Category: Economy

MIL-OSI: Why Some Experts are Predicting Gold will Trade in Range of $2,800/oz to $3,200/oz in 2025

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 15, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Gold, often referred to as the “safe-haven asset,” has been a cornerstone of global finance for centuries. Its value has historically been influenced by a myriad of factors, including economic indicators, geopolitical events, and market sentiment. According to expert analysts in a report by Skilling.com, the gold price prediction for 2024 is expected to be positive, with prices potentially reaching $2,500 per ounce. This is driven by the Federal Reserve’s monetary policy, interest rates, and global demand for safe-haven assets. Some experts predict that gold will trade in the range of $2,800-$3,200 in 2025, reflecting expectations of a Federal Reserve rate cut. The report said: “In the long term, the gold price prediction is influenced by factors such as inflation, central bank policies, and global economic trends. Analysts predict that the price of gold could reach $6,800 an ounce by 2040, estimating a rate of return of 7.2% per year. The increasing demand for gold as a safe-haven asset and the potential for a global recession are also driving factors behind the positive gold price prediction. Gold prices have been on a steady rise since 2023, with many analysts predicting a continued upward trend in 2024. According to J.P. Morgan Research, gold prices are expected to climb to $2,500/oz by the end of 2024, driven by factors such as U.S. fiscal deficit concerns, central bank reserve diversification into gold, inflationary hedging, and a fraying geopolitical landscape. This prediction is in line with other analysts’ predictions, with some predicting even higher prices, such as AG Thorson’s target of $3,000.” Active mining companies in the markets this week include RUA GOLD Inc. (OTCQB: NZAUF) (TSX-V: RUA), Newmont Corporation (NYSE: NEM) (TSX: NGT), OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC), New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG), GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD).

Skilling.com concluded: “The current market trends also suggest a bullish outlook for gold prices in 2024. The World Gold Council reported that central banks purchased 1,037 tonnes of gold in 2023, with 2024 starting strongly with net purchases of 290 tonnes in the first quarter. This increased demand from central banks, combined with the ongoing economic uncertainty, is likely to drive gold prices higher in 2024. However, it’s worth noting that there are also bearish risks to the gold price prediction, such as a scenario where the Fed turns more aggressive in ensuring inflation swiftly reaches its target. Nevertheless, many analysts believe that the structural drivers that have helped gold’s rally so far will remain a critical bullish driving force going forward, making it likely for gold prices to hit another all-time high in 2024.”

RUA GOLD’s (TSXV:RUA) (OTCQB:NZAUF) Drill Program Intersects Near Surface Gold at The Reefton Project – RUA GOLD Inc. (WKN: A4010V) (“RUA GOLD” or the “Company”) is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand. The Company commenced its near mine drill program on the Murray Creek targets in July. A second drill rig was introduced in September to test the Capleston vein system. These historic mines collectively produced ~700koz of gold at 25.2g/t within a radius of ~20 kilometers.

Robert Eckford, CEO of RUA GOLD commented: “Our five years of meticulous surface exploration work over the Reefton project is paying dividends from the outset of this drill program. Both of the initial drill holes have confirmed we are in right area and are locating these lodes. The near surface intercepts on Capleston are encouraging and makes for compelling economic ounces, it supports our thesis that the surface veins are continuous past the old workings. Despite the initial drill hole at Murray Creek hitting old workings, it is extremely encouraging that we have identified the dip angle of the Victoria lode and we have even more confidence with the subsequent hole that is underway now, and results from this will be ready in the next few weeks.”

Capleston – On the second drill rig, which was introduced to test the Capleston vein system, the Company targeted an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project, the highest-grade producer of the Reefton Goldfield historically. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages.

The first diamond drill hole, DD_REF_043, intersected a 12m zone of quartz-pyrite-arsenopyrite in the hanging wall, with a 1m quartz vein from 31m to 32m @ 3.86 g.t Au. A legacy drill hole intercepted the southern lode at 33m downhole, with 1m @ 24g/t Au followed by 1m @ 2.5g/t Au¹. Mapping has recorded historical waste samples up to 32.0g/t Au in the vicinity, and a strong soil anomaly enveloping the vein (up to 410ppb Au).

Murray Creek – RUA GOLD reports the completion of the first hole testing the down-dip extension of the Victoria lode, DD_VIC_041, which is being evaluated by the team. This intersected the targeted reef at 344m down hole and encountered historical underground workings over a 4m length. It then exited out to the footwall before drilling on for an additional 20m.

This confirms that the lode extension is accurate and, with the precise location confirmed, a second hole is underway that is 50m deeper down dip from the initial drill hole. The Company anticipates an intersection into an un-mined portion of the reef at around 350m. Results from this testing will be available in the coming weeks. CONTINUED… Read this full press release and more news for RUA GOLD at: https://www.financialnewsmedia.com/news-rua/

Other recent developments in the mining industry of note include:

Newmont Corporation (NYSE: NEM) (TSX: NGT) has recently announced it will sell its Akyem operation in the Republic of Ghana to Zijin Mining Group Co., Ltd. (“Zijin”) under a definitive agreement, for cash consideration of up to $1 billion. The sale is part of Newmont’s ongoing program to divest non-core assets as the Company makes a strategic shift to focus on its Tier 1 assets.

Under the terms of the agreement, Newmont is expected to receive cash consideration of $900 million upon closing. A further $100 million is expected to be received upon the satisfaction of certain conditions. Proceeds from the transaction will support the Company’s capital allocation priorities, including strengthening the balance sheet and returning capital to shareholders.

OceanaGold Corporation (OTCQX: OCANF) (TSX: OGC) recently reported that it will release its operational and financial results for the third quarter of 2024 after market close on Wednesday November 6^th, 2024. The results will be made available on the Company’s website at http://www.oceanagold.com.

Senior management will host a conference call / webcast to discuss the results on Thursday November 7^th, 2024, at 10:00 am Eastern Time.

Webcast and Conference Call Details:

To register, please copy and paste the link into your browser: https://app.webinar.net/2wLnxVkYjlM
Toll-free North America: +1-888-510-2154
International: +1 437-900-0527

New Found Gold Corp. (NYSE: NFGC) (TSX-V: NFG) recently announced the results of the first phase of channel samples from the Keats Trench and an update on the Iceberg Trench at the Queensway Project (“Queensway“), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.

Greg Matheson, COO of New Found, stated: “Our approach at the Keats Trench has been to systematically test across the entire exposed surface to accurately map the extent of gold mineralization and determine with more certainty the distribution and variability of the gold contained within the mineralized domain. This is the highest density of assay data at Keats obtained to date and we are extremely pleased to see the broad widths of high-grade mineralization carrying across the exposure which is largely in line with modelled mineralization from the drilling program. The assay grade data from the trench is another key component to building our geologic understanding of the mineralization and structural controls at Keats. Given some of the elevated high-grade gold encountered, with many individual samples exceeding 100 g/t and some above 1,000 g/t, the team is now completing a second phase of channel sampling. This Phase II program will include a more targeted assessment of the high-grade components of Keats and cross veins that were not well tested in the first phase.”

GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD) recently highlighted an updated Mineral Resource Estimate (“Whistler MRE”) that was announced by its publicly traded subsidiary, U.S. GoldMining Inc. (“U.S. GoldMining”) (NASDAQ: USGO) on October 7, 2024 for U.S. GoldMining’s Whistler Gold-Copper Project (the “Project”) located in Alaska, U.S.A.

Alastair Still, Chief Executive Officer of GoldMining, commented: “Since the initial public offering of U.S. GoldMining in April 2023, we are extremely pleased by the progress of its exploration initiatives at the Whistler Project, which have resulted in strengthened confidence of the Whistler MRE by increasing the gold equivalent ounces in the indicated category by approximately 117% from prior estimates. The Project now contains 6.5 Moz AuEq in the indicated resource category and an additional 4.2 Moz AuEq in the inferred resource category. The successful 2023 drilling program and growth of the mineral resources at Whistler is an example of how our spin-out strategy continues to unlock value for GoldMining shareholders. We now hold over $175 million in cash and equities1 that help position us to advance strategic initiatives across our portfolio, which globally holds 12.5 million AuEq ounces of measured and indicated resources and 9.7 million AuEq ounces of inferred resources.”

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SOURCE: FN Media Group

The MIL Network –

January 23, 2025
MIL-OSI: Sky Quarry Partners with Atlas Roofing Corp. to Explore Asphalt Shingle Recycling

Source: GlobeNewswire (MIL-OSI)

Exploratory Relationship Will Assess and Develop Mutually Beneficial Processes for the Recovery of Waste Asphalt Shingle Material and Oil

WOODS CROSS, Utah, Oct. 15, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an oil production, refining, and development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils, today announced it has entered into an exploratory relationship with Atlas Roofing Corporation (“Atlas”) to assess and develop mutually beneficial processes for asphalt shingle recycling.

Atlas Roofing Corporation is an innovative, customer-oriented manufacturer of residential and commercial building materials. Atlas has grown from a single shingle-manufacturing plant into an industry leader with 33 facilities across North America. Atlas has partnerships with some of North America’s most respected companies, allowing Sky Quarry to provide new technologies to various markets.

Under the partnership, Sky Quarry will collaborate with Atlas to explore the use of its closed loop recycling process and proprietary shingle extraction technology to recover both material and oil from Atlas’ waste shingles. In lab testing, Sky Quarry’s ECOSolv technology has demonstrated a material recovery rate of up to 95%, recycling of up to 99% of its solvent, and recovery of up to 99% of hydrocarbons.

“As a leader in the building products industry, Atlas is an ideal partner to demonstrate our groundbreaking application capable of separating waste shingles into clean oil and other valuable materials,” said David Sealock, Chairman, CEO and Co-Founder of Sky Quarry. “Currently, there are no sustainably viable solutions for the disposal of waste asphalt shingles, and we believe this exploratory relationship will show how our sustainable business model can transform an environmental challenge into a profitable and sustainable prospect. We look forward to working with the team at Atlas to develop mutually beneficial processes for their waste shingles.”

About Atlas Roofing Corporation

From a single asphalt shingle manufacturing facility in 1982, Atlas has grown to 33 manufacturing facilities in North America providing worldwide product distribution. Today, products from the company’s four major divisions, Polyiso Roof & Wall Insulation, Shingles & Underlayments, Molded Products, and Web Technologies, are manufactured in state-of-the-art facilities and shipped from a network of manufacturing plants and distribution facilities in the United States, Canada, and Mexico. Atlas’ mission is to deliver leading products and solutions that enrich the lives of those they touch, by nurturing a culture of agility, teamwork, and accessibility that attracts the most talented people in their industries.

Atlas Roofing Corporation is a wholly owned subsidiary of Hood Companies, Inc. Hood Companies is a privately owned, closely held holding company and is the parent to operating subsidiaries involved in the manufacture and distribution of forest and wood products, building and construction materials, and flexible and corrugated packaging products throughout North America. For more information, please visit atlas-arc.com.

About Sky Quarry Inc.

Sky Quarry Inc (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit http://www.skyquarry.com.

Forward-Looking Statements

This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
SKYQ@mzgroup.us
http://www.mzgroup.us

Company Website
https://investor.skyquarry.com/

The MIL Network –

January 23, 2025
MIL-OSI: Alto’s Magic Valley Facility Production Rate Consistently Achieving Full Capacity
Source: GlobeNewswire (MIL-OSI)

PEKIN, Ill., Oct. 15, 2024 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuel and essential ingredients, provided updates on its Magic Valley facility in Idaho where it has installed Harvesting Technology’s patented system to capture its high protein and corn oil products.

For October to date, the new equipment and system modifications to improve capacity at the Magic Valley facility are delivering the following metrics:
- Average renewable fuel production rates at full production capacity while operating the high protein and corn oil technology systems;
- Protein content at 50% or greater, with improved protein production yields of over three pounds per bushel, diversifying the facility’s product mix with a higher margin offering; and
- Corn oil yields are improving and are expected to increase further as Alto continues aligning systems and operations.
Alto Ingredients CEO Bryon McGregor said, “We are proud of our team’s hard work and tenacity in integrating the necessary design changes to achieve these production milestones. We expect our improved output to contribute to Magic Valley’s bottom line results. We have begun marketing our new high protein products and anticipate sales from associated products to ramp up in the fourth quarter of 2024.”

About Alto Ingredients, Inc.
Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuel and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit http://www.altoingredients.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning renewable fuel production rates and potential increases in sales of, or product margins or profits deriving from, corn oil and high protein products at Alto Ingredients’ Magic Valley facility; and Alto Ingredients’ other plans, objectives, expectations and intentions. It is important to note that Alto Ingredients’ plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially from Alto Ingredients’ current expectations depending upon a number of factors affecting Alto Ingredients’ business and plans. These factors include, among others, Alto Ingredients’ ability to continue to achieve current renewable fuel production rates at its Magic Valley facility into the future and to achieve anticipated higher sales, margins and profits from its corn oil and high protein products at the Magic Valley facility in the fourth quarter of 2024; adverse economic and market conditions, including for renewable fuels, specialty alcohols and essential ingredients, including high protein and corn oil products; export conditions and international demand for the company’s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; adverse impacts of inflation and supply chain constraints. These factors also include, among others, the inherent uncertainty associated with financial and other projections and the operation of new large-scale capital projects; the anticipated size of the markets and continued demand for Alto Ingredients’ products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the alcohol production, marketing and distribution industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients’ facilities, products and/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients’ filings with the Securities and Exchange Commission including, specifically, those factors set forth in the “Risk Factors” section contained in Alto Ingredients’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2024.

Media and Company IR Contact:
Michael Kramer, Alto Ingredients, Inc., 916-403-2755
Investorrelations@altoingredients.com

IR Agency Contact:
Kirsten Chapman, LHA Investor Relations, 415-433-3777
Investorrelations@altoingredients.com

The MIL Network –
January 23, 2025
MIL-OSI: Banzai Engages MZ Group to Lead Strategic Investor Relations and Shareholder Communications Program

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, has engaged international investor relations specialists MZ Group (MZ) to lead a comprehensive strategic investor relations and financial communications program across all key markets.

MZ Group will work closely with Banzai’s management team to develop and implement a comprehensive capital markets strategy designed to increase the Company’s visibility throughout the investment community. The campaign will highlight that Banzai is consolidating mission-critical, sub-scale marketing technology (MarTech) products to build a data-driven platform of solutions that seamlessly integrate out of the box. The company’s award-winning products capitalize on economies of scale and complementary customer bases to maximize cross-selling opportunities and grow recurring revenue.

MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts, and private investors and maintains offices worldwide. Chris Tyson, Executive Vice President at MZ North America, along with Directors Larry Holub and Brooks Hamilton, will advise Banzai’s investor relations team in all facets of investor relations including, but not limited to, the coordination of roadshows and investment conferences across key cities and building brand awareness with financial and social media outlets.

Chris Tyson commented: “The MarTech market continues to expand, with Banzai’s total available market expected to grow to $39.4 billion by 2026 at a CAGR of 11.8%, according to the Winterberry Group. At the same time, companies and marketers are struggling with the explosion of SaaS vendors. According to a Netskope Cloud Report, enterprises use an average of over 120 marketing tools for their daily operations, leading to disjointed customer experiences and messy data. Customer data specifically remains a challenge for marketers, with 70% of marketing analytics consumers agreeing that access to unified customer data is a major barrier to the success of marketing analytics as reported in a 2022 Gartner® Marketing Data and Analytics Survey. With AI continuing to eat away at marketing, companies need to deliver more growth with less resources, and solutions that integrate seamlessly. Banzai gives marketers the data, analytics, and integrated applications they need to win. With over 11,000 MarTech vendors, Banzai has established a clear acquisition strategy with well-defined evaluation and success criteria to capitalize on a major consolidation opportunity in the industry. Banzai’s M&A strategy, taken together with its recurring revenue model, high profit margins, and significant operating leverage combined with rapid growth, presents an exciting story to share with our network of institutional, family offices and retail investors.”

Brooks Hamilton added: “Customers including Cisco, Sprinklr, Globe Life Insurance, and LoanDepot praise Banzai’s award-winning products for their user-friendly interfaces and powerful features that get content in front of target audiences. Its AI-driven Reach solution identifies ideal customer profiles (ICP) from a database of over 379 million verified contacts and deploys multi-channel outbound campaigns directly to them. Demio is the top webinar and virtual event platform for marketers, built with powerful engagement features designed to elevate audience interactions and transform webinars into interactive experiences. Building on this success, Banzai is developing and acquiring mission-critical MarTech solutions across three functions, to create a family of seamlessly integrated solutions for customers. Banzai’s acquisition evaluation playbook is focused on growth and profitability profile, and strategic cross-sale potential. Successful new integrations will provide customer retention, expansion, efficiency, and growth.”

“Our ability to leverage deep analytics and insights to drive marketing decisions has led to the addition of 1,434 customers through August 2024,” said Joe Davy, CEO of Banzai. “This includes 981 new customers and 453 reactivating customers, highlighting our strong organic growth and customer loyalty. Customer adoption has been driven by improvements to both our Demio product and our customer acquisition efficiency. We currently serve nearly 3,000 customers, presenting a great opportunity for continued expansion of our customer base as we execute our planned acquisition strategy and seek new opportunities for inorganic expansion.

“We have taken key steps very recently to improve our overall financial position having entered into restructuring agreements totaling $28.8 million in reduced and restructuring liabilities, with participation from company insiders. In tandem with the $5 million private placement that we recently closed, we are well positioned to execute on our growth initiatives. We look forward to working with the team at MZ Group to communicate our exciting product releases, business milestones and other announcements in the weeks and months ahead,” concluded Davy.

For more information on Banzai, please visit http://www.banzai.io. To schedule a conference call with management, please email your request to BNZI@mzgroup.us or call Chris Tyson at 949-491-8235.

About MZ

MZ North America is the US division of MZ Group, a global leader in investor relations with over 250 employees, 800 clients across 12 different exchanges. For over 25 years, MZ has implemented award winning programs and developed a reputation for delivering tangible results for public and private companies via strategic communications, industry-leading investor outreach, public relations, a market intelligence desk, and a suite of technology solutions, spanning websites, conference call/webcasting, video production and XBRL/Edgar filing services. MZ maintains a global footprint with professionals located throughout every time zone in North America, as well as Taipei and São Paulo. For more information, please visit http://www.mzgroup.us.

About Banzai

Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at http://www.banzai.io. For investors, please visit https://ir.banzai.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group – MZ North America
949-491-8235
BNZI@mzgroup.us
http://www.mzgroup.us

Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io

The MIL Network –

January 23, 2025

MIL-OSI: ETC Announces Fiscal 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

SOUTHAMPTON, Pa., Oct. 15, 2024 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended August 23, 2024 (the “2025 fiscal second quarter”) and the twenty-six week period ended August 23, 2024.

Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the overall 56% increase in 2025 fiscal second quarter sales vs. prior year, as well our improvements in gross margin, operating margin and our $2.1 million increase in net income in the 2025 fiscal second quarter versus the prior year. We ended the 2025 fiscal second quarter with a backlog of $109 million. The large backlog positions us well moving forward.”

2025 Fiscal Second Quarter Results of Operations

Net Income (Loss)

Net income was $1.7 million, or $0.09 earnings per diluted share, in the 2025 fiscal second quarter, compared to net loss of ($0.4) million during the 2024 fiscal second quarter, equating to ($0.04) earnings per diluted share. The $2.1 million variance is due primarily to increased sales and improved gross profit margin.

Net Sales

Net sales in the 2025 fiscal second quarter were $14.1 million, an increase of $5.1 million, or 56.2%, compared to 2024 fiscal second quarter net sales of $9.0 million. The increase in net sales was driven by a $4.3 million or 100.4% increase in ATS, a $0.4 million or 51.7% increase in ADMS and a $0.3 million or 10.5% increase in Sterilizer Systems net sales in 2025 fiscal second quarter compared to 2024 fiscal second quarter net sales.

Gross Profit

Gross profit for the 2025 fiscal second quarter of $4.2 million increased from $2.3 million in the 2024 fiscal second quarter, an increase of $1.9 million or 83.3%. Gross profit margin of 29.8% increased 4.4% in the 2025 fiscal second quarter compared to 25.4% in the 2024 fiscal second quarter. The increase in gross profit was due to higher net sales within the ATS, ADMS and Sterilizer Systems business units, along with an increased overhead absorption resulting from higher production levels.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal second quarter were $2.2 million, a decrease of $0.1 million, or 6.1%, compared to $2.4 million for the 2024 fiscal second quarter. Operating expenses decreased due primarily to lower research and development expense for the 2025 fiscal second quarter as compared to the 2024 fiscal second quarter. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-0.8%) in the 2024 second fiscal quarter to 14.0% in the 2025 fiscal second quarter.

2025 Fiscal First Half Results of Operations

Net Income (Loss)

Net income was $3.1 million, or $0.17 earnings per diluted share, in the 2025 fiscal first half, compared to net loss of ($1.5) million during the 2024 fiscal first half, equating to ($0.11) earnings per diluted share. The $4.6 million variance is attributable to an increase in sales and improved gross profit margin.

Net Sales

Net sales in the 2025 fiscal first half were $27.6 million, an increase of $10.9 million, or 65.3%, compared to 2024 fiscal first half net sales of $16.7 million. The increase in net sales is primarily attributable to a $7.7 million or 106.8% increase in ATS 2025 fiscal first half net sales and a $3.2 million or 54.1% increase in sterilizer systems net sales in the 2025 fiscal first half as compared to the 2024 fiscal first half.

Gross Profit

Gross profit for the 2025 fiscal first half was $8.7 million compared to $4.1 million in the 2024 fiscal first half, an increase of $4.6 million, or 111.5%. Gross profit margin of 31.6% increased 6.9% in the 2025 fiscal first half compared to 24.7% in the 2024 fiscal first half. The increase in gross profit was primarily due to an increase in net sales and gross profit margin within the ATS and Sterilizer Systems business units.

Operating Expenses

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal first half were $5.2 million, an increase of $0.2 million, or 4.4%, compared to $5.0 million for the 2024 fiscal first half. The increase in operating expenses was primarily due to increased expense related to higher sales and personnel expense and general and administrative expense slightly offset by a decrease in research and development expense. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-5.1%) in the 2024 fiscal first half to 12.8% in the 2025 fiscal first half.

Interest Expense, Net

Interest expense, net for the 2025 fiscal first half was $0.3 million compared to interest expense, net of $0.4 million for the 2024 fiscal first half, a favorable variance of $0.1 million. The favorable variance was primarily attributable to an increase in interest income included in the proceeds received related to the 2020 and 2021 Employee Retention Credits received in the 2025 first fiscal first half.

Cash Flows from Operating, Investing, and Financing Activities

During the 2025 fiscal first half, the Company used $2.1 million of cash from operating activities, due primarily from an increase in contract assets and reduction in accounts payable and contract liabilities, slightly offset by an increase in net income and a decrease in accounts receivable and prepaid expenses and other assets, as compared to using $5.9 million during the 2024 fiscal first half.

Cash used for investing activities was $0.2 million during the 2025 and 2024 fiscal first half and primarily relates to funds used for capital expenditures on equipment and software development.

The Company’s financing activities included borrowings of $1.6 million during the first half of fiscal 2025 under the Company’s credit facility as compared to borrowing $4.7 million of cash during the 2024 fiscal first half under the Company’s credit facilities.

About ETC

ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizer systems (“Sterilizer Systems” or “Sterilizers”); and (vi) environmental testing and simulation systems (“ETSS”).

We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizer systems; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

______________

Forward-looking Statements

This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

– Financial Tables Follow –

Table A
Environmental Tectonics Corporation
Summary Table of Results
(in thousands, except per share information)
(unaudited)

	Thirteen weeks ended						Variance
	August 23, 2024			August 25, 2023			($)			(%)
Net sales	$	14,083		$	9,016		$	5,067		56.2
Cost of goods sold		9,886			6,726			3,160		47.0
Gross Profit		4,197			2,290			1,907		83.3
Gross profit margin %		29.8%			25.4%			4.4%		17.3%

Operating expenses		2,219			2,364			(145	)	-6.1
Operating income (loss)		1,978			(74	)		2,052		2772.9
Operating margin %		14.0%			-0.8	%		14.8%		1799.0%

Interest expense, net		233			228			5		2.2
Other expense, net		29			93			(64	)	-69.0
Income (loss) before income taxes		1,716			(395	)		2,111		534.4
Pre-tax margin %		12.2%			-4.4	%		16.6%		377.3%

Income tax provision		20			40			(20	)	-50.0
Net income (loss)		1,696			(435	)		2,131		489.9
Preferred Stock dividends		(121	)		(121	)		–		0.0
Income (loss) attributable to common and
Participating shareholders	$	1,575		$	(556	)	$	2,131		383.2

Per share information:
Basic earnings (loss) per common and participating share:
Distributed earnings per share:
Common	$	–		$	–		$	–
Preferred	$	0.02		$	0.02		$	–		0.0
Undistributed earnings (loss) per share:
Common	$	0.10		$	(0.04	)	$	0.14		350.0
Preferred	$	0.10		$	(0.04	)	$	0.14		350.0
Earnings (loss) per diluted share	$	0.09		$	(0.04	)	$	0.13		325.0


Total basic weighted average common and participating shares		15,569			15,569

Total diluted weighted average shares		16,725			15,569

Table B
Environmental Tectonics Corporation
Summary Table of Results
(in thousands, except per share information)
(unaudited)

	Twenty-six weeks ended						Variance
	August 23, 2024			August 25, 2023			($)			(%)
Net sales	$	27,575		$	16,683		$	10,892		65.3
Cost of goods sold		18,851			12,559			6,292		50.1
Gross Profit		8,724			4,124			4,600		111.5
Gross profit margin %		31.6%			24.7%			6.9%		27.9%

Operating expenses		5,194			4,973			221		4.4
Operating income (loss)		3,530			(849	)		4,379		515.8
Operating margin %		12.8%			-5.1	%		17.9%		351.0%

Interest expense, net		349			426			(77	)	-18.1
Other expense, net		85			143			(58	)	-40.6
Income (loss) before income taxes		3,096			(1,418	)		4,514		318.3
Pre tax margin %		11.2%			-8.5	%		19.7%		231.8%

Income tax provision		40			80			(40	)	-50.0
Net (loss) income		3,056			(1,498	)		4,554		304.0
Preferred Stock Dividends		(242	)		(242	)		–		0.0
Income (loss) attributable to common and
Participating shareholders	$	2,814		$	(1,740	)	$	4,554		261.7

Per share information:
Basic earnings (loss) per common and participating share:
Distributed earnings per share:
Common	$	–		$	–
Preferred	$	0.04		$	0.04		$	–		0.0
Undistributed (loss) per share:
Common	$	0.18		$	(0.11	)	$	0.29		263.6
Preferred	$	0.18		$	(0.11	)	$	0.29		263.6
Earnings (loss) per diluted share	$	0.17		$	(0.11	)	$	0.28		254.5

Total basic weighted average common and participating shares		15,569			15,569

Total diluted weighted average shares		16,725			15,569

The MIL Network –

January 23, 2025

MIL-OSI: More Than One-Third of Gig Workers Rely on Gig Work as Primary Source of Income

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 15, 2024 (GLOBE NEWSWIRE) — While consumers have grown accustomed to on-demand services, like ridesharing and food delivery, they are also increasingly open to participating in the gig economy as workers. More than half of U.S. adults (62%) now earn money working for one or more gig platforms, according to new TransUnion (NYSE: TRU) research.

Across generations, over one-third (37%) reported gig work as a primary source of income. Millennials lead this group with more than half (55%) leveraging gig work as their primary employment and income source. These findings and more are available in the TransUnion Fall 2024 US Gig Economy Report.

“The gig economy has earned a strong reputation among workers as a reliable source of income that allows for unparalleled flexibility,” said Tracey Lazos, senior director of TransUnion’s gig economy business. “Our research indicates that this trend is likely to continue as more seek a primary or supplementary income from gig work.”

Millennials are the leading generation of gig workers, with 78% currently earning income from one or more gig platforms. Gen Z and Gen X workers followed closely behind, at 67% and 65%, respectively. Just 36% of Baby Boomers reported earning from one or more platforms; however, 40% indicated they plan to engage in gig work in the future.

Improved quality of life
More than half of respondents reported their household finances were better than planned, and work satisfaction on gig platforms was generally high, with 64% of respondents saying they were somewhat or very satisfied.

Top Reasons for Worker Satisfaction with Gig Platforms

Flexibility Enjoy the Work Good Fit for Skillset Earning Potential

71% 59% 47% 41%

When deciding what type of work to engage in, flexibility (47%) and skillset match (39%) were the leading factors. The top three types of gig work were driving for a ride sharing service (23%), freelancing for a digital or online service (19%), and driving for a restaurant delivery service (19%).

“The sense of acceptance from one’s social circle is also important to how people feel about themselves as professionals,” said Lazos. “That the report found a quarter of gig workers started because it was recommended by friends or family members indicates that gig work has a growing sense of legitimacy as a profession.”

Over 60% of gig workers participate to supplement their income, and, predictably, two-thirds report earnings under $2,500 per month. However, 36% of Millennials and 21% of Gen Z workers—those most likely to use gig economy work as a primary source of income—report earnings more than $5,000 per month.

Competing for workers
The report found most gig earners plan to either maintain or increase their involvement in the gig economy. More than one-third (35%) of Gen Z workers indicated a plan to increase their work levels on gig platforms, either through increased hours or engaging with a greater number of platforms. Millennials were close behind, with 31% saying they plan to do the same.

Only 8% of earners plan to stop working and acquire a full-time job, an indication that factors such as convenience and skillset alignment are driving more individuals to treat the gig economy as their primary workplace in place of more traditional employment.

The possibility for gig platforms to gain a greater share of the workforce creates an imperative for them to consider services and incentives to attract and retain workers. The survey proposed several potential services platforms could offer workers and found the most desirable options were identity protection, financial education, and supplementary insurance coverage.

Seasonality is also an important consideration for attracting new workers. While 45% of earners say they work year-round, younger respondents reported a much higher likelihood to take on extra gig work during specific seasons—such as summer and winter—indicating a spike in gig work outside of the school year. Older earners, by contrast, are much more likely to work on an as-needed basis for extra income.

“Gig workers already enjoy a flexible work experience that allows them to earn what they want, when they want, and how they want,” said Lazos. “By introducing services that also help them feel more empowered and able to meet long-term goals, platforms can provide a comprehensive offering that attracts workers who will create great customer experiences—while boosting worker retention.”

Companies interested in attracting a high-value workforce should consider TransUnion’s TruAudience solutions for targeting and outreach. In addition, TransUnion’s TruEmpower™ line of solutions for consumer-facing identity protection and financial education can help retain workers.

Click here to read the latest TransUnion Fall 2024 US Gig Economy Report.

Research Methodology
This online survey of 1,013 adults was conducted in August 2024, by TransUnion in partnership with third-party research provider, Toluna. Survey participants included adults 18 years of age and older residing in the United States who participate in the gig economy as a contractor of gig economy services. Participants included current, past, and future contractors of gig economy services. To ensure general population sample representativeness across United States resident demographics, the survey targeted respondents in line with the census statistics on the dimensions of age, gender, household income, and region. These research results are unweighted and statistically significant at a 95% confidence level within ±3.1 percentage points based on calculated error margin. Please note some chart percentages may not add up to 100% due to rounding or multiple answers being accepted.

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

Contact Dave Blumberg

TransUnion

E-mail david.blumberg@transunion.com

Telephone 312-972-6646

The MIL Network –

January 23, 2025
MIL-OSI: Franklin Electric Schedules Its Third Quarter 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

FORT WAYNE, Ind., Oct. 15, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) will release its third quarter 2024 earnings at 8:00 am ET on Tuesday, October 29, 2024. A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen-only mode by going to:

https://edge.media-server.com/mmc/p/cp5pmtx9

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

CONTACT: Jeff Taylor
Franklin Electric Co., Inc.
260.824.2900

The MIL Network –

January 23, 2025
MIL-OSI Europe: OLAF intelligence supports Spanish Operation enforcing EU sanctions against Russia

Source: European Anti-Fraud Offfice

Press release 17/2024
PDF version

The European Anti-Fraud Office (OLAF) assisted the Spanish authorities with the enforcement of EU sanctions against Russia during Operation “Probirka” (Russian for “Test Tube”). The operation led to the arrest of four individuals involved in the illegal export of chemicals to Russia and the seizure of 13 tons of chemical substances.

Since 2022, following Russia’s invasion of Ukraine, the European Union has imposed sanctions on the country, including strict bans on the export and import of certain goods. OLAF has been actively engaged in investigating, monitoring trade flows, conducting analytical work, and identifying potential attempts to circumvent these sanctions. By mapping out suspicious trade routes and identifying operators, OLAF has played a key role in preventing illegal transactions that could support Russia’s military capabilities.

As part of the Joint Sanctions Enforcement Operation that OLAF has been running since July 2023, OLAF was called upon by the Spanish authorities to assist with investigations into the export of chemical substances from Spain. It was suspected that certain companies were bypassing EU sanctions by rerouting goods through intermediaries in Kyrgyzstan, with the final destination being Russia.

OLAF responded by gathering export data from various EU Member States and sharing critical intelligence with the Spanish investigators. OLAF’s collaboration provided crucial evidence to confirm that these illegal exports were indeed reaching Russia.

Ville Itälä, Director-General of OLAF, reiterated that: “OLAF’s ability to join the dots and to bring together the data and intelligence from national authorities is once again key to the success of our partners. OLAF is best placed to facilitate this synergy and cooperation and we remain steadfast in our commitment to support our partners in their endeavours to enforce the sanctions imposed on Russia and Belarus. Sanctions are only as effective as their enforcement, and we are proud to contribute actively.”

Four arrested and 13 tons of chemicals seized

As part of the investigation, the Spanish National Police and Customs Surveillance Service arrested four individuals in the Spanish region of Catalonia, three of whom are Russian nationals. The operation also resulted in the seizure of 13,000 kilograms of a chemical compound subject to export restrictions, at the Port of Barcelona.

The investigation revealed that a Spanish company, managed by Russian nationals, had established a sophisticated logistical and economic scheme to export internationally sanctioned chemical products to Russia. This network involved the use of shell companies in Armenia and Kyrgyzstan to disguise the true destination of the goods, which were later rerouted to Russia.

OLAF’s contribution has been pivotal in enhancing the Spanish authorities’ ability to enforce EU sanctions and prevent illegal trade that could undermine the effectiveness of the sanctions against Russia. The investigation remains ongoing, with efforts focused on identifying and arresting additional individuals involved in this smuggling network.

_{OLAF mission, mandate and competences:}
_{OLAF’s mission is to detect, investigate and stop fraud with EU funds.}

_{OLAF fulfils its mission by:}
_{•    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;}
_{•    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;}
_{•    developing a sound EU anti-fraud policy.}

_{In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:}
_{•    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;}
_{•    some areas of EU revenue, mainly customs duties;}
_{•    suspicions of serious misconduct by EU staff and members of the EU institutions.}

_{Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.}

For further details:

Pierluigi CATERINO
Spokesperson
European Anti-Fraud Office (OLAF)
Phone: +32(0)2 29-52335
Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
https://anti-fraud.ec.europa.eu
X: @EUAntiFraud
LinkedIn: European Anti-Fraud Office (OLAF)

Theresa ZAHRA
Deputy Spokesperson
European Anti-Fraud Office (OLAF)
Phone: +32 (0)2 29-57270
Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
https://anti-fraud.ec.europa.eu
X: @EUAntiFraud
LinkedIn: European Anti-Fraud Office (OLAF)

_{If you’re a journalist and you wish to receive our press releases in your inbox, please}_{leave us your contact data}_.

MIL OSI Europe News –

January 23, 2025
MIL-OSI Europe: ASIA/LEBANON – Israeli strike on Christian-majority village in Northern Lebanon

Source: Agenzia Fides – MIL OSI

Tuesday, 15 October 2024 wars

Beirut (Agenzia Fides) – At least 23 people were killed yesterday, October 14, in a bomb attack on a building in the predominantly Christian village of Aitou, near Zgharta, in the far north of Lebanon, which has so far been spared by Israeli airstrikes. According to information received by Fides from local sources, the building in question was probably already known to the Israelis, as it had been rented to the Hezbollah-affiliated television station Al-Manar since 2006, at the time of the last war between Israel and Hezbollah. In recent weeks, the house had been used to house Shiite refugees from southern Lebanon who fled the Israeli offensive. First they were elderly people, then families with children. The Israeli airstrike was reportedly triggered when a Hezbollah representative arrived at the building with a large sum of money to be distributed to the displaced. The building was destroyed by bombs and, according to the latest reports, there are at least 23 dead. “The Lebanese population,” say Fides sources, “is once again wondering how Israel was able to know the exact time of the arrival of the person who was to be hit.” According to military observers, the Israeli forces tried to destroy not only weapons and ammunition depots, but also Hezbollah’s cash reserves, an essential means of payment in a country that has been in financial crisis since the end of 2019. (L.M.) (Agenzia Fides, 15/10/2024)
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MIL OSI Europe News –

January 23, 2025
MIL-OSI Global: On crime and justice, Trump and Harris records differ widely

Source: The Conversation – USA – By Austin Sarat, William Nelson Cromwell Professor of Jurisprudence and Political Science, Amherst College

Though crime and criminal justice policy are central issues in many elections, that’s not true in 2024. Surveys show that relatively few American voters rank crime as their most important concern.

Yet both former President Donald Trump and Vice President Kamala Harris say they take those problems seriously. Trump and the Republicans have focused attention on the problem of illegal immigration and the crimes that he says immigrants commit.

Harris, as The Economist noted, “is using her history as a prosecutor in San Francisco to burnish her tough-on-crime bona fides.” She has mentioned that background in connection with immigration, drug policy and corporate wrongdoing.

As someone who studies crime and justice in the United States, it is clear to me that there are substantial differences between the two candidates, though each of their records contains some interesting twists and turns.

Kamala Harris gives her first news conference as attorney general of California in November 2010.
AP Photo/Damian Dovarganes

Kamala Harris, the prosecutor

Harris has a long record of working in the criminal justice system. She worked in the Alameda County district attorney’s office in California, starting in 1990, where she specialized in child sexual assault cases. She then served as district attorney in San Francisco from 2004 to 2010 and as attorney general of California from 2010 to 2017, when she was elected to the U.S. Senate.

Axios reported that during her term as district attorney, “the number of violent crimes rose steadily in the city of San Francisco during her first five years in office then fell 15% in her last two years.” And when she served as the state’s attorney general, “the violent crime rate in the state was 439.6 per 100,000 residents the year before she took office and fell to 396.4 by 2014. … However, violent crime surged to 444.8 in 2016 during her last year in office to a six-year high,” Axios reported.

In both offices, Harris undertook a number of reforms in criminal justice policy.

For example, in San Francisco she developed a “Back on Track” initiative“ that aimed to help nonviolent drug offenders between the ages of 18 and 30. According to The New York Times, its key promise was that ”after a full year of employment, education, community service, regular meetings with a supervising judge and crime-free behavior, the charge would be expunged from the offender’s record.“ It was generally well received, especially among progressives.

When Harris became the state’s attorney general, she reformed California’s approach to school truancy by focusing on the parents of truant children. As The New York Times reported, she threatened them ”with fines or even imprisonment if they did not ensure that their children attended class.“ FactCheck.org found that as a result of her policy, ”district attorneys reported prosecuting 3 to 6 … cases per year,“ on average.

Considering Harris’ record in California, The Desert Sun (Palm Springs, California) said Harris ”earned a reputation as tough on sexual abuse, human trafficking and organized crime, and did not shy away from pursuing incarceration.“

Throughout her career, Harris has been an opponent of the death penalty. During her first campaign for San Francisco district attorney, she promised that she would never seek a death sentence no matter how heinous the crime. She stuck to that promise, but as attorney general she went to court to defend death sentences that had been imposed under prior administrations.

The Los Angeles Times said her decision to do so was an appropriate one for the attorney general, ”putting professional responsibility over personal politics.“

CNN summarized her record on capital punishment by saying it ”broke hearts on both sides.“

Donald Trump speaks at a meeting about prison reform in 2018.
AP Photo/Carolyn Kaster

Donald Trump’s record as president

Trump, by contrast, was a strong proponent of the death penalty during his time in the Oval Office. In March 2018, he directed the Department of Justice to seek the death penalty in cases involving drug traffickers. The department also vigorously pursued new death penalty prosecutions in other areas and defended existing death sentences in court.

After a long time without any federal executions, the Trump administration carried out 13 of them in the last seven months of his term. ProPublica said Trump’s administration ”executed more federal prisoners than any presidency since Franklin Delano Roosevelt’s” and more than the prior 10 presidents combined.

In other areas, the Trump administration stepped in to stop some criminal justice reform initiatives. For example, according to ABC News, Trump’s first attorney general, Jeff Sessions, stopped former President Barack Obama’s effort to end prison privatization, and then began distributing contracts for new privately run detention centers.

But during his presidency, Trump was not consistent in being tough on crime. For instance, in March 2018, he signed an executive order creating the Federal Interagency Crime Prevention and Improving Reentry Council. He charged it with identifying ways “to provide those who have engaged in criminal activity with greater opportunities to lead productive lives” and to develop “a comprehensive strategy that addresses a range of issues, including mental health, vocational training, job creation, after-school programming, substance abuse, and mentoring.”

The Biden administration built on and extended those efforts.

And in December 2018, Trump supported the so-called “First Step Act,” which passed Congress with bipartisan support. It funded efforts to reduce the likelihood that inmates would be convicted again after their release, including by providing addiction treatment, mental health care, education and job training.

Trump also commuted the sentences of more than 90 people and pardoned more than 140 others. His use of clemency power was quite controversial, as some of its beneficiaries were Trump associates, such as Steve Bannon and Paul Manafort, who led Trump’s 2016 presidential campaign and had committed financial fraud.

As far as the crime rate during Trump’s presidency, the Dallas Morning News reported that “During the first three years of Trump’s presidency, the violent crime rate per 100,000 population … fell each year. But, the Morning News – citing Politifact – said that in 2020, “the violent crime rate spiked,” though it was slightly lower than it had been in Obama’s final year in office.

Crime and criminal justice in the next administration

The next president will have choices to make about the crime and justice policies that the federal government will pursue and about whether to emphasize reform or harsh punishment. He or she will also have to decide whether, and how, the federal government should use grants and other funding, guidelines and enforcement to further those goals.

Their records suggest that Harris and Trump would make very different choices about those and other crime and criminal justice issues.

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

– ref. On crime and justice, Trump and Harris records differ widely – https://theconversation.com/on-crime-and-justice-trump-and-harris-records-differ-widely-240004

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI Global: Candidate experience matters in elections, but not the way you think

Source: The Conversation – USA – By Charlie Hunt, Assistant Professor of Political Science, Boise State University

Previously holding political office is an obvious advantage for candidates seeking votes. SDI Productions/E+/Getty Images

Ever since he was chosen as Donald Trump’s running mate back in July, U.S. Sen. JD Vance, a Republican from Ohio, has come under a level of scrutiny typical for a vice presidential candidate, including for some of his eyebrow-raising public statements made in the past or during the campaign.

One line of critique has persisted through the news cycles: that his lack of political experience may make Vance less qualified than others, including his opponent, Gov. Tim Walz of Minnesota, to be vice president.

Do more politically experienced politicians have advantages in elections? And if they enjoyed such advantages in the past, do they still in such a polarized political moment?

The answers are complicated, but political science offers some clues.

Why experience should matter

Previously holding political office, and for a longer period of time, is in some ways an obvious advantage for candidates making the case to potential voters. If you were applying for a job as an attorney, previous legal experience would be favorably looked upon by an employer. The same is true in elections: If you want to run for office, experience as an officeholder could help you perform better at the job you’re asking for.

This approach has been taken by a number of high-profile politicians over the years. For example, in Hillary Clinton’s first campaign for president in 2008, the U.S. senator from New York and future secretary of state made “strength and experience” the centerpiece of her argument to the voters.

Experience also might matter for the same reasons as incumbency – that is, when a candidate is currently holding the office they are seeking in an election. Incumbents typically have much higher name recognition than their challenger opponents, distinct fundraising advantages and, at least in theory, a record of policy achievement on which to base their campaigns. Even for nonincumbents, these advantages are more prevalent for previous officeholders rather than someone who is a newcomer to politics.

Barack Obama and his family on Nov. 4, 2008, the day he won the presidential election, showing that a lack of political experience can be used as a benefit.
Emmanuel Dunand/AFP via Getty Images

Inexperienced, or an ‘outsider’?

But Hillary Clinton was, of course, unsuccessful in her first bid for the Democratic presidential nomination in 2008. She was beaten by a relatively inexperienced candidate named Barack Obama; like Vance, Obama had served less than a full term in the Senate before running for higher office.

Obama’s 2008 win shows that a lack of political experience can be leveraged as a benefit.

One of the few things Obama and Donald Trump have in common is that both benefited from an appeal to voters as a political “outsider” in elections in which Americans were frustrated with the political status quo. As outsiders, they appeared uniquely positioned to fix what voters believed was wrong with politics.

Does experience equal ‘quality’?

The “outsider” label isn’t always a ticket to victory.

In 2020, for example, voters were frustrated with the chaos of having a political outsider in the White House and turned to Joe Biden – possibly the most experienced presidential candidate in modern history at that point, with eight years as vice president and several decades in the Senate under his belt. Voters were hungry for political normalcy in the White House and made that choice for Biden.

Does U.S. Sen. JD Vance’s lack of political experience make him less qualified than his opponent, Gov. Tim Walz of Minnesota, to be vice president?
Scott Olson/Getty Images

Political science has other important lessons about when experience matters and when it doesn’t. In Congress, electoral challengers – those running against incumbents – enjoy more of a boost from prior experience in places such as the state legislature. In fact, the typical indicator for challenger “quality” used in political science research is a simple marker of whether the challenger has prior political experience.

But even this finding is more complicated than it seems: Political scientists such as Jeffrey Lazarus have found that high-quality – that is, politically experienced – challengers do better in part because they are more strategic in waiting for better opportunities to run in winnable races.

Experience matters only sometimes – and maybe less than ever

The usefulness of a lengthy political resume also depends on which stage of the election candidates are in.

Research has found, for example, that a candidate’s experience matters much more in settings such as party primaries, where differences between the candidates on policy issues are typically much narrower. That leaves nonpolicy differences such as experience to play a bigger role.

In the general election, voters supportive of one party are unlikely to factor candidate experience in that heavily, even, or especially, when the candidate they support lacks it.

The political science phenomenon known as negative partisanship means that, more and more, voters are motivated not by positive attributes of their own party’s candidates but rather by the fear of losing to the other side. This has only been exacerbated as the two parties have polarized further.

Voters are therefore more willing than ever to lower the standards they might have for their favored candidates’ resumes if it means beating the other side. Even if a Democrat is clearly more qualified than a Republican in terms of political experience, that advantage is unlikely to sway many Republican voters, and vice versa.

What about 2024?

In 2024, the experience factor is complicated. Trump, of course, has been president before – the ultimate prior experience for someone running for exactly that office.

But he has continued to run as an outsider from the political establishment, casting Kamala Harris – who, as vice president, has little actual institutional power – as an incumbent who is responsible for the current state of the country. Since polls show consistently that a majority of Americans believe the country is not headed in the right direction, we can see why Trump might try to frame the race in this way.

Whether Trump’s strategy ends up working will be more apparent after the election is over. For now, Trump and Harris can rest assured that most of their supporters don’t appear to care how much – or how little – experience they have.

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

– ref. Candidate experience matters in elections, but not the way you think – https://theconversation.com/candidate-experience-matters-in-elections-but-not-the-way-you-think-240191

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI Global: Farms to fame: How China’s rural influencers are redefining country life

Source: The Conversation – USA – By Mitchell Gallagher, Ph.D Candidate in Political Science, Wayne State University

In the quiet backwaters of Yunnan, Dong Meihua – though her followers know her by the public alias Dianxi Xiaoge – has done something remarkable: She’s taken the pastoral simplicity of rural China and made it irresistible to millions. In her hands, a village kitchen becomes a stage, and the rhythms of farm life become a story as compelling as any novel. She is one of many rural influencers returning to their roots.

In a digital revolution turning established narratives on their head, China’s countryside is emerging as an unlikely epicenter of viral content. Xiaoge is one of thousands of influencers redefining through social media how the countryside is perceived.

Upending preconceptions of rural China as a hinterland of poverty and stagnation, this new breed of social media mavens is serving up a feast of bucolic bliss to millions of urbanites. It is a narrative shift encouraged by authorities; the Chinese government has given its blessing to influencers promoting picturesque rural images. Doing so helps downplay urban-rural chasms and stoke national pride. It also fits nicely with Beijing’s rural revitalization strategy.

Hardship to revival

To fully appreciate any phenomenon, it’s necessary to first consider the historical context. For decades, China’s countryside was synonymous with hardship and backwardness. The Great Leap Forward of the late 1950s and early 1960s – Communist China’s revered founder Mao Zedong’s disastrous attempt to industrialize a largely agrarian country – devastated rural communities and led to widespread famine that saw tens of millions die.

The subsequent Cultural Revolution, in which Mao strengthened his grip on power through a broad purge of the nation’s intelligentsia, further disrupted customary rural life as educated youth were sent to the countryside for “reeducation.” These traumatic events inflicted deep scars on the rural psyche and economy.

Meanwhile, the “hukou” system, which since the late 1950s has tied social benefits to a person’s birthplace and divided citizens into “agricultural ” and “nonagricultural” residency status, has created a stark divide between urban and rural citizens.

The reform era of Mao’s successor, Deng Xiaoping, beginning in 1978, brought new challenges. As China’s cities boomed, the countryside lagged behind.

Millions of rural Chinese have migrated to cities for better opportunities, abandoning aging populations and hollowed-out communities. In 1980, 19% of China’s population lived in urban areas. By 2023, that figure had risen to 66%.

Government policies have since developed extensively toward rural areas. The abolition of agricultural taxes in 2006 heralded a major milestone, demonstrating a renewed commitment to rural prosperity. Most recently, President Xi Jinping’s “rural revitalization” has put countryside development at the forefront of national policy. The launch of the Internet Plus Agriculture initiative and investment in rural e-commerce platforms such as Taobao Villages allow isolated farming communities to connect to urban markets.

Notwithstanding these efforts, China’s urban-rural income gap remains substantial, with the average annual per capita disposable income of rural households standing at 21,691 yuan (about US$3,100), approximately 40% of the amount for urban households.

Enter the ‘new farmer’

Digital-savvy farmers and countryside dwellers have used nostalgia and authenticity to win over Chinese social media. Stars such as Li Ziqi and Dianxi Xiaoge have racked up huge numbers of followers as they paint rural China as both an idyllic escape and a thriving cultural hub.

The Chinese term for this social media phenomenon is “new farmer.” This encapsulates the rise of rural celebrities who use platforms such as Douyin and Weibo to document and commercialize their way of life. Take Sister Yu: With over 23 million followers, she showcases the rustic charm of northeast China as she pickles vegetables and cooks hearty meals. Or Peng Chuanming: a farmer in Fujian whose videos on crafting traditional teas and restoring his home have captivated millions.

Since 2016, these platforms have turned rural life into digital gold. What began as simple documentation has evolved into a phenomenon commanding enormous audiences, fueled not just by nostalgia but also economic necessity. China’s post-COVID-19 economic downturn, marked by soaring youth unemployment and diminishing urban opportunities, has driven some to seek livelihoods in the countryside.

In China’s megacities, where the air is thick with pollution and opportunity, there’s clearly a hunger for something real – something that doesn’t come shrink-wrapped or with a QR code. And rural influencers serve slices of a life many thought lost to China’s breakneck development.

Compared with their urban counterparts, rural influencers carve out a unique niche in China’s vast social media landscape. Although fashion bloggers, gaming streamers and lifestyle gurus dominate platforms such as Weibo and Douyin, the Chinese TikTok, rural content creators tap into a different cultural romanticism and a yearning for connection to nature. In addition, their content capitalizes on the rising popularity of short video platforms such as Kuaishou and Pinduoduo, augmenting their reach across a wide demographic, from nostalgic retirees to eco-conscious millennials.

But this is not simply digital escapism for the masses. Tourism is booming in once-forgotten villages. Traditional crafts are finding new markets. In 2020 alone, Taobao Villages reported a staggering 1.2 trillion yuan (around $169.36 billion) in sales.

The Chinese government, never one to miss a PR opportunity, has spotted potential. Rural revitalization is now the buzzword among government officials. It’s a win-win: Villagers net economic opportunities, and the state polishes its reputation as a champion of traditional values. Government officials have leveraged platforms such as X to showcase China’s rural revitalization efforts to international audiences.

Authenticity or illusion?

As with all algorithms, there’s a catch to the new farmer movement. The more popular rural influencers become, the more pressure they face to perform “authenticity.” Or put another way: The more real it looks, the less real it might actually be.

It raises another question: Who truly benefits? Are we witnessing rural empowerment or a commodification of rural life for urban consumption? With corporate sponsors and government initiatives piling in, the line between genuine representation and curated fantasy blurs.

Local governments, recognizing the economic potential, have begun offering subsidies to rural content creators, causing skepticism about whether this content is truly grassroots or part of a bigger, state-led campaign to sanitize the countryside’s image.

Yet, for all the conceivable pitfalls, the new farmer trend is an opportunity to challenge the urban-centric narrative that has dominated China’s development story for decades and rethink whether progress always means high-rises and highways, or if there’s value in preserving ways of life that have sustained communities for centuries.

More importantly, it’s narrowing the cultural disconnect that has long separated China’s rural and urban populations. In a country where your hukou can determine your destiny, these viral videos foster understanding in ways that no government program ever could.

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

– ref. Farms to fame: How China’s rural influencers are redefining country life – https://theconversation.com/farms-to-fame-how-chinas-rural-influencers-are-redefining-country-life-239540

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI: Paxful Modernizes P2P with Reinvented App and Brand, featuring AI-Enhanced Safety, Security, and Support
Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Del., Oct. 15, 2024 (GLOBE NEWSWIRE) — Paxful, the global payment network for people-powered money announced a major upgrade to its brand and products for 14 million total Paxful users in over 140 countries:
1. A totally reinvented mobile and web P2P trading experience, designed for smoother trades, getting you the right information at the right time, and keeping you secure.
2. Dozens of core product updates including the industry’s lowest fees on cryptocurrency swaps, plus the addition of nearly a hundred new payment methods.
3. Major improvements across safety, security, and support – merging the best of expert talent and the latest in AI.
New Brand, New App, New Team – Same Mission

Founded in 2015, today’s announcement represents the biggest change to Paxful’s brand and core products since its founding, and a breath of fresh air for peer-to-peer markets.

Paxful’s modern rebrand emphasizes simplicity, delivered across updated web and mobile products, and is designed from the ground up based on years of marketplace data and daily user feedback.

This inflection point comes as the team approaches 100 members around the globe under the leadership of Paxful CEO Roshan Dharia.

Dharia says, “We built an incredible team that works tirelessly to connect with our users, improve our marketplace, and keep everyone safe. Then we listened, built, and optimized everything about Paxful, inside and out. The result is a brand new Paxful, with the best designed app in peer-to-peer, loyal to its founding mission: building a financial system for the 100%”

The Best of Human Ingenuity and Cutting-Edge Technology

Paxful is modernizing key areas of its business through the integration of AI, resulting in faster trades, more intuitive support, and enhanced scam prevention. By leveraging a substantial dataset of historical information alongside expert human input, Paxful’s AI tools are enabling the company to accomplish more with better results:
- Safety – Paxful has strengthened its compliance and identity programs by integrating crypto forensics, layered identity screening, and process automation, all supported by a dedicated compliance team. These enhancements facilitate quicker onboarding while reducing risks like identity theft and blocking high-risk transactions, ultimately protecting users from known scams and maintaining the marketplace’s integrity.
- Security – Supported by a global 24/7 support team, Paxful’s security suite continually scans thousands of data points from its marketplace to prevent scams. Repeat offenders are barred from rejoining, fostering a safer marketplace for all users.
- Support – By pairing AI with expert moderators, Paxful has achieved resolution times that are 2.3 times faster than the industry average. This efficiency is complemented by newly launched features such as Live Chat support and a streamlined knowledge base available for self-service, ensuring that users retain access to the human touch in support interactions.
About Paxful

Paxful is the world’s largest people-powered marketplace, connecting over 14 million users across 140+ countries to move, earn, save, and store money – even without a bank account. Founded in 2015 and based in the United States, Paxful offers safe, fast, and reliable access to the global economy through cryptocurrencies bought and sold on a borderless peer-to-peer payment network. With over 300 payment methods for accessing Bitcoin, USDT, and other popular digital and local currencies, Paxful is building a financial system for 100%.

Users can visit Paxful at https://paxful.com

For queries, users can visit reach out to media relations at email: press@paxful.com

Contact

Elliot Ledley
Elliot@EnergentMedia.net

The MIL Network –
January 23, 2025
MIL-OSI Africa: Alizz Islamic Bank Partners with the International Islamic Trade Finance Corporation to Support the Private sector in Oman

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

MUSCAT, Oman, October 15, 2024/APO Group/ —

Reinforcing its position as one of Oman’s most dynamic Islamic Wholesale Banking institutions, Alizz Islamic Bank has recently signed an agreement with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org). This partnership is set to provide Shari’a compliant financing solutions, further enhancing the bank’s commitment to offering innovative and ethical financial services in alignment with Islamic principles.

The agreement was officially signed by Mr. Ali Al Mani, CEO of Alizz Islamic Bank and Eng. Hani Salem Sonbol, CEO of ITFC in the presence of a number of senior officials from both organisations.

Speaking about the agreement, Mr. Ali Al Mani, CEO of Alizz Islamic Bank said: “We are delighted to be the first bank in Oman to partner with the ITFC. Partnering with innovative and leading organisations in their respective fields is an important part of our strategy and we are proud to be pioneers in providing innovative trade financing solutions. Our customers are at the forefront of everything we do and aligning with strategic partners enables Alizz Islamic Bank to enhance our trade solutions and correspondent network which in turn can enable us to offer competitive working capital financing pricing.”

Commenting on the agreement, Eng. Hani Salem Sonbol, CEO of ITFC , and Acting CEO of ICD stated “We are pleased with our partnership and strategic relationship with Alizz Islamic Bank. This is our first collaboration in Oman and is poised to play a pivotal role in advancing Shari’ah compliant financial services in the country. Through this agreement, we aim to strengthen the private sector role in the economy, particularly by enhancing access to finance for small and medium-sized enterprises (SMEs). Supporting SMEs is a core pillar of the ITFC mission, and we are confident that this partnership will help drive economic growth, create job opportunities, and foster sustainable development in Oman”.

MIL OSI Africa –

January 23, 2025
MIL-OSI Europe: Hamburg Sustainability Platform – New alliances are needed to provide blended finance at scale (15 Oct. 2024)

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

Public-private stakeholder coalition kicks-off joint work to scale up private SDG investment in emerging markets and developing economies: At the Hamburg Sustainability Conference, a coalition of private and public institutions announced to join forces to set up the Hamburg Sustainability Platform. This platform aims at scaling sustainable investments into emerging markets and developing economies through standardization.

The Sustainable Development Goals (SDGs), as well as the climate and biodiversity goals, cannot be achieved with public funds alone. More private investment is urgently needed, especially in emerging markets and development economies. To close this financing gap, it must become easier for private investors to invest. Blended finance provides efficient mechanisms to address this challenge. This is the aim of an alliance of public and private stakeholders, the Hamburg Sustainability Platform (HSP), announced at the Hamburg Sustainability Conference.

The German Ministry of Economic Cooperation and Development, (BMZ); the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO); Global Affairs Canada; the Danish Ministry of Foreign Affairs; Treasury of the Republic of South Africa; the Secretary of State in charge of International partnerships of France; the German Development Bank KfW; British International Investment (BII); as well as Allianz and Caisse de dépôt et placement du Québec (CDPQ) are partnering to jointly develop the Hamburg Sustainability Platform. The Organisation for Economic Co-operation and Development (OECD) acts as an advisory body to the platform.

Sustainable investments in emerging markets and developing economies have so far been for the pioneers in the private sector: while promising investment opportunities exist, large institutional investors such as pension funds or insurance companies rarely invest at scale. This is because implementation takes a long time, as preparations can take several years and financial products are often very complex. To make it easier for private investors to invest at scale, it would be necessary to pool the funds of public donors and standardize financial vehicles.

As a solution, the HSP aims at better combining public and private investments through standardized financial products as well as harmonized public strategies. The initiative thereby aims to enhance simplicity, replicability and efficiency, thus enabling considerable additional investment volume.

Standardization is a key enabler of operational efficiency. By delivering simplicity, efficiency and speed, volume becomes possible. Standardization acts like a common language, combatting fragmentation and accelerating procedures. It could therefore be an important step to help scaling private investment. This is recognized and demanded by different institutions and initiatives such as the UN-convened Net-Zero Asset Owner Alliance (NZAOA), the OECD, as well as the B20 Finance & Infrastructure Working Group. Nevertheless, standardization is currently lacking in blended finance.

The HSP was announced at the inaugural Hamburg Sustainability Conference, held on 7-8 October. Under the motto “together we co-create development”, the Hamburg Sustainability Conference challenges barriers to SDG implementation. It establishes a new global forum to speed up progress towards achieving the SDGs and deliver result-oriented solutions. The annual conference is a joint initiative of the United Nations (UNDP), the German Federal Ministry of Economic Cooperation and Development (BMZ), the Michael Otto Foundation and the City of Hamburg.

On their motivations for the HSP, the founding members have said:

Anneliese Dodds, Minister for Development and Minister for Women and Equalities, United Kingdom’s Foreign, Commonwealth & Development Office: “Meeting the Sustainable Development Goals will require trillions of dollars of additional public and private investment into emerging markets and developing economies. To get private capital moving quickly and at scale, investors need to be able to compare options and make decisions with confidence. That’s why the UK is pleased to support the Hamburg Sustainability Platform, which will focus on scaling up sustainable investment into the regions that need it most, by providing standardized investment products in a clear and simple format.”

Jochen Flasbarth, State Secretary of the German Federal Ministry of Economic Cooperation and Development: ”The SDGs represent an unprecedented global consensus and as such, a joint mission of public and private stakeholders. We need to join forces to make this mission heard. Over the past years, numerous good examples of blended finance vehicles have been set up. It is now time to identify those success cases, standardize, and scale them. This is what the Hamburg Sustainability Platform stands for. It is a great example of how the German government enhances international partnerships and how development cooperation efficiently uses market mechanisms to co-create impact. “

Thani Mohamed Soilihi, French Secretary of State for Francophonie and international partnerships: “We need to boost financing capacities if we collectively want to achieve United Nations Sustainable Development Goals (SDGs), and this requires far more private sector leveraging. This is a priority for France, that we are pursuing with 66 partners through the Paris Pact for People and Planet. In that perspective, the Hamburg Sustainability Platform plays an important role and we hope it will bolster current efforts to scale sustainable investments and deliver tangible results.”

Lina Gandløse Hansen, State Secretary for Trade and Investments, Ministry of Foreign Affairs, Denmark: “We need to bridge the financing gap to deliver on the SDGs and the Paris agreement. The numbers tell a clear story: We are far off track. We need all hands on deck and the private sector must play a key role. We need to deliver scale and replicable models. The Hamburg Sustainability Platform can play an important role. Denmark is looking forward to bringing our strong focus on innovative financing to the table and explore synergies, not least with the work in the Investment Mobilization Collaboration Alliance (IMCA) which aims at mobilizing billions of USD in private capital in support of climate action.”

Mmakgoshi Lekhethe, Head of Asset and Liability Management at the National Treasury of the Republic of South Africa: “We need impactful solutions and investments on a global scale. And for investments to be impactful, private and public sector need to work together. Development efforts can only be sustainable in the long run if we succeed in mobilizing private markets for our goals. The Hamburg Sustainability Platform can become a key lever on this mission.”

Patricia Peña, Associate Assistant Deputy Minister, Global Affairs Canada: “Setting up the Hamburg Sustainability Platform involves learning from and working with existing solutions, ensuring what we put forward and how we work together adds value and avoids duplication. Recognising the need to cooperate more efficiently with other donors and private investors from an early stage, the Hamburg Sustainability Platform could become a key tool to enhance donor cooperation and address existing challenges in blended finance.”

Claus Stickler, Global Co-Lead at Allianz Investment Management: “Speed and scalability are key success factors in achieving sustainable change globally, including for example accelerating the deployment of renewable energy in emerging markets. The Hamburg Sustainability Platform can help simplify the creation and management of blended finance vehicles, thereby increasing their investability. Let’s work together to create this important platform for real action.”

Vito Dellerba, Managing Director, Sustainable Investing at CDPQ: “Templates and standardized frameworks for financial returns and impact – initiatives highlighted by the Hamburg Sustainability Platform – facilitate timely and knowledgeable decisions by providing streamlined and consistent information. In addition, it has the potential to boost market efficiency by enhancing risk management practices, lowering transaction costs and increasing liquidity.“

OECD Deputy Secretary-General Mary Beth Goodman: “The OECD supports the Hamburg Sustainability Platform in an advisory role. Promoting innovative approaches to scaling up private capital mobilization in Emerging Market and Developing Economies is core to the work of the OECD. As a convener, we will be a partner in driving this initiative forward. Based on the OECD’s work in harmonising blended finance approaches, and with standardization featuring prominently in the current update of the Blended Finance Principles Guidance, the OECD can be a key contributor of this initiative.”

Christiane Laibach, Member of the Executive Board of KfW: “We have all learnt valuable lessons from the past twenty years of blended finance and impact investment. But to reach scale, we need to join forces, agree on common models based on these lessons and roll them out in a predictable and standardized manner. This is the objective of the Hamburg Sustainability Platform.”

Liz Lloyd, Chief Investment Officer at BII: “Unlocking private capital is critical to meet the twin challenges of development and the climate emergency. One important way to do that is through innovative blended finance, using concessional public finance to encourage private investment to achieve the SDGs. We are pleased to collaborate with others to reach a common approach to blended finance, to help mobilize private capital into sustainable investments at scale.“

MIL OSI Europe News –

January 23, 2025
MIL-OSI USA: Governor Murphy Announces Second Round of Medical Debt Elimination, Totaling $120 Million in Debt Abolished for 77,000 New Jerseyans

Source: US State of New Jersey

Nearly two months after effectuating the first round of medical debt abolishment through the State’s partnership with Undue Medical Debt, Governor Phil Murphy today announced that 77,000 eligible individuals and families across New Jersey are set to benefit from the elimination of an additional $120 million in medical debt. Governor Murphy sat down with Andrew Rose Gregory, who was a special guest at the 2024 State of the State Address, to discuss the announcement. Andrew and his wife, Casey, partnered with Undue and raised $1.1 million following her passing to help eliminate medical debt for others. The video is available here.

By leveraging approximately $900,000 in American Rescue Plan funds, Undue has worked with the Atlantic Health System to identify and purchase qualifying, unpayable medical debts. Impacted residents may have all or some of their debts abolished as part of the Governor’s mission to make health care more affordable and accessible. Through the State’s partnership with Undue, $220 million in medical debt has been eliminated for 127,000 New Jersey residents so far.

“Investing in affordable and accessible health care allows residents to prioritize their well-being without having to take on the significant burdens of medical debt, which has long served as a debilitating barrier to receiving the life-saving care and services they deserve,” said Governor Murphy. “That is why our Administration has taken action to both protect residents from accumulating debt and eliminate existing debt so that New Jerseyans can focus on what matters most: their health. Today’s announcement marks a monumental step forward and builds upon our efforts to create a health care system that relieves financial constraints and ensures quality, comprehensive care is within reach of every New Jerseyan.”

“With Governor Murphy’s persistent focus on health care affordability and access for New Jerseyans, we are pleased to announce another round of medical debt abolishment for tens of thousands of residents and families,” said Shabnam Salih, Director of the Office of Health Care Affordability and Transparency. “Today’s announcement is lifting the burden of $120 million in debt off their shoulders, helping to bring some peace of mind and comfort next time they have to see a doctor or visit the hospital for care.”

Earlier this year, the Governor signed the Louisa Carman Medical Debt Relief Act, which safeguards New Jersey families from accumulating medical debt, protects against predatory medical debt collectors, and prohibits the reporting of medical debt to credit reporting agencies. New Jersey is a leading state in consumer protection policies and supports for residents, being one of only five states in the nation that both prohibits medical debt reporting to credit agencies and has allocated funding to provide residents with direct medical debt relief.

“We’re proud to partner with the state of New Jersey, Governor Murphy and Atlantic Health on this impactful medical debt abolishment that follows closely on the heels of the initial $100 million of medical debt already erased,” said Undue Medical Debt CEO and president Allison Sesso. “New Jersey is a great example of a state that’s erasing medical debts weighing down its most financially burdened residents while also taking legislative action to lessen the burden of medical debt overall.”

“As Casey and I prepared for her to die in home hospice, we decided that after her death we would raise money to forgive others’ medical debt in her honor. We were keenly aware of how lucky we were that our finances hadn’t been demolished by America’s health care system during Casey’s long and arduous treatment. Casey’s corporate insurance through her work as a publisher at Penguin Random House had been our shield. But we had met so many other patients and families that were not so lucky as us, and had gone into debt or even denied care because of a lack of insurance,” said Andrew Gregory. “In the last weeks of her life, Casey and I often listened to the Stevie Wonder song Come Back as a Flower: I wish that I could come back as a flower / as a flower / to spread the sweetness of love. As news of Casey’s death, and her wish to forgive others’ medical debt, spread across the world after she died, her campaign raised $1.1 million, forgiving almost $45 million with at least $65 million more of un-payable medical debt still slated to be relieved. She is no longer with us but I still say to her, Casey, Casey, you have come back as a flower.”

There is no application process for medical debt relief. Undue works with hospital systems across the country to purchase large, bundled portfolios of past-due medical debt belonging to those least able to pay for pennies on the dollar. Instead of trying to collect, Undue erases the debt.

“When I received my letter [notifying] me that my medical expenses were covered, I felt so blessed and happy. I’m a single mom; I had to take a leave of absence so that I could have surgery and I have no way to pay my medical bills. I work so hard in this country, but it is really difficult to [pay] for my house and bills without any assistance. Thank you so much, Governor Phil Murphy,” said Brunilda from Newark, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

“Thank you for helping. I lost my job and then got terribly sick. I couldn’t afford medication, couldn’t afford to pay rent and my bills were coming in back-to-back. I’m trying to get my financial situation back together and this really does help me. Thank you,” said Angela from Dover, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

“Like many families throughout the United States, I worked a job for 25+ years that did not offer health benefits. I often had to make a strategic decision about whether my illness or injuries were worth visiting the hospitals or doctor for. Living off of minimum wage, taking care of my ailing mother, paying rent and other expenses — it was just impossible for me to pay my hospital bills. Even with expensive health insurance, high co-pays make it difficult for many American families to [afford care]. Thank you, Undue, for relieving me of this burden. For once, [I felt] great joy finally receiving some good news in the mail!” said Antoinette from Jackson, NJ, one of almost 50,000 New Jerseyans to have medical debt abolished this August.

Those who qualify for medical debt relief are either four times or below the federal poverty level or have medical debts that equal 5% or more of their annual income. These are the only criteria for relief. For this round of debt abolishment, Undue worked with Atlantic Health System to identify unpaid medical debts that qualify for erasure. This is a one-time abolishment to help remove the financial and emotional burden of unpayable medical debts. Medical debt relief is source-based, depending on community-minded providers like hospitals who choose to engage.

Those benefiting from medical debt relief will receive an Undue branded letter in the mail beginning Thursday, October 17, 2024. Learn more about Undue here.

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: Ciscomani Visits Pacheco Farm in Marana
Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

Marana, AZ – On Thursday, October 10, 2024, U.S. Congressman Juan Ciscomani (AZ-06) visited Pacheco Farms in Marana to tour their facilities and discuss the importance of passing the Farm Bill alongside the Arizona Farm Bureau and the Arizona Cotton Growers Association.

“As one of Arizona’s five “C’s”, cotton is critical to our local economy and a staple of our nation’s textile industry,” said Ciscomani. “It was a pleasure to visit the historic Pacheco Farm in Marana and speak with the Arizona Farm Bureau and Cotton Growers Association about the need to pass a Farm Bill that provides the agriculture industry with the proper tools and support they need.”

The Farm Bill is a legislative package that establishes the priorities and policies of the agriculture industry for a five-year period. Additionally, the Farm Bill’s nutrition programs provide critical nutrition assistance to millions of Americans. The current Farm Bill, which was passed in 2018 and reauthorized in 2023, will expire this year. 

Background:
- On May 24, 2024, the House Agriculture Committee passed the Farm, Food, and National Security Act of 2024 (H.R. 8467)  to reauthorize the Farm Bill. 
- In September 2024, Ciscomani joined a majority of his House Republican colleagues in a letter urging House GOP leadership to prioritize passage of a Farm Bill that meets the needs. 
- Ciscomani wrote a joint op-ed with Arizona Farm Bureau President Stefanie Smallhouse advocating for the critical need to pass a Farm Bill.
###

MIL OSI USA News –
January 23, 2025
MIL-OSI USA: This Week in NJ – October 11th, 2024

Source: US State of New Jersey

Biden-Harris Administration Issues Final Rule Requiring Replacement of Lead Pipes Within 10 Years, Announces $44M in Funding to New Jersey to Provide Clean Water to Schools and Homes

The Biden-Harris Administration issued a final rule requiring drinking water systems across the country to identify and replace lead pipes within 10 years. The Lead and Copper Rule Improvements (LCRI) also require more rigorous testing of drinking water and a lower threshold for communities to take action on lead in drinking water to protect people from lead exposure. In addition, the final rule improves communication within communities so that families are better informed about the risk of lead in drinking water, the location of lead pipes, and plans for replacing them. This final rule is part of the President’s commitment to replace every lead pipe in the country within a decade, making sure that all communities can turn on the tap and drink clean water.

Alongside the Lead and Copper Rule Improvements, the EPA announced $44,199,000 in newly available drinking water infrastructure funding for New Jersey through the Bipartisan Infrastructure Law. This funding will flow through the drinking water state revolving funds (DWSRFs) and is available to support lead pipe replacement and inventory projects. Additionally, 49% of the funding must be provided to disadvantaged communities as grant funding or principal forgiveness that does not have to be repaid. The EPA also announced the availability of $35 million in competitive grant funding for reducing lead in drinking water. Communities are invited to apply directly for grant funding through this program. Additional federal funding is available to support lead pipe replacement projects and EPA has developed a website identifying available funding sources.

“We are grateful to the Biden-Harris Administration, New Jersey’s congressional delegation, and the Environmental Protection Agency for their continued support in helping us build a cleaner and healthier Garden State through the Bipartisan Infrastructure Law,” said Governor Murphy. “This newly announced funding will help New Jersey communities with the vital task of replacing all lead pipes within the next ten years as we work to ensure that everyone in New Jersey has access to clean, safe drinking water. These critical investments in our drinking water infrastructure will help protect our children from lead exposure, create good-paying jobs for New Jerseyans, and ensure a stronger drinking water system for generations to come.”

READ MORE

First Lady Tammy Murphy Hosts 21st Successful Family Festival in Vineland

First Lady Tammy Murphy hosted her 21st Nurture NJ Family Festival in Vineland on Saturday, October 5, creating a one-stop-shop for 1,500 attendees to access crucial resources to aid them in growing their families and raising children in the Garden State. The event connected families with information on accessing state, county and local resources spanning from health and child care to housing support and food assistance, among many more supports to help new parents.

“Our Family Festivals have proven to be a powerful tool in connecting New Jerseyans with the resources necessary to help support their growing families,” said First Lady Tammy Murphy. “We know that raising children comes with a whole host of challenges and rewards, and we are committed to being there every step of the way through our innovative initiatives to uplift mothers and babies. In a rural county like Cumberland, accessing care can be burdensome. That’s why I am thankful to our dedicated partners for helping to make today a success and for their constant partnership as we all work to make Cumberland County – and all of New Jersey – the safest and most equitable place in the nation to have a baby and raise a family.”

Vineland has a 43 percent Hispanic and Latino population. New Jersey’s Maternal Mortality Report for the years 2016-2018 showed that Hispanic mothers were three and a half times more likely to die of maternity-related complications than white mothers. According to data from the Centers for Disease Control and Prevention, the mortality rate for Hispanic babies is nearly one and a half times that of white babies. Among all demographics, Cumberland County has the highest infant mortality rate and teen pregnancy rate in the state.

READ MORE

New Jersey Army National Guard Prepares for Hurricane Milton Support to Florida Division of Emergency Management

The New Jersey Army National Guard announced the deployment of approximately 80 Soldiers and 30 military vehicles to support Hurricane Milton response operations in Camp Blanding, Florida. A convoy from the 143d Transportation Company and 253d Transportation Company, 42d Regional Support Group arrived in Florida following the landfall of Hurricane Milton.

“Our thoughts and prayers are with the people of Florida as a second massive storm in as many weeks bears down on our nation’s Gulf Coast,” said Governor Phil Murphy. “New Jersey is committed to doing everything possible to assist Floridians impacted by Hurricane Milton—including sending a convoy to support the Florida Division of Emergency Management.”

Upon arrival to Camp Blanding, the unit coordinated with the Florida Division of Emergency Management and the Florida National Guard. Tasks include transportation of Florida National Guard personnel into weather-impacted areas and delivery of commodities to or from points of distribution.

“Floridians are family, and we know from personal experience what hurricane recovery means for our communities,” said Colonel Yvonne L. Mays, Acting Adjutant General of New Jersey. “Our Soldiers are trained and ready to support our neighbors in need.”

New Jersey responded to Florida’s request for support through the Emergency Management Assistance Compact (EMAC), the nation’s state-to-state mutual aid agreement. EMAC matches personnel, equipment, and commodities to assist response and recovery efforts across all 50 states, the District of Columbia, and four territories.

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AG Platkin Sues TikTok for Unlawful Practices That Harm NJ Youth

Attorney General Matthew J. Platkin and the Division of Consumer Affairs announced that after a multiyear investigation, they are suing social media giant TikTok for deceptive, unconscionable, and abusive business practices that harm the health and safety of New Jersey’s youth.

The complaint, which was filed temporarily under seal in the Superior Court of New Jersey, Chancery Division, Essex County, alleges multiple violations of the New Jersey Consumer Fraud Act (CFA). Other Attorneys General are filing similar lawsuits across the country.

“Our investigation shows that TikTok knows about the dangerous effects of its platform on young users, and can mitigate these harms, but has deliberately chosen not to do so,” said Attorney General Platkin. “As a parent and as the chief law enforcement officer for New Jersey, I’m here to tell TikTok, as I have told other social media companies in the past, that our kids are more than just data points to be monetized to advertisers to the detriment of their mental and physical health.”

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New Jersey’s Minimum Wage to Increase to $15.49/Hour for Most Employees on Jan. 1

New Jersey’s statewide minimum wage will increase by $0.36 to $15.49 per hour for most employees, effective January 1, 2025.

Pursuant to Article 1, Paragraph 23, of the New Jersey Constitution, and N.J.A.C. 12: 56-3.1(c), the New Jersey Department of Labor and Workforce Development (NJDOL) sets the minimum wage for the coming year based on any increase in Consumer Price Index (CPI) data provided by the U.S. Bureau of Labor Statistics.

“Aligning the state minimum wage with any increases in the cost of living is a critical step towards economic fairness and security for all New Jersey workers,” said Labor Commissioner Robert Asaro-Angelo. “This adjustment fosters a more equitable economy and ensures our workforce can continue to thrive.”

READ MORE

MIL OSI USA News –

January 23, 2025
MIL-OSI Russia: Imposing it won’t work – the Supreme Court of the Russian Federation has declared insurance without the borrower’s consent illegal

MILES AXLE Translation. Region: Russian Federation –

Source: Mainfin Bank –

What was the dispute between the bank and the borrower that was being considered by the court?

The decision on the inadmissibility of imposing services was made by the Supreme Court in the context of a civil dispute between a bank and a resident of the Sverdlovsk region. The citizen had previously taken out a loan, but the bank imposed insurance on him and refused to terminate the contract during the “cooling-off period”. The borrower managed to restore his rights with the help of the financial ombudsman – the bank did not agree with this decision and went to court.

The Supreme Court found that the bank had violated the requirements of the law by including a clause in the terms of the loan agreement requiring the borrower to purchase an insurance policy from a specific company. At the same time, the client did not check the box about consent to connect the protection, although he agreed to the proposed terms of the loan. The highest court overturned the decisions of the lower courts and sent the case back for a retrial on the merits.

What restrictions apply to creditors when connecting additional services?

The Supreme Court’s decision on the dispute that arose imposes a number of restrictions on banks when provided to borrowers credits and connecting them to additional services. Thus, the court recalled that:

the bank’s duty is to provide the client with a choice: to agree or refuse imposed services; the lender does not have the right to put notes on consent or include clauses in the terms that provide for the mandatory connection of additional services; it is prohibited to create conditions within which the borrower’s unambiguous consent to the purchase of individual services is assumed.

“A bank that fails to comply with these requirements violates the rights of the borrower and the norms of the law, since the imposition of insurance and other services is unacceptable,” the Supreme Court panel noted.

Thus, the court prohibited banks from including in loan agreements the obligation to purchase insurance – the borrower must independently agree to take out the protection.

15:50 10/15/2024

Source:

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://mainfin.ru/news/to impose-it-will-not-work-on-all-Russian-Russian Federation-has-recognized-illegal-insurance-without-consent-borrowing

MIL OSI Russia News –

January 23, 2025
MIL-OSI Global: How profits from big pharma’s use of genetic information could revolutionise nature conservation

Source: The Conversation – UK – By Eleanor Jane Milner-Gulland, Tasso Leventis Professor of Biodiversity, University of Oxford

The blood of rare horseshoe crabs is sometimes used in the development of vaccines. Sinhyu Photographer/Shutterstock

The blue blood of threatened horseshoe crabs contains a chemical essential for testing the safety of vaccines. So these ancient creatures are highly sought after by pharmaceutical companies worldwide, contributing to declines in their populations.

While species are disappearing at alarming rates, with a global biodiversity financing gap of US$600 billion to US$800 billion (£460 billion to £610 billion) annually, the genetic information of rare plants and animals is a commercially valuable resource.

Advances in technology now allow the rapid sequencing and sharing of genetic data, bringing huge benefits (and profits) for biotechnology and medicine. However, it also opens the door to “biopiracy”: the unethical or unlawful appropriation of biological resources, typically from countries or Indigenous communities in developing countries.

Even if genetic information is obtained and used appropriately and within the law, important ethical, legal and financial questions still arise: who owns the genetic data derived from nature, and how can we ensure fair sharing of the benefits derived from their use?

A key debate at Cop16, the upcoming UN biodiversity conference, will be how best to channel funding into protecting valuable biological resources. If done properly, people can benefit from the genetic information that nature contains, while ensuring that those conserving these resources, particularly Indigenous people, are properly compensated financially for their efforts.

Our recent paper argues that rules of fair allocation, which have been around since the time of Aristotle, offer a potential way forward.

Genetic information extracted from living organisms can now be easily digitised and shared across borders. This practice, often referred to as digital sequence information (DSI), plays a pivotal role in advancing research in fields such as medicine, agriculture and environmental science.

For example, the genome of the COVID-19 virus was digitally sequenced and shared globally, enabling researchers worldwide to use that DSI to develop vaccines quickly.

Yet, this leads to ethical and legal challenges. The genetic codes of plants and animals from all over the world are stored in international databases, often without proper acknowledgement or compensation to the countries or communities where these sequences originated.

Countries with rich biodiversity, particularly in developing countries, have raised concerns that their genetic resources are being used – and in some cases monetised and commercialised – without approval or fair compensation. Indigenous peoples and local communities have similar concerns.

So, who owns genetic data? It depends.

The ownership of genetic data derived from plants and animals has become a grey area. In theory, countries have sovereignty over their biodiversity, as stipulated in an international agreement adopted in 2010 called the Nagoya protocol. This mandates that countries sharing their biological resources should be compensated through access and benefit-sharing agreements.

Genetic codes of rare plants aren’t currently owned by their country of origin.
Polonio Video/Shutterstock

However, the concept of DSI has complicated these agreements. When genetic data is transformed into a digital format and stored in databases, it is not always clear whether the original country still holds any rights over that data.

Should the digital sequence information of a rare Amazonian plant, for example, belong to the country where it was found, or is it now part of a global commons available to any researcher or commercial entity? Currently, there is no universal agreement on DSI, and with companies and research institutions using genetic data freely, this opens the door to the next wave of biopiracy

Biopiracy has been a historical problem, long before digital data entered the picture. For decades, pharmaceutical and agricultural companies have sourced plant and animal materials from the Amazon rainforest or African savannas. They patented products based on those materials and profited without compensating source countries or Indigenous peoples and local communities who may have used these species for generations.

Now this issue extends beyond physical specimens. The real treasure lies in the genetic information itself. When genetic data is digitised and shared globally, it becomes challenging to trace its origins and hold companies accountable for unauthorised use.

In the absence of benefit-sharing mechanisms (formal ways to share the monetary and non-monetary benefits of using biodiversity with those who bear the costs of conserving it), companies can patent discoveries derived from DSI, with profits flowing to corporations and research institutions in developed countries.

Meanwhile, low-to-middle-income nations that are home to these resources and the communities that protect them do not benefit. We argue this is unjust and contributes towards the continued undervaluation and therefore degradation of biodiversity.

A new genetic code

At Cop16, a potential solution is up for a negotiation: a global system governing the exchange of DSI, including a multilateral fund into which companies which benefit from DSI would contribute.

This fund would be used to pay for action to conserve biodiversity, with a specific priority given to funding for Indigenous peoples and local communities, women and youth. As well as providing compensation for stewardship of the biodiverse ecosystems that contain these genetic resources, funding can be used for training and capacity-building (such as genetic research), which could start to compensate for longstanding inequalities of opportunity that are built into today’s research and commercialisation systems.

Many questions remain as to how this fund would work. That will be negotiated at Cop16. One particular challenge is determining how to implement mechanisms to distribute this fund that are fair, enforceable, and do not overburden countries or companies.

Proposed solutions are grounded in rules of fair allocation. Pharmaceutical companies using DSI could contribute in proportion to their profits or revenues. Beneficiaries could receive payment or other benefits according to criteria such as the levels of biodiversity conserved, threats to biodiversity and financial need.

This multilateral fund could be a major contributor to conservation finance, and one which is directed at those who actually conserve biodiversity on the ground. It has been described as a potentially “historic breakthrough” by the executive secretary of the convention on biological diversity.

But there are still major hurdles to overcome. Big pharma companies are resistant due to the potential financial implications. There has been limited engagement from the conservation community, perhaps because fair sharing of the benefits from genetic materials appears much less immediately pressing than the conservation of wild species and their habitats.

If successful, this could represent a major step towards generating the finance that is desperately needed to support nature conservation. It would set a precedent for similar mechanisms to ensure that those benefiting from using nature pay for the cost of conserving or restoring it – just like bycatch taxes in commercial fisheries or pollution taxes on large agribusinesses.

We believe that this proposal could be revolutionary if it succeeds in channelling large amounts of biodiversity finance to where it is most needed in a fair and equitable way. Genetic data should not only be seen as a resource that generates new drugs and technologies, but as a shared asset of humanity, with the rights and sovereignty of nature’s stewards properly respected and valued.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.

Eleanor Jane Milner-Gulland receives funding from UKRI, Research England Development Fund, Login5 Foundation, IKI, Defra, USFWS, Leverhulme Trust and the Leventis Foundation. She is a member of the UK government’s Defra Biodiversity Evidence Committee, chairs the Darwin Expert Committee, a member of IUCN-SSC, and the Nature Positive Initiative.

Dale Squires was supported by an Oxford Martin School Visiting Fellowship.

Hollie Booth receives funding from the UK Darwin Initiative. As well as University of Oxford she is affiliated with The Biodiversity Consultancy and Kebersamaan Untuk Lautan.

– ref. How profits from big pharma’s use of genetic information could revolutionise nature conservation – https://theconversation.com/how-profits-from-big-pharmas-use-of-genetic-information-could-revolutionise-nature-conservation-240565

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI United Kingdom: Homes England invests in Schroders Capital’s Real Estate Impact Fund
Source: United Kingdom – Executive Government & Departments

Schroders Capital’s Real Estate Impact Fund (SCREIF) has received a £50 million investment from Homes England, the government’s housing and regeneration agency, underlining the key role this market-leading investment strategy has in addressing social inequality in the UK
The investment was today confirmed as part of a package of key measures announced by the UK’s Ministry of Housing, Communities and Local Government (sponsor of Homes England) and HM Treasury, following a roundtable hosted by the Chief Secretary to the Treasury, as part of the UK Government’s programme of activities to support its high-profile International Investment Summit.

The Summit has been focused on driving investment and growth across the UK, with up to 300 industry leaders attending alongside the UK Prime Minister Keir Starmer, Chancellor Rachel Reeves and Business and Trade Secretary Jonathan Reynolds.

SCREIF is a real estate focused strategy with the dual aims of delivering a positive social and environmental impact in addition to securing appropriate risk adjusted returns for investors. Last month, the strategy became only the second real estate fund in the UK to receive approval from the Financial Conduct Authority to use the ‘Sustainability Impact’ label under SDR.

With a residential-led approach, the fund is predominantly focused on addressing the UK’s housing crisis, specifically, the shortage of social and affordable accommodation and the regeneration of town centres. The fund aims to ensure that its investments are made in accessible and resilient locations, with access to green space, public transport, schools and GPs.

The investment from Homes England will increase the ability of the fund to grow and invest more widely across the UK and secure further allocations from pension funds, insurers and foundations.

Chris Santer, Schroders Impact Fund Manager, Schroders Capital’s Real Estate team, said:

This investment by Homes England is a clear indication of the absolutely vital role this fund is looking to play in the UK by delivering real and tangible change. Our homes, and the built environment around us, impact our daily lives. We believe this allocation from the public sector will be catalytic in unlocking further institutional investments, boosting broader confidence and interest in this key sector meaning the fund can enable more communities to thrive across the UK.

Peter Denton, Homes England Chief Executive, said:

This is a brilliant example of how public and private sector organisations can get behind a clear and common aim – namely supporting social justice and thriving communities. Our commitment aims to help spark deep and diverse market investment from a range of institutions. Fundamentally, this is about coming together to accelerate regeneration and the creation of affordable, high-quality homes within sustainable, thriving places that people, especially those in more deprived areas, want, need and deserve.

For further information, please contact:

Andy Pearce, Head of Media Relations +44 20 7658 2203 andy.pearce@Schroders.com

Rachael Dowers, PR Manager +44 207 658 2086 rachael.dowers@schroders.com

Justine Crestois, PR Executive +44 20 7658 5186 justine.crestois@schroders.com

Note to Editors

To view the latest press releases from Schroders visit: Media Centre | Schroders global

Schroders Capital

Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.

The team aims to achieve sustainable returns through a rigorous approach and in alignment with a culture characterised by performance, collaboration and integrity.

With $97.3 billion (£77.0 billion; €90.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).

*Assets under management as at 30 June 2024 (including non-fee earning dry powder and in-house cross holdings)

Schroders plc

Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £773.7 billion (€912.6 billion; $978.1 billion) of assets under management at 30 June 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.

Schroders’ success can be attributed to its diversified business model, spanning different asset classes, client types and geographies. The company offers innovative products and solutions through four core business divisions: Public Markets, Solutions, Wealth Management, and Schroders Capital, which focuses on private markets, including private equity, renewable infrastructure investing, private debt & credit alternatives, and real estate.

Schroders aims to provide excellent investment performance to clients through active management. This means directing capital towards resilient businesses with sustainable business models, consistently with the investment goals of its clients. Schroders serves a diverse client base that includes pension schemes, insurance companies, sovereign wealth funds, endowments, foundations, high net worth individuals, family offices, as well as end clients through partnerships with distributors, financial advisers, and online platforms.

About Homes England

Homes England is the government’s homes and regeneration agency. It drives the creation of more high-quality homes and thriving places so that everyone has a place to live and thrive. The Agency’s team work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)

Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at http://www.schroders.com for our alerting service.

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Published 15 October 2024
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI Africa: GITEX GLOBAL 2024: Historic opening day marked by record international participation and capacity crowds at key events
Source: Africa Press Organisation – English (2) – Report:

DUBAI, United Arab Emirates, October 15, 2024/APO Group/ —
- Entire international tech ecosystem descended on Dubai to mark the start of GITEX GLOBAL 2024 (www.GITEX.com) – the world’s largest and best-rated tech event
- Innovative showcases and GITEX Editions & European Innovation Council pavilion launches also star on “Tech Investor Day”
- “AI Super Tuesday” next up at GITEX GLOBAL 2024
International audiences enjoyed a memorable first day at GITEX GLOBAL 2024 (http://apo-opa.co/4h8HyRu) on Monday as the world’s largest and best-rated tech event kicked off in sensational fashion – setting the stage for an unforgettable week of breakthrough tech showcases.

Taking place at Dubai World Trade Centre (DWTC) from 14-18 October, GITEX GLOBAL presents a record-breaking edition in its 44^th year. It welcomes over 6,500 exhibitors, 1,800 startups, 1,200 investors alongside governments from more than 180 countries – the highest-ever international participation at GITEX GLOBAL – comprising enterprises, experts, investors, startups, academia, researchers, and the entire global tech ecosystem.

Eagerly awaited exhibitions and events take centre stage

Across a capacity-crowd venue, international audiences became acquainted with a wide variety of incredible innovations on Day 1 of GITEX GLOBAL 2024. UAE technology group G42 presented its Intelligence Grid immersive experience, enabling visitors to discover how AI can power every aspect of future life as a ‘super utility’. Lenovo showcased its new range of hardware and cloud solution equipped with transformative AI capabilities of the future, while e& showcased some the world’s most mindblowing protypes in all of tech. One of the highlights was the XPeng AeroHT eVTOL Flying Car – enabling audiences to discover how such innovations represent a historic opportunity to revolutionise aviation and personal transportation.

With five incredible themes across five unmissable days this year, “Tech Investment Day” was first up with World Future Economy Digital Leaders Summit (http://apo-opa.co/4dLQ9qC) amongst the many shows that drew huge crowds and received widespread audience acclaim.

In a special briefing, His Excellency (H.E.) Abdullah Bin Touq Al Marri, Cabinet Member & UAE Minister of Economy, addressed attendees during ‘Rise of the New Economy: AI & Emerging Industries’. This session delved into the UAE’s strategic initiatives fostering innovation, enhancing competitiveness, and positioning the country as a global leader in the new economy.

With the UAE’s non-oil sector accounting for 74% of national gross domestic product (GDP) in 2024, H.E. Al Marri reaffirmed the Ministry of Economy’s ambitious plans for the years ahead, insisting: “We are in the business of breaking records. We’ve already achieved a non-oil sector that accounts for 74% of GDP – this record has never happened before in our country’s history. The UAE’s environment and ecosystem attracts people from around the globe – and the target now is to reach 80% by 2030 and become an R&D hub for the world.”

With several leadership sessions held throughout the Monday schedule, H.E. Faisal Al Bannai, Advisor to the UAE President & Secretary General of the Advanced Technology Research Council (ATRC), shared key insights and perspectives during ‘AI Leadership: Steering Societal Transformation’. AI socio-economic implications were discussed alongside global AI leadership, models, governance, and regulation.

Elsewhere on a historic opening day to celebrate GITEX GLOBAL’s record-extending 44^th edition, new industry-defining programmes were also launched – including GITEX Editions, an exclusive platform for late-stage advanced tech companies and a premier hub for unicorns, soonicorns and rhinos.

GITEX Editions connects 59 top global unicorns and was attended by H.E. Omar Sultan Al Olama, UAE Minister of State for AI, Digital Economy & Remote Work Applications, also addressed attendees between another applauded leadership session – ‘The UAE As The Sandbox For Pragmatic Ai Regulation And Policy Development’.

The year’s most impactful discussions surrounding AI’s future in society and industry were also attending by high numbers of visitors. While discussing the most transformative AI case studies across government, enterprise, and startups, the need to balance AI’s potential with creativity and human intuition was examined in various sessions, including ‘Regulating Tech: The Intersection of Tech, Crime and Law’.

Didier Jacobs, Head of ICT & Chief AI Officer at Europol, stressed that heightened collaboration and cooperation are needed to overcome challenges and solve international crime, adding: “Cybercrime knows no borders. There are many technologies that can be misused for hacking, extortion, sabotage, illegal transactions, and so on. What’s needed are solutions – a blend of increased human collaboration and technology deployment is essential.”

As this week marks the largest-ever European participation at GITEX GLOBAL with 38 European countries exhibiting alongside 1,000-plus SMEs and 450-plus startups, the European Innovation Council pavilion was officially launched to commemorate the milestone.

With debuting exhibitors from countries including Austria, Portugal, Latvia, Serbia, Bosnia & Herzegovina, and Switzerland in attendance, Trixie LohMirmand, Executive Vice President of DWTC, the organiser of GITEX GLOBAL, opened the brand-new site. This casts a unique spotlight on Europe’s AI, tech, and innovation advancements alongside the cross-continental collaboration efforts currently taking shape across the continent.

What next at GITEX GLOBAL 2024?

GITEX GLOBAL 2024 continues Tuesday as “Super AI Tuesday” showcases how AI is transforming business strategies, revolutionising industries, and creating new growth opportunities across the globe. Up until Friday (October 18), attendees can also explore the latest tech sector services and solutions being rolled out across Central Asia, Southeast Asia, Latin America, and the Middle East.

GITEX GLOBAL is seamlessly connecting with world’s largest network of tech events with its stellar list including GITEX EUROPE Berlin, GITEX ASIA Singapore, GITEX AFRICA Morocco, and GITEX NIGERIA. These events are fostering collaboration and driving innovation to shape the tech landscape of tomorrow.

More information on GITEX GLOBAL and to purchase passes, please visit http://www.GITEX.com

MIL OSI Africa –
January 23, 2025
MIL-OSI Economics: CPMI reports to G20 on fast payment system interlinking and APIs provide insights and recommendations to enhance cross-border payments
Source: Bank for International Settlements
- CPMI publishes two reports offering insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems.
- Report on the interlinking of fast payment systems aims to support private and public stakeholders when deciding on the governance and oversight of these arrangements.
- Report on greater harmonisation of the use of application programming interfaces (APIs) sets out 10 key recommendations.
The BIS Committee on Payments and Market Infrastructures (CPMI) today published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments.

Linking fast payment systems across borders: governance and oversight

Currently, fast payment systems (FPS) are designed and used mainly for domestic retail payments. Interlinking them across different jurisdictions could expand the end user experience of low-cost, fast, easy to access and transparent payments to the cross-border dimension.

Opportunities to foster cross-border FPS interlinking have grown with the proliferation of FPS globally and with trends towards greater interoperability at the technical level. The growing use of application programming interfaces (APIs) and the adoption of the ISO 20022 financial messaging standard have opened up new possibilities to facilitate payment system interlinking.

However, agreeing on workable governance and oversight arrangements is challenging due to the multi-jurisdictional, cross-border and/or cross-currency nature of these arrangements.

Building on an earlier CPMI report that lays out the benefits and challenges of FPS interlinking and the role of APIs,¹Linking fast payment systems across borders: governance and oversight discusses design choices and the risk implications of these arrangements, sets out the key decisions for governance and outlines recommendations for their oversight.

Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit

APIs are increasingly used throughout the global financial system for various payment functions, enhancing the efficiency of payment data exchange. However, API technical standards are currently fragmented, hindering the potential of APIs in cross-border payments and leading to increased time and expenses, as well as higher risks of errors.

Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit presents 10 recommendations directed at a broad array of stakeholders. The recommendations were formulated in collaboration with industry through a CPMI-led panel of experts to promote greater harmonisation of APIs in cross-border payments.

The recommendations do not propose a single universal API standard for cross-border payments, nor do they prescribe specific technologies or standards. Rather, they aim to steer API standards in a more harmonised direction by promoting facilitative processes, adoption of best practice design and international data standards, enhancements to the developer experience, and a focus on pre-validation APIs.

The CPMI will continue its engagement with stakeholders to disseminate the findings of the two reports, facilitate their practical implementation and promote the interlinking of FPS for cross-border payments and harmonisation of APIs.

¹CPMI, Interlinking payment systems and the role of application programming interfaces: a framework for cross-border payments, report to the G20, July 2022.
MIL OSI Economics –
January 23, 2025
MIL-OSI Economics: Suhaimi Ali: Transcending boundaries – advancing Takaful for sustainable growth
Source: Bank for International Settlements

This year is particularly momentous as we commemorate four decades of takaful since the enactment of the Takaful Act 1984. From a modest beginning, the size of takaful contribution has expanded nearly three times compared to a decade ago. Players have become more diverse and products have expanded to address different needs of households and businesses. The industry has also demonstrated resilience against challenging economic and financial conditions, while continuing to scale up and improving efficiency in delivering financial protection. This progress is imperative to respond to the higher expectations that stakeholders have on the industry to better serve the protection needs of society. Ahead of us, challenges remain significant – climate risk, ageing nation, cost of living pressures, advancement of technologies – all of which requires the industry to continue to innovate and be responsive to these needs. The adoption of VBIT principles is crucial to better align and guide the industry’s efforts to catalyse growth while contributing meaningfully to society.

Distinguished guests, ladies and gentlemen,

I am certainly pleased to be here, to see progress in the Value-Based Intermediation Takaful (VBIT) journey that began five years ago in 2019. I am delighted to be part of this important occasion and witness the collective commitment by industry players to foster a more ethical and impactful approach to takaful.

Advancing value-based with clear demonstration of impactful outcomes

As today’s conference is focused on Shariah values and measurements, I would like to highlight three imperatives that should guide industry’s efforts to implement the VBIT framework:
- First, is the diversity and inclusivity of protection solutions, with alignment to national strategies and aspirations;
- Second, is improvements to quality of services and conduct that reflects the fundamental values of Shariah; and
- Third, is impact reporting guided by clear outcomes.
Diversity and inclusivity of protection solutions

Ladies and gentlemen,

We acknowledge the ongoing exemplary efforts by takaful operators to improve financial well-being and inclusion. For example, expansion in the range of microtakaful products catering to the underprivileged segments, has been flourishing in the recent years. In 2023, these affordable and accessible protections have provided coverage to almost 970,000 individuals.

We are also pleased to observe developments within the industry that support Bank Negara Malaysia’s Financial Sector Blueprint 2022-2026 vision to mainstream social finance, which now has use cases in the takaful sector. Before this, it is predominantly use cases in the banking sector. The innovative offerings of social blended takaful products enables a confluence of private and social funds where participants have the option to use their takaful benefits to contribute towards creation of a sustainable community.¹

We hope to see more synergistic collaborations where philanthropic capital blends with commercial funding to develop impactful protection solutions. These efforts would ensure continuous protection for vulnerable segments, including micro-entrepreneurs, gig workers, and the ageing population.

Limited access to insurance and takaful for climate adaptation and resilience poses a significant challenge for Malaysian businesses, particularly SMEs. This limitation hinders their ability to effectively manage flood risks-Malaysia’s most frequent natural disaster- and slows recovery efforts, as insurance payouts are a crucial source of funding. Furthermore, common obstacles such as lengthy payout processes, inadequate product offerings, and insufficient coverage exacerbate the problem.²

At our end, Bank Negara Malaysia remains committed to providing an enabling environment for the industry to test and introduce innovations. Industry players are urged to embrace the aspirations of the recently issued Exposure Draft on Broader Application of Ta`awun in Takaful. This provides a facilitative framework for industry players to explore new takaful models in promoting social cohesion and wealth distribution. For areas that may require regulatory flexibility, we welcome interest in tapping the Financial Technology Regulatory Sandbox. This allows innovations to be piloted and refined, thus accelerating the integration of VBIT in product solutioning. You may be interested to note that the Sandbox now incorporates a Green Lane. This accelerated track offers a simpler and quicker path for financial institutions with a strong track record in risk management to test innovative solutions that are facing regulatory impediments.

For industry players aspiring to drive greater market competition via digitalisation, the formal application window to carry digital takaful business will be open on 2 January 2025 until 31 December 2026. We welcome prior consultation for those interested.

Improvements to quality of services and conduct

Efforts to diversify products and solutions must be paired with improvements in service quality and responsible conduct by market players and their intermediaries. The Customer Satisfaction Survey 2022 for the takaful and insurance industry revealed that while 74% of customers provided positive feedback on their experience, 23% expressed concerns, particularly on inefficiencies in claims processes and poor response from industry players and agents when reached for assistance.³ In Malaysia, the motor, medical and health segments have seen progress on this front through the roll out of digital roadside assistance solutions and the work to establish a central medical claims data platform, respectively. Malaysia’s experience in these two sectors illustrates that there is much to benefit from leveraging on technology.

With technology, not only will the end-to-end experience of consumers – from securing access to takaful cover to the claims and settlement process – be elevated, but digital takaful solutions can go a long way towards increasing consumer trust on the value of takaful protection, enhancing product affordability through better risk pricing and expediting purchasing and claims experiences.

Advancing impact reporting

The VBIT value proposition through exemplary industry practice, is best showcased through meaningful disclosure, and this brings me to my next point, our aspirations for the Maqasid Shariah Scorecard (MSS), that will be launched today.

I am encouraged to witness the industry’s efforts in developing the MSS, which I believe supports the Bank’s call for better impact creation through meaningful disclosures. While the scorecard is a measurement tool to demonstrate and validate VBIT based on Maqasid al-Shariah, it ultimately seeks to drive positive change in behaviour and measure broader outcomes to the community served by the takaful industry.

Globally, impact-based reporting has grown in importance as more stakeholders demand for greater transparency in assessing performance beyond financial reporting. Impact reporting is most commonly demonstrated in the climate and sustainability space, where such reporting serves to demonstrate how companies and financial institutions support the broader ESG goals and SDG agenda.

So given its pivotal role in the operationalisation of VBIT, it is crucial for the MSS to be well executed with clear alignment to operators’ business plans and operations. The successful implementation of MSS will facilitate ambitions for it to play a larger and deeper role, with the goal of elevating MSS as the benchmark reference for impact reporting, domestically and globally. As the next step, we urge the industry to consider what needs to be done for the MSS to be effectively implemented, commencing with strategies to ensure firm understanding of its objectives and measurement methodology by each industry player.

Ladies and gentlemen,

Before I conclude, may I remind ourselves that in implementing VBIT and MSS, the issues of skills and professionalism must be addressed. It is, therefore, critical for the industry to diligently build up expertise, thereby unlocking the full potential of its contribution towards amplifying social and economic impact. We commend efforts such as the VBIT Training Module launched today and hope that MTA and members continue to exert energy to address talent gaps towards building a highly capable and adaptable workforce.

I trust the industry will maintain the momentum to continue accelerating the development of the takaful and retakaful industry through VBIT. May we all be guided by Surah An- Najm, verses 39 and 40, which mean: “And that man shall have nothing but what he strives for, and that his effort will soon be seen.”

With that, I wish you a successful conference ahead. Thank you.
MIL OSI Economics –
January 23, 2025
MIL-OSI: Fortinet FortiGuard Labs Observes Darknet Activity Targeting the 2024 United States Presidential Election
Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) —

Derek Manky, Chief Security Strategist and VP of Global Threat Intelligence at Fortinet
“As the 2024 U.S. presidential election approaches, it’s critical to recognize and understand the cyberthreats that may impact the integrity and trustworthiness of the election process and the welfare of the participating citizens. Cyber adversaries, including state-sponsored actors and hacktivist groups, are increasingly active leading up to major events like elections. Remaining vigilant and identifying and analyzing potential cyberthreats and vulnerabilities is crucial for preparing and safeguarding against the lures and targeted cyberattacks that could take advantage of a heightened moment in time and even disrupt or influence electoral outcomes.”

News Summary
Fortinet^® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today released its FortiGuard Labs Threat Intelligence Report: Threat Actors Targeting the 2024 U.S. Presidential Election, which reveals and analyzes threats tied to U.S.-based entities, voters, and the electoral process. Key findings from the threat intelligence report include:
- Phishing Scams Targeting Voters Leading Up to the 2024 U.S. Presidential Election: Threat actors are selling affordable phishing kits on the darknet designed to target voters and donors by impersonating the presidential candidates and their campaigns.
- Malicious Domain Registrations on the Rise: More than 1,000 new potentially malicious domains have also been registered since the beginning of 2024 that follow particular patterns and incorporate election-related content and candidates, suggesting that threat actors are leveraging the heightened interest surrounding the election to lure unsuspecting targets and potentially conduct malicious activities.
- Darknet Landscape: Billions of records from the U.S. are for sale on darknet forums, including Social Security numbers (SSNs), personally identifiable information (PII), and credentials that could be used in misinformation campaigns and lead to fraudulent activity, phishing scams, and account takeover; approximately 3% of the posts on darknet forums involve databases related to business and government entities.
- Ransomware Landscape: FortiGuard Labs researchers noted a 28% increase in ransomware attacks against the U.S. government year-over-year based on observed leak sites.
Scams Targeting the U.S. 2024 Presidential Election Flood the Darknet
Cyber adversaries, including state-sponsored actors and hacktivist groups, are increasingly active in the lead-up to elections.

The FortiGuard Labs research team observed threat actors selling distinct phishing kits for $1,260 each, created to impersonate U.S. presidential candidates. These kits are designed to harvest personal information, including names, addresses, and credit card (donation) details.

Since January 2024, FortiGuard Labs researchers have also identified more than 1,000 newly registered domain names that incorporate election-related terms and references to prominent political figures. Fraudulent fundraising websites, including secure[.]actsblues[.]com, meant to imitate the legitimate site for ActBlue (secure[.]actblue[.]com), a nonprofit American fundraising platform and political action committee.

The top two most-used hosting providers for these election-themed websites are AMAZON-02 and CLOUDFLARENET. The reliance on major hosting platforms such as Amazon Web Services (AWS) and Cloudflare suggests that threat actors are leveraging these reputable services to enhance the legitimacy and resilience of their malicious domains.

A notable concentration of domains is associated with a limited number of IP addresses, indicating a centralized approach by threat actors to efficiently manage multiple malicious domains to execute large-scale cyber campaigns.

No Shortage of Personal Data Being Sold Aimed at the U.S.
FortiGuard Labs analysis continues to show a significant number of diverse databases available on darknet forums targeting the U.S., including SSNs, usernames, email addresses, passwords, credit card data, date of birth, and other PII that could be used to challenge the integrity of the 2024 U.S. election. Specific highlights include:
- Over 1.3 billion rows of combo lists, which include usernames, email addresses, and passwords, signify a considerable risk for credential-stuffing attacks. In such attacks, cybercriminals use these stolen credentials to gain unauthorized access to accounts, making it a valid and substantial security concern.
- The discovery of 300,000 rows of credit card data, which include CVV, name, card number, expiration date, and date of birth, highlights potential financial fraud risks targeting voters and election officials.
- Over 2 billion rows of user databases on the darknet indicate a heightened exposure to identity theft and targeted phishing attacks.
- 10% of the posts on darknet forums are associated with SSN databases, which poses a significant threat by increasing the risk of personal data breaches.
The U.S. Government Is an Increasingly Attractive Target
Ransomware attacks targeting government agencies before an election can impact the electoral process and public trust in government institutions. Compared to 2023, the FortiGuard Labs research team observed a 28% spike in ransomware attacks against the U.S. government in 2024.

The darknet has become a hub for U.S.-specific threats, where malicious actors trade sensitive information and can potentially develop strategies to exploit vulnerabilities. Approximately 3% of the posts on these forums involve databases related to business and government entities. These databases hold critical organizational data that is vulnerable to cyber exploits and are a prime target for threat actors as the elections come and go.

Recommendations to Prevent and Mitigate Cyberattacks this Election Season
Cybersecurity measures are critical to safeguard the integrity of the U.S. 2024 presidential election. Following fundamental best practices can help prevent and mitigate the effects of cyber incidents. The full list of recommendations and best practices can be found in the report, but some key takeaways for citizens, business leaders, and election officials include:
- Always remain vigilant for suspicious behavior or activity leading up to major events and prioritize good cyber hygiene.
- Prioritize employee training and awareness.
- Enforce multi-factor authentication and a strong-password policy.
- Install endpoint protection solutions.
- Patch operating systems and web servers and update software regularly.
About the Fortinet FortiGuard Labs Election Security Report
- This report provides an in-depth analysis of threats observed from January 2024 to August 2024. It examines the diverse array of cyberthreats that may affect U.S.-based entities and the electoral process.
Additional Resources

About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

The MIL Network –
January 23, 2025
MIL-OSI: Redefine Management Partners with Medmo Delivering Enhanced Medical Imaging Coordination and Outcomes for Patients

Source: GlobeNewswire (MIL-OSI)

MATAWAN, N.J. and NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Redefine Management, a practice management organization that is leading the way in defining excellence within the pain management and musculoskeletal space, today announced its partnership with Medmo, a comprehensive technology platform that orchestrates medical imaging workflows for providers and patients. Together, they’ll advance their shared interest in providing the best imaging patient experience and access to care possible for the entire population they serve.

Diagnostic imaging is a critical piece of the care journey for patients with orthopedic or musculoskeletal issues, as it’s often the most effective way to diagnose conditions and create effective treatment plans. Through this partnership, Redefine and Medmo deliver ample patient access and dedicated engagement, as well as the tools to drive increased adherence and efficiency across all imaging orders, while at the same time reducing the overall cost of care coordination related to imaging orders. Medmo seamlessly facilitates imaging orders from start to finish to create better outcomes for all parties.

“Medmo was easy to implement right into our existing workflow, and we saw immediate results on day one,” said Zack Fox, COO of Redefine Management. “This increased efficiency has positively impacted our practices and has improved the patient experience and outcomes, which is our number one priority. Medmo is fundamentally changing the way imaging orders are facilitated, and ultimately simplifying an element of care that was previously very complex and challenging for patients who are in pain and in need of convenience and ease.”

“As a result of this partnership, all providers associated with Redefine Management gain immediate access to 15,000+ imaging centers across the country, as well as the ability to easily track and manage imaging orders in real-time,” said Lucas Takahashi, co-founder and CEO of Medmo.

Redefine is dramatically reducing the time spent on imaging coordination by offloading patient engagement, scheduling, insurance verification, and the retrieval of results to Medmo’s Care Technology. This has allowed Redefine’s staff to spend more time on high-value, patient-facing activities.

Most importantly, this partnership will address the most common imaging challenges, such as confusion on next steps for patients and lack of appointment visibility for providers. By effectively closing the loop on each patient’s care journey as quickly and efficiently as possible, Medmo will be able to drive better overall adherence, quicker turnaround times, and improved speed to diagnosis and positive outcomes for Redefine’s patients.

About Medmo
Medmo is an all-encompassing medical imaging workflow solution for ordering providers. From patient engagement and scheduling, to insurance verification and retrieving results, Medmo creates a consistent loop for providers, staff and patients. Operating in all 50 states and supporting patients with all insurance types, Medmo is an effortless platform that thousands of healthcare providers use to drive adherence and compliance, positive patient experiences and reductions in the operating costs associated with patient coordination. Learn more at https://www.medmo.com/.

About Redefine Management:
Redefine Management (https://redefinemanagement.com/) is a healthcare consulting and management company driven by a commitment to excellence in healthcare solutions, specifically in the areas of pain management, orthopedics and musculoskeletal medicine. Their expertise spans strategy & finance, operations, marketing & sales, and more. They cater to a diverse clientele that includes, but is not limited to, medical provider groups, outpatient services, and private equity-backed practices.

CONTACT:

Steve Stratz
For Medmo
206.300.9134
steve@relevanzpr.com

Sarah Banker
Account Manager
Office: (800) 239-5572
Direct: (856) 404-0651
Email: svb@themg.co
http://www.TheMG.co

The MIL Network –

January 23, 2025
MIL-OSI: Instant Financial Expands Pay Options With the Launch of Instant Direct, Empowering Employees with Greater Financial Flexibility and Control

Source: GlobeNewswire (MIL-OSI)

ATLANTA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Instant Financial, a leader in fee-free on-demand pay solutions, today announced the launch of Instant Direct, a new solution paving the way for improved employee financial flexibility and freedom. With Instant Direct, employees are more empowered than ever to choose how they want to access their earned wages, expanding the options for seamless, fee-free access to pay. Instant Direct lets employees decide to either transfer their funds to an existing bank account or continue to use the Instant Card, a choice they can make depending on their individual needs and preferences.

The added flexibility of Instant Direct answers the growing demand for immediate access to wages at a time when financial security and control are top priorities for the U.S. workforce. By providing multiple fee-free options for receiving and accessing funds, Instant makes it seamless for employees to choose the financial ecosystem that works best for them. Instant Direct gives users more flexibility to access their wages on their terms – whether for routine expenses, unexpected emergencies, or financial planning – without waiting for traditional payday cycles.

Instant Direct also simplifies earned wage access (EWA) for employers, providing the flexibility many HR and leadership teams need. By simplifying communication around employee eligibility and providing multiple EWA models, Instant Direct is helping streamline the implementation process and unlocking operational efficiencies for companies across the U.S.

Spotlight on Employee Financial Wellness

The launch of Instant Direct follows the release of Instant’s 2024 Wages & Wellbeing study, which revealed that 82% of workers believe immediate access to same-day pay would significantly enhance their ability to save money. The same survey found that 49% of working Americans reported frequently experiencing financial shortfalls before payday.

Financial stress is clearly pervasive, and on-demand pay has proven to be a critical tool for individuals seeking economic stability. By offering fee-free access to wages and its new Instant Direct option, Instant helps employees across the U.S. better manage their finances, avoid costly alternatives like payday loans, and increase their ability to plan, save, and invest.

“Today’s employees expect more options regarding when and how they’re paid,” said Tal Clark, CEO of Instant. “Instant Direct puts that power in their hands, allowing them to take control of their financial decisions and wellness. Instant Direct allows us to meet employees where they are in their financial journeys, providing flexible, fee-free solutions that fit into their lives.”

Instant Direct is available now. To learn more about how Instant can help reimagine pay cycles for your employees, visit http://www.instant.co/direct. Other non-access fees may apply.

About Instant Financial
Instant Financial is a comprehensive employee pay platform providing earned wage access, tip disbursement, and electronic payroll – allowing workers to access their earned wages immediately, whenever, however, and wherever they want. By unlocking on-demand pay, Instant empowers financial freedom and wellness for employees while improving retention and attendance for employers. Compliant across all 50 states, Instant is trusted by leading companies nationwide to bridge the gap between work day and payday. Learn more about Instant and how it can impact your company at http://www.instant.co.

This card (or the Instant Payroll Card) is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Visa is a registered trademark of Visa, U.S.A. Inc. All other trademarks and service marks belong to their respective owners.

Media Contact
Sparkpr for Instant Financial
instant@sparkpr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b07707f-0f56-4355-ae6b-f144fa9a84f8

The MIL Network –

January 23, 2025
MIL-OSI: Avetta and Energy Worldnet Forge Partnership to Transform Operator Qualification Compliance Management in the Oil and Gas Industry

Source: GlobeNewswire (MIL-OSI)

LEHI, Utah and HOUSTON, Oct. 15, 2024 (GLOBE NEWSWIRE) — Avetta^®, the leading provider of supply chain risk management (SCRM) software, announced a strategic partnership with Energy Worldnet (EWN), an industry benchmark in training and compliance solutions for the energy sector. This collaboration will combine EWN’s Operator Qualification (OQ) management features and the Avetta One platform, delivering a streamlined solution for midstream operators to enhance worker safety and meet regulatory OQ compliance requirements.

Managing contractor qualifications can be a significant administrative burden, particularly for clients under Pipeline and Hazardous Materials Safety Administration (PHMSA) regulations. The oil and gas industry has long awaited a solution to eliminate data consistency issues between OQ providers and compliance software, which often slows a client’s ability to respond to PHMSA audits. This newly announced partnership addresses this need by providing a seamless approach to managing contractor OQ compliance alongside existing prequalification, business, financial, and cyber risk assessments, ensuring adherence and oversight of critical safety standards in pipeline operations.

“Integrating EWN’s OQ data with Avetta One Worker Management equips pipeline operators with a single platform to oversee both safety and OQ requirements efficiently,” said Taylor Allis, CPO of Avetta. “Pipeline operator qualification gets complicated with changing requirements, but EWN and Avetta offer a streamlined solution that improves training, transparency, and traceability, simplifying operations and PHMSA audits.”

“We’re excited to partner with Avetta to enhance compliance in the energy sector,” said Coleman Sterling, EWN’s CEO. “This integration aligns with EWN’s commitment to delivering cutting-edge tools that streamline OQ processes, ensuring safety and regulatory compliance. Together, we’re driving operational excellence across the industry.”

Additional benefits include improved compliance tracking for regulatory audits, data synchronization to ensure contractor OQ compliance information is current and accurate, and a comprehensive view of contractor compliance, workforce safety, and OQ compliance for clients managing active pipeline operations. Data will also be available on Avetta’s Mobile Solution, allowing contractors to view compliance information onsite.

“We are thrilled about Avetta’s partnership with EWN, as it opens up new pathways for streamlined OQ solutions, empowering teams to ensure compliance and boost operational efficiency,” said Sean Kelly, Director of Environmental, Health, Safety and Compliance at Producers Midstream. “With the addition of the Safety Maturity Index (SMI), an even more robust and streamlined contractor/supplier solution, we’re fueling a future where safety and excellence go hand in hand.”

For more information, please visit https://www.avetta.com/operator-qualifications.

About Avetta
The Avetta SaaS platform helps clients manage supply chain risk and their suppliers to become more qualified for jobs. We offer the world’s largest supply chain risk management network for hiring clients in our network to manage supplier safety, sustainability, worker competency, and performance. We perform contractor prequalification and worker competency management across major industries all over the globe, including construction, energy, facilities, high-tech, manufacturing, mining, and telecom.

About Energy Worldnet
Energy Worldnet, Inc. is a leading provider of training and compliance solutions for the energy industry. EWN’s comprehensive training solutions include online and classroom training, competency assessments, and compliance management tools. Learn more about EWN’s comprehensive offerings at https://www.ewn.com.

Media Contact:
avetta@hoffman.com

The MIL Network –

January 23, 2025
MIL-OSI: Fortiva® Retail Credit Announces Second Look Partnership with Mor Furniture for Less

Source: GlobeNewswire (MIL-OSI)

ATLANTA, Oct. 15, 2024 (GLOBE NEWSWIRE) — Fortiva® Retail Credit, the leader in second look point-of-sale financing, today announced a new partnership with Mor Furniture for Less, a premier furniture retailer on the West Coast that ranks among the top 100 furniture retailers in the US.

The Fortiva Retail Credit program offers second look financing solutions that help businesses sell more goods by providing more consumers with access to credit. This partnership will allow Mor Furniture for Less to expand consumer financing options for home furnishings purchases. Fortiva Retail Credit’s market-leading technology and proprietary underwriting will help Mor Furniture for Less approve more consumers and facilitate a seamless consumer application process for customers in-store and online.

“We are thrilled to announce our partnership with Mor Furniture for Less, offering a second look lending solution to optimize Mor Furniture’s consumer finance program,” said David Caruso, Chief Commercial Officer for Atlanticus Holdings Corporation. “Our commitment to offering more inclusive financial services to millions of everyday Americans is a core principle which aligns with Mor Furniture’s mission of delivering consumers the best value on quality merchandise.”

Harold Linebarger, Chief Operating Officer for Mor Furniture, stated, “Partnerships which provide value to both the consumer and the retailer are essential to Mor’s success. Mor is thankful for the opportunity to provide even greater value to our valued customers and is looking forward to this new partnership.”

About Fortiva Retail Credit
Fortiva^® Retail Credit is a technology-enabled second look point-of-sale consumer credit program issued by The Bank of Missouri. The omnichannel program leverages instant decisioning capabilities, deep underwriting analytics, and a paperless process to provide best-in-class retail finance solutions for its clients both in-store and online. This flexible technology platform provides consumers with a loan decision within seconds. Clients in markets such as furniture, big box/specialty retail, flooring, home improvement, HVAC, electronics, elective medical, health and fitness, home automation, and jewelry offer the Fortiva Retail Credit program for second look financing. The Fortiva^® Retail Credit program is available throughout the United States, including Puerto Rico and the U.S. Virgin Islands. The Fortiva Retail Credit program is managed by subsidiaries of Atlanticus Holdings Corporation. For more information, please visit http://www.fortivaretailcredit.com

About Mor Furniture for Less
Mor Furniture for Less, established in 1977, is the largest furniture company on the West Coast with 38 stores in 7 states, offering a great selection and guaranteed low prices in all home furnishing categories: bedroom, mattresses, living room, small spaces furniture, and dining furniture. To learn more, visit http://www.morfurniture.com

Contact:
Media Relations
media@atlanticus.com

For more information:
http://www.fortivaretailcredit.com

The MIL Network –

January 23, 2025
MIL-OSI: Empathy Launches LifeVault, Bringing Trusted and Personalized Legacy Planning to Life Insurance Clients Across the U.S.
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Empathy, the world leader in helping families deal with loss, has announced the launch of its newest product offering, LifeVault™ which makes it easier than ever for Americans to build comprehensive legacy plans. LifeVault represents the next phase of Empathy’s mission to change the way Americans manage the loss of a loved one by making personalized, holistic legacy planning and support more accessible.

“At Empathy, we support families during some of life’s most challenging moments, starting with our first-in-class product for support after the loss of a loved one, and now with LifeVault which puts the focus on planning ahead,” said Empathy co-founder and CEO Ron Gura. “LifeVault is the next phase of Empathy’s mission — making personalized, holistic legacy planning and support possible for even more families.”

Most families perceive estate planning as complex, time-consuming, and costly. For these reasons, 67 percent of Americans have no estate plan in place—a number that disproportionately affects middle- and lower-income families.

With LifeVault, Empathy further establishes its deep understanding of what families need to handle loss in America, leveraging corporate partnerships to support millions of families in their time of need. Empathy’s LifeVault is a white-labeled solution that increases access to estate planning services via thoughtful tailored integrations with trusted life insurance carriers and agents, empowering families with the legacy planning tools they need to make informed choices and move forward in confidence following the loss of a loved one.

LifeVault will be available to families via financial institutions, empowering them to take control of their legacy with tools and guidance to create more comprehensive roadmaps. By working with trusted and enduring financial institutions, individuals can ensure that their families will be taken care of both financially and administratively––a streamlined experience that will pay dividends to countless families in the years to come as they cope with a new reality following loss.

Clients will be able to revisit their plans and choices to make updates to a variety of integral legacy planning documents, including:
1. Last Will & Testament
2. Health Care Directive
3. Power of Attorney
4. Funeral Directive
New York Life, the largest mutual life insurance company in the United States, served as an initial design partner with Empathy on LifeVault. The company was the first life insurance carrier to leverage Empathy’s loss support for bereaved families and now is the first insurer to introduce the legacy planning offering.

“Our ongoing partnership with Empathy well-represents New York Life’s continued commitment to delivering exceptional client and agent experiences through innovation,” said Regina Warga, head of client experience, New York Life. “This includes empowering our agents to deliver further value to our clients and their loved ones through new technologies like Empathy’s latest offering that are designed to strengthen relationships and support families as they build legacies and secure financial futures.”

With a deep commitment to helping families work through life’s most difficult moments, Empathy is redefining the way that we plan for and deal with loss. Learn more about how Empathy is changing the way the world deals with loss at https://www.empathy.com/.

ABOUT EMPATHY

Empathy is a technology company transforming the way the world prepares for and manages the loss of a loved one. With $90 million in total funding from leading tech investors and the largest global insurance carriers, Empathy is at the forefront of the emerging compassionate economy, setting the new standard in family care and modern employment benefits. Founded in 2020 by Ron Gura and Yonatan Bergman, Empathy offers a full range of assistance to those facing grief, estate planning and settlement, probate and more through life insurance benefits or via bereavement leave through an employer. By partnering with Fortune 500 companies and leading insurance carriers, Empathy currently offers services to 40 million covered individuals across the U.S. at no cost to families. Empathy uses its award-winning app and Care Team to carefully assess needs and next steps and complements experiences through time-saving and tech-enabled tools to effectively provide personalized plans, automated workflows and care resources, including an extensive library of articles, guides and meditation tools to support them through their grieving process. With accolades from Apple, Google Play, CB Insights and Fast Company, Empathy is the fastest-growing benefit for insurance carriers and employers alike. Learn more about Empathy at http://www.empathy.com.

Contact:
press@empathy.com

The MIL Network –
January 23, 2025

Top Reasons for Worker Satisfaction with Gig Platforms
Flexibility	Enjoy the Work	Good Fit for Skillset	Earning Potential
71%	59%	47%	41%

Contact		Dave Blumberg
		TransUnion
E-mail		david.blumberg@transunion.com
Telephone		312-972-6646

Rachael Dowers, PR Manager	+44 207 658 2086	rachael.dowers@schroders.com
Justine Crestois, PR Executive	+44 20 7658 5186	justine.crestois@schroders.com

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