NewzIntel.com

Category: Economy

  • MIL-OSI: Crunchyroll partners with Bango to boost membership growth through Super Bundling

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, Oct. 15, 2024 (GLOBE NEWSWIRE) — Crunchyroll has entered into an agreement with Bango (AIM: BGO) to further grow its international subscriber base through bundling partnerships with telcos and other third parties.

    Crunchyroll is the ultimate global brand for all things anime, offering the world’s largest dedicated streaming library with over 25,000 hours of content. With new series arriving every season, it remains the go-to destination for anime fans everywhere. Through its new partnership with Bango, Crunchyroll opens up the bundling of its subscription offer with mobile and broadband plans, as well as other consumer services such as bank accounts and retail clubs.

    As a leader in bundling technology, Bango takes care of all technical aspects of resellers creating and managing subscription bundles. It can also manage targeting offers such as trials and discounts that could include Crunchyroll in future.

    Telcos and other resellers will now be able to offer Crunchyroll in bundles, providing consumers with more cost-effective deals, and less administrative hassle. The partnership also opens up the opportunity for ‘Super Bundling’, making it easier for telcos to build Crunchyroll into their all-in-one subscription platforms and content hubs. Through this Bango agreement, Crunchyroll will be able to further expand its 14 million strong subscriber base through these new, indirect channels.

    Commenting on the partnership, Anil Malhotra, CMO at Bango, said, “Crunchyroll is the number one choice for anime fans across the globe, and bundling through third parties will continue to drive its rapid growth. Indirect subscriptions have become increasingly essential for the SVOD market, and we look forward to helping Crunchyroll capitalize on this emerging trend.

    “As consumers look for more flexibility, and to access more services in one place, Super Bundling represents a clear strategic step forward for brands like Crunchyroll to reach new audiences and further grow their subscriber base.”

    About Bango
    Bango enables content providers to reach more paying customers through global partnerships.

    Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft, trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit http://www.bango.com

    About Crunchyroll
    Crunchyroll is the global anime brand that fuels fans’ love of anime. With the ambition to make anime an even bigger part of pop culture, Crunchyroll offers fans the ultimate anime experience and destination centered around a premium streaming service. Crunchyroll has the largest dedicated anime library, an immersive world of events, exciting theatrical releases, unique games, must-have merchandise, timely news, and more. Anime is for everyone and is accessible to stream across territories through Crunchyroll—whether on the go on mobile, through gaming consoles and big-screen devices at home, or on desktops anywhere.

    Crunchyroll, LLC is an independently operated joint venture between U.S.-based Sony Pictures Entertainment and Japan’s Aniplex, a subsidiary of Sony Music Entertainment (Japan) Inc., both subsidiaries of Tokyo-based Sony Group.

    Media contact:
    Anil Malhotra, CMO, Bango
    anil@bango.com
    Tel: +44 7710 480 377

    The MIL Network –

  • MIL-OSI: Trupanion, Inc. Announces Third Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Oct. 15, 2024 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today it will report financial results for its 2024 third quarter after the market closes on Wednesday, October 30, 2024. The company will host a conference call that day beginning shortly after 1:30 p.m. PT / 4:30 p.m. ET.

    A live webcast (including a slide presentation) discussing results, guidance and management observations will be available on Trupanion’s Investor Relations site under Investor Events at http://investors.trupanion.com and will be archived online for 3 months upon completion of the conference call.

    Participants can access the conference call by dialing 1-877-300-8521 (United States) or 1-412-317-6026 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10192561.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, Europe, Puerto Rico and Australia with over 1,000,000 pets enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet owners with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: Micron Fuels New Wave of AI PCs With Launch of Ultra-Fast Clock Driver DDR5 Memory Portfolio

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Oct. 15, 2024 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU), today announced the availability of a brand-new category of clock driver memory with the launch of its Crucial® DDR5 clocked unbuffered dual inline memory modules (CUDIMM) and clocked small outline dual memory modules (CSODIMM), which are now shipping in volume. The JEDEC-standard solutions run at speeds up to 6,400 MT/s (megatransfers per second), more than twice as fast as DDR41 and 15% faster than traditional non-clock-driver-based DDR5.2 Designed to provide more speed stability, faster downloads and better refresh rates, these solutions represent a completely new frontier of memory form factors for next-generation PCs. Micron’s CUDIMM and CSODIMM solutions are the industry’s first commercially available JEDEC-standard DDR5 CUDIMM and CSODIMM solutions to hit the market since JEDEC standardized the specification earlier this year.

    In addition, Intel has validated Micron DDR5 CUDIMM and CSODIMM solutions up to capacities of 64 gigabytes (GB) for use with its Intel® Core™ Ultra processors (Series 2), which were launched last week on Oct. 10.

    “As AI takes flight, a memory paradigm shift is needed to keep pace with unprecedented system performance requirements,” said Dinesh Bahal, corporate vice president and general manager of Micron’s Commercial Products Group. “Micron is shipping the industry’s first JEDEC-standard, commercially available DDR5 CUDIMM and CSODIMM solutions to power fast, out-of-the-box speeds for AI PCs and high-end workstations. With this new category, we are arming the ecosystem with next-generation memory solutions to future-proof today’s devices for tomorrow’s AI workloads.”

    While DDR5 offers rapid speeds, scaling challenges have made it difficult to deliver DDR performance increases while ensuring reliable high speeds and signal integrity, especially when combining high bandwidth with large capacity. Representing an evolution of traditional UDIMMs, the new category of CUDIMMs and CSODIMMs feature a clock driver directly on the memory module to stabilize speeds. While most systems today rely on the clock from the CPU, using innovative engineering, Micron has directly integrated the clock driver into the memory module to conquer electrical challenges at the root, making memory faster and more stable.

    The validation of these new client memory modules by Intel will empower top PC manufacturers and integrators to begin adopting Micron’s innovative clock driver-based memory into forthcoming PC platforms. Notably, Micron is the first memory vendor to validate 32 gigabit die-based 64GB CUDIMM and CSODIMM solutions for Intel® Core™ Ultra desktop processors. This enables system capacities up to 256GB for AI PCs and high-end workstations, which demand high memory densities and performance.

    “Micron and Intel have been working together to bring next-generation compute performance to the market,” said Dimitrios Ziakas, vice president of memory and I/O technologies at Intel. “The powerful combination of Intel Core Ultra desktop processors and Micron’s latest clock driver-powered CUDIMM/CSODIMMs with up to massive 64 GB capacities will be critical to helping propel the next wave of data-rich AI PCs to 6400 MT/s speeds. By aligning our strategies and co-validating, we are offering the most advanced memory and CPU products to our customers and the market and accelerating ecosystem adoption of future-looking form factors.”

    The 6,400MT/s speeds provided by Crucial’s plug-and-play DDR5 CUDIMM and CSODIMM memory offer an out-of-the-box performance boost to AI PCs and other data-hungry workloads, whether users are upgrading from a DDR4 system or looking to increase DDR5 performance. The CUDIMM solutions are suited for desktop computers and the CSODIMM solutions for laptops.

    Consumers will be able to purchase the CUDIMM and CSODIMM solutions in 16GB capacities through Crucial.com, which will come with a limited lifetime warranty.3 Capacities of 64GB will be available for purchase through the channel during the first half of calendar year 2025.

    With the addition of DDR-based CUDIMMs and CSODIMMs, Micron continues to expand its memory portfolio with form factor and performance innovations to power next-generation PCs, including AI PCs, and increasingly demanding workloads.

    To learn more, visit here to learn more about Micron’s CUDIMM offerings and here to learn more about its CSODIMM offerings.

    Follow us online!
    Micron social channels:
    LinkedIn: https://www.linkedin.com/company/micron-technology
    X: https://www.x.com/MicronTech
    Facebook: https://www.facebook.com/MicronTechUSA/

    Crucial social channels:
    Facebook: https://www.facebook.com/crucialmemory 
    Instagram: https://www.instagram.com/crucial_memory
    X: https://www.x.com/crucialmemory
    YouTube: https://www.youtube.com/crucialmemory

    About Micron Technology, Inc.
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications
    that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2024 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    1 DDR5 6,400MT/s speeds are comparable to extreme-performance DDR4 memory speeds and 2x faster than maximum standard DDR4 speeds of 3,200MT/s.
    2 Based on DDR5 running at maximum bandwidth of 5600 MT/s
    3 Limited lifetime warranty valid everywhere except Austria, Belgium, France, and Germany, where warranty is valid for ten years from the date of purchase.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d734e10-1dab-4baf-b5ec-62f82945edeb

    The MIL Network –

  • MIL-OSI: Cipher Mining Announces the Signing of Option Agreements to Acquire 1.5 GW of Data Center Sites in West and North Texas

    Source: GlobeNewswire (MIL-OSI)

    Three sites featuring targeted capacity of 500MW each

    Signed option to lease or purchase a total of 580 acres of land, with two sites located in North Texas and one site located in West Texas

    Suitable for both HPC and bitcoin mining data centers

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it has signed option agreements to acquire the recently announced three sites in West and North Texas from Juvo Energy.

    The three sites are adjacent to transmission assets and in the final stages of approval for interconnection with 500 MW targeted capacity per site. Cipher will be able to exercise the option in the next 24 months to acquire the sites, including 580 acres of land to be either leased or purchased. The ultimate purchase price to exercise the options for the sites will be determined by the number of megawatts actually approved for interconnection. The three sites all have the necessary characteristics for development of HPC data centers or bitcoin mining operations.

    “We have seen increasing demand from hyperscalers for large sites that can be energized within the next three years. By getting involved earlier in the development timeline and process, we can source valuable sites that most of our competitors cannot, spend less for premium sites and improve long-term visibility for our supply chain management and construction functions. These new sites give us tremendous optionality on the expansion of our HPC hosting business,” said Tyler Page, Cipher’s CEO.

    With the addition of these new sites, Cipher’s active portfolio and development pipeline will total 2.5 GW across 10 sites.

    About Cipher

    Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/.

    About Juvo

    Juvo Energy is a power infrastructure company focused on development of “powered land” sites across the country. Juvo has a growing, active portfolio of over 6 GW. To learn more about Juvo, please visit: https://www.juvo-energy.com

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations regarding our future results of operations and financial position, business strategy, timing and likelihood of success, potential expansion of and additional bitcoin mining data centers, expectations regarding the operations of mining centers, and management plans and objectives, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, and in Cipher’s subsequent filings with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts:
    Investor Contact:
    Josh Kane
    Head of Investor Relations at Cipher Mining
    josh.kane@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network –

  • MIL-OSI: CarGurus Teams With NFL Legend Drew Brees for “Keys to Success” Campaign

    Source: GlobeNewswire (MIL-OSI)

    Known for his confidence and ability to deliver under pressure, the former NFL quarterback and auto enthusiast is coaching today’s drivers in new digital campaign

    BOSTON, Oct. 15, 2024 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today launched a new campaign with NFL legend Drew Brees focused on helping today’s drivers feel even more confident and prepared during the car buying and selling process. The “Keys to Success” campaign taps Brees—who is known for his ability to deliver under pressure both on and off the field—to empower all drivers in getting “game day-ready” to feel assured they’re getting the best deal and are in control through the car buying and selling process.

    “CarGurus helps today’s shoppers get ready for their big moment by providing access to thorough vehicle information, the most extensive deal ratings, and the most new and used cars so you know you’re getting the best deal possible,” explained Brees. “So much of performing at a high level is about focusing on the process and having the tools that instill confidence so that by the time you step on the field—or into the dealership—you’re ready to make things happen.”

    As one of the largest financial commitments today’s consumer can make, purchasing a car can be daunting for many. According to a recent CarGurus study2, many game-time decisions can erode a shopper’s confidence:

    • The top three factors that can cause someone to second-guess their car purchase are 1) Not being sure what makes for a fair price (39%); 2) Feeling rushed to make a decision (37%); and 3) The general stress of making such a big purchase/commitment (36%).
    • Nearly two-thirds (61%) of buyers said that negotiating a price is one of the most intimidating aspects of buying a car.
    • Mirroring the trend seen for car buying, 50% of respondents said the most intimidating aspect of selling or trading in a car was getting the most money.

    “Known for his rigorous mental and physical preparation during his professional football career, Drew’s winning combination of steady confidence and rigorous research both on and off the field makes him the perfect confidence coach for today’s drivers, and a natural partner for CarGurus,” said Dafna Sarnoff, CarGurus Chief Marketing Officer. “Car shoppers can identify with Drew’s mindset of gathering the best information and tools available to feel confident that they are getting the best deals for their unique individual needs.”

    The “Keys to Success” campaign will be featured on Instagram, TikTok, Facebook, YouTube, and other digital video placements. See here to learn more about the campaign.

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit http://www.cargurus.com, and for more information about CarOffer, visit http://www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Insights (Cars.com, Autotrader.com, TrueCar.com), Q2 2024, U.S.
    2Methodology: July 2024 survey of 1,501 U.S. licensed residents, 18+

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    Investor Contact:
    Kirndeep Singh
    Vice President, Investor Relations
    investors@cargurus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9cd48575-34a4-44b2-90ed-3b28fd021eed

    The MIL Network –

  • MIL-OSI: Luminar Media Group/Fortun (OTCMARKETS: LRGR) Forecasts Continued Significant Growth Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 15, 2024 (GLOBE NEWSWIRE) — Luminar Media Group, Inc. (OTCMARKETS: LRGR), a leading fintech company providing capital and financial services to underserved businesses, is pleased to announce its forecast for continued strong growth in the fourth quarter of 2024.

    After delivering impressive financial results for the third quarter of 2024, the company—through its subsidiaries FortunCo and Fortun Advance—continues to achieve exceptional performance. Fortun Advance, in particular, has exceeded projections and is expanding its financial presence, positioning itself for sustained success as it continues its growth trajectory.

    Key Financial Highlights:             Q3 2024         Q4 2024 (Projected)      Growth (Projected)

    Funding Volume:                         $1,138,000        $1,650,000                  45% Increase

    Revenue:                                     $307,211           $407,550                     32% Increase

    Total Assets:                                $1,926,507        $2,430,000                  26% Increase

    Funding Volume Trajectory:

    July: $258,700, August: $389,700, September: $489,600, October (Projected): $550,000, November (Projected): $600,000, December (Projected): $650,000.

    Fortun Advance continues its rapid growth trajectory, with Q4 funding projections indicating a 45% increase from Q3. This steady growth reflects the company’s expanding market presence and its ongoing commitment to increasing funding operations.

    Business Performance Since Acquisition:

    As of September 30, 2024, Fortun Advance’s total assets had grown to $1,926,507, which includes $498,226 in cash and $1,428,281 in receivables. This is a significant improvement since Luminar Media Group’s strategic acquisition of Fortun Advance in May 2024. As part of its strategic growth plan, LRGR has begun the process of working with its attorney to change its stock symbol and rebrand the company as Fortun Corp.

    Market Insights:

    Small businesses are a critical growth engine for the U.S. economy, generating over $800 billion annually. Recent data shows a significant increase in the number of small business owners, further highlighting their importance to economic growth and job creation.

    Gianinna Nicoletti, Vice President of Operations for Fortun Advance, shared her thoughts on the company’s performance and future outlook:

    “The momentum we’ve built in just a few short months highlights our strategic approach to supporting the small business community. Our tailored funding solutions have been instrumental in their success. Looking ahead to the final quarter of 2024 and into 2025, we are confident that strong market demand, combined with our commitment to innovation and exceptional customer service, will continue to drive Fortun’s growth.”

    Yoel Damas, President, added: “Fortun has positioned itself as a crucial partner for small businesses, offering flexible, revenue-based funding solutions that are essential for their growth. With many entrepreneurs facing challenges in accessing traditional financing, Fortun’s commitment to providing accessible funding has strategically placed it in this underserved market.”

    About Luminar Media Group, Inc.

    Headquartered in Miami, Florida, Luminar Media Group, Inc. is a pioneering fintech company specializing in financial solutions for underserved communities, with a focus on Latino and minority-owned businesses. Leveraging innovative strategies and a commitment to excellence, Fortun empowers businesses to drive economic growth.

    Forward-Looking Statements.

    This release contains forward-looking statements that reflect Luminar Media Group’s current strategies and expectations for future performance. Actual results may differ materially due to various risks and uncertainties. Investors are encouraged to review the company’s filings with the SEC for further information.

    The financial data presented in this release is subject to review by independent accountants and may be adjusted before final reporting. Please note that the information provided is preliminary and should not be considered final until it has undergone a full review.

    For more information, please contact:
    Robert Rico
    Investor Relations
    Phone: 305-283-9237
    Email: Robert@Fortunco.com
    Follow us on X: [@FortunCorp](https://x.com/FortunCorp)

    The MIL Network –

  • MIL-OSI: SolarShare Transforms Global Renewable Energy Investment with Blockchain-Powered Solar Panel Ownership

    Source: GlobeNewswire (MIL-OSI)

    SALVADOR, Brazil, Oct. 15, 2024 (GLOBE NEWSWIRE) — SolarShare is redefining how the world invests in renewable energy by using blockchain technology to tokenize solar farms, enabling global access to clean energy projects. Individuals can now purchase solar panels as Non-Fungible Tokens (NFTs) and earn passive income from the sale of electricity generated by those panels.

    With an impressive annual dividend projected from operational solar farms, SolarShare is making it easier than ever for people to participate in renewable energy investment while helping to decrease dependence on fossil fuels.

    Operating three solar farms in Xique-Xique, Bahia, Brazil, SolarShare is expanding its reach with an ambitious growth plan. Tokenizing solar panels through NFTs gives people from all walks of life an opportunity to invest in and benefit from solar energy production. Investors receive income in USDT, a US dollar-pegged stablecoin generated by the sale of electricity from these farms.

    “Our mission at SolarShare is to open up solar energy investment to everyone,” said William Campbell, CEO and Founder of SolarShare. “We’ve made it possible for anyone, regardless of where they live, to own a piece of solar energy and benefit from the returns it offers. Whether you’re in Asia, Europe, or North America, you can now contribute to a greener world and earn up to 25% annually.”

    SolarShare’s first farm, Sunrise Solar Farm, is a 110kW facility in the sun-rich Xique-Xique region. It produces around 15,000 kWh per month using over 200 DAH Solar 555W Monocrystalline panels. Two additional farms, Sunny Valley and Helios Fields, contribute a combined output of 30,000 kWh, raising SolarShare’s total energy capacity to 45,000 kWh per month. These farms are just the beginning as the company continues to expand in regions with significant solar potential.

    Throughout the year, each farm runs its operations, generating energy that is sold on the Brazilian energy market. The revenue generated from these sales is converted into USDT and distributed among NFT holders based on the investment tier they belong to. To ensure the integrity of operations, all farms are secured with warranties and insurance coverage to address any potential unforeseen circumstances.

    SolarShare’s NFTs come in different tiers, representing varying levels of ownership. The smallest tier, a Solar Unit, is one-fifth of a solar panel, while the largest, Solar Planet, consists of 940 NFTs, equating to 188 solar panels, or a whole solar farm. Investors earn a percentage of the energy generated by these panels, with the staking of SolarShare’s native cryptocurrency, $SOLAR, enabling higher returns of up to 90% of a panel’s output.

    “We’re giving people the power to invest in something that matters,” added Campbell. “It’s not just about financial returns; it’s about having a real stake in the future of clean energy.”

    Brazil’s high solar irradiation has positioned the country as a major player in solar energy production, with a capacity that has grown from under 2GW in 2017 to over 35GW in 2024. As demand for renewable energy continues to rise, SolarShare presents a timely solution by making solar energy investments accessible on a global scale.

    “Brazil’s solar potential is immense, and we’re excited to be at the frontline of this movement,” said Campbell. “Through our partnership with Versole Energia Solar, we’re delivering high-quality solar projects that not only provide financial returns but also help reduce carbon emissions. It’s a win for investors and for the planet.”

    SolarShare’s model offers both financial and environmental benefits. Investors can expect annual returns of up to 25%, depending on energy prices and production levels. Meanwhile, the company’s commitment to sustainability ensures that funds are directed toward expanding solar energy capacity, helping to address the global climate crisis.

    SolarShare has ambitious plans to expand its operations into new regions with greater solar potential. The company is currently exploring additional farms in Brazil, other Latin American countries, and even Saudi Arabia, aiming to reach a global audience.

    “Solar energy is one of the most scalable solutions to the world’s growing energy needs,” Campbell said. “With support from our investors and partners, we’re committed to growing our platform and making SolarShare the go-to solution for solar energy investments.”

    Investing in SolarShare is simple and open to anyone. Investors can visit the SolarShare platform, purchase an NFT representing solar panel ownership, and earn dividends from the energy generated. The platform’s intuitive dashboard lets users track their energy production, earnings, and environmental impact in real time.

    SolarShare invites you to join the renewable energy revolution today. Purchase your Solar NFT, start earning, and contribute to a more sustainable future.

    Together, we can harness the sun’s power and help save the planet.

    Don’t forget to follow us on X, Discord, and Telegram to stay updated.

    In case of any queries, please contact –
    SolarShare Support
    Marketing & Support Team
    Marketing@SolarShare.io

    About SolarShare:
    SolarShare is a blockchain-powered platform that enables fractional ownership of real-world solar panels. By tokenising solar farms, SolarShare allows individuals to invest in clean energy projects and earn passive income. SolarShare is leading the charge in democratising access to renewable energy investments with a focus on transparency, sustainability, and community-driven growth.

    Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7bab472c-8f1c-4e48-abc2-234209bdacd0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ce65aa21-a0bd-4eca-a719-a5a6aa91759f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/48f98475-7228-470f-9f14-48a1675ea0d4

    The MIL Network –

  • MIL-OSI: FIPCOIN Sets New Standard in Cryptocurrency with Stable Value and Guaranteed Returns

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 15, 2024 (GLOBE NEWSWIRE) — The cryptocurrency sector has witnessed a range of innovative products, but few have combined stability with predictable income like FIPCOIN does. Built on the robust Binance Smart Chain (BSC), FIPCOIN offers investors fixed returns independent of market volatility. This unique digital asset blends stability, security, and consistent income, reshaping how individuals and businesses interact with cryptocurrencies.

    FIPCOIN is the brainchild of Mr Piyush Krishna, CEO and Founder of FIP Trade Factory (Fixed Income Platforms), who has an extensive background in managing fintech companies, international banking, and blockchain innovation. With a firm belief in the transformative potential of cryptocurrency, FIPCOIN emerged as the solution to many of the hurdles that traditional finance and existing cryptocurrencies face, such as transaction delays, high fees, and market volatility. FIPCOIN’s operations are supported by Fixed Income Platforms LLC, Bridge Funding & Investments Private Limited and Bridge E-Commerce & Technocrats Private Limited & Wealthwise KB

    At its core, FIPCOIN is designed to maintain its initial buying value, regardless of the turbulent fluctuations that often characterise the cryptocurrency market. This guarantees investors peace of mind by ensuring that their investments retain value while also generating fixed monthly returns. This income is supported by FIPCOIN’s High-Frequency Trading (HFT) activities, which provide steady revenue streams. Such stability makes it an attractive proposition for risk-averse investors looking for a dependable store of value in the ever-changing digital economy.

    The currency also benefits from being backed by reputable fund management firms. FIPCOIN integrates the security of traditional finance with the decentralised power of blockchain technology, making it a unique asset within the cryptocurrency sector. “FIPCOIN is a response to the pressing need for a more stable and reliable investment option in the cryptocurrency sector,” says the CEO. “Our mission is to empower investors by providing them with a predictable income stream while maintaining the integrity of their capital.”

    Traditional fiat-based systems often struggle with slow transaction times, expensive fees, and regulatory inconsistencies. FIPCOIN, leveraging blockchain’s decentralised infrastructure, provides a solution that is faster, more cost-effective, and globally accessible. By bypassing intermediaries, FIPCOIN reduces the costs associated with cross-border payments, enabling seamless international transactions that enhance global commerce.

    Visionary CEO of FIPCOIN, emphasises the coin’s potential: “FIPCOIN represents more than just a cryptocurrency; it’s the future of global payments. We’ve designed it to integrate effortlessly into existing financial systems while also offering unmatched stability and income. It is a game-changer in the world of decentralised finance.”

    FIPCOIN’s most distinctive feature lies in its fixed-income model. While most cryptocurrencies are subject to wild price swings, FIPCOIN offers consistent monthly dividends to its holders. These payments are distributed via a smart contract on the Binance Smart Chain, ensuring transparency, efficiency, and security. This is made possible by the coin’s underlying asset reserve, which supports the dividend payouts.

    “In a world where volatility is commonplace, FIPCOIN’s promise of stable, predictable returns presents a unique advantage,” states the CEO. “Our holders can benefit from the possibility of capital appreciation and consistent income, which is nearly unheard of in today’s digital asset market. However, this is a tried-and-true model we’ve applied since 2018 in our Fixed Income Platforms, where we have consistently provided fixed returns to all our clients. The only change is our transition from traditional fiat currencies to digital currencies.”

    In addition to its innovative economic model, FIPCOIN prioritises security. The platform uses multi-layered encryption and undergoes regular security audits to ensure the safety of users’ assets. Built on Binance Smart Chain’s Proof-of-Staked Authority (PoSA) protocol, the network also benefits from reduced energy consumption and enhanced scalability, further securing its position as a forward-thinking cryptocurrency.

    FIPCOIN is committed to adhering to the regulatory frameworks of various jurisdictions, aiming to build trust and legitimacy in an increasingly scrutinised market. This transparency further bolsters investor confidence, particularly in a landscape often clouded by uncertainty and regulatory challenges.

    FIPCOIN’s ecosystem goes beyond simple payments, emphasising decentralised wallets with multichain functionality that enhances security and usability on both Polygon and Binance Smart Chain. In a bid to democratise film production, FIPCOIN is launching a crowdfunding platform for movies, empowering filmmakers to fund their projects independently.

    The universal blockchain explorer will also enable users to track transactions across multiple blockchains, promoting transparency and trust. Investors can engage in an opinion trading platform with AI-powered bots to share insights and earn rewards while incorporating AI tools for cybercrime prevention, underscoring FIPCOIN’s commitment to security and innovation.

    With a total supply of 1 billion tokens, FIPCOIN has a clear and strategic token distribution model. The initial token supply stands at 200 million, with pre-sale values ranging from $0.80 to $0.90. The team has also planned systematic token burning to reduce the overall supply and encourage scarcity, which should drive up the token’s value over time.

    Looking ahead, FIPCOIN has an ambitious roadmap that includes the development of a decentralised wallet, an opinion trading platform, and a crowdfunding platform for aspiring directors. By Q4 2025, it aims to have fully launched all of its promised use cases, firmly establishing itself as a leader in the cryptocurrency space.

    With an international presence spanning India, Hong Kong, Europe, and Dubai, FIPCOIN is well-positioned to cater to a global audience. The team’s deep understanding of intricate regulatory frameworks and financial systems positions FIPCOIN to lead the way in cryptocurrency innovation.

    “Join us as we pave the way for a new era in cryptocurrency,” urges the FIPCOIN team. “Together, we can redefine the financial sector for investors worldwide.”

    As FIPCOIN prepares for its public presale, scheduled for November 2024, there has never been a better time to get involved. The coin’s ability to provide fixed returns in a market notorious for volatility makes it an ideal choice for both seasoned investors and newcomers.

    To learn more and secure your place in the ecosystem, visit FIPCOIN Presale today and be part of this financial revolution.

    You can also follow us on X, Discord, and Telegram to stay updated.

    In case of any queries, please contact
    Contact Person’s Name: Siva
    Designation: Admin
    Contact Email: admin@fipcoin.ai

    About FIPCOIN:
    FIPCOIN presents a groundbreaking concept in the world of cryptocurrency by offering fixed returns regardless of market circumstances. FIPCOIN guarantees stability by utilising its clients’ extensive cross-border transactions and established High-Frequency Trading (HFT) activities to create steady revenue streams. This unique characteristic establishes FIPCOIN as a dependable digital asset that merges capital growth opportunities with regular monthly profits.

    Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ed90ec-8a23-4a15-b70c-aedea97e6a63

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9380015f-0999-454d-8660-7759c918d6db

    The MIL Network –

  • MIL-OSI: Wearable Devices and RayNeo Collaborate to Lead the Industry of Neural Control for AR Glasses

    Source: GlobeNewswire (MIL-OSI)

    YOKNEAM ILLIT, ISRAEL, Oct. 15, 2024 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announces the collaboration with RayNeo™ (“RayNeo”), a leader in augmented reality (AR) technology, to collaborate in delivering mass production level solution of next-generation neural interface AR glasses.

    Both parties will be showcasing how neural interface technology can be seamlessly integrated into AR devices, enhancing user experience by enabling hands-free, gesture-based interactions in augmented and mixed reality environments.

    RayNeo is known for its innovations in AR, developing cutting-edge AR glasses that enhance immersive experiences by overlaying digital content in the real world. By integrating RayNeo’s AR glasses with Wearable Devices’ neural gesture control technology, users can experience a truly hands-free interaction, elevating the immersive experience to new heights.

    “We are thrilled to collaborate with an innovative leader such as RayNeo,” said Asher Dahan,  Chief Executive Officer of Wearable Devices. “Our Mudra technology demonstrates the potential of neural gesture control to create immersive, intuitive, and natural interactions in mixed reality environments. This partnership reflects our mutual vision of redefining how people interact with technology in the rapidly evolving extended reality (XR) space.”

    “Collaborating with Wearable Devices represents a significant leap forward in the future of AR technology,” said Howie Li, CEO of RayNeo. “By combining RayNeo’s advanced AR glasses with the cutting-edge neural interface technology from Wearable Devices, we are committed to providing innovative solutions that empower users and transform everyday experiences. We believe this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences.”

    This collaboration highlights the potential for future innovations in the XR market. The combination of RayNeo’s advanced AR hardware and Wearable Devices’ neural input technology creates exciting possibilities for the next generation of smart wearables, offering seamless and touchless control across various applications. The details of the full terms of this collaboration are subject to negotiation and execution of definitive agreements.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices Is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares and warrants trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

    About RayNeo™

    RayNeo™, incubated by TCL Electronics (1070.HK), is an industry leader in consumer-grade AR innovation, developing some of the world’s most revolutionary AR consumer hardware, software and applications. RayNeo specializes in the research and development of AR technologies with industry-leading optics, display, algorithm and device manufacturing.

    Established in 2021, RayNeo has launched the world’s first full-color Micro-LED optical waveguide AR glasses, achieving several technology breakthroughs in the industry. Alongside winning the “Best Connected Consumer Device” at MWC’s Global Mobile Awards (GLOMO) 2023 with NXTWEAR S, RayNeo also developed the innovation consumer XR wearable glasses, RayNeo Air 2, featuring top-tier, cinematic audiovisual experiences with ultimate comfort. For more information, please visit: https://www.rayneo.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss benefits and advantages of our technology and solutions and those of RayNeo and our expectation that this collaboration will lead to a new era of smart, intuitive, and immersive wearable experiences. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. 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. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. The Company may not enter into or complete any definitive agreement for the proposed collaboration or, even if it does, such collaboration may not achieve the intended benefits. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the full terms of the contemplated collaboration which are subject to negotiation and execution of definitive agreements; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Walter Frank
    IMS Investor Relations
    203.972.9200
    wearabledevices@imsinvestorrelations.com

    The MIL Network –

  • MIL-OSI United Kingdom: City celebrates unique green awards hat-trick

    Source: City of Liverpool

    Liverpool has scored a unique treble at a major international climate change awards ceremony.

    Liverpool City Council’s Urban GreenUP project, which was recently shortlisted for a world Green City Award, won big at the CIRIA 2024 Big Biodiversity Awards.

    Held in London, the city’s innovative nature-based solution programme secured awards in the following categories:

    • CIRIA Innovation Award
    • CIRIA Habitat Creation Project of the Year Award
    • CIRIA Biodiversity Overall Winner

    The EU-funded programme, which has introduced urban raingardens, green walls and pollinators posts around the city centre as well as a number of floating islands in the city’s docks and parks, was also Highly Commended in the ‘Living Green for Climate Change’ category at the World Green City Awards 2024 held in Utrecht.

    The accolades follow hot on the heels of the programme scooping a golden pineapple trophy for its Climate Resilience submission at the 2024 Festival of Place.

    Liverpool has also recently become the world’s first ‘Accelerator City’ for climate action, under UN Climate Change’s Entertainment and Culture for Climate Action (ECCA) programme.

    The title comes in recognition of Liverpool’s impressive commitment to innovation and smart regulation to rapidly decarbonise the live music and TV/Film production sectors – both vital parts of the city’s economy – following several years of developmental work by ACT 1.5, an artist-led research and action effort, and climate scientists from the  Tyndall Centre for Climate Change Research.

    • Liverpool’s Urban GreenUP programme involves a collaboration between the Council, the Mersey Forest and the University of Liverpool. It has set a number of goals to mitigate climate change impact on the city, such as enhancing air quality, reducing flooding risks, improving water management, and increasing urban sustainability.

    For more information go to: https://www.urbangreenup.eu/cities/front-runners/liverpool/liverpool-uk-re-naturing-urban-plan-with-nbs.kl

    MIL OSI United Kingdom –

  • MIL-OSI USA: UConn Deepening Ties to Capital City With ‘UConn IN Hartford’ Initiative

    Source: US State of Connecticut

    Say the words, “UConn Hartford,” and what comes to mind? The stately former Hartford Times building that has served as the flagship university’s downtown campus since its much-hailed renovation and opening in 2017?

    While the main campus is the principal nexus of UConn’s presence in Connecticut’s capital city, it’s but one of a growing number of locations, programs, and initiatives underway that deepen the University’s ties with Hartford.

    In fact, UConn’s presence in Hartford continues to grow, including plans to offer 200 beds of student housing in the bustling downtown Pratt Street district, the recent opening of a nearby research center, the growth of local internships and a planned co-op program, and other initiatives.

    UConn is working with local and state leaders, the city and regional business community, alumni, and others on the “UConn IN Hartford” initiative, which seeks to provide students a community-centered experience in the capital city while they pursue their academics at UConn.

    Gov. Ned Lamont hears about UConn’s future in Hartford (Ashley Stimpson/UConn Foundation)

    Scores of those supporters gathered recently to learn more about the university’s plans and to tour 64 Pratt St., which will be transformed from its former use as a law office into apartment-style units for about 200 UConn Hartford students.

    Lexington Partners will work with Shelbourne Properties and LAZ Investments to jointly develop the apartments, and UConn will lease the space and run it as student housing starting in fall 2026 with on-site resident advisers and a hall director.

    It’s part of a broader vision shared by UConn, state and local leaders, and others to position Hartford as a “college town,” in which students are a major part of Hartford’s culture, economy, and future.

    “These dorms will be a huge boost to our capital city, bringing 200 more UConn students downtown who will reflect the diversity and incredible strength of our state, and who are going to make a name for themselves and change the world in so many different ways,” Hartford Mayor Arunan Arulampalam said at the recent reception.

    Hartford’s diversity is evident at the UConn campus, where the majority of students are either the first generation in their family to attend college, are students of color, or both.

    About 86% received some form of financial aid last year, and about 58% received federal Pell Grants, which are awarded to the neediest students.

    In a 2023 survey, about 70% of UConn Hartford undergraduates said that they would be interested in student housing nearby, but since most said they lived with their parents, the rent would need to be affordable to make it a viable option.

    To expand access to the Pratt Street housing opportunity, the UConn Foundation has launched the new Hartford Residential Scholars Enhancement Fund, which will harness community contributions to provide stipends for qualifying students who want to live in the apartments, but couldn’t otherwise afford it.

    The housing option and the initiative to help qualifying students with the costs are closely aligned with goals in the UConn Strategic Plan, which prioritizes holistic student success, access, affordability, and the strength of UConn’s regional campuses as integral to their host communities.

    Hartford Mayor Arunan Arulampalam says UConn’s plans will be a major boost for the city (Ashley Stimpson/UConn Foundation)

    For UConn Hartford students, the student housing will provide the dual benefit of living in the vibrant downtown setting while having the kinds of supports and community-centered experiences that dorm life offers.

    “Our job as a public university is to create access and opportunities for our students to learn and grow, and in turn they give back to the communities they come from. Right here, UConn Hartford provides a beacon of hope, opportunity, and transformation for our students,” said Mark Overmyer-Velázquez, UConn Hartford’s campus dean and chief administrative officer.

    UConn Hartford is a federally designated Asian American and Native American Pacific Islander Serving Institution and, with about 20% of its population identifying as Hispanic, it is on the threshold of reaching Hispanic Serving Institution status as an emerging HSI. It also has a rich history of engagement with the city in service, academics, and research.

    UConn Hartford students can take classes in more than 36 academic departments and can pursue 10 undergraduate programs and advanced degrees fully in Hartford through the School of Business, Neag School of Education, School of Public Policy, and School of Social Work. They may also elect to transfer to Storrs with the credits they have earned.

    “They have the ability to do all of that at the scale of a small liberal arts college, with all of the rich benefits that UConn offers as a Research 1 university,” Overmyer-Velázquez said.

    UConn’s presence in Hartford also includes the School of Law in the West End; the main campus at 10 Prospect St. and the nearby School of Social Work at 38 Prospect St.; UConn Health’s Health Disparities Institute at 241 Main St.; and the Graduate Business Learning Center, Connecticut Center for Entrepreneurship & Innovation’s BUILD Hartford course, both at Constitution Plaza.

    The newest UConn presence in Hartford is a big one: The University recently opened its new Community Intersections & Innovation Space for research and academic uses at 229 Trumbull St, also known as Hartford 21 (H21), very close to the student housing location.

    UConn is leasing space in that office building to house lecture halls, academic centers, classrooms, and faculty offices, providing opportunities to partner on support for community engagement, and on research projects and research grants.

    UConn President Radenka Maric talks with stakeholders about UConn’s future in Hartford (Ashley Stimpson/UConn Foundation)

    UConn moved its campus from West Hartford to its current location in 2017, and has worked since then to position it as a centerpiece of a thriving capital city by bringing people downtown to learn, live, and support the regional economy.

    The University has also significantly bolstered the wrap-around student services available UConn Hartford and other regional campuses. They include increasing medical and mental health care, adding Husky Harvest food pantries, helping students establish and expand clubs, boosting on-site career services, and other academic and social programs to help build a sense of community and support student success.

    Connecticut State House of Representatives Speaker Matt Ritter, D-Hartford (’07 LAW), noted at the recent reception that after the pandemic, many companies vacated their city office spaces as more employees worked remotely. Student housing like UConn’s planned units are a critical evolution in the vitality of those communities, he said.

    “This is such a big deal because of what it’s going to lead to,” Ritter said. “This is going to be what UConn is about: UConn changes the lives of young people and communities that it impacts.”

    MIL OSI USA News –

  • MIL-OSI Banking: Escalating cyber threats demand stronger global defense and cooperation

    Source: Microsoft

    Headline: Escalating cyber threats demand stronger global defense and cooperation

    Microsoft customers face more than 600 million cybercriminal and nation-state attacks every day, ranging from ransomware to phishing to identity attacks. Once again, nation-state affiliated threat actors demonstrated that cyber operations—whether for espionage, destruction, or influence—play a persistent supporting role in broader geopolitical conflicts. Also fueling the escalation in cyberattacks, we are seeing increasing evidence of the collusion of cybercrime gangs with nation-state groups sharing tools and techniques.  

    We must find a way to stem the tide of this malicious cyber activity. That includes continuing to harden our digital domains to protect our networks, data, and people at all levels. However, this challenge will not be accomplished solely by executing a checklist of cyber hygiene measures but only through a focus on and commitment to the foundations of cyber defense from the individual user to the corporate executive and to government leaders.

    These are some of the insights from the fifth annual Microsoft Digital Defense Report, which covers trends between July 2023 and June 2024. 

    State-affiliated actors increasingly are using cybercriminals and their tools.  

    Over the last year, Microsoft observed nation state actors conduct operations for financial gain, enlist cybercriminals to collect intelligence, particularly on the Ukrainian military, and make use of the same infostealers, command and control frameworks, and other tools favored by the cybercriminal community. Specifically:  

    • Russian threat actors appear to have outsourced some of their cyberespionage operations to criminal groups, especially operations targeting Ukraine. In June 2024, a suspected cybercrime group used commodity malware to compromise at least 50 Ukrainian military devices.  
    • Iranian nation state actors used ransomware in a cyber-enabled influence operation, marketing stolen Israeli dating website data. They offered to remove specific individual profiles from their data repository for a fee. 
    • North Korea is getting into the ransomware game. A newly-identified North Korean actor developed a custom ransomware variant called FakePenny, which it deployed at organizations in aerospace and defense after exfiltrating data from the impacted networks—demonstrating both intelligence gathering and monetization motivations.  

    Nation state activity was heavily concentrated around sites of active military conflict or regional tension 

    Aside from the United States and the United Kingdom, most of the nation-state-affiliated cyber threat activity we observed was concentrated around Israel, Ukraine, the United Arab Emirates, and Taiwan. In addition, Iran and Russia have used both the Russia-Ukraine war and the Israel-Hamas conflict to spread divisive and misleading messages through propaganda campaigns that extend their influence beyond the geographical boundaries of the conflict zones, demonstrating the globalized nature of hybrid warfare.  

    • Approximately 75% of Russian targets were in Ukraine or a NATO member state, as Moscow seeks to collect intelligence on the West’s policies on the war. 
    • Chinese threat actors’ targeting efforts remain similar to the last few years in terms of geographies targeted—Taiwan being a focus, as well as countries within Southeast Asia—and intensity of targeting per location. 
    • Iran placed significant focus on Israel, especially after the outbreak of the Israel-Hamas war. Iranian actors continued to target the US and Gulf countries, including the UAE and Bahrain, in part because of their normalization of ties with Israel and Tehran’s perception that they are both enabling Israel’s war efforts. 
    Example of Iran’s targeting shift following the start of the Israel-Hamas conflict.

    Russia, Iran, and China focus in on the U.S. election 

    Russia, Iran, and China have all used ongoing geopolitical matters to drive discord on sensitive domestic issues leading up to the U.S. election, seeking to sway audiences in the U.S. to one party or candidate over another, or to degrade confidence in elections as a foundation of democracy. As we’ve reported, Iran and Russia have been the most active, and we expect this activity to continue to accelerate over the next two weeks ahead of the U.S. election.  

    In addition, Microsoft has observed a surge in election-related homoglyph domains—or spoofed links—delivering phishing and malware payloads. We believe these domains are examples both of cybercriminal activity driven by profit and of reconnaissance by nation-state threat actors in pursuit of political goals. At present, we are monitoring over 10,000 homoglyphs to detect possible impersonations. Our objective is to ensure Microsoft is not hosting malicious infrastructure and inform customers who might be victims of such impersonation threats.  

    Financially motivated cybercrime and fraud remain a persistent threat  

    While nation-state attacks continue to be a concern, so are financially motivated cyberattacks. In the past year Microsoft observed:   

    • A 2.75x increase year over year in ransomware attacks. Importantly, however, there was a threefold decrease in ransom attacks reaching the encryption stage. The most prevalent initial access techniques continue to be social engineering—specifically email phishing, SMS phishing, and voice phishing—but also identity compromise and exploiting vulnerabilities in public facing applications or unpatched operating systems. 
    • Tech scams skyrocketed 400% since 2022. In the past year, Microsoft observed a significant uptick in tech scam traffic with daily frequency surging from 7,000 in 2023 to 100,000 in 2024. Over 70% of malicious infrastructure was active for less than two hours, meaning they may be gone before they’re even detected. This rapid turnover rate underscores the need for more agile and effective cybersecurity measures. 

    Threat actors are experimenting with generative AI 

    Last year, we started to see threat actors—both cybercriminals and nation states—experimenting with AI. Just as AI is increasingly used to help people be more efficient, threat actors are learning how they can use AI efficiencies to target victims. With influence operations, China-affiliated actors favor AI-generated imagery, while Russia-affiliated actors use audio-focused AI across mediums. So far, we have not observed this content being effective in swaying audiences.  

    Nation-state adversarial use of AI in influence operations.

    But the story of AI and cybersecurity is also a potentially optimistic one. While still in its early days, AI has shown its benefits to cybersecurity professionals by acting as a tool to help respond in a fraction of the time it would take a person to manually process a multitude of alerts, malicious code files, and corresponding impact analysis. We continue to innovate our technology to find new ways that AI can benefit and strengthen cybersecurity.   

    Collaboration remains crucial to strengthening cybersecurity. 

    With more than 600 million attacks per day targeting Microsoft customers alone, there must be countervailing pressure to reduce the overall number of attacks online. Effective deterrence can be achieved in two ways: by denial of intrusions or by imposing consequences for malicious behavior. Microsoft continues to do our part to reduce intrusions and has committed to taking steps to protect ourselves and our customers through our Secure Future Initiative. 

    While the industry must do more to deny the efforts of attackers via better cybersecurity, this needs to be paired with government action to impose consequences that further discourage the most harmful cyberattacks. Success can only be achieved by combining defense with deterrence. In recent years, a great deal of attention has been given to the development of international norms of conduct in cyberspace. However, those norms so far lack meaningful consequence for their violation, and nation-state attacks have been undeterred, increasing in volume and aggression. To shift the playing field, it will take conscientiousness and commitment by both the public and private sectors so that attackers no longer have the advantage.  

    Microsoft continues to share important threat intelligence with the community, including our recent Cyber Signals research looking at cyber risks in the education sector. 

    Tags: AI, artificial intelligence, China, cyberattacks, cybercrime, cybersecurity, election, elections, generative ai, Hamas, homoglyphs, Iran, Israel, malware, Microsoft Digital Defense Report, NATO, North Korea, phishing, Russia, Secure Future Initiative, Tech scams, Ukraine, United Kingdom, United States

    MIL OSI Global Banks –

  • MIL-OSI Global: People displaced by hurricanes face anxiety and a long road to recovery, US census surveys show − smarter, targeted policies could help

    Source: The Conversation – USA – By Trevor Memmott, Assistant Professor of Policy and Public Affairs, UMass Boston

    Hurricane Helene flooded homes with water and mud in Marshall, N.C. Many people will be out of their homes for months or longer. AP Photo/Jeff Roberson

    The trauma of natural disasters doesn’t end when the storm or wildfire is gone, or even when communities are being put back together and homes have been rebuilt.

    For many people, being displaced by a disaster has long-term consequences that often aren’t obvious or considered in disaster aid decisions.

    We study public policy and disaster response. To get a better understanding of the ongoing challenges disaster victims face – and how officials can respond more effectively – we analyzed U.S. Census Bureau surveys that ask people nationwide about their disaster displacement experiences, as well as their stress and anxiety.

    The results show how recovery from disasters such as hurricanes, wildfires, tornadoes and flooding involves more than rebuilding, and how already vulnerable groups are at the greatest risk of harm.

    Millions are displaced every year

    The Census Bureau’s Household Pulse Survey has been continually collecting data on people’s social and economic experiences since 2020. Since late 2022, it has specifically asked respondents whether they had been displaced from their homes because of natural disasters.

    Nearly 1.4% of the U.S. adult population reported being displaced in the previous year, equating to more than 3 million Americans. The most common cause of those displacements was hurricanes, responsible for nearly one-third of the displacements.

    Some groups faced a higher chance of being displaced by a natural disaster than others.

    The likelihood of displacement was above average for people with incomes of less than $50,000 (1.9% of that population was displaced), disabled people (2.7%), African Americans (2.3%) and Latinos/Hispanics (1.8%), as well as for those who identified their sexual orientation as gay/lesbian, bisexual, something else, or said that they don’t know (2.2%).

    The problems of displacement go beyond immediate evacuation. People may have to stay in temporary shelters such as stadiums, churches or disaster relief areas. During this time, they are likely unable to work and earn income. Others with nowhere else to go may return to still-damaged homes after the storm passes.

    Many people who were displaced by a hurricane faced weeks without power or lacked access to enough food, clean water or other basic necessities. After being displaced, 64% of adults said they lacked electricity some or all of the time, 37% lacked enough food, 29% lacked drinkable water, and 25% indicated that they experienced unsanitary conditions some or all of the time.

    Going without enough clean water or electricity can expose people to diseases and other health risks, on top of the stress of dealing with the damage, displacement and uncertainty about the future.

    About 36% of those displaced were out of their homes for more than one month. Nearly 16% of them indicated that they never were able to return. Vulnerable groups, especially people of color and disabled people, were least likely to return home quickly.

    Impacts on health

    Being displaced also piles on stress and creates instability. People displaced by storms may bounce among family members’ houses, hotel rooms or even vehicles as they wait to return to a home that has been damaged. They may have lost jobs or be unable to find temporary housing nearby, creating feelings of uncertainty about the future.

    People who feel that their safety or security is threatened are more likely to experience mental stress and, potentially, post-traumatic stress disorder. The effects can accumulate over time and have long-term health consequences. Chronic stress can contribute to hypertension and heart disease and make rebuilding lives even harder as people struggle with more than just the damage around them.

    The Household Pulse Survey also collects information on the symptoms of anxiety and depression that individuals experience.

    Among those who have been displaced by a hurricane, 38% indicated experiencing generalized anxiety, a much higher percentage than the 23% of the population who did not experience displacement.

    Similarly, 33% of those who were displaced experienced symptoms of major depressive disorder compared with 18% of the population who did not face displacement.

    Better policies for long-term recovery

    The survey results highlight the need to restore water and power to homes quickly after disasters. The results also point to prioritizing communities that are least able to afford being displaced.

    Studies have shown that low-income communities often wait longest for power to be restored after hurricanes. The survey shows that these communities and other disadvantaged groups also face higher levels of displacement after disasters.

    Beyond the immediate responses to a disaster, the survey suggests that federal, state and local policymakers will have to consider long-term assistance for both housing recovery and for health care.

    A young man stares at what is left of his family’s homes after Hurricane Helene flooded parts of Hendersonville, N.C., in September 2024.
    AP Photo/Brittany Peterson

    Currently, the Federal Emergency Management Agency primarily focuses on providing short-term disaster relief. The large majority of its disaster funding goes toward evacuation, temporary shelter for people displaced, emergency supplies, insurance and rebuilding community infrastructure. While other federal programs provide rebuilding assistance for individuals, they don’t sufficiently address the long-term challenges, in our view.

    Some ways government could help include providing targeted cash transfers to ensure vulnerable households can rebuild, investing in affordable and climate-resilient housing that can limit losses in future disasters, and funding long-term mental health services for disaster survivors at free or reduced cost.

    As the climate warms, extreme storms are becoming more common in every region of the country. That’s raising the risks and the need for policymakers to prepare communities to limit harm from disasters and recover afterward. We believe rebuilding lives will require support long term, both for building more resilient homes and infrastructure and for recovering from the trauma.

    Christian Weller is affiliated with the Center for American Progress (Senior Fellow)

    Trevor Memmott 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. People displaced by hurricanes face anxiety and a long road to recovery, US census surveys show − smarter, targeted policies could help – https://theconversation.com/people-displaced-by-hurricanes-face-anxiety-and-a-long-road-to-recovery-us-census-surveys-show-smarter-targeted-policies-could-help-241189

    MIL OSI – Global Reports –

  • MIL-OSI: Qorvo® to Webcast Quarterly Earnings Conference Call on October 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Oct. 15, 2024 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will host a conference call to review fiscal 2025 second quarter financial results on Tuesday, October 29, 2024, at 5:00 p.m. (ET). The conference call will be webcast live on the Company’s Investor Relations website at the following URL: https://ir.qorvo.com (under “Events & Presentations”).

    A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 2723791. The playback will be available through the close of business on November 5, 2024.

    Qorvo will distribute fiscal 2025 second quarter financial results at approximately 4:00 p.m. (ET) on Tuesday, October 29, 2024.

    About Qorvo
    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible.  We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges.  Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile.  Visit http://www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast”, “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1-336-678-7968

    The MIL Network –

  • MIL-OSI Economics: Goldman Sachs and Houlihan Lokey top M&A financial advisers by value and volume during Q1-Q3 2024, finds GlobalData

    Source: GlobalData

    Goldman Sachs and Houlihan Lokey top M&A financial advisers by value and volume during Q1-Q3 2024, finds GlobalData

    Posted in Business Fundamentals

    Goldman Sachs and Houlihan Lokey have emerged as the top mergers and acquisitions (M&A) financial advisers by value and volume globally during Q1-Q3 2024, according to the latest Financial Advisers League Table, which ranks financial advisers by the value and volume of M&A deals on which they advised, by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database has revealed that Goldman Sachs achieved its leading position in the deal value rankings by advising on $308.8 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume by advising on a total of 198 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Goldman Sachs was the top adviser by value during Q1-Q3 2023 and managed to retain its leadership position by this metric during Q1-Q3 2024 as well. It registered 14.2% growth in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023.

    “In fact, Goldman Sachs was the only adviser to surpass $300 billion in total deal value during the review period. It is also worth noting that about half of the deals advised by it during Q1-Q3 2024 were billion-dollar deals*. The company advised on 67 billion-dollar deals during Q1-Q3 2024 that also included six mega deals valued more than $10 billion.

    “Meanwhile, Houlihan Lokey registered improvement in the total number of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023 and was just shy of hitting the 200 deals volume mark. It went ahead from occupying the second position by volume during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.”

    JP Morgan occupied the second position in terms of value by advising on $293.3 billion worth of deals, followed by Morgan Stanley with $243.1 billion, Citi with $191.7 billion, and Evercore with $187.8 billion.

    Meanwhile, Rothschild & Co occupied the second position in terms of volume by advising on 163 deals, followed by Goldman Sachs with 139 deals, JP Morgan with 121 deals, and UBS with 119 deals.

    *Deals valued more than or equal to $1 billion

    MIL OSI Economics –

  • MIL-OSI Economics: Home Price Growth Slows but Remains Robust

    Source: Fannie Mae

    October 15, 2024 – Single-family home prices increased 5.9 percent from Q3 2023 to Q3 2024, a deceleration compared to the previous quarter’s downwardly revised annual growth rate of 6.4 percent, according to the latest reading of the Fannie Mae (FNMA/OTCQB) Home Price Index (FNM-HPI). The FNM-HPI is a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos. On a quarterly basis, home prices rose a seasonally adjusted 1.3 percent in Q3 2024, down from the revised 1.4 percent growth in Q2 2024. On a non-seasonally adjusted basis, home prices increased by 0.9 percent in Q3 2024.

    “Despite decelerating slightly, home price growth remained robust in the third quarter, as the supply of homes for sale, particularly on the existing side, remained weak relative to historical levels,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. “Even though mortgage rates fell precipitously in the third quarter, and we saw some improvements to the months’ supply of homes for sale, home purchase activity barely budged – at least on a national basis – which we view as evidence that the market remains significantly constrained by both the ‘lock-in effect’ and affordability generally, but especially elevated home prices. In fact, consumers have told us as much: In September, high home prices supplanted high mortgage rates as the top reason for our survey respondents’ overwhelming pessimism toward homebuying conditions. Overall, the strength of this latest home price reading confirms the ongoing challenges with tight supply; however, the index’s continued deceleration shows that we’re slowly moving toward a better balance between supply and demand.”

    The FNM-HPI is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country and designed to serve as indicators of general single-family home price trends. The FNM-HPI is publicly available at the national level as a quarterly series with a start date of Q1 1975 and extending to the most recent quarter, Q3 2024. Fannie Mae publishes the FNM-HPI approximately mid-month during the first month of each new quarter.

    For more information on the FNM-HPI, including a description of the methodology and the Q3 2024 data file, please visit our Research & Insights page on fanniemae.com.

    To receive e-mail updates regarding future FNM-HPI updates and other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

    Fannie Mae’s home price estimates are based on preliminary data available as of the date of index estimation and are subject to change as additional data become available. Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management. 

    About the ESR Group
    Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets. 

    MIL OSI Economics –

  • MIL-OSI Economics: Vietnam debit card payments market to surpass $65 billion in 2028, forecasts GlobalData

    Source: GlobalData

    Vietnam debit card payments market to surpass $65 billion in 2028, forecasts GlobalData

    Posted in Banking

    The Vietnamese debit card payments market is forecast to register a compound annual growth rate (CAGR) of 13.7% between 2024 and 2028 to reach VND1,559.6 trillion ($65.6 billion) in 2028, supported by rise in banked and card penetration as well as constant consumer shift towards electronic payments, according to GlobalData, a leading data and analytics company.

    GlobalData’s Payment Cards Analytics reveals that card payment value in Vietnam registered a growth of 46.2% in 2022, driven by a rise in consumer spending. The value grew further to register a growth of 18.4% to reach VND804.2 trillion ($33.8 billion) in 2023.

    Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Cash continues to dominate the payment market in Vietnam, but the tide is slowly turning as the government and regulatory authorities introduce initiatives to boost non-cash payments and enhance access to banking services thereby benefiting card payments.”

    To drive debit card adoption, the government and commercial banks have taken steps such as launching financial literacy programs and the introduction of remote banking options. Although debit cards are traditionally used for cash withdrawals, they are gradually being embraced for payments—especially low-value transactions. This has been driven by rising consumer awareness, the introduction of contactless debit cards, and the expansion of the country’s POS network.

    The availability of basic bank accounts and a focus on financial inclusion have contributed to the strong penetration of debit cards in the country. This is supported by the country’s growing banked population, which rose from 34.9% in 2019 to 58.8% in 2024. Debit cards are generally offered as a complementary product when consumers open a bank account. In line with the government’s financial inclusion initiatives, banks are expanding their services to remote locations.

    Debit cards are the preferred card type for payments market in Vietnam, accounting for 66.3% of total card payments value in 2023. Despite high share, their usage remains mostly limited to cash withdrawals with debit cards’ frequency for payments standing at just 4.2 transactions per card as of 2024, with more needs to be done to encourage debit card usage for payments both at merchant and consumer level.

    Vietnam and the central bank took steps to promote digital payments in the country. In October 2021, the government approved the Project for the Development of Non-Cash Payments for 2021-25. The project is aimed at achieving various goals by 2025, including boosting the value of non-cash payments, expanding the number of establishments that accept non-cash payments, and raising the proportion of individuals aged 15 and above who hold transaction accounts at banks to 80%.

    Sharma concludes: “Vietnam’s payment market is slowly transitioning from a cash-dominated society to one that embraces electronic payments. With the increasing number of digital-only banks, the emergence of payment card technologies, and the development of payment infrastructure, the debit card payment market in Vietnam is set to expand significantly in the coming years. The market is forecast to grow by 16.1% to reach VND934 trillion ($39.3 billion) in 2024.”

    MIL OSI Economics –

  • MIL-OSI: Bullish Sentiments High on Gold Trends as Mining Operations Continue to Ramp Up

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 15, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – In an recent article published by Skilliing.com regarding current Gold trends: “From ancient civilizations to modern-day investors, gold has consistently been sought after for its perceived stability and hedge against inflation and economic uncertainty. This enduring appeal has led to significant price movements over the years, with gold prices often mirroring broader economic trends. Understanding these dynamics is crucial for predicting future gold price movements and making informed investment decisions. According to experts, the gold price in October 2024 is expected to be influenced by several key factors. The ongoing geopolitical tensions, particularly in the Middle East, are likely to keep gold prices elevated. Additionally, the anticipation of US rate cuts in the third and fourth quarters of 2024 could further boost gold prices. With the current record already at $2,431.85, the next milestone to watch is $2,500 per ounce. The bullish setup of gold’s chart and its leading indicators suggest that gold could move close to the $2,550 area in 2024. This prediction is supported by the recent rally in gold prices, which has already surpassed many predictions for the year. The combination of geopolitical concerns and the potential for rate cuts makes a further rally in gold prices plausible.” Active mining companies in the markets this week include RUA GOLD Inc. (OTCQB: NZAUF) (TSX-V: RUA), Mawson Gold Limited (OTCPK: MWSNF), Founders Metals Inc. (OTCQX: FDMIF), SNOWLINE GOLD CORP (OTCQB: SNWGF) (TSX-V: SGD), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM).

    Skilliing.com added: “In the context of broader economic trends, the gold price prediction for October 2024 is also influenced by the strength of the dollar and the overall economic landscape. As interest rates start to fall, gold prices could hit fresh records. The average price target for gold in the final quarter of 2024 is around $2,175 per ounce, according to JPMorgan Chase & Co. This suggests a continued upward trajectory for gold prices in the latter half of 2024. 2025 Outlook: The outlook for 2025 is more uncertain. Some experts expect gold prices to stabilize around $2,350 per ounce in early 2025, with a potential decline to $2,175 later in the year, depending on the pace of U.S. central bank rate cuts. HSBC predicts a 12% drop in gold prices in 2025 due to rising real interest rates, while other analysts remain bullish, suggesting prices could exceed $3,000. 2030 Outlook: By 2030, some forecasts suggest gold could reach $7,000 per ounce, driven by low real interest rates, rising inflation, and demographic shifts that fuel demand for gold as a secure asset. Central bank demand will likely play a key role in supporting long-term growth.”

    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:

    Mawson Gold Limited (OTCPK: MWSNF) recently announced that further to its news releases dated June 10, 2024 and July 30, 2024, Mawson has entered into an arrangement agreement (the “Arrangement Agreement”) with SUA Holdings Ltd. (“SUA”), a newly formed wholly-owned subsidiary of Mawson, pursuant to which the Company proposes to spin-out its uranium assets in Sweden (the “Uranium Assets”) to SUA in consideration for common shares of SUA (“SUA Common Shares”) and distribute 100% of the SUA Common Shares it then holds to the Mawson shareholders on a pro rata basis. As a result, following completion of the Arrangement, the Mawson shareholders (other than any dissenting shareholders) will also become shareholders of SUA and SUA will no longer be a subsidiary of Mawson.

    In connection with the Arrangement, Mawson has subscribed for additional SUA Common Shares for aggregate consideration of $600,000 to provide working capital to SUA. Such additional SUA Common Shares will also be distributed to the Mawson shareholders under the Arrangement.

    Founders Metals Inc. (OTCQX: FDMIF) recently announced that, further to the press release dated October 10, 2024, it has entered into an agreement with B2Gold Corp (“B2Gold”) for a C$12.1 million investment (the “Strategic Investment”) at a price of C$2.75 per common share (each, a “Share”). Together with the previously announced bought deal private placement of C$20M (the “Brokered Offering”), the Company will raise a total of C$32.1 million, fully funding the planned 2025 budget. Upon completion of the Strategic Investment and the Brokered Offering, B2Gold will own 5.0% of the Company’s issued and outstanding common shares on a non-diluted basis.

    Colin Padget, Founders’ President & CEO commented, “We are very pleased with B2Gold’s investment in Founders along with the support and validation it brings to our Antino Gold Project. We look forward to drawing on B2Gold’s experience in exploring for, and developing, world-class mining assets in similar geological environments. This broader financing package leaves Founders well positioned to ramp up exploration at Antino, fully funding our planned 2025 exploration budget and the near-term addition of a fourth diamond drill.”

    SNOWLINE GOLD CORP (OTCQB: SNWGF) (TSX-V: SGD) recently announced additional analytical results from its 2024 Valley deposit drilling campaign on the Rogue Project in Canada’s Yukon Territory alongside updates on its regional activities. Holes V-24-081 and V-24-084 returned strong, consistent gold grades from near-surface along the southwestern edge of the Valley deposit, outperforming the model used for the Company’s initial mineral resource estimate (MRE) earlier this year. In addition, Snowline has completed the first phase of a reclamation program at the Plata mining camp near the Rogue Project, organizing and inventorying debris and abandoned equipment from historical mining activities in the region for future demobilisation. The Company awaits analytical results from the majority of its 2024 exploration campaign, including >24,600 m of drilling in 44 holes across 5 different targets.

    “It is a testament to the consistency of mineralization at Valley that results like today’s have become almost commonplace,” said Scott Berdahl, CEO & Director of Snowline. “Nonetheless, they further demonstrate the strength of the system near surface, and key holes V-24-081 and V-24-084 outperform our model along the southwest margin of the deposit.

    Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently announced that it has filed an updated technical report for the Detour Lake mine in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    The technical report is available on SEDAR+ (http://www.sedarplus.ca) and on the Company’s website (http://www.agnicoeagle.com).   Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico.

    About FN Media Group:

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    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-OSI United Kingdom: New UK sanctions target illegal outposts and organisations supporting extremist Israeli settlers in the West Bank

    Source: United Kingdom – Government Statements

    New sanctions target three illegal settler outposts and four organisations that have supported and sponsored violence against communities in the West Bank.

    • New sanctions target three illegal settler outposts and four organisations that have supported and sponsored violence against communities in the West Bank. 
    • Today’s measures put strict financial restrictions on those who commit these acts. Measures respond to a continued rise in violence that is devastating Palestinian communities in the West Bank.  
    • Foreign Secretary David Lammy said, “the Israeli government must crack down on settler violence and stop the legalisation of settler outposts.” 

    The Foreign Secretary has announced sanctions in response to continued violence by extremist Israeli settlers in the occupied West Bank. 

    Today’s measures target three settler outposts and four organisations that have supported, incited and promoted violence against Palestinian communities in the West Bank. Settler violence often seeks to force Palestinians to leave their homes, and seize their land for the construction of outposts, which are illegal under both international and Israeli law.  

    The measures follow an unprecedented rise in settler violence in the West Bank over the last year, with the UN recording over 1,400 attacks by settlers against Palestinian communities since October 2023.  
     
    The month of October sees the beginning of the olive harvest in the West Bank, an important time both culturally and economically for Palestinians. It has traditionally suffered spikes in violence as organised settler groups disrupt and attack Palestinians.  

    The measures taken today are part of wider UK efforts to support a more stable West Bank, which is vital for the peace and security of both Palestinians and Israelis. 

    Foreign Secretary David Lammy said: 

    When I went to the West Bank earlier this year, on one of my first trips as Foreign Secretary, I met with Palestinians whose communities have suffered horrific violence at the hands of Israeli settlers.   

    The inaction of the Israeli government has allowed an environment of impunity to flourish where settler violence has been allowed to increase unchecked. Settlers have shockingly even targeted schools and families with young children.    

    Today’s measures will help bring accountability to those who have supported and perpetrated such heinous abuses of human rights. The Israeli government must crack down on settler violence and stop settler expansion on Palestinian land. As long as violent extremists remain unaccountable, the UK and the international community will continue to act.

    The illegal settler outposts sanctioned today – Tirzah Valley Farm Outpost, Meitarim Outpost, and Shuvi Eretz Outpost – have been involved in facilitating, inciting, promoting or providing support for activity that amounts to a serious abuse of the right of Palestinians not to be subjected to cruel, inhuman or degrading treatment or punishment. 

    The four organisations sanctioned today are Od Yosef Chai Yeshiva, Hashomer Yosh, Torat Lechima and Amana. 

    Od Yosef Chai Yeshiva is a religious school embedded in the Yitzhar settlement known to promote violence against non-Jewish people. 

    Hashomer Yosh is a non-governmental organisation that provides volunteers for illegal outposts, including Meitarim Outpost (also sanctioned today). Meitarim was founded by the extremist settler Yinon Levy, who the UK sanctioned in February.  

    Torat Lechima is a registered Israeli charity that has been documented as providing financial support to illegal settler outposts linked with acts of violence against Palestinian communities in the West Bank.   

    Amana operates in practice as a commercial construction company. Amana has overseen the establishment of illegal outposts and provides funding and other economic resources for Israeli settlers involved in threatening and perpetrating acts of aggression and violence against Palestinian communities in the West Bank.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Crete Professionals Alliance uses Intapp to drive innovation and rapid growth in the highly regulated accounting market

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Intapp (NASDAQ: INTA), a leading global provider of AI-powered solutions for professionals at advisory, capital markets, and legal firms, today announced that Crete Professionals Alliance (Crete PA) has implemented Intapp Conflicts to centralize the conflicts and independence process that protect Crete PA and its member firms alike.

    Keeping pace with industry change

    The accounting industry is undergoing a fundamental change, driven in part by an increase in private equity funding. This infusion of capital has driven two main responses: firms are either growing through acquisitions, or they are readying themselves for a potential acquisition.

    Crete PA has responded to these market forces by creating a growing network of accounting and professional services firms. Crete PA’s partnership model augments the power of individual firm brands and cultures, with the capabilities of a national platform, to grow revenues, create efficiencies, and access capital.

    “When forming Crete PA, it was important that we let firms preserve their individual brands and culture that makes them special — while still letting them tap into the opportunity to be part of a larger national organization,” said Jake Sloane, Co-Founder of Crete PA. “By centralizing back-office functions, including conflicts and independence, we’re creating efficiencies that enable growth while letting professionals focus on the accounting work they’re best at. Partnering with Intapp on conflicts is one of several ways our firms are adapting to fast-evolving technology and benefiting from AI.”

    This partnership approach has worked well for Crete PA. Since its founding in 2023, it has received funding from Thrive Capital and Bessemer Venture Partners to focus on technology evolution. It also became one of the fastest growing networks of accounting and professional services firms in the U.S. In its first year, Crete PA partnered with more than 10 firms with multi-decade track records of excellent client service.

    “Crete PA is taking a real leadership position in today’s quickly evolving accounting market,” said Kareem Zaki, Partner at Thrive Capital. “Centralizing and tech-enabling back-office functions for its network of accounting firms — through its partnership with Intapp — is spurring operational infrastructure advancement and supporting continued growth for member firms, while maintaining who they are at the core.”

    Addressing conflicts clearance

    “In our partnership model, conflicts and independence clearance can be complex and a new challenge for firms that must consider services being performed across the other Crete PA member firms,” said Brad Knudsen, Director of Compliance at Crete PA. “Using Intapp, we’ve created a centralized way to check conflicts and independence, ensuring compliance with professional standards and increasing trust in our growth and operating strategy.”

    Knudsen added: “We were able to implement Intapp through our centralized technology stack, which means that we do not have to implement the technology every time we partner with a new firm. This can be a big relief for firms that want to minimize unnecessary software implementations.”

    Intapp compliance solutions help professionals quickly yet thoroughly evaluate new business, onboard clients, and monitor relationships for compliance throughout the client lifecycle. Crete PA is using Intapp Conflicts to implement a centralized, AI-driven approach to help ensure all potential conflicts and independence impairments are addressed quickly and confidently.

    All member firm data now flows into a consolidated data warehouse where Intapp Conflicts uses Applied AI and predictive risk-scoring capabilities to search for and analyze potential conflicts. The software helps automate these functions, enabling Crete PA’s compliance team to focus on results containing high-risk issues and requiring responsive remediations.

    “Intapp Conflicts is not just helping us bolster our overall compliance posture, it’s bringing an element of innovation to a traditionally slow and painful function,” said Leslie Adler, General Counsel at Crete PA. “Oftentimes, firms rely on spreadsheets, manual processes, and lengthy completion timelines to clear a prospect and get an engagement letter out. Our approach, using a best-in-class AI-powered solution, will unburden staff and improve the firm’s overall risk management profile.”

    Multiplying success with Intapp

    “Crete PA is leading the way amid dynamic industry changes, and we’re thrilled they’ve chosen us to support them,” said Tom Koehler, Global Managing Principal of Accounting and Consulting Industries at Intapp. “Intapp Conflicts is not only centralizing the information and processes that protect Crete PA and its member firms, but also introducing advanced automation to facilitate seamless compliance across dispersed office locations and teams. This innovative approach enhances operational independence and mitigates regulatory risk during a period of exponential growth, setting a new standard for efficiency and governance in the profession.”

    On the heels of its successful Intapp Conflicts implementation, Crete PA is implementing Intapp Intake to further automate and ease its new client acceptance, onboarding, and continuance processes.  

    About Intapp 
    Intapp software helps professionals unlock their teams’ knowledge, relationships, and operational insights to increase value for their firms. Using the power of Applied AI, we make firm and market intelligence easy to find, understand, and use. With Intapp’s portfolio of vertical SaaS solutions, professionals can apply their collective expertise to make smarter decisions, manage risk, and increase competitive advantage. The world’s top firms — across accounting, consulting, investment banking, legal, private capital, and real assets — trust Intapp’s industry-specific platform and solutions to modernize and drive new growth. For more information, visit intapp.com and connect with us on X, formerly Twitter (@intapp) and LinkedIn. 

    ABOUT CRETE PROFESSIONALS ALLIANCE
    The accounting industry is fundamentally changing, partially driven by the uptick in Mergers & Acquisitions (M&A) activities in the past several years. Crete Professionals Alliance (“Crete PA”) established itself in 2023 to create an alternative to the traditional exit options for accounting and professional services firm owners. Crete PA partners with firms across the country to complement their existing strengths and support their future growth. Its structure supports local leadership, local brands, and local cultures while providing access to its national back-office resources and financial backing. Crete PA makes investments in the non-attest businesses of accounting firms, all of which adopt an alternative practice structure.

    Contact:
    Ali Robinson
    Global Media Relations Director, Intapp
    press@intapp.com

    The MIL Network –

  • MIL-OSI: Arcis Capital Partners LLC Renamed As Quartus Capital Partners LLC With Renewed Focus on AI and Technology Investments

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Quartus Capital Partners LLC, formerly known as Arcis Capital Partners LLC, is unveiling a bold new identity as part of its evolution into an Artificial Intelligence (AI) and technology investment firm.

    The rebranding as Quartus Capital Partners signifies a renewed focus on AI and technology investments—sectors that are not only burgeoning with innovation but also offer significant opportunities for growth and impact.

    “With the rebranding to Quartus Capital Partners, we harness our historical strengths and channel them into new opportunities, allowing us to remain at the leading edge of AI and technology investments,” said Afzal M. Tarar, Founder & Managing Partner of Quartus Capital Partners. This new identity is a testament to our enduring commitment to lead and shape the markets of tomorrow by driving innovation and excellence in AI and technology ventures.

    Leading with Expertise: The Quartus Edge

    Quartus Capital Partners’ leadership team boasts over 30 years of expertise in AI and technology, offering unique insights into high-growth potential sectors. As a firm, we don’t just invest—we partner with companies, leveraging our deep expertise in growth and performance improvement to unlock their true potential.

    Venture Growth Equity Strategy with a Performance Edge

    Our strategy goes beyond typical venture investments. Quartus Capital Partners specializes in growth-stage ventures, combining the high-upside potential of venture capital with the downside risk protections usually seen in buyouts. With our deep expertise in growth and performance improvement, we help turn growth-stage ventures into market leaders poised for long-term success.

    Transforming Industries, Shaping the Future
    “At Quartus, we believe in the power of AI and technology to not only drive financial returns but to create lasting, positive change,” said Afzal M. Tarar, Founder & Managing Partner of Quartus Capital Partners. “We’re investing in the future, in companies that are not just part of the AI revolution, but are leading it.”

    About Quartus Capital Partners
    Quartus Capital Partners is an AI and technology investment firm with partner presence in New York City, Miami, Silicon Valley and Asia. Led by AI pioneers, technologists, and seasoned operators, we specialize in scaling growth-stage technology ventures. Our mission is to create market leaders that will define the future, improve performance across industries and make positive impact.

    Media Contact

    info@quartuscap.com

    The MIL Network –

  • MIL-OSI United Kingdom: Dan Corry appointed to lead Defra regulation review

    Source: United Kingdom – Executive Government & Departments 2

    Defra announces internal regulatory review led by economist Dan Corry

    The economist Dan Corry has been appointed to carry out an internal review into the regulation and regulators at the Department for Environment, Food & Rural Affairs (Defra).

    The review will examine whether the inherited regulatory landscape is fit for purpose and develop recommendations to ensure that regulation across the Department is driving economic growth while protecting the environment.

    The review will explore:

    • Whether Defra regulators are equipped to drive economic growth, secure private sector investment and protect the environment
    • The customer and stakeholder experience of regulation, including the impact on those who are regulated.
    • The efficiency of regulation, in particular whether the current regulatory landscape involves any duplication and/or contradiction, and whether there are opportunities to make improvements.

    The review is part of wider work to position Defra as a key economic growth department with regulatory reform to:

    • Boost private sector investment into the water sector, creating tens of thousands of jobs and speeding up the delivery of infrastructure to clean up water pollution and enable economic growth. 
    • Transform regional economies across the country through the development of a circular economy by reusing more existing materials, driving down waste across key sectors such as construction and packaging, reducing import costs for businesses and cutting carbon emissions.
    • Develop pragmatic solutions that are needed to build the homes and infrastructure this country needs, while protecting and improving environmental outcomes.
    • Strengthen economic resilience in communities that need better flood defences.
    • Drive rural economic growth by cutting red tape for farmers and boosting Britain’s food security.

    Dan Corry brings a wealth of experience to the role, having previously served as Head of the No10 Policy Unit under former Prime Minister Gordon Brown and adviser in many Government departments where he was involved in regulatory reform. 

    It comes as yesterday (14 October) the government hosted the International Investment Summit with 300 industry leaders, where the Prime Minister set out billions worth of investment deals, as well as plans to tackle unnecessary regulation. This is part of the government’s growth mission to create jobs, improve living standards, and make communities and families across the country better off.

    Updates to this page

    Published 15 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Double Double: October 15th Canada Carbon Rebate delivers boost for rural families

    Source: Government of Canada News (2)

    Today, the Honourable Steven Guilbeault, Canada’s Minister of Environment and Climate Change, visited community members at a local coffee shop in Gananoque, Ontario, to announce the latest quarterly Canada Carbon Rebate payments are being delivered to their bank accounts and mailboxes, with a one-time “double double” rural top-up

    October 15, 2024 – Gananoque, Ontario

    Today, families across Canada will receive their Canada Carbon Rebate, a payment that is making life more affordable for Canadians. The Canada Carbon Rebate—alongside measures like dental care, child care, and others—contribute to the Government of Canada’s plan to help Canadian families get ahead while ensuring big polluters pay their fair share.

    Today, the Honourable Steven Guilbeault, Canada’s Minister of Environment and Climate Change, visited community members at a local coffee shop in Gananoque, Ontario, to announce the latest quarterly Canada Carbon Rebate payments are being delivered to their bank accounts and mailboxes, with a one-time “double double” rural top-up.

    The “double double” rural top-up

    In Budget 2024, the Government of Canada doubled the rural top-up from 10 percent to 20 percent of the Canada Carbon Rebate base amount, to better support Canadians who live in rural areas and small communities, since they often drive longer distances and have higher energy needs. Given the delayed passage of the Budget, today families are receiving an added one-time 20 percent to make up retroactively for the doubling of the rural top-up on the April 15 and July 15 payments, effectively adding a one-time 40 percent top-up to the base amount of this quarter’s Canada Carbon Rebate. For a family of four in Gananoque, Ontario, this means receiving a payment of $392 today, and a total of $1,344 from Canada Carbon Rebates this fiscal year.

    The Canada Carbon Rebate and the rural supplement are part of a broader government effort to ease financial pressures on Canadians while simultaneously supporting the Government of Canada’s plan to combat climate change.

    Canada’s price on pollution is working. When it comes to meeting Canada’s goals, pollution pricing alone is delivering at least a third of the reductions needed, while delivering clean air and incentivizing job-creating greener investments in communities. As of today, emissions are trending down, while the economy grows and wages for Canadians are increasing.

    Hermine Landry
    Press Secretary
    Office of the Minister of Environment and Climate Change
    873-455-3714
    Hermine.Landry@ec.gc.ca

    Media Relations
    Environment and Climate Change Canada
    819-938-3338 or 1-844-836-7799 (toll-free)
    media@ec.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada Carbon Rebate rural top-up, 2024 and 2025

    Source: Government of Canada News

    Backgrounder

    Ensuring carbon pollution pricing helps make life more affordable

    A price on pollution is widely recognized as the most efficient means to reduce the greenhouse gas emissions that are contributing to the more intense wildfires, droughts, and floods caused by climate change. Canada’s approach to pollution pricing is also designed to put money back into people’s pockets.

    Putting a price on pollution is a cornerstone of Canada’s plan, which is working to tackle climate change.

    Quarterly Canada Carbon Rebate for individuals—increased rural top-up

    The climate crisis is affecting all of Canada, but especially rural and small communities. They frequently face environmental, social, economic, cultural, and health impacts from climate change that are more intense than those in urban areas. Despite these challenges, these communities show remarkable resilience and often lead the way in adaptation efforts across Canada.

    Canadians living in rural and small communities are on the front lines of climate change, witnessing firsthand the devastating impacts of intensified wildfires, droughts, and floods. A price on pollution is found to be one of the most efficient ways that Canada is reducing greenhouse gas emissions, which contribute significantly to the frequency and severity of these impacts caused by climate change. The Canada Carbon Rebate both puts money back into people’s pockets and also stimulates investment in clean alternatives.

    In provinces where the federal fuel charge applies, most households get back more than they pay through the Canada Carbon Rebate for individuals, as a result of the federal carbon pollution pricing system, with lower- and middle-income households benefitting the most.

    To further recognize rural Canadians’ higher energy needs, particularly for home-heating and transportation, the Government of Canada has doubled the rural top-up available for households in rural areas and smaller communities from 10 percent to 20 percent of their Canada Carbon Rebate base amount, as of April 2024.

    This October, eligible Canadians will receive the enhanced rural top-up for the first time. The increase will be retroactive to April 1, 2024, so those households can expect an increased top-up amount for October 2024 with a one-time boost due to the increased top-up amounts for April and July.

    The top-up will apply to residents of provinces where the federal fuel charge applies, that is, Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Labrador, New Brunswick, and Nova Scotia whose primary residence is outside a Census Metropolitan Area, as defined by Statistics Canada. All rebate recipients in Prince Edward Island are eligible for the rural top-up, and it is included in their base amount. Determine if you qualify for the rural top-up.

    The table below shows the amount a family of four can expect to receive each quarter in 2024–2025. As all proceeds are returned in the province they were collected in, the rebate amount varies between provinces. It is higher in provinces with more consumption of fossil fuels.

    Table 1

    Quarterly Canada Carbon Rebate amounts for families of four for 2024 and 2025
    Province Family of four Rural
    Alberta $450.00 $540.00
    Manitoba $300.00 $360.00
    Ontario $280.00 $336.00
    Saskatchewan $376.00 $451.20
    New Brunswick $190.00 $228.00
    Nova Scotia $206.00 $247.20
    Prince Edward Island* $220.00 $220.00
    Newfoundland and Labrador $298.00 $357.60

    *As all residents of Prince Edward Island are eligible for the 20 percent rural top-up, it is reflected in the base amount for that province.

    Table 2

    Annual Canada Carbon Rebate amounts for families of four for 2024 and 2025
    Province Family of four Rural
    Alberta $1,800.00 $2,160.00
    Manitoba $1,200.00 $1,440.00
    Ontario $1,120.00 $1,344.00
    Saskatchewan $1,504.00 $1,804.80
    New Brunswick $760.00 $912.00
    Nova Scotia $824.00 $988.80
    Prince Edward Island* $880.00 $880.00
    Newfoundland and Labrador $1,192.00 $1,430.40

    *As all residents of Prince Edward Island are eligible for the 20 percent rural top-up, it is reflected in the base amount for that province.

    Canada Carbon Rebate for Small Businesses

    Canada’s small- and medium-sized businesses are the backbone of the Canadian economy and the heart of our communities. Across the country, they keep main streets flourishing, create good jobs, and deliver on the dream of entrepreneurship. Through the new Canada Carbon Rebate for Small Businesses, the Government of Canada is delivering on its commitment to return proceeds from the price on pollution directly to small- and medium-sized businesses with employees in the provinces where the federal fuel charge applies.

    This accelerated and automated return process will deliver over $2.5 billion directly to an estimated 600,000 small- and medium-sized businesses with employees in provinces where the pollution pricing system applies through a refundable tax credit. By receiving direct payments from the Canada Revenue Agency, separate from tax refunds, this simple process for returning fuel charge proceeds will help eligible small- and medium-sized businesses to focus on what matters most—driving their businesses forward.

    The Canada Revenue Agency plans to issue the rebate to eligible Canadian-controlled private corporations (CCPCs) that filed their 2023 tax return no later than July 15, 2024, by the end of the calendar year. Most businesses should receive their payment by:

    • December 16, 2024, if registered for direct deposit
    • December 31, 2024, if receiving payment by cheque

    On October 1, 2024, the Government of Canada specified payment rates, on a per employee basis, for the 2019–2020 to 2023–2024 fuel charge years, and the designated provinces in which these payment rates will apply.

    Table 3

    Specified payment rates per employee for the Canada Carbon Rebate for Small Businesses, 2019 and 2020 to 2023 and 2024
    – 2019 to 2020 2020 to 2021 2021 to 2022 2022 to 2023 2023 to 2024
    Alberta* n/a $147 $123 $140 $181
    Saskatchewan $110 $271 $244 $298 $233
    Manitoba $48 $99 $77 $89 $168
    Ontario $26 $68 $75 $86 $146
    New Brunswick* n/a n/a n/a n/a $87
    Nova Scotia* n/a n/a n/a n/a $119
    Prince Edward Island* n/a n/a n/a n/a $82
    Newfoundland and Labrador* n/a n/a n/a n/a $179

    *As the federal fuel charge only came into effect as of January 1, 2020, in Alberta, and as of July 1, 2023, in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, small businesses in these provinces will receive payments for proceeds collected as of those respective dates.

    Table 4

    Example payment amounts for businesses, by number of employees, 2019 to 2023
    – 10 employees 25 employees 50 employees 100 employees 499 employees
    Alberta* $5,910 $14,775 $29,550 $59,100 $294,909
    Saskatchewan $11,560 $28,900 $57,800 $115,600 $576,844
    Manitoba $4,810 $12,025 $24,050 $48,100 $240,019
    Ontario $4,010 $10,025 $20,050 $40,100 $200,099
    New Brunswick* $870 $2,175 $4,350 $8,700 $43,413
    Nova Scotia* $1,190 $2,975 $5,950 $11,900 $59,381
    Prince Edward Island* $820 $2,050 $4,100 $8,200 $40,918
    Newfoundland and Labrador* $1,790 $4,475 $8,950 $17,900 $89,321

    *As the federal fuel charge only came into effect as of January 1, 2020, in Alberta, and as of July 1, 2023, in New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, small businesses in these provinces will receive payments for proceeds assessed after those respective dates.

    Additionally, to allow more businesses to receive a payment, it is also being proposed that corporations that file their tax return for 2023 after July 15, 2024, and on or before December 31, 2024, would be eligible for a payment. Legislation enacting these changes requires Royal Assent before payments can be issued to businesses filing after the initial July 15 deadline.

    More information on the Canada Carbon Rebate for Small Businesses payment amounts from 2019 and 2020 to 2023 and 2024 has been published by Finance Canada.

    Pollution pricing relief for farmers and fishers

    Farmers are on the frontlines of climate change, facing ever-increasing risks of floods, droughts, and storms to their operations. Canada’s approach to pollution pricing offers targeted support to farmers, who are also investing to deploy cost-saving and job-creating clean technology solutions. Farmers generally do not pay the fuel charge for gasoline and light fuel oil (diesel) used in eligible farming machinery on farms. Additionally, biological emissions are not priced under this federal system, totalling roughly 97 percent of on-farm emissions.

    Greenhouse operators also receive upfront relief of 80 percent of the fuel charge on propane and marketable natural gas used to heat an eligible greenhouse or to supplement carbon dioxide in eligible greenhouses to grow or produce plants.

    Additionally, farm businesses that operate in provinces where the federal fuel charge is in place can generally receive a refundable tax credit, the purpose of which is to return fuel charge proceeds related to farm use of natural gas and propane in heating and drying activities in those provinces to help farmers transition to lower-carbon ways of farming.

    Canada’s Greenhouse Gas Offset Credit System also provides an economic incentive for farmers to undertake innovative greenhouse gas reduction and removal projects.

    As part of the strengthened climate plan and the 2030 Emissions Reduction Plan, the Government of Canada committed over $1.5 billion to accelerate the agricultural sector’s progress on reducing emissions while remaining a global leader in sustainable agriculture. This includes $470.7 million for the Agricultural Clean Technology (ACT) Program to create an enabling environment for developing and adopting clean technology. This will help drive the changes required to achieve a low-carbon economy and promote sustainable growth in Canada’s agriculture and agri-food sector.

    Fishers are also provided with relief from paying the federal fuel charge on gasoline and light fuel oil (diesel) used in fishing vessels for eligible fishing activities.

    Industrial pollution pricing system

    Industrial pollution pricing systems are designed to ensure there is a price incentive for industrial emitters to reduce their greenhouse gas emissions and spur innovation while remaining competitive. Not only does pollution pricing ensure big polluters pay their fair share, it is also helping Canada attract new major projects that are creating good paying jobs.

    Canada’s approach to pollution pricing gives major heavy industries certainty on the price they pay for the pollution they generate, helping to bring forward investments in job-creating cleaner alternatives to meet their business needs. This helps them make informed decisions and is also designed to protect against the risk of industrial facilities moving to another region to avoid paying a price on carbon pollution.

    All proceeds generated from the federal industrial pollution pricing system in backstop jurisdictions are returned in the jurisdiction of origin to support industrial projects in cutting emissions and using new, cleaner technologies and processes.

    The Output-Based Pricing System (OBPS) Proceeds Fund returns proceeds collected under the federal OBPS and is comprised of two streams: the Decarbonization Incentive Program and the Future Electricity Fund. Further information on projects being funded by federal industrial pollution pricing proceeds has been published on the Open Government Portal.

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Speech: PM International Investment Summit Speech: 14 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Keir Starmer delivered a speech at the International Investment Summit 2024.

    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    And thanks to all you for being here…

    It’s fantastic to stand here and look out and see so many of you here…

    And I’m really grateful that you have made the effort, and you are here. It means a huge amount to me and my government…

    And welcome to this Government’s first International Investment summit.

    And some of you I know have come a very long way to be here…

    You have flown in from a great distance, some of you will be going straight back out again afterwards.

    You have made a huge effort to share with us the precious gift of your time…

    And we are really, really grateful for that.

    And welcome to the Guild Hall…

    London’s ancient Town Hall…

    Isn’t it a fantastic building, it’s really breathtaking this Guild Hall.

    Not of course to be confused with the nearby Guildhall school of music…

    Where I once pursued a fleeting ambition to play the flute professionally. I kid you not…

    Complete with then long hair and very, very flared jeans. 

    All photographic evidence has been destroyed.

    But today we are pursuing a different ambition…

    A shared ambition…

    Growth.

    You have to grow your business.

    And I have to grow my country.

    I’ll leave it to you to decide if you think voters or shareholders are the more forgiving audience…

    But without growth – let’s just agree it’s a difficult conversation…

    And that therefore, growth is a cause that binds us together.

    The shared endeavour of prosperity.

    It’s why we’ve made it the number one test of this government…

    I am determined to do everything in my power to galvanise growth…

    Determined for this country to be the highest growing economy in the G7…

    That is our most important national mission.

    Because it’s the only way to deliver the mandate for change that we won.

    Growth is higher wages.

    Growth is more vibrant high streets.

    Growth is public services back on their feet.

    It’s less poverty, more opportunity, more meals out, more holidays, more precious moments with your family, more cash in your pocket.

    And of course, for any business…

    It means a bigger market.

    Higher demand…

    A more secure and prosperous future…

    Your effort and enterprise – rewarded in profit.

    But it’s much more important, even than all that. 

    We live in an age when political fires rage across the world.

    Conflict. Insecurity. A populist mood that rails against the open values so many of us hold dear.

    Values which, as you know…

    Are so crucial for making business easy to do.

    And yet – at the same time…

    Look around the world…

    Look at the investments you and others are making.

    This is an age of great possibility, as well. 

    Huge revolutions in digital technology, clean energy, medicine, life sciences…

    Each – with the potential to fundamentally change the way we live and the way that we work…

    Each – with the possibility to transform the lives of working people for the better.

    And so, in times like this…

    Economic growth is vital – as it always has been…

    If we are to steer our way through a great period of insecurity and change…

    And on to calmer waters. 

    Because when working people benefit from that growth…

    When every community enjoys the fruits of wealth creation…

    It stops a country turning in on itself and against the world.

    And that in turn, helps provides a stable foundation…

    Breathing space… 

    For a country to take advantage of those opportunities for a better future.

    To put it more simply…

    It’s not just that stability leads to growth – though we all recognise that. 

    It’s also that growth leads to stability…

    Growth leads to country that is better equipped to come together…

    And get its future back.

    That’s why it’s always been so critical to my political project.

    The key ingredient of that ‘Great Moderation’ we became accustomed to before the financial crash…

    But which together, in partnership…

    We now have to earn again. 

    Every one of you here today…

    Has been invited for that reason.

    It’s not just that you lead some of the most important businesses in the world.

    It’s also because you are pivotal to this great cause of our times. 

    And the reason we are focusing so much on investment…

    Is because the mission of growth, in this country in particular…

    Demands it.

    Private sector investment is the way we rebuild our country…

    And pay our way in the world.

    And make no mistake – this is a great moment to back Britain…

    This is great moment to back England, Scotland, Northern Ireland and Wales. 

    We have an amazing education system that produces some of the best talent in the world.

    The largest tech sector in Europe.

    Leading positions in some of those great industries of the future…

    Artificial Intelligence, Life Sciences, Clean energy, the creative industries.

    We’re a country where businesses thrive – small and large alike…

    With clear regulatory frameworks and protections…

    A legal system that sets high standards around the globe…

    A location which means we can speak to our colleagues in the Americas or Asia in the same day…

    A high ranking in the Global Innovation index, every year…

    Our wonderful global language…

    Our world-renowned sport and culture… 

    This great modern city…

    And all around us…

    A heritage steeped in commerce and trade…

    A set of shared values – centuries-long…

    For being a country that is open for business.

    You can’t put a price on any of this.

    Now we have our problems – of course we do.

    As I’ve said – our public services need urgent care… 

    And our public finances need the tough love of prudence…

    Challenges we cannot ignore. 

    Because, we know – just as every leader here knows…

    That those early weeks and months are precious.

    And, no matter how many people advise you to ignore it…

    That you must run towards the fire to put it out…

    Not let it spread further.

    So we will fix our public services…

    We will stabilise our economy… 

    And we will do it quickly.

    Because we don’t want any of those problems associated with our inheritance…

    Misting up the shop window of Britain…

    Distracting you – from all those assets I just listed.

    Assets that may feel more intangible…

    But are more valuable…

    More enduring…

    Deeper in the bones of this nation.

    And which are ready to be unlocked…

    If we take firm and decisive action on policy – which we can and we will…

    To give you total confidence that this is the moment to back Britain.  

    So let me quickly run through four crucial areas in our pitch for Britain.

    I know – it’s a kind of CEO heresy to have a list of four not three…

    So I apologise!

    But please indulge me.

    First – stability.

    We have a golden opportunity to use our mandate…

    To end the culture of chop and change…

    The policy churn…

    The sticking plaster politics…

    That makes it so hard for investors to assess the value of any proposition.

    Now, you may think – well every government says that…

    But the stability that comes with a large majority in our system…

    That is a unique advantage.

    And we have the determination…

    The focus on clear long-term ends…

    A mission-led mindset that thinks in years…

    Not the days or hours of the news grid…

    Needed to unlock that potential. 

    And don’t doubt that.

    Second – strategy.

    We are building a more strategic architecture for growth. 

    A way for investors to have a much steadier hand on the tiller.

    That’s why we’ve announced a new National Wealth Fund…

    And switched on Great British Energy…

    Which will accelerate investment in clean power and future technologies.

    Like Carbon Capture and Storage, for example…

    Which we just backed – alongside BP, Equinor and Eni

    And which shows the hard-headed approach we will bring to industrial policy.

    A partnership – sharing the risk with the private sector…

    Ambitious – absolutely. 

    But also unsentimental.

    Guided by the market…

    Focused, at all times…

    On the real potential for comparative advantage in this country.

    You know – this is the point I would always make about our Modern Industrial Strategy. 

    In this country, there has been a long rather arcane political debate about “picking winners”.

    Well, we’re not in the business of individual picking winners.

    But we are in the business of building on our strengths.

    Mowing the grass on the pitch…

    Making sure the changing rooms are clean and comfortable…

    That the training ground is good.

    So that when our businesses compete…

    They are match fit…

    That, to put it simply…

    We give the businesses of this country the best conditions to succeed.

    I don’t know why that’s sometimes controversial in this country…

    Industrial policy seems fairly commonplace elsewhere around the world.

    But it is fundamental to the way we see our job on growth…

    And our relationship with a room like this.

    Third – Britain’s global standing.

    We’re determined to improve it.

    Determined – to repair…

    Britain’s brand as an open, outward-looking, confident, trading nation.

    Look – I see this as a diplomatic necessity…

    And I think it’s clear how much priority I have given it in the first 100 days of government.

    All around the world…

    Whether it’s countries, or investors…

    People want to know that Britain can be a stable, trusted, rule-abiding partner.

    As we always have been…

    But that somehow, during the whole circus that followed Brexit… 

    The last Government made a few people less sure about. 

    Needlessly insulting our closest allies…

    And of course a few choice Anglo-Saxon phrases for business. 

    Well – no more.

    We have turned the page on that – decisively…

    And we will use that reset for growth. 

    Finally fourth – regulation

    Now, I don’t see regulation as good or bad.

    That seems simplistic to me.

    Some regulation is life-saving…

    We have seen that in recent weeks here, with the report on the tragedy of Grenfell Tower.

    But across our public sector…

    I would say the previous Government hid behind regulators.

    Deferred decisions to them because it was either too weak or indecisive…

    Or simply not committed enough to growth. 

    Planning is a very real example of that…

    Or – for our friends from across the pond…

    ‘Permitting’ is a really clear example of that… 

    The global language…

    But anyway – the key test for me on regulation…

    Is of course – growth. 

    Is this going to make our economy more dynamic?

    Is this going to inhibit or unlock investment?

    Is it something that enables the builders not the blockers?

    Now – I know some people may be wondering about our labour market policies introduced last week.

    Let me be clear – they are pro-growth.

    Workers with more security at work…

    With higher wages…

    That is a better growth model for this country.

    It will lead to more dynamism in our labour market.

    And seriously – we have to think differently about this…

    A nation’s position in the world is changing all the time…

    As must its growth model. 

    So while I know this is a room full of businesses who take investing in their human capital seriously…

    When I look at the British economy as a whole…

    It does seem as if sometimes, we are more comfortable hiring people to work in low paid, insecure contracts…

    Than we are investing in the new technology that delivers for workers, for productivity and for our country.

    And so we’ve got to break out of that trap.

    But we’ve also got to look at regulation – across the piece. 

    And where it is needlessly holding back the investment we need to take our country forward…

    Where it is stopping us building the homes…

    The data centres, the warehouses, grid connectors, roads,  trainlines, you name it…

    Then mark my words – we will get rid of it.

    Take the East Anglia 2 wind farm.

    A £4 billion investment.

    One Gigawatt of clean energy.

    An important project – absolutely.

    But also the sort of thing a country as committed to clean energy as we are…

    Needs to replicate again and again.

    Now regulators demanded over four thousand planning documents for that project…

    Not 4000 pages – 4000 documents.

    And then six weeks after finally receiving planning consent…

    It was held up for a further two years by judicial review.

    I mean – as an investor…

    When you see this inertia…

    You just don’t bother do you?

    And that – in a nutshell…

    Is the biggest supply-side problem we have in our country.

    So it’s time to upgrade the regulatory regime…

    Make it fit for the modern age..

    Harness every opportunity available to Britain.

    We will rip out the bureaucracy that blocks investment…

    We will march through the institutions…

    And we will make sure that every regulator in this country…

    Especially our economic and competition regulators…

    Takes growth as seriously as this room does.

    And look – tell us about your frustrations on this. 

    Speak to my team…

    Speak to me, to Rachel, to Jonny, to Ed…

    And our new Minister for Investment, Poppy. 

    Any leader knows the importance of a good team – and we’ve got one here.

    We are united behind growth…

    Our door is open…

    And the work of change has already begun.

    We’re reforming the planning system…

    The onshore wind ban has gone… 

    New projects in solar, wind, tidal energy…

    Carbon Capture and Storage…

    Tax relief for the creative industries…

    Investment from the world’s leading companies…

    Blackstone, Amazon…

    A new partnership with Cyrus One to build data centres in Didcot…

    Finally grasping the nettle on airport expansion…

    A new £1 billion commitment from Manchester Airport Group to expand Stansted…

    Opening up new routes to work and holiday destinations…

    The first of tens of billions worth of inward investment deals we will sign today.

    Because we are determined to lead the way on growth. 

    Determined to get Britain building…

    Determined to get our economy moving…

    Through the shock and awe of investment.

    That’s the message to take home today.

    When the big decisions are made…

    When you go back to your board rooms and ask…

    Where does our money go…

    Where do our jobs go…

    Where does our investment in a better future go?

    Let me offer you a new answer…

    It’s time to back Britain.

    Thank you.

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £1.1 billion investment to expand Stansted Airport welcomed by ministers

    Source: United Kingdom – Executive Government & Departments

    Funding will expand Stanstead Airport terminal by one-third, helping to support UK businesses and the aviation sector.

    • 5,000 jobs expected from £1.1 billion investment in London Stansted Airport 
    • expansion will double the airport’s annual economic contribution to the UK to £2 billon
    • latest boost for the government’s core mission to grow the British economy and boost opportunities

    More than 5,000 jobs will be created as a result of a 5-year, £1.1 billion investment in London Stansted Airport, welcomed today (14 October 2024) by Chancellor Rachel Reeves and Transport Secretary Louise Haigh. 

    The plans were unveiled by the Prime Minister at the flagship International Investment Summit in London and will see Stansted unlock the potential of its runway through the extension of its existing terminal.

    The funding will expand the existing terminal by a third, securing new air routes to key business and holiday destinations – boosting local supply chains and further cementing the UK’s place on the international stage.

    The investment consists of £600 million for the terminal extension, alongside another £500 million to improve the existing terminal and wider airport estate.

    It will also deliver Stansted’s 14.3 megawatt on-site solar farm, which will support the airport’s current and increasing electricity demands. It follows the recent creation of a new electric vehicle charging forecourt at the airport.

    Manchester Airports Group (MAG), owner of London Stansted, is in the final stages of the procurement process, with construction expected to begin in 2025. The project will take between 2 and 3 years to complete.

    This scheme will significantly improve passengers’ experience at each stage of their journey from check-in to immigration. It will deliver a larger security hall, an airfield taxiway upgrade and an overhaul of gate rooms, boosting capacity and comfort for passengers before boarding.

    The expansion plans already have planning permissions to begin construction and are in line with previously agreed passenger and flight numbers.

    Transport Secretary, Louise Haigh, said:

    We have been steadfast in our commitment to help British businesses grow and in turn boost the UK’s economy. This announcement is a clear signal that Britain is open for business. 

    Transport is central to this government’s core mission of growing the economy. This is about giving companies like Manchester Airports Group the confidence to invest, boosting regional and national economic growth and supporting the aviation sector while also meeting our existing environmental obligations.

    Ken O’Toole, Chief Executive Officer of MAG – which owns London Stansted, Manchester and East Midlands Airports, said:

    By investing more than £1 billion in Stansted over the next 5 years, we will be able to connect people and businesses in London and the east of England to even more global destinations, while welcoming millions more visitors to the UK.

    We are proud to be investing in our infrastructure in a way that will create jobs and stimulate trade, investment and tourism. 

    Aviation is an essential enabler of the success of the UK’s key high-value industries, and we look forward to helping the government achieve the highest sustained growth in the G7 through the sustainable growth of our airports.

    Cath Bowtell, IFM Investors Chair, said: 

    As co-owners of MAG, our commitment to this exciting new Stansted project reflects our confidence in the airport’s future growth story. 

    As one of the world’s largest infrastructure investors, IFM invests over decades to enhance the value to customers of the UK infrastructure we own and operate. 

    MAG goes from strength to strength under the long-term stable co-ownership of IFM alongside Manchester and Greater Manchester local authorities.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM International Investment Summit Speech: 14 October 2024

    Source: United Kingdom – Government Statements

    Prime Minister Keir Starmer delivered a speech at the International Investment Summit 2024.

    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    And thanks to all you for being here…

    It’s fantastic to stand here and look out and see so many of you here…

    And I’m really grateful that you have made the effort, and you are here. It means a huge amount to me and my government…

    And welcome to this Government’s first International Investment summit.

    And some of you I know have come a very long way to be here…

    You have flown in from a great distance, some of you will be going straight back out again afterwards.

    You have made a huge effort to share with us the precious gift of your time…

    And we are really, really grateful for that.

    And welcome to the Guild Hall…

    London’s ancient Town Hall…

    Isn’t it a fantastic building, it’s really breathtaking this Guild Hall.

    Not of course to be confused with the nearby Guildhall school of music…

    Where I once pursued a fleeting ambition to play the flute professionally. I kid you not…

    Complete with then long hair and very, very flared jeans. 

    All photographic evidence has been destroyed.

    But today we are pursuing a different ambition…

    A shared ambition…

    Growth.

    You have to grow your business.

    And I have to grow my country.

    I’ll leave it to you to decide if you think voters or shareholders are the more forgiving audience…

    But without growth – let’s just agree it’s a difficult conversation…

    And that therefore, growth is a cause that binds us together.

    The shared endeavour of prosperity.

    It’s why we’ve made it the number one test of this government…

    I am determined to do everything in my power to galvanise growth…

    Determined for this country to be the highest growing economy in the G7…

    That is our most important national mission.

    Because it’s the only way to deliver the mandate for change that we won.

    Growth is higher wages.

    Growth is more vibrant high streets.

    Growth is public services back on their feet.

    It’s less poverty, more opportunity, more meals out, more holidays, more precious moments with your family, more cash in your pocket.

    And of course, for any business…

    It means a bigger market.

    Higher demand…

    A more secure and prosperous future…

    Your effort and enterprise – rewarded in profit.

    But it’s much more important, even than all that. 

    We live in an age when political fires rage across the world.

    Conflict. Insecurity. A populist mood that rails against the open values so many of us hold dear.

    Values which, as you know…

    Are so crucial for making business easy to do.

    And yet – at the same time…

    Look around the world…

    Look at the investments you and others are making.

    This is an age of great possibility, as well. 

    Huge revolutions in digital technology, clean energy, medicine, life sciences…

    Each – with the potential to fundamentally change the way we live and the way that we work…

    Each – with the possibility to transform the lives of working people for the better.

    And so, in times like this…

    Economic growth is vital – as it always has been…

    If we are to steer our way through a great period of insecurity and change…

    And on to calmer waters. 

    Because when working people benefit from that growth…

    When every community enjoys the fruits of wealth creation…

    It stops a country turning in on itself and against the world.

    And that in turn, helps provides a stable foundation…

    Breathing space… 

    For a country to take advantage of those opportunities for a better future.

    To put it more simply…

    It’s not just that stability leads to growth – though we all recognise that. 

    It’s also that growth leads to stability…

    Growth leads to country that is better equipped to come together…

    And get its future back.

    That’s why it’s always been so critical to my political project.

    The key ingredient of that ‘Great Moderation’ we became accustomed to before the financial crash…

    But which together, in partnership…

    We now have to earn again. 

    Every one of you here today…

    Has been invited for that reason.

    It’s not just that you lead some of the most important businesses in the world.

    It’s also because you are pivotal to this great cause of our times. 

    And the reason we are focusing so much on investment…

    Is because the mission of growth, in this country in particular…

    Demands it.

    Private sector investment is the way we rebuild our country…

    And pay our way in the world.

    And make no mistake – this is a great moment to back Britain…

    This is great moment to back England, Scotland, Northern Ireland and Wales. 

    We have an amazing education system that produces some of the best talent in the world.

    The largest tech sector in Europe.

    Leading positions in some of those great industries of the future…

    Artificial Intelligence, Life Sciences, Clean energy, the creative industries.

    We’re a country where businesses thrive – small and large alike…

    With clear regulatory frameworks and protections…

    A legal system that sets high standards around the globe…

    A location which means we can speak to our colleagues in the Americas or Asia in the same day…

    A high ranking in the Global Innovation index, every year…

    Our wonderful global language…

    Our world-renowned sport and culture… 

    This great modern city…

    And all around us…

    A heritage steeped in commerce and trade…

    A set of shared values – centuries-long…

    For being a country that is open for business.

    You can’t put a price on any of this.

    Now we have our problems – of course we do.

    As I’ve said – our public services need urgent care… 

    And our public finances need the tough love of prudence…

    Challenges we cannot ignore. 

    Because, we know – just as every leader here knows…

    That those early weeks and months are precious.

    And, no matter how many people advise you to ignore it…

    That you must run towards the fire to put it out…

    Not let it spread further.

    So we will fix our public services…

    We will stabilise our economy… 

    And we will do it quickly.

    Because we don’t want any of those problems associated with our inheritance…

    Misting up the shop window of Britain…

    Distracting you – from all those assets I just listed.

    Assets that may feel more intangible…

    But are more valuable…

    More enduring…

    Deeper in the bones of this nation.

    And which are ready to be unlocked…

    If we take firm and decisive action on policy – which we can and we will…

    To give you total confidence that this is the moment to back Britain.  

    So let me quickly run through four crucial areas in our pitch for Britain.

    I know – it’s a kind of CEO heresy to have a list of four not three…

    So I apologise!

    But please indulge me.

    First – stability.

    We have a golden opportunity to use our mandate…

    To end the culture of chop and change…

    The policy churn…

    The sticking plaster politics…

    That makes it so hard for investors to assess the value of any proposition.

    Now, you may think – well every government says that…

    But the stability that comes with a large majority in our system…

    That is a unique advantage.

    And we have the determination…

    The focus on clear long-term ends…

    A mission-led mindset that thinks in years…

    Not the days or hours of the news grid…

    Needed to unlock that potential. 

    And don’t doubt that.

    Second – strategy.

    We are building a more strategic architecture for growth. 

    A way for investors to have a much steadier hand on the tiller.

    That’s why we’ve announced a new National Wealth Fund…

    And switched on Great British Energy…

    Which will accelerate investment in clean power and future technologies.

    Like Carbon Capture and Storage, for example…

    Which we just backed – alongside BP, Equinor and Eni

    And which shows the hard-headed approach we will bring to industrial policy.

    A partnership – sharing the risk with the private sector…

    Ambitious – absolutely. 

    But also unsentimental.

    Guided by the market…

    Focused, at all times…

    On the real potential for comparative advantage in this country.

    You know – this is the point I would always make about our Modern Industrial Strategy. 

    In this country, there has been a long rather arcane political debate about “picking winners”.

    Well, we’re not in the business of individual picking winners.

    But we are in the business of building on our strengths.

    Mowing the grass on the pitch…

    Making sure the changing rooms are clean and comfortable…

    That the training ground is good.

    So that when our businesses compete…

    They are match fit…

    That, to put it simply…

    We give the businesses of this country the best conditions to succeed.

    I don’t know why that’s sometimes controversial in this country…

    Industrial policy seems fairly commonplace elsewhere around the world.

    But it is fundamental to the way we see our job on growth…

    And our relationship with a room like this.

    Third – Britain’s global standing.

    We’re determined to improve it.

    Determined – to repair…

    Britain’s brand as an open, outward-looking, confident, trading nation.

    Look – I see this as a diplomatic necessity…

    And I think it’s clear how much priority I have given it in the first 100 days of government.

    All around the world…

    Whether it’s countries, or investors…

    People want to know that Britain can be a stable, trusted, rule-abiding partner.

    As we always have been…

    But that somehow, during the whole circus that followed Brexit… 

    The last Government made a few people less sure about. 

    Needlessly insulting our closest allies…

    And of course a few choice Anglo-Saxon phrases for business. 

    Well – no more.

    We have turned the page on that – decisively…

    And we will use that reset for growth. 

    Finally fourth – regulation

    Now, I don’t see regulation as good or bad.

    That seems simplistic to me.

    Some regulation is life-saving…

    We have seen that in recent weeks here, with the report on the tragedy of Grenfell Tower.

    But across our public sector…

    I would say the previous Government hid behind regulators.

    Deferred decisions to them because it was either too weak or indecisive…

    Or simply not committed enough to growth. 

    Planning is a very real example of that…

    Or – for our friends from across the pond…

    ‘Permitting’ is a really clear example of that… 

    The global language…

    But anyway – the key test for me on regulation…

    Is of course – growth. 

    Is this going to make our economy more dynamic?

    Is this going to inhibit or unlock investment?

    Is it something that enables the builders not the blockers?

    Now – I know some people may be wondering about our labour market policies introduced last week.

    Let me be clear – they are pro-growth.

    Workers with more security at work…

    With higher wages…

    That is a better growth model for this country.

    It will lead to more dynamism in our labour market.

    And seriously – we have to think differently about this…

    A nation’s position in the world is changing all the time…

    As must its growth model. 

    So while I know this is a room full of businesses who take investing in their human capital seriously…

    When I look at the British economy as a whole…

    It does seem as if sometimes, we are more comfortable hiring people to work in low paid, insecure contracts…

    Than we are investing in the new technology that delivers for workers, for productivity and for our country.

    And so we’ve got to break out of that trap.

    But we’ve also got to look at regulation – across the piece. 

    And where it is needlessly holding back the investment we need to take our country forward…

    Where it is stopping us building the homes…

    The data centres, the warehouses, grid connectors, roads,  trainlines, you name it…

    Then mark my words – we will get rid of it.

    Take the East Anglia 2 wind farm.

    A £4 billion investment.

    One Gigawatt of clean energy.

    An important project – absolutely.

    But also the sort of thing a country as committed to clean energy as we are…

    Needs to replicate again and again.

    Now regulators demanded over four thousand planning documents for that project…

    Not 4000 pages – 4000 documents.

    And then six weeks after finally receiving planning consent…

    It was held up for a further two years by judicial review.

    I mean – as an investor…

    When you see this inertia…

    You just don’t bother do you?

    And that – in a nutshell…

    Is the biggest supply-side problem we have in our country.

    So it’s time to upgrade the regulatory regime…

    Make it fit for the modern age..

    Harness every opportunity available to Britain.

    We will rip out the bureaucracy that blocks investment…

    We will march through the institutions…

    And we will make sure that every regulator in this country…

    Especially our economic and competition regulators…

    Takes growth as seriously as this room does.

    And look – tell us about your frustrations on this. 

    Speak to my team…

    Speak to me, to Rachel, to Jonny, to Ed…

    And our new Minister for Investment, Poppy. 

    Any leader knows the importance of a good team – and we’ve got one here.

    We are united behind growth…

    Our door is open…

    And the work of change has already begun.

    We’re reforming the planning system…

    The onshore wind ban has gone… 

    New projects in solar, wind, tidal energy…

    Carbon Capture and Storage…

    Tax relief for the creative industries…

    Investment from the world’s leading companies…

    Blackstone, Amazon…

    A new partnership with Cyrus One to build data centres in Didcot…

    Finally grasping the nettle on airport expansion…

    A new £1 billion commitment from Manchester Airport Group to expand Stansted…

    Opening up new routes to work and holiday destinations…

    The first of tens of billions worth of inward investment deals we will sign today.

    Because we are determined to lead the way on growth. 

    Determined to get Britain building…

    Determined to get our economy moving…

    Through the shock and awe of investment.

    That’s the message to take home today.

    When the big decisions are made…

    When you go back to your board rooms and ask…

    Where does our money go…

    Where do our jobs go…

    Where does our investment in a better future go?

    Let me offer you a new answer…

    It’s time to back Britain.

    Thank you.

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Technology partnerships between the UK and Central and Eastern Europe: Science and Innovation Network impact story

    Source: United Kingdom – Executive Government & Departments

    Countries in Central and Eastern Europe offer a significant opportunity for science, innovation, and technology partnerships with the UK.

    The first outcome of the UK-Bulgaria meeting on semiconductors was the signing of a memorandum of understanding between TechWorks (UK) and BASEL (Bulgarian Association of Electrical Engineering and Electronics).

    Summary

    The 9 countries of Central and Eastern Europe (CEE) offer a significant opportunity for science, innovation, and technology partnerships with the UK. Together, the region’s combined GDP is over €2 trillion – an economy of emerging innovators leading a tech revolution (the region has increased its enterprise value since 2017 by 7.6 times).

    This is driven by each countries’ effort to combine their science and technology expertise and skilled workforces (Bulgaria, Hungary, Poland and Romania make up 4 of the 6 EU countries in the Top 25 countries of STEM (science, technology, engineering, and mathematics) excellence) together with traditional strengths in manufacturing, IT and science. 

    The priorities of the UK’s International Tech Strategy align with pockets of excellence across the region. Austria, for example, is the fourth largest producer of semi-conductors with expanding supply chains through Czechia and Bulgaria, Croatia’s unicorns drive 4% of the country’s GDP and Poland and Czechia’s retention of 90% of their startup enterprise value show the strength of the emerging ecosystems. A recent report estimated that AI would further boost the regional economic value by €100 billion. 

    UK Science and Innovation Network (SIN) teams in Central and Eastern Europe are working to communicate these opportunities to UK stakeholders and build connections. The appetite to work with the UK is high – during the previous Horizon Europe programme, the UK was among the top partners of choice for CEE researchers. 

    Following the UK’s reassociation to Horizon Europe and Copernicus, we are keen to maintain and strengthen those connections. Our events on tech, showcased below, all help to communicate and encourage collaboration while engaging on policy approaches that will be critical to the safe and secure emergence of critical tech. 

    Impact

    Semiconductors

    In January, SIN organised a high-level roundtable on semiconductors to connect Bulgarian and UK stakeholders looking to develop cooperation and exchange approaches on semi-conductors.   

    Semiconductors is a priority sector for the UK, in the context of the UK Semiconductors Strategy and Bulgaria is recognised as partner in this area under the UK-Bulgaria Strategic Partnerships Agreement. 

    Why Bulgaria?

    Bulgaria is rapidly developing opportunities in the sector, building on its ICT strengths (contributing over 7% of GDP, the highest level among CEE countries). This is a legacy of chip manufacturing (by the late 1970s, Bulgaria was one of the top 10 biggest electronics manufacturing countries in the world).

    In 1989, Bulgaria exported more computers than all other countries in CEE with 11% of workers employed in the production of computers and electronics. Today there are over 400 microelectronics, many supporting the growing demand for chips from Bulgaria’s automotive industry. 

    Bulgaria is positioned well to become a supply chain hub under the EU Chips Act – it has attracted investment by global companies such as Melexis (producing equipment and critical materials for semiconductor fabs) and Global Foundries and the government is investing in R&D centres to support the developing capacity.

    The roundtable enabled government, industry and academic contacts to share government strategy and approaches, including on skills development, explore potential commercial R&D and academic collaboration opportunities. This has led to an opportunity to work with the Bulgaria Ministry of Innovations and Growth as they prepare a report and recommendations to develop the sector in 2024, the potential to develop an accelerator programme based on the UK’s Chipstart programme and a memorandum of understanding signed between the Bulgarian Association of Electrical Engineering and Electronics (BASEL) and TechWorks UK.

    Artificial intelligence (AI)

    In February, SIN hosted the first UK-Romania research conference with a focus on AI to help us better understand emerging opportunities in AI research with Romania. Bringing together contacts from academia, SMEs, NGOs, and senior officials.

    The event was part of series of SIN initiatives on AI which started in 2021 with a UK-Romania high-level dialogue in London, an online workshop on national AI strategies, and a visit to present the Romanian government’s AI advisor, “Ion”, to the UK. The roundtable helped secure the topic as part of the forthcoming UK-Romania Bilateral Forum in 2024 within the frame of the Strategic Partnership Agreement signed in March 2023.

    Why Romania?

    A surge in AI startups and a rapidly developing ecosystem is drawing significant international attention. Romania’s IT and cyber sector drives a significant proportion of GDP – Romania is number one in Europe and sixth in the world in terms of the number of IT professionals. Companies such as Amazon, Hewlett-Packard, Microsoft and Oracle have long operated in Romania’s IT sector, which generated €9 billion in 2022.

    In March, SIN supported a wider delegation of AI stakeholders from Czechia, Slovakia and Poland to the UK to attend the Alan Turing Institute AI Expo 2024, using the opportunity to share policy approaches on AI regulation, build connections for AI influencers in the region, and connect researchers. 

    Tech mapping

    To find out more about opportunities across the wider Central and Eastern Europe region, read our report on tech opportunities commissioned by SIN and created by researchers at Public International (a UK-based tech insights organisation). The report provides country by country snapshots on why CEE is important to the UK under each of the 5 priority technologies. 

    Technology and Innovation in Central and Eastern Europe (public.io).

    Contact details:

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Global: Kenya’s presidents have a long history of falling out with their deputies – Rigathi Gachagua’s impeachment would be no surprise

    Source: The Conversation – Africa – By Gabrielle Lynch, Professor of Comparative Politics, University of Warwick

    The process of removing Kenya’s deputy president Rigathi Gachagua is part of a long history, dating back to independence, of fallouts between the president and his deputy. The difference this time around is the process.

    Historically, presidents have fired their deputies. But the adoption of a new constitution in 2010, saw the introduction of a process for impeachment – for both the president and the deputy – that’s run by the legislature. This is the first time it’s been used.

    On 8 October 2024, members of Kenya’s national assembly voted to impeach Gachagua on grounds that included corruption, insubordination and ethnically divisive politics. The case now moves to the senate where members will hear the charges – and Gachagua’s defence – and vote.

    If at least two-thirds of senate accept the charges, and Gachagua’s legal challenges fail, then Gachagua will make history as Kenya’s first deputy leader to be impeached.

    So far, President William Ruto has stayed silent on the matter, but the process would not be proceeding without his blessing.

    Amid the novelty of the impeachment process, it’s easy to forget that it is the norm for Kenyan presidents to fall out with their deputies. As a political scientist interested in Kenya’s ethnic politics and democratisation, I argue that this is because of how deputies are selected in the first place.

    Deputies are initially selected largely on pragmatic grounds as people who bring something useful to a political alliance. This could be resources, a support base or a reputation for being a good technocrat or administrator.

    They’re not usually people with whom the president has a strong and continuous personal relationship or someone with whom they share a clear political ideology. Neither are they usually someone who has made their way up through a political party.

    This has brought about a long history of tensions and fallout between Kenya’s presidents and their deputies.

    History of fallouts

    Independent Kenya’s first vice president, Oginga Odinga, saw his ministerial portfolio gradually reduced by President Jomo Kenyatta. Kenyatta then replaced Odinga as vice president of the ruling Kenya African National Union (Kanu) in 1966 further undermining his powers. Soon after, Odinga joined the opposition Kenya’s People’s Union.

    His successor, Joseph Murumbi, resigned within months. The official reason given was ill health, but it is widely believed that Murumbi was troubled by corruption and authoritarianism within the Kenyatta regime.

    Kenya’s second president, Daniel arap Moi, elected Mwai Kibaki as his first deputy. Kibaki was dropped after a decade. He went on to form an opposition party as soon as Kenya shifted to multi-party politics in 1992.

    Moi’s second vice president, Josephat Karanja, resigned after a year to avoid a vote of no confidence for allegedly plotting to overthrow the government.

    Moi’s third deputy, George Saitoti was sidelined to pave way for Uhuru Kenyatta’s nomination as the party flagbearer in 2002. Moi’s final deputy, Musalia Mudavadi, fell with the rest of the Kanu government in the 2002 elections.

    As Kenya’s third president, Kibaki similarly oversaw a regular change of guard. His first deputy, Michael Wamalwa, died after a few months in office. His second, Moody Awori, lost his seat in the 2007 election.

    Kibaki’s third deputy, Kalonzo Musyoka, joined the president during Kenya’s post-election violence of 2007-08. He left at the end of his term in 2013 to run with Raila Odinga in the 2013, 2017 and 2022 presidential elections.

    Kenya’s fourth president, Uhuru Kenyatta, was the only leader to have the same deputy, William Ruto, for his full term as president – from 2013 to 2022. However, relations between Kenyatta and Ruto were hardly rosy. The two fell out after the 2017 elections as Kenyatta teamed up with long-standing opposition leader, Raila Odinga. Ruto beat Odinga, Kenyatta’s favoured candidate in the 2022 elections.

    Lessons to learn

    Because deputies are selected for their practical value, the person who made a good deputy at one point in time can come to be seen as a liability or threat as the political context changes.

    For example, at independence, Oginga Odinga made an excellent ally for Jomo Kenyatta. He had some resources and was a proven mobiliser. He brought a support base. However, within a few years, Odinga became a problem for the president as a more radical faction within the ruling party coalesced around him.

    Similarly, Ruto made an excellent ally for Uhuru Kenyatta when they both faced charges for crimes against humanity at the International Criminal Court. The two fell out once Kenyatta had won his second and final term, and Kenyatta turned to his succession.

    Gachagua was useful to Ruto in 2022. He had personal wealth, was an effective mobiliser and hailed from central Kenya where the election looked to be won or lost. However, once elected, Gachagua’s populist statements and reputation for ethnic bias became more of a liability.

    Second, as contexts change, someone else can soon come to be seen as more useful as second in command.

    For Jomo Kenyatta, Moi had shown his utility and loyalty during the “little general elections” of 1966, which effectively sidelined the Kenya People’s Union and Oginga Odinga.

    Kithure Kindiki, Kenya’s interior cabinet secretary, is the current frontrunner to replace Gachagua. He is seen as better able to negotiate with the international community, especially during a critical economic period for Kenya as it seeks new International Monetary Fund loans.

    Third, being the country’s vice or deputy president comes with a lot of opportunities to network. These interactions have often led individuals to be seen as a growing threat, or as actively plotting against the president. They may also be seen as a future challenger.

    History has shown that there is no ideal way of dealing with such a potential challenger, leading subsequent presidents to try different approaches.

    Current context

    Ruto and Gachagua have clearly fallen out. Their differences became apparent soon after the 2022 elections. However, they came into sharp relief in the face of anti-tax protests in June 2024. There were subsequent allegations that Gachagua and some of his allies had helped to finance the protests.

    The question, therefore, isn’t why they have fallen out but why Gachagua is being impeached now.

    Ultimately the answer to this can only be known by a few individuals. But perhaps an indication of the answer lies in the emotions the fallout has stirred: a desire to distract the public and show that the government is taking action to deal with Kenya’s ongoing economic crisis. There may also be a desire to undercut Gachagua before he can build national networks.

    Ruto has the numbers in the senate to see the impeachment process through. But this is a dangerous game. Those sidelined have a habit of coming back to haunt their former allies.

    At the moment, most Kenyans are supportive of the impeachment process, but many also feel that Gachagua is being unfairly targeted especially in central Kenya, where a majority oppose the process.

    While a successful impeachment might see Gachagua barred from holding public office, this wouldn’t necessarily mean an end to his career as an effective political mobiliser.

    The next few months – and the narratives that emerge about why Ruto and Gachagua fell out – will be critical in determining both their futures.

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

    – ref. Kenya’s presidents have a long history of falling out with their deputies – Rigathi Gachagua’s impeachment would be no surprise – https://theconversation.com/kenyas-presidents-have-a-long-history-of-falling-out-with-their-deputies-rigathi-gachaguas-impeachment-would-be-no-surprise-241139

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Kenya’s presidents have a long history of falling out with their deputies – Rigathi Gachagua’s impeachment would be no surprise

    Source: The Conversation – Africa – By Gabrielle Lynch, Professor of Comparative Politics, University of Warwick

    The process of removing Kenya’s deputy president Rigathi Gachagua is part of a long history, dating back to independence, of fallouts between the president and his deputy. The difference this time around is the process.

    Historically, presidents have fired their deputies. But the adoption of a new constitution in 2010, saw the introduction of a process for impeachment – for both the president and the deputy – that’s run by the legislature. This is the first time it’s been used.

    On 8 October 2024, members of Kenya’s national assembly voted to impeach Gachagua on grounds that included corruption, insubordination and ethnically divisive politics. The case now moves to the senate where members will hear the charges – and Gachagua’s defence – and vote.

    If at least two-thirds of senate accept the charges, and Gachagua’s legal challenges fail, then Gachagua will make history as Kenya’s first deputy leader to be impeached.

    So far, President William Ruto has stayed silent on the matter, but the process would not be proceeding without his blessing.

    Amid the novelty of the impeachment process, it’s easy to forget that it is the norm for Kenyan presidents to fall out with their deputies. As a political scientist interested in Kenya’s ethnic politics and democratisation, I argue that this is because of how deputies are selected in the first place.

    Deputies are initially selected largely on pragmatic grounds as people who bring something useful to a political alliance. This could be resources, a support base or a reputation for being a good technocrat or administrator.

    They’re not usually people with whom the president has a strong and continuous personal relationship or someone with whom they share a clear political ideology. Neither are they usually someone who has made their way up through a political party.

    This has brought about a long history of tensions and fallout between Kenya’s presidents and their deputies.

    History of fallouts

    Independent Kenya’s first vice president, Oginga Odinga, saw his ministerial portfolio gradually reduced by President Jomo Kenyatta. Kenyatta then replaced Odinga as vice president of the ruling Kenya African National Union (Kanu) in 1966 further undermining his powers. Soon after, Odinga joined the opposition Kenya’s People’s Union.

    His successor, Joseph Murumbi, resigned within months. The official reason given was ill health, but it is widely believed that Murumbi was troubled by corruption and authoritarianism within the Kenyatta regime.

    Kenya’s second president, Daniel arap Moi, elected Mwai Kibaki as his first deputy. Kibaki was dropped after a decade. He went on to form an opposition party as soon as Kenya shifted to multi-party politics in 1992.

    Moi’s second vice president, Josephat Karanja, resigned after a year to avoid a vote of no confidence for allegedly plotting to overthrow the government.

    Moi’s third deputy, George Saitoti was sidelined to pave way for Uhuru Kenyatta’s nomination as the party flagbearer in 2002. Moi’s final deputy, Musalia Mudavadi, fell with the rest of the Kanu government in the 2002 elections.

    As Kenya’s third president, Kibaki similarly oversaw a regular change of guard. His first deputy, Michael Wamalwa, died after a few months in office. His second, Moody Awori, lost his seat in the 2007 election.

    Kibaki’s third deputy, Kalonzo Musyoka, joined the president during Kenya’s post-election violence of 2007-08. He left at the end of his term in 2013 to run with Raila Odinga in the 2013, 2017 and 2022 presidential elections.

    Kenya’s fourth president, Uhuru Kenyatta, was the only leader to have the same deputy, William Ruto, for his full term as president – from 2013 to 2022. However, relations between Kenyatta and Ruto were hardly rosy. The two fell out after the 2017 elections as Kenyatta teamed up with long-standing opposition leader, Raila Odinga. Ruto beat Odinga, Kenyatta’s favoured candidate in the 2022 elections.

    Lessons to learn

    Because deputies are selected for their practical value, the person who made a good deputy at one point in time can come to be seen as a liability or threat as the political context changes.

    For example, at independence, Oginga Odinga made an excellent ally for Jomo Kenyatta. He had some resources and was a proven mobiliser. He brought a support base. However, within a few years, Odinga became a problem for the president as a more radical faction within the ruling party coalesced around him.

    Similarly, Ruto made an excellent ally for Uhuru Kenyatta when they both faced charges for crimes against humanity at the International Criminal Court. The two fell out once Kenyatta had won his second and final term, and Kenyatta turned to his succession.

    Gachagua was useful to Ruto in 2022. He had personal wealth, was an effective mobiliser and hailed from central Kenya where the election looked to be won or lost. However, once elected, Gachagua’s populist statements and reputation for ethnic bias became more of a liability.

    Second, as contexts change, someone else can soon come to be seen as more useful as second in command.

    For Jomo Kenyatta, Moi had shown his utility and loyalty during the “little general elections” of 1966, which effectively sidelined the Kenya People’s Union and Oginga Odinga.

    Kithure Kindiki, Kenya’s interior cabinet secretary, is the current frontrunner to replace Gachagua. He is seen as better able to negotiate with the international community, especially during a critical economic period for Kenya as it seeks new International Monetary Fund loans.

    Third, being the country’s vice or deputy president comes with a lot of opportunities to network. These interactions have often led individuals to be seen as a growing threat, or as actively plotting against the president. They may also be seen as a future challenger.

    History has shown that there is no ideal way of dealing with such a potential challenger, leading subsequent presidents to try different approaches.

    Current context

    Ruto and Gachagua have clearly fallen out. Their differences became apparent soon after the 2022 elections. However, they came into sharp relief in the face of anti-tax protests in June 2024. There were subsequent allegations that Gachagua and some of his allies had helped to finance the protests.

    The question, therefore, isn’t why they have fallen out but why Gachagua is being impeached now.

    Ultimately the answer to this can only be known by a few individuals. But perhaps an indication of the answer lies in the emotions the fallout has stirred: a desire to distract the public and show that the government is taking action to deal with Kenya’s ongoing economic crisis. There may also be a desire to undercut Gachagua before he can build national networks.

    Ruto has the numbers in the senate to see the impeachment process through. But this is a dangerous game. Those sidelined have a habit of coming back to haunt their former allies.

    At the moment, most Kenyans are supportive of the impeachment process, but many also feel that Gachagua is being unfairly targeted especially in central Kenya, where a majority oppose the process.

    While a successful impeachment might see Gachagua barred from holding public office, this wouldn’t necessarily mean an end to his career as an effective political mobiliser.

    The next few months – and the narratives that emerge about why Ruto and Gachagua fell out – will be critical in determining both their futures.

    – Kenya’s presidents have a long history of falling out with their deputies – Rigathi Gachagua’s impeachment would be no surprise
    – https://theconversation.com/kenyas-presidents-have-a-long-history-of-falling-out-with-their-deputies-rigathi-gachaguas-impeachment-would-be-no-surprise-241139

    MIL OSI Africa –