher in the areas of plastic waste management, environmental governance and sustainable development. My work includes studying homes made from recycled plastic bottles in sustainable community-based housing projects.

    Here I’ll be drawing from an exploratory survey conducted in the Ijebu area of Ogun State, Nigeria. Using a questionnaire, we surveyed 86 participants who had at least five years of experience in the plastic waste industry.

    The study identified factors like education, family size, religion, gender, age, and economic dynamics as relevant to participation in the business of plastic bottle waste collection.

    Understanding these influences might help the government to target policies.




    Read more:
    Nigeria is the world’s 2nd biggest plastic polluter: expert insights into the crisis


    Education level and information

    Our study found that participants with higher education levels better understood the economic benefits of plastic waste collection as a systematic form of business. The less educated participants viewed waste collection more as a hand-to-mouth way of earning a living.

    Education programmes built into waste management campaigns could improve recognition of waste collection as a structured and profitable business opportunity and develop a business-like culture among the collectors.

    Parenthood, family size and financial obligations

    Family size was a factor affecting perceptions of plastic bottle waste collection as a business. People with large families saw waste collection as a feasible way to provide food, housing, education and other essentials.

    However, the association of waste collection with income instability highlights the need to formalise and stabilise the sector. Waste collection must be made into a sustainable and reliable business model.

    Religion and cultural norms

    Religion and cultural beliefs emerged as influences from our survey. This was evident in the responses of people who followed African traditional religions and Islam.

    These respondents viewed waste collection as financially feasible, aligning with religious teachings that emphasise resource management and stewardship. For example, Islamic teachings on israf (avoiding wastefulness) and zakat (charity) promote efficient resource use and economic activities that benefit communities.

    Similarly, African traditional religion often emphasises communal responsibility and the sustainable use of resources. These religious principles underscore the cultural acceptance of waste collection as both a practical and a morally guided economic activity.

    Other cultural norms, such as the value placed on communal responsibility and cooperation, also influenced attitudes towards waste collection. In communities with a strong tradition of collective action, where unity and mutual support are highly valued, waste collection is often viewed as a collaborative effort.

    These cultural norms reinforce the idea that waste collection is not just an individual task, but a collective duty that benefits the entire community.




    Read more:
    Informal waste management in Lagos is big business: policies need to support the trade


    Gender dynamics

    Gender plays a role in perception and practice in waste collection. Our survey found that male participants were more likely than female participants to perceive this activity as a business.

    As constrained as they are by lack of access to resources, women are involved in separating and marketing reusable items. Measures like microfinance could increase women’s engagement and business opportunities.

    This would empower women and make waste collection a more inclusive and sustainable business.

    Age and desire to be an entrepreneur

    Perceptions were influenced by age in our study. Younger individuals, up to 14 years old, viewed plastic bottle waste collection as a gateway to employment. Adults aged 33-38 used their experience to get better returns on the business.

    This age-based distinction suggests that different stages of life bring unique motivations and approaches to waste collection.

    Policy actions that support entrepreneurship at various life stages can promote long-term engagement in the industry. This will help formalise waste collection as a sustainable and profitable business.

    Economic and social factors

    Income opportunities affected participants’ experiences more than social factors. Oftentimes, this determined how long they stayed in the business. Those earning more were likelier to reinvest and grow, while lower earnings often led to disengagement or exit. This highlights the importance of financial incentives in shaping waste collection practices.

    Social connections also play a role in fostering collaboration. It facilitates teamwork and the exchange of ideas, and creates a sense of shared purpose and collective outcomes among participants.

    Strengthening these economic and social bonds can formalise plastic bottle waste collection, making it a more efficient and profitable business.




    Read more:
    Waste disposal in Nigeria is a mess: how Lagos can take the lead in sorting and recycling


    Looking ahead

    The study has significant application to Nigeria’s waste management industry. Adding education programmes into waste management programmes will improve people’s business skills.

    Well-coordinated intervention strategies can remove cultural and gender-specific barriers. For instance, cooperatives and microfinance may make waste collection more financially appealing.

    Strategies can also draw on cultural norms to increase community acceptance of waste collection and make it more inclusive.

    Samuel Oludare Awobona, a doctoral student at Osun State University, Osogbo, Nigeria, contributed to this research.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Nigeria’s plastic bottle collectors turn waste into wealth: survey sheds light on their motivation – https://theconversation.com/nigerias-plastic-bottle-collectors-turn-waste-into-wealth-survey-sheds-light-on-their-motivation-247819

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI Global: Rachael Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Go My Media/Shutterstock

    After six months of talking down the economy and warning of tough times ahead, the UK chancellor Rachel Reeves has changed her tune. She is now much more optimistic about Britain’s economic prospects and has announced a raft of measures including major pension reforms designed to unlock cash to boost growth and productivity.

    But Labour’s political problem is that none of her plans will have an immediate impact on the UK’s anaemic growth rate – the economy has virtually flatlined for the last six months. From day one Reeves has put growth at the centre of her plans, and a lack of it will mean tough choices in the spring, when she must spell out government spending plans for the next three years.

    The government is focusing on a wide range of “supply side” reforms, including unleashing pension funds to invest in Britain, as well as relaxing the planning system and building infrastructure – many of which have an uncanny resemblance to measures once proposed by former prime minister Liz Truss.

    At the heart of these plans is a big increase in investment in infrastructure to boost productivity – things like roads, public transport and technology – where Britain lags behind its major rivals.

    But there’s a big catch. The independent spending watchdog, the Office for Budget Responsibility (OBR), estimates that it will take years – or even decades – for infrastructure projects to transform the British economy, with only a 0.1% boost in growth in the near term for every additional 1% on public investment.

    Without other measures that have a more immediate impact, the political risk to Labour is that its pledge to make everyone better off may feel hollow to voters.

    The challenges are particularly acute for big transport projects, as the debacle of HS2 illustrates. Even with changes to the planning system, work on expanding Heathrow airport is unlikely to start before 2030. And major projects like the Lower Thames crossing between Kent and Essex and the Sizewell C nuclear reactor in Suffolk have been in the planning stage for nearly 20 years.

    Electricity supply is another crucial area, with the need for more renewable energy and an expansion of the grid. This will now need to be financed largely by private capital as the government has scaled back its “green new deal”.

    So how exactly will all these big plans be financed? The government is hoping to unleash additional investment from the UK pension fund industry, by changing the rules to allow defined benefit (sometimes called final salary) schemes with surpluses to invest more widely.

    Although there is currently £160 billion available in these schemes, this could change if interest rates fall. It is also not clear how attractive such UK infrastructure investment would even be. Many projects, such as in privatised industries like water and electricity, will at least partly be funded by increased charges to consumers.

    The government’s own spending plans to increase public investment are relatively modest. These plans bring government capital spending (which allows for borrowing under the fiscal rules) just slightly above the historic average.

    Planning reform could also prove problematic. Although the government is changing some of the rules, especially in relation to housebuilding, planning decisions will be still made by local authorities. In many cases these will face strong local opposition, potentially delaying decisions.

    This points to the larger political problem for the government. The changes will not eliminate the tension between the government’s growth and environmental objectives, with the latter potentially a crucial issue in many of the marginal seats won by Labour in the last election.

    Heathrow expansion will put the government’s climate targets in serious jeopardy.
    Dinendra Haria/Shutterstock

    Prime Minister Keir Starmer has described the need to pull out the “weeds” of regulation as vital to growth plans. He has already sacked the head of the key regulatory agency, the Competition and Markets Authority. But allowing more consolidation of British industry could create monopolies, which tend to raise prices, increase profits and neglect investment.

    There are even greater concerns over possible deregulation of the financial sector, which could abolish many of the safeguards established after the global financial crisis in 2008.

    What’s missing?

    The government is much less clear on what it is going to do about the supply of skilled labour than the availability of capital. Shortages of skilled workers could limit progress on these big infrastructure projects if workers are also needed to build housing.

    Government plans for boosting skills training, and the funding for further and higher education, are still works in progress. Meanwhile, limits on immigration will reduce the number of skilled construction workers. And the details of the government’s plan to boost the labour force by getting more people on disability benefit back to work have yet to be spelled out.

    As Labour sets out its long-term growth plan, dark clouds are looming. In particular, in global terms the British economy is one of the most dependent on international trade and investment. But most of its trade is with its two largest trading partners – the EU and the USA.

    Growing protectionism in the US, coupled with a lack of access to EU markets caused by Brexit, could have a significant effect on Britain’s growth. The UK economy is projected by the IMF to grow by just 1.6% this year, which is still weak by historic standards.

    It may be of little consolation to the public if this is higher than in France and Germany. Reeves may well find that’s simply not enough to satisfy the expectations of voters.

    Steve Schifferes does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Rachael Reeves’ route to economic growth is a slow one – and there are no guarantees voters will be patient enough – https://theconversation.com/rachael-reeves-route-to-economic-growth-is-a-slow-one-and-there-are-no-guarantees-voters-will-be-patient-enough-248690

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI Global: Will Labour’s plan for growth actually work? Two economists respond

    Source: The Conversation – UK – By Phil Tomlinson, Professor of Industrial Strategy, Co-Director Centre for Governance, Regulation and Industrial Strategy (CGR&IS), University of Bath

    Ceri Breeze/Shutterstock

    The UK chancellor Rachel Reeves says the Labour government will go “further and faster” to kick-start the British economy. Economic growth – to raise living standards and fund public services – is apparently a core mission of this government.

    Yet since the general election last July, this growth has proved elusive.

    In fairness, the UK economy been pretty stagnant for a long time. And as Reeves sometimes mentions, she arguably inherited the worst set of economic circumstances since 1974.

    Nevertheless, the government has been guilty of some major own goals. The means-testing of winter fuel payments drew derision, while the public framing of a “painful” budget in October 2024 dented business and consumer confidence.

    So after a difficult first six months in office, the chancellor’s big speech on January 29 was an opportunity for a major economic reset. And there were some signs of encouragement.

    She reaffirmed, for example, a commitment to reforming the UK’s antiquated planning laws for residential and commercial building. And there was a big emphasis on public investment, which is to rise to 2.6% of GDP over this parliament, compared to the previous government’s plans of 1.9%.

    Airport expansion at Heathrow (and to a lesser extent, Luton and Gatwick) aims to enhance global connectivity and increase trade and investment, especially with emerging economies.

    But those plans, which run counter to the government’s net zero goals, unsurprisingly sparked the ire of environmental campaigners, as well as some senior Labour MPs and party donors.

    They may also widen the UK’s regional inequalities, drawing more investment and economic activity to the south-east. The same goes for the notion of building Europe’s “Silicon Valley” between Oxford and Cambridge.

    That said, some other regions may benefit from announcements which included a £28 million investment in Cornish Metals (for materials for solar panels and wind turbines), and £63 million for advanced fuels which should bring more high-skilled jobs to areas like Teesside. There were also plans for housing and commercial redevelopment around Old Trafford in Manchester.

    Some of these projects will form part of the government’s new industrial strategy, which is expected in the spring.

    Red tape restrictions

    One word to look out for when that strategy is unveiled is “Brexit”, which continues to act as a drag on the UK’s growth. Yet in her speech, while Reeves used the “growth” word more than 50 times, she mentioned Brexit just once.

    It deserves much more attention. For investment in the UK has been lacklustre since the 2016 referendum, and research shows that post-Brexit red tape has hampered exports, especially for smaller firms. Overall, the UK’s exports of goods are down by 9% since 2020, while similar economies have seen their exports rise by 1%.

    There are government plans for more wind turbines.
    Nuttawut Uttamaharad/Shutterstock

    The chancellor has previously suggested a Brexit “reset”, and there may be a future a deal to ease some Brexit agri-food trade barriers. Reeves has also floated the possibility of the UK joining a “Pan-Euro” customs zone.

    Other moves which might help UK manufacturing include a bill that would allow the government to keep pace with new EU product safety regulations, and anything else which avoids new administrative costs for businesses.

    Yet despite the government perhaps adopting a more conciliatory tone with the EU, there are frustrations with the UK’s “red lines”, such as a refusal to agree to a scheme which would make it easier for young EU citizens to travel, work and study in the UK, and for young UK nationals to do the same in EU member states.

    Execution

    And while the chancellor’s speech highlighted the government’s long-term ambitions for growth, there was little to address current weaknesses quickly.

    For despite a change to Labour’s self-imposed fiscal rules last autumnn, the government still faces significant public borrowing constraints. This will restrict the amount of investment required to fundamentally transform public infrastructure, without major private sector support.

    And planning reforms, infrastructure projects, and new trade deals all take time and face political, legal and logistical hurdles. This will also delay growth.

    Labour’s ambitions for a more pro-growth, pro-business agenda mark a positive shift, at least in tone. But actual, visible, tangible growth depends on execution. This in turn depends on private sector money, overcoming bureaucratic hurdles, and cutting the Brexit red-tape that continues to hamper trade with the EU.

    Without effective action across the board, including immediate fiscal stimulus, the chancellor’s words may begin to sound a little hollow if the mission for growth soon starts to look like mission impossible.

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

    David Bailey receives funding from the Economic and Social Research Council’s UK in a Changing Europe Programme.

    – ref. Will Labour’s plan for growth actually work? Two economists respond – https://theconversation.com/will-labours-plan-for-growth-actually-work-two-economists-respond-248581

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI Global: How nonprofits abroad can fill gaps when the US government cuts off foreign aid

    Source: The Conversation – USA – By Susan Appe, Associate Professor of Public Administration and Policy, University at Albany, State University of New York

    The U.S. Agency for International Development distributes a lot of foreign aid through local partners in other countries. J. David Ake/Getty Images

    The U.S. government gives other nations US$68 billion of foreign assistance annually – more than any other country. Over half of this sum is managed by the U.S. Agency for International Development, including funds for programs aimed at fighting hunger and disease outbreaks, providing humanitarian relief in war zones, and supporting other lifesaving programs such as the President’s Emergency Plan for AIDS Relief.

    President Donald Trump suspended most U.S. foreign aid on Jan. 20, 2025, the day he took office for the second time. The next day, Secretary of State Marco Rubio issued a stop-work order that for 90 days halted foreign aid funding disbursements by agencies like USAID.

    A week later, dozens of senior USAID officials were put on leave after the Trump administration reportedly accused them of trying to “circumvent” the aid freeze. The Office of Management and Budget is now pausing and evaluating all foreign aid to see whether it adheres to the Trump administration’s policies and priorities.

    I’m a scholar of foreign aid who researches what happens to the U.S. government’s local partners in the countries receiving this assistance when funding flows are interrupted. Most of these partners are local nonprofits that build schools, vaccinate children, respond to emergencies and provide other key goods and services. These organizations often rely on foreign funding.

    A ‘reckless’ move

    Aid to Egypt and Israel was spared, along with some emergency food aid. The U.S. later waived the stop-work order for the distribution of lifesaving medicines.

    Nearly all of the other aid programs remained on hold as of Jan. 29, 2025.

    Many development professionals criticized the freeze, highlighting the disruption it will cause in many countries. A senior USAID official issued an anonymous statement calling it “reckless.”

    InterAction, the largest coalition of international nongovernmental organizations in the U.S., called the halt contrary to U.S. global leadership and values.

    Of the $35 billion to $40 billion in aid that USAID distributes annually, $22 billion is delivered through grants and contracts with international organizations to implement programs. These can be further subcontracted to local partners in recipient countries.

    When this aid is frozen, scaled back or cut off altogether, these local partners scramble to fill in the gaps.

    The State Department manages the rest of the $68 billion in annual U.S. foreign aid, along with other agencies, such as the Peace Corps.

    The start of Marco Rubio’s tenure as U.S. secretary of state was marked by chaos and confusion regarding foreign aid flows.
    Kevin Dietsch/Getty Images

    How local nonprofits respond and adapt

    While sudden disruptions to foreign aid are always destabilizing, research shows that aid flows have fluctuated since 1960, growing more volatile over the years. My research partners and I have found that these disruptions harm local service providers, although many of them manage to carry on their work.

    Over the years, I have conducted hundreds of interviews with international nongovernmental organizations and these nonprofits’ local partners across Latin America, Africa and Asia about their services and funding sources. I study the strategies those development and humanitarian assistance groups follow when aid gets halted. These four are the most common.

    1. Shift to national or local government funding

    In many cases, national and local governments end up supporting groups that previously relied on foreign aid, filling the void.

    An educational program spearheaded by a local Ecuadorian nonprofit, Desarrollo y Autogestión, called Accelerated Basic Cycle is one example. This program targets young people who have been out of school for more than three years. It allows them to finish elementary school – known as the “basic cycle” in Ecuador – in one year to then enter high school. First supported in part by funding from foreign governments, it transitioned to being fully funded by Ecuador’s government and then became an official government program run by the country’s ministry of education.

    2. Earn income

    Local nonprofits can also earn income by charging fees for their services or selling goods, which allows them to fulfill their missions while generating some much-needed cash.

    For example, SEND Ghana is a development organization that has promoted good governance and equality in Ghana since its founding in 1998. In 2009, SEND Ghana created a for-profit subsidiary called SENDFiNGO that administers microfinance programs and credit unions. That subsidiary now helps fund SEND Ghana’s work.

    Bangladesh Rural Advancement Committee and the Grameen Bank, which is also in Bangladesh, use this approach too.

    3. Tap local philanthropy

    Networks such as Worldwide Initiatives for Grantmaker Support and Global Fund for Community Foundations have emerged to promote local philanthropy around the world. They press governments to adopt policies that encourage local philanthropy. This kind of giving has become easier to do thanks to the emergence of crowdfunding platforms.

    Still, complex tax systems and the lack of incentives for giving in many countries that receive foreign aid are persistent challenges. Some governments have stepped in. India’s corporate social responsibility law, enacted in 2014, boosted charitable incentives. For example, it requires 2% of corporate profits to go to social initiatives in India.

    4. Obtain support from diaspora communities

    Diasporas are people who live outside of their countries of origin, or where their families came from, but maintain strong ties to places they consider to be their homeland.

    Local nonprofits around the globe are leveraging diaspora communities’ desire to contribute to economic development in their countries of origin. In Colombia, for example, Fundación Carla Cristina, a nongovernmental organization, runs nursery schools and provides meals to low-income children.

    It gets some of its funding from diaspora-led nonprofits in the U.S., such as the New England Association for Colombian Children, which is based outside of Boston, and Give To Colombia in Miami.

    A push for the locals to do more

    Trump’s stop-work order coincided with a resurgence of a localization push that’s currently influencing foreign aid from many countries.

    With localization, nations providing foreign aid seek to increase the role of local authorities and organizations in development and humanitarian assistance. USAID has been a leading proponent of localization.

    I believe that the abruptness of the stop-work order is likely to disrupt many development projects. These projects include support to Ukrainian aid groups that provide emergency humanitarian assistance and projects serving meals to children who don’t get enough to eat.

    To be sure, sometimes there are good reasons for aid to be halted. But when that happens, sound and responsible donor exit strategies are essential to avoid the loss of important local services.

    Susan Appe does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How nonprofits abroad can fill gaps when the US government cuts off foreign aid – https://theconversation.com/how-nonprofits-abroad-can-fill-gaps-when-the-us-government-cuts-off-foreign-aid-248378

    MIL OSI – Global Reports –

    January 31, 2025
  • MIL-OSI United Kingdom: Committee to consider proposals early engagement on possible Visitor Levy

    Source: Scotland – City of Perth

    The Council’s Economy and Infrastructure Committee will next week be asked for approval to begin early engagement on the possibility of a Perth and Kinross Visitor Levy Scheme, with a view to allowing elected members to make a decision informed by local feedback at the end of this year.

    The Visitor Levy (Scotland) Act 2024 grants local authorities the power to introduce a levy on overnight accommodation, with the funds raised reinvested locally to enhance the visitor experience.

    While a scheme like this could create significant opportunities for local investment, Councillor Eric Drysdale, Convener of Economy and Infrastructure, explained the importance of first listening to residents and leaders in the tourism industry locally.

    Councillor Drysdale said: “It’s really important to be clear that the question to committee next week is not about whether or not to introduce a Visitor Levy Scheme, it’s about getting the support to start speaking to those most affected about what would need to be taken into consideration. The feedback from this early engagement is essential to make sure that we are able to make an informed decision before committing to the approach in Perth and Kinross.”

    Tourism is a significant part of the Perth and Kinross economy, but with high visitor numbers there is also an impact on our local communities.

    Councillor Drysdale added: “While visitors bring significant benefits to our local economy, there are also associated costs. The Council introduced the Visitor Rangers service because we recognised that investment was needed to support responsible tourism, and minimise the impact of visitors on our year-round residents.

    “With growing demands for critical services to protect health and social care, support pupils with additional support needs, and tackle poverty, we have a duty to explore any opportunities for additional sources of income which can be invested to support growing our visitor economy. That would then allow core funding to be focused on the services which are needed by the most vulnerable people in our communities.”

    If approved by committee the early engagement process will last between 6 and 10 months. A full report from the feedback received, along with a draft Visitor Levy Scheme developed during the engagement, would then be presented to councillors in December 2025 to consider whether or not to proceed with introducing a scheme. If approved in December, a statutory consultation period of 12 weeks and then an 18-month implementation would follow. As a result, the earliest possible date for a scheme being introduced would be Summer 2027. 

    MIL OSI United Kingdom –

    January 31, 2025
  • MIL-OSI United Kingdom: Derby City Lab to move into newly redeveloped Market Hall

    Source: City of Derby

    The national award-winning Derby City Lab will soon have a new home in the redeveloped Derby Market Hall, following an announcement made at Marketing Derby’s Annual Business Event.

    The new move will see the City Lab continue its role as a hub for community engagement and innovation from the Market Hall which is due to open in spring this year after undergoing a major transformation. 

    Derby City Lab was created in 2022 and was based in St James’s St at the heart of the city’s regeneration frontline and in 2024, it moved to a new location in the Derbion shopping centre. 

    The Lab is a hub for engaging the community in better understanding the evolution of the city. Visitors can find out about how the city centre is changing, explore the City Living Room which showcases Derby’s 300-year history of innovation, and view a range of exhibitions focused on ideas to regenerate Derby, including the University of Derby’s futuristic Derby Urban Sustainable Transition (DUST) vision.

    Nadine Peatfield, Leader of Derby City Council, said:

    Derby City Lab has been integral in helping citizens and stakeholders to understand and shape the city centre’s transformation. I’m delighted to see that it will be moving into Derby Market Hall. It is central to our regeneration plans – reimagining our city centre with culture at its heart and making a better-connected, sustainable city for the future.

    Derby City Lab will continue to provide a space where residents and visitors can learn more about the city centre’s ongoing regeneration and share their views on future plans. We are committed to engaging with residents in innovative ways and the Lab plays a big part in that. I am so excited for the opening of Derby Market Hall and am thrilled to welcome Derby City Lab to their new home.

    John Forkin, Managing Director of Marketing Derby said:

    The Derby City Lab is a unique innovation in the UK – a genuine attempt to engage local people in the shaping of their city. Last week, we welcomed our 15,000th visitor and are excited to become part of the rediscovery of the wonderful Derby Market Hall.

    Derby Market Hall redevelopment is a £31.5m project part funded with £9.43m from the Government’s Future High Street Fund (FHSF). It is in the second phase of the transformation, focusing on refurbishing the interior and developing the public space outside at Osnabruck Square.

    Located at the heart of the city centre, linking Derbion and St Peter’s Quarter with the Cathedral Quarter and Becketwell, the new Market Hall will play a key role in widening the diversity of the city centre and will generate £3.64m for the local economy every year. 

    Based on concepts in Shanghai and Amsterdam, the Derby City Lab is an initiative of Marketing Derby, the Queen’s Award-winning inward investment agency for Derby together with partners including Clowes Developments, the Derbion, Lathams, the University of Derby and Derby City Council. The Lab won the Estates Gazette award as the Best Public-Private Partnership in the UK. 

    MIL OSI United Kingdom –

    January 31, 2025
  • MIL-OSI: Risk Strategies Acquires Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Risk Strategies, a leading national specialty insurance brokerage and risk management firm, today announced the acquisition of Comprehensive Benefits, Inc. and Gabrielson Insurance & Financial Services, both located in the Greater Detroit area. The joint acquisition preserves an established working relationship between the two partner companies, providing increased capabilities for the clients of two established specialists. Terms of the deal were not disclosed.

    Founded in 1989 and based in Southfield, Michigan, Comprehensive Benefits offers a full range of employee benefits services for both fully insured and self-funded programs for organizations. Its offerings and capabilities include medical coverage, large group benefit planning, personal life insurance, and long-term care solutions.

    “This acquisition represents a unique opportunity to bring in an existing business partnership and add real specialty talent to our practice,” said John Greenbaum, National Employee Benefits Practice Leader, Risk Strategies. “These are organizations that have built success based on deep, specialized expertise. I’m excited to welcome them to the team at Risk Strategies.”

    Gabrielson Insurance & Financial Services has a complementary focus, offering services in its employee benefits work similar in scope to Comprehensive Benefits. Gabrielson Insurance client organizations are also similar in size, scope and industry to those of Comprehensive Benefits, and there are synergies among the players.

    “Joining Risk Strategies is the right move for our organizations, our people, and our clients,” said Mike Embry, President, Comprehensive Benefits, Inc.

    Embry is an industry veteran with over 35 years of specialty experience helping clients develop and manage employee benefits programs. He has held several industry leadership positions in Michigan, including President of the Michigan Association of Health Underwriters (AHU) and President of Metro Detroit AHU. In 2018, Embry also served as President of the National Association of Health Underwriters Board of Trustees.

    “We saw this as a great opportunity to formally bring our organizations together under the umbrella of a specialty organization with the capabilities to open new possibilities for our clients and people,” added Phil Gabrielson, Founder, Gabrielson Insurance & Financial Services.

    “It’s great to have Mike and Phil and their teams aboard as we build out our footprint and benefits expertise in Michigan and the upper Midwest,” said Steve Giannone, Central Region Leader, Risk Strategies. “In today’s employee benefits world, clients are demanding deep expertise to help them make effective choices that deliver for employees and business goals.”

    In February of 2024, Risk Strategies grew its presence in Michigan with the purchase of the Ralph C. Wilson Agency Inc. With the addition of Comprehensive Benefits and Gabrielson, Risk Strategies creates new opportunities for clients of both acquired organizations to leverage 30 specialty practices, and broad expertise and capabilities, while preserving the personalized service on which they’ve come to rely.

    To learn more about Risk Strategies, please visit riskstrategies.com. 

    About Risk Strategies 

    Risk Strategies, part of Accession Risk Management Group, is a North American specialty brokerage firm offering comprehensive risk management services, property and casualty insurance and reinsurance placement, employee benefits, private client services, consulting services, and financial & wealth solutions. The 9th largest U.S. privately held broker, we advise businesses and personal clients, have access to all major insurance markets, and 30+ specialty industry and product line practices and experts in 200+ offices – Atlanta, Boston, Charlotte, Chicago, Dallas, Grand Cayman, Kansas City, Los Angeles, Miami, Montreal, Nashville, New York City, Philadelphia, San Francisco, Toronto, and Washington, DC. RiskStrategies.com. 

    Media Contact

    Alana Bannan

    Senior Account Executive

    360-975-1812

    Rsc@matternow.com

    The MIL Network –

    January 31, 2025
  • MIL-OSI USA: Enriching Mentorship to Ensure Success in Grad School

    Source: US State of Connecticut

    Navigating grad school can feel daunting and challenging at times but having someone who can guide you and who knows how you feel is a key element to ensuring success.

    The Graduate School at UConn is committed to providing this support, and to help meet these goals, they created the Network for Enriched Mentorship, or NEM. Now in its second year of operation, the current cohort includes more than 70 faculty and staff members paired with over 85 students, says Associate Dean of the Graduate School and Department of Sociology Professor Mary Bernstein. NEM is aimed at providing support to students, but a key element is that it is also aimed at training mentors.

    “We are trying to create mechanisms, techniques, skills, and tools to have our faculty be as excellent as they can be, as far as their mentoring and advising with an eye to our minoritized populations, knowing that if we can make things better for this population, then it will make things better for everybody,” says Bernstein.

    NEM pairs mentors with experience in navigating the obstacles of graduate school with mentees in need of support. As part of The Graduate School’s commitment to graduate student success, Associate Professor in the Department of Animal Science Mary Anne Amalaradjou and Neag School of Education Assistant Professor Chen Chen joined The Graduate School team serving as the program’s first two faculty affiliates for inclusive excellence. They have been instrumental in improving mentorship across campus, which included the creation of a mentor guide, a forthcoming mentee guide, and learning from other programs to help tailor the NEM program. In the new cycle, Associate Professor in the Department of Geography, Sustainability, Community, and Urban Studies (GSCU) Peter Chen is a new NEM program director, taking over from C. Chen.

    “We look for faculty and staff from across all colleges and units to serve as mentors. We had students from different units and the other campuses who wanted to have that mentoring experience,” says Amalaradjou.

    Potential mentees and mentors submit applications, and if chosen, they are paired based on various aspects, like interests, background, or other similarities,

    “We purposefully match students with mentors outside of their program because this is not meant to be career advice, it is meant to be another way to provide students with support or help navigating obstacles that they encounter in their departments,” says Bernstein.

    The program provides guidance on how to get the conversation started between newly matched mentors and mentees to help establish the enduring relationships that are so beneficial for graduate student success.

    “Particularly for a Ph.D. student, their advisor is one of the most important and influential relationships for that student, and it’s even more significant for a student that is perhaps first-gen in graduate school, or who comes from some other type of minoritized background,” says Assistant Dean of The Graduate School Graduate Student and Postdoctoral Affairs Karen Bresciano. “We want to do our best to help faculty have the skills needed to be the best advisors and help students be the best mentees possible.”

    Bresciano says a third goal of the program is to help address what is called the “hidden curriculum,” which is the knowledge about higher education that a student with family members who have already navigated the process can impart, but if you are a first-generation student, you have to learn firsthand.

    Amalaradjou says that one of the NEM events they planned included support services from around campus, including Student Health and Wellness, the Ombuds Office, and the Center for International Students and Scholars, to ensure that mentees and mentors are aware of what is available.

    “UConn is a big place, and we wanted to create a safe space where everyone had the opportunity to ask questions in person,” says Amalaradjou.

    Evidence of NEM’s success is seen in the program’s exit survey for the first cohort, says Amalaradjou, where mentees spoke highly of the program, and mentors expressed gratitude at being able to support students. Peter Chen recalls a story he heard from one of the mentees during the most recent event in December. The mentee was struggling and his NEM mentor invited him to their family’s Thanksgiving celebration.

    “That student was going through a very difficult time, academically and financially, and he really enjoyed this experience and appreciated the program.”

    The program provides a space to create a sense of community. In December, all students were invited to the “NEM Happy Hour,” where they had the opportunity to meet other mentees, enjoy food, chat, and play trivia games. The event was well attended despite the cold evening after a snowy day.

    “They were sharing their experiences about using the resources on campus and sharing conversations. It was a good downtime for the students before the semester ended. They were asking when the next event will be. We hope to have another one towards the end of the spring semester,” says Chen.

    Beyond the physical gathering, a Slack group has been established to keep the NEM students connected across distances.

    The NEM program is also a great way to hone mentoring skills since mentor training is now mandatory for new faculty at UConn.

    “Mentorship is not taught, and it is very much like parenting,” says Bernstein. “You’re not really taught what works and what doesn’t, and what works for you may not work for somebody else. There are fundamental skills and ways you can align expectations to improve the mentoring experience, both for faculty and for graduate students.”

    To recognize this important work, at the end of the program, the grad school sends out a letter to all mentors that is also shared with their department head and the Dean as a way of recording the commitment of time outside of other responsibilities.

    “It’s important to support mentorship, which must be a university-wide commitment. It has to be acknowledged because much of faculty service isn’t rewarded or acknowledged,” says Bernstein. “There is a personal reward, but people are struggling to balance their research and their teaching and their other service obligations. We need to figure out how to improve that as a university, and we believe that this is a really important first step.”

    NEM is a valuable resource in addition to others offered by The Graduate School, including a series called Grad Chat to bring together members of the graduate community to support one another with a focus on identity-based groups, says Bresciano, who spoke about a recent Grad Chat event:

    “It was a feel-good event. I left feeling very encouraged that this is meeting the needs of our students. They want to be supported, to support one another, to learn from one another, and they want to meet each other and people outside of their departments. They like the idea of these conversations being open to the graduate population, focusing on different topics.”

    Director of Graduate Student and Postdoctoral Support, Graduate Student and Postdoctoral Affairs Kimberly Curry mentions another new resource that was created to respond to student feedback.

    “I’m a newer member of The Graduate School, and I’m learning about what we offer through The Graduate School,” Curry says. “One of those resources is the Timely Topics series for graduate students, which started last fall, and the feedback has been outstanding. We’ve talked about issues like managing or working with your advisor, how to have difficult conversations, and other topics that are pertinent to the graduate population. That’s a resource that students are plugging into and really feeling supported and heard.”

    Simply knowing that such resources are available can be helpful for students, says Bernstein:

    “Fostering these connections and relationships helps everyone be successful. It’s clear that our graduate students are looking for ways to connect with each other, with other faculty, and anybody who can be a point of connection for them at the university. Even just knowing that such a program exists can make someone feel not quite so alone. As a queer person who’s also first gen, I would have benefited tremendously from such a program. It would have been really nice to have someone along the give me some guidance.”

    NEM is always in search of new mentors. If you want to become a mentor, please visit the Network for Enriched Mentorship website to learn more.

    MIL OSI USA News –

    January 31, 2025
  • MIL-OSI USA: New NetWerx Initiative Brings Alumni Mentorship into the Classroom

    Source: US State of Connecticut

    There are a lot of factors to consider when you’re trying to build a personal brand.

    What are your strengths and weaknesses?

    How will you market your brand and engage with your potential audience or customers?

    How can you best position yourself for success?

    For students who are just starting out on their entrepreneurial journey, connecting with mentors who have built their own personal brands – experiencing the ups and downs, the highs and lows – and who are excited to share what they’ve learned along the way can make all the difference.

    But finding the right mentor isn’t always easy, and students often don’t quite know how to get started.

    How do you initiate these kinds of conversations?

    And what are the questions that you should ask?

    ‘Students Are Trying to Imagine Themselves After They Graduate’

    Learning how to network is a skill, according to Julie Gehring, director of mentorship and student development at UConn’s Werth Institute for Entrepreneurship and Innovation, and that skill is part of what she teaches students who sign up for NetWerx – a signature program at the Werth Institute that pairs students with alumni mentors to help cultivate those essential networking and entrepreneurial skills.

    “If you learn how to network first, then you can learn how to build a relationship with somebody that leads to mentorship,” says Gehring.

    Since its inception more than five years ago, NetWerx has operated with the goal of helping interested students build an entrepreneurial mindset through skills like communication, self-reliance, and adaptability. The program has worked by recruiting both current undergraduate students – typically those in their first and second years – who apply to take part and then matching them with alumni volunteers who are less than 15 years out from their own time at UConn.

    For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard &#8212 Heidi Bailey

    “NetWerx welcomes any student interested in expanding their network and exploring ideas, even if they aren’t directly focused on starting a business,” Gehring explains. “We help students develop valuable entrepreneurial skills—like problem-solving, collaboration, and communication—that are essential for success in any field. Many of our alumni mentors, in fact, apply these skills within their organizations as ‘intrapreneurs.’”

    “Students are trying to imagine themselves after they graduate,” says Heidi Bailey, an instructor-in-residence with the UConn School of Business who teaches courses on marketing and personal brand management. “NetWerx provides students with an incredible opportunity to build a relationship with a UConn alumnus who can share career tips, such as how they got started in their career, what success looks like in their field of interest, and who else they can work with in their industry.”

    A Strategic Plan for Making an Impact

    Alumni mentors come from a variety of backgrounds – everything from fintech to fashion, project management to health care, marketing to engineering – and commit to meet virtually with their mentees a least two to three times. They’re given orientation and training on how to be effective mentors before they’re paired with students an matching process that’s now bolstered by the use of PeopleGrove, a platform that helps students and alumni engage with each other.

    It’s been an undeniable success. NetWerx has matched hundreds of UConn student mentees with alumni mentors who have engaged with its ecosystem, with many of those connections leading to lasting relationships and some even producing employment opportunities post-graduation.

    Last year alone, more than 450 students took part in NetWerx, connecting with about 200 alumni mentors.

    But with that success has come a need for the program itself to continue to innovate.

    “The question for us was: How can we create even more of an impact?” Gehring explains. “So, we worked on a strategic plan.”

    (Adobe Stock)

    And part of that plan led to NetWerx’s latest initiative: Bringing mentorship directly to students in the classroom by partnering with faculty, like Bailey, who embrace an entrepreneurial mindset.

    “Julie reached out to me, and told me about NetWerx, and I thought it would be a good program for this personal brand management class,” Bailey says. “Spring 2024 was the first time we taught it in Storrs. I made NetWerx part of the participation grade –the students just had to connect two times with their mentor once they got matched, and then write a reflection about what they got out of the experience.”

    Bailey utilized NetWerx for the first time that spring, and then again this past fall. About 80 students – half business majors and half from a variety of other disciplines – took part over the two semesters.

    Gehring and her team visited the classes twice each semester to help guide the students through developing questions for their mentoring sessions, teaching them how to make the most of their time before meeting their alumni mentors.

    “NetWerx’s initial strategy focused on integrating with courses and learning communities that had a connection to entrepreneurship, either through direct curriculum ties or by emphasizing entrepreneurial skill development,” say Gehring. “This included courses, like Heidi’s personal branding class, and learning communities, like EcoHouse with Thomas Hayes, as well as first-year experience (FYE) courses, such as Next Gen with Heather Parker. By aligning with these programs, NetWerx is able to tap into existing student interest in related topics and seamlessly introduce the benefits of mentorship within a familiar academic context.”

    Open Conversations About Hard Topics

    The NetWerx PeopleGrove platform then enabled the students in the class to connect with a mentor who had similar interests, and allowed Gehring and Bailey to see how those connections were going.

    The response from her students was largely positive, Bailey says.

    Some reported having open conversations about sometimes difficult topics, like salaries and promotions. Some were encouraged by their mentors to streamline their personal goals, to build new creative content that they hadn’t considered before – or to change gears completely.

    By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. &#8212 Julie Gehring

    For example, one student who’d been interested in a career in the U.S. Foreign Service learned it might actually not be the right path for them after meeting with an alumni mentor who had taken the same path.

    Gaining that real-world perspective is what mentoring in general, and what NetWerx specifically, is all about, says Gehring.

    “If you’re a finance major, you can talk to somebody that’s in a finance background,” she says. “And maybe that student says, you know what? I’ve gotten some perspective, and that’s not where I want to be. And so, when they figure out what they don’t want, they can continue to use our platform to find out what they do want. Let’s go talk to somebody that’s in psychology, let’s go talk to somebody in engineering, because we’ve got so many mentors who are willing to help and to take those calls.”

    Opportunities That Can Change Lives

    NetWerx continues to also operate as a program open to any student of any discipline, regardless of their course selections, who is interested in expanding their network or exploring an idea. The Werth Institute is holding open office hours three days a week this spring where undergraduates can drop in, learn more, and sign up.

    But the program is hoping to partner with more faculty to help reach students who might otherwise not know about or consider taking part in a program like NetWerx.

    From a faculty perspective, Bailey notes, successfully incorporating NetWerx into a course means building it in as a core component of the class that the faculty themselves are invested in.

    “NetWerx is actively seeking partnerships with faculty who embed entrepreneurial skills into their courses to connect first and second-year students with alumni mentors,” adds Gehring. “From a co-curricular standpoint, we understand the significant time commitment involved in curriculum planning and instruction, which is why NetWerx aims to simplify the integration of mentorship into the classroom. By collaborating with us, faculty can seamlessly incorporate mentorship into their courses or learning communities. This partnership eliminates the burden of managing the screening of mentors, the matching process, and ongoing support of the mentor-mentee relationship, allowing instructors to focus on teaching while providing students with valuable mentorship experiences and expanded networks.”

    And making that successful integration into the classroom, Bailey says, can be “life-changing” for the students who take full advantage of the opportunity.

    “For the students who are motivated, they can really get a tremendous amount out of this, because when you get out in the work world, and you’re sending your resume out into the universe without having any connection with anybody, it’s really, really hard,” Bailey says. “You have to have people inside who can then connect you with others.

    “For just about any class, there are enough alumni who are engaged in that discipline, who would be willing to connect either one-on-one or even come into the class and speak – I think it’s extremely valuable to get that inside perspective and to have the potential to stay in touch.”

    January is National Mentoring Month – for more information, visit mentoring.org.

    NetWerx is always recruiting – both student mentees and alumni mentors – and individuals interested in getting involved, as well as faculty interested in learning how NetWerx might fit in with their course design, are encouraged to contact Julie Gehring at julie.gehring@uconn.edu or Ian Bender at ian.bender@uconn.edu.

    For more information about all of the entrepreneurial opportunities available through the Werth Institute, visit werth.institute.uconn.edu.

    MIL OSI USA News –

    January 31, 2025
  • MIL-OSI: Lake Shore Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors of its parent mutual holding company, Lake Shore, MHC, has adopted a Plan of Conversion and Reorganization pursuant to which Lake Shore, MHC will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank intends to seek regulatory approval to convert its charter to a New York-chartered commercial bank.

    Lake Shore, MHC currently owns approximately 63.4% of the outstanding shares of common stock of the Company which it acquired in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2006.

    As a result of the proposed transaction, a new stock holding company for the Bank (the “New Bank Holding Company”), which will succeed the Company, and will offer for sale shares of its common stock, representing Lake Shore, MHC’s ownership interest in the Company, to depositors of the Bank in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on December 31, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the New Bank Holding Company. The total number of shares of common stock of the New Bank Holding Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the New Bank Holding Company, as determined by an independent appraisal. In addition, each share of common stock of the Company owned by persons other than Lake Shore, MHC (the “minority shareholders”) will be converted into and become the right to receive a number of shares of common stock of the New Bank Holding Company pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve in the New Bank Holding Company the same aggregate percentage ownership interest that the minority shareholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the New Bank Holding Company by minority shareholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the New Bank Holding Company, and adjusted to reflect certain assets held by Lake Shore, MHC.

    The proposed transaction is expected to be completed in the third quarter of 2025, subject to regulatory approval, approval by the members of Lake Shore, MHC (i.e., depositors of the Bank), and approval by the shareholders of the Company, including by a separate vote of approval by the Company’s minority shareholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to shareholders of the Company and members of Lake Shore, MHC following regulatory approval.

    About Lake Shore

    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required regulatory, shareholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Important Additional Information and Where to Find It

    Lake Shore Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus of Lake Shore Bancorp, Inc., as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.

    Participants in the Solicitation

    The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in its definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the SEC on April 11, 2024. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.

    This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

    The MIL Network –

    January 31, 2025
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