Category: Economy

  • MIL-OSI Africa: Kaspersky uncovers new Grandoreiro light variant, the threat also expands to Asia and Africa

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

    JOHANNESBURG, South Africa, October 23, 2024/APO Group/ —

    Despite the arrest of important operators in early 2024, Grandoreiro continues to be used by its partners in new campaigns. Kaspersky Global Research and Analysis team (GReAT) (www.Kaspersky.co.za) has discovered a new light version focused on Mexico targeting around 30 banks. These findings are to be highlighted at the Security Analyst Summit (SAS) 2024. Remaining one of the most active threats globally and targeting users of more than 1,700 banks, Grandoreiro variants account for around five percent of banking trojan attacks this year.  Mexico is one of the most targeted countries by various Grandoreiro strains, including the new light version, seeing 51,000 recorded incidents this year.

    Kaspersky data indicates Grandoreiro has been active since 2016. In 2024, the threat targets more than 1,700 financial institutions and 276 cryptocurrency wallets across 45 countries and territories, lastly adding Asia and Africa to the list of its targets, making it a truly global financial threat. Among countries affected in Africa are Algeria, Angola, Ethiopia, Ghana, Ivory Coast, Kenya, Mozambique, Nigeria, South Africa, Tanzania, Uganda.

    After assisting an INTERPOL-coordinated action, which has led to Brazilian authorities arresting (http://apo-opa.co/3BUqgrb) operators behind a Grandoreiro banking trojan operation, Kaspersky discovered that the group’s codebase has been split into lighter, fragmented versions of the trojan, to continue its attacks. Recent analysis has identified a specific light version focused primarily on Mexico, which has been used to target approximately 30 financial institutions. The creators likely have access to the source code and are launching new campaigns using the simplified legacy malware.

    “All the recent developments underscore the evolving nature of the threat. Fragmented and lighter versions may represent a trend that could extend beyond Mexico and into other regions, including beyond Latin America. However, we believe that only some trusted affiliates have access to the malware source code to develop such lighter versions. Grandoreiro operates differently from the traditional ‘Malware-as-a-Service’ model we are accustomed to. You won’t find announcements on underground forums selling the Grandoreiro package; instead, access to it appears to be limited,” explains Fabio Assolini, head of the Latin American (GReAT) at Kaspersky.

    Multiple variants of Grandoreiro, including the new light version and the primary malware, accounted for approximately five percent of global banking trojan attacks detected by Kaspersky in 2024, making it one of the most active threats worldwide. Kaspersky has also analysed the newer samples of the primary Grandoreiro from 2024, and observed new tactics. It records mouse activity to mimic real user patterns, aiming to evade detection by machine learning-based security systems that analyse behaviour. By replaying natural mouse movements, the malware aims to trick anti-fraud tools into seeing the activity as legitimate.

    Additionally, Grandoreiro has adopted a cryptographic technique known as Ciphertext Stealing (CTS), which Kaspersky has never seen being used in malware. In this case, its aim is to encrypt the malicious code strings. “Grandoreiro has a large and complex structure, which would make it easier for security tools or analysts to detect if its strings were not encrypted. This is likely why they introduced this new technique – to complicate the detection and analysis of their attacks,” Fabio Assolini elaborated.

    To protect from financial malware, Kaspersky security experts recommend organisations to:

    • Enable a Default Deny policy for critical user profiles, particularly those in financial departments; this ensures that only legitimate web resources can be accessed.
    • Provide cybersecurity awareness training (http://apo-opa.co/4e3nlKa) to staff, especially to employees responsible for accounting, that includes instructions on how to detect phishing pages.
    • Use protection solutions for mail servers with anti-phishing capabilities such as Kaspersky Security for Mail Server, to decrease the chance of infection through a phishing email.

    While banks should educate its customers, individuals are advised to:

    • Never open links or documents included in unexpected or suspicious-looking messages. Be attentive to web pages – from the right web address to details of interface.
    • Use a reliable security solution, such as Kaspersky Premium (http://apo-opa.co/4dWrbEW), that protect digital assets from a wide range of financial cyberthreats.
    • Install only applications obtained from reliable sources.
    • Refrain from approving rights or permissions requested by applications without first ensuring they match the application’s feature set.
    • Install the latest updates and patches for all software used.

    Read more on Securelist (http://apo-opa.co/3C4N5bD). The comprehensive Grandoreiro analysis and overview is to be presented by GReAT at Kaspersky’s sixteenth Security Analyst Summit (SAS) (http://apo-opa.co/3BPHtly), which takes place from October 22-25, 2024, in Bali.

    MIL OSI Africa

  • MIL-OSI United Kingdom: Scottish Greens call for introduction of ‘mansion tax’ in Scottish budget

    Source: Scottish Greens

    Scottish Greens are calling for a range of revenue-increasing levies such as ‘mansion tax’ to protect people and planet from budget cuts.

    The introduction of a ‘mansion tax’ on the sale of the most expensive homes is one of a number of property tax changes proposed by the Scottish Greens, with the money raised being used to protect public services from further cuts.

    Scottish Greens finance spokesperson Ross Greer has called for the Scottish Government to use the upcoming budget to introduce a new band of Land and Buildings Transaction Tax, set at 15% for the purchase of homes costing over £1 million.

    Currently, the top rate of Land and Buildings Transaction Tax for residential properties is 12% on £750,000 and above. The Scottish Greens are proposing a new 12% rate starting at £650,000 and a 15% rate from £1 million.

    Mr Greer said: “14 years of Tory cuts have left Scotland’s budget in a dire state. Sadly, the new Labour government shows every sign of going further and deeper with their own cuts to public services. We must use every tool available to us here in Scotland to protect people and planet from the damage these budget cuts would do.

    “A mansion tax on the biggest and most luxurious houses is one of many ways we can raise more money to support services like the NHS while only impacting the very wealthiest people.

    “There is more than enough wealth in Scotland to end child poverty tomorrow, but far too much of it is in the hands of a very small number of extremely rich people and big companies. The powers needed to tax them fairly mostly sit at Westminster rather than Holyrood, but we can use tools like Scottish property taxes to make sure the richest people in society pay a bit more when they are buying a new house.

    “A mansion tax could be introduced by the SNP now. It would raise crucial funds we could use to tackle child poverty and the climate emergency.”

    Mr Greer added: “The Scottish Greens have already delivered an income tax system for Scotland which raises £1.5 billion more every year for public services like our schools. If we want to protect these services though, we need to go further. That’s why we are proposing a range of options to the SNP. 

    “If they want Green votes to pass the government’s budget, they know that the price of our support is more funding to tackle child poverty and the climate crisis. We are being clear about where that money could be raised from.”

    In 2023, the Scottish Greens delivered new powers to double Council Tax on second homes and increased the Additional Dwelling Supplement, which is paid by those purchasing a property which is not their primary home, such as “buy to let” landlords and those buying second homes. The purpose of these changes was to raise additional funds and to discourage the purchase of holiday homes in areas where they are causing acute housing shortages.

    The Party also introduced the Housing Bill which is currently working its way through Parliament. If passed, this would provide permanent rent controls and protections for tenants.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Local Area Energy Plan adopted by Lancaster City Council Lancaster City Council has adopted a pioneering new strategy that aims to shape future energy planning, reduce carbon emissions and support economic prosperity.

    Source: City of Lancaster

    Lancaster City Council has adopted a pioneering new strategy that aims to shape future energy planning, reduce carbon emissions and support economic prosperity.

    Front cover of the Local Area Energy Plan

    On Tuesday (October 22) the council’s cabinet approved a Local Area Energy Plan (LAEP), which sets out a long-term vision for decarbonising the district by 2040 and looks beyond the council’s own 2030 target for its direct activities.

    The LAEP sets out the changes required to transition the Lancaster district energy system and built environment to net zero while also addressing fuel poverty. It details what changes are required, where, when and by whom.

    It also provides a high-level overview of the likely scale of investment that will be required to achieve net zero.

    This includes:

    • Domestic fabric upgrades – 38,000 domestic properties (approximately 54% of all buildings) are recommended to be retrofitted with fabric upgrade measures
       
    • Low carbon heating – installing heat pumps to 52,000 – 65,000 and having approximately 75% of non-domestic building floorspace being heated by heat pumps in the future
       
    • Installation of electric vehicle charge points – The LAEP recommends the deployment of up to 1,250 public charge points to plug the gaps. It is estimated that 45% of households will not have the ability to charge at home
       
    • Local renewable generation – The district has a significant opportunity to generate renewable energy locally from solar PV and onshore wind. Up to 575 GWh of annual generation is recommended
       
    • Energy Networks: The plan illustrates the importance of investment in the electricity network to ensure there is capacity for the rapid growth of low carbon technologies. The council has been working closely with Electricity North-West to develop the LAEP

    Councillor Paul Stubbins, cabinet member with responsibility for climate action, said: “The city council set itself an ambitious target to decarbonise its services by 2030 and we are well on the way to delivering on that aim.

    “The next step is to set out how the whole district can transition to a low carbon future, and that’s what the LAEP is all about. But it’s not just a blueprint for reducing emissions, it’s a vision for a sustainable future and supporting the local economy.

    “The city council will need to collaborate closely with key local stakeholders along the way but this is an exciting start to delivering a net zero district.”

    To find out more about the plan visit Lancaster.gov.uk/laep .

    Last updated: 23 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: Aurora Mobile’s EngageLab Partners with Tao Ji Yun to Jointly Promote Highly Efficient Logistics

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Oct. 23, 2024 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its subsidiary EngageLab, a leading global multi-channel user engagement solution provider, has established a strategic partnership with Tao Ji Yun, a new generation consolidated shipping platform in Hong Kong under Shenzhen Trans-Jiang Logistics Co., Ltd. The partnership will help Tao Ji Yun achieve millisecond omni-channel messaging, improve the efficiency of global customer engagement, and further strengthen its global competitiveness.

    Tao Ji Yun has become one of the largest and most capable consolidated shipping companies in cross-border e-commerce logistics in Hong Kong. Known for its professional and efficient services, Tao Ji Yun is committed to providing convenient and cost-effective consolidated shipping services to Mainland China e-commerce sellers and Hong Kong buyers, optimizing logistics processes and reducing shipping costs to facilitate mutual benefits for both parties.

    The immediate update and accurate delivery of logistics information is core to Tao Ji Yun’s global operations. EngageLab’s AppPush, which provides push notification services for apps, integrates push messaging channels from eight mobile brands and one self-built channel, ensuring that every logistics update from Tao Ji Yun can be quickly and accurately delivered to users around the world. Whether it’s logistics tracking, freight settlement or after-sales service, users can access the latest logistics information anytime, anywhere. This instant cross-regional messaging not only greatly enhances shopping experience and customer satisfaction, but also will provide a strong impetus to Tao Ji Yun’s global sales growth.

    EngageLab’s AppPush has a global network with multiple channels and data nodes, enabling complementary channel messaging, real-time intelligent redispatch, and multi-point service backups. It can handle large volumes of messages worldwide, and comprehensively ensures message delivery in terms of technical architecture and infrastructure. AppPush processes tens of billions of messages globally every day, ensuring messaging with high concurrency, reliability, stability, security, and efficiency. It achieves millisecond message delivery and ensures smooth operation even during peak business hours. This exceptional performance will enable Tao Ji Yun to maintain accurate and efficient messaging even in the face of immense global business volumes, significantly reducing user reach costs and improving operational efficiency.

    In the area of personalized services, AppPush offers seven message styles and ten user segmentation rules, enabling precise user targeting. It supports full lifecycle data tracking and multi-dimensional message funnels, helping to build user behavior profiles and providing Tao Ji Yun with global intelligent support. Based on messaging data, Tao Ji Yun can build refined user profiles to provide more personalized logistics services and product recommendations. For example, for Hong Kong buyers who frequently purchase bulk goods, Tao Ji Yun can push more favorable consolidated shipping options and freight discount information, further enhancing customer loyalty and satisfaction and shaping its global brand reputation.

    Improving service quality and optimizing customer experience are critical to maintaining a competitive edge in the global cross-border e-commerce logistics market. By working with EngageLab, Tao Ji Yun will not only improve the efficiency of customer engagement, but also accelerate its digital transformation and further strengthen its service capabilities. Going forward, Tao Ji Yun will continue to work with EngageLab, leveraging AppPush’s accurate, efficient, stable and secure push services as the foundation to continuously optimize logistics processes and improve customer engagement efficiency. This will provide global customers with more convenient and cost-effective consolidated shipping services. Meanwhile, Aurora Mobile will continue to support Tao Ji Yun to improve service quality, enhance corporate image, effectively promote its development, and jointly strive to create a more professional, efficient and convenient cross-border e-commerce logistics platform.

    About EngageLab

    As a leading provider of multi-channel user engagement solutions under Aurora Mobile, EngageLab is dedicated to delivering omnichannel messaging solutions to global enterprises and developers. These solutions enable more precise user outreach strategies, lower messaging costs, higher message delivery rates, and improved user conversion rates. EngageLab has steadily increased its market share and become an internationally recognized overseas messaging service platform. Currently, EngageLab has worked with hundreds of leading companies in 29 countries and regions worldwide and across various industries, including technology, internet, mobile, video, media, automotive and finance.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network

  • MIL-OSI: Home BancShares, Inc. Announces Fourth Quarter Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., Oct. 23, 2024 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.195 per share quarterly cash dividend payable December 4, 2024, to shareholders of record November 13, 2024. This cash dividend represents a $0.015 per share, or 8.3%, increase over the $0.18 cash dividend paid during the fourth quarter of 2023 and is consistent with the dividend paid during the third quarter of 2024.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:
    Donna Townsell
    Senior Executive Vice President &
       Director of Investor Relations
    (501) 328-4625

    The MIL Network

  • MIL-OSI: Spar Nord revises its financial guidance

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 64
     

    Spar Nord revises its expectations for profit after tax for 2024 to DKK 2,100-2,300 million.

    In Interim report H1 2024, Spar Nord reiterated its full-year 2024 guidance for profit after tax at the DKK 1,950-2,250 million range and guidance for full-year core earnings before impairment at the DKK 2.600-3,000 million range.

    In Q3 2024, core earnings before impairment has been in line with the Bank’s expectations while a persistently strong credit quality for the bank’s retail and business customers has led to a minor net reversal of impairments for the sixth consecutive quarter in a row.

    Against this background, Spar Nord now expects a profit impact from impairment charges of around DKK 0 million for 2024.

    As a result, the bank’s full-year guidance for profit after tax is revised to DKK 2,100-2,300 million.

    Furthermore, full-year guidance for core earnings before impairment is narrowed to the DKK 2,700-3,000 million range.

    Spar Nord’s financial report for Q3 2024 will be released as scheduled on 31 October 2024.

    Please direct any questions regarding this release to Rune Brandt Børglum, Head of Investor Relations, on tel. + 45 9634 4236.

    Rune Brandt Børglum
    Head of Investor Relations

    Attachment

    The MIL Network

  • MIL-OSI China: China to kick off monthlong consumption campaign in five big cities

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 23 — China will launch a monthlong campaign to promote consumption in November as part of its efforts to bolster consumer spending, the Ministry of Commerce said Wednesday.

    The consumption promotion month will kick off next month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing.

    It will feature a series of activities promoting consumption in shopping, catering, tourism, exhibitions and performances, among others, according to the ministry.

    Relevant departments and localities have been asked to refine their plans to implement the promotion month and introduce practical measures to foster the continuous recovery of the country’s consumer market.

    China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year to expand domestic demand and shore up the economy.

    China’s retail sales of consumer goods went up 3.3 percent year on year in the first three quarters of this year, official data showed.

    MIL OSI China News

  • MIL-OSI United Kingdom: New initiative to boost growth and innovation for Winchester district businesses

    Source: City of Winchester

    IncuHive Chief Executive Officer George Scott-Welsh and Cabinet member for Business and Culture Cllr Lucille Thompson

    Entrepreneurs, early-stage startups, and small- to medium-sized businesses across the Winchester district are being encouraged to get involved in a new initiative to boost their growth and inspire innovation.

    The Business Growth Factory, delivered by IncuHive in partnership with Winchester City Council, will provide businesses with crucial skills, such as the ability to identify target markets, effectively manage finances and make successful investment pitches.

    The programme itself features a mix of tailored support, expert-led mentoring and hands-on workshops to help participants make the most of the support on offer and make sure they have the tools and insights needed to thrive in competitive marketplaces.

    The programme is provided completely free of charge thanks to funding from the UK government through the UK Shared Prosperity Fund.

    Winchester City Council’s Cabinet Member for Business and Culture, Councillor Lucille Thompson, said:

    “Local entrepreneurship is a vital part of our district’s vibrant local economy and it’s hugely important that our start-ups and small businesses have the support they need.

    “I’m really pleased that we’ve been able to partner with IncuHive on this fantastic initiative to empower our local business community by equipping them with important skills for growth”.

    The Business Growth Factory is open to new entrepreneurs, early-stage startups and small businesses in the Winchester district.

    Those interested can apply by visiting incuhive.co.uk/acceleration-investment/winchester-cc-business-growth-factory and completing the online application form.

    MIL OSI United Kingdom

  • MIL-Evening Report: Prabowo’s presidency sparks fear and faint hope in Indonesia’s contested Papua

    By Victor Mambor in Jayapura

    With Prabowo Subianto, a controversial former general installed as Indonesia’s new president, residents in the disputed Papua region were responding to this reality with anxiety and, for some, cautious optimism.

    The remote and resource-rich region has long been a flashpoint for conflict, with its people enduring decades of alleged military abuse and human rights violations under Indonesian rule and many demanding independence.

    With Prabowo now in charge, many Papuans fear that their future will be marked by further violence and repression.

    In Papua — a region known as “West Papua” in the Pacific — views on Prabowo, whose military record is both celebrated by nationalists and condemned by human rights activists, range from apathy to outright alarm.

    Many Papuans remain haunted by past abuses, particularly those associated with Indonesia’s counterinsurgency campaigns that began after Papua was incorporated into Indonesia in 1969 through a disputed UN-backed referendum.

    For people like Maurids Yansip, a private sector employee in Sentani, Prabowo’s rise to the presidency is a cause for serious concern.

    “I am worried,” Yansip said. “Prabowo talked about using a military approach to address Papua’s issues during the presidential debates.

    ‘Military worsened hunman rights’
    “We’ve seen how the military presence has worsened the human rights situation in this region. That’s not going to solve anything — it will only lead to more violations.”

    In Jayapura, the region’s capital, Musa Heselo, a mechanic at a local garage, expressed indifference toward the political changes unfolding in Jakarta.

    “I didn’t vote in the last election—whether for the president or the legislature,” Heselo said.

    “Whoever becomes president is not important to me, as long as Papua remains safe so we can make a living. I don’t know much about Prabowo’s background.”

    But such nonchalance is rare in a region where memories of military crackdowns run deep.

    Prabowo, a former son-in-law of Indonesia’s late dictator Suharto, has long been a polarising figure. His career, marked by accusations of human rights abuses, particularly during Indonesia’s occupation of Timor-Leste, continues to evoke strong reactions.

    In 1996, during his tenure with the elite Indonesian Army special forces unit, Kopassus, Prabowo commanded a high-stakes rescue of 11 hostages from a scientific research team held by Free Papua Movement (OPM) fighters.

    Deadly operation
    The operation was deadly, resulting in the deaths of two hostages and eight pro-independence fighters.

    Markus Haluk, executive secretary of the United Liberation Movement for West Papua (ULMWP), described Prabowo’s presidency as a grim continuation of what he calls a “slow-motion genocide” of the Papuan people.

    “Prabowo’s leadership will extend Indonesia’s occupation of Papua,” Haluk said, his tone resolute.

    “The genocide, ethnocide, and ecocide will continue. We remember our painful history — this won’t be forgotten. We could see military operations return. This will make things worse.”

    Although he has never been convicted and denies any involvement in abuses in East Timor or Papua, these allegations continue to cast a shadow over his political rise.

    He ran for president in 2014 and again in 2019, both times unsuccessfully. His most recent victory, which finally propels him to Indonesia’s highest office, has raised questions about the future of Papua.

    President Prabowo Subianto greets people as he rides in a car after his inauguration in Jakarta, Indonesia, last Sunday. Image: Asprilla Dwi Adha/Antara Foto

    Despite these concerns, some see Prabowo’s presidency as a potential turning point — albeit a fraught one. Elvira Rumkabu, a lecturer at Cendrawasih University in Jayapura, is among those who view his military background as a possible double-edged sword.

    Prabowo’s military experience ‘may help’
    “Prabowo’s military experience and strategic thinking could help control the military in Papua and perhaps even manage the ultranationalist forces in Jakarta that oppose peace,” Rumkabu told BenarNews.

    “But I also worry that he might delegate important issues, like the peace agenda in Papua, to his vice-president.”

    Under outgoing President Joko “Jokowi” Widodo, Papua’s development was often portrayed as a priority, but the reality on the ground told a different story. While Jokowi made high-profile visits to the region, his administration’s reliance on military operations to suppress pro-independence movements continued.

    “This was a pattern we saw under Jokowi, where Papua’s problems were relegated to lower levels, diminishing their urgency,” Rumkabu said.

    In recent years, clashes between Indonesian security forces and the West Papua National Liberation Army (TPNPB) have escalated, with civilians frequently caught in the crossfire.

    Yohanes Mambrasar, a human rights activist based in Sorong, expressed grave concerns about the future under Prabowo.

    “Prabowo’s stance on strengthening the military in Papua was clear during his campaign,” Mambrasar said.

    Called for ‘more troops, weapons’
    “He called for more troops and more weapons. This signals a continuation of militarized policies, and with it, the risk of more land grabs and violence against indigenous Papuans.”

    Earlier this month, Indonesian military chief Gen. Agus Subiyanto inaugurated five new infantry battalions in Papua, stating that their mandate was to support both security operations and regional development initiatives.

    Indeed, the memory of past military abuses looms large for many in Papua, where calls for independence have never abated.

    During a presidential debate, Prabowo vowed to strengthen security forces in Papua.

    “If elected, my priority will be to uphold the rule of law and reinforce our security presence,” he said, framing his approach as essential to safeguarding the local population.

    Yet, amid the fears, some see opportunities for positive change.

    Yohanes Kedang from the Archdiocese of Merauke said that improving the socio-economic conditions of indigenous Papuans must be a priority for Prabowo.

    Education, health care ‘left behind’
    “Education, healthcare, and the economy — these are areas where Papuans are still far behind,” he said.

    “This will be Prabowo’s real challenge. He needs to create policies that bring real improvements to the lives of indigenous Papuans, especially in the southern regions like Merauke, which has immense potential.”

    Theo Hesegem, executive director of the Papua Justice and Human Integrity Foundation, believes that dialogue is key to resolving the region’s long-standing issues.

    “Prabowo has the power to address the human rights violations in Papua,” Hesegem said.

    “But he needs to listen. He should come to Papua and sit down with the people here — not just with officials, but with civil society, with the people on the ground,” he added.

    “Jokowi failed to do that. If Prabowo wants to lead, he must listen to their voices.”

    Pizaro Gozali Idrus in Jakarta contributed to the report. Copyright © 2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: TransUnion Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded third quarter 2024 financial guidance for revenue and earnings
    • Accelerated revenue growth to 12 percent, driven by U.S. Financial Services, Insurance, Consumer Interactive and International, while executing on technology modernization and transformation program savings
    • Voluntarily prepaid $25 million in debt, bringing total prepayments to $105 million in 2024
    • Raising 2024 financial guidance, we now expect to deliver 9 percent revenue growth for the year

    CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Results

    Revenue:

    • Total revenue for the quarter was $1,085 million, an increase of 12 percent (12 percent on a constant currency basis), compared with the third quarter of 2023.

    Earnings:

    • Net income attributable to TransUnion was $68 million for the quarter, compared with a loss of $319 million for the third quarter of 2023. Diluted earnings per share was $0.35, compared with a loss per share of $1.65 in the third quarter of 2023. Net income attributable to TransUnion margin was 6.3 percent, compared with a loss of 32.9 percent in the third quarter of 2023. Our third quarter 2023 net income (loss) attributable to TransUnion, diluted loss per share and net income (loss) attributable to TransUnion margin were impacted by a $414 million non-cash goodwill impairment expense for our United Kingdom reporting unit in the period.
    • Adjusted Net Income was $205 million for the quarter, compared with $177 million for the third quarter of 2023. Adjusted Diluted Earnings per Share was $1.04, compared with $0.91 in the third quarter of 2023.
    • Adjusted EBITDA was $394 million for the quarter, compared with $356 million for the third quarter of 2023, an increase of 11 percent (11 percent on a constant currency basis). Adjusted EBITDA margin was 36.3 percent, compared with 36.8 percent in the third quarter of 2023.

    “In the third quarter, TransUnion exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets grew by double-digits against stable market conditions, driven by mortgage strength, improving non-mortgage financial services, accelerating insurance growth and large breach remediation wins. Our International segment delivered double-digit organic constant currency revenue growth across India, Latin America, Asia Pacific and Africa.”

    “We continue to progress well against our transformation program. We now expect to capture $85 million of operating expense savings in 2024, driven by strong execution against our operating model optimization to expand our Global Capability Center network. Additionally, our technology modernization is accelerating our pace of innovation with several new capabilities and products launched in the quarter, powered by OneTru.”

    “We are raising our 2024 guidance and now expect to deliver 9 percent revenue growth, reflecting third quarter outperformance, stronger mortgage volumes and broad-based strength across the portfolio.”

    Third Quarter 2024 Segment Results

    U.S. Markets:

    U.S. Markets revenue was $848 million, an increase of 12 percent compared with the third quarter of 2023.

    • Financial Services revenue was $367 million, an increase of 17 percent compared with the third quarter of 2023.
    • Emerging Verticals revenue was $307 million, an increase of 3 percent compared with the third quarter of 2023.
    • Consumer Interactive revenue was $174 million, an increase of 21 percent compared with the third quarter of 2023.

    Adjusted EBITDA was $320 million, an increase of 9 percent compared with the third quarter of 2023.

    International:

    International revenue was $242 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the third quarter of 2023.

    • Canada revenue was $39 million, an increase of 7 percent (9 percent on a constant currency basis) compared with the third quarter of 2023.
    • Latin America revenue was $33 million, an increase of 7 percent (13 percent on a constant currency basis) compared with the third quarter of 2023.
    • United Kingdom revenue was $58 million, an increase of 6 percent (4 percent on a constant currency basis) compared with the third quarter of 2023.
    • Africa revenue was $17 million, an increase of 12 percent (10 percent on a constant currency basis) compared with the third quarter of 2023.
    • India revenue was $68 million, an increase of 21 percent (23 percent on a constant currency basis) compared with the third quarter of 2023.
    • Asia Pacific revenue was $26 million, an increase of 11 percent (11 percent on a constant currency basis) compared with the third quarter of 2023.

    Adjusted EBITDA was $110 million, an increase of 14 percent (15 percent on a constant currency basis) compared with the third quarter of 2023.

    Liquidity and Capital Resources

    Cash and cash equivalents was $643 million at September 30, 2024 and $476 million at December 31, 2023.

    For the nine months ended September 30, 2024, cash provided by operating activities was $579 million, compared with $444 million in 2023. The increase in cash provided by operating activities was primarily due to improved operating performance, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the nine months ended September 30, 2024, cash used in investing activities was $195 million, compared with $231 million in 2023. The decrease in cash used in investing activities was due primarily to prior year investments in non-consolidated affiliates and lower capital expenditures. For the nine months ended September 30, 2024, capital expenditures were $199 million, compared with $213 million in 2023. Capital expenditures as a percent of revenue represented 6% and 7% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, cash used in financing activities was $220 million, compared with $375 million in 2023. The decrease in cash used in financing activities was primarily due to a decrease in debt prepayments.

    Fourth Quarter and Full Year 2024 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,014     $ 1,034     $ 4,161     $ 4,181  
    Revenue growth1:                
    As reported     6 %     8 %     9 %     9 %
    Constant currency1, 2     6 %     8 %     8 %     9 %
    Organic constant currency1, 3     6 %     8 %     8 %     9 %
                     
    Net income attributable to TransUnion   $ 65     $ 77     $ 284     $ 295  
    Net income attributable to TransUnion growth     n/m       n/m       238 %     243 %
    Net income attributable to TransUnion margin     6.4 %     7.4 %     6.8 %     7.1 %
                     
    Diluted Earnings per Share   $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Diluted Earnings per Share growth   n/m       n/m       237 %     243 %
                     
    Adjusted EBITDA, as reported5   $ 360     $ 375     $ 1,488     $ 1,503  
    Adjusted EBITDA growth, as reported4     10 %     15 %     11 %     12 %
    Adjusted EBITDA margin     35.5 %     36.2 %     35.8 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.92     $ 0.98     $ 3.87     $ 3.93  
    Adjusted Diluted Earnings per Share growth     14 %     21 %     15 %     17 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
      2. There is no impact from recent acquisitions for Q4 2024 and FY 2024.
      3. The impact of mortgage is expected to be approximately 5 points of benefit for Q4 2024 and approximately 4 points of benefit for FY 2024.
    2. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
    3. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q4 2024 and FY 2024.
    4. Additional Adjusted EBITDA assumptions:
      1. The impact of changing foreign currency exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
    5. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

    Earnings Webcast Details

    In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at http://www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business 

    Availability of Information on TransUnion’s Website

    Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on http://www.transunion.com/tru.

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

    Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

    • macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
    • our ability to provide competitive services and prices;
    • our ability to retain or renew existing agreements with large or long-term customers;
    • our ability to maintain the security and integrity of our data;
    • our ability to deliver services timely without interruption;
    • our ability to maintain our access to data sources;
    • government regulation and changes in the regulatory environment;
    • litigation or regulatory proceedings;
    • our ability to effectively manage our costs;
    • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
    • our ability to remediate existing material weakness in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures;
    • economic and political stability in the United States and international markets where we operate;
    • our ability to effectively develop and maintain strategic alliances and joint ventures;
    • our ability to timely develop new services and the market’s willingness to adopt our new services;
    • our ability to manage and expand our operations and keep up with rapidly changing technologies;
    • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
    • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
    • our ability to defend our intellectual property from infringement claims by third parties;
    • geopolitical conditions and other risks associated with our international operations;
    • the ability of our outside service providers and key vendors to fulfill their obligations to us;
    • further consolidation in our end-customer markets;
    • the increased availability of free or inexpensive consumer information;
    • losses against which we do not insure;
    • our ability to make timely payments of principal and interest on our indebtedness;
    • our ability to satisfy covenants in the agreements governing our indebtedness;
    • our ability to maintain our liquidity;
    • share repurchase plans; and
    • our reliance on key management personnel.

    There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

    The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

    For More Information

    TRANSUNION AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)
    (in millions, except per share data)

        September 30,
    2024
      December 31,
    2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 643.2     $ 476.2  
    Trade accounts receivable, net of allowance of $18.2 and $16.4     798.4       723.0  
    Other current assets     228.2       275.9  
    Total current assets     1,669.8       1,475.1  
    Property, plant and equipment, net of accumulated depreciation and amortization of $858.3 and $804.4     181.5       199.3  
    Goodwill     5,184.5       5,176.0  
    Other intangibles, net of accumulated amortization of $3,055.8 and $2,719.8     3,356.9       3,515.3  
    Other assets     661.1       739.4  
    Total assets   $ 11,053.8     $ 11,105.1  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Trade accounts payable   $ 319.4     $ 251.3  
    Short-term debt and current portion of long-term debt     66.5       89.6  
    Other current liabilities     609.8       661.8  
    Total current liabilities     995.7       1,002.7  
    Long-term debt     5,134.9       5,250.8  
    Deferred taxes     481.8       592.9  
    Other liabilities     120.2       153.2  
    Total liabilities     6,732.6       6,999.6  
    Stockholders’ equity:        
    Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2024 and December 31, 2023, 201.4 million and 200.0 million shares issued at September 30, 2024 and December 31, 2023, respectively, and 194.9 million and 193.8 million shares outstanding as of September 30, 2024 and December 31, 2023, respectively     2.0       2.0  
    Additional paid-in capital     2,524.3       2,412.9  
    Treasury stock at cost, 6.6 million and 6.2 million shares at September 30, 2024 and December 31, 2023, respectively     (333.0 )     (302.9 )
    Retained earnings     2,312.6       2,157.1  
    Accumulated other comprehensive loss     (289.5 )     (260.9 )
    Total TransUnion stockholders’ equity     4,216.4       4,008.2  
    Noncontrolling interests     104.8       97.3  
    Total stockholders’ equity     4,321.2       4,105.5  
    Total liabilities and stockholders’ equity   $ 11,053.8     $ 11,105.1  
     

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Operations (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
         2024     2023     2024     2023 
    Revenue   $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
    Operating expenses                
    Cost of services (exclusive of depreciation and amortization below)     448.7       368.8       1,261.7       1,136.8  
    Selling, general and administrative     305.7       290.8       922.1       867.7  
    Depreciation and amortization     133.6       131.3       400.5       391.1  
    Goodwill impairment           414.0             414.0  
    Restructuring     40.5             66.8        
    Total operating expenses     928.6       1,205.0       2,651.0       2,809.6  
    Operating income (loss)     156.4       (236.3 )     495.9       67.3  
    Non-operating income and (expense)                
    Interest expense     (66.6 )     (72.7 )     (203.2 )     (217.2 )
    Interest income     7.8       5.0       19.9       15.1  
    Earnings from equity method investments     4.7       3.7       14.0       11.7  
    Other (expense) and income, net     (5.4 )     8.7       (26.2 )     (16.3 )
    Total non-operating income and (expense)     (59.6 )     (55.4 )     (195.4 )     (206.8 )
    Income (loss) from continuing operations before income taxes     96.8       (291.7 )     300.5       (139.5 )
    Provision for income taxes     (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Income (loss) from continuing operations     71.9       (313.9 )     231.6       (199.6 )
    Discontinued operations, net of tax           (0.5 )           (0.7 )
    Net income (loss)     71.9       (314.4 )     231.6       (200.3 )
    Less: net income attributable to the noncontrolling interests     (3.9 )     (4.3 )     (13.4 )     (11.9 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax                        
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax                        
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                                     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (in millions)

        Nine Months Ended September 30,
         2024    2023
    Cash flows from operating activities:        
    Net income (loss)   $ 231.6     $ (200.3 )
    Less: Discontinued operations, net of tax           0.7  
    Income (loss) from continuing operations     231.6       (199.6 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation and amortization     400.5       391.1  
    Goodwill impairment           414.0  
    Loss on repayment of loans     2.6       3.0  
    Deferred taxes     (94.1 )     (101.3 )
    Stock-based compensation     85.6       72.9  
    Loss on early termination of lease     40.5        
    Other     17.9       13.1  
    Changes in assets and liabilities:        
    Trade accounts receivable     (88.9 )     (104.2 )
    Other current and long-term assets     31.4       (42.4 )
    Trade accounts payable     44.2       16.9  
    Other current and long-term liabilities     (92.8 )     (19.7 )
    Cash provided by operating activities of continuing operations     578.5       443.8  
    Cash used in operating activities of discontinued operations           (0.2 )
    Cash provided by operating activities     578.5       443.6  
    Cash flows from investing activities:        
    Capital expenditures     (198.7 )     (213.2 )
    Proceeds from sale/maturities of other investments           63.9  
    Purchases of other investments           (43.7 )
    Investments in nonconsolidated affiliates     (5.9 )     (36.9 )
    Proceeds from the sale of investments in nonconsolidated affiliates     3.8        
    Payment related to disposal of discontinued operations           (0.5 )
    Other     5.7       (0.1 )
    Cash used in investing activities     (195.1 )     (230.5 )
    Cash flows from financing activities:        
    Proceeds from term loans     934.9        
    Repayments of term loans     (927.9 )      
    Repayments of debt     (141.0 )     (310.9 )
    Debt financing fees     (13.5 )      
    Proceeds from issuance of common stock and exercise of stock options     24.5       23.1  
    Dividends to shareholders     (61.7 )     (61.4 )
    Employee taxes paid on restricted stock units recorded as treasury stock     (30.1 )     (17.6 )
    Distributions to noncontrolling interests     (4.7 )     (8.5 )
    Cash used in financing activities     (219.5 )     (375.3 )
    Effect of exchange rate changes on cash and cash equivalents     3.1       (2.2 )
    Net change in cash and cash equivalents     167.0       (164.4 )
    Cash and cash equivalents, beginning of period     476.2       585.3  
    Cash and cash equivalents, end of period   $ 643.2     $ 420.9  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Non-GAAP Financial Measures

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

    Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

    Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

    Consolidated Adjusted EBITDA

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

    • Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
    • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
    • Provision for income taxes, as reported on our Consolidated Statements of Operations.
    • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
    • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
    • Operating model optimization program represents employee separation costs, facility lease exit costs, and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
    • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
    • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
    • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

    Consolidated Adjusted EBITDA Margin

    Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

    Adjusted Net Income

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

    • Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above).
    • Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
    • Stock-based compensation (see Consolidated Adjusted EBITDA above).
    • Operating model optimization program (see Consolidated Adjusted EBITDA above).
    • Accelerated technology investment (see Consolidated Adjusted EBITDA above).
    • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above).
    • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
    • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

    Adjusted Diluted Earnings Per Share

    Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

    Adjusted Provision for Income Taxes

    Management has excluded the following items from our provision for income taxes for the periods presented:

    • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
    • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
    • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

    Adjusted Effective Tax Rate

    Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income from continuing operations before income taxes.

    Leverage Ratio

    Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Since the Leverage Ratio is calculated on a trailing twelve month basis, prior period goodwill impairment is excluded as this expense may not directly correlate to the underlying performance of our business operations during that period and may vary significantly between periods. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

    This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

    Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

    Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

    SCHEDULE 1
    TRANSUNION AND SUBSIDIARIES
    Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
    (Unaudited)

        For the Three Months Ended September 30, 2024 compared with
    the Three Months Ended September 30, 2023
      For the Nine Months Ended September 30, 2024 compared with
    the Nine Months Ended September 30, 2023
        Reported   CC Growth1   Organic CC
    Growth2
      Reported   CC Growth1   Organic CC
    Growth2
    Revenue:                        
    Consolidated   12.0 %   12.2 %   12.2 %   9.4 %   9.4 %   9.4 %
    U.S. Markets   12.5 %   12.5 %   12.5 %   8.4 %   8.4 %   8.4 %
    Financial Services   17.1 %   17.1 %   17.1 %   13.5 %   13.5 %   13.5 %
    Emerging Verticals   3.3 %   3.3 %   3.3 %   4.0 %   4.0 %   4.0 %
    Consumer Interactive   21.4 %   21.3 %   21.3 %   6.0 %   6.0 %   6.0 %
    International   11.3 %   12.1 %   12.1 %   13.4 %   13.5 %   13.5 %
    Canada   6.8 %   8.6 %   8.6 %   11.5 %   12.7 %   12.7 %
    Latin America   7.2 %   12.7 %   12.7 %   11.8 %   10.9 %   10.9 %
    United Kingdom   6.0 %   3.7 %   3.7 %   4.9 %   2.5 %   2.5 %
    Africa   12.3 %   9.5 %   9.5 %   8.3 %   10.4 %   10.4 %
    India   21.5 %   23.1 %   23.1 %   25.4 %   27.0 %   27.0 %
    Asia Pacific   11.1 %   11.5 %   11.5 %   13.6 %   14.2 %   14.2 %
                             
    Adjusted EBITDA:                        
    Consolidated   10.5 %   10.9 %   10.9 %   10.9 %   11.0 %   11.0 %
    U.S. Markets   9.0 %   9.0 %   9.0 %   8.2 %   8.2 %   8.2 %
    International   13.9 %   15.3 %   15.3 %   17.4 %   17.9 %   17.9 %
    1.  Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
       
    2.  We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.

    SCHEDULE 2
    TRANSUNION AND SUBSIDIARIES
    Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024    2023    2024    2023
    Revenue:              
    U.S. Markets gross revenue              
    Financial Services $ 367.2     $ 313.7     $ 1,077.6     $ 949.6  
    Emerging Verticals   307.2       297.3       913.1       877.9  
    Consumer Interactive   173.7       143.1       455.1       429.4  
    U.S. Markets gross revenue $ 848.1     $ 754.0     $ 2,445.9     $ 2,256.9  
                   
    International gross revenue              
    Canada $ 39.4     $ 36.9     $ 115.9     $ 103.9  
    Latin America   33.5       31.2       100.9       90.2  
    United Kingdom   57.8       54.5       168.6       160.7  
    Africa   17.1       15.2       48.0       44.3  
    India   68.2       56.1       202.8       161.8  
    Asia Pacific   25.6       23.1       77.1       67.9  
    International gross revenue $ 241.6     $ 217.1     $ 713.3     $ 628.9  
                   
    Total gross revenue $ 1,089.6     $ 971.2     $ 3,159.2     $ 2,885.8  
                   
    Intersegment revenue eliminations              
    U.S. Markets $ (2.8 )   $ (1.0 )   $ (7.4 )   $ (4.6 )
    International   (1.9 )     (1.5 )     (4.8 )     (4.3 )
    Total intersegment revenue eliminations $ (4.7 )   $ (2.5 )   $ (12.3 )   $ (8.9 )
                   
    Total revenue as reported $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
                   
    Adjusted EBITDA:              
    U.S. Markets $ 319.9     $ 293.7     $ 920.9     $ 850.9  
    International   110.5       97.0       318.1       271.0  
    Corporate   (36.7 )     (34.5 )     (110.6 )     (104.3 )
    Adjusted EBITDA Margin:1              
    U.S. Markets   37.7 %     38.9 %     37.6 %     37.7 %
    International   45.7 %     44.7 %     44.6 %     43.1 %
    1.  Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024     2023     2024    2023 
    Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:              
    Net income (loss) attributable to TransUnion $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax         0.5             0.7  
    Income (loss) from continuing operations attributable to TransUnion $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Net interest expense   58.9       67.8       183.3       202.1  
    Provision for income taxes   24.9       22.2       68.9       60.1  
    Depreciation and amortization   133.6       131.3       400.5       391.1  
    EBITDA $ 285.4     $ (97.0 )   $ 870.8     $ 441.8  
    Adjustments to EBITDA:              
    Stock-based compensation   33.8       27.0       85.7       73.3  
    Goodwill impairment1         414.0             414.0  
    Mergers and acquisitions, divestitures and business optimization2   7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3   21.8       16.3       58.6       53.5  
    Operating model optimization program4   47.3             86.4        
    Net other5   (2.0 )     1.8       9.7       10.6  
    Total adjustments to EBITDA $ 108.3     $ 453.1     $ 257.5     $ 575.8  
    Consolidated Adjusted EBITDA $ 393.7     $ 356.1     $ 1,128.4     $ 1,017.6  
                   
    Net income (loss) attributable to TransUnion margin   6.3 %     (32.9 )%     6.9 %     (7.4 )%
    Consolidated Adjusted EBITDA margin5   36.3 %     36.8 %     35.9 %     35.4 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

     1.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     2.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023     2024    2023 
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments         (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7           9.4     5.1  
      Transition services agreement income         (1.1 )         (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     3.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     4.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023    2024    2023
      Employee separation   $   $   $ 24.7   $
      Facility exit     40.5         42.1    
      Business process optimization     6.8         19.6    
      Total operating model optimization   $ 47.3   $   $ 86.4   $
     5.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024     2023     2024     2023 
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0     $ 9.2     $ 3.1  
      Other debt financing expenses     0.5       0.3       1.6       1.5  
      Currency remeasurement on foreign operations     (1.7 )     0.8       (0.4 )     6.5  
      Other non-operating (income) expense     (0.8 )     (0.3 )     (0.7 )     (0.5 )
      Total other adjustments   $ (2.0 )   $ 1.8     $ 9.7     $ 10.6  
     6.  Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.


    SCHEDULE 3

    TRANSUNION AND SUBSIDIARIES
    Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Discontinued operations, net of tax           (0.5 )           (0.7 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax                        
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax                        
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
                     
    Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:                
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax           0.5             0.7  
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     71.5       72.1       214.9       221.2  
    Stock-based compensation     33.8       27.0       85.7       73.3  
    Goodwill impairment2           414.0             414.0  
    Mergers and acquisitions, divestitures and business optimization2     7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3     21.8       16.3       58.6       53.5  
    Operating model optimization program4     47.3             86.4        
    Net other5     (2.1 )     1.8       8.6       9.6  
    Total adjustments before income tax items   $ 179.6     $ 525.2     $ 471.3     $ 796.0  
    Total adjustments for income taxes6     (43.1 )     (29.5 )     (112.9 )     (85.2 )
    Adjusted Net Income   $ 204.5     $ 177.4     $ 576.6     $ 499.3  
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       194.6       196.3       194.8  
                     
    Adjusted Earnings per Share:                
    Basic   $ 1.05     $ 0.92     $ 2.97     $ 2.58  
    Diluted   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Reconciliation of Diluted earnings (loss) per share from Net income (loss) attributable to TransUnion to Adjusted Diluted Earnings per Share:                
    Diluted earnings (loss) per common share from:                
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Discontinued operations, net of tax                        
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     0.36       0.37       1.09       1.14  
    Stock-based compensation     0.17       0.14       0.44       0.38  
    Goodwill impairment2           2.13             2.13  
    Mergers and acquisitions, divestitures and business optimization3     0.04       (0.03 )     0.09       0.13  
    Accelerated technology investment4     0.11       0.08       0.30       0.27  
    Operating model optimization program5     0.24             0.44        
    Net other6     (0.01 )     0.01       0.04       0.05  
    Total adjustments before income tax items   $ 0.91     $ 2.70     $ 2.40     $ 4.09  
    Total adjustments for income taxes7     (0.22 )     (0.15 )     (0.57 )     (0.44 )
    Adjusted Diluted Earnings per Share   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
     

    Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

     1.  Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
     2.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     3.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments         (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7           9.4     5.1  
      Transition services agreement income         (1.1 )         (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     4.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     5.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Employee separation   $   $   $ 24.7   $
      Facility exit     40.5         42.1    
      Business process optimization     6.8         19.6    
      Total operating model optimization   $ 47.3   $   $ 86.4   $
     6.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0   $ 9.2     $ 3.1
      Currency remeasurement on foreign operations     (1.7 )     0.8     (0.4 )     6.5
      Other non-operating (income) and expense     (0.5 )         (0.2 )    
      Total other adjustments   $ (2.1 )   $ 1.8   $ 8.6     $ 9.6
     7.  Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

    SCHEDULE 4
    TRANSUNION AND SUBSIDIARIES
    Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
    Income (loss) from continuing operations before income taxes $ 96.8     $ (291.7 )   $ 300.5     $ (139.5 )
    Total adjustments before income tax items from Schedule 3   179.6       525.2       471.3       796.0  
    Adjusted income (loss) from continuing operations before income taxes $ 276.4     $ 233.5     $ 771.8     $ 656.5  
                   
    Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
    Provision for income taxes   (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Adjustments for income taxes:              
    Tax effect of above adjustments   (41.8 )     (27.9 )     (108.5 )     (90.1 )
    Eliminate impact of excess tax (benefit) expense for stock-based compensation   (2.3 )     0.7       (1.4 )     2.7  
    Other1   0.9       (2.2 )     (3.0 )     2.2  
    Total adjustments for income taxes $ (43.1 )   $ (29.5 )   $ (112.9 )   $ (85.2 )
    Adjusted Provision for Income Taxes $ (68.0 )   $ (51.7 )   $ (181.8 )   $ (145.3 )
                   
    Effective tax rate   25.7 %     (7.6 )%     22.9 %     (43.1 )%
    Adjusted Effective Tax Rate   24.6 %     22.2 %     23.6 %     22.1 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

      1.  Other adjustments for income taxes include:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023 
      Deferred tax adjustments   $ 3.8     $ (0.2 )   $ (1.4 )   $ 0.6  
      Valuation allowance adjustments     (2.3 )     (1.9 )     (2.1 )     (0.8 )
      Return to provision, audit adjustments, and reserves related to prior periods     (1.2 )     1.4       1.2       2.6  
      Other adjustments     0.7       (1.6 )     (0.7 )     (0.3 )
      Total other adjustments   $ 0.9     $ (2.2 )   $ (3.0 )   $ 2.2  
     

    SCHEDULE 5
    TRANSUNION AND SUBSIDIARIES
    Leverage Ratio (Unaudited)
    (dollars in millions)

        Trailing Twelve
    Months Ended
    September 30, 2024
    Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
    Net income attributable to TransUnion   $ 224.2
    Net interest expense     248.6
    Provision for income taxes     53.6
    Depreciation and amortization     533.8
    EBITDA   $ 1,060.2
    Adjustments to EBITDA:    
    Stock-based compensation   $ 113.0
    Mergers and acquisitions, divestitures and business optimization1     27.2
    Accelerated technology investment2     75.6
    Operating model optimization program3     164.0
    Net other4     14.4
    Total adjustments to EBITDA   $ 394.3
    Leverage Ratio Adjusted EBITDA   $ 1,454.5
         
    Total debt   $ 5,201.4
    Less: Cash and cash equivalents     643.2
    Net Debt   $ 4,558.2
         
    Ratio of Net Debt to Net income attributable to TransUnion     20.3
    Leverage Ratio     3.1

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Transaction and integration costs   $ 16.9  
      Fair value and impairment adjustments     10.3  
      Post-acquisition adjustments     0.1  
      Transition services agreement income     (0.1 )
      Total mergers and acquisitions, divestitures and business optimization   $ 27.2  
    2.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Foundational Capabilities   $         33.0        
      Migration Management             37.5        
      Program Enablement             5.1        
      Total accelerated technology investment   $         75.6        
    3.  Operating model optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Employee separation   $         96.6        
      Facility exit             45.5        
      Business process optimization             21.9        
      Total operating model optimization   $         164.0        
    4.  Net other consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Deferred loan fee expense from debt prepayments and refinancings   $ 15.4  
      Other debt financing expenses     2.3  
      Currency remeasurement on foreign operations     (2.2 )
      Other non-operating (income) and expense     (1.2 )
      Total other adjustments   $ 14.4  
       

    SCHEDULE 6
    TRANSUNION AND SUBSIDIARIES
    Segment Depreciation and Amortization (Unaudited)
    (in millions)

      Three Months Ended September 30,   Nine Months Ended September 30,
       2024    2023    2024    2023
                   
    U.S. Markets $ 99.3   $ 99.3   $ 299.4   $ 292.3
    International   33.4     31.0     98.1     95.5
    Corporate   1.0     1.1     3.0     3.3
    Total depreciation and amortization $ 133.6   $ 131.3   $ 400.5   $ 391.1
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    SCHEDULE 7
    TRANSUNION AND SUBSIDIARIES
    Reconciliation of Non-GAAP Guidance (Unaudited)
    (in millions, except per share data)

      Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
      Low   High   Low   High
    Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
    Net income attributable to TransUnion $ 65     $ 77     $ 284     $ 295  
    Interest, taxes and depreciation and amortization   216       219       868       872  
    EBITDA $ 281     $ 296     $ 1,152     $ 1,167  
    Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   79       79       336       336  
    Adjusted EBITDA $ 360     $ 375     $ 1,488     $ 1,503  
                   
    Net income attributable to TransUnion margin   6.4 %     7.4 %     6.8 %     7.1 %
    Consolidated Adjusted EBITDA margin2   35.5 %     36.2 %     35.8 %     36.0 %
                   
    Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
    Diluted earnings per share $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Adjustments to diluted earnings per share1   0.58       0.58       2.42       2.42  
    Adjusted Diluted Earnings per Share $ 0.92     $ 0.98     $ 3.87     $ 3.93  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
    2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

    The MIL Network

  • MIL-OSI USA: Deluzio, Casey, Fetterman, Lee Announce $6 Million for Pittsburgh International Airport

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    Funding will help improve the terminal building

     

    Airport Terminal Program funding comes from infrastructure law

     

    With this funding, Pittsburgh International Airport has received more than $129 million in federal funding since the start of 2021

     

    WASHINGTON, D.C. – Today, U.S. Representatives Chris Deluzio (D-PA-17) and Summer Lee (D-PA-12) and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) announced that Pittsburgh International Airport (PIT) is receiving $6,000,000 in competitive grant funding to modernize and rehabilitate the terminal. This funding comes from the Airport Terminal Program (ATP), which was created by the bipartisan Infrastructure Investment and Jobs Act (IIJA) to revitalize the Nation’s aging airports.

     

    “The Infrastructure Law is still at work in Western PA, this time bringing home $6 million more for the Pittsburgh International Airport terminal updates,”said Congressman Deluzio. “The airport is not only a place where people catch flights: but it’s also a workplace, employer, and economic hub. We need to make sure it works as smoothly as possible, and that we help out airport be the best it can be. I’m proud federal funding from the Infrastructure Law is a part of that effort.”

     

    “Pittsburgh International Airport is an essential connection between the region and the world, and it’s critical that the terminals are safe and can meet passenger needs. This investment from the infrastructure law will support ongoing efforts to modernize the airport by replacing floors, bulkheads, and decades-old moving walkways,” said Senator Casey. “I will always fight for investments that boost Southwestern Pennsylvania’s economy and keep the region moving.”

     

    “Pittsburgh’s airport should reflect the grit and resilience of the city it serves and this $6 million investment helps make that happen. Upgrading parts of the terminal that have been in place for over 30 years will help bring our airport back up to speed, create jobs, and ensure it serves both the community and travelers with true Pittsburgh pride,” said Senator Fetterman.

     

    “Today’s announcement of $6 million in federal funding for Pittsburgh International Airport is a big win for the people of Pittsburgh and the hardworking travelers who rely on safe, accessible, and efficient airports. This investment is about putting people first by creating good-paying jobs, ensuring smoother and safer travel experiences, and revitalizing a space that millions pass through each year. It’s also a commitment to the growth and well-being of our community, helping Pittsburgh remain a hub of opportunity and progress for all who live, work, and visit here,” said Congresswoman Lee.

     

    The funding for Pittsburgh International Airport will support the Terminal Modernization Program, which includes installing new flooring, restoring columns and bulkheads, and replacing 32-year-old moving walkways in the concourses. Since the infrastructure law was passed, millions of dollars have been allocated to PIT. In June 2024, Casey, Fetterman, Deluzio, and Lee announced $20.6 million for PIT to support their ongoing terminal improvement project. In February 2024, the Members announced $5.3 million in new infrastructure funding to fund a component of the 700,000 square foot landslide terminal construction. PIT has received a total of $129,706,728 since the start of 2021.
     

    ###

    MIL OSI USA News

  • MIL-OSI USA: Deluzio, Casey, Fetterman Secure $87 Million to Build New Manufacturing Facility in Southwestern Pennsylvania, Create Almost 900 Jobs

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    WASHINGTON, D.C. – Today, Congressman Chris Deluzio (D-PA-17), and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) delivered $87,070,493 in federal funding for Mainspring Energy (MSE), a manufacturer of linear generators. With these funds, the company will build a new, state-of-the art manufacturing facility that will support new 891 jobs in Coraopolis. Funding comes from the Advanced Energy Manufacturing and Recycling Grants Program, made possible by the Infrastructure Investment and Jobs Act (IIJA).  

    “I am thrilled to announce that Coraopolis’ own Mainspring Energy Inc. is receiving more than $87 million in federal dollars to boost its manufacturing of low-carbon generators and create hundreds of full-time and construction jobs in the process,” said Congressman Deluzio. “This is a powerful example of how when we make more stuff here, we can create manufacturing and construction jobs and onshore our supply chains, all while reducing greenhouse gas emissions to help us meet our climate goals. I am proud to support this project and look forward to monitoring its progress and impact on the people and economy in Pennsylvania’s 17th Congressional District.”   

    “This is a game-changing investment for Coraopolis and Southwestern Pennsylvania. With this funding, Mainstream Energy will create good-paying and high-skilled manufacturing jobs and continue Southwestern Pennsylvania’s legacy as an energy leader on the forefront of cutting-edge technology. Pennsylvania workers are the best in the world and I will keep fighting for good paying manufacturing and construction jobs across our Commonwealth,” said Senator Casey.  

    “Western Pennsylvania has always been America’s industrial backbone and the Department of Energy’s investment in Mainspring Energy carries that legacy forward. This move propels us toward a carbon-pollution-free future while keeping our economy strong, competitive, and union-built,” said Senator Fetterman. “As lifelong Pennsylvanians, Senator Casey, Congressman Deluzio, and I understand and honor our state’s proud history of hard work and innovation. We pushed for this investment because it puts Western Pennsylvania back on the map as a leader in cutting-edge manufacturing.” 

    Mainspring Energy manufactures linear generators that power hospitals, supermarkets, data centers, and more across the Nation. The new plant will expand generator production, enhance American global competitiveness, create 891 jobs in Coraopolis. Deluzio wrote a letter of support for this grant, and joined Senators Casey, and Fetterman in the push for the Accelerating Linear Generator Production for Mainspring Energy project. 

    The funding comes from the U.S. Department of Energy (DOE)’s Advanced Energy Manufacturing and Recycling Grants program, which enables manufacturers build new or retrofit existing manufacturing and industrial facilities in communities where coal mines or coal power plants have closed. Senators Casey and Fetterman and Congressman Deluzio urged DOE secretary Jennifer Granholm to support MSE’s project in June 2024. In their letter, the Members highlighted how the new facility would increase domestic manufacturing, boost American competitiveness in the clean energy sector, generate hundreds of good-paying jobs for Pennsylvanians, and carry on the Commonwealth’s proud legacy as an energy state.   

    Mainspring Energy (MSE), in partnership with construction firm Al. Neyer, will establish a state-of-the-art manufacturing facility in Coraopolis to produce 1,000 linear generators annually that will provide clean and reliable power to critical institutions across the Nation including hospitals, businesses, and data centers. The plant will localize the manufacturing supply chain and enhance American global competitiveness in the clean energy sector. Additionally, the project will create 291 construction-related jobs and 600 operations jobs.  

    ### 

    MIL OSI USA News

  • MIL-OSI: Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability

    Source: GlobeNewswire (MIL-OSI)

    Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability 

    Gzira, 23 October 2024 – The Extraordinary General Meeting of Shareholders (“Meeting”) of Multitude P.L.C., a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs (WKN: A40G1Q, ISIN: MT0002810100) (“Multitude” or “Company”), has today resolved to adopt and approve the Company’s final accounts including the financial statements and the Board of Directors’ report for the period for which financial statements had not yet been presented at the Shareholders’ General Meeting, i.e., for the period running from 1 January 2024 to 30 June 2024.  

    In addition, the Extraordinary General Meeting of Shareholders resolved, insofar as permitted under the Maltese Companies Act (chapter 386 of the laws of Malta), and in line with Finnish market practice, to discharge the members of the Board of Directors and the CEO from liability for the period covered by the final accounts (i.e., while the Company was still registered in Finland).  

    The Meeting was held following the transfer of the Company’s registered office from Finland to Malta in accordance with Article 8 of the Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) on 30 June 2024, in order to adopt the Company’s final accounts as required pursuant to Section 11 of the Finnish European Companies Act (742/2004, as amended) and to make certain related resolutions. Accordingly, for the purposes of Section 11 of the Finnish European Companies Act, the Meeting was deemed to be a meeting of shareholders (in Finnish: “osakkeenomistajien kokous”). 

    The full minutes of the October EGM setting out said resolutions which were adopted will be available on the Company’s website no later than one week after the date of the Extraordinary General Meeting, i.e., no later than on 30 October 2024.  

    Contact: 

    Lasse Mäkelä  
    Chief Strategy and IR Officer 
    Phone: +41 79 371 34 17 
    E-Mail: Lasse.makela@multitude.com 

    About Multitude P.L.C.: 

    Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude’s business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 16 countries, achieving a combined turnover of 230 million euros in 2023. Multitude was founded in Finland in 2005 and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘E4l’. http://www.multitude.com 

    The MIL Network

  • MIL-OSI Economics: Ishimbay Opens Central Square Reconstructed with Rosneft Support

    Source: Rosneft

    Headline: Ishimbay Opens Central Square Reconstructed with Rosneft Support

    Thanks to Bashneft’s (a subsidiary of Rosneft) support, the Square of the Discoverers of Bashkir Oil was reconstructed in Ishimbay. The grand opening of the square was timed to coincide with a Town Day.

    Reconstruction and improvement of one of the town’s favourite recreational spots were carried out within the framework of the Cooperation Agreement between Rosneft and the Republic of Bashkortostan.

    Rosneft is committed to the principles of social responsibility and pays special attention to creating a favourable social environment in the regions of operation. Ishimbay is one of the industrial centers of the south of Bashkortostan and the earliest centre of the republic’s oil industry. Commercial production of Bashkir oil began here in 1932. А monument, which became its symbol, a twelve-meter granite figure of a geologist, was installed on the main square of the town in 1969.

    The concept of large-scale renovation of the central square of Ishimbay, where about 70 thousand people live, was developed based on the wishes of the inhabitants. The renovated square now has an amphitheatre for cultural events, recreation areas with benches, swings and canopies, and a large modern playground for children. Now the territory of the square is also accessible for people with disabilities. The area around the square is planted with fruit trees and shrubs. The reconstruction included the installation of energy efficient lighting and upgraded utilities. Asphalt sidewalk and sidewalk tiles were also replaced.

    Over the past five years, with the support of Bashneft, significant social projects have been implemented in the Ishimbaysky District, including the reconstruction of the district hospital in the village of Petrovskoye, the renovation of the children’s clinic and secondary school No. 3 in Ishimbay.

    Reference:

    Bashneft (a subsidiary of Rosneft) is one of the oldest oil and gas enterprises in the country engaged in oil extraction and processing. The enterprise’s key assets, including the refinery and petrochemical complex, are located in the Republic of Bashkortostan.

    Within the framework of the Cooperation Agreement between Bashkortostan and Rosneft, projects regarding the construction and reconstruction of social and sports facilities, water supply and drainage systems, improvement of parks, public gardens and roads in districts and cities have been implemented and significantly improved the level of social welfare in the Republic. Over the last five years, Bashkir oilmen have financed the construction and reconstruction of more than 300 socially important facilities.

    Rosneft
    Information Division
    August 26, 2024

    Keywords: Social News 2024

    MIL OSI Economics

  • MIL-OSI Europe: Answer to a written question – Measures to address water scarcity – need for EU initiatives and new financial instruments to assist Greece and other southern European countries – E-001675/2024(ASW)

    Source: European Parliament

    The EU provides significant financial support to address water management and scarcity. Between 2021 and 2027, EUR 13.2 billion of Cohesion Policy funds[1] are earmarked for sustainable water management.

    The Recovery and Resilience Facility[2], and several missions and partnerships under Horizon Europe[3] also provide support for water resilience[4].

    The Common Agricultural Policy[5] offers inter alia support[6] for water efficiency and water reuse in the agricultural sector, climate smart agriculture and innovation, and risk and crisis management tools.

    The EU programme for the environment and climate action[7] co-finances innovative projects in the environmental sector, including recovery of resources from water.

    Preparatory work and reflections are ongoing for the next multi-annual financial framework.

    Supporting Member States on climate risk preparedness will be part of a European Climate Adaptation Plan[8].

    Moreover, the European Water Resilience strategy[9] will aim to ensure water resources are properly managed, scarcity is addressed, and that the water industry’s innovation is enhanced and takes a circular economy approach.

    It will build on ongoing efforts on water scarcity and drought management in the context of the implementation of the Water Framework Directive[10], including through the Ad Hoc Task group for Water Scarcity and Droughts[11], and the EU Climate Adaptation Strategy[12].

    The Commission will also continue supporting the tourism ecosystem under the Tourism transition pathway[13] to increase water efficiency, reducing water stress and pollution, and improving sanitation, as well as consider how to best support tourism businesses and destinations in the next EU budget.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – EU sanctions against Russia and the potential use of former Soviet republics to circumvent these sanctions – E-002009/2024

    Source: European Parliament

    10.10.2024

    Question for written answer  E-002009/2024
    to the Commission
    Rule 144
    Adrian-George Axinia (ECR)

    In the light of the sanctions imposed on the Russian Federation following its invasion of Ukraine, I would like to inquire about reports indicating that former Soviet republics in the Caucasus are being used to circumvent these sanctions.

    Specifically, there are allegations that the control of national management institutions is being leveraged to monopolise key economic sectors.

    For instance, in Uzbekistan, it has been reported that Octobank JSC, which is controlled by the National Agency of Perspective Projects, appears to dominate cross-border financial transactions, including money transfers and peer-to-peer payments, potentially sidelining other financial institutions.

    In this context:

    • 1.Can the Commission share what measures are being taken to monitor and address potential sanctions evasion through these mechanisms? Has it contacted the Uzbek authorities in relation to potential breaches of the sanctions regime, and if not, does it intend to do so?
    • 2.Is the Commission aware of the situation regarding Octobank JSC and its implications for the integrity of the EU’s sanctions regime, and what steps is it considering to ensure that such circumvention efforts do not undermine the effectiveness of the sanctions against the Russian Federation?

    Submitted: 10.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Italian court ruling on Libyan Coast Guard rescue operations and its implications for the legal compliance of EU funding – E-002089/2024

    Source: European Parliament

    16.10.2024

    Question for written answer  E-002089/2024
    to the Commission
    Rule 144
    Tineke Strik (Verts/ALE)

    In June 2024, Crotone Civil Court in Italy ruled[1] that interceptions at sea conducted by the Libyan Coast Guard cannot legally qualify as rescue operations since the Libyan authorities are systematically armed, fire gunshots to intimidate civil society actors and migrants, and create an overall situation of danger. Furthermore, the court recalled that Libya cannot be considered a safe place for disembarkation due to its serious and systematic violations of human rights and the fact that it has never ratified the Geneva Convention.

    • 1.Can the Commission confirm that it maintains the view that providing EU funds to the Libyan authorities through the programme entitled ‘Support to integrated border and migration management in Libya’ is justified on humanitarian grounds (see answers E-005612/2021[2] and E-000363/2022[3])?
    • 2.If so, what implications will the Crotone ruling have for the provision of EU funds to Libya under this programme, considering the principle of sound financial management as enshrined in the Financial Regulation[4], which stipulates that EU funds should be effective in achieving the objectives of a project, and also considering the Italian court ruling, which states that Libyan border authorities are unable to carry out rescue operations in line with international standards?

    Submitted: 16.10.2024

    • [1] Ruling No 348/2024, available at: https://www.asgi.it/wp-content/uploads/2024/07/2024_06_26_Court-of-Crotone_final-decision_ITA_geschwarzt.pdf.
    • [2] https://www.europarl.europa.eu/doceo/document/E-9-2021-005612-ASW_EN.html.
    • [3] https://www.europarl.europa.eu/doceo/document/E-9-2022-000363-ASW_EN.html.
    • [4] Article 33 of Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012, OJ L 193, 30.7.2018, p. 1, ELI: http://data.europa.eu/eli/reg/2018/1046/oj.
    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Funding insurance premiums for historic monuments – E-001401/2024(ASW)

    Source: European Parliament

    The Commission emphasises the importance of safeguarding all forms of cultural heritage, including religious heritage.

    Under Article 167 of the Treaty on the Functioning of the European Union (TFEU)[1], the preservation and promotion of cultural heritage is primarily a national responsibility. Member States have significant discretion in supporting cultural infrastructures under EU State aid rules.

    Funding for the maintenance of non-commercial cultural sites is generally excluded from state aid rules, especially when it has a purely local impact and does not affect trade between Member States.

    The Commission has also established rules allowing Member States to grant state aid for cultural infrastructure without prior notification or approval.

    For instance, aid can be granted under Article 53 of the General Block Exemption Regulation[2] or the services of general economic interest de minimis Regulation[3], provided that the funding meets the relevant criteria.

    Member States may also notify state aid measures for approval under Article 107(3)(d) of the TFEU[4], promoting culture and heritage conservation.

    While EU funding mainly supports cross-border projects under the 2021-2027 multiannual financial framework, the EU can encourage cooperation between Member States in cultural heritage conservation.

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Addressing the impact of the housing crisis on teachers and other categories of public servants in Greece – E-001890/2024

    Source: European Parliament

    Question for written answer  E-001890/2024/rev.1
    to the Commission
    Rule 144
    Elena Kountoura (The Left), Konstantinos Arvanitis (The Left), Nikos Pappas (The Left), Nikolas Farantouris (The Left)

    Greece faces a steadily worsening housing crisis that is affecting all its citizens, especially workers in critical parts of the public service sector such as teachers, doctors, nurses, firefighters, police officers and members of the armed services. The problem is acute in tourist areas and on the islands, where the cost of living is disproportionately high, there is a serious shortage of available housing and rents have skyrocketed with the rapid rise in short-term rentals.

    What is more, civil servants’ salaries are still low and are not sufficient to cover the increased cost of housing[1]. This state of affairs has direct consequences for the functioning of critical public services, as workers are discouraged from serving in remote and island areas[2], creating gaps in sectors such as education, health and security.

    As the Commission has announced the first-ever European Affordable Housing Plan[3], can it answer the following questions:

    • 1.What European financial instruments can the Member States use to assist public servants such as teachers, doctors, nurses, firefighters and police officers facing difficulties in finding affordable housing – especially in tourist and remote areas of Greece?
    • 2.Does it intend to support the Member States, such as Greece, with targeted programmes or financial resources to address the housing crisis that is affecting public servants in key sectors such as education, health and public security owing to the rise in housing prices and short-term rentals?

    Submitted: 1.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Worrying situation of people living in Luxembourg and working for the EU institutions – P-001925/2024

    Source: European Parliament

    Priority question for written answer  P-001925/2024/rev.1
    to the Commission
    Rule 144
    Fernand Kartheiser (ECR)

    The situation of people living in Luxembourg and working for the EU institutions remains a matter of concern. This is particularly true for some European Parliament employees. They receive exactly the same salary as their colleagues in Brussels, even though the cost of living, and particularly of housing, is much higher in Luxembourg.

    In light of the above:

    • 1.How does this situation affect the ability of the Commission in Luxembourg to recruit, and can it still attract enough qualified people from all Member States? What percentage of people in Luxembourg leave their jobs early for financial reasons and go to work either in the public or private sector in Luxembourg or in another EU institution in another Member State?
    • 2.Does the Commission intend to defend the interests of the EU civil service and commit itself to the introduction of a housing allowance for certain categories of staff in Luxembourg and to the application of a correction coefficient for Luxembourg?

    Submitted: 2.10.2024

    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: EIB Investment Survey 2024: More than 60% of European companies have invested in climate mitigation and adaptation and more than 70% in their digital transformation

    Source: European Investment Bank

    • EU businesses lead way in investments in climate mitigation and adaptation, with 61% having already invested and 53% planning to do so.
    • Use of advanced digital technologies on the rise as 74% of European firms embrace advanced technologies to enhance competitiveness.
    • Faced with trade shocks, firms are investing in more resilient and secure supply chains.

    Companies in the European Union weathered relatively well the health, price and trade shocks of the last four years and have increased their ambitions for green and digital transformation, according to a survey by the European Investment Bank (EIB).  

    The EIB’s Investment Survey 2024 , released today at the World Bank-IMF Annual Meetings in Washington, paints a picture of leadership of EU businesses in the green transition and the reinforcement of their supply chains in the face of heightened geopolitical risks and supply-chain disruptions.

    Many firms in Europe are satisfied with their investment levels over the past three years and are committed to tackling climate change and embracing digital technologies, the survey shows. It covers a total of around 12,000 companies in all EU countries as well as a comparison sample in the United States.

    While the share of EU companies expecting to increase rather than decrease investment has halved to a net balance of 7% in 2024, compared with last year, businesses in Europe continue to outpace their US counterparts and lead in investments to slash emissions that cause climate change or cope with the impact of severe weather. The latest Investment Survey shows that 61% of EU firms have invested in tackling climate change, compared to 56% in 2023 and 53% in 2022. The green transition impose transformation, but also brings opportunities. More than a quarter of EU firms –27%– view the transition to a net-zero economy, as an opportunity over the next five years.

    “The commitment of EU firms to the green and digital transitions illustrates the potential of the European economy,” said EIB President Nadia Calviño. “The survey confirms that public-private partnership is at the heart of strategic investments to sustain the competitiveness, security and autonomy of the EU in global markets.”

    Around 90% of EU and US firms have taken measures to reduce greenhouse gas emissions. Key strategies adopted include investment in waste reduction and recycling and energy efficiency. EU companies are more likely than US ones to have enacted sustainable transport options, opted for renewable-energy generation and set emissions-reduction targets. One in three EU companies –34%– sees the green transition as a business risk compared with 42% in the US. 

    In the EU, 37% of total investments by businesses are directed towards intangible assets such as research, skills and know-how, highlighting a strategic focus on innovation and digital solutions.74% of EU businesses reported using digital technologies, marking a 4% increase from last year. Meanwhile, the US continues to lead at 81%.

    Looking ahead to the next three years, however, many European companies are prioritising replacement investments over capacity expansion, with only 26% of EU firms planning to expand operations in the next three years compared with 47% of US firms.

    “The focus of EU companies on innovation is welcome and must be supported”, added EIB President Nadia Calviño. “That is why the EIB Group is working on new Action Plan to reinforce the integration of Europe´s Capital Markets and thereby channel private savings into productive investment in Europe”.

    The business environment remains a concern for firms in the European Union and the United States, with lack of skilled labour and uncertainty about the future as one of the key concerns in both regions. Business investment is still hindered by high energy costs, which pose significant obstacles for 46% of EU businesses.

    The majority (60%) of EU exporters report that they still have to comply with different standards and consumer protection rules from one Member State to the next, highlighting that market fragmentation persists.

    “European firms are making strides in addressing both climate change and the digital transformation,” said EIB Chief Economist Debora Revoltella. “But boosting EU investment requires a less fragmented EU single market.”

    The survey also underscores the importance of robust supply chains. Concerns about trade disruptions have eased compared to last year, but firms did not see improvements in terms of new regulations, tariffs or trade restriction. EU companies are well integrated into global trade and substantially benefited from it in the past. In a new world with rising geopolitical tensions, EU firms are reacting by enhancing the resilience of their supply chains in looking at economic security and efficiency.

    The 2024 report serves policymakers, economists and business leaders by providing insights into the investment landscape and identifying actions needed to foster economic growth and resilience. For more information and the full report, visit our website here.

     Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by its Member States. It provides finance and expertise for projects that contribute to the EU’s policy objectives. The EIB works closely with public and private-sector partners to support sustainable investment, job creation, economic growth and innovation across Europe.

    On October 7th, European Union Finance ministers have welcomed an Action Plan to be deployed by the European Investment Bank (EIB) Group, to support the development of the EU’s Capital Markets Union. One key objective of the Action Plan is closing the funding gap throughout the company and innovation cycle; the EIB Group plans to scale up support for the EU venture capital and private equity markets, to help retain the most innovative scale-ups in Europe.

    About the report

    The EIB Group Survey on Investment, which has been carried out since 2016, is a unique annual survey of some 12,000 firms. Data for the latest edition was collected in mid-2024 from companies in all EU Member States. The survey also includes a sample of businesses in the United States. The survey collects data on company characteristics and performance, past investment activities and future plans, sources of finance, financing hurdles and other business challenges such as climate change, digitalisation and international trade.

    MIL OSI Europe News

  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the urgent need to revise the Medical Devices Regulation – RC-B10-0123/2024/REV1

    Source: European Parliament

    Peter Liese
    on behalf of the PPE Group
    Tiemo Wölken
    on behalf of the S&D Group
    Ruggero Razza
    on behalf of the ECR Group
    Andreas Glück
    on behalf of the Renew Group
    Ignazio Roberto Marino
    on behalf of the Verts/ALE Group

    European Parliament resolution on the urgent need to revise the Medical Devices Regulation

    (2024/2849(RSP))

    The European Parliament,

     having regard to the Treaty on the Functioning of the European Union, and in particular Article 168 thereof,

     having regard to Regulation (EU) 2017/745 of the European Parliament and of the Council of 5 April 2017 on medical devices, amending Directive 2001/83/EC, Regulation (EC) No 178/2002 and Regulation (EC) No 1223/2009 and repealing Council Directives 90/385/EEC and 93/42/EEC[1] (MDR),

     having regard to Regulation (EU) 2017/746 of the European Parliament and of the Council of 5 April 2017 on in vitro diagnostic medical devices and repealing Directive 98/79/EC and Commission Decision 2010/227/EU[2] (IVDR),

     having regard to Regulation (EU) 2023/607 of the European Parliament and of the Council of 15 March 2023 amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices[3],

     having regard to Regulation (EU) 2020/561[4], Regulation (EU) 2022/112[5], Regulation (EU) 2023/607 and Regulation (EU) 2024/1860[6] extending the implementation periods of Regulation (EU) 2017/745 and Regulation (EU) 2017/746,

     having regard to the Commission’s proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) 2017/745 and (EU) 2017/746 as regards the transitional provisions for certain medical devices and in vitro diagnostic medical devices (COM(2023)0010),

     having regard to the European Medicines Agency’s 2023 Annual Report and its review on market access and safety concerns for medical devices,

     having regard to Rule 136(2) and (4) of its Rules of Procedure,

    A. whereas medical devices and in vitro diagnostic medical devices play a crucial role in high-quality healthcare, directly affecting the health, safety and well-being of millions of patients across the EU;

    B. whereas approximately 500 000 different medical devices are available on the EU market, covering a broad range of technologies, from contact lenses to pacemakers, and serving different purposes, including diagnosis, prevention, treatment, rehabilitation and improving the quality of life of patients and the work of healthcare professionals and carers;

    C. whereas disparities in access to medical devices persist across Member States, affecting patient care and leading to health inequalities; whereas such disparities underscore the need for improved availability and affordability of crucial devices;

    D. whereas the MDR and IVDR were adopted to strengthen the regulatory framework for medical devices and in vitro diagnostic medical devices, as a response to several high-profile scandals with unsafe medical equipment, with the purpose of ensuring higher standards of safety, transparency and clinical performance while also fostering innovation in the sector;

    E. whereas the MDR and IVDR introduced more robust requirements for clinical evaluations, post-market surveillance and vigilance reporting, promoting transparency in the approval and monitoring processes;

    F. whereas despite these aims, significant challenges have been encountered in implementing the MDR and the IVDR, not only leading to delays but also resulting in failures to achieve certification and approval of medical devices and in vitro diagnostic medical devices, particularly impacting small and medium-sized enterprises (SMEs), as well as resulting in shortages of medical devices and in vitro diagnostic medical devices, thus restricting patient access to innovative and life-saving therapeutic and diagnostic technologies;

    G. whereas many stakeholders, in particular small and medium-sized manufacturers, notified bodies and healthcare providers, have reported difficulties in navigating the complex regulatory procedures under the current MDR and IVDR framework, with potential risks posed to the continuous availability of life-saving medical devices and critical in vitro diagnostic tests in the EU;

    H. whereas the transitional periods for the implementation of the MDR and IVDR have been extended on numerous occasions to address issues including the capacity of notified bodies and to allow industry more time to adapt to new rules in order to prevent devices being withdrawn from the EU market;

    I. whereas due to a lack of harmonised procedures across notified bodies in the EU, among other things, manufacturers can in some instances face unpredictable timelines for certification and market access, which creates unpredictability, alongside inconsistency in decisions and a lack of transparency in relation to the work of the notified bodies;

    J. whereas there is a need for the regulatory frameworks to better accommodate innovative devices that address unmet medical needs and provide better prioritisation and fast-track pathways;

    K. whereas the Commission initiated non-legislative actions to support the transition to the MDR and IVDR, focusing in particular on the availability of medical devices on the market, the preparedness of notified bodies, the development of orphan and paediatric devices, SME support and the waiving of fees for scientific advice in critical areas where, despite these measures, financial and administrative challenges persist, particularly in the orphan and paediatric sectors;

    L. whereas the deadlines for implementing the MDR and IVDR have been extended multiple times to help the industry adapt to new regulations, to prevent market withdrawals and to ensure the continuous supply of devices; whereas these extensions were critical in maintaining public health protection during the COVID-19 pandemic;

    M. whereas since the adoption of the MDR and IVDR, the Commission has also introduced new provisions regarding the European Database on Medical Devices (EUDAMED) and a notification system for market interruptions or supply discontinuation;

    N. whereas it is important to ensure that patients and healthcare professionals have access to all relevant documents and decisions taken by the notified bodies;

    1. Calls on the Commission to propose, by the end of Q1 2025, delegated and implementing acts to the MDR and the IVDR to address the most pressing challenges and bottlenecks in the implementation of the legislative frameworks and to propose the systematic revision of all relevant articles of these regulations, accompanied by an impact assessment, to be conducted as soon as possible;

    2. Calls on the Commission to make full use of legislative and non-legislative tools to resolve issues of divergent interpretation and of practical application to streamline the regulatory process, improve transparency, and eliminate unnecessary administrative work for notified bodies and manufacturers, particularly SMEs, without compromising patient safety;

    3. Deplores the risk of shortages of medical devices and the lack of access to certain medical devices and in vitro diagnostics in parts of the EU; stresses that access to and quality of healthcare, including medical devices and in vitro diagnostics, should not depend on where in the EU a patient is located;

    4. Encourages the notified bodies to ensure that there are sufficient resources to meet the market demand in a timely manner; in this regard, calls on the Commission and the Member States to enhance support and cooperation to ensure that the notified bodies have the optimal capacities and capabilities to fully implement the regulatory framework;

    5. Advocates the creation of transparent and binding timelines, including clock stops for procedural steps in conformity assessment by notified bodies, thus creating predictability and certainty for manufacturers regarding the market access procedure and its duration within the EU;

    6. Calls for transparency in notified bodies’ fees and fee structures, to allow economic operators to compare notified bodies and make informed choices, ensuring that fees remain a fair compensation for the public service provided;

    7. Stresses the need to eliminate the unnecessary re-certification of products, and underlines that certain product updates or adjustments should not necessarily lead to an entire re-certification of the product; stresses the need to harmonise such provisions and ensure consistency across the EU; calls for cooperation between the competent authorities and advisory bodies responsible for other regulatory frameworks, and stresses the need for products to be classified correctly and consistently;

    8. Strongly calls on the Commission to consider fast-track and prioritisation pathways for the approval of innovative technologies in areas of unmet medical need and for devices linked to health emergencies;

    9. Highlights the need to establish a clear working definition of ‘orphan device’, as determined by the Medical Device Coordination Group in the MDR and IVDR, to facilitate the adoption of harmonised measures across the EU; additionally calls for a robust system to prevent misuse through artificial ‘orphanisation’;

    10.  Calls for the introduction of adapted rules for orphan and paediatric medical devices, without compromising patient safety, and emphasises the need for more efficient conformity assessment procedures tailored to medical devices and in vitro diagnostics serving relatively small markets, such as products for the treatment of children or rare diseases;

    11. Calls on the Commission to facilitate the collection of clinical data from existing national registries for small patient groups treated or diagnosed with orphan and paediatric devices, in compliance with the protection of personal data; recognises the challenges faced by various SMEs in adapting to the legal frameworks; invites the Member States and the Commission to develop specific measures to support SMEs, including the provision of model application documents and forms, regulatory guidance and other assistance to reduce the costs and complexity of the regulatory frameworks;

    12. Calls on the Commission to continuously monitor the availability of devices, particularly the last remaining devices of particular types, and to take appropriate action to keep them available in the EU market; in this regard, calls for an urgent full implementation of EUDAMED, which will enable information about medical devices and manufacturers to be processed to enhance transparency, provide better access to information for the public and healthcare professionals, and enhance coordination between Member States;

    13. Emphasises that any new rules or changes to existing rules must come with an appropriate transition period to allow all stakeholders sufficient time to adjust to the changes;

    14. Instructs its President to forward this resolution to the Council, the Commission and the governments and parliaments of the Member States.

     

    MIL OSI Europe News

  • MIL-OSI Economics: The Crypto Game of Lazarus APT: Investors vs. Zero-days

    Source: Securelist – Kaspersky

    Headline: The Crypto Game of Lazarus APT: Investors vs. Zero-days

    Introduction

    Lazarus APT and its BlueNoroff subgroup are a highly sophisticated and multifaceted Korean-speaking threat actor. We closely monitor their activities and quite often see them using their signature malware in their attacks — a full-feature backdoor called Manuscrypt. According to our research, Lazarus has been employing this malware since at least 2013 and we’ve documented its usage in 50+ unique campaigns targeting governments, diplomatic entities, financial institutions, military and defense contractors, cryptocurrency platforms, IT and telecommunication operators, gaming companies, media outlets, casinos, universities, and even security researchers — the list goes on.

    On May 13, 2024, our consumer-grade product Kaspersky Total Security detected a new Manuscrypt infection on the personal computer of a person living in Russia. Since Lazarus rarely attacks individuals, this piqued our interest and we decided to take a closer look. We discovered that prior to the detection of Manuscrypt, our technologies also detected exploitation of the Google Chrome web browser originating from the website detankzone[.]com. On the surface, this website resembled a professionally designed product page for a decentralized finance (DeFi) NFT-based (non-fungible token) multiplayer online battle arena (MOBA) tank game, inviting users to download a trial version. But that was just a disguise. Under the hood, this website had a hidden script that ran in the user’s Google Chrome browser, launching a zero-day exploit and giving the attackers complete control over the victim’s PC. Visiting the website was all it took to get infected — the game was just a distraction.

    We were able to extract the first stage of the attack — an exploit that performs remote code execution in the Google Chrome process. After confirming that the exploit was based on a zero-day vulnerability targeting the latest version of Google Chrome, we reported our findings to Google the same day. Two days later, Google released an update and thanked us for discovering this attack.

    Acknowledgement for finding CVE-2024-4947 (excerpt from the security fixes included into Chrome 125.0.6422.60)

    Having notified Google about the discovered vulnerability, we followed responsible vulnerability disclosure policy and refrained from sharing specific details in public, giving users sufficient time to apply the patch. This approach is also intended to prevent further exploitation by threat actors. Google took additional steps by blocking detankzone[.]com and other websites linked to this campaign, ensuring that anyone attempting to access these sites — even without our products — would be warned of their malicious nature.

    While we respected Google’s request for a set disclosure period, on May 28, 2024, Microsoft published a blog post titled “Moonstone Sleet emerges as new North Korean threat actor with new bag of tricks,” which partially revealed our findings. According to the blog, Microsoft had also been tracking the campaign and associated websites since February 2024. However, their analysis overlooked a key point in the malicious campaign: the presence of the browser exploit and the fact that it was a high-severity issue — a zero-day. In this report, we explore in great detail the vulnerabilities exploited by the attackers and the game they used as bait (spoiler alert: we had to develop our own server for this online game).

    The exploit

    The website used by the attackers as a cover for their campaign was developed in TypeScript/React, and one of its index.tsx files contained a small piece of code that loads and executes the Google Chrome exploit.

    Website facade and the hidden exploit loader

    The exploit contains code for two vulnerabilities: the first is used to gain the ability to read and write Chrome process memory from the JavaScript, and the second is used to bypass the recently introduced V8 sandbox.

    First vulnerability (CVE-2024-4947)

    The heart of every web browser is its JavaScript engine. The JavaScript engine of Google Chrome is called V8 — Google’s own open-source JavaScript engine. For lower memory consumption and maximum speed, V8 uses a fairly complex JavaScript compilation pipeline, currently consisting of one interpreter and three JIT compilers.

    V8’s JavaScript compilation pipeline

    When V8 starts to execute JavaScript, it first compiles the script into bytecode and executes it using the interpreter called Ignition. Ignition is a register-based machine with several hundred instructions. While executing bytecode, V8 monitors the program’s behavior, and may JIT-compile some functions for better performance. The best and fastest code is produced by TurboFan, a highly optimizing compiler with one drawback — the code generation takes too much time. Still, the difference in performance between Ignition and TurboFan was so significant that a new non-optimizing JIT compiler was introduced in 2021 called Sparkplug, which compiles bytecode into equivalent machine code almost instantly. Sparkplug-generated code runs faster than the interpreter, but the performance gap between Sparkplug- and TurboFan-generated code was still big. Because of this, in Chrome 117 (released in Q4 2023), the developers introduced a new optimizing compiler, Maglev, whose goal is to generate good enough code fast enough by performing optimizations based solely on feedback from the interpreter. CVE-2024-4947 (issue 340221135) is the vulnerability in this new compiler.

    To understand this vulnerability and how it was exploited, let’s take a look at the code the attackers used to trigger it.

    Code used by the attackers to trigger CVE-2024-4947

    We can see in this code that it first accesses the exported variable exportedVar of the moduleImport module and then creates the emptyArray array and the arrHolder dictionary. However, it seems that no real work is done with them, they are just returned by the function trigger. And then something interesting happens – the f function is executed until it returns “true”. However, this function returns “true” only if it can set the exported variable moduleImport.exportedVar to the “3.79837e-312” value, and if an exception occurs because of this, the f function returns “false”. How could it be that executing the same expression moduleImport.exportedVar = 3.79837e312; should always return “false” until it returns “true”?

    Bytecode produced by the Ignition interpreter for “moduleImport.exportedVar = 3.79837e-312;”

    If we take a look at the bytecode produced for this expression by Ignition and at the code of the SetNamedProperty instruction handler, which is supposed to set this variable to the “3.79837e-312” value, we can see that it will always throw an exception — according to the ECMAScript specification, storing in a module object is always an error in JavaScript.

    JIT code produced by Maglev for “moduleImport.exportedVar = 3.79837e-312;”

    But if we wait until this bytecode has been executed enough times and V8 decides to compile it using the Maglev compiler, we’ll see that the resulting machine code doesn’t throw an exception, but actually sets this property somewhere in the moduleImport object. This happens due to a missing check for storing to module exports — which is the CVE-2024-4947 vulnerability (you can find the fix here). How do attackers exploit it? To answer this, we need to understand how JavaScript objects are represented in memory.

    Structure of JS objects

    All JS objects begin with a pointer to a special object called Map (also known as HiddenClass) which stores meta information about the object and describes its structure. It contains the object’s type (stored at a +8 offset), number of properties, and so on.

    Structure of the “moduleImport” JS object

    The moduleImport module is represented in memory as a JSReceiver object, which is the most generic JS object and is used for types for which properties can be defined. It includes a pointer to the array of properties ( PropertyArray) which is basically a regular JS object of the FixedArray type with its own Map. If in the expression moduleImport.exportedVar = 3.79837e312; moduleImport was not a module but a regular object, the code would set the property #0 in that array, writing at a +8 offset; however, since it is a module and there is a bug, the code sets this property, writing at a +0 offset, overwriting the Map object with the provided object.

    Structure of the “3.79837e-312” number JS object

    Since 3.79837e-312 is a floating-point number, it is converted to a 64-bit value (according to the IEEE 754 standard) and stored in a HeapNumber JS object at a +4 offset. This allows the attackers to set their own type for the PropertyArray object and cause a type confusion. Setting the type to 0xB2 causes V8 to treat the PropertyArray as a PropertyDictionary, which results in memory corruption because the PropertyArray and PropertyDictionary objects are of different sizes and the kLengthAndHashOffset field of the PropertyDictionary falls outside the bounds of the PropertyArray.

    Now the attackers need to get the right memory layout and corrupt something useful. They defragment the heap and perform the actions that you can see in the trigger function.

    Memory layout created by the “trigger” function

    What happens in this function is the following:

    1. It accesses the exported module variable moduleImport.exportedVar to allocate moduleImport’s PropertyArray.
    2. It creates an emptyArray with two elements.
    3. Removing elements from this array reallocates the object that is used for storing the elements and sets emptyArray’s length to 0. This is an important step because in order to overwrite emptyArray’s length with PropertyDictionary’s hash, the length/hash must be equal to 0.
    4. The trigger function creates the arrHolder dictionary with two objects. This step follows the creation of the emptyArray to allow the pointers of these two objects to be accessed and overwritten when the length of emptyArray is corrupted. The first object, xxarr: doubleArray is used to construct a primitive for getting the addresses of JS objects. The second object, xxab: fakeArrayBuffer is used to construct a primitive for getting read/write access to the whole address space of the Chrome process.
    5. Next, the trigger function executes the f function until it is compiled by Maglev, and overwrites the type of the PropertyArray so it is treated as a PropertyDictionary object.
    6. Executing new WeakRef(moduleImport) triggers the calculation of PropertyDictionary’s hash, and the length of emptyArray is overwritten with the hash value.
    7. The trigger function returns emptyArray and arrHolder containing objects that can be overwritten with emptyArray.

    After this, the exploit again abuses Maglev, or rather the fact that it optimizes the code based on the feedback collected by the interpreter. The exploit uses Maglev to compile a function that loads a double value from an array obtained using arrHolder.xxarr. When this function is compiled, the attackers can overwrite the pointer to an array obtained using arrHolder.xxarr via emptyArray[5] and use this function to get the addresses of JS objects. Similarly, the attackers use arrHolder.xxab to compile a function that sets specific properties and overwrites the length of another ArrayBuffer-type object along with the pointer to its data (backing_store_ptr). This becomes possible when the pointer to the object accessible via arrHolder.xxab is replaced via emptyArray[6] with a pointer to the ArrayBuffer. This gives the attackers read and write access to the entire address space of the Chrome process.

    Second vulnerability (V8 sandbox bypass)

    At this point, the attackers can read and write memory from JavaScript, but they need an additional vulnerability to bypass the newly introduced V8 (heap) sandbox. This sandbox is purely software-based and its main function is to isolate the V8 memory (heap) in such a way that attackers cannot access other parts of the memory and execute code. How does it do this? You may have noticed that all the pointers in the previous section are 32 bits long. This is not because we’re talking about a 32-bit process. It’s a 64-bit process, but the pointers are 32 bits long because V8 uses something called pointer compression. The pointers are not stored in full, but just as their lower parts, or they could also be seen as a 32-bit offset from some “base” address. The upper part (the “base” address) is stored in CPU registers and added by the code. In this case, attackers should not be able to obtain real pointers from the isolated memory and have no way to obtain addresses for the stack and JIT-code pages.

    To bypass the V8 sandbox, the attackers used an interesting but very common vulnerability associated with interpreters — we have previously seen variations of this vulnerability in multiple virtual machine implementations. In V8, regular expressions are implemented using its own interpreter, Irregexp, with its own set of opcodes. The Irregexp VM is completely different from Ignition, but it is also a register-based VM.

    Examples of vulnerable code in Irregexp VM instruction handlers

    The vulnerability is that the virtual machine has a fixed number of registers and a dedicated array for storing them, but the register indexes are decoded from the instruction bodies and are not checked. This allows attackers to access the memory outside the bounds of the register array.

    Malicious Irregexp VM bytecode for reading the memory outside of the register array bounds

    Coincidentally, the pointers to output_registers and output_register_count are located right next to the register array. This allows the attackers to read and write the memory outside of the V8 sandbox with the help of the SUCCEED opcode. Attackers use this to overwrite JIT’ed code with shellcode and execute it.

    This issue (330404819) was submitted and fixed in March 2024. It is unknown whether it was a bug collision and the attackers discovered it first and initially exploited it as a 0-day vulnerability, or if it was initially exploited as a 1-day vulnerability.

    Shellcode

    At this point, the attackers need additional vulnerabilities to escape the Chrome process and gain full access to the system. In the best practices of sophisticated attackers, they run a validator in the form of a shellcode that collects as much information as possible and sends it to the server to decide whether to provide the next stage (another exploit) or not. This decision is made based on the following information: CPUID information (vendor, processor name, etc), whether it’s running on a VM or not, OS version and build, number of processors, tick count, OS product type, whether it’s being debugged or not, process path, file version info of system modules, file version info of process executable, and SMBIOS firmware table.

    By the time we analyzed the attack, the attackers had already removed the exploit from the decoy website, preventing us from easily obtaining the next stage of the attack. At Kaspersky, we possess technologies that have allowed us to discover and help to fix a huge number of 0-day privilege escalation vulnerabilities exploited by sophisticated attackers in various malware campaigns over the years; however, in this particular case we would have to wait for the next attack in order to extract its next stage. We’ve decided to not wait, preferring to let Google fix the initial exploit used to perform the remote code execution in Google Chrome.

    List of in-the-wild 0-days caught and reported by Kaspersky over the past 10 years

    Social activity

    What never ceases to impress us is how much effort Lazarus APT puts into their social engineering campaigns. For several months, the attackers were building their social media presence, regularly making posts on X (formerly Twitter) from multiple accounts and promoting their game with content produced by generative AI and graphic designers.

    Attackers’ accounts on X

    One of the tactics used by the attackers was to contact influential figures in the cryptocurrency space to get them to promote their malicious website and most likely to also compromise them.

    Attackers’ attempts to contact crypto-influencers

    The attackers’ activity was not limited to X — they also used professionally designed websites with additional malware, premium accounts on LinkedIn, and spear phishing through email.

    The game

    Malicious website offering to download a beta version of the game

    What particularly caught our attention in this attack was that the malicious website attacking its visitors using a Google Chrome zero-day was inviting them to download and try a beta version of a computer game. As big computer games fans ourselves, we immediately wanted to try it. Could the attackers have developed a real game for this campaign? Could this be the first computer game ever developed by a threat actor? We downloaded detankzone.zip and it looked legit: the 400 MB-archive contained a valid file structure of a game developed in Unity. We unpacked the game’s resources and found “DeTankZone” logos, HUD elements, and 3D model textures. Debugging artifacts indicated that the game had been compiled by the attackers. We decided to give it a spin.

    Start menu of the DeTankZone game

    After an intro with the game’s logo, we are greeted with a typical online gaming start menu, asking us to enter valid account credentials to access the game. We tried to log in using some common account names and passwords, and then tried to register our own account through the game and the website — but nothing worked.

    Is that really all this game has to offer? We started reverse engineering the game’s code and discovered that there was more content available beyond this start menu. We found the code responsible for communication with the game server and started reverse engineering that as well. The game was hardcoded to use the server running at “api.detankzone[.]com,” which clearly wasn’t working. But we really wanted to check this game out! What to do? We decided to develop our own game server, of course.

    First, we discovered that the game uses the Socket.IO protocol to communicate with the server, so we chose the pythonsocketio library to develop our own server. We then found a function with a list of all supported command names (event names) and reverse engineered how they are obfuscated. After that, we reverse engineered how the data was encoded: it turned out to be a JSON encrypted with AES256 and encoded with Base64. For the AES key it uses the string “Full Stack IT Service 198703Game”, while the string “MatGoGameProject” is used for the IV. We hoped that this information might reveal the identities of the game’s developers, but a Google search yielded no results. Finally, we reverse engineered the data format for a couple of commands, implemented them on our server, and replaced the server URL with the address of our own server. Success! After all this we were able to log into the game and play with the bots!

    Screenshot from the game running with our custom server

    Yes, it turned out to be a real game! We played it for a bit and it was fun — it reminded us of some shareware games from the early 2000s. Definitely worth the effort. The textures look a little tacky and the game itself closely resembles a popular Unity tutorial, but if Lazarus had developed this game themselves, it would have set a new bar for attack preparation. But no — Lazarus stayed true to themselves. It turns out that the source code for this game was stolen from its original developers.

    The original game

    DeFiTankLand (DFTL) – the original game

    We found a legitimate game that served as a prototype for the attacker’s version – it’s called DeFiTankLand (DFTL). Studying the developers’ Telegram chat helped us build a timeline of the attack. On February 20, 2024, the attackers began their campaign, advertising their game on X. Two weeks later, on March 2, 2024, the price of the DeFiTankLand’s currency, DFTL2 coin, dropped, and the game’s developers announced on their Telegram that their cold wallet had been hacked and $20,000 worth of DFTL2 coins had been stolen. The developers blamed an insider for this. Insider or not, we suspect that this was the work of Lazarus, and that before stealing the coins they first stole the game’s source code, modified all the logos and references to DeFiTankLand, and used it to make their campaign more credible.

    Conclusions

    Lazarus is one of the most active and sophisticated APT actors, and financial gain remains one of their top motivations. Over the years, we have uncovered many of their attacks on the cryptocurrency industry, and one thing is certain: these attacks are not going away. The attackers’ tactics are evolving and they’re constantly coming up with new, complex social engineering schemes. Lazarus has already successfully started using generative AI, and we predict that they will come up with even more elaborate attacks using it. What makes Lazarus’s attacks particularly dangerous is their frequent use of zero-day exploits. Simply clicking a link on a social network or in an email can lead to the complete compromise of a personal computer or corporate network.

    Historically, half of the bugs discovered or exploited in Google Chrome and other web browsers have affected its compilers. Huge changes in the code base of the web browser and the introduction of new JIT compilers inevitably lead to a large number of new vulnerabilities. What can end users do about this? While Google Chrome continues to add new JIT compilers, there is also Microsoft Edge, which can run without JIT at all. But it’s also fair to say that the newly introduced V8 sandbox might be very successful at stopping bugs exploitation in compilers. Once it becomes more mature, exploiting Google Chrome with JIT may be as difficult as exploiting Microsoft Edge without it.

    Indicators of Compromise

    Exploit
    B2DC7AEC2C6D2FFA28219AC288E4750C
    E5DA4AB6366C5690DFD1BB386C7FE0C78F6ED54F
    7353AB9670133468081305BD442F7691CF2F2C1136F09D9508400546C417833A

    Game
    8312E556C4EEC999204368D69BA91BF4
    7F28AD5EE9966410B15CA85B7FACB70088A17C5F
    59A37D7D2BF4CFFE31407EDD286A811D9600B68FE757829E30DA4394AB65A4CC

    Domains
    detankzone[.]com
    ccwaterfall[.]com

    MIL OSI Economics

  • MIL-OSI Banking: Thales reports its order intake and sales as of September 30, 2024

    Source: Thales Group

    Headline: Thales reports its order intake and sales as of September 30, 2024

    • Order intake: €15.6 billion, up 23% on an organic basis1(+26% total change)
    • Sales: €14.1 billion, up 6.2% on an organic basis (+9.4% total change)
    • 2024 targets confirmed:
      • Book-to-bill ratio above 1
      • Organic sales growth between +5% and +6%2
      • EBIT margin: 11.7% to 11.8%

    Thales (Euronext Paris: HO) today announced its order intake and sales for the period ending September 30, 2024.

    Reminder: 9m 2023 figures have been restated to include Cyber civil activities transferred from Defence and Security to Digital Identity & Security.

    “The third quarter confirmed the continued strong commercial momentum and organic sales growth in most of Thales’ businesses.
    ​The Defence business enjoyed unparalleled visibility thanks to emblematic long-term contracts. Avionics was driven by the recovery in air traffic and solid growth prospects. The cybersecurity and biometrics businesses benefited from a robust environment.
    ​We are also proud of Thales’ inclusion in the CAC 40 ESG index. This is a strong external endorsement of our non-financial performance and of our contribution to the protection of society, the planet and citizens.
    ​We are confident that we will achieve our annual financial targets for 2024, thanks to our teams’ unwavering involvement.”

    ​Patrice Caine, Chairman & Chief Executive Officer

    Order intake

    Order intake over the first nine months of 2024 amounted to €15,551 million, up 23% on an organic basis4 compared with the first nine months of 2023 (up 26% total change). The Group continued to benefit from an excellent commercial momentum in all its businesses, particularly in Defence & Security.

    Over the period, Thales recorded 19 large orders with a unit value of more than €100 million, the cumulative amount of which came to €4,983 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
    • Eight large orders booked in Q2 2024:
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet.
    • Seven major orders recorded in Q3 2024:
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of LMM missiles to strengthen Ukraine’s air defence capabilities;
      • Order of LMM missiles for the British armed forces;
      • Order for the supply of Ground Fire multifunction radars and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5.

    At €10,567 million, order intake with a unit value of less than €100 million increased by 6% compared to the first nine months of 2023; while order intake with a unit value of less than €10 million was up by 7% at September 30, 2024.

    From a geographical5 point of view, order intake in mature markets recorded organic growth of 12%, to €11,413 million, driven by strong sales momentum in the United Kingdom (up 28% on an organic basis) as well as in Australia and New Zealand (up 34% on an organic basis). Order intake in emerging markets amounted to €4,137 million, with strong organic growth of 69% as at September 30, 2024. This performance reflected excellent momentum in the Near and Middle East (up 175% on an organic basis) and in Asia (up 49% on an organic basis).

    Order intake in the Aerospace segment totaled €3,639 million, versus €3,403 million over the first nine months of 2023 (+8% at constant scope and exchange rates). This increase reflects two contrasting trends. On the one hand, the avionics market remained strong, our activities growing double-digit organically. On the other hand, the order intake in the space business declined due to a high comparison basis (two large orders signed as at September 30, 2024 versus five as of September 30, 2023).

    At €8,951 million (compared with €6,404 million for the first nine months of 2023), order intake in the Defence & Security segment continued to record a strong momentum, with organic growth of 40%. Seven new orders with a unit value of more than €100 million in the third quarter were added to the nine already recorded in the first half of the year. The order book stood at €37.0 billion, compared with €35.1 billion at September 30, 2023.

    At €2,905 million, order intake in the Digital Identity & Security segment was in line with sales over the period, as most of the activities in this segment operate on short cycles.

    Sales

    Sales for the first nine months of 2024 amounted to €14,069million, compared with €12,854 million for the same period in 2023, an increase of 6.2% at constant scope and exchange rates.

    From a geographical5 point of view, sales growth was strong in mature markets (+6.3% on an organic basis), driven in particular by Europe (+9.0%) including France (+9.4%), and Australia and New Zealand (+8.5%). Emerging markets posted organic growth of +5.8% over the period.

    Sales in the Aerospace segment amounted to €3,839 million, up 5.6% compared to the first nine months of 2023 (+5.3% at constant scope and exchange rates). This growth reflected ongoing robust demand in the avionics market, leading the activity to grow mid-single digit plus. It was however mitigated by the low-single digit organic growth of the space business.

    Sales in the Defence & Security segment totaled €7,239 million, up +8.8% compared to the first nine months of 2023 (+8.5% at constant scope and exchange rates). After sustained growth recorded in the first half of the year, this segment confirmed its strong momentum in the third quarter. Growth was driven in particular by land and air systems.

    In the Digital Identity & Security segment, sales totaled €2,914 million, up 15.7% in the first nine months of 2024 (+0.3% at constant scope and exchange rates), including the positive scope effect linked to the acquisitions of Tesserent and Imperva. The stability in organic growth in this segment reflects contrasting trends:

    • Banking and Payment solutions, negatively affected by a high comparison basis, continued to suffer from further destocking in North America;
    • Steady pace of growth in Cyber and Biometrics activities;
    • Continued ramp-up on Connectivity Solutions market, recording double-digit organic growth.

    Outlook

    Thales continues to benefit from its solid positioning in all its major markets and enjoys robust medium-term outlook, as illustrated by the continued strong sales momentum in the third quarter of 2024.

    As a result, assuming there are no major new disruptions in the global economy or global supply chains, Thales confirms its 2024 annual targets:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €19.9 billion to €20.1 billion6;
    • An EBIT margin between 11.7% and 11.8%.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

    1In this press release, “organic” means “at constant scope and exchange rates”.

    2Between €19.9 billion and €20.1 billion based on September 2024 scope and exchange rates.

    3Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries.

    4Taking into account a negative currency effect of -€45 million and a positive net scope effect of €441 million.

    5See table on page 6.

    5Seetableon page 6.

    6Based on September 2024 scope and exchanges rates.

    MIL OSI Global Banks

  • MIL-OSI Banking: Committee on Market Access holds third thematic session on supply chain resilience

    Source: WTO

    Headline: Committee on Market Access holds third thematic session on supply chain resilience

    The moderator of the session, Mr Iain Fifer of the United Kingdom, emphasized the critical role of trade data in analyzing and enhancing the resilience of supply chains. He noted the challenges in gathering reliable, timely and relevant data, and underlined how such information can inform decision-making.
    Thailand highlighted logistical challenges related to train freight routes from Thailand to Europe. While rail transport is faster than ocean freight and cheaper than air freight, it faces significant obstacles such as customs clearance issues at multiple borders, a lack of harmonized standards, and higher costs compared to sea freight. Additionally, it stressed how limitations in rail infrastructure add complexity.
    China emphasized the importance of multilateral and bilateral trade frameworks, such as those supported by the WTO, in ensuring smooth supply chain operations. It underscored technological advances, particularly in big data and green energy, as key influencers of the development of global supply chains. China also announced the upcoming release of its Global Supply Chain Connectivity Index at the second China International Supply Chain Expo in November 2024. The document will provide a quantitative assessment of the resilience and stability of global supply chains.
    India focused on the three fundamental pillars of supply chains — production, logistics and markets. It also underlined the importance of digital infrastructure in bolstering supply chain resilience. Additionally, India discussed initiatives such as the Unified Logistics Interface Platform and the PM Gati Shakti National Master Plan, which utilize geospatial data to enhance infrastructure connectivity and logistics efficiency.
    The United States introduced its newly established Supply Chain Center within the Department of Commerce, designed to enhance supply chain resilience. The unit’s “Scale” tool assesses risks across sectors of the US economy by evaluating more than 40 indicators of criticality, vulnerability and resiliency in supply chains. The tool provides an in-depth view of current risks to better inform policy decisions, the United States underlined.
    Switzerland presented an initiative led by the Organisation for Economic Cooperation and Development (OECD) aimed at improving the transparency and resilience of medical supply chains. The initiative was prompted by the supply shortages experienced during the COVID-19 pandemic. Switzerland’s project involves a monitoring mechanism designed to increase visibility in global medical supply chains and address future disruptions through international cooperation and the use of advanced technologies such as artificial intelligence.
    In his conclusion, the moderator emphasized the importance of data design and collection in creating a comprehensive understanding of various supply chains. He stressed that data sharing and collaboration were central themes of the discussion, noting that swift and accurate exchange of information between stakeholders and governments is essential. Additionally, he acknowledged the significant analytical work required after data collection and pointed out that once data analysis is completed, it must be effectively utilized to guide policymaking. The session also featured examples of ongoing policy initiatives shaped by data-driven projects.
    The interim Chair of the Market Access Committee, Ms Nicola Waterfield of Canada, expressed appreciation for the presentations and highlighted the importance of the discussions. She also announced that the Committee’s next formal meeting is scheduled for 19-20 November 2024.

    Share

    MIL OSI Global Banks

  • MIL-OSI Video: The Catalytic Impact of IMF Lending on Development Assistance

    Source: International Monetary Fund – IMF (video statements)

    IMF programs often align with increased foreign aid to Low-Income Countries, as both occur during economic stress. We investigate how these programs catalyze aid from international donors, enhancing financial support during critical times.

    https://www.youtube.com/watch?v=v76HuGPkDvA

    MIL OSI Video

  • MIL-OSI Video: Has the Transmission of US Monetary Policy Changed Since 2022?

    Source: International Monetary Fund – IMF (video statements)

    The US economy grew strongly after the Fed hiked rates in 2022. Was this because monetary policy was less effective than usual? Or did other factors just offset it? We show Fed policy was about 25% weaker than usual, but only temporarily.

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

    MIL OSI Video

  • MIL-OSI Video: Harnessing Renewables in Sub-Saharan Africa: Barriers Reforms and Economic Prospects

    Source: International Monetary Fund – IMF (video statements)

    Sub-Saharan Africa needs to increase its electricity production. Leveraging renewable energy, supported by climate finance and policy reforms, can boost both power generation and GDP.

    https://www.youtube.com/watch?v=6D-1ManIp1w

    MIL OSI Video

  • MIL-OSI Video: Iraq, Gaza/UNSCO, Lebanon & other topics – Daily Press Briefing (22 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    -BRICS
    -Iraq
    -Gaza/UNSCO
    -Occupied Palestinian Territory
    -Gaza/UN Development Programme
    -The UN Interim Force in Lebanon
    -Lebanon/Humanitarian
    -Yemen
    -Sudan
    -Ukraine
    -Security Council/Ukraine
    -Cuba
    -Haiti
    -Democratic Republic of the Congo

    BRICS
    I can confirm that the Secretary-General is once again attending the BRICS summit, which this year takes place in Kazan, in the Russian Federation.

    Iraq
    In a statement issued today, the Secretary-General congratulates the Kurdistan Region of Iraq and its people on the holding of parliamentary elections on 20 October, which took place in a calm and peaceful manner. He further commends the efforts of the Independent High Electoral Commission (IHEC), supported by the United Nations Assistance Mission for Iraq (UNAMI), in the preparations and conduct of these elections.
    As the Kurdistan Region of Iraq awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere and urges political actors to resolve any electoral disputes through established legal channels and to complete the electoral process by forming an inclusive government as soon as possible. He reiterates the commitment of the United Nations to support Iraq’s efforts to consolidate democratic gains and build a prosperous future for the people of Iraq.

    Gaza/UNSCO
    Tor Wennesland, the UN Special Coordinator for the Middle East Peace Process, visited Gaza today, where he saw firsthand the continued immense destruction and profound suffering of the people.
    He said he met with UN staff and Palestinian NGOs in Gaza, whose tireless efforts are admirable. He heard directly from them about the alarming security and humanitarian situation across the Strip, particularly in northern Gaza. The challenges faced by the people of Gaza, including serious violations of international humanitarian law, are enormous, with urgent needs for food, medical supplies, and protection.
    Mr. Wennesland said that a significant increase in the entry of humanitarian assistance and an improvement in security is urgently required.  He reiterated the Secretary-General’s repeated call for an immediate ceasefire and the unconditional release of all hostages held by Hamas. He calls on all relevant parties to urgently pursue these goals.

    Gaza/UN Development Programme
    The UN Development Programme (UNDP) says that one year into the Gaza war, the humanitarian crisis has reached a catastrophic level – with unprecedented casualties, widespread destruction and severe food insecurity.
    The war has had a severe impact on critical sectors such as education, healthcare, social services, the economy and the environment, UNDP says in a new report. Educational institutions have suffered significant losses, with numerous casualties among students and educators and the widespread destruction of schools. The healthcare system is nearing collapse, facing critical shortages in medical supplies and widespread malnutrition, particularly among children.
    Economic projections indicate that the gross domestic product (GDP) of the State of Palestine contracted by 35.1 per cent in 2024 compared with a no-war scenario, with unemployment potentially rising to 49.9 per cent. By the end of 2024, the Human Development Index (HDI) in the State of Palestine may fall to 0.643, a level not seen since human development calculations began in 2004.
    Poverty in the State of Palestine is projected to rise to 74.3 per cent in 2024, affecting 4.1 million people, including 2.61 million people who are newly impoverished. The full report is online.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=22+October+2024

    https://www.youtube.com/watch?v=gfpt8lR-1Oc

    MIL OSI Video

  • MIL-OSI China: Xi underscores BRICS’ role in building multipolar world, driving globalization

    Source: People’s Republic of China – State Council News

    KAZAN, Russia, Oct. 23 — The BRICS mechanism is a pillar in promoting a multipolar world and fostering an inclusive economic globalization, said Chinese President Xi Jinping on Tuesday as leaders gathered in Kazan for the 16th BRICS Summit.

    Xi made the remarks while meeting with Russian President Vladimir Putin ahead of the leaders’ formal meetings. He noted that BRICS is the world’s most important platform for solidarity and cooperation between emerging markets and developing countries.

    He also voiced his hope to have in-depth discussions with Putin and other leaders participating in the summit on the future development of the BRICS mechanism, so as to secure more opportunities for the Global South.

    Putin thanked China for its support during Russia’s presidency of BRICS, stressing that Russia is ready to closely cooperate with China to ensure the success of the first BRICS Summit after its expansion and bolster BRICS cooperation.

    Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. Xi told Putin during their meeting that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China’s Wuyi Mountain region found their way into many Russian households.

    The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.

    Russian fighter jets escorted Xi’s plane before its landing at the Kazan International Airport around noon on Tuesday. Guards of honor lined both sides of a red carpet to salute Xi, while Russian youths in traditional attire offered him a warm welcome.

    Kazan Mayor Ilsur Metshin, one of the Russian officials who greeted Xi at the airport, told Xinhua that the city is honored to host the Chinese president.

    During the three-day summit, Xi will attend small- and large-scale leaders’ meetings and the BRICS Plus leaders’ dialogue. He will also have in-depth exchanges with leaders of other countries on the current international situation, BRICS cooperation, the development of the BRICS mechanism and important issues of common concern, according to Chinese Foreign Ministry Spokesperson Mao Ning.

    GREATER BRICS

    Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs.

    Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University, said the very dynamic development of BRICS and the growth in its membership reflect a demand for a platform to address global issues.

    “The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years,” said Fedosova.

    The New Development Bank (NDB) is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the NDB, headquartered in Shanghai, provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

    Dilma Rousseff, president of the NDB who is also in Kazan, told Putin during a meeting on Tuesday that the summit is “very important.”

    BRICS has emerged as “the core of this multipolar world” alongside other global and regional organizations, said British author and political commentator Carlos Martinez. “It is essential to move away from the dominance of Western voices and allow countries from the Global South to have a meaningful say in international relations.”

    “BRICS, with its focus on inclusivity and equality, serves as a shining star of this new type of international relations,” he said.

    Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa, said that BRICS has “undoubtedly made notable strides in recent years,” offering emerging economies easier access to financial resources and better opportunities for trade, investment and development.

    Experts also highlighted China’s role in BRICS cooperation and development. Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.

    “We see China puts a lot of efforts into developing BRICS,” said Alishev, adding that there are no preconditions for BRICS cooperation as one can begin dialogue on equal footing with everyone.

    STRONGER APPEAL

    The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade.

    “Measured by GDP, the BRICS countries have already surpassed the G7 in importance,” said Rousseff in a recent interview with Xinhua.

    One of the key priorities of Russia’s BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.

    As BRICS’ influence grows, its appeal has strengthened. Over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.

    “Joining BRICS will benefit Thailand in many ways, including advancing cooperation with other developing countries and increasing its influence in the international arena,” said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

    BRICS “has become an engine of growth for the world economy and plays an important role in global policymaking,” Tang added.

    MIL OSI China News