Category: Economy

MIL-OSI: Investview, Inc. (“INVU”) Announces the Acquisition of Renu Laboratories Inc., a manufacturer of proprietary and other health, beauty and wellness products.
Source: GlobeNewswire (MIL-OSI)

Company to launch a new health and wellness business intended to expand existing lines of business and take advantage of established distribution channels.

Haverford, PA, Oct. 24, 2024 (GLOBE NEWSWIRE) — Investview, Inc. (OTCQB: INVU), a diversified financial technology company that through its subsidiaries and global distribution network provides financial technology, education tools, content, research, and a digital asset technology company, which develops, operates, and supports blockchain technologies, with a focus on the Bitcoin blockchain ecosystem and the generation of digital assets, announced today that it has recently completed the acquisition of Renu Laboratories, Inc., a manufacturer of proprietary and other health, beauty and wellness products (“Renu Labs”). The terms of the acquisition were not disclosed.

“This acquisition is an exciting milestone for our company’s strategic growth plans,” said Victor Oviedo, Investview CEO. “The combination of Renu Labs with our existing businesses is intended to further support our mission and vision at Investview to create and offer unique quality of life (QoL) products and services to help people realize their greatest potential through better financial literacy, technology and accessibility, blockchain sustainability, and now a personal health and wellness lifestyle.”

Strategic rationale behind the merger:

Victor Oviedo, Investview CEO commented, “through its principal and Founder, Gregg Hanson, an experienced veteran in the industry, Renu Labs has been able to develop a catalog of proprietary and third-party skin, body, hair, nutritional supplement, and personal care products. Following the Company’s integration of the Renu Labs business, the Company plans to operate through a unique B2C direct-to-consumer marketing and product sales delivery model under its newly formed myLife Wellness business unit. We expect that the combination of the Renu Labs business with our global network marketing model will enable us to expand and enhance our customer retention and increase the value of the Company’s iGenius global network to its affiliates and customers.”

“Our sales force and consumers are expected to benefit from commercialization of the Renu Labs unique proprietary wellness products namely, Renu by myLife Wellness “advanced peptide wrinkle corrector serum,” “eye lift and tuck serum,” and its “high potency advanced day and night peptide and collagen renewal serum” for both woman and men.”

Jim Bell, Investview President/ COO added, “the Renu acquisition is a great addition to the Company in multiple ways. It not only adds a proven brand and a collection of proprietary health and wellness products, but most importantly, from a strategic perspective, it positions us to take the first step in the planned diversification of the Company’s business into the expanding health and wellness markets while taking advantage of our existing national and international distribution channels to do so.”

“Furthermore”, Mr. Bell added, “we were looking for just the right partner to form the platform for our strategic growth initiative. With Renu Labs’ nearly three decades of experience in the health and wellness space, we believe Gregg Hanson and Renu Labs are the right partners. It is our expectation that the myLife Wellness/Renu platform will not only enhance our future financial results but will also help consumers achieve a better personal health and wellness lifestyle which aligns with our Company’s Mission and Vision.”

Investview expects the Renu acquisition to be revenue accretive as early as the 4^th quarter of 2024 – 1^st quarter 2025.

Underlying the expected synergies are the following factors:
- Expanded Product Line: Renu Labs’ advanced peptide serums and personal care products are expected to complement Investview’s iGenius platform, enhancing customer offerings.
- Market Expansion: Investview’s iGenius subsidiary has more than 15,000 global customers and members, including more than 17,000 alumni of the same, creating an attractive, immediate cross-selling opportunity.
- Operational Synergies: The merger in conjunction with the Company’s capital investment will enhance product development and innovation and is expected to increase recurring revenue through the Company’s existing direct-to-consumer model.
- Proven Industry Expertise: Renu Labs has over 30 years’ experience as a recognized OTC skin care manufacturer specializing in private label and contract manufacturing of high-quality skin, body and hair care and other OTC products, and operates as an FDA-registered and cGMP-compliant facility.
Gregg Hanson, Founder and President of Renu Labs commented, “Joining forces with Investview marks a pivotal moment for us. This partnership will allow us to accelerate innovation and to bring more unique, high-quality wellness products to the global health and wellness market. At Renu Labs, we have worked to create and offer innovative high quality proprietary skin, body and hair care wellness products for our customers. We are excited to be part of a larger organization that shares the same commitment to our core customer values. Together, we plan to accelerate our innovation and offer more unique quality of life (QoL) health and wellness products to our customers, while also closely integrating our products and marketing with the already robust iGenius sales and marketing network. That is good news for Renu customers, suppliers and employees.”

Victor Oviedo concluded, “We are consistently taking a diversified approach to our innovation, strategic partnerships, global expansion and corporate citizenship to fuel sustainable, long-term growth, which we strive for and seek to achieve year-over-year. We believe that the strength of our balance sheet and cash position, along with our consistent focus on our core fundamentals, will generate sustainable long-term value for all stakeholders.”

About Investview, Inc.

Investview, Inc., a Nevada corporation, operates a financial technology (FinTech) services company, offering several different lines of business, including a Financial Education and Technology business that delivers a series of products and services involving financial education, digital assets and related technology, through a network of independent distributors; and a Blockchain Technology and Crypto Mining Products and Services business, including leading-edge research, development and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets. In addition, we are in the process of creating a Brokerage and Financial Markets business within the investment management and brokerage industries by, among others, commercializing on a proprietary trading platform we acquired in September 2021. For more information on Investview, please visit: www.investview.com.

Forward-Looking Statement

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Our forward-looking statements expect, among others, that we will be able to integrate the historic operations of Renu on a timely basis and in the absence of unexpected delays or difficulties, that Renu will be able to increase the scale and scope of its operations and product offerings beyond its historic levels through use of our expansion capital and by taking advantage of our existing sales and marketing channels. We plan to do this by, among others, investing the funds we believe are necessary to develop at Renu the infrastructure necessary to achieve these goals. This includes, among others, the on-boarding of additional sales, marketing, customer support and product development personnel, and the development and implementation of a corresponding marketing strategy. Despite our best efforts, there can be no assurance that we will be able to achieve these objectively on a timely basis, if at all, as there can be no assurances that we will be able to expand Renu’s historic scope and scale of operations, and absent such expansion, the acquisition would only be modestly accretive, if at all. More information on potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Investor Relations
Contact: Ralph R. Valvano
Phone Number: 732.889.4300
Email: pr@investview.com

The MIL Network –
January 25, 2025
MIL-OSI: TAB Bank Powers Major Metal Manufacturer’s Expansion with $4 Million Infusion

Source: GlobeNewswire (MIL-OSI)

OGDEN, Utah, Oct. 24, 2024 (GLOBE NEWSWIRE) — TAB Bank closed a $4 million working capital facility with a rapidly growing, full-service metal manufacturer serving the aerospace, defense, medical, marine and renewable energy industries. The partnership will help the manufacturer consolidate two newly acquired machine shops and expand its operations to meet increased demand.

The manufacturer has built a reputation for exceeding customer expectations with high-precision CNC milling and contract manufacturing services. The company serves major aerospace clients, such as Boeing, Blue Origin, the Department of Defense, SpaceX suppliers and other leading contractors. Its recent acquisition of two additional machine shops has positioned the business to scale further.

“The machine shop consolidation starts a critical growth phase for the company, and we’re excited to be a part of it,” said Ryan Gabriel, TAB’s Business Development Officer covering the Pacific Northwest. “We customized this $4 million working capital facility deal specifically to the manufacturer’s needs so it can continue to streamline operations and optimize performance while delivering innovative solutions to its clients.”

With $18 million in sales in 2023 and projections of $24 million for 2024, the business is well-positioned for sustained growth.

TAB Bank provides tailored financial solutions, including working capital facilities, term loans and equipment financing, to help companies like this manufacturer grow and thrive in competitive industries.

About TAB Bank
At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.

Ryan Gabriel is TAB Bank’s Vice President and Business Development Officer based in Seattle. He has over 20 years of experience in structuring asset-based facilities to meet client needs. He can be reached at 206.391.9886 or at ryan.gabriel@tabbank.com.

Contact Information:
Trevor Morris
Director of Marketing
801-624-5172
trevor.morris@tabbank.com

The MIL Network –

January 25, 2025
MIL-OSI Africa: GE Vernova Provides GridOS® Orchestration Software to Help West African Power Pool (WAPP) Facilitate Energy Exchange Among Its Member States
Source: Africa Press Organisation – English (2) – Report:
GE Vernova Provides GridOS® Orchestration Software to Help West African Power Pool (WAPP) Facilitate Energy Exchange Among Its Member States The ICC technology platform has also been upgraded with GE Vernova’s GridOS forecasting solution to enhance the value of Variable Renewable Energy (VRE) on the electricity market with advanced forecasting and ramping tools LAGOS, Nigeria, October 24, 2024/APO Group/ — GE Vernova Inc. (www.GEVernova.com) (NYSE: GEV) today announced that its GridOS® orchestration software is deployed in the newly completed Information and Coordination Centre (ICC) in Abomey-Calavi, Benin for the West African Power Pool (WAPP), a groundbreaking initiative aimed at transforming the region’s energy landscape. The recently inaugurated ICC will serve as the centralized command centre for the mainland member countries of the Economic Community of West Africa States (ECOWAS), overseeing the interconnected power grids of 14 nations, namely Benin, Burkina-Faso, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. This milestone marks a significant step towards establishing a unified power market across the region, paving the way for a more reliable, sustainable, and affordable energy infrastructure for West Africa. According to the International Energy Agency (IEA) Africa Energy Outlook 2022 report1, Africa’s GDP is expected to grow by an average of 4.6% per year between 2022 and 2040. This economic growth is expected to drive up energy demand by 2.8% per year, with electricity consumption expected to double by 2040. By expanding power capacity, enhancing forecasting capabilities, and ensuring a seamless balance between generation and demand across borders, the West Africa Power Pool powered by the ICC is bridging the gap between energy needs and reliable supply. The ICC is a state-of-the art facility equipped with the latest electric grid management technologies. Elements of GE Vernova’s GridOS software portfolio are deployed in the facility to enable more secure, reliable grid orchestration. The software is designed to help utilities achieve the resiliency and flexibility needed for a more sustainable energy grid. The ICC is using several of the portfolio’s intelligent grid applications, including:
- Energy Management System (EMS) engineered for dispatching
- Wide Area Monitoring System (WAMS) designed for grid stability
- Advanced Market Management System designed to support the trading of power among ECOWAS countries
The ICC technology platform has also been upgraded with GE Vernova’s GridOS forecasting solution to enhance the value of Variable Renewable Energy (VRE) on the electricity market with advanced forecasting and ramping tools. Through this integration, engineers will have near real-time access to data on energy flow across the WAPP interconnected network, enabling them to monitor, analyze, and optimize the distribution of power. “We are honored to partner with WAPP in their mission to promote and develop power generation and transmission infrastructures, as well as to coordinate power exchange among the ECOWAS member states. Our GridOS portfolio provides the ICC with modern software capabilities to automate grid operations and help increase the energy transaction rate across the region, helping overcome energy challenges in the ECOWAS zone,” said Mahesh Sudhakaran, General Manager for GE Vernova’s Grid Software business. GE Vernova has long worked with national electric utilities and regional power pools from the region, helping them adopt best-in-class technologies for grid modernization. In November 2022, the Southern African Power Pool (SAPP) inaugurated a new Coordination Control Center equipped with the latest Energy Management System (EMS) from GE Vernova’s Grid Software business. With more projects underway, GE Vernova is proud to be contributing to the energy transition in Africa. Distributed by APO Group on behalf of GE. Media Inquiries: Winnie Gathage GE Vernova | Africa Communications Leader winnie.gathage@ge.com Rachael Van Reen GE Vernova | External Communications +1 (678) 896-6754 rachael.vanreen@ge.com About GE Vernova: GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova (https://apo-opa.co/48mJgut) and LinkedIn (https://apo-opa.co/3Uj1pDO). GE Vernova’s Electrification Software business is focused on delivering the intelligent applications and insights needed to accelerate electrification and decarbonization across the entire energy ecosystem – from how it’s created, how it’s orchestrated, to how it’s consumed. Its Grid Software business and GridOS® portfolio is trusted by global utilities to orchestrate a more sustainable energy grid and help deliver reliable and affordable electricity to their customers. Forward-Looking Statements: This document contains forward-looking statements (https://apo-opa.co/4hfGwmV) – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.
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MIL OSI Africa –
January 25, 2025
MIL-OSI Russia: Union of Knowledge. The visit of the Polytechnic delegation to Armenia became a new stage of cooperation

Translation. Region: Russian Federation –

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

On October 24, a delegation from SPbPU headed by the rector of the university, academician of the Russian Academy of Sciences Andrey Rudskoy visited the Republic of Armenia. The key moments were meetings at the National Academy of Sciences of the Republic of Armenia and the Russian-Armenian University.

The delegation of the Polytechnic University visited the National Academy of Sciences of the Republic of Armenia (NAS RA). The history of scientific and educational cooperation between Armenia and St. Petersburg goes back several centuries.

Today we see the successful development of cooperation between scientific organizations and scientists of the Republic of Armenia and the Russian Federation. Your visit is another step in strengthening joint work. We already have experience of working together in various fields of science, and today we will consolidate our partnership with an agreement that will supplement the previously signed document on scientific and technical cooperation, – President of the NAS RA Ashot Sagyan greeted his colleagues.

Continuing the traditions of such interaction, SPbB RAS and NAS RA, as well as SPbPU and NAS RA signed an agreement on scientific and technical cooperation. It covers a wide range of areas, including natural, mathematical and technical sciences, as well as life sciences.

The St. Petersburg Branch of the Russian Academy of Sciences is actively developing international cooperation, which is one of the key areas of our activities. This year, the agreements of the SPbB RAS and SPbPU with the National Academy of Sciences of the Republic of Armenia will be an important step towards strengthening scientific ties with Armenia, with which we are united by a long history of cooperation and common scientific interests, Andrey Rudskoy emphasized.

Particular attention will be paid to agrobiotechnology and agricultural sciences, astrophysics, physical and chemical research. Joint projects in social, humanitarian and applied sciences are also planned, which will contribute to strengthening scientific ties and technological development between the countries.

The agreements signed today are intended to make a significant contribution to expanding the interaction between the academic and university communities and will allow our scientists to jointly solve complex problems and adapt the accumulated potential to new realities, noted Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Armenia Sergey Kopyrkin.

During the visit, representatives of SPbPU visited the Russian-Armenian University (RAU), with which the university has had long-standing friendly and partnership relations.

Since signing a strategic partnership agreement in 2014, RAU and SPbPU have been actively developing joint initiatives in the fields of education, science and youth programs. Over these ten years, the universities have organized numerous joint research projects, conferences and educational projects that facilitated the exchange of experience and knowledge between students and teachers.

It should be emphasized that the activities envisaged by the comprehensive “Roadmap” of cooperation between SPbPU and RAU cover a wide range of activities and many areas of interest to both educational institutions. Within the framework of this strategic partnership, projects are being implemented in such key areas as physics, telecommunications, biomedicine, bioinformatics, economics, PR and linguistics. Particular attention is paid to the introduction of advanced methods and educational practices into the RAU curriculum.

For these reasons, the Polytechnic delegation in Yerevan was quite impressive: SPbPU Rector Andrey Rudskoy, Vice-Rector for International Affairs Dmitry Arsenyev, Professor of the Institute of Biomedical Systems and Biotechnology Olga Vlasova, Head of the Project Office “Slavic Universities” and Deputy Head of the International Cooperation Department Nikita Golovin, Director of the Center for Continuing Professional Education PISh CI and Program Director of “Boiling Point – Polytechnic” Sergey Salkutsan, as well as a number of other leading SPbPU experts.

The program of the visit began with a tour of the campus of the Russian-Armenian University. The rector of SPbPU got acquainted with the scientific and educational laboratories of the Institute of Biomedicine and Pharmacy, the Engineering Physics Institute, the Cast laboratory of the Institute of Mathematics and Informatics, as well as modern socially-oriented spaces.

RAU is a shining example of how science and education can be effectively combined, creating conditions for training highly qualified specialists who are in demand on the labor market, shared Andrey Rudskoy.

Andrey Rudskoy paid special attention to the project to create a “green campus”, which includes the generation of electricity using solar panels placed on the university’s territory.

This is not just a step towards environmental sustainability, but also an opportunity for RAU to become energy independent and even share excess energy with external consumers, Andrey Ivanovich emphasized.

One of the most striking joint events, the results of which can already be observed, is the methodological support for the creation of the youth space “Boiling Point” at RAU. The two universities actively developed the concept of this space, formulating tasks for the RAU development team. The logical conclusion of the year’s work was the grand opening of the Representative Office of “Boiling Point – Polytech” at RAU on October 24.

The opening of the youth space “Boiling Point” at RAU is not just the end of our joint work, but the beginning of a new era for students, where their ideas and aspirations will find support and development. We are proud to see how our efforts are becoming a reality, and we are confident that this space will become a source of inspiration for future leaders, – Andrey Rudskoy spoke at the opening ceremony.

After the excursion, a meeting was held with the management of RAU and the heads of RAU research groups implementing joint projects with SPbPU. The participants presented the results of current initiatives: four network educational programs were developed and implemented, participation in dissertation councils was organized, and more than forty joint scientific papers were published.

We are watching the progress of your university and can say that, despite all the difficulties, RAU continues to move forward. Each new project, each event is a step towards the campus becoming not only a cozy home for students, but also a place where ideas are born that can change the world. We must join forces to develop this university together, which already today meets world standards, – noted Andrey Rudskoy.

Scientific conferences on current topics are held annually, and professors from both universities participate in the mutual program “Invited Professor”. Colleagues also discussed tasks for the near future.

Cooperation between our universities is not just an exchange of experience, it is an opportunity to create something new and significant for our society, Andrey Ivanovich is confident.

At the meeting, SPbPU Rector Andrey Rudskoy and RAU Rector Edward Sandoyan signed an updated agreement on strategic partnership between SPbPU and RAU, as well as a Roadmap for the implementation of joint events between SPbPU and RAU aimed at supporting youth initiatives and developing student communities.

Over the past two years, there has been a significant influx of students. Despite the difficulties, we continue to develop. In order to move forward, we need to adapt to new conditions and change our expectations, said Edward Sandoyan.

We were pleased to renew the strategic partnership agreement that was signed on September 11, 2014. We cannot lose historical memory. The second document signed is a roadmap for the implementation of joint events to support youth initiatives. We have created a cozy corner for our youth, and despite the modest conditions, it has become a beautiful and warm place. In the future, we have the opportunity to expand and hold events, – Andrey Rudskoy summed up.

In anticipation of the visit of the SPbPU delegation headed by Andrey Rudskoy, leading professors and experts of St. Petersburg held a number of events aimed at developing student communities at RAU. Deputy Director of the Center for Continuing Professional Education “Digital Engineering” of the Advanced Engineering School of SPbPU Pavel Kozlovsky, Deputy Head of the Youth Policy Department of SPbPU Georgy Kvekveskiri, Director of the Center for Continuing Professional Education of the PISh CI and Program Director of “Boiling Point – Polytech” Sergey Salkutsan held an accelerator, which was attended by more than 20 representatives of the RAU Student Council and such RAU associations as a large experimental workshop, an intellectual club, and a sports community.

The accelerator participants considered the issues of creating and developing student communities, their positioning, forming a working internal structure, attracting and adapting new participants, as well as the topic of continuity of the community’s asset. Georgy Kvekveskiri made a report on the activities of the Youth Policy Department (YPD) of SPbPU, which managed to build an adaptive model of working with student communities at the university.

The last day of the accelerator was dedicated to forming the image of communities for three years and creating a work program until the end of 2025 (the “Roadmap”, which was signed by the rectors of the two universities). The community accelerator was the first event within the framework of the activities of the new youth space – the Representative Office of “Boiling Point – Polytech” at RAU.

The head of the training simulators department of the Center for Continuing Professional Education of the Advanced Engineering School “Digital Engineering” Vladislav Tereshchenko held training events and competitions for RAU students on the “Lean Manufacturing” simulator, which is part of CML-Bench platforms.I’m on my way. The event was attended by 1st and 3rd year students majoring in Economics. Three winners received the right to speak at the Winter University in Engineering Sciences at SPbPU in November of this year.

The guys really liked the game. We plan to implement it in the educational process in several disciplines. It seems to me that the game allows us to objectively assess the degree of economic thinking in the guys, to check all the skills and competencies of students majoring in economics. I also really liked this simulator. I would gladly play it myself, – shared Mariam Voskanyan, Head of the Department of Economics and Finance of the Institute of Economics and Business of the Russian Agrarian University.

Leading specialists from SPbPU organized lectures and seminars at RAU on physics, telecommunication technologies and biomedical systems. Director of the Higher School of Biomedical Systems and Technologies Olga Vlasova held a seminar on “Optogenetic (chemogenetic) modulation of metabotropic receptors of astrocytes restores cognitive functions in mice with a model of Alzheimer’s disease”. Head of the Laboratory of Microencapsulation and Controlled Delivery of Biologically Active Compounds Alexander Timin presented a seminar on the development of antitumor drugs in encapsulated and free form based on small molecules for the treatment of malignant neoplasms. Professor of the Higher School of Applied Physics and Space Technologies Sergey Makarov told Armenian students about spectrally effective signals.

The joint work of SPbPU and RAU continues to bring tangible results, strengthening educational and scientific ties between the two universities and making a significant contribution to the development of higher education in Russia and Armenia.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI Banking: Website investment-pte.com: BaFin warns about Investment PTE LTD and Performance Investment PTE LTD

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The Federal Financial Supervisory Authority (BaFin) warns consumers about Investment PTE LTD and Performance Investment PTE LTD and the services they are offering. BaFin suspects these operators of the website investment-pte.com of offering consumers financial and investment services without the required authorisation.

The operators of the website appeal under the name Investment PTE LTD and Performance Investment PTE LTD. They claim to have their registered office in Singapore and to be regulated in St Vincent and the Grenadines. However, there is no supervision of the operator in this country.

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

Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

Please be aware:

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

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: capital-imc.net: BaFin investigates the company IMC-Capital Ltd

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The Federal Financial Supervisory Authority (BaFin) warns consumers about the company IMC-Capital Ltd and the services it is offering. BaFin has information that the company is offering banking business and/or financial services on its website capital-imc.net without the required authorisation. The company is not supervised by BaFin.

Financial services may only be offered in Germany if the company providing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

Please be aware:

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

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: Fannie Mae Announces Scheduled Release of Third Quarter 2024 Financial Results

Source: Fannie Mae

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its third quarter 2024 financial results on Thursday morning, October 31, 2024, before the opening of U.S. financial markets.

Fannie Mae has scheduled a conference call to discuss the company’s results at 8:00 a.m., ET, on October 31, 2024.

Prior to the call, the company’s third quarter 2024 earnings news release, quarterly report on Form 10-Q, and other supplemental information will be available on the company’s Quarterly and Annual Results webpage at fanniemae.com/financialresults. Following the call, a transcript will be published to the same webpage and will remain available until our next quarterly earnings announcement.

CONFERENCE CALL PARTICIPATION DETAILS – Fannie Mae Third Quarter 2024 Financial Results

Event day and time
Thursday, October 31, 2024
8:00 AM (ET)

Listen-only webcast:
https://event.webcasts.com/starthere.jsp?ei=1691512&tp_key=ce5c202816
Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI United Kingdom: Judges bowled over by Jared at The Ultimate Pitch

Source: Northern Ireland – City of Derry

Judges bowled over by Jared at The Ultimate Pitch

24 October 2024

Judges were bowled over by local entrepreneur Jared Wilson when he spoke about his business ‘Cricket Jobs Ltd’ during the Derry City and Strabane District heat of Go Succeed: The Ultimate Pitch at the Guildhall.

This exciting new initiative, backed by the government’s business support service, is aimed at individuals, businesses, and social enterprises across all sectors that have been trading for less than two years.

A number of local applicants had the opportunity to present their ‘ultimate pitch’ to a panel of experienced judges, but it was Jared Wilson who impressed the most and walked away with a £1,000 prize as well as a year’s hot desk space and 12 months’ membership of the Derry Chamber of Commerce.

Jared will join the Special Category winners from the Derry/Strabane heat at The Ultimate Pitch Final in Belfast in November. The Special Category Winners are as follows: The Rising Star winner – Clare Hamilton, The Influencer Hub; The Social Inclusion winner – Alannah Kerrigan, Wildflower Weddings; and The Social Enterprise winner – Caroline McGinness Brooks, Repair & Share Foyle.

A professional cricketer, Jared’s innovative idea revolves around his company ‘Cricket Jobs’ which gives amateur and professional cricketers the opportunity to view playing and job opportunities around the world.

Reflecting on the success of the local heat of the competition Business Development Manager with Derry City and Strabane District Council, Danielle McNally said: “We were really impressed with the calibre of applicants at the local heat of Go Succeed: The Ultimate Pitch. Our Pitchers had some great ideas which, with the right support, could become sustainable businesses. I would like to thank everyone who took part and to wish Jared, Clare, Alannah and Caroline all the best in the final in Belfast.”

Anna Doherty, Chief Executive of Derry Chamber of Commerce, was one of the judges at the local heat. She said, “We were delighted to see so many local entrepreneurs coming forward to Pitch to us. Every one of them had obviously put a lot of work into their Pitch and I know many of them will go on to build successful businesses and contribute to our local economy. We at the Chamber of Commerce are delighted to be able to offer Jarad membership for one year and use of a hot desk space – we hope the networking opportunities this will present will help him bolster his future business plans.”

Overall winner Jared Wilson was delighted to secure the top prize. He said: “I’m delighted that the judges were impressed with my Pitch. The prize money and support from the Chamber of Commerce will be invaluable in helping to take ‘Cricket Jobs’ to the next level. I am really looking forward to taking part in the Final in Belfast next month and hopefully I can bring The Ultimate Pitch prize back to the North West.”

Go Succeed (www.go-succeed.com) is funded by the UK Government and delivered by Northern Ireland’s 11 councils. The service supports entrepreneurs, new starts and existing businesses with easy-to-access advice and support including mentoring, master classes, peer networks, access to grant funding and a business plan, at every stage of their growth journey.

To find out more information about Go Succeed: The Ultimate Pitch, view a full list of terms and conditions, and apply, visit www.go-succeed.com/TheUltimatePitch.

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: BLOG | Accounting for every pound of spending
Source: City of Liverpool

With just under a week to go until the Chancellor’s first budget, Council Leader Liam Robinson, explains why Liverpool City Council continues to manage our finances in a sound and prudent way.

You’d have to have been living under a rock for the last three months not to know that the mood music coming from HM Treasury has not been positive.

The inherited 14 years of austerity, the cost of living crisis and a £22 billion black hole in the nation’s finances means that difficult decision will need to be made.

But we are seeing positive steps from the Government.

A commitment to longer term financial settlements for councils; a pay rise for public sector workers; a commitment to planning reform to improve growth; funding for 300 new school-based nurseries and money for councils to build on brownfield sites is just the beginning of the change.

Whilst we wait for the budget and for the dedicated spending review in the Spring, in Liverpool we are prudently basing our financial planning assumptions to make sure we manage our spend and make sure we account for every pound.

In terms of spending, most of our money goes on things we are legally obliged to provide, such as adults and children’s social care to keep vulnerable people safe. These two departments alone account for well over half of our total net budget – and demand for them has been rising due to a growing older population and more families needing support.

We’re also putting a huge amount of emphasis on making sure we bring in all the money we’re owed. Successes this year include:
- Business Rates revenue up £7.2 million
- Council Tax revenue up £9.3 million
- Council Tax arrears collection up £1.7 million
In addition, a review of the single person Council Tax discount to make sure only eligible households are claiming has brought in an additional £750k, while property debt enforcement has recovered £318k.

This programme of work will only accelerate, as we put ourselves on a firmer financial footing for the long-term. This is vital if we are to protect and improve the services each and every resident of Liverpool cherishes.
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: Sift Reinvents Account Takeover Prevention Across the Consumer Journey, Integrates with Leading CIAM Platforms
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced its latest quarterly product update, featuring an enhanced solution to protect businesses from account takeover (ATO) fraud throughout the entire consumer journey. Sift’s detailed analysis of its customers shows that its ATO solution prevents an average of $1.9 million per week in fraud losses per customer. Its comprehensive approach ensures that organizations can safeguard their users from point of login to post-transaction, addressing the growing threat of ATO that resulted in nearly $13 billion in losses in 2023 alone.

Fueled by a digitally-driven economy, ATO attacks increased 24% in Q2 2024 compared to the same period last year, when attacks skyrocketed by 354% according to Sift research from 2023. Traditional solutions that seek to stop account theft only at the point of login often fall short, leaving businesses vulnerable to attacks that occur at different points of the consumer journey. Exacerbating the problem is that ATO often lives between the cracks within organizations, making it an “orphan” threat with no clear owner between Fraud and Security departments. Sift allows these departments to collaborate and take ownership of ATO by uniting data and workflows that are accessible to both.

Key Advancements with new Sift ATO solution:
- Identity-Centric Accuracy: AI-powered insights, real-time behavioral analysis, and expanded device fingerprinting provide richer context around risk and user intent throughout the consumer journey.
- Powerful Integrations: Unify and extend existing Customer Identity Access Management (CIAM) workflows through low-code integrations, including Ping Identity PingOne DaVinci and Okta Auth0, accelerating time to value and strengthening identity management investments across the security tech stack.
- Fine-Tuned Controls: Robust MFA capabilities and continuous monitoring after login deliver precise friction at the session level. Pre-built, industry-specific automations generate immediate impact out of the box.
“Account takeover is a deeply connected problem that impacts multiple facets of a business, from cybersecurity to finance,” said Raviv Levi, Chief Product and Technology Officer at Sift. “Traditional approaches often result in fragmented data and incomplete insights, making it difficult to fully understand and mitigate the impact of ATO. Sift’s unique approach unites departments and data, providing a single source of truth for ATO prevention and removing barriers to revenue.”

Additional innovations from Sift this quarter include advanced behavior signals and VIP Fast Pass controls for high velocity transaction industries like iGaming and Fintech, as well as expanded RiskWatch functionality for faster, more insightful manual reviews.

For more information about Sift’s revamped ATO solution and other innovations, visit the Sift Blog here.

About Sift
Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences. Visit us at sift.com and follow us on LinkedIn.

Media Contact:
Victor White
VP, Corporate Communications, Sift
press@sift.com

The MIL Network –
January 25, 2025

MIL-OSI: Cegedim: Revenue growth continued in the third quarter of 2024

Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE

Quarterly financial information as of September 30, 2024
IFRS – Regulated information – Not audited

Cegedim: Revenue growth continued in the third quarter of 2024

Revenue of €156.8 million in Q3 2024, up 5.7%
Marketing, BPO, HR, and cloud businesses led the way
Revenue for the first nine months of 2024 grew 5.9% to €475.8 million

Boulogne-Billancourt, France, October 24, 2024, after the market close.
Revenue

	Third quarter				Change Q3 2024 / 2023
in millions of euros	*2024*	*2023* *reclassified*⁽¹⁾	*Reclassification*⁽¹⁾	*2023* *Reported*	*Reported* *vs. reclassified*⁽¹⁾	*Like for like⁽²⁾⁽³⁾ vs. reclassified*⁽¹⁾
Software & Services	75.6	76.0	-4.8	80.8	-0.5%	-4.2%
Flow	23.7	22.4	-0.4	22.8	5.5%	5.4%
Data & Marketing	28.2	24.1	0.0	24.1	17.0%	17.1%
BPO	21.6	19.0	0.0	19.0	13.9%	13.9%
Cloud & Support	7.7	6.8	+5.2	1.6	12.5%	12.5%
Cegedim	156.8	148.3	0.0	148.3	5.7%	3.8%

	First 9 months				Change 9M 2023 / 2022
in millions of euros	*2024*	*2023* *reclassified*⁽¹⁾	*Reclassification*⁽¹⁾	*2023* *Reported*	*Reported* *vs. reclassified*⁽¹⁾	*Like for like⁽²⁾⁽⁴⁾ vs. reclassified*⁽¹⁾
Software & Services	227.7	226.6	-15.7	242.3	0.5%	-2.6%
Flow	73.2	69.2	-1.8	71.0	5.7%	5.6%
Data & Marketing	87.5	79.0	0.0	79.0	10.8%	10.8%
BPO	61.5	51.8	0.0	51.8	18.8%	18.8%
Cloud & Support	25.8	22.6	+17.5	5.1	13.9%	13.9%
Cegedim	475.8	449.3	0.0	449.3	5.9%	4.3%

Cegedim posted consolidated third quarter revenues up 5.7% as reported and 3.8% like for like⁽²⁾ compared with the same period in 2023. Revenues to end-September rose 5.9% as reported and 4.3% like for like compared with 9M 2023. Marketing, BPO, HR, and cloud businesses all delivered solid growth in the third quarter. As expected, the Software & Services division felt the impact of comparisons with Ségur public health investment spending in 2023 and a slowdown in international sales owing to the decision to refocus the Group’s UK doctor software activities on Scotland.
Analysis of business trends by division

Software & Services

Software & Services	Third quarter		Change Q3 2024 / 2023		First 9 months		Change 9M 2024 / 2023
in millions of euros	*2024*	*2023 reclassified*⁽³⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs.* *reclassified*⁽¹⁾	*2024*	*2023* *reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs.* *reclassified*⁽¹⁾
Cegedim Santé	20.1	18.6	8.0%	-6.2%	58.9	58.4	0.9%	-9.8%
Insurance, HR, Pharmacies, and other services	42.7	43.9	-2.7%	-2.7%	129.5	128.4	0.9%	0.8%
International businesses	12.8	13.5	-5.0%	-6.1%	39.3	39.8	-1.3%	-2.8%
Software & Services	75.6	76.0	-0.5%	-4.2%	227.7	226.6	0.5%	-2.6%

Revenues at Cegedim Santé grew 8.0% as reported in the third quarter but fell 6.2% like for like. We did not fully meet our 2024 goal of offsetting last year’s Ségur impact and keeping like-for-like sales stable, but we are closing the gap with each quarter. Reported growth figures include Visiodent as of March 1, 2024. Visiodent’s gradual transition to Cegedim Group products for scheduling, databases, and so on is generating internal sales, which do not appear in the consolidated scope.

Other French subsidiaries had a challenging quarter, with revenues down 2.7%. We saw positive growth at our insurance businesses, thanks to robust project-based sales, and in HR, which is still getting a boost from its client diversification strategy. Conversely, the €2 million in Ségur public health investment subsidies we recorded in Q3 2023 made for a demanding comparison in the pharmacy business, where equipment sales also flagged after accelerating last year.

Internationally, revenues from software sales to UK doctors declined, as expected, following the decision to refocus the activity on Scotland.

Flow

Flow	Third quarter		Change Q3 2024 / 2023		First 9 months		Change 9M 2024 / 2023
in millions of euros	*2024*	*2023* *reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*⁽¹⁾	*2024*	*2023 reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*⁽¹⁾
e-business	13.5	13.5	-0.2%	-0.4%	43.5	41.3	5.1%	4.8%
Third-party payer	10.2	8.9	14.3%	14.3%	29.7	27.9	6.7%	6.7%
Flow	23.7	22.4	5.5%	5.4%	73.2	69.2	5.7%	5.6%

Third-quarter growth in e-business, e-invoicing, and digitized data exchanges was nearly flat, at -0.2%. Healthcare flows offset a relative slowdown in the Invoicing & Procurement segment, which last year enjoyed sustained growth in France ahead of the e-invoicing reform scheduled to take effect July 1, 2024, but which has since been postponed to September 2026.

The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 14.3% yoy growth in Q3. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings.

Data & Marketing

Data & Marketing	Third quarter		Change Q3 2024 / 2023		First 9 months		Change 9M 2024 / 2023
in millions of euros	*2024*	*2023 reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*⁽¹⁾	*2024*	*2023 reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*⁽¹⁾
Data	15.1	14.6	3.4%	3.4%	43.1	43.4	-0.7%	-0.7%
Marketing	13.1	9.5	38.0%	38.0%	44.4	35.6	24.8%	24.8%
Data & Marketing	28.2	24.1	17.0%	17.1%	87.5	79.0	10.8%	10.8%

Data business posted 3.4% yoy growth in the third quarter, resulting in nearly stable growth over nine months. Growth was led by French sales, which were more dynamic than international sales.

The Marketing segment had a record third quarter, up 38% owing to special ad campaigns during the Olympics. The rising popularity of our phygital media offerings in pharmacies helped the segment post 24.8% growth over the first nine months.

BPO

BPO	Third quarter		Change Q3 2024 / 2023		First 9 months		Change 9M 2024 / 2023
in millions of euros	*2024*	*2023 reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*⁽¹⁾	*2024*	*2023 reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs. reclassified*
Insurance BPO	15.9	13.8	15.7%	15.7%	44.6	35.9	24.2%	24.2%
Business Services BPO	5.7	5.2	+9.2%	+9.2%	16.9	15.9	6.5%	6.5%
BPO	21.6	19.0	13.9%	13.9%	61.5	51.8	18.8%	18.8%

The Insurance BPO business grew by more than 15.7% over the third quarter, chiefly owing to its overflow business, which has been flourishing since the start of the year. Growth over nine months amounted to 24.2%, partly thanks to a favorable comparison stemming from the April 1, 2023, launch of the Allianz contract.

Business Services BPO (HR and digitalization) continues to report strong growth, up 9.2% yoy over the quarter on the back of a popular compliance offering and new clients.

Cloud & Support

Cloud & Support	Third quarter		Change Q3 2024 / 2023		First 9 months		Change 9M 2024 / 2023
in millions of euros	*2024*	*2023* *reclassified*⁽⁴⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs.* *reclassified*⁽¹⁾	*2024*	*2023* *reclassified*⁽¹⁾	*Reported vs. reclassified*⁽¹⁾	*Like for like⁽²⁾ vs.* *reclassified*⁽¹⁾
Cloud & Support	7.7	6.8	12.5%	12.5%	25.8	22.6	13.9%	13.9%

The Cloud & Support division’s trajectory continued over the third quarter, with growth of 12.5% reflecting our expanded range of sovereign cloud-backed products and services.

Highlights

Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during Q3 2024 that would materially alter the Group’s financial situation.

• New financing arrangement

On July 31, 2024, Cegedim announced that it had secured a new financing arrangement consisting of a €230 million syndicated loan. The arrangement is split into €180 million of lines drawn upon closing to refinance the Group’s existing debt (RCF and Euro PP, which were to mature in October 2024 and October 2025 respectively) and an additional, undrawn revolving credit facility (RCF) of €50 million. This new financing arrangement will bolster the Group’s liquidity and extend the maturity of its debt to, respectively, 5 years (€30 million, payments every six months); 6 years (€60 million, repayable upon maturity); and 7 years (€90 million, repayable upon maturity).

Significant transactions and events post September 30, 2024

To the best of the company’s knowledge, there were no post-closing events or changes after September 30, 2024, that would materially alter the Group’s financial situation.

Outlook

Based on the currently available information, the Group expects 2024 like-for-like revenue⁽¹⁾ growth to be towards the lower end of the 5-8% range relative to 2023. That said, we still expect recurring operating income to continue to improve.
These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.

—————

Webcast on October 24, 2024, at 6:15 pm (Paris time)

The webcast is available at: www.cegedim.fr/webcast

The Q3 2024 revenue presentation is available here:
https://www.cegedim.fr/documentation/Pages/presentation.aspx

Financial calendar:

2025

January 29 after the close

March 27 after the close

March 28 at 10:00 am

April 24 after the close

June 13 at 9:30

July 24 after the close

September 25 after the close

September 26 at 10:00 am

October 23 after the close

2024 revenue

2024 results

SFAF meeting

Q1 2025 revenue

Shareholders’ general meeting

H1 2025 revenue

H1 2025 results

SFAF meeting

Q3 2025 revenue

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

Disclaimer
This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on October 24, 2024, no earlier than 5:45 pm Paris time.
The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2023 Universal Registration Document filled with the AMF on April 3, 2024, under number D.24-0233.

About Cegedim:
Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 6,500 people in more than 10 countries and generated revenue of €616 million in 2023.
Cegedim SA is listed in Paris (EURONEXT: CGM).
To learn more please visit: www.cegedim.fr
And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

Aude Balleydier
Cegedim
Media Relations
and Communications Manager

Tel.: +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr

Damien Buffet
Cegedim
Head of Financial
Communication

Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com

Céline Pardo
Becoming RP Agency
Media Relations Consultant

Tel.: +33 (0)6 52 08 13 66
cegedim@becoming-group.com

Annexes

Breakdown of revenue by quarter and division

Year 2024

In € million	Q1	Q2	Q3		Q4	Total
Software & Services	74.3	77.8		75.6		227.7
Flow	25.3	24.2		23.7		73.2
Data & Marketing	27.0	32.3		28.2		87.5
BPO	20.2	19.7		21.6		61.5
Cloud & Support	9.0	9.1		7.7		25.8
Group revenue	155.9	163.1		156.8		475.8

Year 2023

In € million	Q1 reclassified	Q2 reclassified	Q3 reclassified	Q4 reclassified	Total reclassified
Software & Services	74.4	76.2	76.0		226.6
Flow	24.0	22.8	22.4		69.2
Data & Marketing	24.6	30.3	24.1		79.0
BPO	14.4	18.4	19.0		51.8
Cloud & Support	8.4	7.4	6.8		22.6
Group revenue	145.9	155.1	148.3		449.4

Breakdown of revenue by geographic zone, currency and division at September 30, 2024

as a % of consolidated revenues	*Geographic zone*			*Currency*
as a % of consolidated revenues	France	EMEA ex. France	Americas	Euro	GBP	Other
Software & Services	82.8%	17.1%	0.1%	86.2%	12.0%	1.7%
Flow	91.9%	8.1%	0.0%	94.5%	5.5%	0.0%
Data & Marketing	97.9%	2.1%	0.0%	98.0%	0.0%	2.0%
BPO	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%
Cloud & Support	99.9%	0.1%	0.0%	100.0%	0.0%	0.0%
Cegedim	90.1%	9.8%	0.1%	92.2%	6.6%	1.2%

¹As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.

²At constant scope and exchange rates. The positive currency impact of 0.2% was mainly due to the pound sterling. The positive scope effect of 1.8% was attributable to the first-time consolidation in Cegedim’s accounts of Visiodent starting March 1, 2024.The positive currency impact of 0.1% was mainly due to the pound sterling. The positive scope effect of 1.4% was attributable to the first-time consolidation in Cegedim’s accounts of Visiodent starting March 1, 2024.

³To take advantage of synergies, Cegedim Outsourcing, Audiprint, and BSV have been reassigned to the Cloud & Support division.At constant scope and exchange rates.

⁴To take advantage of synergies, Cegedim Outsourcing, Audiprint, and BSV have been reassigned to the Cloud & Support division.At constant scope and exchange rates.

Attachment

Cegedim_Revenue_3Q2024_ENG

The MIL Network –

January 25, 2025

MIL-OSI USA: Speech of Commissioner Summer K. Mersinger to Keynote at the S&P Global Commodity Insights Nodal Trader Conference

Source: US Commodity Futures Trading Commission

Good morning, and thank you for the warm welcome. A special thank you to Nodal for inviting me to join your annual Trader Conference again this year. It is truly an honor to address all of you this morning. I am more than two years into my role as a commissioner at the Commodity Futures Trading Commission, and I still feel humbled by the opportunity to stand on a stage with a microphone to address accomplished professionals like all of you. My children, on the other hand, are surprised that anyone would want to hear me talk about anything, and they are even more shocked that I would need a microphone to be heard as they are convinced that the only volume I ever use when speaking is shouting.

The topic for my speech on today’s agenda is: New Perspectives on Energy Trading and Power Markets, and I plan to focus on the road ahead for these markets. But before discussing the road ahead, I will start with a story from my childhood about when I learned to drive. I say this is a story from my childhood because in South Dakota, children as young as fourteen years old are allowed to obtain a driver’s license. As much as I miss my home state, when I look at my fourteen-year-old son and think about him driving, I see the wisdom in Virginia’s approach.

At the ripe old age of twelve, my dad decided it was time for me to learn how to drive. As a tall child, I could reach the gas and brake pedals, which was apparently the minimum criteria for beginning driving lessons on the farm. To be honest, I was scared to death of driving. But my parents said I should learn because if there was ever an emergency, and I was the only one home, I may need to drive for help. That logic just made me scared of driving and being left alone on the farm.

My experience as a parent teaching two teenagers to drive involved multiple practice sessions in empty parking lots before slowly graduating to quiet side roads before paying another adult to do the really scary stuff, such as driving on highways and making left turns across oncoming traffic. I suspect that sounds familiar to many in this room as well.

But that suburban approach is not how I learned to drive. My lesson – notice I said lesson, not lessons—was a little more hands-off. On the day I learned to drive, my dad had me jump in the passenger seat of his 1977 blue Chevy pick-up truck to take a ride with him. Oddly, my older brother jumped in another farm truck and followed close behind.

After driving a few miles away from our house, my dad drove the truck into the middle of a freshly plowed field. Dad threw the truck into park, jumped out, and told me to slide over to the driver’s seat. He then shut the door, leaned into the window, and told me to drive around the field until I was comfortable enough to drive myself home. At that point, I realized why my brother had followed us in another vehicle—it was my dad’s getaway car.

Honestly, I panicked. I screamed, pleaded, and begged. But my dad was confident in his approach. And he left me with this advice: always keep your eyes on the road. But don’t just look at the road immediately in front of the vehicle; be sure to watch the road ahead so you know where you are going—and so that you do not smash into a deer.

I’m sharing this story with you today for two reasons. First, to offer some entertainment.

Second, I found the advice my dad gave me that day relevant to the topic for my speech today. Specifically, I want to share with you some thoughts and observations on energy markets, the road ahead for these markets, and potential down-the-road effects on the derivatives markets that are regulated by the CFTC.

Being a derivatives regulator can feel a little like being that driver who is looking down the road to see what is ahead. Our markets are forward looking, offering a view into points off in the distance so drivers are prepared for the path ahead. But, just like a careful driver needs to see what is right in front of the vehicle as much as what is on the road ahead, careful regulation requires us to also keep our eyes on current market conditions, in addition to ensuring the reliability and safety of the futures markets, which reflect the road ahead. The CFTC is always surveilling markets, spotting trends, and monitoring for risk that could impact the futures markets.

Now, here is where this speech will diverge from my story of learning to drive. While I was left to teach myself how to drive and had no one willing to share their expertise with me, our work at the CFTC in following markets occurs with the benefit of a variety of internal resources (such as the Market Intelligence Branch of the Division of Market Oversight and the Office of the Chief Economist) as well as external resources (such as our advisory committees).

At the CFTC, we have five advisory committees, each of which is sponsored by a commissioner. These committees are comprised of subject matter experts representing a variety of viewpoints, such as private sector stakeholders, non-profit groups, academia, and other governmental entities. As many of you know, especially those who are members, I sponsor the Energy and Environmental Markets Advisory Committee.

Growing up on a farm in South Dakota, I always understood that the price of energy had a major impact on whether it was a good year or a bad year for the farm. Even at a young age, I could tell you the exact cost-per-gallon of diesel because either my dad was grumbling about it as he left for the field, or it was the topic of discussion at the local café in town where the older farmers convened for their morning coffee.

The price of diesel determined the cost of running planters, tractors, combines, and trucks. The cost of fertilizers and pesticides are also directly linked to fossil fuel input prices, and spreading those fertilizers and pesticides required hiring a spray pilot whose services were priced based on the cost of the aviation fuel.

Even after our crops were harvested, energy costs were critical. Energy prices influenced the cost of storage at the grain elevators and transportation; barges and ships run on bunker fuel and trains need diesel. Everything in the farm economy depends on the price of energy. You might have perfect temperatures, exactly the right amount of rain at exactly the right time, and high yields but still see your net profit shrink due to high energy prices.

As the only Commissioner with a background in production agriculture, sponsoring the Commission’s Agriculture Advisory Committee may have seemed like the obvious choice. But I saw the EEMAC as an opportunity to focus on sectors critical to the agricultural economy and to study those energy markets to understand their impact on the markets we regulate. The goal is for the energy futures complex to serve end-users who need to hedge those costs and to mitigate the frequent price volatility experienced by the underlying cash markets.

As the EEMAC has held meetings and participated in discussions around energy markets, we have heard over and over that the United States has critical gaps in its energy and power infrastructure. As those gaps widen, so do risks to the stability of these markets that become more sensitive and less resilient to forces beyond US control. Instability and volatility in spot energy markets and prices have a direct impact on the derivative products we regulate.

Energy infrastructure’s impact on energy prices is something that cannot be ignored, and this reality has become even more apparent in the last decade. Of course, it makes sense that energy transmission and delivery directly impact the cost to the end consumer. However, truly understanding how energy infrastructure market fundamentals influence energy spot and derivatives prices requires hearing directly from hardworking domestic energy producers and seeing the infrastructure up close.

With that in mind, the EEMAC has held a series of meetings on the road, and members of the advisory committee have joined me in getting outside of Washington to see our energy production and infrastructure and to talk directly with the experts who manage these facilities.

In our first meeting, we visited Oklahoma and focused on more traditional energy markets such as crude oil and natural gas.[1] We visited Cushing, Oklahoma, where the WTI Crude Oil contract settles to see the pipelines and storage facilities as well as to talk with those in charge of storing, blending, and moving the oil to locations throughout the US. During the EEMAC meeting, a witness from the Federal Energy Regulatory Commission described an anomaly in the price of natural gas in New England.[2] Despite having one of the largest concentrations of natural gas in the Marcellus Shale just over two hundred miles away, a lack of pipeline capacity makes it impossible to fully supply New England with gas from the Marcellus Shale.[3] This situation means that New England relies on liquified natural gas (“LNG”) supplies from tanker ships. As a result, the price New England end users pay is based on the Henry Hub price for exported LNG, rather than the domestic production price. This circumstance creates an unusual situation where the spot price that a natural gas-fired power plant in Massachusetts pays for its fuel is more dependent on Europe’s desire for natural gas and a global market thousands of miles away than on the price and availability of natural gas produced two states away in Pennsylvania.

To examine power markets and electrification, we held meetings in Roy, Utah; Nashville, Tennessee; and Golden, Colorado.[4] In the course of those meetings, we had the opportunity to tour a large Ford EV production facility in Spring Hill, Tennessee, the Bingham Canyon Copper Mine in Utah, and a startup company looking to reuse mine tailings to produce critical metals and minerals in Golden, Colorado.

Here in the United States, we have some of the largest deposits of the metals necessary for power generation, transmission, and use, but large gaps in our infrastructure and policies render these advantages almost meaningless. In Golden, Colorado, we learned that despite a startup company’s cutting-edge technology that can turn mine waste into critical metals and minerals, China’s dominance in rare earth markets means that they can manipulate prices at will and squeeze out competition and force any US production into bankruptcy.

Southwest of Salt Lake City, Utah, we toured the Bingham Canyon Copper Mine. The Bingham County Mine is the largest man-made excavation in the world.[5] It’s also the world’s deepest open pit mine, and it has produced more copper than any other mine in the world.[6] As you can probably guess, the US has abundant supplies of copper; however, because of a lack of domestic smelting capacity, much of the copper mined in the US must be shipped overseas, often to China, to be processed and refined. In fact, since 2000, China has been responsible for 75% of the global smelter capacity growth.[7]

Finally, in Spring Hill, Tennessee, we learned that car companies are increasingly concerned about logistical challenges reducing their ability to provide cost-competitive electric vehicles. This is not an idle concern. Just four weeks ago, Rivian disclosed that it will be forced to reduce production and decrease its sales target in 2024 by almost 20% because of difficulties sourcing a component used in its electric motor.[8] And last week, to secure a steady supply of lithium, GM announced an almost $1 billion investment in the Thacker Pass mine in Nevada.[9]

For years, the problem for domestic energy policy was how to mine, drill, and import enough raw materials to satisfy America’s growing energy demand.[10] Even after the oil glut of the 1980s and lower energy prices, we were still concerned with our reliance on foreign energy.[11] The continuous mantra of Presidents starting with Richard Nixon was the concept of “Energy Independence” as a policy goal.[12] Now, not because of government mandates, plans, or policies, but thanks to technological innovation, hard work, and the deployment of private capital, that goal has largely been achieved. We have the raw materials in the ground that we need to power American energy independence; however, we need our infrastructure to catch-up with our domestic supply.

Returning to my driving lesson, when I look at the road ahead, I see the United States coming to a crossroads. One road leads to more resilient infrastructure, lower prices, and energy abundance. The other road leads to energy scarcity, higher prices, and a loss of energy independence. The direction we take as a country will have a major impact on the energy markets and the futures markets we regulate at the CFTC. Unfortunately, gaps in energy infrastructure lead to instability and volatility in energy markets, which have a direct impact on the derivatives markets. If derivatives markets fail to offer adequate price discovery and risk mitigation, they will no longer serve producers and end users as appropriate tools to hedge their exposure. That is a road we cannot afford to go down.

As a regulator, the CFTC is not the driver of this car, but we definitely have an interest in taking the road that leads to liquid, stable, and vibrant derivatives markets that serve as a tool for hedging against risk. We can do that by ensuring that new derivative products come to market efficiently without the fear of litigation or unreasonable staff positions, and by cultivating new market structures that minimize conflicts and instill market confidence. Our enforcement efforts should be focused on ‘bad actors’ and not on trying to shortcut deliberative policymaking. The CFTC should prefer “responsible regulation” over “regulation by enforcement.” To arrive at our desired destination, we all need to keep our eyes on the road, to see what is right in front of us while simultaneously paying attention to the road ahead.

Thank you for taking this road trip with me today. I look forward to answering your questions.

[1] CFTC Energy and Environmental Markets Advisory Committee meeting in Stillwater, Oklahoma, September 20, 2022.

[4] CFTC Energy and Environmental Markets Advisory Committee meeting in Nashville, Tennessee, February 28, 2023. CFTC Energy and Environmental Markets Advisory Committee meeting in Roy, Utah, June 27, 2023. CFTC Energy and Environmental Markets Advisory Committee meeting in Golden, Colorado, February 13, 2024.

[5] Kristine L. Pankow, Jeffrey R. Moore, J. Mark Hale, Keith D. Koper, Tex Kubacki, Katherine M. Whidden, and Michael K. McCarter. “Massive landslide at Utah copper mine generates wealth of geophysical data.” Geological Society of America, vol. 24, no. 1, January 2014.

[7] Securing Copper Supply: No China, No Energy Transition, WoodsMcKenzie, August 2024, Nick Pickens, Robin Griffin, Eleni Joanides, and Zhifei Liu.

[8] Ed Ludlow and Kiel Porter. “Rivian Misstep Triggered Parts Shortage Hobbling Its EV Output.” Bloomberg, October 7, 2024.

[9] Camilla Hodgson. “General Motors increases investment in lithium mine to nearly $1bn.” Financial Times, October 6, 2024.

[10] US Energy Information Administration, “U.S. energy facts explained, Imports & Exports.” Last updated July 15, 2024, with data from the Monthly Energy Review.

[12] Charles Homans, “Energy Independence: A Short History.” Foreign Policy, January 3, 2012.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: NASA Releases Economic Impact Report for Fiscal Year 2023

Source: NASA

In fiscal year 2023, NASA investments supported 66,208 jobs in the state of California, generated $18.5 billion in economic output and $1 billion in tax revenue to the state’s economy.
Overall, NASA generated an estimated $9.5 billion in federal, state, and local taxes throughout the United States.
NASA’s Armstrong Flight Research Center in Edwards, California is one of three NASA centers in the state that contributes to this economic achievement. The center supports critical research in sustainable flight, air mobility, and airborne science, reinforcing the region as a hub of aerospace innovation.
Most notably, NASA Armstrong plays a unique role in the Quesst mission and X-59 project, aimed at reducing the sonic booms into quieter “sonic thumps,” to change regulations impeding supersonic flight over land. Additionally, maturing key airframe technologies with the X-66 aircraft in the Sustainable Flight Demonstrator project which may influence the next generation single-aisle seat class airliner. The Center also supports the research of electric air taxis and drones to operate safely in the national airspace as well as supporting science aircraft for NASA’s Earth Science Mission.
NASA’s Moon to Mars campaign generated 16,129 jobs and $4.7 billion in economic output in California. Collaborations with contractors like Boeing and Lockheed Martin further extended these benefits by creating thousands of high-skilled jobs in the Antelope Valley and across the state.
NASA also fosters partnerships with educational institutions across the state, investing $39.5 million in universities to cultivate the next generation of aerospace innovators. These investments bring STEM opportunities to local communities and prepare students for careers in cutting-edge industries – adding to the agency’s most valuable asset, its workforce.
NASA embraces the challenges of exploring the unknown and making the impossible possible as we continue our global leadership in science, human spaceflight, aerospace innovation, and technology development, and support the U.S. economy and benefit all.
Read the full Economic Impact Report for Fiscal Year 2023.
-end-
Nicolas Cholula / Sarah MannNASA’s Armstrong Flight Research Center661-714-3853 / 661-233-2758nicolas.h.cholula@nasa.gov /sarah.mann@nasa.gov

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Transformative Scholarship Awarded to FNP Nursing Students

Source: US State of Connecticut

During the fall 2024 semester, two final year Family Nurse Practitioner (FNP) students in the School of Nursing received funds from the CVS Health Caring Hearts Student Scholarship Program to help further their education thanks to Dr. Annette Jakubišin Konicki. At $10,000 each, this scholarship was awarded to Melody Len LoPreiato ’25 (NUR) and John Sklepinski ’25 (NUR), who are both pursuing an MS in Nursing with a concentration in family practice.

Today’s family nurse practitioners (FNPs) provide comprehensive patient-focused primary and acute care to individuals across the lifespan — from infants to the elderly. Their focus includes delivering preventive health care services for both acute and chronic conditions, requiring them to diagnose and treat illnesses, perform routine checkups, oversee health-risk assessments, and offer counseling services.

FNPs generally work in practices that focus on women’s health, family practice, pediatrics, and internal medicine. Often FNPs are found in outpatient settings like independent practice clinics, women’s health centers, and community health clinics.

The Family Nurse Practitioner (FNP) online Master of Science (MS) and Doctor of Nursing Practice (DNP) program at UConn prepares advanced practice nurses to assess, diagnose, monitor, treat, and coordinate the care of individuals across the lifespan and across primary and acute illnesses.

The program is designed for licensed registered nurses who currently hold a bachelor’s degree in nursing and aspire to become advanced practice nurses.

“I am grateful and deeply honored to be a recipient of the CVS Caring Heart Scholarship,” says Len LoPreiato. “This generous support is making a significant impact on my studies, especially as I navigate through some personal and family challenges. The funds will be used to help cover my NP educational costs. Since enrolling in the program, I have significantly reduced my normal working hours and covering my educational expenses has been challenging to say the least. Your commitment to supporting students like me inspires hope and motivates me to continue striving for excellence in my education and future career. Thank you for making a difference in my life!”

Sklepinski says, “Receiving this scholarship will have a transformative impact on my journey to becoming a Family Nurse Practitioner. As a student at the University of Connecticut, this opportunity allows me to fully commit to my studies without the heavy burden of financial stress.” He goes onto say, “It grants me the chance to focus entirely on expanding my knowledge, clinical skills, and immersing myself in the advanced training necessary for this role. The support helps me stay on track toward achieving my goal of becoming a well-respected and contributing member in the medical community. I am deeply grateful for this scholarship I’m ready to make a meaningful impact in the lives of my future patients.”

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: Met Police and modern slavery charity work to protect victims of exploitation
Source: United Kingdom London Metropolitan Police

Met Police and modern slavery charity work to protect victims of exploitation

The Metropolitan Police and Justice & Care have jointly worked to pursue the conviction of prolific sex trafficker Roland Cankaj to protect multiple victims of exploitation.

Roland Cankaj, 43 (19.03.1981) of Western Gateway, Tower Hamlets, E16 appeared at Croydon Crown Court on Wednesday, 23 October where he was found guilty of multiple exploitation offences following a six day trial.

The Met’s modern slavery team launched an investigation into an organised crime network named the ‘Cankaj Brotherhood’ in 2022 with intelligence leading to a group trafficking Brazilian women into the UK to be sexually exploited.

The detailed investigation showed Cankaj renting an apartment in Tower Hamlets under a false passport. Officers begun to observe Cankaj’s movements and saw him drive young women to addresses and waiting outside in the car while the women went inside. He was also seen to be in the company of young women, taking provocative pictures of them outside London landmarks which were used to advertise sexual services. A brothel in Tower Hamlets, run by Cankaj, was uncovered – the rooms were sparsely furnished and contained items associated with sex work.

As a result of the officer’s work, a total of six victims were identified and the Met worked closely with Justice & Care, the modern slavery charity, to support them.

During an interview, one victim explained how she had worked as a beautician in Brazil and got into conversation with Cankaj about money. He arranged for her to come to the UK and moved her between various addresses to have sex with men she didn’t know before taking half the money – sometimes 10 to 15 men a day.

As part of A New Met for London, the Met is doing more to support communities and people who’ve had their trust damaged. Officers are working to protect women and children from violence and exploitation and pursuing the predatory men who commit those crimes. Through targeted operations and partnerships with community organisations, the Met is working to create safer environments for women and girls across London.

Detective Sergeant Andy Owen, who led the investigation, said:

“Cankaj tricked these women into a false sense of security, making them believe that this exploitation was a way of them gaining financial freedom. In fact, he was the one financially benefitting, making a career out of orchestrating prostitution with vulnerable victims.

“This was a complex investigation led by the Met and I am pleased our work has led to justice for these women. The key to our success was building the victim’s trust in the police -Justice & Care were integral in achieving this, providing support to these women who had spent years being exploited and ensuring they felt safe and supported to share their stories.

“The Met are dedicated to protecting vulnerable people – we rely on information from our communities to continue tackling exploitation and modern slavery in London. If you’re suspicious about possible exploitation in your area, or you’re concerned about someone who may be a victim, please contact us.”

Julie Currie, Victim Navigator Programme Coordinator at Justice & Care, who supported one of the victims said:

”We are proud to support the survivor to bring her trafficker to justice, and commend her bravery in supporting this case.

“As this case shows, modern slavery is brutal and it is everywhere – with an estimated 122,000 victims currently trapped in exploitation in the UK.

“Our Navigators are deployed into the heart of the Metropolitan Police, and many other police forces across the UK, and are often there from the moment a potential victim is identified to help them feel safe.

“They work helping survivors to start to rebuild their lives and support them to engage with the criminal justice process.

“This case is just one example of the incredible partnership between Justice and Care and the Metropolitan Police.

”Every member of the public can help us stop this crime by learning the signs of modern slavery and reporting concerns to police.”

For more information and advice around spotting the signs of exploitation, visit: Human trafficking | Metropolitan Police

Charges

Cankaj was arrested on 20 April 2024 at London Stansted Airport and was subsequently charged with:
- Two counts of arranging or facilitating travel of another person with a view of exploitation
- Fraud by false representation
- Possession of a controlled article for use in fraud
He pleaded guilty to fraud by false representation and keeping a brothel for use in prostitution.

He was found guilty on Wednesday, 23 October at Croydon Crown Court of arranging or facilitating the travel of another person with a view to exploitation.

MIL Security OSI –
January 25, 2025

MIL-OSI: Federal Home Loan Bank of New York Announces Third Quarter 2024 Operating Highlights

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended September 30, 2024.

“Throughout the first nine months of 2024, the Federal Home Loan Bank of New York has continued to successfully execute on our mission, meeting the needs of our members and working together to the benefit of the communities we all serve,” said José R. González, president and CEO of the FHLBNY.

Highlights from the third quarter of 2024 include:

Net income for the quarter was $183.4 million, an increase of $1.5 million, or 0.8%, from net income of $181.9 million for the third quarter of 2023. Net interest income for the quarter was $237.2 million, a decrease of $5.3 million, or 2.2%, from $242.4 million in the third quarter last year. Non-interest income increased by $23.3 million in the third quarter of 2024 compared with the prior year’s quarter, mainly due to an increase in unrealized fair value gains on derivatives, hedged items and trading securities. Non-interest expense increased by $16.2 million to $68.4 million in the third quarter of 2024, primarily due to larger voluntary contributions for housing and community development initiatives and increases in headcount.
Return on average equity (“ROE”) for the quarter was 8.29% (annualized), compared to ROE of 9.13% for the third quarter of 2023.
As of September 30, 2024, total assets were $155.5 billion, a decrease of $2.8 billion, or 1.8%, from total assets of $158.3 billion at December 31, 2023. As of September 30, 2024, advances were $106.4 billion, a decrease of $2.5 billion, or 2.3%, from $108.9 billion at December 31, 2023.
As of September 30, 2024, total capital was $8.4 billion, an increase of $0.2 billion from total capital of $8.2 billion at December 31, 2023. The FHLBNY’s retained earnings increased by $0.2 billion to $2.5 billion as of September 30, 2024, of which $1.3 billion was unrestricted retained earnings and $1.2 billion was restricted retained earnings. At September 30, 2024, the FHLBNY met its regulatory capital ratios and liquidity requirements.
The FHLBNY allocated $20.4 million from its third quarter 2024 earnings for its Affordable Housing Program.

The FHLBNY expects to file its Form 10-Q for the third quarter of 2024 with the U.S. Securities and Exchange Commission on or before November 7, 2024.


Selected Balance Sheet Items (dollars in millions)
	September 30,			December 31,
	2024			2023			Change

Advances	$	106,435		$	108,890		$	(2,455	)
Mortgage loans held for portfolio	2,308			2,180			128
Mortgage-backed securities	19,736			19,582			154
Liquidity assets	24,581			25,340				(759	)
Total assets	$	155,454		$	158,333		$	(2,879	)

Consolidated obligations	$	143,809		$	145,476		$	(1,667	)
Capital stock	6,014			6,050				(36	)
Unrestricted retained earnings	1,309			1,277			32
Restricted retained earnings	1,178			1,061			117
Accumulated other comprehensive income		(85	)		(143	)	58
Total capital	$	8,416		$	8,245		$	171

Capital-to-assets ratio (GAAP)	5.41		%	5.21		%
Capital-to-assets ratio (Regulatory)	5.47		%	5.30		%


Operating Results (dollars in millions)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2024			2023			Change			2024			2023			Change

Total interest income	$	2,316.6		$	2,030.7		$	285.9		$	6,916.0		$	6,264.1		$	651.9
Total interest expense	2,079.4			1,788.3			291.1			6,166.1			5,517.2			648.9
Net interest income	237.2			242.4			(5.2		)	749.9			746.9			3.0
Provision (Reversal) for credit losses	0.1			(0.1		)	0.2			(0.7		)	1.8			(2.5		)
Net interest income after provision for credit losses	237.1			242.5			(5.4		)	750.6			745.1			5.5
Non-interest income (loss)	35.1			11.8			23.3			88.2			70.7			17.5
Non-interest expense	68.4			52.2			16.2			188.5			153.3			35.2
Affordable Housing Program assessments	20.4			20.2			0.2			65.1			66.3			(1.2		)
Net income	$	183.4		$	181.9		$	1.5		$	585.2		$	596.2		$	(11.0	)

Return on average equity	8.29		%	9.13		%				9.09		%	9.54		%
Return on average assets	0.43		%	0.48		%				0.46		%	0.48		%
Net interest margin	0.56		%	0.64		%				0.59		%	0.60		%

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of September 30, 2024, the FHLBNY serves 338 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT:
Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

The MIL Network –

January 25, 2025

MIL-OSI: WOOFi Swap to deliver institutional-grade liquidity on Solana

Source: GlobeNewswire (MIL-OSI)

KINGSTOWN, Saint Vincent and the Grenadines, Oct. 24, 2024 (GLOBE NEWSWIRE) — WOOFi, the omnichain decentralized exchange platform, has launched its Synthetic proactive market maker (sPMM) on the Solana network, supporting SOL and USDC trading pairs. This will strengthen Solana’s institutional-grade liquidity offerings, utilizing centralized market-making strategies while preserving the self-custody benefits of decentralized finance.

“Solana is the largest hub of onchain users having surpassed Ethereum in volumes in 2024, and we can’t overstate how excited we are to be finally deploying there. Once we are confident with the initial liquidity provision strategies, WOOFi will scale to support more Solana-native assets, including staking derivatives like staked SOL (S-SOL) and other major tokens, as well as WOOFi Pro, the decentralized perp dex. This gradual rollout is strategic for ensuring a stable and impactful long-term presence for WOOFi on the Solana network,” said Ben Yorke, VP of Ecosystem.

WOOFi’s long-term vision is to become a DeFi hub, offering services like spot trading, futures, and staking through a self-custody platform that mirrors the functionality of centralized exchanges. Already live across 11 EVM networks, WOOFi is building an omnichain platform where users can access trading and earning tools from their favorite chain, simplifying the process while ensuring network reliability.

This deployment marks the start of WOOFi’s strategy to introduce institutional liquidity and advanced DeFi tools to Solana, optimizing performance and enhancing the overall user experience by leveraging Solana’s Rust-based infrastructure. As a high-performance, low-cost blockchain, Solana elevates WOOFi’s potential for growth. Solana aims to match the speed of traditional financial systems like NASDAQ, ensuring that critical market data reaches all users simultaneously without delay. The platform achieves this through the Nakamoto coefficient, which assesses the level of decentralization in a blockchain network.

To learn more about WOOFi, download our app or visit WOOFi

Contact us: media@woo.network

About WOOFi
WOOFi is a leading decentralized exchange (DEX) with over $42B in cumulative trading volume and more than 250k monthly active users. It supports 11 blockchains and offers a diverse range of products, including earn vaults, simple swaps, cross-chain swaps, and perpetual futures. The native token of WOOFi, WOO, can be staked to share 80% of all protocol fees.

Disclaimer
The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

WOOFi does NOT endorse, guarantee, or provide advice for any products or services of its business partners. This cooperation shall in no event be interpreted as an assurance or guarantee for the airdrop of any tokens, whether presently existing or to be generated in the future, on WOOFi or any associated platforms, nor does it imply any commitment from WOOFi to airdrop any tokens on its platforms or others.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e48472e0-d7e9-4b3a-a526-98e87462085a

The MIL Network –

January 25, 2025
MIL-OSI: 3PLs Balance Decreasing Order Volumes and Rising Costs While Maximizing Technology and Capacity to Achieve New Industry Standards
Source: GlobeNewswire (MIL-OSI)

EL SEGUNDO, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Extensiv — a leading provider of warehouse, order, and inventory management software to the third-party logistics (3PL) industry and the brands they serve, today announced the results of its fifth annual Third-Party Logistics (3PL) Warehouse Benchmark Report. The readout is the only benchmark report focused exclusively on the 3PL warehouse industry. This year’s report revealed decreased order volume growth, increased profitability for those operating at high warehouse capacity (over 80% capacity), and a convergence between AI advancement and network fulfillment points for 2025.

The Third-Party Logistics Warehouse Benchmark Report aggregates data from more than 250 3PL warehouses and provides insight on more than 30 industry-specific topics. The report builds on prior data and provides year-over-year changes and trends to help warehouses understand market growth opportunities and industry challenges.

Key takeaways from the 2024 report include:
- Adapting to Challenges is Key. The 3PL industry is navigating through tough times with slowing growth in order volumes and profitability (only 69% reported progress on profitability in 2024). Yet, businesses are showing resilience and adaptability. 3PL’s operating at larger scales seem to be best suited for navigating today’s market volatility.
- AI is the Future. Artificial Intelligence (AI) is gaining traction, with significant interest in its applications for optimizing various aspects of warehouse operations. The number of respondents saying they were looking into AI rose sharply from 16% last year to 25% this year. While the industry is still exploring the best use cases, integrations with AI are looking like an inevitability.
- Fourth-party Fulfillment Strategies. There is a clear trend towards adding warehouses to obtain geographic disbursement. The percentage of organizations with 2 to 5 warehouses has followed an upward trajectory by an average of 2% each year. This year, it sits at 51%. This growth also reflects a growing interest in utilizing fourth-party logistics (4PLs) to drive efficiency and reduce risk while strategically positioning inventory to better serve customers.
- Optimizing Labor. While the percentage of 3PLs expecting to add workers is the lowest it has been in the past four years (57%), the focus has shifted to optimizing labor productivity through management tools and efficiency measures outside of a reliance on robotics. While worries about employee turnover are declining, ensuring maximum efficiency among workers is still top of mind for the industry.
- Better Billing is Crucial. Cash flow is still king in 2024 and more 3PLs are looking to automate their billing processes to maintain financial stability. This year, the time spent billing customers increased, however those who spent less than 16 hours on billing and invoicing per month were 2.8 times more likely to see high profitability growth. With the correlation between time spent on billing and profitability, more 3PLs are looking for ways to leverage invoicing functions directly within their WMS.
Other key areas of the report include an outlook for 2025, as well as trends and metrics related to growth opportunities, technology adoption, warehouse operations, and industry challenges. Despite concerns about decreasing order volume and cash flow constraints, 3PLs are approaching 2025 with resilience and optimism.

“With this, the 5^th edition of the 3PL Warehouse Benchmark Report, Extensiv equips 3PLs with the information needed to best navigate the evolving supply chain,” said Aaron Stead, CEO of Extensiv. “It further displays the market leadership position Extensiv holds and connection to the pulse of our industry.”

To see more critical 3PL trends, download the 2024 Extensiv Third-Party Logistics Warehouse Benchmark Report here. For additional insight, listen to an on-demand discussion of the results.

About Extensiv

Extensiv, formerly 3PL Central, is a visionary technology leader focused on creating the future of omnichannel fulfillment. We partner with warehouse professionals and entrepreneurial brands to transform their fulfillment operations in the radically changing world of commerce and consumer expectations. Through our unrivaled network of more than 1,500 connected 3PLs and a suite of integrated, cloud-native warehouse management (WMS), order management (OMS), inventory management (IMS), and integration management software, we enable modern merchants and brands to fulfill demand anywhere with superior flexibility and scale without painful platform migrations as they grow. More than 25,000 logistics professionals and thousands of brands trust Extensiv every day to drive commerce at the pace that modern consumers expect. Learn more at www.extensiv.com.

Media contact:
Jill Hillen
jhillen@extensiv.com

The MIL Network –
January 25, 2025

MIL-OSI: WENDEL: Q3 2024 Trading Update

Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE – OCTOBER 24, 2024

Fully diluted¹Net Asset Value of €184.5

up +13.7 %²year-to-date (+5.3% since June 30)

With the announced acquisition of Monroe Capital, Wendel dramatically expands its Asset Management platform and rebalances its business model towards more recurring cash flows and growth

Fully diluted Net Asset Value³as of September 30, 2024: €184.5 per share

Fully diluted NAV per share up +16.1%⁴ since the start of the year when restating for the €4 dividend paid in May 2024 reflecting:
- Strong increase in Bureau Veritas’ share price (+34% YTD)
- Slight decrease in value of non-listed assets
- Positive contribution of Asset Management activities (IK Partners), reflecting the increase in market multiples

Very active implementation of new strategic directions and active portfolio rotation

Principal Investment:
- €2.3 billion proceeds and value crystallization through the sale of 9% of Bureau Veritas’ share capital and the disposal of Constantia Flexibles
- €0.7 billion invested including €625 million in Globeducate, closed on October 16
Asset Management:
- €0.4 billion invested for the acquisition of 51% of IK Partners
- $1.13 billion will be invested in equity to acquire 75% of Monroe Capital, as announced on October 22, 2024 (closing expected in the first half of 2025)

Wendel Asset Management business is now a significant performance driver

Considering the announced acquisition of Monroe Capital, Wendel’s Asset Management platform will represent c.€31bn of AuM in private assets⁵
In 2025, Wendel AM business is expected to generate c.€160m⁶ of Fee Related Earnings (“FRE”) and c.€185m of total pre-tax profit in 2025
IK Partners Fee Paying AuM up +19% over the first 9 months of 2024

Consolidated 9M 2024 sales of €5,918.1 million, up +14.6% overall and +8.9% organically

Very strong organic growth at Bureau Veritas (+10.4% over 9 months)
Solid growth at CPI (+7.9%)
ACAMS (+8%) in total over 9 months, due to the earlier timing of a flagship conference than in 2023
Encouraging first 9 months for Stahl (+1.6% total growth), with Q3 (-4.7%) impacted by a mixed environment in its industry
Scalian: slight decrease of -0.2% over 9 months

Strong financial structure and committed to remain Investment Grade

Debt maturity of 3.9 years with an average cost of 2.4%
LTV ratio at -6.8% as of September 30, 2024, and 18.9%⁷ on a pro forma basis
Pro forma total liquidity of €1.4⁸ billion as of September 30, 2024, including €0.5 billion in cash and €875 million in committed credit facility (fully undrawn)

Laurent Mignon, Wendel Group CEO, commented:

“The first nine months of 2024 have been generating good value creation for shareholders, with fully diluted Net Asset Value growing by 13.7%, driven notably by Bureau Veritas’ strong stock price and operating performances.

We continue to enhance our cash flow generation and value creation profile, by executing our strategic plan with determination, rigor and financial discipline, as demonstrated by the Monroe Capital acquisition, announced two days ago, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate.

Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit.

Following the investment in Globeducate and the announced acquisition of Monroe Capital, the priorities of Wendel’s teams are to create value on existing assets, to successfully build the private asset management platform around IK Partners and Monroe Capital, and to maintain a solid financial structure.”

Wendel’s net asset value as of September 30, 2024: €184.5 per share on a fully diluted basis

Wendel’s Net Asset Value (NAV) as of September 30, 2024, was prepared by Wendel to the best of its knowledge and on the basis of market data available at this date and in compliance with its methodology.

Fully diluted Net Asset Value was €184.5 per share as of September 30, 2024 (see detail in the table below), as compared to €162.3 on December 31, 2023, representing an increase of +13.7% since the start of the year and +16.1% restated for the dividend paid in 2024. Compared to the last 20-day average share price as of September 30, the discount to the September 30, 2024, fully diluted NAV per share was -50.6%.

Bureau Veritas contributed very positively to the increase in Net Asset Value: on September 30, its 20-day average share price was up strongly (+34.3%) compared to December 31, 2023. Impacts from share price movements from IHS Towers (-30.0%) and Tarkett (-2.8%) were negligible given the weight of Bureau Veritas in the NAV. Total value creation per share of listed assets was therefore +€26.1 over the first nine months of 2024 on a fully diluted basis.

Unlisted assets’ contribution to the growth of the NAV was slightly negative over the first nine months of the year with a total change per share of -€1.2, reflecting a positive evolution of the market multiples and from bolt-on acquisitions, more than entirely offset by negative FX effect and selective downward revisions of outlooks for the current year (compared to December 31, 2023).

Asset management activities were consolidated and accounted in the NAV for the first time at the end of June following the acquisition of IK Partners. There is no sponsor money included in the NAV yet, as no capital has been called. IK Partners’ valuation is up by €1.5 per share over the third quarter, driven by positive market multiples evolution.

Cash operating costs and net financing results impacted NAV by -€1.2 over 9 months, as Wendel benefited from a positive carry. The impact of year-to-date share buybacks on fully diluted NAV per share is +€1.4 per share more as of September 30, 2024, than as of December 31, 2023. Other assets and liabilities impacted NAV by -€0.5.

Total Net Asset Value increase amounted to €26.2 per share over the first nine months of the year before dividend payment.

Fully diluted NAV per share of €184.5 as of September 30, 2024

(in millions of euros)			09/30/2024		12/31/2023
Listed investments	Number of shares	Share price ⁽¹⁾	3,800	3,867
Bureau Veritas	120.3m/160.8m	€29.9/€22.2	3,591	3,575
IHS	63.0m/63.0m	$3.1/$4.4	174	251
Tarkett		€8.9/€9.1	35	40
Investment in unlisted assets ⁽²⁾			3,158	4,360
Asset Management Activities ⁽³⁾			449	–
Other assets and liabilities of Wendel and holding companies ⁽⁴⁾			95	6
Net cash position & financial assets ⁽⁵⁾			3,027	1,286
Gross asset value			10,530	9,518
Wendel bond debt			-2,386	-2,401
IK Partners transaction deferred payment			-131	–
Net Asset Value			8,012	7,118
Of which net debt			509	-1,115
Number of shares			44,430,864	44,430,554
Net Asset Value per share			€180.3	€160.2
Wendel’s 20 days share price average			€91.1	€79.9
Premium (discount) on NAV			-49.5%	-50.1%
Number of shares – fully diluted			42,469,744	43,302,016
Fully diluted Net Asset Value, per share			€184.5	€162.3
Premium (discount) on fully diluted NAV			-50.6%	-50.8%

(1) Last 20 trading days average as of September 30, 2024, and December 31, 2023.

(2) Investments in unlisted companies (Stahl, Crisis Prevention Institute, ACAMS, Scalian, Wendel Growth as of September 30, 2024, also included Constantia Flexibles as of December 31, 2023). Aggregates retained for the calculation exclude the impact of IFRS16.

(3) IK Partners’ activity, no sponsor money has been called at this stage. It is therefore not included in the NAV at this stage.

(4) Of which 1,961,120 treasury shares as of September 30, 2024, and 1,128,538 treasury shares as of December 31, 2023.

(5) Cash position and financial assets of Wendel and holdings.

Assets and liabilities denominated in currencies other than the euro have been converted at exchange rates prevailing on the date of the NAV calculation.

If co-investment and management LTIP conditions are realized, subsequent dilutive effects on Wendel’s economic ownership are accounted for in NAV calculations. See page 246 of the 2023 Universal Registration Document.

Wendel’s Principal Investments’ portfolio rotation

Since the beginning of the year, Wendel has realized a total of €2.3 billion in disposals for its own account and has invested €0.7 billion, reflecting the acceleration of the diversification of its investment portfolio, in line with the strategy announced a few months ago:

Wendel announced on January 4, 2024, that it had completed the sale of Constantia Flexibles, generating total net proceeds⁹ for Wendel of €1,121 million for its shares, i.e. a valuation over 10% higher than the latest NAV on record before the announcement of the transaction (as at March 31, 2023).
Wendel announced on April 5, 2024, that it had successfully completed the sale of 40.5 million shares in Bureau Veritas, representing c.9% of the Company’s share capital, for total proceeds of approximately €1.1 billion. The transaction was carried out at a price of €27.127, or a discount of 3% from the previous day’s share price.
Wendel Growth realized its investment in Preligens, a leader in artificial intelligence (AI) for aerospace and defence, generating net proceeds to Wendel of c.€14.6M, translating into a gross IRR of 28%¹⁰. In addition, Wendel Growth announced on June 11, 2024, the acquisition of a minority stake in YesWeHack through an equity investment of €14.5 million.
Wendel reinvested €43.7m in Scalian upon the acquisition of MANNARINO Systems & Software on June 21, 2024. This Canadian company is a leading engineering services specialist for advanced technology R&D for the aviation sector, primarily in North America, with recognized expertise in safety-critical embedded software and systems.
On October 16, 2024, Wendel completed the acquisition of c.50% of Globeducate, one of the world’s leading international K-12 education groups, from Providence Equity Partners. Wendel invested €625 million of equity, at an Enterprise Value of c.€2 billion¹¹, to join Providence, and both firms will now own c.50% of the group.

Wendel’s Asset Management platform evolution

Acquisition of Monroe Capital dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth

Wendel announced on October 22 that it had entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding Principal Investment business.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform will reach c.€31 billion in AUM¹², c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

For more information, see the October 22, 2024, announcement on http://www.wendelgroup.com.

Third Party Asset Management value creation and performance

9 months 2024 performance

Over the first nine months of 2024, IK Partners had particularly strong activity, generating a total of €126.4 million in revenue. Total Assets under Management (€13.3 billion, of which €3.3 billion of Dry Powder¹³) grew by 20% since the beginning of the year, and FPAuM¹⁴ (€9.0 billion) by 19%. Over the period, €1.7 billion of new funds were raised (IK X, PFIII and IK SO) and 7 exits have been announced, for over €1.2 billion.

Sponsor money invested by Wendel

Wendel committed €400 million in IK Partners funds, of which €300 million in IK X. These commitments have not yet been called.

Principal Investment companies’ value creation and performance

Listed Assets: 36% of Gross Asset Value

Bureau Veritas – Strong Q3 2024 organic revenue growth; refocused portfolio with ongoing acquisitions acceleration, in line with the LEAP | 28 strategy; 2024 revenue outlook upgraded

(Full consolidation)

Revenue in the first nine months of 2024 totaled € 4,569.6 million, a 5.6% increase year-to-date.

Revenue in the third quarter of 2024 amounted to € 1,547.9 million, an 8.8% increase compared to Q3 2023. Organic growth achieved a strong 13.0%, which led to 10.5% on a 9-month basis. The scope effect was a positive 0.5%, reflecting bolt-on acquisitions (contributing to +1.1%) realized in the past few quarters and partly offset by the impact of small divestments completed over the last twelve months (contributing to -0.6%). Currency fluctuations had a negative impact of 4.7%, due to the strength of the euro against most currencies.

Three businesses delivered very strong organic growth: Marine & Offshore, up 13.2%, Industry, up 23.8%, and Certification, up 17.7%. Buildings & Infrastructure further recovered, up 9.3% organically in the third quarter (after 4.3% in the first half) while both Consumer Products Services and Agri Food & Commodities grew high-single digits organically, both reflecting improving market trends.

Based on the 9-month performance, leveraging a healthy and growing sales pipeline and strong underlying market growth, Bureau Veritas now expects to deliver for the full year 2024:

9 to 10% organic revenue growth (from “high single-digit” previously);
Improvement in adjusted operating margin at constant exchange rates;
Strong cash flow, with a cash conversion above 90%.

For more information: https://group.bureauveritas.com

Tarkett – Slight organic decrease year-to-date, with Q3 2024 solid organic sales growth of +2.4%, as Sports division grew at a sustained pace in the most important quarter of the year. Activity remained sluggish in flooring, particularly in EMEA and the CIS countries

(Equity method)

Revenue in the first nine months of 2024 amounted to €2,560.7 million, down by -1.2% compared to the same period of 2023, reflecting an organic decline of -0.4%. Sales prices remained stable over the financial year, i.e. -0.3% compared to the first nine months of 2023. In Q3 2024, Group net sales came to €1,002 million, up +1.8% compared to the third quarter of 2023. Organic growth reached +2.4%. Sales prices remained broadly stable over the year, with a slight decline of -0.5% compared to the third quarter of 2023.

For more information: https://www.tarkett-group.com/en/investors/

IHS Towers (not consolidated) – IHS Towers will report its Q3 2024 results in the coming weeks

Unlisted Assets: 30% of Gross Asset Value

	Sales (in millions)
	9 months 2023	9 months 2024
Stahl	€677.3	€687.9
CPI	$103.6	$112.0
ACAMS	$67.9	$76.8
Scalian	€402.2	€401.3

Stahl – Total sales up 1.6% for the first 9 months of 2024 on the back of Q3 market challenges in the leather market for automotive and luxury goods

(full consolidation) 

Stahl, the world leader in specialty coatings for flexible materials, posted total sales of €687.9 million in the first 9 months of 2024, representing a total increase of +1.6% over the period. Organically, sales were slightly down -0.4%, in a context of tougher markets in automotive and luxury goods, while FX contributed -1.3%. The acquisition of ICP Industrial Solutions Group (ISG) in March 2023 contributed positively (+3.3%) to total sales variation.

Stahl Q3 sales were down -4.7% (-3.1% organically and -1.6% due to FX) linked to the weaker market performance of the automotive and luxury goods sectors, notably in August, which was a particularly quiet month this year as many Italian tanneries were inactive for a four-week period due to reduced activity.

On September 27, Stahl completed the acquisition of WEILBURGER Coatings, a leading German-based manufacturer of water-based and energy cured coatings for the graphic arts and packaging industry. The transaction significantly strengthens Stahl’s packaging coatings division and supports its strategy to broaden its franchise for specialty coatings for flexible materials. This acquisition strengthens Stahl’s strategic position in Europe, positioning the company as the second-largest packaging coatings player in the region. WEILBURGER Coatings posted sales of €70 million in 2023 and has over 140 employees, primarily based in Germany.

Stahl also announced it maintained its Platinum EcoVadis rating for the third consecutive year, reaffirming its commitment to sustainability. In August, Stahl was awarded the Living Wage certification strengthening its commitment to fair compensation and employee well-being.

Crisis Prevention Institute reports +8.2% revenue as compared with 9M 2023

(full consolidation)

CPI recorded first nine months 2024 revenues of $112 million, up +8.2% compared to 9M 2023, or +8.1% organically (FX impact was +0.1%), resulting from the addition of new certified instructors across end markets and geographies, and strong consumption of training materials, signifying active training of broader staff throughout the Company’s primary customers in educational, healthcare and human services settings. The company’s year-to-date results include relatively flat year-over-year revenue for the third quarter, however, reflecting what management describes as a temporary, seasonal slowdown in new certified instructors and a difficult year-over-year comparison resulting from an unusually large enterprise program added in the third quarter of 2023.

2024 continues to be a pivotal year for CPI in growing its impact and reach, including further global expansion with the opening of its first office in the United Arab Emirates, and new program launches, including Reframing Behavior, a new certification program designed to help educators build a more positive, supportive learning environment and prevent disruptive classroom behavior. In addition, regulatory and legislative actions continue to provide support for workplace violence prevention programs and related training, including expanded requirements in New York, Texas and California during 2024.

ACAMS – ACAMS reports positive total growth amid accelerated transformation

(full consolidation)

ACAMS, the global leader in training and certifications for anti-money laundering and financial crime prevention professionals, reported year-to-date bookings of $78 million, roughly flat with reported bookings for the same period in 2023, and revenue of $77 million for the first nine months of 2024, representing 8% year-over-year growth. The results for the first nine months of 2024 reflect continued growth and market expansion in North America and Europe, largely offset by declines with customers in the Asia-Pacific region. As well, the year-to-date results include the impact of ACAMS’ flagship Las Vegas conference that was held in the third quarter of 2024 and fourth quarter of 2023. Excluding the impact of this timing difference would reduce year-over-year bookings and revenue growth for the nine months ending September 30, 2024, to -0.8% and +0.3%, respectively.

The Company has made considerable progress in its transformation this year. Having largely completed its separation and transition to a stand-alone, independent company in 2023, ACAMS has made many investments instrumental to the Company’s future growth, including organizational changes led by the CEO, Neil Sternthal, who joined ACAMS in early 2024 and subsequently added several executives, including a new Chief Financial Officer and a Chief Revenue Officer, investments in the Company’s technology platform, business analytics and sales organizations, and new product development, most notably with the planned introduction of its Certified Anti-Fraud Specialist (CAFS) certification.

Scalian – Slight decrease of total sales of -0.2% year-to-date, in a context of overall market slowdown

(full consolidation since July 2023.) 

Scalian, a European leader in digital transformation, project management and operational performance consulting, reported total revenues of €401.3 million over the first 9 months in a context of continued industry slowdown, in particular supply chain tensions in the aeronautic sector as well as the turndown of the European automotive sector. Sales are down by -2.5% organically and benefited from a positive scope effect of +2.3%.

Scalian announced the acquisition of Dulin Technology in January 2024, a Spanish-based consulting firm specializing in cybersecurity for the financial sector, and MANNARINO Systems & Software in June 2024, a Canadian-based company that is a leading engineering services specialist with a unique know-how in advanced technology R&D for the aviation sector.

Agenda

Friday, December 6, 2024,

2024 Investor Day.

Wednesday, February 26, 2025

Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

Thursday, April 24, 2025

Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

Thursday, May 15, 2025

Annual General Meeting

Wednesday, July 30, 2025

H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

Appendix 1: Nine-month 2024 sales of Group companies

Nine-month 2024 consolidated sales

(in millions of euros)	9-month 2023	9-month 2024	Δ	Organic Δ
Bureau Veritas	4,328.0	4,569.6	+5.6%	+10.4%
Stahl ⁽¹⁾	677.3	687.9	+1.6%	-0.4%
Scalian ⁽²⁾	n.a.	409.3	n.a.	n.a.
Crisis Prevention Institute	95.6	103.1	+7.9%	+8.1%
ACAMS ⁽³⁾	62.7	70.6	+12.6%	+8.6%
IK Partners⁽⁴⁾	n.a.	77.6	n.a.	n.a.
Consolidated net sales ⁽³⁾⁽⁴⁾	5,163.5	5,918.1	+14.6%	+8.9%

(1)   Acquisition of ICP Industrial Solutions Group (ISG) since March 2023 (sales’ contribution of €70.8M vs €62.7M as of 9M 2023)
(2)   Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 9 months’ sales between October 1st 2023 and June 30 2024.
(3)   The sales include a PPA restatement for an impact of -€0.5M (vs -€3.2M as of 9M 2023). Excluding this restatement, the sales amount to €71.3M vs. €66.1M as of 9M 2023. The total growth of +12.6% include a PPA effect of +4.5% and the conference revenue which generated $5,9M while this event occurred in Q4 2023 last year.
(4)   Contribution of five months of sales

Nine-month 2024 sales of equity accounted companies

(in millions of euros)	9-month 2023	9-month 2024	Δ	Organic Δ
Tarkett⁽⁵⁾	2,592.6	2,560.7	-1.2%	-0.4%

(5) Sales price adjustments in CIS countries are historically intended to compensate for currency movements and are therefore excluded from the “organic growth” indicator.

Q3 2024 sales of Group companies

Q3 2024 consolidated sales

(in millions of euros)	Q3 2023	Q3 2024	Δ	Organic Δ
Bureau Veritas	1,423.8	1,547.9	+8.8%	+13.0%
Stahl	234.3	223.3	-4.7%	-3.1%
Scalian ⁽¹⁾	n.a.	131.1	n.a.	n.a.
Crisis Prevention Institute	42.0	41.2	-1.8%	-1.0%
ACAMS ⁽²⁾	20.2	26.1	+29.1%	+28.6%
IK Partners	n.a.	44.2	n.a.	n.a.
Consolidated net sales	1,720.2	2,013.8	+17.1%	+10.6%

(1) Scalian has a different reporting date to Wendel. Consequently, sale’s contribution corresponds to 3 months’ sales between April 1st 2024 and June 30 2024.
(2) ACAMS Q3 2024 sales includes the conference which generated $5,9M, while this event occurred in Q4 2023 last year.

Q3 2024 sales of equity accounted companies

(in millions of euros)	Q3 2023	Q3 2024	Δ	Organic Δ
Tarkett⁽³⁾	984.3	1,002.0	+1.8%	+2.4%

(3) Sales price adjustments in CIS countries are historically intended to offset exchange rate movements, and are therefore excluded from the “organic growth” indicator.

¹ Fully-diluted NAV per share assumes all treasury shares are cancelled and a complementary liability is booked to account for all LTIP related securities in the money as of the valuation date.
² +13.7% compared with fully diluted NAV of €162.3 as of Dec. 31, 2023.
³ Fully diluted of share buybacks and treasury shares. Without adjusting for dilution, NAV stands at €8,012m and €180.3 per share.
⁴ Including the €4.0 per share dividend paid in 2024, and on a non-fully diluted basis NAV is up 15.0%.
⁵ As of September 2024.
⁶ c.€101m of FRE expected in 2025, Wendel share.

⁷ Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).

⁸ Proforma of Globeducate acquisition (€-625m), sponsor money commitment in IK (€-400m), IK Partners transaction deferred payment (€-131m), Monroe Capital 75% acquisition (including estimated earnout) and GP commitments in Monroe Capital ($-200m for 2025).

⁹ Net proceeds after ticking fees, financial debt, dilution to the benefit of the Company’s minority investors, transaction costs and other debt-like adjustments.
¹⁰ Gross IRR of 28%. Net IRR of 26%.
¹¹ EV including IFRS 16 impacts. Excluding IFRS 16, EV stands at c.€1.86 billion.
¹² As of September 2024

¹³ Commitments not yet invested

¹⁴ Fee Paying AuM

Attachment

Wendel_9M_2024_EN

The MIL Network –

January 25, 2025

MIL-OSI USA: Wexton Announces $40 Million in Federal Infrastructure Law Funding for New Dulles Airport Terminal Project

Source: United States House of Representatives – Congresswoman Jennifer Wexton (D-VA)

Washington, DC – Today, Congresswoman Jennifer Wexton (D-VA) announced a new $40 million grant from the Bipartisan Infrastructure Law’s Airport Terminals Program (ATP) to aid in the construction of Washington Dulles International Airport’s new 14-gate regional and commuter terminal. This is the fourth consecutive fiscal year that the new terminal project has received funding through the Bipartisan Infrastructure Law, after receiving $49.6 million in 2022, $20 million in 2023, and $35 million in 2024.

“I’m proud that our Bipartisan Infrastructure Law is once again delivering critical funding that will help grow and enhance travel and economic activity here in Virginia’s 10th District at Dulles Airport,” said Congresswoman Wexton. “Today’s announcement brings the total to more than $144 million in federal funds to make this new terminal project a reality. A top priority for the airport, it will save passengers’ time, reduce crowding, and make the passenger experience smoother and more convenient. The investments we’ve made through this historic infrastructure law continue to have an impact in our community and local economy that will have benefits for generations to come.”

The new terminal will be conveniently located atop the underground Concourse C/D Aerotrain station, providing quick and easy access to passengers and reducing transit times for passengers with connections at Dulles who must currently use shuttle buses or long walkways. The new terminal will allow for jet bridge boarding that reduces boarding times and is more accessible for passengers with disabilities, rather than forcing passengers to board using outdoor covered walkways and aircraft stairs. It will be nearly four times larger than the current facility, which will reduce crowding, allow for expanded concessions and passenger amenities, and create additional space for operational areas, offices, aircraft servicing, and baggage handling.

The new regional and commuter terminal project will also improve Dulles’s environmental footprint, as the proposed new facility will be built to LEED Silver Certifiable standards. Environmental improvements include support for electric aircraft servicing vehicles and the use of modern energy efficient construction methods and materials.

The Airport Terminals Program, established by the Bipartisan Infrastructure Law which Wexton voted to pass in 2021, provides $1 billion in grants annually for five years to address aging infrastructure at our nation’s airports.

###

MIL OSI USA News –

January 25, 2025
MIL-OSI: Westamerica Bancorporation Declares Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

SAN RAFAEL, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today declared a quarterly cash dividend of $0.44 per share on common stock outstanding to shareholders of record at the close of business November 4, 2024. The dividend is payable November 15, 2024.

Chairman, President and CEO David Payne stated, “This quarterly dividend recognizes Westamerica’s reliable earnings stream, financial strength and conservative risk profile.”

On October 17, 2024, Westamerica reported $35.1 million in net income for the three months ended September 30, 2024, or $1.31 diluted earnings per common share.

Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.

Westamerica Bancorporation Web Address: www.westamerica.com

For additional information contact:
Westamerica Bancorporation
1108 Fifth Avenue, San Rafael, CA 94901
Robert A. Thorson – SVP & Treasurer
707-863-6840
investments@westamerica.com

FORWARD-LOOKING INFORMATION:

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2023 filed on Form 10-K and quarterly report for the quarter ended June 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

The MIL Network –

January 25, 2025

MIL-OSI: SBM Offshore divests minority interest in FPSO Sepetiba

Source: GlobeNewswire (MIL-OSI)

October 24, 2024

SBM Offshore announces it has completed the divestment of a 13.5% ownership interest in the special purpose companies related to the lease and operation of the FPSO Sepetiba to China Merchants Financial Leasing (Hong Kong) Holding Co., Limited (CMFL). This follows the announcement on February 10, 2022, of an agreement whereby CMFL would acquire its ownership interest after the FPSO Sepetiba had commenced operations. SBM Offshore is operator of the FPSO and will remain the majority shareholder with 51% ownership interest.

FPSO Sepetiba is installed at the Mero unitized field located in the Santos Basin, approximately 180 kilometers offshore Rio de Janeiro in Brazil. The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-Sal Petróleo S.A. (PPSA) (3.5%), representing the government in the non-contracted area.

Corporate Profile

SBM Offshore designs, builds, installs and operates offshore floating facilities for the offshore energy industry. As a leading technology provider, we put our marine expertise at the service of a responsible energy transition by reducing emissions from fossil fuel production, while developing cleaner solutions for alternative energy sources.

More than 7,400 SBMers worldwide are committed to sharing their experience to deliver safe, sustainable and affordable energy from the oceans for generations to come.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Third Quarter 2024 Trading Update	November 14	2024
Full Year 2024 Earnings	February 20	2025
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Evelyn Tachau Brown
Group Communications & Change Director

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impact, Risk and Opportunity Management’ section of the 2023 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the Half-Year Management Report accompanying the Half Year Earnings 2024 report, available on our website https://www.sbmoffshore.com/investors/financial-disclosures.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

Attachment

SBM Offshore divests minority interest in FPSO Sepetiba

The MIL Network –

January 25, 2025

MIL-OSI: Alliance Witan Increases Dividend after Combination

Source: GlobeNewswire (MIL-OSI)

Alliance Witan PLC (‘the Company’)
LEI: 213800SZZD4E2IOZ9W55

Dividend Declaration

Alliance Witan Increases Dividend after Combination

The Company declares a third interim dividend of 6.73p per share. The total of the first three interim dividends declared for 2024 is 19.97p (2023: 18.86p), representing an increase of 5.9% on the same payments for 2023. The third interim dividend is a 1.7% step up on the level of the first and second interim dividends following the combination of Alliance Trust and Witan Investment Trust to form Alliance Witan.

The dividend will be paid on 27 December 2024 to shareholders on the register at the close of business on 29 November 2024. The ex-dividend date is 28 November 2024.

Barring any unforeseen circumstances, it is anticipated that the Company’s fourth interim dividend will be at least equal to third interim dividend. This will result in a total dividend for the 2024 financial year of at least 26.70p per share, which would represent a 6.0% increase over the Company’s financial year ended 31 December 2023.

Juniper Partners Limited
Company Secretary

24 October 2024

The MIL Network –

January 25, 2025
MIL-OSI United Kingdom: Local Government Association Conference

Source: United Kingdom – Executive Government & Departments

A speech from the Deputy Prime Minister

Location:

Harrogate

Delivered on:

24 October 2024 (Transcript of the speech, exactly as it was delivered)

Firstly, I want to say a massive thank you to you, some of our most dedicated, brilliant public servants in this room.

For everything that you do, every day, to keep our country going.

You’ve shown remarkable resilience through some tough – and very tough – years.

During the pandemic, you kept vital services running in our communities.

Through this period of economic instability, you’ve made tough choices to protect the most vulnerable.

And following a summer of violent far-right disorder, you stood up for the values of decency and community that define our country.

And time and again, you step forward to support your local communities.

Now, I understand that this conference was originally planned for just before the General Election.

I have to admit that I’m much happier to be stood here as your Deputy Prime Minister!

Last year in Bournemouth, I said that if we were elected, we would deliver a plan for change.

A new way of governing. A government of public service.

And just over 100 days into government and we are getting on with the job.

We’re fixing the foundations to build a country that works for working people.

And local government is at the heart of this vision.

Because as you all know, I am a creature of local government.

I loved my job as a home help for Stockport council.

And I learned the importance of a good local service, and what it meant to really know and trust your community.

Back then, local government wasn’t on its knees.

Don’t get me wrong, things weren’t easy.

But we had the time and resource to provide a good service.

I know that good, functioning local government looks like great working with a good central government working in genuine partnership to deliver better outcomes.

So I know we can’t deliver true change for Britain without the support of every one of you in this room.

We can’t deliver for our missions without you.

Take our plans to deliver 1.5 million homes, including a new generation of secure, social and affordable homes.

The delivery of safer streets, an NHS and social care system that’s back on its feet.

The sustained economic growth we need to raise living standards.

And the strong communities on which good lives are built.

That’s why, in my very first week in the job – as Secretary of State for Housing, Communities and Local Government – I put local government back where it belongs.

At the heart of my department’s name and mission. 

And I’m lucky I have Jim by my side, the Minister of State for Local Government – who has run a council and knows local government from the inside out – and he’s here with me today and as part of the team.

Louise, your new Chair, also represents the best of local government – a fierce commitment to public service and leadership steeped in years of experience – not too many years, but a few.

And the fact that her predecessor, Shaun, has now joined us in the House of Commons just goes to show we are a government that believes in the power of local government.

We know what’s possible when you give people with skin in the game the power to change lives.

And, after an incredibly difficult few years, it’s time to unleash that power.

Which means resetting our relationship with local government and rebuilding its foundations.

It means ditching the slogans and gimmicks and going back to basics: delivering services that people can rely on.

You don’t need me to tell you how much harder that job has been after fourteen years of neglect.

[Redacted political content]

Councils stuck in a doom loop with money pouring out of a system with too many cracks.

And it isn’t just the scandal of wasted money. It’s the heartache of the wasted lives and potential.

[Redacted political content]

For all the promises about localism and levelling up, there was an assumption that if something needed doing, it should be done from Whitehall.

With central government hoarding power, micromanaging you, intervening in an uncoordinated and unhelpful way.

A begging-bowl system of wasteful competitive pots that led to councils bidding to pay for chess tables in public parks.

No more.

We’re going to turn the page on this failed approach – bringing local government into the heart of government.

As part of a partnership based on honesty and respect.

And it’s in that spirit that we need to face up to the financial crisis facing local government.

We all know that there’s no quick fix.

The dire public finances – the £22 billion black hole – we’ve inherited mean that it’s going to take hard graft on all sides to get us back on the road to recovery.

We knew things were bad, but on entering office, we uncovered a shocking crisis in local government which was far beyond what we had anticipated.

Councils of all political stripes have been left shelling out millions to plaster over the government’s mismanagement.

[Redacted political content]

To make matters worse, we discovered that over the last decade, the last [Redacted political content] government ripped away any financial oversight of council spending, scrapping the Audit Commission and pushing councils to borrow more and more.

This reckless approach has left the government with no transparent system in place to warn the public when a council is struggling.

And more and more authorities are struggling to stay afloat with communities in the most deprived parts of our country disproportionately affected, through cuts to services that they desperately depend on, as people’s [inaudible] go up.

And get it.

And I know we need change urgently.

You’ve all heard me say it – I’m going provide multi-year funding settlements, that will give you the stability and certainty to plan and invest for the long-term.

And that we will end the Dragon’s Den-style bidding wars between councils for competitive funding pots.

Instead, we’ll show you some respect with long-term funding, giving you flexibility to spend it where it is needed. 

And through the next Local Government Finance Settlement and beyond, we will provide more detail on how this is going to work.

Let me be clear that we can’t fix the system overnight.

[Redacted political content]

And I have to say, looking at the numbers we inherited, I am shocked by the scale of neglect.

It is going to be a long, hard slog to get local government back on its feet.

And in the short term, we’re doing all that we can to protect severely struggling councils, which is why I can announce that we are scrapping the punitive ‘pay day loan’ premium on borrowing for councils in need of Exceptional Financial Support.

This government will take a collaborative and a constructive approach to councils in financial difficulty.

You know I can’t go into detail about the Spending Review.

So let me talk to you today about things that I can tell you.

Fundamentally, I want to work together, across central and local government to reform high-cost public services and focus on preventing people from needing them in the first place.

Tackling profiteering in broken markets serving vulnerable groups, like we’ve seen in some of the private children’s homes.

When it comes to prevention, there can be few bigger priorities for us than preventing homelessness – one of the biggest pressures that you face.

By getting Britain building again. Speeding up the planning system and reintroducing mandatory housing targets.

I know that this will mean asking more from local councils.

Which is why we’re boosting the number of planners.

As part of our plans, to strengthen local planning departments and reinforce planning obligations to deliver more affordable homes on new developments – we will support you to hold developers to account.

And it’s why we’re also reviewing Right to Buy, to stem the loss of precious council homes.

But we’ll also tackle homelessness directly, by learning lessons from the past and working with local leaders to take action on all forms of homelessness.

We will develop a cross-government strategy to get us back on track to end homelessness.

We will also reform the broken local audit system in England that we inherited.

This should be the bedrock of local accountability and transparency, of trust and confidence in local democracy.

Instead, last year, just one percent of local bodies were able to publish audited accounts by the deadline.

This cannot go on.

We have already taken decisive action to introduce backstop dates to clear the backlog in unaudited accounts.

Local audit will and must provide value for money for the taxpayers and be fit for the future.

And similarly, when the way councils are run has gone wrong, central government hasn’t always responded constructively.

Instead kicking councils when they’re down for political reasons.

This Labour government are going to do things differently.

We will work with every council that needs it to put in place clear, deliverable plans to address problems and protect local taxpayers, rather than treating them as political footballs.

That’s the approach we’re taking in Birmingham.

Significant challenges continue to face the city council, but we’re going to work with the councillors and the community to solve them in partnership.

Birmingham has huge potential – and we’re going to work closely with the partners across the West Midlands to unlock that potential, including with the Mayor Parker of the West Midlands Combined Authority.

And that’s the change that we represent.

Not punishment, but collaboration.

Getting places into a stable financial footing by, yes, making difficult decisions, but with the interests of residents at the heart.

Our aim is to support councils to perform at their very best.

Councillor conduct / standards framework

Standards in local government matter – both the delivery of services and personal conduct.

Every decision you make has an impact on the daily lives of those you serve.

And most councillors meet the highest standards of public office and I am so proud to be representing you in government.

But sadly we all know there are rare occasions where bad behaviour occurs.

I’ve been made aware of cases of persistent bullying and harassment by councillors, even, in some cases, leading to victims’ resignations.

We don’t have a system that protects victims or empowers councils to deal with unacceptable behaviour.

And this cannot go on and we will give councils the powers to address poor conduct.

We will consult on reforms to the local government standards framework, including a proposal to allow for the suspension of members who violate codes of conduct.

But we also recognise that too often, councillors become victims themselves.

Too often I speak to dedicated councillors who are facing death threats and intimidation.

And I take this very seriously and recognise the impact this has on the lives of dedicated public servants and their families.

That’s why we are taking decisive action to prevent councillors from being subjected to intimidation and harassment by removing the requirement for members’ home addresses to be published.

[And I want you to know] this is a government that respects and appreciates the huge contribution made by councillors who work tirelessly for residents – and we will always have your back.

We are also taking a more collaborative approach to pressing issues like the widespread workforce challenges you are experiencing.

Ninety-four per cent of councils say they’re having difficulties with recruitment and retention.

This isn’t just your problem – it’s all our problem because council staff are on the frontline serving local communities.

So, we’re ready to work hand in hand with you to find creative solutions to staffing issues.

We’ll launch a Workforce Development Group in partnership with the sector to gain a shared understanding of the most immediate priorities and focus our efforts on where we can add the most value to your work.

And when we say we’ll work in partnership with the sector, every step of the way, we mean it.

I have formally launched our new Leaders’ Council at this very conference – which will give local government a voice at the heart of government – this a mark of just how seriously we take this.

The Council will bring together local government leaders and ministers to tackle shared problems and deliver for the communities they all ultimately serve.

We will use it to learn from the exciting innovations that councils are pioneering.

And we hugely respect your knowledge and expertise.

But it’s more than that.

The Leaders’ Council will be critical for co-designing policy at the highest levels.

And I look forward to working closely with the Council over the coming years.

Gone are the day of diktats from above.

It is time for those with skin in the game to be put in the driving seat.

That is what our devolution agenda is all about.

We will make it easier for you to come together and form combined authorities and devolve more powers to existing ones – meaning access to new powers over skills, transport and employment support.

Our landmark English Devolution Bill will deliver our manifesto commitment to transfer power out of Whitehall, making devolution the default setting.

And look, I know the coming years won’t always be easy, but I’m confident that, working in partnership, we can fix the basics so that you can focus on the things that really matter to our and your communities.

My starting point is that we should be clear about what we ask of you and then give you the autonomy and the support you need to deliver.

So, where we don’t need to get involved, we won’t.

It’s not our place, for example, to decide whether councillors should attend your meetings remotely or use proxy votes when they need to.

So, I can announce today that we’re putting forward proposals to let councils make the decision for themselves.

Which means making it possible for people from all walks of life to have a stake in local democracy, whether they have caring responsibilities or aren’t able to make it to the town hall in person because of illness or disability.

It’s right that we make it easier for more people to get involved in making their community a great place to live.

It’s also right that we expect the highest standards of local government – with central government playing its part as a responsible steward.

And for me this is personal.

I’m passionate about backing you with the long-term funding and certainty that you need.

The powers you need.

And the new relationship that we all need.

So local government can once again be a strong, functioning arm of the state, providing public services that people can rely on.

And I want to thank you, once again, for everything that you do for our communities.

This is a government of service that is on your side.

And the road ahead won’t always be a smooth path, but we will walk it together and build a better Britain.

Thank you.

Updates to this page

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Extensive support on claiming Pension Credit rolled out as city council ramps up help on ‘Cost of Living’ crisis

Source: City of Stoke-on-Trent

Stoke-on-Trent City Council is committing further help to support people through the ‘Cost of Living Crisis’ this winter.

As the clocks go back later this week, the city council is renewing its pledge to help residents across Stoke-on-Trent meet their fuel and food bills.

The measures include ensuring everyone who is entitled to Pension Credit is supported to claim it and providing six-figure funding to Citizens Advice, through the Government’s UK Shared Prosperity Fund, to offer financial MOTs to residents.

At today’s city council meeting (October 24), Council Leader, Councillor Jane Ashworth, outlined the proactive approach the authority is taking to help eligible residents claim for Pension Credit.

Among the measures are a letter which has been sent to all residents who the council has identified as potentially being eligible for Pension Credit, to encourage them to claim for the support.

Pension Credit take-up has also been encouraged and promoted through social media and other council media channels and newsletters. Meanwhile, city council housing and revenue, benefits and financial assessment officers are helping to signpost people they come into contact with towards support, where appropriate.

Flyers are also being printed to be distributed around the city in a targeted approach.

In addition, The Department of Work and Pensions is undertaking its own advertising campaigns by joining forces with charities, broadcasters and a range of partners to encourage people to claim.

Official statistics from February 2024 show that 6,233 people are claiming Pension Credit in the city, and a total of 42,661 residents are in receipt of state pension.

According to the latest figures from the National Audit Office, it is estimated that three quarters of those eligible for Pension Credit are claiming it. This means that an estimated 2,000 people need to be identified in Stoke-on-Trent who are eligible but have not claimed.

Cllr. Ashworth said: “We have sent letters to all residents who are potentially eligible for Pension Credit, based on the current council tax support and housing benefit data we hold, and we will continue to work with internal and external agencies to ensure all our residents are receiving the support they are entitled to.

“Our officers are also regularly signposting households to support services, where appropriate.

“Additionally, through our Help is at Hand campaign, which was launched to help support families through the ‘Cost of Living Crisis’, we have supported over 5,500 households in the city with advice and assistance to help alleviate fuel poverty, this includes referrals for grant support, fuel vouchers, debt advice and water tariff assistance.

“This is all part of our commitment to make Stoke-on-Trent a healthier, wealthier and safer place to live.”

The council is also providing funding to Citizens Advice, through the Government’s UK Shared Prosperity Fund, so they can offer financial MOTs to residents. The funding for 2024/25 is £105,000 and that is on top of £70,000 provided in 2023/24.

The measures come on the back of a whole raft of support the council has introduced over the last few months to help people through the ‘Cost of Living’ crisis.

This includes:

The Household Support Fund – a £2.7 million fund received from Government, which the city council is using to help families with eligible children during the Christmas holidays along with support to residents with fuel costs and buying white goods, beds and hygiene supplies.

The #Help Is at Hand campaign – launched to help support families through the ‘Cost of Living’ crisis. So far, more than 5,500 households in the city have been supported with advice and assistance to help alleviate fuel, food and financial poverty. This includes referrals for grant support, fuel vouchers, debt advice and water tariff assistance.

A Benefits Calculator – which is available online (entitledto.co.uk). Residents can complete the form with their household details to discover if they would be entitled to any support.

Regular Money Matters events – Benefits Assessors have attended Money Matters events to enable residents to seek advice and support directly from a Benefits Officer.

Community Lounges – The council has 18 community lounges. These offer welcoming spaces to connect with experts and receive helpful information and guidance on a wide range of topics, including financial stability, maximising benefits and overcoming fuel poverty.

Council tax support and Council tax hardship relief fund – set up to help residents pay their bill if they are unemployed on low income or in severe financial difficulties (subject to eligibility criteria).

Sustainable Food Network – a cross-sector partnership led by YMCA North Staffordshire and VAST which supports the health, wellbeing and prosperity of communities by prioritising food availability, food affordability and food sustainability.

Councillor Sarah Jane Colclough, cabinet member for education and anti-poverty, said: “There is a vast amount of co-ordinated advice around the city, from budgeting and energy efficiency advice to food support and sustainable healthy eating.

“I would encourage anyone who is experiencing concerns to reach out and access support as early as possible to prepare for any financial or other difficulties over the winter months”

For more details, visit the dedicated Cost of Living section on Stoke-on-Trent City Council’s website – stoke.gov.uk/help is at hand

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI USA: Malliotakis and Local Officials Demand US DOE Hold City Accountable for Failing Children with Disabilities

Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

(STATEN ISLAND, NY) – Today, Congresswoman Nicole Malliotakis was joined by a bipartisan group of local elected officials to call on the U.S. Department of Education to hold New York City accountable for violating federal law by failing to provide non-public school students with developmental disabilities the Individualized Education Services Program (IESP) accommodations they are entitled to under the 1975 Individuals with Disabilities Education Act (IDEA).

One of the most prominent cases involves a deaf fifth grade student whose listening device, which she had used all summer and which the city had already paid for, was taken away. Her mother, Marisa Jones, has been advocating for the city to immediately reinstate her daughter’s accommodation, as without this device she struggles to hear and cannot participate fully in her education.

“It not only unconscionable that students across our city are being denied the accommodations they are legally entitled to, but it’s plain cruel to take away an already paid for listening device from a deaf 5th grade student. If another kid in the classroom were to walk up to her and snatch her device, you’d call it bullying, and that’s exactly what the City of New York, our own government, is doing,” said Congresswoman Nicole Malliotakis. “The city needs to stop playing games with children’s education and immediately reinstate these essential accommodations that they are legally required to provide under both state and federal laws immediately to prevent further learning loss by disabled students.”

“Without this [hearing device] my daughter can’t hear the teacher in the classroom she is effectively denied her right to an education.” said Marisa Jones, parent of a deaf student at St. Joseph Hill Academy. “It’s been two months since she hasn’t had these services, how do you make up for the regression? How do you make up for the lost time?”

“This year’s implementation of the IESP law is having an unjust impact on students with disabilities. The requirement to submit a written request by June 1st has caught many families off guard, as they were not properly informed. As a parent and a member of the Disabilities Committee, my priority is ensuring that these students have their necessary services reinstated. The financial burden on families to cover these essential services out of pocket is overwhelming, and we must ensure that every student receives the support they are entitled to.” said New York State Senator Jessica Scarcella-Spanton.

“We continue to receive numerous calls from private school parents regarding the DOE’s lack of concern or action taken regarding their children’s IEP’s (Individualized Educational Plans) and the services that are not being provided. This is unacceptable. These are mandated services that private school children, like public school children, are entitled to from the DOE. These children have been without their required services for almost two months. DOE needs to find the solution and provide the services needed to these children immediately. We support any and all efforts to get these students the services they need, and we thank Congresswoman Malliotakis for doing what she can to get it done.” said Staten Island Borough President Vito Fossella.

“As we have been saying from the beginning of this entirely preventable situation, NYC Public Schools knows our students need and are entitled to these critical services, yet the City recklessly deprives them of these services. Now, they must reap what they have sown. I applaud Congresswoman Malliotakis’ leadership and join her and my colleagues in calling on the U.S. Department of Education to hold New York City accountable for failing to provide our students with their legally prescribed IESP accommodations. They must be restored immediately.” said Assemblyman Sam Pirozzolo.

“We once again demand that the City take action immediately to rectify this disastrous situation. The City has been in violation of federal law since the beginning of the school year, and they have not been held accountable for their actions. We are calling on the federal government to step in and ensure accountability for our students and families,” said Assemblyman Mike Tannousis.

“I cannot believe that we are almost two months into the school year and some of our most vulnerable students are still being denied mandated services by the City of New York despite our ongoing efforts to rectify this at a local level,” said Assemblyman Michael Reilly. “This is embarrassing for our city and today we are joining with Congresswoman Malliotakis to make sure that the bureaucrats responsible for this are held accountable.”

“As we approach the third month of school and end of first marking period, children in need of valuable services are being denied because of an arbitrary date that has never been enforced before. I am once again calling on the DOE to rectify this situation immediately, so these students do not fall further behind in their development,” said Councilmember Joe Borelli.

“The decision by our local government to deliberately refuse to notify parents of the necessary paperwork for their IESP children is abhorrent. Students with special needs are refused access to services which are essential for their education simply because they are enrolled in private schools. This kind of decision making only reinforces the feelings of many parents who have already disengaged from our public school model due to previous breaches of trust. I expected better from the DOE, and I hope they will correct course and come into compliance with federal law.” said Councilmember David Carr.

Congresswoman Nicole Malliotakis and Congressman Ritchie Torres (NY-15) wrote to the U.S Department of Education requesting that it hold the city accountable for violating federal law by withholding Individualized Education Services Program (IESP) accommodations that children with disabilities are entitled to under the 1975 Individuals with Disabilities Education Act (IDEA). You can view the letter HERE.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: BNN Bloomberg: US Steel CEO Pressed by Two Senators to Defend Nippon Steel Deal Payout

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

October 03, 2024

Two prominent Democratic senators are criticizing United States Steel Corp. Chief Executive Officer David Burritt over his potential $72 million “golden parachute” if the sale to a Japanese company goes through – while President Joe Biden’s decision on the takeover hangs in the air.

Senator Elizabeth Warren of Massachusetts and Senator Sherrod Brown of Ohio, whose race for reelection is one of the closest in the chamber this year, wrote to Burritt Wednesday regarding financial incentives offered to him and other US Steel executives if Nippon Steel Corp. acquires the company in a $14.1 billion deal.

The executives would be eligible for the incentives if they’re terminated following a takeover, according to a March filing with the US Securities and Exchange Commission.

…

Read the full story here.

By: Josh Wingrove
Source: BNN Bloomberg

MIL OSI USA News –

January 25, 2025
MIL-OSI: Cointelegraph Accelerator opens applications for its upcoming cohort, offering investment to innovative projects
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 24, 2024 (GLOBE NEWSWIRE) — Cointelegraph Accelerator, a startup booster leveraging Cointelegraph’s capabilities as a media and strategic partner, has announced the launch of the application process for its upcoming cohort, inviting innovative Web3 startups to apply for the program. The application period runs from October 24, 2024, to January 31, 2025, with the cohort set to commence in the first quarter of 2025.

The program supports early-stage crypto and blockchain companies by providing them with the necessary resources to scale. Selected startups receive seed investments and benefit from Cointelegraph’s extensive media reach, marketing expertise, industry connections and mentorship from seasoned professionals, positioning them for accelerated growth and success in the competitive Web3 landscape.

An accelerator designed for impact

Cointelegraph Accelerator’s program structure is crafted to offer much more than just funding. Participants receive:
- An investment of up to $100,000 to scale operations to enhance product development and expand market reach.
- Mentorship and advisory from industry experts, providing guidance and insights from experienced leaders to help up-and-coming Web3 startups navigate challenges, refine business strategies and capitalize on emerging opportunities.
- Integration into Cointelegraph’s network enables connections with a vast array of investors, strategic partners, KOLs and thought leaders in the crypto and blockchain sectors.
- Access to Cointelegraph media products allows startups to utilize Cointelegraph’s global media platform to amplify visibility, engage with a broader audience and establish a strong market presence.
- Marketing expertise from a team with over 10 years of Web3 experience, including a critical assessment of value proposition, enhancement of go-to-market strategies, and best practices for PR, social media and community management
Focus areas for the cohort

The accelerator program is seeking applications from projects that are innovating within key verticals poised to shape the future of the blockchain industry:

Payments

Projects focusing on innovative payment technologies that facilitate seamless, secure and cost-effective transactions using crypto and blockchain rails. These solutions aim to enhance global commerce by making financial exchanges more accessible and efficient for individuals and businesses.

Infrastructure

Projects developing infrastructure solutions that serve as the backbone of blockchain technology. This includes advancements in blockchain protocols, DePIN, scalability solutions, infrastructure layers supporting AI and interoperability frameworks that enable other projects to build and thrive upon these foundations.

Decentralized finance (DeFi)

Projects creating decentralized protocols and platforms that provide alternatives to conventional banking, lending and investment services. By leveraging blockchain technology, these solutions aim to democratize finance, reduce reliance on intermediaries and empower users with greater control over their assets.

Real-world assets (RWA)

Projects that bring tangible items — such as securities, real estate and commodities — onto the blockchain through real-world asset tokenization. This integration allows for fractional ownership, improved liquidity and broader investment opportunities, making markets more inclusive and efficient.

Consumer Applications

Projects that develop solutions in areas like digital identity management, loyalty and rewards programs, social media platforms and content delivery networks. These applications aim to simplify user experiences, enhance security and offer new value propositions to everyday users, thereby accelerating the integration of blockchain technology into daily life.

Program Structure and Duration

The Accelerator is a 12-week intensive program conducted entirely remotely, providing flexibility and accessibility to startups worldwide. Despite being remote, the program includes offline meetups and demo days, offering valuable face-to-face networking opportunities and the chance to present projects to potential investors and partners.

During and upon completion of the program, startups will benefit from a media campaign lasting up to a year, leveraging Cointelegraph’s global reach to maintain momentum, increase brand awareness, and engage continuously with the broader blockchain community.

Inside the Cointelegraph Accelerator

Emphasizing the program’s commitment to fostering innovation in the industry, Paul Solntsev, managing director of Cointelegraph Accelerator, highlighted:

“We are excited to launch the application stage for the new cohort and support pioneering projects that will shape the future of the crypto and blockchain industry. Our accelerator is committed to providing the capital, as well as the resources, network, and mentorship necessary for these projects to thrive.”

Cointelegraph’s CEO, Yana Prikhodchenko, highlighted the profound impact of the accelerator program, saying:

“At Cointelegraph, we’re redefining the role of media in the blockchain industry by actively participating in its growth. Through our accelerator program, we go beyond traditional media business and nurture groundbreaking projects. This initiative allows us to provide tangible value to the community of founders and investors to empower the next generation of blockchain pioneers.”

About Cointelegraph Accelerator
Cointelegraph Accelerator is working with early-stage Web3 projects to boost their growth by leveraging its access to a native Web3 audience, marketing expertise, and a broad network of partners in the industry. Accelerator participants also get mentorship support over key aspects of Web3 startup growth, e.g., token launch, liquidity management, token incentives design, etc. The equity/token-based program aligns the interests of the accelerator and the participants, allowing them to build meaningful partnerships for sustainable growth.

For more information on the program and how to apply, visit the Cointelegraph Accelerator Program.

Tags: Blockchain, DeFi, Web3, Startups, Business, Cointelegraph Accelerator, Announcement

Contact:
Paul Solntsev
Head of Cointelegraph Accelerator
ps@cointelegraph.com

Disclaimer: This content is provided by Cointelegraph. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b96b721-dd22-4a92-8c98-8b19ab8ccb28

The MIL Network –
January 25, 2025
MIL-OSI: Gevo to Report Third Quarter 2024 Financial Results on November 7, 2024

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD, Colo., Oct. 24, 2024 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) announced today that it will host a conference call on November 7, 2024, at 4:30 p.m. ET (2:30 p.m. MT) to report its financial results for the third quarter ended September 30, 2024.

To participate in the live call, please register through the following event weblink: https://register.vevent.com/register/BId0c13b561f9d442ba7211ad0cbc56dbc

After registering, participants will be provided with a dial-in number and pin.

To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/ggx3po5y

A webcast replay will be available two hours after the conference call ends on November 7, 2024. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

About Gevo

Gevo’s mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net-zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.

Learn more at Gevo’s website: www.gevo.com.

PUBLIC AFFAIRS CONTACT
Heather Manuel
VP of Stakeholder Engagement & Partnerships
PR@gevo.com

INVESTOR CONTACT
Eric Frey, PhD
VP of Finance and Strategy
IR@gevo.com

The MIL Network –

January 25, 2025
MIL-OSI Europe: Philip R. Lane: Underlying inflation: an update

Source: European Central Bank

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Inflation: Drivers and Dynamics Conference 2024 organised by the Federal Reserve Bank of Cleveland and the ECB

Cleveland, 24 October 2024

Introduction

My aim today is to provide an update on underlying inflation in the euro area.^[1] The concept of underlying inflation plays a central role in the conduct of the ECB’s monetary policy: our interest rate decisions are based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. This three-pronged reaction function complements the traditional focus on the inflation forecast for inflation-targeting central banks with the signals embodied in underlying inflation measures, while also incorporating the evolving evidence on the strength of monetary policy transmission in the calibration of the monetary stance. This pragmatic approach reflects the value of data dependence under highly atypical macroeconomic conditions.

Latest developments in euro area underlying inflation

Underlying inflation is the persistent component of inflation, signalling where headline inflation will settle in the medium term after temporary factors have vanished. In practice, underlying inflation is unobservable and needs to be proxied or estimated. There are two broad categories of measures that aim to capture this concept. Exclusion-based measures omit certain items – such as energy and food – that are typically volatile and more sensitive to global factors than domestic fundamentals. Model-based measures, meanwhile, capture more complex channels and dynamics, subject to the limitations imposed by sensitivity to model estimation. An overview of such measures is shown in Chart 1.

Model-based measures at the ECB include the Persistent and Common Component of Inflation (PCCI), which is constructed by estimating a dynamic factor model that extracts the persistent and common component of inflation from granular price data at the item-country level, thereby exploiting the relative advantages of both cross-sectional and time series approaches.^[2] Another model-based measure is Supercore inflation, which picks out those items that are estimated to co-move with the business cycle. These model-based measures are reduced form in nature and, among other factors, reflect the empirical contribution of monetary policy tightening to delivering disinflation. That is to say, if current inflation is above target, one reason why underlying inflation might run below current inflation is that the projected mean reversion is partly driven by endogenous monetary policy tightening that has historically contributed to the return of inflation to the target over the medium term. In turn, monitoring the evolution of underlying inflation is an important element in diagnosing whether monetary policy is appropriately calibrated.

Each of the underlying inflation indicators tracked by the ECB has declined significantly since the post-pandemic inflation surges, with the range narrowing towards its historical average. The majority of indicators are hovering around 1.9 per cent to 2.8 per cent, down from a much wider range between 3.4 per cent to 7.5 per cent at its peak (Chart 1). Core inflation is the most prominent exclusion-based measure, defined as HICP inflation excluding energy and food: this edged down to 2.7 per cent in September, continuing the marked decline from 4.5 per cent a year ago.^[3]In terms of model-based measures, the PCCI today is at the bottom of the range, standing at 1.9 per cent in September and having hovered around 2.0 per cent since the end of last year. Most other measures that we regularly monitor have also come down over the past year and show signs of continued easing in September.

One challenge in interpreting standard indicators of underlying inflation is that these were affected by the past extraordinary supply shocks, as well as by temporary mismatches between demand and supply. As I pointed out in my March 2023 speech, it is helpful to think of headline inflation as being driven by three factors: (i) underlying inflation; (ii) a reverting component; and (iii) pure noise.^[4] In particular, the major dislocations of recent years induced a substantial reverting component of inflation that was sufficiently long-lasting not to constitute pure noise but that was also expected to fade out over time. These dislocations included the impact of energy inflation and supply bottlenecks. To capture their indirect impact on measures of underlying inflation, we have in parallel monitored adjusted measures of underlying inflation that “partial out” these indirect influences. These adjusted measures had a significantly lower peak rate of underlying inflation than the un-adjusted measures but, by construction, were also less affected by the sharp turnaround in energy prices and easing of supply bottlenecks during 2023 that flattered the speed of progress in the un-adjusted measures. Currently, these adjustments bring down the range to between 2 per cent and 2.5 per cent, as the impact of past supply-side shocks has greatly diminished. In particular, the forward-looking PCCI measures are by now free of such impacts.

Chart 1

Euro area underlying inflation measures and their adjusted counterpart

(annual percentage changes)

Exclusion-based measures

Model-based measures

Sources: Eurostat and ECB calculations.

Notes: HICPX stands for HICP inflation excluding energy and food; HICPXX for HICP inflation excluding energy, food, travel-related items, clothing and footwear; PCCI is the persistent and common component of inflation, while Supercore aggregates HICPX items sensitive to domestic business cycle. See also Bańbura et al. (2023), “Underlying inflation measures: an analytical guide for the euro area”, Economic Bulletin, Issue 5, ECB. The ‘adjusted’ measures abstract from energy and supply-bottlenecks shocks using a large SVAR, see Bańbura, M., Bobeica, E. and Martínez-Hernández, C. 2023, “What drives core inflation? The role of supply shocks.”, ECB Working Paper No 2875.

The latest observations are for September 2024.

Each measure of underlying inflation provides useful information about future headline inflation, although their forecasting performance varies. Chart 2 shows the root mean squared forecast error (RMSFE) for each measure vis-à-vis inflation two years ahead and vis-à-vis a smoothed inflation rate. Forecasting performance is normalised to the predictive power of current headline inflation: that is, a ratio below unity means that the measure does a better job than current headline inflation in forecasting future inflation. Indeed, most measures beat current headline inflation in forecasting future inflation. The PCCI measures have the best predictive power, while most exclusion-based measures perform less well.

However, in understanding the inflation process and calibrating monetary policy, it is essential to look beyond overall predictive power and also examine how the various underlying inflation measures can shed light on the speed and sequencing of the disinflation process. For instance, external shocks were a prominent feature of the post-pandemic economic landscape.^[5] While the PCCI measures provided a powerful signal that these shocks would ultimately fade out, the delayed and lagged adjustment in indicators such as services inflation, domestic inflation and wage growth served to highlight that convergence to the medium-term target would not be immediate.^[6] I will focus on these indicators in the next part of my talk.

Chart 2

Predictive properties of underlying inflation measures for HICP inflation

(RMSFE of each measure relative to RMSFE of headline inflation)

Sources: Eurostat and ECB calculations.

Notes: RMSFE 24 months and RMSFE smoothed HICP are the root mean squared forecast errors of each measure with respect to headline inflation 24 months ahead and the two-year centred moving average of inflation covering two years of future data, respectively, divided by the RMSFE of headline inflation. A ratio lower than unity indicates that the measure performs better than headline inflation. The sample covers the period from April 2001 to September 2024.

Services, domestic inflation and wages

Domestic inflation captures price dynamics in consumption items that are less influenced by external factors, being more determined by domestic economic conditions, including monetary policy. While trends in the relative prices of globally-determined components (mostly in the energy, food and goods categories) mean that the two per cent target for overall inflation is not a target for domestic inflation, domestic inflation cannot remain at an excessive level if the target is to be sustainably achieved.^[7] Moreover, assessing the strength of domestic inflation is essential to the calibration of monetary policy, since domestic inflation will be more responsive than global inflation components to the impact of monetary policy via the dampening of domestic demand.

The domestic inflation indicator monitored at the ECB is an aggregation of HICP items with low import content.^[8] As shown in Chart 3, domestic inflation and services inflation co-move closely. This reflects the dominance of services items in the domestic inflation measures, accounting for 97 per cent of the overall index. At the same time, it remains useful to maintain domestic inflation and services inflation as separate measures: while almost 80 per cent of the services items are included in the domestic inflation index, the overall services category also includes highly-traded services items (Chart 4). These internationally-traded services items currently have a lower contribution to services inflation than domestic services items.

Chart 3

Services inflation and domestic inflation

(annual percentage changes)

Sources: Eurostat and ECB staff calculations.

Notes: Domestic inflation is an aggregate of HICP items with a relatively low import intensity, as explained in Fröhling, A., O’Brien, D. and Schaefer, S. (2022), “A new indicator of domestic inflation for the euro area”, Economic Bulletin, Issue 4, ECB.
The latest observations are for September 2024.

Chart 4

Services inflation and domestic inflation

(percentage point contribution to services inflation)

Sources: Eurostat and ECB staff calculations.

Notes: The chart shows all services items and the x axis shows the contribution of each item to total services inflation in September 2024. In weighted terms, 80 per cent of services are in domestic inflation and 97 per cent of domestic inflation is composed of services items. Domestic inflation also includes three good items which are not shown on the chart.

The large supply-side shocks of the post-pandemic period have been feeding through to domestic inflation with a lag compared with other measures of underlying inflation. Large supply-side shocks have travelled across sectors and consumption items at different speeds, so it is unsurprising that these had differential impacts on the various measures of underlying inflation, depending on their nature and construction.

Domestic inflation and services inflation tend to lag headline inflation more than other measures, exhibiting a lower frequency of price adjustment compared with the energy, food and goods categories in the HICP.^[9] For this reason, many items in services inflation and domestic inflation were late movers that responded with a much longer lag to the latest inflationary shock, such that annual services inflation remains elevated.^[10] Chart 5 shows the impact of energy and supply-chain bottlenecks on the PCCIs, domestic inflation and other measures of underlying inflation. Among these measures, PCCIs are more forward-looking and have picked up certain shocks faster, but with the byproduct that the effects of the shocks also faded quicker. Other indicators, like domestic inflation, are more backward-looking, and the currently higher levels also reflect the still ongoing propagation of past shocks. In similar vein, the past shocks took longer to build up in domestic inflation and are also taking longer to dissipate.

Chart 5

Impact of energy and supply-side bottlenecks shocks across measures of underlying inflation

(percentage points)

Impact of energy-related shocks

Impact of global supply chain-related shocks

Sources: Eurostat and ECB calculations

Notes: The range covers the estimated impact of shocks across all monitored underlying inflation measures. The impact of the energy and supply bottleneck shocks are estimated in a large SVAR, see Bańbura, M. et al. (2023), op. cit..

The latest observations are for September 2024.

The PCCI for services indicates that there is currently a sizeable gap between services inflation and its medium-term underlying trend, suggesting there is scope for downward adjustment in services inflation in the coming months. Services PCCI has been around 2.4 per cent since the end of last year, well below the current annual rate for services (Chart 6, left panel).^[11] This difference suggests that idiosyncratic and non-persistent factors are currently driving services inflation. Examples of such idiosyncratic factors include the base effect related to the introduction of the cheap travel Deutschland-ticket in Germany in May 2023, rent inflation in the Netherlands, and items that reprice less frequently, such as insurance or other administered prices (like hospital services) in some countries.

Over time, the fading out of these idiosyncratic and temporary factors should means that services inflation declines towards the underlying rate. Indeed, momentum indicators for services confirm the slight easing of inflation dynamics. While services momentum (i.e. the three-month-on-three-month growth rate of the seasonally-adjusted index) remains high, it has been continuously easing since May (Chart 6, right panel). The month-on-month seasonally-adjusted rate markedly dropped in September. ^[12]

Chart 6

Services inflation

(annual percentage changes (left panel) and annualised three-month-on-three-month and month-on-month changes (right panel))

Gap compared with PCCI

Momentum of services inflation

Sources: Eurostat and ECB staff calculations.

Note: The latest observations are for September 2024.

Services and domestic inflation are closely linked to wage growth: the expected easing of wage growth in 2025, together with the impact of past monetary policy tightening, should contribute to further disinflation. Wages constitute a higher direct share in costs of services than goods and Chart 7 highlights the strong link between domestic inflation, services and wages: their level is normally similar and they closely co-move with each other.^[13] Chart 7 also shows how pressures in these three components can take time to moderate following a tightening in policy.

Chart 7

Services and domestic inflation and wage growth after episodes of monetary policy tightening

(annual percentage changes)

Sources: Eurostat, ECB and ECB calculations.

Notes: Shaded areas show monetary policy tightening episodes. CPE stands for compensation per employee. The dotted line shows latest Eurostat data up to Q2 2024 for CPE carried forward with quarter-on-quarter rates from the September ECB staff projections. The latest observations are for the second quarter of 2024 for CPE and the third quarter of 2024 for the rest.

Wage growth is expected to ease from its current high level, with the cumulative increase in nominal wages over 2023-2024 largely restoring the purchasing power that was lost during the inflation surges of 2021-2022. Wage pressures are currently still high: the growth rate of compensation per employee stood at 4.5 per cent in the second quarter of 2024, albeit down from its peak of 5.6 per cent in the second quarter of 2023.

Recently, the incoming information for 2024 in the ECB wage tracker indicator of latest agreements shows that wage agreements signed in 2024 had substantially lower structural wage growth for the next 12 months if their previous agreement was signed in 2023 or 2022, as compared with 2021 (Chart 8, left panel). Moreover, in the months ahead, there are fewer wage agreements coming up for renegotiation that have not had an agreement since the surge in inflation (Chart 8, right panel). This suggests that the catching up motive in wage negotiations is losing ground as inflation normalises. Forward-looking indicators suggest further diminishing wage pressures into 2025 (Chart 9). The forward-looking wage tracker (dark blue line in Chart 9) shows the wage growth until the end of 2025 in the available contracts that have been agreed and signed.

One caveat in interpreting developments in the forward- looking wage tracker is that, since it only considers agreements that are active in the future, the contract coverage on which it is based declines as contracts expire (solid grey area in Chart 9). For this reason, scenarios for the expiring contracts (in the grey striped area) can help to assess risks around the outlook for wages. The scenarios illustrated in Chart 9 assume different renegotiated annual wage growth for expired contracts: (i) full pass-through of HICP and real productivity growth top-up to wages; (ii) HICPX and real productivity growth top-up to wages; (iii) wages increase at the same very strong level as contracts signed in the second quarter of 2024 that were still recouping large real wage losses (this is an upper bound scenario). Even this upper-bound scenario points to a slowdown in wage pressures in 2025 compared with 2024. This reflects in part that base effects, for example those related to high one-off payments this year, will dampen future wage growth in year-on-year terms.

Chart 8

Euro area wage tracker

(annual percentage changes (left panel) and millions of workers (right panel))

12-months-ahead growth for contracts signed in 2024 by its preceding agreement signing year

Expiring agreements by preceding contract signing

Sources: Calculated based on micro data on wage agreements provided by the Deutsche Bundesbank, Banco de España, the Dutch employer association (AWVN), Oesterreichische Nationalbank, Bank of Greece, Banca d’Italia, Bank of Ireland and Banque de France.

Note: The latest observations are for June 2025 for the workers under expiring agreements.

Chart 9

Euro area wage tracker – forward-looking scenarios

(annual percentage changes)

Sources: ECB staff calculations based on the ECB wage tracker database.

Notes: The forecast scenarios take sectors with contracts expiring after the current date and assumes that new contracts are concluded with a structural wage increase per year based on a full pass-through of projected (September 2024 ECB staff projections) HICP or HICPX inflation and productivity growth (scenarios HICP+PROD and HICPX+PROD), or at the same rate of wage increase observed for contracts signed in the second quarter of 2024 (forecast scenario Q2 2024). The forward-looking tracker only considers active agreements. All scenarios include one-off payments smoothed over 12 months.

The latest observations are for December 2025.

The latest information from surveys reinforces the projection of easing wage growth that will underpin the moderation in services inflation and domestic inflation. Chart 10 presents consecutive rounds of various ECB surveys, which provide a wealth of valuable information that helps us gauge the pulse of the economy in real time. The incoming survey information on wage growth provided by both firms and professional forecasters confirm the narrative embedded in our September 2024 ECB staff projection that wage growth will ease in 2025 compared with 2024, primarily owing to the fading out of the catch-up dynamic that has dominated wage negotiations between 2022 and 2024.

Chart 10

Eurosystem and ECB staff macroeconomic projections on wages and survey-based wage expectations

(annual percentage changes)

Sources: Survey of Professional Forecasters (SPF), June 2024 Eurosystem Staff Macroeconomic Projections and September 2024 ECB Staff Macroeconomic Projections, September and October 2024 Consensus Economics Forecasts, July and October Corporate Telephone Survey (CTS) and the survey on the access to finance of enterprises (SAFE) for the first and second quarters of 2024. Notes: The SAFE survey asks 12-month-ahead wage growth, while all the other surveys are for calendar years.

In summary, in analysing services inflation and domestic inflation, it is crucial to distinguish between the underlying persistent component that matters for the medium term and the backward-looking reverting component that takes time to fade out but that ultimately reflects the staggered nature of the adjustment process to the original and extraordinary inflation shocks. This backward-looking component has been substantial: the inflation shocks of 2021-2022 spread across sectors at varying speeds. The slowest-moving sectors were those in which prices adjust more slowly or are most closely tied to wage adjustment. For these indicators, we need patience as the normalisation process takes time.

Conclusion

In my remarks today, I have sought to provide an update on the dynamics of underlying inflation. I have emphasised that underlying inflation measures not only serve to extract the persistent component from the latest inflation readings but also provide insights into the nature of disinflation, especially in relation to the staggered nature of the adjustment process. In particular, the analysis of underlying inflation suggests that 2024 is a transition year, in which backward-looking components are still playing out. But the analysis of underlying inflation also indicates that the disinflation process is well on track, and inflation is set to return to target in the course of 2025.

MIL OSI Europe News –

January 25, 2025

Impact of energy-related shocks	Impact of global supply chain-related shocks

12-months-ahead growth for contracts signed in 2024 by its preceding agreement signing year	Expiring agreements by preceding contract signing

Exclusion-based measures	Model-based measures

Gap compared with PCCI	Momentum of services inflation

Category: Economy

Please be aware:

Please be aware:

Judges bowled over by Jared at The Ultimate Pitch

Updates to this page

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Inflation: Drivers and Dynamics Conference 2024 organised by the Federal Reserve Bank of Cleveland and the ECB

Introduction

Latest developments in euro area underlying inflation

Chart 1

Chart 2

Services, domestic inflation and wages

Chart 3

Chart 4

Chart 5

Chart 6

Chart 7

Chart 8

Chart 9

Chart 10

Conclusion