Category: Economy

  • MIL-OSI: LAUD Launches Comprehensive Marketing Solutions for Fintech Companies: Leveraging Blockchain, and Advanced AI Tools

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UK, Oct. 14, 2024 (GLOBE NEWSWIRE) — LAUD, a London-based marketing firm, is at the forefront of fintech innovation, providing comprehensive solutions that empower financial technology companies to maximize their digital presence and operational efficiency. Leveraging the power of blockchain and Web3 technology, LAUD’s specialized services enable fintech firms to streamline processes, optimize client engagement, and build stronger brand identities.

    “We understand the unique challenges faced by fintech companies and have developed tailored solutions that incorporate blockchain, Web3, and advanced AI tools to solve these pain points,” said a representative from LAUD. “Our goal is to help our clients navigate the complexities of the fintech ecosystem, from smart API integrations to CRM automation, ensuring they stay ahead of the competition.”

    In addition to their technology-driven solutions, LAUD offers a full suite of marketing services, including social media management, PR strategy development, and content creation. Their AI-powered social media management platform allows fintech companies to maintain an active online presence, engage with their audience more effectively, and optimize their digital footprint.

    LAUD’s team of experts works closely with clients to design and execute strategies that not only enhance brand visibility but also foster long-term growth. By utilizing advanced analytics and AI tools, LAUD ensures that every marketing campaign is data-driven, measurable, and aligned with the client’s business goals. For more information, visit their official website.

    LAUD is a London-based marketing firm specializing in solutions for fintech companies. Their services range from blockchain and Web3 integrations to CRM automation and AI-powered social media management. LAUD’s comprehensive approach helps fintech firms leverage the latest technologies to drive innovation and market growth.

    LAUD is specializing in solutions for fintech companies. Their services range from blockchain and Web3 integrations to CRM automation and AI-powered social media management. By implementing CRM automation, LAUD streamlines customer relationship processes, allowing fintech firms to enhance engagement, personalize communication, and improve customer retention. This automation not only saves time but also provides valuable insights into customer behavior, enabling companies to tailor their offerings effectively. Additionally, LAUD’s expertise in Web3 integrations empowers fintech businesses to tap into decentralized technologies, fostering transparency and security in transactions. This integration can lead to increased trust among users, thereby attracting a more extensive customer base.

    Through their comprehensive approach, LAUD helps fintech firms leverage the latest technologies to drive innovation and market growth, ensuring they remain competitive in a rapidly evolving landscape.

    Social Links

    LinkedIn: https://www.linkedin.com/company/laud-uk/

    Media contact

    Brand: LAUD

    Contact: Media team

    Email: support@laud.tech

    Website: https://laud.tech

    The MIL Network

  • MIL-OSI: 2024 Digital Sales Evolution in the Channel Report: 90% of IT Solution Providers Expect a Rise in Marketplace Sales by 2029

    Source: GlobeNewswire (MIL-OSI)

    New survey finds online marketplaces are essential growth engines to expand customer base, offer new and improved services, and enhance profitability at scale

    DENVER, Oct. 14, 2024 (GLOBE NEWSWIRE) — Pax8, the leading cloud commerce marketplace, today announced the findings of its new global survey, commissioned by Channelnomics, of IT solution providers on the marketplace trends that are transforming the future of digital sales in the channel. Entitled, “Digital Sales Evolution in the Channel,” the report reveals nine out of 10 respondents are experiencing significant benefits of marketplaces and highlights opportunities to tap their customer data analytics and scalability to unlock new and recurring revenue streams.

    “As solution providers look to marketplaces as the sales channels of the future, they are best served by platforms with comprehensive e-commerce solutions that expand their digital capabilities, deliver a seamless online sales experience and maximize opportunities for upselling and cross-selling,” said Ryan Walsh, Chief Strategy Officer at Pax8. “The Pax8 Marketplace is designed to help partners unlock more sales opportunities and enhance relationships with their customers, providing them with the infrastructure and resources to drive profitability at scale.”

    Unlocking the Transformative Potential of Marketplaces

    Embracing the digital economy, more than one-third of solution providers globally generate more than 20% of their revenue through marketplaces. Further, the survey revealed 87% of respondents expect their use of marketplaces to increase in the next five years. Respondents in North America and Europe, where digital infrastructure and fulfillment systems for marketplace activities already exist, echo this sentiment.

    The emergence of marketplaces as growth engines enables solution providers to expand their reach, enhance profitability at scale, and offer new and improved services to customers. Among the vast potential that marketplaces offer, include:

    • Reaching larger audiences and demographics with minimal overhead, while driving sales volume and scalability simultaneously: The scalability of marketplaces enables providers to offer their product and services to a global market, unlocking new business opportunities, including increased profitability (46%), higher demand for professional services (45%), and better customer data analytics (38%).
    • Focusing sales strategies on the customer experience to sustain growth, specifically prioritizing customer retention and satisfaction: Globally, more than half of survey respondents (51%) are upgrading their sales technology and developing new partnerships (51%) and expanding their specialized services (46%) to provide a better customer experience.
    • Evolving GTM strategies shaped by customers buying preferences and behaviors: Three-quarters of respondents acknowledge that customer feedback about marketplace purchases is influencing their decision-making. Further, 46% of solution providers in North America report that customer feedback influences their decision making; 34% providers in Europe and just 18% in Asia-Pacific share this sentiment.

    Key Considerations for Marketplace Adoption

    As marketplace adoption comes into focus, solution providers are navigating a range of factors that can impact their success, from cost-savings to technological compatibility. Among the key considerations highlighted in the report include:

    • Prioritizing cost-effectiveness in the strategic development process: Nearly half of global respondents prioritize cost-effectiveness when developing their marketplace strategies, assessing costs related to fees, commissions, and marketing spend. Balancing incoming expenses against new revenue and growth streams are critical for maintaining scalable profitability.
    • Powering decision-making with advanced analytics: Digital sales platforms provide vast information about customers purchasing history and anticipatory needs through order consumption pattern analysis, data telemetry, and gap analytics. By leading decision-making with data-driven insights, solution providers can drive future sales and improve customer experiences.
    • Boosting sales with a user-friendly platform: A user-friendly marketplace enhances the experience for both solution providers and their customers, facilitating more transactions. Choosing a platform that offers an intuitive interface, efficient search functions, and easy product management can reduce technical barriers, boost profitability and maximize returns from technical infrastructure investments.

    “Marketplaces are becoming indispensable to managed service providers (MSPs) to scale more efficiently, tap into valuable customer insights, and drive new revenue streams,” said Larry Walsh, CEO and chief analyst at Channelnomics. “Our survey’s findings highlight the growing importance of digital sales platforms in transforming go-to-market strategies and optimizing the customer experience. As digital commerce evolves, MSPs should embrace these platforms to ensure long-term growth and profitability.”

    To learn more, download the Digital Sales Evolution in the Channel report here.

    About Pax8
    Pax8 is the technology marketplace of the future, linking partners, vendors, and small to midsized businesses (SMBs) through AI-powered insights and comprehensive product support. With a global partner ecosystem of over 35,000 managed service providers, Pax8 empowers SMBs worldwide by providing software and services that unlock their growth potential and enhance their security. Committed to innovating cloud commerce at scale, Pax8 drives customer acquisition and solution consumption across its entire ecosystem.
    Follow Pax8 on Blog, Facebook, LinkedIn, X, and YouTube

    About Channelnomics
    Channelnomics is a global analyst and research firm that helps technology vendors and service providers fine-tune their channels, win customers, and sharpen their competitive edge. The company offers a portfolio of best-in-class products and services, including research, market analysis, thought-leadership content, and expert guidance. The innovative analysts at Channelnomics leverage data to develop customized route-to-market strategies for any client that wants to translate vision into value.

    Visit us: http://www.channelnomics.com 
    Follow us: @channelnomics (LinkedIn | X (formerly Twitter) | YouTube)
    Contact us: info@channelnomics.com

    Media Contact:
    Kristen Beatty
    Sr. Director of Public Relations
    kbeatty@pax8.com

    The MIL Network

  • MIL-OSI: Solomon Partners Hires James Butcher as Managing Director in the Technology Group

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) — Solomon Partners, a leading financial advisory firm and independent affiliate of Natixis, announced the appointment of James Butcher as a Managing Director in the Technology group. Based in New York, he will focus on advising companies in the Information Services and Business-to-Business (B2B) sectors and will further enhance Solomon’s Software, Data & Analytics coverage.

    Mr. Butcher joined Solomon from Moelis & Company, where he served as a Managing Director. During his 13-year tenure, he worked with clients in the Media & Technology sector, acting as a trusted advisor to large corporations and mid-market companies, as well as financial sponsors, on a variety of transactions.

    Craig Muir, who joined Solomon in 2023 to build out the Technology practice, noted that Mr. Butcher’s addition to the team expands the range of companies Solomon can serve in the sector.

    “James brings a wealth of experience and expertise in the Information Services and B2B sectors,” Mr. Muir said. “This will be invaluable as we continue to expand our capabilities and deliver exceptional service to our clients.”

    Mr. Butcher commented, “I am excited to be joining Solomon Partners and the Technology group, both of which have significant momentum. I have been impressed by the caliber of the bankers and the firm’s commitment to providing our clients with unrivaled advice and creative solutions. I am looking forward to working with Craig and the team to continue to grow the Technology group and to expand our coverage of the Information Services and B2B sectors.”

    Mr. Butcher earned a BA from University College London and is a Chartered Accountant (FCA).

    To learn more, read a Q&A with Solomon CEO Marc Cooper and Mr. Butcher here.

    About Solomon Partners

    Founded in 1989, Solomon Partners is a leading financial advisory firm with a legacy as one of the oldest independent investment banks. Our difference is unmatched industry knowledge in the sectors we cover, creating superior value with unrivaled wisdom for our clients. We advise clients on mergers, acquisitions, divestitures, restructurings, recapitalizations, capital markets solutions and activism defense across a range of industries. These include Business Services, Consumer Retail, Distribution, Financial Services & FinTech, Financial Sponsors, Healthcare, Grocery, Pharmacy & Restaurants, Industrials, Infrastructure, Power & Renewables, Media and Technology. Solomon Partners is an independently operated affiliate of Natixis, part of Groupe BPCE. For further information, visit solomonpartners.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/202b978d-935b-4af9-b0b6-120821f1c595

    The MIL Network

  • MIL-OSI: AI Powered Web3 wallet with chatGPT UI revolutionizing crypto trading

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 14, 2024 (GLOBE NEWSWIRE) — Armor Wallet unveils a next generation crypto wallet, powered by AI to supercharge crypto investing. It utilizes a chatGPT style text-to-prompt interface allowing users to type how they want to invest, buy, sell, DCA and more. The integrated AI agents execute your request without the user having to learn complex interfaces or understand crypto and financial jargon .Armor simplifies the often very complex and technical world of crypto investing.

    This wallet is solving one of the biggest problems in crypto. The ability to easily buy, sell, research and trade tokens and track your history, profit, loss and current position. If a person can type in plain english what they want to do, then Armor AI will turn it into a trade or asks additional questions to finalize the trade.

    “Buy $500 worth of Bitcoin.” The AI will find the best price of Bitcoin, place the order (spot price) and fill the order at once. Or maybe you want to wait to buy bitcoin in case the price lowers. Then you can ask “Buy $500 of bitcoin whenever it is down 10%. Armor will watch the market constantly and if the price of bitcoin goes down, it will place the order, anytime night or day.

    Armor Wallet is like having a broker or trading desk in your pocket. It can place very complex trades like dollar cost averaging over months, setup buy limits or sell on a given day and much more.

    The use of AI is to make investing simple and understandable for beginners, but it also benefits professional traders, giving them new tools to make very complex trades and do crucial market research. From scheduling future trades based on market conditions to understanding their past performance better, AI is a new tool for all types of investors.

    Armor Wallet’s AI is trained on Web3 culture as much as investing techniques and vocabulary. This gives the AI an edge in understanding the current trends and narrative that is critical when investing in crypto which is largely trend and narrative based. Armor can also be used with X (formerly Twitter) analyzing twitter accounts to better guidance to investors on new and popular tokens.

    Armor’s use of AI is not designed to try and forecast future crypto prices, it’s built to help users trade better, faster and put powerful trading tools into the hands of everyone with one simple and easy chat based interface. If everyone can easily invest in crypto like a pro we can onboard the next billion users and solve one of the biggest challenges in the space.

    AI is starting to benefit our daily lives and Armor Wallet is harnessing this powerful tool to make crypto investing safer, easier and more profitable than ever before.

    About

    Armor Wallet is an AI powered crypto wallet and trading assistant supporting multiple blockchains to make investing simple and safe. Bringing all your investing data together and managed by an intuitive chatGPT style interface, you have a complete overview of your portfolio. By utilizing AI Agents, Armor Wallet helps you do better research, avoid scams and create sophisticated trades that can execute 24/7.

    You can follow the project and stay up to date with its development at these links: Website | X (Twitter) | Telegram | Discord

    Contact Details:

    Stefan Savevski
    stefan@armorwallet.ai

    Disclaimer: This content is provided by “Armor”. 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.

    Photo accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a75f7dee-b38d-49ee-9b61-8cb69f7cad47

    https://www.globenewswire.com/NewsRoom/AttachmentNg/33647cb4-7ab5-447a-9081-f60f95e03220

    The MIL Network

  • MIL-OSI Global: Gangs’stories: Soraya, the ‘real’ Queen of the South in Nicaragua

    Source: The Conversation – France – By Dennis Rodgers, Research Professor, Anthropology and Sociology, Graduate Institute – Institut de hautes études internationales et du développement (IHEID)

    For the past five years, the GANGS project, a European Research Council-funded project led by Dennis Rodgers, has been studying global gang dynamics in a comparative perspective. When understood in a nuanced manner that goes beyond the usual stereotypes and Manichean representations, gangs and gangsters arguably constitute fundamental lenses through which to think about and understand the world we live in.

    Dennis Rodgers describes how “Soraya” became involved in drug trafficking in Luis Fanor Hernández, a poor neighbourhood in Managua, the capital of Nicaragua. Known locally as “la Reina del Sur” – the “Queen of the South” – her story shows how drug trafficking is a highly gendered activity, that reinforces macho violence and patriarchal dynamics of domination.


    Seated on a slightly tatty, overstuffed sofa, I watch as Soraya meticulously manicures Wanda’s fingernails. Her face a picture of tense concentration, she begins by carefully tracing red and white stripes along the distal bands of four out of five fingers on each hand, before then delicately dotting small flowers on each index.

    Wanda’s nails.
    D. Rodgers, Fourni par l’auteur

    We are in the barrio Luis Fanor Hernández, a poor urban neighbourhood in Managua, the capital city of Nicaragua, in Central America. I’ve been carrying out longitudinal ethnographic research on gang dynamics there since 1996. I returned in February 2020 to, among other things, interview Wanda about the way that the local drug trade – and particularly her husband Bismarck’s involvement – had impacted her life over the years. Wanda is one of my key research interlocutors in the barrio, whom I’ve known for over 25 years.

    “I can come back to do our interview later,” I say to Wanda.

    “No, no, it’s fine, Dennis,” she replies. “Soraya’s almost finished, and in any case, she’s de confianza, so why don’t we just get started? It’s not as if she doesn’t know about Bismarck and his drug dealing… But you know what? If you want a female perspective on drugs, you should really interview her, not me – I’m just the wife of an ex-drug dealer, but she’s la Reina del Sur!”

    “The Queen of the South?”, I ask, throwing Soraya a querying glance. Looking up from her manicuring labours, she smirks sardonically before saying, “You know, Dennis, like in the telenovela, about that Mexican woman who becomes a narcotraficante (drug dealer).”

    “Yes, I get that, I know the series, but she became a powerful drug dealer, and from what I know you’re not a big-time narco, are you?”

    “Nah, I was just a mulera (street dealer), but people call me la Reina del Sur, because I’m strong-willed and independent, just like the real Reina.”

    Chuckling, I reply, “You do know the Reina isn’t real, yes?”, before then asking her more earnestly, “but would you be willing to do an interview with me about all that, though?” Soraya ponders my request for a few seconds before replying brusquely, “dale, but not today, I’ve got an errand to run. I’ll meet you here at the same time tomorrow”.

    Without waiting for an answer, Soraya then dots a final petal on Wanda’s left index nail, packs up her files and polish, and leaves Wanda and me to our interview.

    The gendered nature of drug dealing in Latin America

    Drug trafficking has become an searing topic in Latin America over the last two decades.

    Every year, this criminal activity results in thousands of violent deaths and tens of thousands of health-related mortalities. Drug trafficking also has profoundly negative effects on economies, political systems, and ecologies in the region.

    Numerous studies have traced the forms of production, the actors involved, the routes and flows, the nature of local and international markets, and the profound but variable social impact that drugs can have.

    One point on which most studies agree is that drug trafficking is a predominantly male activity. Fewer women than men are involved, and they are generally seen through the prism of particular categorisations: either as victims, suffering direct and indirect forms of violence as a result of being the mothers, wives or girlfriends of drug traffickers, or as emancipated and liberated individuals whose involvement in trafficking challenges gender-based structures of power and inequality.

    These kinds of binary representations have long seemed simplistic to me. The interviews conducted with Wanda during the course of my years of research in barrio Luis Fanor Hernández have highlighted how the image of the drug dealer’s wife as a victim of her husband’s trafficking is a caricature. The same was also true of the interview I conducted with Soraya about her career as a drug dealer, which challenged the notion that drug dealing could be emancipating for a woman.

    “Pac-Man” in the barrio

    Soraya was born in barrio Luis Fanor Hernández in 1987. Her mother, Gladys, was from the neighbourhood, while her father, Jorge, was from Villa Cuba, a neighbourhood in the north-east of Managua. They had an on-and-off relationship for the first decade of Soraya’s life, meaning that she moved several times between her father’s home in Villa Cuba, and her maternal family home in barrio Luis Fanor Hernández. Gladys and Jorge split up definitely when Soraya was 13 years old, after Gladys stabbed Jorge with a kitchen knife while defending Soraya, whom he was beating.

    “My mother and I moved back [to barrio Luis Fanor Hernández] after we left my father. There were five of us in the house – me, my mother, my aunt, my cousin, and my cousin’s husband. You know him, Dennis, he’s the one they call ‘Pac-man’ [because of his great appetite], so you know he’s a narcotraficante [drug dealer]. My aunt and my cousin would help him from time to time with his bisnes, but this was when the drug trade was increasing, and he had lots to do, and they started asking me to ‘do them a favour’, to help them. At first it was small things, you know, moving drugs or money from one place to another, or helping them ‘cook’ cocaine into crack, but after a while I started selling for him as a mulera, in the streets, which I could do well because the police were less suspicious of me, as a young girl, you know.”

    Crack doses ready for sale.
    Dennis Rodgers, Fourni par l’auteur

    Neither the way nor the reasons why Soraya became involved in trafficking can be described as particularly emancipatory. Rather, they highlight the way in which drug trafficking in fact responds to very gendered and “intimate” logics. On the one hand, Soraya’s status as a young woman made her useful to her cousin’s husband in carrying out certain drug trafficking operations without attracting suspicion in a wider macho Nicaraguan context, but on the other hand, her family ties to “Pac-Man” also made it difficult for her to refuse to help him.

    Enduring gendered oppression

    Soraya’s involvement in drug trafficking was also profoundly affected by her relationship with Elvis Gomez, with whom she became involved at the age of 15 (when Elvis was 23). Elvis was a failed drug dealer. He had tried unsuccessfully to become involved in drug trafficking several times in the past, and once he was in a relationship with Soraya, he forced her to let him work with her so that he could benefit from the financial windfall that this activity generated for those involved in barrio Luis Fanor Hernández.

    The kind of house a successful drug dealer such as Soraya might have lived in in barrio Luis Fanor Hernández in 2003 (not her real house).
    Dennis Rodgers, Fourni par l’auteur

    One of the reasons Elvis had failed to establish himself as a drug dealer was that he was a drug user, and Soraya often had to cover for him when he consumed the drugs that “Pac-Man” gave him instead of selling them, repaying his loss of earnings through the profits of her own drug dealing.

    In 2010, Elvis used the savings that Soraya had accumulated from her drug dealing to finance his emigration to the United States. He told her he would bring her over later, but he left with another woman, Yulissa, with whom he had been involved simultaneously, along with their daughter. He also took Ramses, the son he had with Soraya in 2007, and cut off all contact with Soraya. She told me poignantly, “I was going crazy, texting him every day, telling him to let me talk to my son, and telling him to bring him back to Nicaragua, that I wanted him to live with me”. He only got back in touch in 2016, to insist that Soraya divorce him and formally transfer legal custody of Ramses to him, which she eventually did, in exchange for being able to be in regular contact with her son.

    This episode clearly illustrates how Soraya’s trafficking activities inscribed themselves within wider structures and practices of gender inequality and male domination. Nicaragua remains a country marked by patriarchy and machismo, something that was strikingly reflected in the law banning abortion under all circumstances passed in 2008, or the adoption of law 779 on gender violence in 2012, which defines all such instances as “domestic violence” that must be resolved through mediation rather than the penal system.

    In the end, although she was known as la Reina del Sur, this nickname had nothing to do with Soraya having a position of dominance in the drug trade in barrio Luis Fanor Hernández. Indeed, the vast majority of (few) women drug dealers in the neighbourhood were at the bottom of the business pyramid.

    Beautician

    Soraya says she stopped selling drugs in 2012, and that she is now a full-time beautician. Several current drug dealers in barrio Luis Fanor Hernández have, however, told me that she continues to deal and that her manicure business provides a convenient cover.

    The fact that Soraya earns no more than 15 to 20 dollars a week from her manicure business could clearly be interpreted as suggesting that this might be the case. Soraya firmly denies it, however, and I believe her. Not only does she take on various odd jobs to make ends meet for herself and her ageing mother, she also lives in very humble conditions. Her current home, in particular, is much less flamboyant than any of those in which she lived in the past.

    The type of house that Soraya lives in today (not her real house).
    Dennis Rodgers, Fourni par l’auteur

    When compared to the trajectories of male traffickers in the barrio – many of whom have greatly benefited, and continue to benefit, from their involvement in trafficking even after they have stopped dealing – it can be argued that Soraya’s involvement in drug trafficking has enhanced patriarchal and macho constraints, contributing to her current situation.

    At the same time, while Soraya’s life has unquestionably been marked by a constant struggle in the face of different forms of domination and oppression, she also frequently and persistently seeks to confront and challenge her predicament. This is perhaps partly linked to her involvement in the drug trade, as the WhatsApp exchange I had with Soraya on 8 March 2021 clearly suggested. She had uploaded a picture of herself drinking at a nightclub, overlaying it with the following text:

    “Today is International Women’s Day, and we celebrate the power of independent and autonomous women! We are beautiful, we are strong, and we can do whatever we want!”.

    I wrote to Soraya to wish her a happy International Women’s Day, and also to tell her that I’d started to write her biography “about when she was la Reina del Sur”. A few minutes later she replied – “por siempre La Reina!” (“forever the Queen!”).

    Dennis Rodgers a reçu une bourse ERC Advanced Grant (no. 787935) du Conseil Européen de la Recherche (https://erc.europa.eu) pour un projet intitulé “Gangs, Gangsters, and Ganglands: Towards a Global Comparative Ethnography” (GANGS).

    ref. Gangs’stories: Soraya, the ‘real’ Queen of the South in Nicaragua – https://theconversation.com/gangsstories-soraya-the-real-queen-of-the-south-in-nicaragua-233837

    MIL OSI – Global Reports

  • MIL-OSI: Rihanna’s “Goodnight Gotham” Acquisition by Music Licensing, Inc. (OTC: SONG) Unlocks Significant Royalty Opportunities Across Global Platforms

    Source: GlobeNewswire (MIL-OSI)

    Naples, FL, Oct. 14, 2024 (GLOBE NEWSWIRE) — Rihanna’s hit track “Goodnight Gotham” has become a key asset in the expanding portfolio of Music Licensing, Inc. (OTC: SONG), following the company’s acquisition of the sound recording rights to the song. This strategic move complements Music Licensing, Inc.’s prior acquisition of the publishing rights to “Goodnight Gotham,” providing the company with comprehensive control over one of the most celebrated works by the globally renowned artist. With over 250 million records sold and 14 Billboard No. 1 hits, Rihanna’s catalog is a valuable asset in the global music rights market, and this acquisition positions Music Licensing, Inc. as a significant player in this fast-growing sector.

    The sound recording rights will continue to be administered by Universal Music Group (EURONEXT: UMG) (OTC: UNVGY) (OTC: UMGNF), while the publishing rights are administered by Kobalt Music Group. By securing both the sound recording and publishing rights, Music Licensing, Inc. (OTC: SONG) now holds a full stake in the work, opening up diverse revenue streams from multiple platforms and media channels.

    Value Proposition for Shareholders

    This acquisition is a milestone for Music Licensing, Inc. (OTC: SONG), as it underscores the company’s commitment to acquiring high-value, royalty-generating assets that promise consistent and scalable income. The ownership of both sound recording and publishing rights unlocks multiple revenue opportunities, ensuring Music Licensing, Inc. can capitalize on every instance of “Goodnight Gotham” being played, streamed, or licensed.

    Revenue Streams Across Global Platforms

    The acquisition allows Music Licensing, Inc. to generate income across various platforms, including:

    • Streaming Services: Royalties from top digital streaming platforms such as Spotify, Apple Music, Amazon Music, Deezer, Tidal, Tencent Music, and SoundCloud, ensuring consistent revenue from millions of listeners worldwide.
    • Social Media and Short-Form Video: Revenue generated through platforms like TikTok and Instagram, where music is an integral part of user-generated content, presents further monetization opportunities for “Goodnight Gotham” through sync and performance royalties.
    • Radio and Broadcast: Income from the song’s airplay on traditional and digital radio platforms, including iHeartMedia and SiriusXM, provides another consistent stream of royalties through public performance.
    • Synchronization (Sync) Licensing: High-value opportunities arise from licensing “Goodnight Gotham” for use in films, TV shows, commercials, and video games. Rihanna’s widespread appeal makes this track a strong candidate for premium sync placements, driving significant revenue.

    By owning both forms of intellectual property—sound recording and publishing—Music Licensing, Inc. (OTC: SONG) is in a unique position to maximize revenue from “Goodnight Gotham” across these diverse platforms.

    Strategic Growth Opportunity

    As global music consumption continues to rise, particularly through digital and streaming platforms, the acquisition of “Goodnight Gotham” gives Music Licensing, Inc. a valuable asset that offers steady, long-term revenue potential. The music rights industry is experiencing rapid growth, with expanding digital platforms and new technologies creating broader opportunities for music consumption and monetization. For shareholders, this acquisition represents a strategic entry into one of the most scalable sectors in entertainment, positioning Music Licensing, Inc. for sustainable growth and enhanced shareholder value.

    With platforms like Spotify, Apple Music, Deezer, Tidal, and more continuing to experience growth in user engagement and content demand, the value of rights to works like “Goodnight Gotham” will only increase, solidifying Music Licensing, Inc.’s role as a key player in the music rights and intellectual property space.

    About Music Licensing, Inc. (OTC: SONG) (ProMusicRights.com)

    Music Licensing, Inc. (OTC: SONG), also known as Pro Music Rights, is a diversified holding company and the fifth public performance rights organization (PRO) formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works by notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sauce Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as artificial intelligence (A.I.) created music.

    Additionally, Music Licensing, Inc. (OTC: SONG) owns royalty stakes in Listerine “Mouthwash” Antiseptic and musical works by artists such as The Weeknd, Justin Bieber, Kanye West, Elton John, Mike Posner, blackbear, Lil Nas X, Lil Yachty, DaBaby, Stunna 4 Vegas, Miley Cyrus, Lil Wayne, XXXTentacion, Jeremih, Ty Dolla $ign, Eric Bellinger, Ne-Yo, MoneyBagg Yo, Halsey, Desiigner, DaniLeigh, Rihanna, and numerous others.

    Forward-Looking Statements:

    This press release contains certain 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, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.

    Non-Legal Advice Disclosure:

    This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.

    Non-Investment Advice Disclosure:

    This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication.

    Contact: investors@ProMusicRights.com

    SOURCE: Music Licensing, Inc

    The MIL Network

  • MIL-OSI: WISeKey Subsidiary WISeSat to Launch Second Proof of Concept for SEALCOIN Token

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Subsidiary WISeSat to Launch Second Proof of Concept for SEALCOIN Token

    Zug, Switzerland – October 14, 2024: WISeKey International Holding AG (“WISeKey”, SIX: WIHN), a global leader in cybersecurity, blockchain, and IoT solutions, today announced that its subsidiary, WISeSat.Space (“WISeSat”), will conduct the second Proof of Concept (PoC) for SEALCOIN by transacting tokens via satellites to IoT devices. The PoC is set to take place during the launch of a new generation of WISeSat satellites, planned for January 2025. This milestone, once complete, will represent a major leap forward in secure, autonomous machine-to-machine (M2M) transactions using WISeSat’s current satellite constellation.

    The launch of a new generation of WISeSat satellites will feature enhanced operational capabilities specifically designed to support M2M transactions from space. These next-generation satellites will further strengthen the WISeSat constellation, enabling secure and efficient decentralized transactions across a wide range of IoT devices, marking a new era in space-based digital ecosystems.

    This PoC will demonstrate SEALCOIN’s groundbreaking potential to facilitate decentralized transactions in the growing Internet of Things (IoT) ecosystem. Leveraging the SEALCOIN platform, the PoC will enable satellite-initiated transactions to IoT devices without human intervention. The tokens, based on Decentralized Ledger Technology (DLT), ensure secure, transparent, and tamper-proof exchanges, driving the creation of a scalable Transactional IoT (t-IoT) infrastructure.

    Previously, SEALCOIN successfully conducted a Proof of Concept (PoC) for Transactional-IoT (t-IoT) between two devices in early August. This milestone marked a significant step forward in the disintermediation of service providers for interconnected devices, showcasing the transformative potential of SEALCOIN’s innovative platform. For a video presentation of the initial PoC, please visit https://youtu.be/daOvoOxqGvQ.

    Transactional-IoT refers to the automated communication and transactions between devices within the Internet of Things (IoT) ecosystem. SEALCOIN’s PoC demonstrates the use of advanced technology embedded within a semiconductor device to validate and verify transactions autonomously. At the heart of this innovation is the Secure Element, an embedded security hardware that protects the private key and certificate representing the device’s unique identity. Leveraging elliptic curve cryptography (ECC) compatible with Hedera’s Decentralized Ledger Technology (DLT), the device can simultaneously authenticate and sign transactions on-chain.

    SEALCOIN AG

    Backed by over 25 years of experience in cybersecurity and secure semiconductor chips, embedded firmware, and trusted hardware provisioning services, SEALCOIN AG, the WISeKey subsidiary housing the SEALCOIN project, is establishing itself as a trusted partner in safeguarding digital assets. SEALCOIN AG was formed in collaboration with The Hashgraph Group AG, and is poised to revolutionize decentralized services and IoT markets.

    The SEALCOIN platform will seamlessly integrate physical security infrastructure with DLT components, bridging the gap between traditional secure systems and the decentralized digital future. The platform will ensure that all autonomous device interactions occur within a transparent, secure ecosystem, with SEALCOIN’s TIOT token serving as the key enabler of these interactions. This system is designed to eliminate bottlenecks and vulnerabilities associated with centralized transaction models, ushering in a new era of M2M transactions.

    Bridging Satellite and IoT Ecosystems

    SEALCOIN’s first PoC was a success, validating the feasibility of M2M transactions within a terrestrial framework. The second PoC will expand this capability to space-based systems, with SEALCOIN tokens transacted via WISeSat’s satellite constellation to IoT devices on the ground. This innovative approach demonstrates the scalability of decentralized infrastructures to handle real-world applications, from energy trading to automated service exchanges.

    Towards a Decentralized IoT Marketplace

    With SEALCOIN’s TIOT token, IoT devices can autonomously negotiate, execute, and settle transactions securely, without the need for human intervention or centralized intermediaries. This decentralized marketplace allows devices to participate in service-for-payment exchanges and other automated processes, all powered by SEALCOIN’s TIOT token.

    Carlos Moreira, CEO of WISeKey, commented, “This PoC marks an important step towards enabling seamless, decentralized M2M transactions from space. With the SEALCOIN token and WISeSat’s satellite infrastructure, we are moving closer to a future where IoT devices can securely and autonomously manage transactions across vast, interconnected ecosystems. The upcoming launch of the new generation of WISeSat satellites in January 2025 will further accelerate our vision of a decentralized, space-powered IoT network.”

    For more information on WISeSat, SEALCOIN, and their decentralized IoT solutions, please visit http://www.wisekey.com and http://www.sealcoin.com.

    About SEALCOIN AG
    SEALCOIN is a decentralized platform designed to facilitate secure, autonomous transactions between IoT devices. Built on Hedera Hashgraph, SEALCOIN allows devices to engage in seamless service-for-payment exchanges without the need for intermediaries. With a focus on privacy, scalability, and decentralized governance, SEALCOIN is poised to revolutionize the Internet of Things (IoT) landscape.

    About WISeSat.Space

    WISeSat AG is pioneering a transformative approach to IoT connectivity and climate change monitoring through its innovative satellite constellation. By providing cost-effective, secure, and global IoT connectivity, WISeSat is enabling a wide range of applications that support environmental monitoring, disaster management, and sustainable practices. The integration of satellite data with advanced climate models holds great promise for enhancing our understanding of climate change and developing effective strategies to combat its impacts. As the world continues to grapple with the challenges of climate change, initiatives like WISeSat’s IoT satellite constellation are essential for creating a more resilient and sustainable future.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

    WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

    WISeKey operates as a holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    For more information on WISeKey’s strategic direction and its subsidiary companies, please visit http://www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd 
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com
    WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com
    Katie Murphy
    Tel: +1 212 836-9612 / kmurphy@equityny.com

    The MIL Network

  • MIL-OSI: Inside information, positive profit warning: OP Financial Group estimates that its operating profit for 2024 will be higher than that of 2023

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Inside information
    Stock exchange release, 14 October 2024 at 16:30 EEST

    Inside information, positive profit warning: OP Financial Group estimates that its operating profit for 2024 will be higher than that of 2023

    In its stock exchange release of 15 August 2024, OP Financial Group estimated that its operating profit would be at the same level as that of 2023.

    In 2023, OP Financial Group’s operating profit was EUR 2,050 million.

    OP Financial Group now estimates that its operating profit for 2024 will be higher than its operating profit for 2023.

    In particular, this estimate is based on better-than-expected developments in income from investment activities and impairment loss on receivables.

    OP Financial Group’s earnings performance is currently affected by uncertainties. The most significant uncertainties affecting its earning performance in late 2024 concern developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables.

    OP Financial Group’s Interim Report for 1 January–30 September 2024 will be published on 31 October 2024.

    OP Cooperative
    OP Corporate Bank plc

    Additional information:
    OP Financial Group’s Investor Relations, IR@op.fi

    Media enquiries:
    OP Financial Group’s Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    LSE London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. http://www.op.fi

    The MIL Network

  • MIL-OSI: Agillic audited in accordance with ISAE 3000 Type 2, testament to its commitment to security and compliance

    Source: GlobeNewswire (MIL-OSI)

    Press Release, Copenhagen, 14 October, 2024 

    Data security is non-negotiable. That is why the Agillic platform has undergone a rigorous independent audit of security practices and ensuring full compliance with GDPR and other regulatory requirements.

    Agillic’s security measures include strong encryption, continuous monitoring, stringent access controls, risk assessments, penetration tests, and vulnerability scans are performed regularly to stay ahead of potential threats.

    The ISAE 3000 Type 2 audit is an important and valuable part of Agillic’s ways to conduct business for the many different industries using the platform – not least the finance and public sectors. 

    Says Allan Sørensen, VP, Service Operations:
    “At Agillic, we prioritise our clients’ data security and privacy. We are proud to announce that our omnichannel marketing platform has been independently audited by Deloitte in accordance with the international ISAE 3000 Type 2 standard. This audit underscores our unwavering commitment to protecting clients’ data and ensuring compliance with the highest standards in information security.”

    For further information, please contact
    Emre Gürsoy, CEO, Agillic A/S
    +45 3078 4200
    emre.gursoy@agillic.com

    About Agillic A/S
    Agillic (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    Agillic A/S – Masnedøgade 22 – 2100 Copenhagen – Denmark – www.agillic.com

    The MIL Network

  • MIL-OSI: BIO-key Accelerates Zero Trust Solutions at Industry-Leading Cybersecurity Conference, ISC² Security Congress 2024

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS and HOLMDEL, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring phoneless, tokenless, passwordless and phish-resistant authentication solutions, announced the company will sponsor, speak, and exhibit at ISC2 Security Congress 2024, in Las Vegas on October 14 – 16, 2024. BIO-key will be hosting a session on Passkeys. Passkeys and zero trust are core enabling concepts of the National Institute of Standards and Technology (NIST) guidance on cybersecurity for digital identities. Passkeys are identified as aiding adherence to NIST Authentication Assurance Levels (AAL) standards in the NIST 800-63B Passkey Supplementary Guidelines released in May 2024.  

    Passkeys have historically been stored or secured by phones, personal laptops or hardware tokens but many enterprise users work in phone-free, roving user environments. The cost of hardware tokens for thousands of users becomes a drain on critical security budgets. BIO-key’s core differentiator in the authentication category is allowing users to take advantage of a biometric passwordless authentication solution that does not require the use of phones or tokens. This unique capability fills a crucial business use case gap that traditional MFA overlooks – roving users working without phones, providing a secure authentication experience that reduces the total cost of ownership and provides the highest levels of usability and security. BIO-key’s award-winning unified IAM platform, PortalGuard®, has helped organizations of all sizes balance risk with flexibility and productivity for users and identity administrators. The company’s newest offering, Passkey:YOU brings a phoneless, tokenless, passwordless experience to any IdP via a managed passkey secured by a touch of a fingerprint or any door badge.

    The ISC2 Security Congress, themed “Boldly Forward,” brings together thousands of cybersecurity professionals and inspires attendees from all stages of the cybersecurity profession to elevate their careers, providing the opportunity to acquire new strategies, skills, and expertise to overcome the industry’s most pressing challenges.

    “Continuous Education is vital for security professionals to stay ahead of innovative threat actors,” states BIO-key’s Director of Marketing, Mary Roark, CISSP. “Conferences such as this provide attendees with interactive sessions where everyone can learn something new and put it into practice as soon as they return to the office.”

    Attendees are encouraged to stop by booth 716 or join the virtual conference to learn about BIO-key’s IAM solutions and the new Passkey: YOU. If you plan to attend the event, we invite you to our live speaking session: “Introducing Passkey:YOU – a Passwordless Authentication Solution that Checks All the Boxes.” Join us on Monday, October 14, from 12:45 to 1:10 PM PT in Theatre 1. 

    “From shared workstations to remote access, to users prohibited from having phones or tokens, enterprises face a complex and ever-changing landscape of access requirements,” said Galen Rodgers, VP of North America Sales & Channel. “Traditional authentication methods are insufficient, so security leaders attending ISC2 are exploring solutions that can offer flexibility to accommodate the needs of diverse users and use cases while maintaining the highest level of security. BIO-key is confident that adding passkeys and biometric authentication will accelerate their zero trust strategies.”

    RESOURCES:
    https://www.bio-key.com/identity-bound-biometrics/passkey-authentication/ 

    About BIO-key International, Inc. (http://www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes,” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting,  and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-OSI: NANO Nuclear Energy Executives Scheduled to Present at the Upcoming Mississippi Public Service Commissioners’ Nuclear Summit

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Oct. 14, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that its Chief Executive Officer and Head of Reactor Development, James Walker, will lead a virtual presentation alongside Founder and Chairman, Jay Yu, at the upcoming Mississippi Public Service Commission Nuclear Summit.

    “A key aspect of the NANO Nuclear story is our participation in the emerging nuclear energy renaissance in the U.S. It is inspiring to see states like Mississippi, in addition to the growing support within the federal government, take the initiative to adopt nuclear-based solutions for their expanding energy needs,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Advanced reactors, such as NANO Nuclear’s ‘ODIN’ and ‘ZEUS’ microreactors in development, can play a pivotal role in this transition, allowing states to deploy portable, safe nuclear energy solutions where they are most needed. We look forward to engaging with fellow attendees and presenters at the Nuclear Summit to discuss the future of Mississippi’s energy landscape.”

    Featuring prominent speakers such as Jeff Merrifield, Chairman of the U.S. Nuclear Industry Council and former NRC Commissioner, and Mike King, Special Assistant for ADVANCE ACT Implementation at the U.S. Nuclear Regulatory Commission, the Summit will provide a platform to explore safe, reliable, and sustainable energy solutions that benefit Mississippi’s communities and economy.

    The Summit is scheduled for October 22, 2024, from 9:00 a.m. to 3:30 p.m. in Jackson, MS. All interested parties are welcome and encouraged to register at ww.psc.ms.gov. “Mississippi has the potential to be a leader in nuclear energy, and this summit will serve as a proactive platform for meaningful dialogue. The Mississippi Public Service Commission is grateful to have an industry leader such as NANO Nuclear Energy take part in the summit.” stated the Commissioners.

    Figure 1 – NANO Nuclear Energy Inc. Executives to Present at the Mississippi Public Service Commission’s Nuclear Summit 2024.

    “We are excited to participate in this Nuclear Summit and support Mississippi in achieving its goals of a sustainable, secure, and efficient energy future powered by advanced nuclear technologies,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Our participation in this important event alongside key representatives of the United States nuclear energy sector is a testament to our continuing networking efforts. The support of both federal and state governments is crucial in accelerating this shift to more sustainable energy solutions, and we are pleased to contribute to discussions on how advanced nuclear technologies and our own microreactors can play a key role in achieving this goal.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206
    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy TWITTER

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release or the Mississippi Nuclear Summit described herein contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including relating to the potential for nuclear energy innovation and expansion in Mississippi) related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and the NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at http://www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network

  • MIL-OSI: AMD Expands Alveo Portfolio with Launch of World’s Fastest Electronic Trading Accelerator in Slim Form Factor for Broad, Cost-Effective Server Deployments

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 14, 2024 (GLOBE NEWSWIRE) — AMD (NASDAQ: AMD) today announced the AMD Alveo™ UL3422 accelerator card, the latest addition to its record-breaking family of accelerators1 designed for ultra-low latency electronic trading applications. AMD Alveo UL3422 provides trading firms, market makers and financial institutions with a slim form factor accelerator optimized for rack space, cost and designed for a fast path to deployment in a wide range of servers.

    The Alveo UL3422 accelerator is powered by an AMD Virtex™ UltraScale+™ FPGA that features a novel transceiver architecture with hardened, optimized network connectivity cores, custom built for high-speed trading. It enables ultra-low latency trade execution, achieving less than 3ns FPGA transceiver latency and breakthrough ‘tick-to-trade’ performance not achievable with standard off-the-shelf FPGAs1.

    “Speed is the ultimate advantage in the increasingly competitive world of high-speed trading,” said Yousef Khalilollahi, corporate vice president & general manager, Adaptive Computing Group, AMD. “The Alveo UL3422 card provides a lower-cost entry point while still delivering cutting-edge latency performance, making it accessible to firms of all sizes that want to stay competitive in the ultra-low latency trading space.”

    New Slim Form Factor for Cost-Effective Deployment
    The Alveo UL3422 accelerator card is packaged in a slim FHHL (full height, half length) form factor designed to fit into a wide range of servers and co-location exchange data centers.

    Compared to its predecessor, the Alveo UL3422 accelerator reduces port density, on-board memory, and connectivity options, while still being powered by the same AMD Virtex UltraScale+ VU2P FPGA for ultra-low latency.

    As a result, the Alveo UL3422 is half the size with equivalent performance to the existing Alveo UL3524 accelerator card which holds the current STAC-T0 benchmark world record for tick-to-trade performance1. The slim FHHL form factor of the Alveo UL3422 allows financial institutions to cost-effectively optimize compute density and rack-space.

    Ecosystem Solutions and Fast Path to Trade
    The Alveo UL3422 accelerator card is designed for a fast path to deployment by utilizing available infrastructure ecosystem solutions and reference designs, giving trading developers the edge they need for rapid design closure and time to market.

    It is supported by a growing network of ecosystem partner solutions that provide IP and development frameworks to enable the rapid implementation of trading solutions.

    • Exegy, a provider of end-to-end, front-office trading solutions, is supporting the AMD Alveo UL3422 card with its Development Framework (nxFramework). nxFramework is a hardware and software development environment designed to efficiently build and maintain ultra-low latency FPGA applications for the financial industry.
    • Hypertec, a provider of hardware, cloud, and value-added solutions for the financial services industry, has closely collaborated with AMD. The company’s HF X410R-G6 server is certified to support the Alveo UL3422 accelerator, making it the first 1U server fully optimized for this card.
    • Xelera Technologies, a software provider for high-speed network technology and machine learning (ML) applications, collaborated with AMD to help overcome the latency drawback of ML algorithms in high-frequency trading. With Xelera Silva users can take advantage of real-time, ML-based trading decisions while leveraging XGBoost, LightGBM, CatBoost and other advanced models.

    The Alveo UL3422 supports traditional FPGA flows using the AMD Vivado Design Suite and comes with a suite of reference designs and performance benchmarks that allow FPGA designers to quickly explore key metrics and develop custom trading strategies to specification.

    AMD is also providing developers with the open-sourced and community-supported FINN development framework, enabling low-latency AI models to be deployed into high-performance trading systems. FINN uses PyTorch and neural network quantization techniques designed to reduce the size of AI models while maintaining accuracy. The FINN compiler generates Quantized Neural Network (QNN) Hardware IP blocks that can be used with AMD FPGAs.

    The AMD Alveo UL3422 accelerator card is currently available and shipping in production volumes to global financial services customers.

    Supporting Resources

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics, and visualization technologies. Billions of people, leading Fortune 500 businesses, and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work, and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) websiteblogLinkedIn, and Twitter pages.

    AMD, the AMD Arrow logo, Alveo, UltraScale, Virtex, Vivado and combinations thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.

    1 The 2024 AMD world record for actionable latency is based on 3rd party testing commissioned by AMD and Exegy, by Strategic Technology Analysis Center, LLC (STAC®) in April 2024, using the STAC-T0 benchmark to test the AMD Alveo UL3524 accelerator card powered by the AMD Virtex Ultrascale+ VU2P FPGA, running on the Exegy nxFramework and Exegy nxTCP-UDP-10g-ULL IP Core, in a Dell PowerEdge R7525 server with AMD EPYC 7313 processors. See https://stacresearch.com/news/AMD240422 for the full STAC report. AMD holds the previous world record for latency (2020): https://www.stacresearch.com/news/XLX200514. Stated results for the Alveo UL3524 accelerator have been extrapolated to the AMD Alveo UL3422 card based on identical silicon and product features. (ALV-20).

    Media Contacts:
    Mike Sanchez
     AMD Communications
    +1 209-262-7458
    M.Sanchez@amd.com

    Mitch Haws
    AMD Investor Relations
    +1 408-749-2845
    Mitch.Haws@amd.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/416bce0e-416e-4cd3-8e25-a89b97c24f09

    The MIL Network

  • MIL-OSI: LPL Financial Welcomes Financial Advisor Ashton Medina

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 14, 2024 (GLOBE NEWSWIRE) — LPL Financial LLC, announced today that financial advisor Ashton Medina, CFA®, CFP®, has joined LPL Financial’s broker-dealer and corporate RIA platforms, aligning with existing firm GradePoint Financial Group. He reported having served approximately $155 million in advisory, brokerage and retirement plan assets* and joins LPL from Synovus Securities.

    Based in Miami, Fla., Medina is in his fifth year as an advisor following an initial career as a portfolio manager at a private bank. He’s committed to delivering a broad spectrum of wealth management and financial planning services, with a focus on education to help his clients better understand the complexities of their financial lives.

    “I am very passionate about the world of investments,” said Medina, who immigrated from Colombia after graduating high school at age 16. “Transitioning from a portfolio manager to a financial advisor has allowed me to provide clients with a more holistic approach to their needs, so that I can address every facet of their finances and offer a higher level of value.”

    Looking for independence and the autonomy to run his business on his own terms, Medina turned to LPL and GradePoint.

    “I’m excited to be part of LPL and GradePoint Financial Group,” said Medina. “I really appreciate LPL’s comprehensive digital platform with single sign-on where I can access everything in one place. This will allow me to expand my service offering and create more positive experiences for clients. I am also impressed with GradePoint’s localized support and dedicated resources.”

    Jeff Hughes, President of GradePoint Financial Group, said, “We’re thrilled to welcome our newest team member, Ashton Medina, to Gradepoint Financial. Ashton excels at transforming intricate challenges into customized solutions, especially in unique situations. With a keen focus on multi-generational wealth and estate planning, his personalized approach and attention to detail make him a great addition to our team. Welcome Ashton!”

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Ashton to LPL and congratulate him on making the move to independence. At LPL, we’re committed to delivering differentiated support services and robust resources, along with the freedom, choice and ability advisors need to build a business of value on their own terms. We look forward to supporting the entire GradePoint Financial Group for years to come.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and institutions, and not the other way around. Today, LPL is a leader in the markets we serve, serving more than 23,000 financial advisors, including advisors at approximately 1,000 institutions and at approximately 580 registered investment advisor firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and institution leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and institutions, so they can take care of their clients.

    Securities and Advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor.
    Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. GradePoint Financial Group and LPL Financial are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated based on asset and holding details provided to LPL from end of year, 2023.

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #641811

    The MIL Network

  • MIL-OSI: Turtle Beach Drives Growth in Key International Markets, Including Canada & Key Territories in Latin America

    Source: GlobeNewswire (MIL-OSI)

    Canadian Gamers Can Now Find the Latest
    Turtle Beach Gaming Accessories at Best Buy Canada

    Turtle Beach Launches a Variety of New Gaming Accessories
    in Mexico & Colombia & Expands into Chile

    WHITE PLAINS, N.Y., Oct. 14, 2024 (GLOBE NEWSWIRE) — Leading gaming accessories maker Turtle Beach Corporation (Nasdaq: HEAR) is bringing its best-selling and award-winning gaming accessories to more gamers in key international markets, including Canada and Latin America.

    In Canada, Turtle Beach’s latest Stealth™ 700, Stealth 600, and Stealth 500 wireless multiplatform headsets, Atlas Air wireless PC headset, Vulcan II TKL Pro PC gaming keyboard, and Burst™ II Air PC gaming mouse are now available at Best Buy Canada. Top Canada-based publication CGMag recently gave the Stealth 700 and Atlas Air 9/10 review scores and awarded the Vulcan II TKL Pro a 9.5/10. All three also received CGMag’s Editor’s Choice accolade. CoG Connected – another popular publication based in Canada, also awarded the Stealth 700 a 93/100 score, while the Best Buy Canada Blog recommends both the Stealth 600 and Stealth 500 headsets. French-Canadian fansite GpourGeek reviewed the Atlas Air with a 9.5/10 review score, the Vulcan II TKL Pro with a 9.7/10 review score, and additionally gave the Burst II Air mouse a 9.1/10 score.

    In Latin America, Turtle Beach continues growing in key markets, including adding more gaming accessories to the catalogue of what’s available in Mexico and Colombia, as well as focusing on new growth opportunities in Chile. This Latin America product catalog expansion includes gaming accessories from both Turtle Beach and Performance Designed Products LLC (PDP) – a top gaming accessories maker Turtle Beach acquired earlier in 2024 known for creating premium game controllers and unique, officially licensed products.

    “We’re excited to expand Turtle Beach’s global reach and put our game-changing accessories in more gamers’ hands,” said Cris Keirn, CEO, Turtle Beach Corporation. “With Best Buy Canada, gamers now have another major option to shop for Turtle Beach and PDP gaming accessories, both in stores and online, which we expect to further improve our leading share position in Canada over time.”

    Keirn continued, “In Latin America Turtle Beach has had a steady and growing presence in Mexico, Colombia, and Panama. We’re excited to fill out our range of products with the latest, top-rated accessories, and to now deliver these fantastic Turtle Beach and PDP gaming accessories into Chile.”

    In Mexico and Colombia, Turtle Beach has been an established gaming accessories brand for years and is preparing to launch its latest Stealth 600 and Stealth 500 wireless multiplatform headsets and wired Recon 70 models, as well as the premium wireless Stealth Ultra controller. Also, from Turtle Beach’s PDP brand, gamers in Mexico and Colombia will now also be able to get their hands on a variety of officially licensed REMATCH GLOW and Afterglow Wave wired and wireless controllers for Xbox, PC, and other game systems. In Colombia, the new Turtle Beach and PDP gaming accessories just launched at retailers including Alkosto, Ktronix, Panamericana, and Alkomprar. In Mexico, the new gaming accessories launch October 24, 2024, at retailers including Elektra, Gameplanet, Wal-Mart Mexico, Liverpool, Sanborns, Sears, and Amazon.

    Turtle Beach and PDP are also underway with plans to introduce a variety of proven, top-performing accessories to gamers in Chile. Following the Mexico and Colombia launches, in Chile on November 7, 2024, Turtle Beach is also introducing the Stealth 600 and Stealth 500 wireless headsets, Recon 70 wired headsets, and premium wireless Stealth Ultra controller. Officially licensed REMATCH GLOW and Afterglow Wave controllers from PDP will also be available at participating retailers including Paris and Falabella.

    For more information on the latest Turtle Beach products and accessories available in Canada and Latin America, visit https://ca.turtlebeach.com and https://latam.turtlebeach.com, and be sure to follow Turtle Beach on TikTok, Twitter, Instagram, Facebook, and YouTube. For more information on the latest PDP products and accessories, visit http://www.pdp.com and http://www.victrixpro.com.

    About PDP
    PDP is an industry leader and award-winning provider of high-quality licensed peripherals and accessories for all major video game platforms. PDP believes that design-forward, high-performance gear should be as unique and accessible as the gaming community itself. From beginner to professional, PDP’s product lines offer uncompromising performance and striking designs that transport gamers into seamless, immersive experiences where competition, connection, and personal expression are limitless. Victrix by PDP is purpose built for esports athletes and enthusiasts looking for unmatched performance and competitive advantage. For over 25 years, PDP has been supplying video game peripherals and accessories to major retailers across the world, including retailers in the United States, Canada, Europe, and Australia. For more information, visit http://www.pdp.com and http://www.victrixpro.com.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (http://www.turtlebeachcorp.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (http://www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (http://www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: HEAR.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events. Statements containing the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “goal,” “project,” “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to logistic and supply chain challenges and costs, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business, including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    All trademarks are the property of their respective owners.

    CONTACTS:

    North America
    Eric Nielsen
    Step 3 Public Relations
    202.276.5357
    eric@step-3.com

    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    858.914.5093
    maclean.marshall@turtlebeach.com

    Europe
    Keith Hennessey
    Sr. Director, Communications &
    Partnerships – International
    Turtle Beach
    +44 (0) 1256 678350
    keith.hennessey@turtlebeach.com

    Investor Information
    ICR
    646.277.1285
    hear@icrinc.com

    The MIL Network

  • MIL-OSI Economics: VP Roberta highlights ADB’s work on sustainable finance, local currency at Hamburg Sustainability Conference

    Source: Asia Development Bank

    Article | 10 October 2024
    Read time: 1 min

    SHARE THIS PAGE

    From 7 to 8 October, VP Roberta led ADB’s delegation, in coordination with the European Representative Office,  to the first Hamburg Sustainability Conference, a joint initiative by the German Federal Ministry for Economic Cooperation and Development (BMZ), the UNDP, and the City of Hamburg. The VP met with Germany’s Parliamentary State Secretary and ADB Governor Niels Annen and State Secretary Baerbel Kofler. VP Roberta also participated in the Multi-stakeholders Collaboration to Enhance Credit Ratings and Country Risk Assessments roundtable with high-level representatives from governments, peer multilateral development banks, international financial institutions, credit rating agencies. At the side event Sustainable Finance Forum on 9 October, VP Roberta highlighted ADB’s work in local capital markets development, currency lending, and sustainable finance.

    SHARE THIS PAGE

    MIL OSI Economics

  • MIL-OSI United Kingdom: Global honour for pioneering Leeds sports kit recycling partnership

    Source: City of Leeds

    Leeds Equipment and Kit Exchange Partnership triumphs at Sport Positive Awards 2024

    A groundbreaking Leeds City Council-led partnership tackling inequality through sport has been honoured by winning a prestigious international award.

    The Leeds Equipment and Kit Exchange Partnership (LEKEP), created by Leeds City Council’s Active Leeds service, sees recycled or unwanted sports kit distributed to deprived communities in the city.

    A first such partnership of its kind, the innovative project addresses inequality through supporting active lifestyles and also helps to tackle the climate crisis through recycling and significantly reducing waste, aiding the city’s environmental and net zero aims.

    The work of the partnership was recognised on a global level last week by winning the ‘Purpose-led Partnership’ category at the prestigious Sport Positive Awards 2024 in London, seeing off international competition from major projects around the world to win the prize.

    The Leeds Equipment and Kit Exchange Partnership (LEKEP) is made up of: Leeds City Council, Yorkshire Sport Foundation, Zero Waste Leeds, Action For Sport, Run for all, Leeds United Foundation, The Recovery Runners, Leeds Dock Run Club, Leeds City College, LS-TEN Skate Park, Pendle Sports, British Cycling and Yorkshire Cricket Foundation.

    Working together to maximise all available assets, the partnership responds to the needs of diverse communities in Leeds to provide appropriate sports attire and remove the stigma associated with recycled kit.

    The partnership in Leeds was initially inspired by the BBC’s ‘Kit out the Nation’ campaign which ran in 2021, and has developed in the years since with more than 20,000 items of kit recycled or reused by community groups in the city.

    As well as encouraging healthy active lifestyles, the project also helps to reduce landfill through a more environmentally-sustainable approach, supporting local organisations in creating their own kit donation schemes, reducing waste, and creating a community-driven circular economy promoting inclusive growth.

    Leeds City Council’s executive member for adult social care, active lifestyles and culture Councillor Salma Arif said:

    “This is a tremendous honour for the Leeds Equipment and Kit Exchange Partnership (LEKEP) to be recognised on an international level in this way, and we thank everyone involved who should be very proud.

    “We are committed to tackling inequalities, removing barriers and addressing the climate crisis and this project shows what can be achieved through working together to make a difference. We look forward to the partnership continuing to go from strength to strength and would encourage anyone interested in getting involved to come and talk to us.”

    Chief executive of Yorkshire Sport Foundation Nigel Harrison said:

    “We’re proud to share this award with our incredible partners across the city. This project shows the strength in working together to address inequalities, stop waste, and remove a barrier to people playing sport or being physically active.

    “The right kit and equipment comes at a cost, and this partnership is ensuring that more people in Leeds aren’t prevented from starting something new or continuing something they love because they can’t afford a pair of trainers or a piece of sports equipment.

    “One of the best things about this recognition is that it will raise even more awareness of the initiative. With the continued commitment of the organisations involved and the support of the people of Leeds, the kit exchange partnership can make a positive impact on even more lives.”

    Co-founder and director of Action for Sport Clive Michallat said:

    “Action for Sport has thoroughly enjoyed being part of such a great scheme and partnership. To work alongside a lot of organisations who bring their life experiences and skillsets to the table can be powerful, and in this case most certainly is. We look forward to being part of the team that can develop and grow the Leeds Equipment and Kit Exchange Partnership.”

    Co-director of Zero Waste Leeds Gill Coupland said:

    “We’re absolutely delighted to be part of this partnership. The award is a recognition of the incredible things that can be achieved when there is a determination to work together over the long term and to pool funding to deliver really impactful results. Leeds is a generous city in so many ways.”

    The next public meeting of the partnership takes place in Leeds at CATCH in Harehills on Thursday 14 November at 6pm, which will include a presentation by Sport England Environmental Sustainability Strategic Lead Denise Ludlam. Tickets are free to attend via Leeds Equipment and Kit Exchange meeting Tickets, Thu 14 Nov 2024 at 18:00 | Eventbrite.

    The Sport Positive Awards celebrates people and projects using the power of sport to tackle major issues including the climate and biodiversity crises, and environmental/climate justice.

    For more information on the Sport Positive Awards visit Sport Positive Awards 2024 – Leading the charge on using the power of sport to tackle some of the biggest issues of our time – the climate and biodiversity crises and environmental/climate justice. (sportpositivesummit.com).

     

    ENDS 

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

     

     

    MIL OSI United Kingdom

  • MIL-OSI Europe: Statement of the G7 Non-Proliferation Directors Group (09 May 2022)

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

    1. We, the G7 Non-Proliferation Directors Group, reiterate the G7´s profound condemnation of Russia’s premeditated, unprovoked, and unjustifiable war of choice against Ukraine, enabled by the Belarusian government. We condemn in the strongest terms the numerous atrocities committed by Russian armed forces in Ukraine. We reaffirm our solidarity with the Ukrainian people and our support to the sovereignty, independence, and territorial integrity of Ukraine. Russia’s ongoing war of aggression is a blatant violation of international law with severe consequences for international security, including global non-proliferation efforts. We condemn Russia’s disinformation campaign and we warn against any threat or use of chemical or biological weapons. We recall Russia’s obligations under international treaties of which it is a party, and which protect us all. Any use by Russia of such a weapon would be unacceptable and result in further consequences. We condemn Russia’s unjustified use of nuclear rhetoric and signalling. We urge Russia to behave responsibly and exercise restraint.

    2. Besides these deeply disturbing actions of unprecedented scale, our efforts to strengthen non-proliferation have been severely tested in past years. The increasing use of chemical weapons, rapidly evolving biological threats, destabilizing transfer and deployment of conventional weapons, and targeted appropriation of emerging technology all have a considerable impact as does the growing threat of nuclear proliferation and emerging threats to outer space security. Some states are now significantly increasing and diversifying their nuclear arsenals and investing in novel nuclear technologies and weapons systems. Against this highly challenging background, the G7 remains committed to working together, including with our partners, to defend and strengthen international law, norms and institutions and to build a more secure, more stable, and safer world.

    3. In view of the 10th Review Conference of the Non-Proliferation Treaty (NPT) in August 2022, we are united in our resolve to comprehensively strengthen the NPT, promote its universalisation, reinforce the importance of commitments made at past Review Conferences and advance implementation of the Treaty across all three of its mutually reinforcing pillars. We underline the authority and primacy of the NPT as the cornerstone of the nuclear non-proliferation regime and the foundation for the pursuit of nuclear disarmament and peaceful uses of nuclear technology. We resolutely support the Review Conference President-designate, Ambassador Gustavo Zlauvinen, and commit to working with all NPT States Parties in good faith in the lead up to and during the Review Conference towards achieving a positive outcome.

    4. The G7 reaffirms its commitment to the ultimate goal of a world without nuclear weapons with undiminished security for all, achieved through concrete, practical, and purposeful steps. The overall decline in global nuclear arsenals must be sustained and not reversed. We welcome diplomatic pathways that offer real possibilities for advancing the universal disarmament goals of the NPT, as promoted through key initiatives such as the International Partnership for Nuclear Disarmament Verification (IPNDV), the Non-Proliferation and Disarmament Initiative, the Stockholm Initiative on Nuclear Disarmament, and Creating an Environment for Nuclear Disarmament.

    5. We welcome efforts by the G7 Nuclear Weapon States to promote effective measures, such as strategic risk reduction, transparency and confidence building measures on their postures, doctrines, and capabilities, which are critical to making progress towards disarmament under the NPT. The G7 underlines that all Nuclear Weapon States have the responsibility to engage actively and in good faith in arms control dialogues. We welcome the Joint Statement of the Leaders of the Five Nuclear-Weapon States on Preventing Nuclear War and Avoiding Arms Races of 3 January 2022, including the important affirmation that a nuclear war cannot be won and must never be fought. However, we deplore Russia’s provocative statements about raising its nuclear alert levels, which undermines the credibility of Russia’s commitment to this Joint Statement.

    6. Recalling our statements of 15 March and 7 April 2022, we condemn Russia’s invasion of Ukraine, including forcefully seizing control of nuclear facilities and other actions that pose serious threats to the safety and security of these facilities and endanger the population of Ukraine, neighbouring states, and the international community. We support the IAEA Director General Rafael Grossi’s efforts to ensure the nuclear safety and security of, and the application of safeguards to, nuclear material and facilities in Ukraine as a matter of urgency, while respecting full Ukrainian sovereignty over its territory and infrastructure. We urge Russia’s leadership to immediately withdraw its military forces from Ukraine, cease all violent actions against nuclear and radiological facilities in Ukraine and restore full control to Ukrainian authorities over all facilities within its internationally recognized borders to ensure their safe and secure operations.

    7. The G7 is united in its resolve to promote the goals and objectives of the Comprehensive Nuclear-Test-Ban Treaty (CTBT). We underline the urgent need to bring this treaty into force pursuant to Article XIV of the CTBT, and we support Italy as co-coordinator of these efforts. A universal and effectively verifiable CTBT constitutes a fundamental instrument in the field of nuclear disarmament and non-proliferation. Pending the entry into force of the Treaty, we call on all states to declare new or maintain existing moratoriums on nuclear weapon test explosion or any other nuclear explosions. We also resolutely support the Comprehensive Nuclear-Test-Ban Treaty Organization Preparatory Commission and its important work to develop the Treaty’s verification regime.

    8. The G7 is equally committed to, and underlines the importance of, immediate commencement of negotiations – based on document CD/1299 and the mandate contained therein – with the key countries on a treaty banning the production of fissile material for use in nuclear weapons and other nuclear explosive devices. We remain convinced that the Conference on Disarmament is an appropriate venue to negotiate such an instrument and we call upon countries to make innovative contributions in all appropriate forums, including the 10th Review Conference of the States Parties to the NPT, to facilitate negotiations of such a treaty. Pending those actions, we call on all states that have not yet done so to declare and maintain voluntary moratoria on the production of fissile material for use in nuclear weapons.

    9. The G7 is committed to working towards effective measures for strategic and nuclear risk reduction that enhance mutual comprehension, increase predictability, promote confidence building and establish effective crisis management and prevention tools. We are equally engaging in the development of multilateral nuclear disarmament verification capabilities and we welcome the start of work of the Group of Governmental Experts on nuclear disarmament verification, the Franco-German exercise NuDiVe 2022 conducted in April 2022 and the continuing work of the IPNDV and the Quad Nuclear Verification Partnership by Norway, Sweden, the United Kingdom and the United States. All of this is essential groundwork for achieving the ultimate goal of a world free of nuclear weapons, underpinned by transparency, verification and irreversibility.

    10. The G7 welcomed the extension of the New START Treaty in early 2021 and has supported the U.S.-Russian Strategic Stability Dialogue, aimed at laying the foundation for future U.S.-Russia arms control arrangements. The G7 sees the need for arms control to address all nuclear weapons, including new destabilizing weapon systems and non-strategic nuclear weapons. The G7 also supports and encourages wider efforts towards an active arms control dialogue involving China. The G7 regrets that the U.S.-Russian Strategic Stability Dialogue has come to a halt due to Russia’s brutal and unprovoked war on Ukraine.

    11. The G7 also deplores Belarus’s recent referendum and amendment to its Constitution removing Article 18, which pledged to “make its territory a nuclear-free zone.” Belarus’ actions only further increase uncertainty amidst heightened tensions.

    12. Nuclear-weapons-free zones (NWFZ) make important contributions to nuclear disarmament and non-proliferation. We see the relevant protocols to existing NWFZ treaties as the vehicle for extending to the treaty parties a legally binding negative security assurance. We remain fully committed to the creation of a zone free of all weapons of mass destruction and their delivery systems in the Middle East. We firmly believe that this can only be achieved based on consensus arrangements freely arrived at by all states in the region. We acknowledge the efforts made during the first two sessions of the UN Conference on the Establishment of a Middle East Zone Free of Nuclear Weapons and Other Weapons of Mass Destruction held in 2019 and 2021. Going forward, we underscore the need for inclusive dialogue among the regional states.

    13. The G7 supports universalisation of key safeguards agreements including Comprehensive Safeguards Agreements, the Additional Protocol thereto, and, where applicable, the revised Small Quantities Protocol. A Comprehensive Safeguards Agreement together with an Additional Protocol represents the de facto safeguards standard under the NPT. We echo the IAEA Director General’s call on those states that have yet to bring into force a Comprehensive Safeguards Agreement or an Additional Protocol to do so as soon as possible and applaud his efforts to further strengthen the safeguards system. Recalling our strong support for the professional and impartial work of the IAEA, the G7 underscores the importance of streng-thening the effectiveness and optimizing the efficiency of the international safeguards system and ensuring it remains fit for its purpose in the 21st century.

    14. We reaffirm the IAEA’s central role in strengthening cooperation in nuclear security and the commitments in the Ministerial Declaration of the IAEA’s International Conference on Nuclear Security in 2020. We support the IAEA in facilitating the peaceful uses of nuclear technologies in a safe, secure, and sustainable manner. We support aiding the development of new regulatory frameworks for the deployment of next-generation technologies, including small modular reactors. We encourage all Member States, who are able to do so, to make financial and/or technical contributions to enable the IAEA to continue its work.

    15. The G7 commits to promoting full implementation by all states of the highest standards of nuclear safety, security, and safeguards. This is essential to facilitate the safe and the peaceful uses of nuclear science and technology consistent with the NPT, and thereby promote prosperity and address the UN Sustainable Development Goals.

    16. The G7 urges States engaged in nuclear activities to become parties to and fully implement the Convention on Nuclear Safety, the Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste Management, the Convention on Early Notification of a Nuclear Accident, and the Convention on Assistance in the Case of a Nuclear Accident or Radiological Emergency.

    17. The G7 is resolved to increase political attention to the challenges of countering the threat of non-state actors acquiring nuclear and radioactive materials as weapons of terrorism and to accelerate national and international steps to manage the risks posed by such materials. We affirm our commitment to minimise Highly Enriched Uranium (HEU) stocks globally and encourage states with civil stocks of HEU to further reduce or eliminate them where economically and technically feasible.

    18. The G7 calls on all States that have not yet done so to become parties to and fully implement the International Convention for the Suppression of Acts of Nuclear Terrorism (ICSANT) and the Amended Convention on the Physical Protection of Nuclear Material (A/CPPNM). We welcome the positive outcome of the A/CPPNM Review Conference in March-April 2022. We remain steadfast in our support of the IAEA, the Nuclear Security Contact Group, and the Global Initiative to Combat Nuclear Terrorism.

    19. The G7 supports effective implementation of UN Security Council Resolution (UNSCR) 1540 (2004) and the work of the 1540 Committee and its Group of Experts. We encourage all states to fully implement the resolution and to offer assistance to interested states.

    20. The G7 actively supports global efforts to enhance education and professional development in the field of non-proliferation, arms control and disarmament and is strongly committed to the integration of gender equality in this field. We are mindful that learning about the realities of any use of nuclear weapons will help strengthen global efforts towards nuclear disarmament. To raise and sustain awareness, we encourage political leaders, the young generation and others to visit the cities of Hiroshima and Nagasaki.

    21. We renew our support for a restoration and full implementation of the Joint Comprehensive Plan of Action. A diplomatic solution remains the best way to restrict Iran’s nuclear programme. We commend the participants of the Vienna talks as well as the EU coordinator for their tireless efforts. We urge Iran to seize the offer currently on the table to bring negotiations to a successful conclusion and to refrain from further escalation of its nuclear activities.

    22. We urge Iran to uphold and fully implement all obligations under its NPT-required safeguards agreement with the IAEA. We further urge Iran to provide all required information to enable the IAEA to clarify and resolve outstanding safeguards issues without further delay. The G7 expresses strong support for the crucial verification and monitoring mandate of the IAEA, underscores the technical nature of the IAEA’s independent work, and commends the Director General’s continued professional and impartial efforts. Full and timely cooperation by Iran is essential for the IAEA to assure the international community that all nuclear material in Iran remains in peaceful uses and eventually reach the Broader Conclusion.

    23. We recall our serious concerns about Iran’s unabated activities related to ballistic missiles “designed to be capable of delivering nuclear weapons, including launches using such ballistic missile technology,” which Iran pursues in defiance of UNSCR 2231 (2015). Iran’s space programme is enabling it to test technology that is essential to the development of ballistic missiles, including future long-range delivery systems, as demonstrated again with Iran’s announcement on March 8 of a launch of a military satellite. We urge Iran to cease all these activities and fully abide by UNSCR 2231 (2015). We also remain extremely concerned about Iran’s destabilising activities in and around the Middle East, including transfers of missiles and missile technology, drones and conventional arms to state and non-state actors. Such proliferation is destabilising for the region and escalates already high tensions, as does the use of such weapons in the region, like the attack by the Islamic Revolutionary Guard Corps on Erbil on 13 March 2022. We urge Iran to stop all activities inconsistent with relevant UNSCRs and call on all parties to play a constructive role in fostering regional stability and peace.

    24. The G7 strongly condemns the continued testing of ballistic missiles by the Democratic People’s Republic of Korea (DPRK), including the recent Intercontinental Ballistic Missile (ICBM) launch conducted on 24 March 2022, which are blatant violations of the DPRK’s obligations under numerous UNSCRs. Since 2021, the DPRK has conducted an unprecedented series of missile tests, including launches of alleged hypersonic weapons using ballistic missiles and a submarine-launched ballistic missile test. These tests demonstrate the DPRK’s continued efforts to expand and further develop its ballistic missile capabilities. We deeply regret that the DPRK has abandoned its self-declared moratorium on ICBM launches. In addition, nuclear activities (such as restarting nuclear reactors and behaviour consistent with fissile material production) have been observed at several nuclear sites since 2020, suggesting an ongoing nuclear program development. All these reckless actions threaten regional and international peace and security, pose a dangerous and unpredictable risk to international civil aviation and maritime navigation in the region and demand a united response by the international community, including further measures to be taken by the UN Security Council.

    25. The G7 remains fully committed to the complete, verifiable, and irreversible dismantlement by the Democratic People’s Republic of Korea of all its nuclear weapons, other weapons of mass destruction and ballistic missiles of all ranges, as well as related programs and facilities, consistent with UNSCRs. We strongly urge the DPRK to fully comply with all obligations arising from the relevant UNSCRs, to abandon its weapons of mass destruction and ballistic missile programs in a complete, verifiable and irreversible manner and to return at an early date to, and fully comply with, the NPT and IAEA safeguards. We call on the DPRK to accept the repeated offers of dialogue put forward by all parties concerned, including the United States, the Republic of Korea, and Japan.

    26. The G7 is committed to working with all relevant partners towards the goal of peace on the Korean Peninsula and to upholding the rules-based international order. We call on all states to fully and effectively implement all restrictive measures relating to the DPRK imposed by the UN Security Council and to address the risk of proliferation of weapons of mass destruction, and related delivery systems, from the DPRK as an urgent priority, particularly through additional UN Security Council action. We note with concern the report by the Panel of Experts established pursuant to UNSCR 1874 (2009) that illicit ship-to-ship transfers continue to take place. We remain ready to assist in and strengthen capacities for effective sanctions implementation. We are clear that the dire humanitarian situation in the DPRK is primarily the result of the diversion of the DPRK’s resources into unlawful weapons of mass destruction and ballistic missile programs rather than into the welfare of its people. In the context of the Covid-19 pandemic, we commend the work of the 1718 Committee, which has swiftly approved all Covid-19 related sanctions exemption requests for humanitarian assistance for the DPRK.

    27. The G7 intends to bolster efforts to counter the weaponization of biological agents and toxins. Never has it been so urgent for all states to work together to achieve universal adherence to and full compliance with the Biological and Toxin Weapons Convention (BTWC). Good faith and engagement are essential to overcoming the longstanding stalemate of the Convention in order to meet evolving biological threats stemming from state and non-state actors and to address new developments in science and technology. We intend to work towards a successful Review Conference which would promote effective implementation, increase transparency, enhance compliance and confidence-building measures. Near-term concrete action should include the establishment of a new expert working group to examine concrete measures to strengthen the Convention.

    28. We pledge our continued support to the United Nations Secretary-General’s Mechanism to investigate alleged uses of chemical, biological or toxin weapons. We will firmly resist and condemn any attempts by any state or individual seeking to undermine its integrity, independence, and impartial character and mandate. As the only established international mechanism mandated to investigate alleged uses of biological weapons, we pledge to cooperate with partners to ensure that the mechanism is properly resourced, equipped, and operationalized to conduct effective investigations when needed.

    29. We salute the 20th anniversary of the G7-led, 31-member Global Partnership (GP) against the Spread of Weapons and Materials of Mass Destruction. With its unparalleled networks, expertise, partnerships, and collective funding, the GP has been instrumental in countering threats posed by chemical, biological, radiological, and nuclear weapons and materials. The GP’s contribution to global threat reduction has made the world a safer and more secure place. We are committed to coordinated action with the GP to provide leadership to ensure that the GP remains a key contributor to countering persistent and emerging threats.

    30. The G7, as expressed in the 29 March statement of the GP on Ukraine, finds Russia’s unsubstantiated claims concerning alleged biological weapons development in Ukraine outrageous. Such allegations about legitimate biological research for civilian purposes are especially cynical, as the world has suffered a pandemic for two years during which biological laboratories have been of crucial importance to humankind. These allegations are part of Russia’s disinformation campaign against Ukraine and have undermined the subject and purpose of the BTWC and the international rules-based order. Ukraine is a respected member of the GP and the BTWC and has our full support.

    31. We will dedicate further efforts to addressing biological threats in the GP framework. The COVID-19 pandemic has underscored the far-reaching impact of large-scale disease outbreaks and the importance of strengthening global capacity to prevent, detect and respond to all forms of biological threats, whether deliberate, accidental, or natural. Covid-19 has also accelerated the global life sciences and biotechnology revolution, including the research and development of new diagnostics, vaccines, and treatments for potentially high-consequence pathogens. Substantial improvements are needed in global biosafety, biosecurity, and oversight for dual use research, in order to prevent laboratory accidents and deliberate misuse. We commit to reinforcing existing national efforts, as well as to improving the level of biosafety and biosecurity practices globally. With this imperative, we intend to deepen our health-security cooperation with African partners and other key stakeholders to develop and implement the GP’s signature initiative aimed at mitigating biological threats in Africa. We recognize the significant contribution already made by the G7 and the EU to the GP signature initiative and encourage all GP members to actively contribute to this important initiative.

    32. We are determined to uphold the prohibition on the use of chemical weapons and support the full implementation of the Chemical Weapons Convention (CWC). As participating States of the International Partnership against Impunity for the Use of Chemical Weapons, we stand together to reaffirm that any use of chemical weapons by anyone, anywhere, under any circumstances is unacceptable and contravenes international standards and norms against such use. There can be no impunity for chemical weapon use.

    33. We will work towards a successful 2023 Review Conference to strengthen the Convention. We are unwavering in our support of the Organisation for the Prohibition of Chemical Weapons (OPCW) and its work to exclude completely the possibility of the use of chemical weapons and we applaud the OPCW’s professionalism and integrity. The G7 seeks to ensure that the OPCW is equipped to continue to fulfil its mandate, including through funding via the GP for important initiatives such as the new Centre for Chemistry and Technology.

    34. We welcome the decision of the OPCW Conference of the States Parties “Understanding Regarding the Aerosolised Use of Central Nervous System-Acting Chemicals for Law Enforcement Purposes” that affirms that the aerosolized use of CNS-acting chemicals is understood to be inconsistent with law enforcement purposes as a “purpose not prohibited” under the Convention. This forward-thinking decision by CWC States Parties sends a strong signal to countries that they cannot hide work on such chemicals for offensive purposes under the guise of legitimate purposes under the Convention.

    35. We condemn attempts to impede the OPCW’s vital work, including investigations, through baseless attacks and outrageous disinformation, notably Russia’s unsubstantiated claims and false allegations that Ukraine was preparing to use chemical weapons. Ukraine is in full compliance with its obligations under the CWC, in stark contrast to Russia’s continued refusal to investigate the well-documented use of a chemical weapon on its own territory, contrary to its obligations under the Convention.

    36. In that context, the G7 reaffirms the statement made by Ministers on 26 January 2021 condemning in the strongest possible terms the poisoning of Alexey Navalny with a military grade chemical nerve agent of the “Novichok” group, a substance developed by the Soviet Union, and retained by Russia. There is no plausible account other than the involvement and responsibility of Russian state actors, as Russia continues to evade all appeals to launch an investigation of the case. We recall the OPCW’s conclusion that a similar nerve agent was used in Salisbury in 2018, resulting in the death of a British citizen, for which three Russian suspects have been charged.

    37. We again urge the Russian authorities to investigate and credibly explain the use of a chemical weapon on its soil considering Russia’s obligations under the CWC. We recall the questions asked on 5 October 2021 by 45 States Parties, including all G7 members, to Russia under Article IX of the CWC, which were not adequately answered by the Russian Federation. We support the statement made by 56 States Parties at the November 2021 OPCW Conference of the States Parties, calling on Russia to account for the use of a chemical weapon on its territory. We welcome actions, such as sanctions, taken by G7 members in response to those individuals and entities deemed to be involved in the development and use of chemical weapons. We also condemn Russia’s attempts to shield Syria from accountability for the Syrian regime’s use of chemical weapons.

    38. Syria’s chemical weapon use in violation of the CWC continues to be a matter of grave concern. We welcome the decision of the OPCW Conference of the States Parties to suspend Syria’s rights and privileges under the CWC, until it completes the steps set out in the OPCW Executive Council Decision of 9 July 2020. We urge the Syrian authorities to cooperate fully and comply with their obligations. We deplore disinformation about chemical weapon use in Syria and we are committed to supporting the OPCW Technical Secretariat’s work in investigating chemical weapon use in Syria, identifying those responsible, and ensuring Syria’s declaration is full and accurate. Syria will be held to account for any failures to meet its obligations. We commit to ensuring the full implementation of UNSCR 2118 (2013) and the elimination of Syria’s chemical weapons programme once and for all.

    39. We remain gravely concerned by the accelerating proliferation of ballistic and other missile technologies, including at the hands of non-state actors, which is a threat to regional and global security. Recalling the G7 NPDG “Initiative on Countering Illicit and/or Destabilizing Missile Activities” launched by the French Presidency in 2019, we remain engaged in countering missile proliferation activities and strengthening missile governance.

    40. We reaffirm our commitment to the Missile Technology Control Regime (MTCR), and we call on all states to unilaterally adhere to the MTCR guidelines and reiterate the importance of the fundamental principles underpinning ballistic missile non-proliferation including in accordance with UNSCR 1540 (2004). We are committed to further increasing the effectiveness of the MTCR.

    41. We strongly support the Hague Code of Conduct against Ballistic Missile Proliferation (HCoC) and call for its universalisation. In the 20 years since its establishment, the HCoC has proven to be an important transparency and confidence building measure that encourages responsible behaviour and restraint in the development, testing and deployment of ballistic missiles capable of delivering weapons of mass destruction, and aims to curb and prevent proliferation of such ballistic missiles. We will work towards the goals of universalization and full implementation of the HCoC, notably on the occasion of its 20th anniversary.

    42. The G7 re-affirms the importance of coordinated action to counter illicit intangible technology transfer and protecting academia and business sectors from hostile state exploitation. While promoting an environment in which science, technology and research collaboration can flourish, we are resolved to address the challenges posed by the misuse and illicit diversion of technology critical for the development of weapons of mass destruction, their means of delivery and for advanced military technology programmes by state and non-state actors, as well as by dual-use research of concern, notably in the field of life sciences.

    43. The G7 members commit to enhancing export controls on materials, technology and research that could be used to develop weapons of mass destruction and their means of delivery. We plan to strengthen controls on materials (including dual-use components), technology and research that could support the development of advanced conventional weapons, ensuring that enhancements are proportionate and avoid negatively impacting on legitimate exports.

    44. The G7 is committed to acting to counter proliferation financing which, left unchecked, undermines the integrity of the global financial system and fuels threats to our common security. We therefore welcome the recent changes to the Financial Action Task Force standards regarding targeted financial sanctions on the DPRK and Iran, which, for the first time, expect all countries and regions to take concrete steps to understand the proliferation financing risks they face, and to oblige their financial sectors and designated non-financial business professions to do the same. Only by understanding the truly global reach of proliferation networks will we meet our responsibility to tackle this activity.

    45. We are determined to prevent illicit transfers and destabilizing accumulation of conventional weapons and ammunition, and to increase the safety and security of stockpiles, including by deploying our technical expertise, sharing best practices, e.g. in the framework of the UN Programme of Action on Small Arms and Light Weapons (SALW), and the International Ammunition Technical Guidelines, and by adhering to international law and norms on responsible transfer.

    46. The diversion of ammunition to unauthorized users, including criminals and terrorists, facilitates and fuels armed violence and armed conflict. Mindful of these implications for security and sustainable development, we strongly support the German-led initiative for a comprehensive framework to support safe, secure, and sustainable ammunition management at the national, sub-regional, regional, and global level and the Open-Ended Working Group (OEWG) mandated to carry out work in this regard. We encourage all states to engage constructively in the OEWG aiming at elaborating a set of political commitments as a new global framework that will address existing gaps in through-life ammunition management, including international cooperation and assistance.

    47. We advocate for the reinforcement of regimes that regulate the transfer and prevent the diversion of conventional weapons and ammunition in line with international law and norms, including the Arms Trade Treaty. We commit to adapting, where necessary, relevant regimes as new technologies are developed. In dialogue with other technology leaders, we seek to shape the global debate on responsible civilian and military use of new technologies, considering security and defence considerations and securing adherence to international law, in particular International Humanitarian Law and, where applicable, International Human Rights Law. Where necessary, new international principles for responsible use should be considered.

    48. As space activities evolve, the norms, rules and principles governing space activities should also evolve. State threats to the secure, safe, sustainable, and peaceful uses of outer space are of serious concern. Given that our societies are increasingly reliant on space systems for their security and prosperity, we are determined to reduce the risk of misperception and miscalculation and reduce space threats. We commit to engaging the international community to uphold and strengthen a rules-based international order for outer space.

    49. Establishing norms, rules and principles for responsible space behaviours is a pragmatic way forward to enhance security, mitigate threats against space systems and reduce the risks of misperception, miscalculation, and escalation. We strongly support the UK-led initiative at the UN General Assembly and the resulting UN Open Ended Working Group (OEWG) on “Reducing space threats through norms, rules and principles of responsible behaviours”. We encourage all states to positively engage in the OEWG that aims to build a common understanding of responsible space behaviours and consider first proposals for norms, rules, and principles in that regard.

    50. We call upon all nations to refrain from conducting dangerous and irresponsible destructive direct-ascent anti-satellite missile tests like those carried out by the Russian Federation on 15 November, 2021. We welcome the US commitment not to conduct destructive direct-ascent anti-satellite missile tests. We reiterate the need to cooperate with all States and space actors to strengthen safety, security, stability, and sustainability of outer space and help all countries benefit from the peaceful exploration and use of outer space.

    MIL OSI Europe News

  • MIL-OSI USA: Helping Older New Yorkers Save in Health Care Costs

    Source: US State of New York

    Governor Kathy Hochul today announced that nearly one million New Yorkers are now enrolled in State-administered Medicare Savings Program (MSP), which can help eligible older adults save an estimated average of $7,400 per year in health care costs. With the Medicare open enrollment period starting tomorrow, Governor Hochul also encouraged more New Yorkers to learn about and enroll in the MSP. Many older adults are eligible for this program following the Governor’s historic expansion of the MSP, which increased income eligibility limits to ensure more New Yorkers can benefit from health care savings.

    “Our work to expand the Medicare Savings Program is helping ease the burden of healthcare costs for nearly one million New Yorkers and putting thousands of dollars back in their pockets,” said Governor Kathy Hochul. “I encourage older adults in New York to use the Medicare open enrollment period to find out if they are eligible for the program and to learn if other Medicare coverage options can provide additional cost savings.”

    The Medicare open enrollment period begins tomorrow, Oct. 15, and will remain open until Dec. 7. While New Yorkers can enroll in the MSP all year round, the open enrollment period is a great time to learn about the benefits and address any Medicare questions.

    The MSP helps Medicare beneficiaries living on limited incomes by paying their Medicare Part B premiums and automatically enrolling them in the federal government’s Extra Help program, which helps with prescription drug costs.

    In 2022, Governor Hochul secured an historic expansion of the MSP that increased income eligibility limits for New Yorkers. The 2024 income eligibility limits for the MSP are $2,355 per month for an individual and $3,189 per month for a couple.

    Medicare beneficiaries or Medicare-eligible individuals are encouraged to contact the state’s Health Insurance Information, Counseling and Assistance Program (HIICAP) for information on enrolling in the MSP or to receive assistance with other Medicare enrollment questions. New Yorkers can call the HIICAP toll-free hotline at 1-800-701-0501.

    Below is a regional breakdown of the nearly one million New Yorkers already enrolled in the MSP as of late Sept.

    REDC Region Number of MSP Enrollees

    Western New York

    Allegany, Cattaraugus, Chautauqua, Erie, Niagara

    62,004

    Finger Lakes

    Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming, Yates

    49,062

    Southern Tier

    Broome, Chemung, Chenango, Delaware, Schuyler, Steuben, Tioga, Tompkins

    30,340

    Central New York

    Cayuga, Cortland, Madison, Onondaga, Oswego

    30,409

    Mohawk Valley

    Fulton, Herkimer, Montgomery, Oneida, Otsego, Schoharie

    24,673

    North Country

    Clinton, Essex, Franklin, Hamilton, Jefferson, Lewis, St. Lawrence

    20,973

    Capital District

    Albany, Columbia, Greene, Rensselaer, Saratoga, Schenectady, Warren, Washington

    39,803

    Hudson Valley

    Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, Westchester

    71,200
    New York City 574,665

    Long Island

    Nassau, Suffolk

    79,863
    Statewide Total 982,992

    New York State Office for the Aging Director Greg Olsen said, “This important milestone – nearly 1 million individuals enrolled in the MSP – is a direct result of state and local programs like New York HIICAP providing outreach and assistance for Medicare beneficiaries so that they can collectively save millions of dollars annually on out-of-pocket expenses. I applaud Governor Hochul for expanding this program in 2023, with annual income eligibility updates each year, and for supporting our network’s outreach and education activities to help.”

    New York State Department of Health Commissioner Dr. James McDonald said, “The Medicare Savings Program is a vital resource to assist people with limited income in paying their Medicare premiums and individuals who may not qualify for Medicaid because of income limits can still qualify for this savings program. That enrollment has reached close to one million individuals highlights the ongoing commitment to health equity by Governor Hochul and the Department, by ensuring those who need financial help can access timely medical care at an affordable cost.”

    AARP New York State Director Beth Finkel said, “AARP New York worked for years with other advocates to expand the Medicare Savings Program so more low- and moderate-income older adults could afford essential health care. Now, enrollment in the program is approaching the one million mark – something all of us can be proud of. We applaud the Hochul administration for its ongoing efforts to ensure more older New Yorkers have access to the benefits they need, benefits that put money back in their pockets and alleviate financial burdens. We want people to have better lives, and this program was created to do just that.”

    President of the Medicare Rights Center Fred Riccardi said, “New York’s successful expansion of the Medicare Savings Program is a testament to the importance of collaboration to ensure older adults and people with disabilities can access and afford the health care they deserve. We commend the New York State Office for the Aging, New York State Department of Health, and our partners across the state. Our collective efforts and dedication have been vital in expanding access to this crucial program, ensuring more New Yorkers can experience the financial relief and enhanced health care access it provides. The Medicare Rights Center is proud of this milestone and wholeheartedly committed to helping thousands more navigate the enrollment process and secure the benefits they are entitled to.”

    More About the MSP

    The MSP helps Medicare beneficiaries living on limited incomes by paying their Medicare Part B premiums and automatically enrolls them in Extra Help. The U.S. Social Security Administration (SSA) estimates a potential cost savings of $5,300 per person enrolled in Extra Help. The standard monthly premium for Medicare Part B enrollees is$174.70 per month. Combined this assistance equals nearly $7,400 in savings annually. This financial assistance can be a lifeline for enrollees, allowing them to maintain their Medicare coverage, access needed care, and afford other necessities.

    In 2022, Governor Hochul announced an historic expansion of the MSP, which is administered at the state level. The 2024 income eligibility limits for the MSP are $2,355 per month for an individual and $3,189per month for a couple.

    Beneficiaries with income just above the posted limits should still consider contacting New York HIICAP for assistance in the application process, as individuals may be paying for out-of-pocket costs that can be deducted from their gross income to make them eligible. HIICAP offers free and objective counseling for Medicare beneficiaries needing assistance applying for the MSP or any other Medicare-related questions. Simply call HIICAP at 1-800-701-0501. Callers will be routed to their local program for assistance.

    An application for the MSP is also available on the New York State Department of Health website here . The application and required documentation should be sent your local Department of Social Services (LDSS) or Human Resource Administration (HRA). Find the address in your county here. To apply, applicants will need photocopies of their Medicare card, proof of income, documentation about health insurance premiums other than Medicare, proof of date of birth and residence. Learn more on NYSOFA’s website.

    About Medicare Open Enrollment

    Open enrollment is the time when Medicare beneficiaries can make changes in their health plan or prescription drug coverage and other options.

    During open enrollment, or at any time of the year, HIICAP can help you:

    • Understand the Medicare prescription drug benefit (Medicare Part D) and how to select the best plan.
    • Understand low-income subsidy programs, including Extra Help and Medicare Savings Programs (MSPs).
    • Find ways to pay for your medications or medical equipment.
    • Understand and apply for the Elderly Pharmaceutical Insurance Coverage (EPIC) program.
    • Choose between original Medicare and Medicare Advantage plans.
    • Understand Medicare rules and your medical bills.
    • Report possible Medicare fraud or abuse.
    • Provide information on how to appeal a decision by Medicare, your managed care provider or other health insurance company.
    • Discover ways to fill in Medicare’s gaps.
    • Learn how to file a Medicare or Medigap complaint.

    MIL OSI USA News

  • MIL-OSI United Kingdom: NHS Devon has a moral obligation to address Plymouth health funding issue

    Source: City of Plymouth

    Councillor Tudor Evans has demanded that NHS Devon review the way in which health funding is allocated to Plymouth, to urgently address health inequality across the city.

    People in Plymouth live two years less than people in Devon, a situation that has been exacerbated following more than a decade of NHS underfunding.

    Men in Plymouth live 2.3 years less than in Devon and woman live 2.5 years less. Locally, levels of under 75 mortality, due to causes that are considered entirely preventable, are 16 per cent higher than the rest of England, and 52 per cent higher than Devon.

    Currently funding is allocated across the county by Devon ICB. The ICB is a body that aims to join up health and care services and make sure that everyone has the same access to services and gets the same outcomes from treatment. They oversee how money is spent and make sure health services work well and are of high quality.

    The Devon ICB use a model called ‘Fair Shares Funding’. The Leader of Plymouth City Council is urging the ICB to review this process as it is not currently fair. It does not take enough account of deprivation and inequality in health outcomes in Plymouth when compared to other parts of Devon.  

    For the past few years, the Council has been lobbying the ICB to relook at the funding and reassess the position of the city. However, so far discussions have not resulted in a viable solution. Councillor Evans is therefore now insisting on a proper board level review.

    Councillor Evans, said: “We know that finances are tight. But, the priority has to be making sure that the money available is distributed to the right places, where there is the most need. We know of areas in Devon where the need is less, yet funding is available to them – is the ICB favouring those who know how to use the system and leaving behind those who don’t or won’t?

    “There are people of Plymouth who cannot get a GP appointment, who cannot get an NHS dentist, who are missing out on treatment and are being put at unnecessary risk due to the lack of patient care and prevention services.

    “We know there are demands across the region – but we are Devon’s biggest city and our services are stretched beyond belief with no relief in sight.

    “ICBs have the autonomy to determine their own spending based on local need and the power to ‘over allocate’ funding to address poor health outcomes. Outcomes that in Plymouth are driven by deprivation and deep-seated health inequality which will have been worsened by more than a decade of underfunding. So far, the ICB have not been able to suggest any way forward that would result in a change in Plymouth. It is morally right that this review takes place and is given the serious consideration that it needs.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Chancellor announces new plans to secure UK investment

    Source: United Kingdom – Executive Government & Departments

    The Chancellor closes the International Investment Summit promising the government is bringing investment and jobs back to Britain.

    In a speech to some of the world’s biggest businesses and investors, Rachel Reeves revealed that restoring fiscal stability will be at the centre of her first Budget on 30 October. She made the case that it is the only way to ensure government and business can invest with confidence. 

    The Chancellor went on to set out how two new bodies will drive long-term investment in Britain as the government works hand in hand with business to create new high skilled jobs right across the UK, helping make people better off. 

    Chancellor of the Exchequer Rachel Reeves, MP said: 

    When we said we would end instability, make growth our national mission and enter a true partnership with business we meant it.  

    The decisions which lie ahead of us will not always be easy. But by taking the right choices to grow our economy and drive investment we will create good jobs and new opportunities across every part of the country. That is the Britain we are building. 

    The first announcement from the Chancellor was that from today the UK Infrastructure Bank will operate as the National Wealth Fund (NWF), with its headquarters in Leeds. 

    The National Wealth Fund will catalyse tens of billions of pounds of private investment into in the UK’s clean energy and growth industries, including green hydrogen, carbon capture and gigafactories.

    Building on UKIB’s leadership and expertise, the NWF will go further, able to make investments that maximise the mobilisation of private investment. This will include the ability to trial new blended finance solutions with government departments that take on additional risk to facilitate higher impact in individual deals and performance guarantees. 

    The National Wealth Fund will have a total of £27.8 billion and will work with key industry partners, including mayors, to support delivery of their investment plans. 

    The Government will also bring forward legislation to give the NWF a broader mandate than just infrastructure, ensuring it is a permanent part of government’s investment offer. 

    John Flint, CEO, at the National Wealth Fund said: 

    It is a huge privilege to be entrusted with the responsibility of leading the National Wealth Fund. Building on the strong foundations we have laid as UKIB, we will hit the ground running, using sector insight and investment expertise that the market knows and trusts to unlock billions of pounds of private finance for projects across the UK.

    With additional capital to deploy against a bigger mandate, we stand ready to help the market invest with confidence, in support of the Government’s growth ambitions.

    Alongside this the Chancellor, together with Secretary of State for Business and Trade Jonathan Reynolds, announced a new British Growth Partnership as part of the British Business Bank (BBB). 

    The BBB already supports the UK’s fastest growing, most innovative companies deploying £3.5bn to support over 23,000 businesses last year. 

    The British Growth Partnership will allow it to do more by creating a new way for the British Business Bank and institutional investors to invest in innovative companies together.

    Leveraging the British Business Bank’s market expertise, these long-term investments will be made independently of government on a fully commercial basis. In the coming months, the British Business Bank will seek to raise hundreds of millions of pounds of investment for this fund, with the aim of making investments by the end of 2025.

    Additionally, the government will implement a set of reforms to the British Business Bank’s financial framework that will increase its impact and increase its ability to respond flexibly to the market, including by putting the British Business Bank’s £7.9bn set of commercial programmes on a permanent footing.

    Louis Taylor, CEO, British Business Bank said:

    Today’s announcement is a strong endorsement of the British Business Bank’s 10-year track record, market access and capabilities. By establishing the British Growth Partnership, the Bank will encourage more UK pension fund investment into the UK’s fastest growing, most innovative companies. 

    In addition, reforms to the Bank’s financial framework, putting our £7.9bn commercial programmes on a permanent footing, means we can flexibly re-invest our investment returns over the long term to increase growth and prosperity across the UK.

    Today’s measures follow the Government announcing more than £24 billion of private investment for pioneering energy projects and thousands of jobs in the green industries secured ahead of International Investment Summit.

    This adds to the announcement last week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.    

    And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.    

    Further quotes:

    Dame Julia Hoggett, CEO, London Stock Exchange Plc said:

    It is critically important for the growth of the UK economy that home grown companies are able to access the investment they need to grow, scale and stay in the UK. 

    Access to meaningful UK capital at the scaling phase has been a long-recognised challenge and so we are delighted that British Growth Partnership is being established to help address this problem. This will also facilitate more investment by UK pension schemes into scaling UK companies, providing greater returns for their savers and giving UK investors a greater stake in the UK economy.

    Sir Nicholas Lyons, Group Chair, Phoenix said:

    The UK needs scale and skills to convert our brilliant science and technology start-ups and university spinouts into the successful and sustainable companies of tomorrow.  British Growth Partnership will complement the private sector DC pension industry’s undertakings under the Mansion House Compact to expedite this, directing investment to deliver the best returns for our pension savers.

    Professor Sir John Bell, President, Ellison Institute of Technology said:

    Making sure the best innovative British companies can access the capital they need to scale and stay in the UK is critical for the future of the economy. The Chancellor’s announcement today of the new British Growth Partnership, in addition to confirming £7.9bn of permanent capital for the British Business Bank, are both very welcome and significant steps forward in solving this problem

    Sir Jonathan Symonds CBE, Non-Executive Chair, GSK said:

    This is a welcome step; encouraging institutional investment into the UK’s high-growth-potential companies can provide a real boost to the economy and generate better returns for individuals’ pension investments

    Brent Hoberman, Chairman and Co-Founder, Founders Forum Group, Founders Factory, firstminute capital said:

    It’s great to see the new government taking concrete steps to amplify the Mansion House reforms.   This new British Growth Partnership should help UK startups access further scale up capital to create more world leaders.

    Saul Klein, Co-founder, Phoenix Court and Member of the Council for Science and Technology said:

    The UK has more than 750 venture backed companies generating more than $25m in revenue – this is more than France, Germany, Sweden and the Netherlands combined. These companies have created over 200,000 new jobs and continue to grow but the UK still has $35bn less scale up capital to support these companies than the United States’ Bay Area alone.

    The government’s continued support for the British Business Bank and its focus on addressing this scale up opportunity will be very much welcomed by these 750 companies as well as the cohorts coming behind them.

    Peter Harrison, Group Chief Executive, Schroders plc said:

    These are further helpful initiatives in creating an environment where risk capital can flow into strategically important industries. Every step is welcome in supporting future economic growth.

    Edward Braham, Chairman, M&G said:

    We welcome the creation of the British Growth Partnership which should unlock much needed investment into the UK’s high growth innovative businesses.

    The combination of private and public sector partnerships, underpinned by long term patient capital, is essential to create the conditions for sustainable growth. 

    As a leading international investor, M&G has a proud history of supporting the progress of businesses and communities across the UK, investing in new innovative companies and private assets such as housing, hospitals and transport.

    Steve Bates OBE, CEO of the BioIndustry Association, said:

    Our world-leading, innovative life sciences and biotech sector is a unique competitive advantage for economic growth. The sector attracts expert global investors but a lack of investment from UK-based institutional investors means the economic and social returns are too often lost overseas.

    The British Growth Partnership will help turbo-charge innovative businesses with fresh UK-based capital, enabling them to scale in the UK and deliver more returns to the British economy, and to ordinary people saving for their retirement. This is a win-win-win for UK life science businesses, for UK pension savers and for the forward-thinking financial services sector.

    Kate Bingham, Managing Partner, SV Health and Former Chair UK Vaccine Taskforce welcomed the announcements saying:

    The UK has the potential to be a global leader and hub for healthcare breakthroughs with its strong entrepreneurial and academic base, together with our expertise and innovation in data science and artificial intelligence.

    Making the British Business Bank independent of government as well as launching the British Growth Partnership enables the Bank to catalyse institutional investment, including from pension funds, into brilliant UK companies that are supercharging the development of revolutionary medical treatments including smarter medicines for cancer, Alzheimer’s and blindness.

    Dom Hallas, Executive Director, Startup Coalition said:

    Tech startups and scaleups need a stable and improving funding environment to compete globally. The British Business Bank’s role in helping create that landscape is critical and today’s announcement will help the UK continue to build VC-backed tech companies across the country that are ready to compete with the very best.

    Michael Moore, Chief Executive, BVCA said:

    It is extremely welcome that the Government and the British Business Bank have brought this hugely significant programme forwards so quickly.

    The prize is to get significant new capital into the growth equity and venture capital funds that are creating new industries and backing innovative businesses that will be the backbone of the British economy of tomorrow. The British Business Bank has a vital role catalysing institutional investment into fast growing British businesses and this announcement will boost that work substantially.

    Just 3% of the pensions investment into UK led growth equity and venture capital funds is from UK pension funds. Alongside the Government’s pensions review this major new vehicle can be the start of a major shift that sees UK pensions savers get the improved retirement income that can come from backing funds which deliver active ownership and long-term investment in business.

    Kerry Baldwin, Co-Founder, Managing Partner, IQ Capital said:

    The launch of the British Growth Partnership and the confirmation of a permanent capital allocation for the British Business Bank are two crucial steps forward in solving the lack of access to domestic capital for the UK’s most promising growth companies.

    I very much welcome the Chancellor’s announcement today, she has been hugely engaged with the venture capital and technology sector, and champions the incredible societal impact that our sector enables through investments into innovative technologies across the UK.

    The British Business Bank has been at the heart of powering the next generation of UK venture and growth funds and the launch of the new fund is welcome as part of the pension reforms.  This fund will enable access to world-leading science and innovative investments which increase productivity by transforming legacy industries through the adoption of novel technologies and also by providing growth capital to the next generation of globally leading frontier technologies which are solving pressing critical global issues from climate change to energy transition.

    Dr Andrew Williamson, Managing Partner, Cambridge Innovation Capital, and member of BVCA Council said:

    Since its formation in 2018, British Patient Capital has played a central role in the growth of the UK’s knowledge-intensive innovation ecosystem.  It has built a world leading team and investment platform with a strong track record of investing in UK deeptech and life sciences companies and the venture capital funds that support these companies. 

    The British Growth Partnership will make the Bank’s extensive expertise available to a broader range of institutional investors, providing attractive returns for those investors and increasing the capital available for leading UK start-up and scale-up businesses.

    Duncan Johnson, Chief Executive Officer, Northern Gritstone said:

    We at Northern Gritstone believe that skilled partnerships that channel patient investment into long-term growth and innovation are more important than ever for the UK. 

    By establishing the British Growth Partnership, the British Business Bank is creating a pathway for pension funds and institutional investors to support the future today. Through investment we can create and scale the world class businesses of tomorrow in the UK which is the platform for growth for our economy over the decades to come.

    Irene Graham OBE, CEO, ScaleUp Institute said:

    The ScaleUp Institute has long evidenced the important role of development banks and Sovereign Wealth Funds to global scaleup economies.  The Government’s  placement of the British Business Bank commercial initiatives into permanency, with greater  flexibility, alongside the creation of the great British Growth Partnership are very much welcome and represent significant milestones for the UK economy. 

    Alongside a National Wealth Fund these entities and commitments should further address structural, regional and sectoral disparities and ensure our innovative scaling businesses across the country are better connected, at all stages of growth, to the vital patient capital and institutional funds to enable their global scale and continue to foster our international competitiveness.

    Lisa Quest, Managing Partner UK and Ireland, Oliver Wyman:

    Today’s announcement is a significant milestone for the UK economy. The National Wealth Fund will increase investment across key sectors and accelerate the UK’s clean energy transition. I look forward to the many contributions this initiative will unlock for years to come.

    Dr Rhian-Mari Thomas, Chair of the Taskforce and CEO of the Green Finance Institute said:

    The NWF creates an opportunity for simplification and scale. The challenge now is to ensure it delivers private capital at the pace we need, through innovative risk-sharing transactions in new technologies.


    On top of today’s announcements, the government expects both successful bidders of the Long-Term Investment for Technology and Science (LIFTS) competition, Schroders and ICG, to begin making investments via their new funds in late 2024. Supported by pensions capital from Phoenix Group, the aim is to generate over a billion pounds of investment into UK science and technology companies.

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Economics: John C Williams: All about data

    Source: Bank for International Settlements

    Introduction

    Good morning. I’m so pleased to be here at Binghamton University, a true gem of the SUNY system. Meeting with students, educators, and business and community leaders is a valuable and enjoyable part of my job.

    The New York Fed represents the Federal Reserve System’s Second District, which includes New York State, northern New Jersey, western Connecticut, Puerto Rico, and the U.S. Virgin Islands. This is a diverse region made up of many smaller local economies. Therefore, it’s important for me and my colleagues at the New York Fed to collect data and learn about the challenges and opportunities facing all of the communities we serve.

    That said, monetary policy affects everyone, and the Federal Reserve is committed to using its tools to achieve its dual mandate of maximum employment and price stability. Today, I will talk about monetary policy and how the Fed is working to fulfill this dual mandate. I’ll also give you my outlook on the U.S. economy.

    Before I do, I will give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.

    Obsessing Over Data

    As I’ve traveled around the Southern Tier region, I’ve enjoyed seeing the emergence of the colors of autumn. Tracking fall foliage is a hobby for many. What I like is that it’s all about data. “Leaf peepers” submit field reports on changing color conditions, and experts pore over the information. One forecast predicts we will hit peak foliage in four days.1

    At the Fed, we’re equally obsessed with data. In our case, we study data about the economy-whether here in the district, across the country, or around the world. So, I’ll highlight some of the data that help my understanding of how the economy is performing relative to our dual mandate goals, as well as what policy actions we can take to achieve these goals.

    When inflation became unacceptably high and the labor market exceptionally tight, the FOMC acted with resolve to bring inflation back down to our 2 percent longer-run target. The Committee’s strong actions have helped bring the economy much closer to our goals. Imbalances between supply and demand in the economy have mostly dissipated, even as the economy and employment have continued to grow. And inflation, as measured by the personal consumption expenditures (PCE) price index, has declined from over 7 percent in June of 2022 to just 2-1/4 percent in the latest reading. There’s still some distance to go to reach our goal of 2 percent, but we’re definitely moving in the right direction.

    The data paint a picture of an economy that has returned to balance, or in a word that the English majors in the room may appreciate, “equipoise.” In light of the progress we have seen in reducing inflation and restoring balance to the economy, the FOMC decided at its most recent meeting to lower the interest rate that it sets. Simply put, this action will help maintain the strength of the economy and labor market while inflation moves back to 2 percent on a sustainable basis.

    Moving to Price Stability

    I’ll go further into our policy decision and what it means for the economic outlook in a minute. But first, I’ll give more details about each side of our dual mandate, starting with inflation. I’ll use an onion analogy that I have found useful over the past two years to demonstrate how inflation’s three distinct layers are normalizing at different rates.2

    The onion’s outer layer represents globally traded commodities. As the economy started to rebound from pandemic shutdowns and demand began to soar, inflation surged, then rose further when Russia invaded Ukraine. Since then, supply and demand have come into balance, and these prices have generally been flat or falling.

    The middle onion layer is made up of core goods, excluding commodities. Demand for goods rose sharply as the economy emerged from the pandemic downturn-just as global pandemic-related supply-chain disruptions significantly hampered supply. But, as seen in the New York Fed’s Global Supply Chain Pressure Index, those supply pressures have eased, and core goods inflation has returned to pre-pandemic norms.3

    The inner onion layer comprises core services. Although this category is taking the longest to normalize, the disinflationary process is well underway here too. For example, measures of underlying inflation that tend to be heavily influenced by core services inflation today average around 2-1/2 percent.4

    One positive piece of data that reinforces my confidence that inflation is on course to reach our 2 percent goal is that inflation expectations remain well anchored across all forecast horizons. This is seen in the New York Fed’s Survey of Consumer Expectations as well as other surveys and market-based measures.5

    A Labor Market in Balance

    Now I’ll turn to the employment side of our mandate. And no surprise, I’ll point to data. A wide range of metrics-including the unemployment rate; measures of job openings, hiring, quits, and employment flows; and perceptions of job and worker availability-indicate that the very tight labor market of the past few years has now returned to more normal conditions and is unlikely to be a source of inflationary pressures going forward.

    Recent analysis by researchers at the New York Fed provides a useful way to gauge whether the labor market is tight or loose.They find that you can effectively summarize the state of the overall labor market in terms of its effect on compensation growth by using just two indicators: the rate at which employees quit their jobs and the ratio of job openings to job seekers. In fact, once you take these two measures into account, other labor market metrics that get a lot of attention-such as the unemployment rate and the vacancy-to-unemployment ratio-don’t provide additional useful information. 

    Combining these two measures into an index of labor market tightness provides two key insights. First, data as of the second quarter of this year indicate that the labor market is about where it was in early 2018-a period of solid labor market conditions and low inflation. Second, compensation growth should soon return to levels that prevailed prior to the pandemic.

    Seasons of Change

    So, the labor market is solid. The economy is in a good place. And inflation is closing in on our 2 percent longer-run goal. With the risks to achieving our goals now in balance, the FOMC decided to lower the target range for the federal funds rate by half a percentage point, to 4-3/4 to 5 percent. In addition, the Committee continued to normalize the holdings of securities on the Fed’s balance sheet.7

    Looking ahead, based on my current forecast for the economy, I expect that it will be appropriate to continue the process of moving the stance of monetary policy to a more neutral setting over time. The timing and pace of future adjustments to interest rates will be based on the evolution of the data, the economic outlook, and the risks to achieving our goals. We will continue to be data-dependent and attuned to the evolution of economic conditions in making our decisions.

    With monetary policy moving to a more neutral setting over time, I expect real GDP to grow between 2-1/4 and 2-1/2 percent this year and to average about 2-1/4 percent over the next two years. I anticipate the unemployment rate to edge up from its current level of about 4 percent to around 4-1/4 percent at the end of this year and stay around that level next year. With the economy in balance and inflation expectations well anchored, I expect overall PCE inflation to be around 2-1/4 percent this year, and to be close to 2 percent next year.

    Conclusion

    The economy has been on a remarkable journey. In two years, the red-hot labor market has normalized, and inflation has come within striking distance of our 2 percent longer-run goal-all while employment and the economy continue to grow.

    We instituted and maintained a very restrictive monetary policy stance until the data gave us confidence that inflation is sustainably on course to 2 percent. With this progress toward achieving price stability, moving toward a more neutral monetary policy stance will help maintain the strength of the economy and labor market. Although the outlook remains uncertain, we are well positioned to achieve our dual mandate goals.

    MIL OSI Economics

  • MIL-OSI Economics: Shaktikanta Das: Central banking at crossroads

    Source: Bank for International Settlements

    feel highly privileged to be here at this High Level Conference on ‘Central Banking at Crossroads’ and share some of my thoughts. When the definitive history of our times is written, the turn of the current decade will, in all probability, be regarded as a watershed in the evolution of central banking. In the aftermath of the COVID-19 pandemic and the persistent geopolitical strife thereafter, central banks are treading in the uncharted terrain of a twilight zone. Today, like never before in the five centuries of their existence, central banks are confronted with a future where their mandates, their functions and their performances are all up for unforgiving scrutiny.

    Around them, the environment in which central banks have been operating is undergoing tectonic transformations. Structural changes are underway that have the power to fundamentally alter the context of central banking with headwinds from geo-economic fragmentation; muscular industrial, trade and financial policies that are already reshaping supply chains and the availability of critical minerals, intermediates, resources and services; new technologies; and climate change. In this rapidly evolving environment, central banks are required to navigate not just known unknowns but unknown unknowns too.

    Yet, even at these exceptional intersections, central banks are exploring new pathways and striving to reinvent their remit and functioning as the guardians of financial stability. Their effort is to stay ahead of these developments by strengthening guardrails and leveraging on technological innovations.

    For the Reserve Bank of India (RBI), as we commemorate its 90th year, it has been an eventful journey since its establishment in 1935. In many significant ways, the Reserve Bank embodies the developmental aspirations of India. The landmarks of its journey are equally milestones in the progress of India. At the current juncture and looking ahead, developments around the world are impacting India on a continuous basis and challenging us as practitioners of central banking.

    Today’s conference gives us an opportunity to introspect on the journey of central banking so far and how we want to visualise and shape our role in the future. In my remarks today, I propose to briefly focus on three areas where central banking is likely to be redefined in the future: monetary policy; financial stability; and new technologies. In fact, these are among the themes of specific sessions in today’s conference. My observations would be mainly in the context of central banking across countries.

    Monetary Policy

    The three decades of restrained volatility of business cycles and the co-existence of price stability and uninterrupted growth that preceded the global financial crisis (GFC), perhaps lulled central banks into the belief that inflation expectations are enduringly anchored. The beast of inflation of the 1970s and early 1980s seemed completely behind our times. Conditioned by that experience, central banks shed their role of ‘lender of the last resort’ and became lender of the first resort to defend their financial systems when they responded to the GFC. They continued from their GFC moment and once again rushed to the frontline as warriors of the first resort to protect and preserve lives and livelihood when the COVID-19 pandemic hit the world. They took interest rates to all-time lows, undertook unconventional policy measures to reach out to interest rates across the spectrum, including at the longer end, and gave assurances about low for longer interest rates. This was an uncharacteristic departure from the monetary mysticism that had prevailed up to the 1990s. Clearly, central banking has evolved in line with the developments of the 21st century.

    While the pandemic time measures provided the much needed support to the economies, in the aftermath of the pandemic the limits and downsides of easy monetary policy in protecting economic activity in a crisis period became evident. Today, rightly or wrongly, the central banks are accused of distributional consequences of their actions. The negative equity that weighs in the balance sheets of certain central banks is seen as compromising their independence in the conduct of monetary policy. The story in India was, however, different as most of our liquidity measures were calibrated and carried end dates at the time of their announcement itself.

    Another challenge staring at central banks today emanates from soaring public debt caused, in a considerable measure, by the pandemic-related fiscal stimuli and the subsequent efforts for fiscal consolidation not gaining adequate traction. Such a situation is becoming a binding constraint on monetary policy in several countries. Global public debt has surged post the pandemic to 93.2 per cent of GDP in 2023 and is likely to increase to 100 per cent of GDP by 20291. In major economies, debt-GDP ratios are on an upward trajectory, raising concerns about their sustainability and their negative spillovers for the broader global economy. In several other countries, central banks are willy-nilly expected to facilitate financing of such huge public debts. In fact, the debt overhang is simmering underneath the radar of central banks, threatening to un-anchor inflation expectations and undermine macroeconomic stability.

    For emerging market economy (EME) central banks, the international dimensions of monetary policy continues to be a testing challenge. For them, the trilemma is real. Today the global economy is more financially integrated than ever before. Monetary policy actions in systemic economies produce large fluctuations in capital flows and exchange rates, which can then feed into domestic liquidity, inflation and eventually affect the real economy. While monetary policies in the systemic economies are determined by their domestic inflation-growth considerations, they have large spillovers to the emerging and developing economies and even to other advanced economies. These spillovers can be expected to accentuate as capital flows dwarf trade flows. Quite naturally, emerging economies are having to strengthen their policy frameworks and buffers to manage this external flux and mitigate its adverse consequences.

    Financial Stability

    Financial stability is the essential reason why central banks exist. Price stability as a central bank objective is of more recent vintage. There is a growing opinion today that ‘low for long’ policies practiced during the GFC and again during the pandemic, apart from providing support to the real economy, also produced exuberant financial asset prices that have come back to haunt central banks in their role as guardians of financial stability. Amidst ultra-low interest rates and super abundant liquidity, leveraging and risk-taking were celebrated as if there is no tomorrow. Consequently, when central banks were confronted with inflation surges in 2022 in the shadow of the war in Ukraine, they reacted with one of the most aggressive and synchronised tightening of monetary policies in history. This resulted in risks to financial stability, especially when these risks morphed into banking crises in certain countries in March 2023 and sell-offs in financial markets in August and September 2024. These developments have once again brought to fore the role of central banks in securing and preserving financial stability. Specifically, how should they account for financial stability considerations in their pursuit of price stability?

    Let me now address some of the emerging risks to financial stability. First, the divergence in global monetary policies – monetary easing in some economies, tightening in a few, and pause in several other economies – can be expected to lead to volatility in capital flows and exchange rates, which may disrupt financial stability. We saw a glimpse of this with the sharp appreciation of the Japanese Yen in early August which led to disruptive reversals in the Yen carry trade and rattled financial markets across the globe.

    Second, private credit markets have expanded rapidly with limited regulation. They pose significant risks to financial stability, particularly since they have not been stress-tested in a downturn.

    Third, higher interest rates, aimed at curtailing inflationary pressures, have led to increase in debt servicing costs, financial market volatility, and risks to asset quality. Stretched asset valuations in some jurisdictions could trigger contagion across financial markets, creating further instability. The correction in commercial real estate (CRE) prices in some jurisdictions can put small and medium-sized banks under stress, given their large exposures to this sector. The interconnectedness between CRE, non-bank financial institutions (NBFIs), and the broader banking system amplifies these risks.

    New Technologies

    In recent years, the technology-driven digitalisation wave in the payments sphere has been revolutionary. While most of the innovations have been at the national level focusing on retail payments, the market for cross-border payments has also expanded substantially. The significant volume of cross-border worker remittances, the growing size of gross flows of capital, and the increasing importance of cross-border e-commerce have acted as catalysts to this growth.23 Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments. We believe there is immense scope to significantly reduce the cost and time for such remittances.

    India is one of the few large economies with a 24×7 real time gross settlement (RTGS) system. The feasibility of expanding RTGS to settle transactions in major trade currencies such as USD, EUR and GBP can be explored through bilateral or multilateral arrangements. India and a few other economies have already commenced efforts to expand linkage of cross-border fast payment systems both in the bilateral and multilateral modes.4

    India has developed a world-class digital public infrastructure (DPI), which has facilitated the development of high-quality digital financial products with enormous potential for cross-border payments. India is now home to the world’s third most vibrant startup ecosystem, with over 140,000 recognised startups, more than a hundred unicorns, and over US$150 billion in funding raised. India’s experience in DPI can be leveraged by other countries to improve and usher in a global digital revolution.

    Central bank digital currencies (CBDCs) is another area which has the potential to facilitate efficient cross-border payments. India is one of the few countries that have launched both wholesale and retail CBDCs. Programmability, interoperability with the UPI retail fast payment system and development of offline solutions for remote areas and underserved segments of the population, are some of the value added services which we are now experimenting as part of our CBDC pilot.

    Going forward, harmonisation of standards and interoperability would be important for CBDCs for cross-border payments and to overcome the serious financial stability concerns associated with cryptocurrencies. A key challenge could be the fact that countries may prefer to design their own systems as per their domestic considerations. I feel we can overcome this challenge by developing a plug-and-play system that allows replicability of India’s experience while also maintaining the sovereignty of respective countries.

    It is well recognised that growing digitalisation of financial services has enhanced the efficiency of the financial sector across the globe. At the same time, it has brought in several challenges which central banks have to deal with. For instance, in the modern world with deep social media presence and vast access to online banking with money transfer happening in seconds, rumours and misinformation can spread very quickly and can cause liquidity stress. Banks have to remain alert in the social media space and also strengthen their liquidity buffers.

    Latest technological advancements such as artificial intelligence (AI) and machine learning (ML) have opened new avenues of business and profit expansion for financial institutions. At the same time, these technologies also pose financial stability risks. The heavy reliance on AI can lead to concentration risks, especially when a small number of tech providers dominate the market. This could amplify systemic risks, as failures or disruptions in these systems may cascade across the entire financial sector. Moreover, the growing use of AI introduces new vulnerabilities, such as increased susceptibility to cyberattacks and data breaches. Additionally, AI’s opacity makes it difficult to audit or interpret the algorithms which drive decisions. This could potentially lead to unpredictable consequences in the markets. Banks and other financial institutions must put in place adequate risk mitigation measures against all these risks. In the ultimate analysis, banks have to ride on the advantages of AI and Bigtech and not allow the latter to ride on them.

    Conclusion

    Despite the difficult trials and trade-offs, central banking in the current decade is a success story. In the realm of monetary policy, central banks have been successful in bringing inflation closer to targets. Major financial collapses or recessions, seen during earlier episodes of crisis, have been averted. Central banks are now at the forefront of technological innovations and are driving them through sandboxes, innovation hubs and hackathons.

    As we navigate the high intensity tail events and black swans of the current decade, the lessons imbibed can well form the basis of our deliberations today to chart out a course for the future. Central banks must remain vigilant, adaptable, continuously assess risks and build resilience. They should remain prepared to navigate complex challenges, support sustainable growth, maintain price stability and promote sound and vibrant financial systems.

    Thank you.


    MIL OSI Economics

  • MIL-OSI Economics: Eddie Yue: China and the changing global trade landscape – challenges and opportunities

    Source: Bank for International Settlements

    Professor Wei [Shang-Jin, N.T. Wang Professor of Chinese Business and Economy, Columbia University], Distinguished guests, Ladies and Gentlemen, Good Morning!  

    It is my pleasure to welcome you all to the 14th Annual International Conference on the Chinese Economy, organised by the Hong Kong Institute for Monetary and Financial Research. The theme of this year’s conference is “China and the Changing Global Trade Landscape: Challenges and Opportunities”.  This is a timely and important topic – not just for China, but also with far-reaching and enduring implications for the global economy.     

    There is ample evidence that globalisation has brought enormous benefits to the world, through increasing cross-border flow of trade, investments, technology, ideas, and people. For emerging market economies, integration into the global supply chain has been a crucial contributor to their economic development.  As global income rose in tandem with global trade from the 1980s onwards, billions of people have been lifted out of poverty. 

    Since the 2008 global financial crisis, however, the golden era of globalisation has given way to a gradual slowdown in global trade in goods. There is a combination of factors.  First, it reflects doubts or even scepticism about the distributional effects of globalisation.  Secondly, rising geopolitical considerations in recent years have led to a re-imposition of various trade and investment restrictions by some jurisdictions.  And thirdly, recent disruptions to supply chain, caused by the pandemic and regional military conflicts, have prompted discussions about ways to mitigate such risks.

    These developments have not yet translated into a wholesale reconfiguration of the global trade landscape. But it appears that the slow-down in global goods trade is likely to continue.  A recent joint study by the HKMA and the Bank for International Settlements (BIS) suggests that some supply chain realignment has already been taking place during the pandemic.  

    Any escalation of geo-economic fragmentation would almost certainly result in a costly transition, especially for Asia given the region’s relatively open economies. For those who believe in the value of free trade and globalization, the key question then is how best to collectively minimise the risks of full blown economic fragmentation, and what actions can be taken to sustain globalisation, even in the face of a changing global trade landscape?

    Since this is a conference about the Chinese economy, perhaps we can start with a quick examination of how China is adapting to the change and turning the challenge into opportunity. Despite the headwinds in the trade sector, China’s world export share has remained at around 15 per cent since 2018.  This reflects two important trends. 

    First, China has continued its economic diversification and regional collaboration through expanding its import and export network, particularly to broader emerging markets. It has also stepped up outward direct investments to establish stronger footholds in the global supply chain amidst friend-shoring or near-shoring.

    Second, China’s manufacturing industries have doubled down on their efforts to move up the value chain, from low-end, labour-intensive component manufacturing to higher-tech, full-spectrum product manufacturing, supported by China’s own domestic market and growing capability in more sophisticated technology goods.

    Indeed, this is a process that pre-dates the recent rise in global trade protectionism, if just for the classic reason of comparative advantage. What we have witnessed is that even as some production may have been diverted away from China, these have been largely concentrated in a few sectors – namely, textiles, electronics and autos – and in the assembly segment rather than upstream.  While Chinese exports might take up a smaller share of some markets as a result, it is exporting more intermediate goods and capturing a larger share of imports from other regional economies. 

    China’s search for new trade opportunities through diversification and supply chain upscaling has brought structural transformation to the Chinese economy and helped maintain China’s key position in global manufacturing. The process, together with other changes in the global supply chain, will bring fundamental changes to global trade and investment.  It would be premature to predict what the new order will be.  But one thing is for sure, those who embrace the change and rise to the challenge will benefit greatly, and it should not be a zero-sum game. 

    Now let me shift gear and touch on some emerging opportunities we are going to discuss at this conference. I will focus on two panel themes: digital trade transformation and innovative trade finance – two topics that are increasingly relevant as we transition towards a digitalised global economy.

    Digitalisation of trade offers a range of benefits. For firms, digital transformation of trade and supply chain processes can produce efficiencies in terms of time and labour saved. It also enhances the traceability and security of cross-border trade in goods and services, by enabling real-time visibility into all stages of the supply chain from production to delivery.

    For economies, digital trade transformation offers substantial productivity gains through, for example, rapid growth of e-commerce. It also offers better prospects of helping to distribute the gains generated from trade more widely and equitably among the various stakeholders. 

    Indeed, digitally delivered services already account for a little over half of total services trade1. They are increasingly facilitating trade flow across borders, in support of raising the market share of developing economies, which has increased from about 20 percent to 30 percent of global service trade between 2005 and 2023. 

    Meanwhile, digital technologies can be leveraged to enhance cross-border trade settlement and financing, where there is plenty of scope for coordinated solutions to existing pain points. For example, Project mBridge has been exploring the use of wholesale central bank digital currencies of Hong Kong and a number of other participating central banks as a way to speed up cross-border payments at reduced cost, faster settlement, and with better transparency. 

    Equally exciting is the use of innovative technologies in trade finance – from blockchain, AI to digital signatures – and greater cooperation around cross-border interoperability that will help close the widening global trade finance gap, estimated by the Asian Development Bank last year to have reached a record US$2.5 trillion.

    Another area of opportunity and cooperation is around green technologies. The consequences of climate change, in the form of higher frequency of extreme weather events, have only become more visible these last few years, and Asia is particularly exposed. 

    We need open and predictable trade to enable scale economies and direct low-carbon technologies and services to where they are most needed. In this respect, major regional trade networks can serve as key platforms that facilitate sustainable trade and investment, support climate-resilient economic developments, and enhance the ecosystem of green finance.

    Let me close by noting that the global trading system as we know has brought mutual benefits and shared prosperity to the world economy. Granted, there’s always scope to make the system work better and fairer.  Let’s focus not just on the challenges, but more on the solutions and the opportunities.  

    There are excellent research papers to be presented at the conference, covering many of the topics I outlined just now. So I wish you all a most engaging and productive conference. 

    Thank you.


    MIL OSI Economics

  • MIL-OSI Economics: Adrian Orr: Improving Māori access to capital

    Source: Bank for International Settlements

    Introduction

    Kia orana tatou katoatoa, tēnā tātou katoa
    Ngāti Tūwharetoa, te whare tapu o Te Heuheu, tēnā koutou
    Ko Tongariro te maunga
    Ko Taupo te moana
    Ko Taupo te whenua tipu
    Heoi, nō Atiu ōku tīpuna
    Nō reira tēnā koutou, tēnā koutou, tēnā tatou katoa

    I would like to acknowledge Tā Tumu Te Heuheu and the iwi of Ngāti Tūwharetoa, whose leadership continues to inspire and guide us.

    Ngā mihi nui ki a koutou.

    All of you will be familiar with the kaupapa kōrero today, Māori access to capital.

    Kiingi Tawhiao established Te Pēke o Aotearoa in around 1885 to support a growing Māori economy. At that time the financial system was excluding Māori. Te Pēke o Aotearoa was a response. It was a vehicle for Māori to participate in this new system.

    Te Peeke o Aotearoa was a pioneer for financial inclusion that was for all New Zealanders. Historians point to an inscription on each of the banknotes saying ‘e whaimana ana tenei moni ki ngā tāngata katoa’, meaning ‘this money is valid for all people’.

    This highlights the inclusive goal that was pursued, a mindset we can all learn from.

    Why Māori access to capital matters

    Financial inclusion means that people have access to financial products and services that meet their needs. All New Zealanders should be able to benefit from inclusion in the financial system. At the Reserve Bank, we would be at a loss if we did all the hard work to promote a financial system that was strong, stable, and efficient, only for people to tell us that they are unnecessarily excluded.

    MIL OSI Economics

  • MIL-OSI Economics: Joachim Nagel: Introducing a digital euro – the cross-border dimension

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Dear Governor Das,

    dear colleagues,

    ladies and gentlemen,

    I am delighted to be here with you today, at this wonderful location, visiting this wonderful country – one of the cradles of world civilisation and culture. 

    The Reserve Bank of India is currently celebrating its foundation 90 years ago. My heartfelt congratulations to all members of staff on this anniversary! Last year, Indian real-time payment systems processed about 129 billion digital transactions.1 This means that 84% of electronic payment transactions took place in real time. During the same period, only about 19% of electronic payments worldwide were real-time transactions. In my view, this is impressive evidence of the excellent work the RBI has accomplished over the last few years.

    Payment systems and their cross-border interaction are also an important topic at this conference. This is because cross-border payments are an integral part of our globalised world. Historically, from the Renaissance to modern times, correspondent banks have acted as the bedrock for cross-border payment transactions.2 However, even today, transferring funds by means of correspondent banking is often slow, involves many steps and may result in high and non-transparent fees. 

    Moreover, in the last two decades, correspondent banking has been subject to a downward trend, mainly due to increasingly strict compliance requirements. Between 2011 and 2022, the number of active correspondents decreased by roughly one third, while the value of cross-border payments increased by almost 40%.3 Obviously, this is an alarming trend in terms of market competition.

    To some extent, technical progress might be able to compensate for a tighter correspondent banking market. In particular, in the last decade, a number of FinTech companies have provided new opportunities to streamline cross-border payments using innovative methods like blockchain and digital wallets.  The FinTech revolution focused on private money. However, it now appears there may be another revolution on the horizon – this time involving payments in central bank money: the introduction of central bank digital currencies (CBDC).

    In my talk, I would like to address CBDC developments with a particular focus on cross-border payments. First, I will outline some general points about the potential impact and benefits of the introduction of CBDC for processing cross-border transactions. Second, I will aim to highlight this topic in the context of the Eurosystem’s work on a digital euro – the envisaged European retail CBDC.

    2 CBDCs and cross-border payments

    Given that there are correspondent banks and FinTechs working on digital innovations as well, let me begin with a question. What would be the additional benefits of CBDCs in the area of digital payments? The introduction of CBDCs would facilitate a setup of new infrastructures for digital payments. On the one hand, this makes high initial investment necessary. On the other hand, once a CBDC is established with its new infrastructure, it could catalyse broad improvements in payment systems, including cross-border transactions – by introducing new message standards and shorter process chains, for example.4

    Starting on a green field may be one major advantage of CBDCs. Experience shows that, in particular, implementing common standards is not an easy task. Take ISO 20022, for example.5 The International Organisation for Standardisation proposed this common standard for financial messages in cross-border payments in 2004. It will be probably more widely used in payment systems on a global level next year – 21 years after the initial proposal. This period feels even longer when you think of all the innovations that have taken place in the meantime – the first iPhone was presented in 2007, the concept of a decentralised blockchain in 2008.

    However, to be able to reap the benefits for cross-border payment, interoperability between CBDCs must be ensured early on. To this end, central banks should already begin to consider the best ways for interaction in the planning phase. In my view, we have a historic opportunity to vastly improve cross-border transactions by making different CBDCs interoperable from the very beginning.

    Indeed, a number of projects are already researching the best ways of making CBDCs interoperable. For instance, the Bank for International Settlement (BIS) Innovation Hub in Singapore and a number of national central banks in the Indo-Pacific region set up Project Dunbar to explore how a common platform for CBDCs could enable cheaper, faster and safer cross-border payments.6

    I am strongly in favour of a multilateral approach in this area, because this best serves the interests of all participants. If central banks proceed in a largely unilateral way instead, we not only risk inefficiencies, but also undesirable interferences. Consider a scenario in which a CBDC is made available for holders abroad in a unilateral way. In such a case, we could see currency substitution or appreciation pressure for the domestic currency. Also, the balance sheet of the CBDC emitting central bank could strongly expand. A knock-on effect may be that domestic monetary policy in countries that suffer from increased currency substitution becomes less effective. By contrast, a multilateral approach including reasonable holding limits could mitigate these risks.

    Meanwhile, the RBI has made valuable contributions to the topic of retail CBDC. The digital rupee based on blockchain technology was launched on 1 December 2022. It is issued by the central bank and distributed by commercial banks. As I understand it, the RBI intends to tap the potential for using CBDCs in cross-border payments as well.

    3 A digital euro: The cross-border dimension

    In the Eurosystem, we expect a digital euro to be launched in just a few years’ time. The primary goal of a digital euro is meet the domestic needs of the euro area. To some extent, however, this goal already includes a significant cross-border dimension. Let me explain what I mean by that. A quarter century on from the introduction of the euro, there is still no single pan-European solution for digital payments when people go shopping in stores or online. This means there is a risk that traditional cashless payment solutions offered by private European payment service providers will not match customer needs.

    To be fair, some euro area Member States have successfully implemented innovative digital solutions in the area of payments – I am thinking, for example, of the online payment system iDEAL in the Netherlands or Bizum Wallet in Spain. However, such payment solutions by themselves usually only function within national borders. Promising initiatives have been underway in recent years to widen the scope of these solutions. For example, iDEAL was successfully acquired by the European Payments Initiative, a company founded by several European banks and financial services companies. This initiative seeks to create a truly pan-European payment solution in the near to medium term. 

    This shows that the European payments sector has made meaningful progress; however, there are challenges further ahead. International payment providers, particularly those offering credit card schemes, still heavily dominate the European market for payment services – and even more when it comes to payments abroad.

    A digital euro would be a major step forward in this context. It would provide a standardised digital means of payment for day-to-day transactions throughout the euro area. Despite the need for a more integrated payment system, we are determined to prevent the Eurosystem’s footprint in the European financial system from becoming too large. We are therefore planning to issue a digital euro, but not to distribute it. This means that banks and other payment providers should assume the role of the CBDC interface between the Eurosystem and the customers.

    The euro area currently consists of 20 Member States, each of which has its own banking system with its own unique features. Against this background, I am sure you can imagine the overall complexity of our task. Therefore, our current focus is on making the digital euro accessible for all users within the euro area. We are investing great effort in our work on this, and we are constantly explaining what we do and why we do it, not least because a number of people are sceptical of CBDCs. 

    Once we have accomplished a digital euro for all users within the euro area, it will, in my view, be worth considering making it accessible to users outside the euro area as well. Rules for geographical access to a digital euro will be set down in legislation. If European legislation allows, access to a digital euro can also be granted to consumers and firms in the Member States of the European Economic Area outside the euro area. Selected non-EU countries can be included as well.7

    Ideally, the D€ would be interoperable with other CBDCs from the very start, for example, for person-to-person payments or commercial payments from or to firms outside the euro area. However, this is currently a vision for the future, since, as already mentioned, we first have to overcome numerous challenges to establish a retail digital euro that works within the euro area.

    4 Concluding remarks

    Let me conclude. So far, CBDCs are newcomers to the world of payment systems. We can only estimate how large a role they will end up playing in payment transactions. This is all the more true when it comes to cross-border payments.

    The scepticism about CBDCs in many quarters is not uncommon for many technological innovations. For example, in the early 1980s, “computerphobia” was a widespread phenomenon.8 This took a wide range of forms, even fear of physically touching a computer or feeling threatened by those who worked with them. Today, this may seem very strange to us. Computers have since become an essential day-to-day tool for us.

    And so we will continue our efforts to implement CBDCs. I am confident that this will ultimately make our payment systems better, faster and more efficient.


    MIL OSI Economics

  • MIL-OSI: AGBA TAKES FINAL STEP TOWARD COMPLETION OF TRILLER MERGER

    Source: GlobeNewswire (MIL-OSI)

    The previously announced reverse stock split to comply with Nasdaq’s rules in connection with the merger will take effect on October 15, 2024.

    NEW YORK, NY / LOS ANGELES, CA , Oct. 14, 2024 (GLOBE NEWSWIRE) —  AGBA Group Holding Limited (Nasdaq: AGBA) (“AGBA” or the “Company”) and Triller Corp. (“Triller”) today announced that Nasdaq approval for their merger was received on October 11, 2024. The merger is now expected to be completed on October 15, 2024.

    This merger represents the next step in AGBA and Triller’s collective strategic visions in the digital economy. The combination of AGBA and Triller will accelerate innovation, clear a path towards rapid growth and expand the combined company’s market presence globally, creating unparalleled value for all stakeholders of the company.

    The 1-for-4 reverse stock split is implemented in order to remain in compliance with Nasdaq’s rules in connection with the merger with Triller Corp. (“Triller”). The combined company’s shares will commence trading on a split-adjusted basis on October 16, 2024.

    About AGBA   

    Established in 1993, AGBA Group Holding Limited (Nasdaq: “AGBA”) is a leading, multi-channel business platform that incorporates cutting edge machine-learning and offers a broad set of financial services and healthcare products to consumers through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business.

    For more information, please visit http://www.agba.com.

    About Triller Corp.     
    Triller Corp. is a next generation, AI-powered, social media and live-streaming event platform for creators. Pairing music culture with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology, Triller Corp. uses proprietary AI technology to push and track content virally to affiliated and non-affiliated sites and networks, enabling them to reach millions of additional users. Triller Corp. additionally owns Triller Sports, Bare-Knuckle Fighting Championship (BKFC); Amplify.ai, a leading machine-learning, AI platform; and TrillerTV, a premier global PPV, AVOD, and SVOD streaming service.

    For more information, visit http://www.triller.co.

    Investor Relations:     
    Bethany Lai
    ir@agba.com

    Safe Harbor Statement
    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the closing of the merger; the expected date of the merger; the market effective date of the Company’s actions; the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the outcome of any legal proceedings that may be instituted against us following the consummation of the business combination; expectations regarding its strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and its ability to invest in growth initiatives and pursue acquisition opportunities; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in Hong Kong and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across its business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at http://www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

    # # #

    The MIL Network

  • MIL-OSI: Registration of share capital increase in IDEX Biometrics 14 Oct 2024

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the notice on 9 October 2024 regarding issue of Tranche 2 shares and the warrants of the private placement completed on 16 September 2024. The private placement consisted of two tranches, with total gross proceeds amounting to NOK 70 million.

    The share capital increase related to the Tranche 2 shares has been registered and the shares will be delivered soonest. The Tranche 2 shares will be delivered on a separate and non-tradable ISIN, pending publication by the Company of a prospectus approved by the Norwegian Financial Supervisory Authority.

    Following the issue, the Company’s share capital will be NOK 120,812,483.10 divided into 805,416,554 shares, each with a nominal value of NOK 0.15.

    For further information contact:
    Marianne Bøe, Investor Relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: +47 918 00186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. 

    For more information, visit http://www.idexbiometrics.com

    About this notice
    This notice was issued by Erling Svela, Vice president of finance, on 14 October 2024 at 18:10 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑8 of the Norwegian Securities Trading Act (STA) and released in accordance with section 5‑12 of the STA.

    The MIL Network

  • MIL-OSI: RUBIS: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 7 to 11 october 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, 14 October 2024, 06:00pm

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 7 to 11 October 2024

    In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 7 and 11 October 2024, the purchases of its own shares in view of their cancelation presented below.

    Aggregate presentation per day and per market

    Name of issuer Identification
    code of issuer
    (Legal Entity Identifier)
    Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 07/10/2024 FR0013269123 2,139 25.7405 AQEU
    RUBIS 969500MGFIKUGLTC9742 07/10/2024 FR0013269123 8,899 25.7427 CEUX
    RUBIS 969500MGFIKUGLTC9742 07/10/2024 FR0013269123 1,684 25.6253 TQEX
    RUBIS 969500MGFIKUGLTC9742 07/10/2024 FR0013269123 26,278 25.7109 XPAR
    RUBIS 969500MGFIKUGLTC9742 08/10/2024 FR0013269123 2,180 25.4284 AQEU
    RUBIS 969500MGFIKUGLTC9742 08/10/2024 FR0013269123 4,993 25.5350 CEUX
    RUBIS 969500MGFIKUGLTC9742 08/10/2024 FR0013269123 1,051 25.5351 TQEX
    RUBIS 969500MGFIKUGLTC9742 08/10/2024 FR0013269123 48,276 25.5142 XPAR
    RUBIS 969500MGFIKUGLTC9742 09/10/2024 FR0013269123 1,905 25.1645 AQEU
    RUBIS 969500MGFIKUGLTC9742 09/10/2024 FR0013269123 14,955 25.1057 CEUX
    RUBIS 969500MGFIKUGLTC9742 09/10/2024 FR0013269123 1,127 25.1368 TQEX
    RUBIS 969500MGFIKUGLTC9742 09/10/2024 FR0013269123 39,013 25.1636 XPAR
    RUBIS 969500MGFIKUGLTC9742 10/10/2024 FR0013269123 2,199 25.1777 AQEU
    RUBIS 969500MGFIKUGLTC9742 10/10/2024 FR0013269123 11,084 25.1848 CEUX
    RUBIS 969500MGFIKUGLTC9742 10/10/2024 FR0013269123 1,556 25.1570 TQEX
    RUBIS 969500MGFIKUGLTC9742 10/10/2024 FR0013269123 33,681 25.1718 XPAR
    RUBIS 969500MGFIKUGLTC9742 11/10/2024 FR0013269123 18,467 25.2196 CEUX
    RUBIS 969500MGFIKUGLTC9742 11/10/2024 FR0013269123 237 25.2755 TQEX
    RUBIS 969500MGFIKUGLTC9742 11/10/2024 FR0013269123 25,931 25.2114 XPAR
    * Four-digit rounding after the decimal TOTAL 245,655 25.3396  

    Detailed presentation per transaction

    Detailed information on the transactions carried out from 7 to 11 October 2024 is available on the Company’s website (http://www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Record-breaking International Investment Summit secures £63 billion and nearly 38,000 jobs for the UK

    Source: United Kingdom – Executive Government & Departments

    Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit.

    • Total of £63 billion of private investment committed around International Investment Summit, more than doubling amount secured at 2023 Global Investment Summit
    • New investments today include £6.3 billion in UK data centres as well as world class UK university Imperial College London
    • Innovative investment projects announced over the last month across infrastructure, renewables and life sciences will create close to 38,000 new jobs across the UK

    Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit, turbocharging growth and innovation across the country. 

    The record-breaking total figure more than doubles the £29.5 billion committed at last year’s Global Investment Summit and spans partnerships across the infrastructure and tech sectors, including over a billion pounds in new investments announced today by DP World, Associated British Ports (ABP) and Imperial College London. 

    Through serious, stable governance, the UK is attracting tens of billions of pounds of new investment which is crucial to the government’s driving mission of delivering economic growth. Today’s historic figure demonstrates that businesses have confidence in Britain as a place to invest. 

    The investments follow immediate action taken by the new government to reform planning, focus on AI and data centre expansion, and set a clear commitment to net zero by almost doubling the funding for renewable energy projects. 

    Four major tech firms based in the US have today announced £6.3 billion in UK data centres which is critical to enhancing the UK’s AI capacity – in turn fuelling Britain’s economic growth and spurring on AI development. Data centres store the vast amount of information and data needed to power AI, and store the information generated by AI to keep the systems running. 

    ABP, the UK’s largest port operator, has committed over £200 million to a joint investment with ferry company Stena Line in a new freight ferry terminal at the Port of Immingham, significantly boosting the capacity and resilience of UK trade with Europe. It is expected to create around 700 jobs during construction and around 200 permanent jobs once operational. 

    Leading UK university Imperial College London is also today announcing a £150 million investment to secure a new R&D campus to add to its rapidly expanding deep tech ecosystem in West London. The new campus will expand scale-up capacity in the WestTech Corridor, supporting the UK’s innovation sector and driving investment, economic growth and job creation. 

    Business and Trade Secretary Jonathan Reynolds said:

    Global investors should be in no doubt that under this new government Britain is truly the best place to do business. The record-breaking investment total secured at today’s Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.

    We’re determined to deliver economic growth in every part of the UK and these investments, together with our forthcoming Industrial Strategy, will give global businesses the certainty they need as we lead the charge for the innovation and jobs of the future.

    Chancellor of the Exchequer Rachel Reeves said:

    After the investments secured as part of this summit, my optimism for Britain burns brighter than ever. It’s a sign of the confidence in the British economy. And it matters because it will support the growth of businesses big and small across the U.K. Helping them create new jobs and making people better off.

    CEO of ABP Henrik L. Pedersen said:

    We are delighted that the Development Consent Order (DCO) for the Immingham Eastern Ro-Ro Terminal (IERRT) has been granted in a timely way by the Secretary of State to allow us to move forward with investment. The IERRT project is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity, whilst also bringing substantial economic benefits including the creation of hundreds of jobs during construction and ongoing operations. IERRT forms part of the intended £5.5bn pipeline of UK investment we have in front of us over the next 10 years and we look forward to working closely with the Government to deliver the right conditions to realise this investment.

    President of Imperial College London Hugh Brady said:

    Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London. The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the Government’s emerging Industrial Strategy.

    Please see below for a list of all the investments announced in the run-up to and during today’s International Investment Summit:

    • Iberdrola doubling their investment in the UK, through Scottish Power, from £12 billion to £24 billion over the next 4 years. This includes £4 billion for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan CBE confirmed on Friday that the UK has become their largest Investment destination. 

    • Blackstone confirmed a £10 billion investment in Blyth, Northumberland to create one of the largest artificial data centres in Europe, creating 4,000 jobs, including 1,200 roles dedicated to the construction of the site. 

    • Amazon Web Services announced an £8 billion investment last month which is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility, maintenance, engineering and telecommunications. 

    • CCUS investors (including Eni, BP and Equinor) reached a commercial agreement with the government that will unlock £8 billion of private investment to launch carbon capture clusters in the heartlands of the North West and North East of England, directly creating 4,000 jobs and supporting 50,000 jobs in the long-term. 

    • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8 billion (Orsted) and £2.5 billion (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.  

    • CyrusOne, a leading global data centre developer headquartered in the United States, announced plans to expand their investment into the UK to £2.5 billion over the coming years. Subject to planning permission, the two data centres should be operational by Q4 2028, projected to create over 1,000 jobs both directly and within its immediate design and construction value chain.   

    • Octopus Energy have committed to a £2 billion investment in renewable energy generation, including four new solar farms in Bristol, Essex, East Riding of Yorkshire and Wiltshire that will power up to 80,000 homes as well as breaking ground on a new 12 MW battery in Cheshire which Octopus say will store enough power for nearly 10,000 homes every day. 

    • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, and expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger. 

    • CloudHQ is developing its new state-of-the-art £1.9 billion data centre campus in Didcot. The hyper-scale data centre is currently in development and will help meet the UK’s growing demand for AI and machine learning. It will create 1,500 jobs during construction, and 100 permanent jobs once fully operational.  

    • Macquarie supporting investment of £1.3 billion into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network. 

    • ServiceNow also confirmed its commitment to the UK market, with plans to invest £1.15 billion into its UK business over the next five years. The investment will not only support the future development of AI in the UK, expanding its data centres with Nvidia GPUs for local processing data, but also support new office space as the company significantly grows into employee base beyond its current headcount of 1,000 employees.  

    • Manchester Airports Group is investing more than £1.1 billion in London Stansted Airport to expand its existing terminal by around a third, help secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs. This includes around £600 million to extend the terminal and £500 million to deliver a suite of improvements to the existing terminal building and wider airport estate. 

    • Eren Holdings confirmed a £1 billion investment in the redevelopment of Shotton Mill in Deeside, North Wales which is set to become the UK’s largest recycled paper manufacturing campus. This is expected to safeguard 147 jobs and create a further 220 when the site is fully commissioned. 

    • Network Rail and London & Continental Railways are creating a new property company which will attract additional private and public sector investment with the potential to deliver brownfield regeneration schemes across the rail estate with a value exceeding £1 billion. 

    • CoreWeave is building on its £1 billion investment announced in May and the opening of its European headquarters in London by investing a further £750 million-plus in the UK to support the demand for critical AI infrastructure. The investment in the UK is CoreWeave’s second largest investment in a country following the USA.  

    • DP World are investing up to £1 billion in their London Gateway container port operation. This new investment will fund two additional berths and a second rail terminal. Once built, the berths will add vital transport capacity and increase the resilience of UK supply chains, enabling businesses to access domestic and international markets and supporting the Government’s growth and decarbonisation missions. 

    • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for civil and defence nuclear industries. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years. 

    • BW Group proceeding with a £500 million investment, which includes new battery energy storage projects in Hampshire and Birmingham. 

    • Eli Lilly and Company is collaborating with government through a memorandum of understanding which will see the pharmaceutical giant intending to commit £279 million to tackle significant health challenges – including obesity. Lilly also plans to launch the first ‘Lilly Gateway Labs’ innovation accelerator in Europe to support early-stage life sciences businesses to develop transformative medicines and technologies. 

    • Associated British Ports (ABP), the UK’s largest port operator, has announced a £200+ million investment in a new freight ferry terminal at the Port of Immingham, boosting the capacity and resilience of UK trade with Europe. This is expected to create around 700 jobs during construction and 200 permanent jobs once operational. 

    • Imperial College London investing £150 million to build The WestTech Corridor – a new innovation ecosystem in West London which will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level. 

    • Haleon has received planning permission to develop a new £130 million Global Oral Health Innovation Centre in Weybridge, Surrey. This state-of-the-art facility will primarily support Haleon’s global oral health business by developing new products that advance consumers’ better everyday health. 

    Background 

    • The International Investment Summit is being sponsored by Barclays, HSBC, Lloyds, M&G plc, Octopus Energy, and TSL.

    Updates to this page

    Published 14 October 2024

    MIL OSI United Kingdom

  • MIL-OSI USA: United States Mint Begins Shipping 2024 American Women Quarters™ Honoring Zitkala-Ša on October 21

    Source: United States Mint

    WASHINGTON – The United States Mint (Mint) will begin shipping the fifth coin in the 2024 American Women Quarters (AWQ) Program honoring Zitkala-Ša on October 21. The Mint facilities at Philadelphia and Denver manufacture these circulating quarters.

    Zitkala-Ša (meaning “Red Bird”), also known as Gertrude Simmons Bonnin, was a writer, composer, educator, and political activist for Native Americans’ right to United States citizenship and other civil rights they had long been denied. She left her South Dakota home on the Yankton reservation at age eight to attend a boarding school run by white missionaries, where her native culture and traditions were prohibited.

    “The fifth coin of the 2024 American Women Quarters Program celebrates the life and legacy of Zitkala-Ša,” said the Honorable Ventris C. Gibson, Director of the Mint. “Zitkala-Ša was a gifted musician and violinist and collaborated on what is considered the first known American Indian opera. Premiering in Utah in 1913, The Sun Dance Opera was centered on the Sun Dance, a sacred, ceremonial dance that was outlawed by the U.S. government at the time. Zitkala-Ša felt the opera would be a powerful way to share her values with diverse audiences. Her writings and advocacy continue to have an impact today.”

    The reverse (tails) depicts Zitkala-Ša in traditional Yankton Sioux dress. She is holding a book, which represents her work as an author as well as her successful activism for Native American rights. Behind her, a stylized sun represents her work on The Sun Dance Opera, while a cardinal symbolizes her name, which translates to “Red Bird.” A Yankton Sioux-inspired diamond pattern sits underneath the sun.

    Artist Infusion Program Designer Don Everhart designed the image, which Mint Medallic Artist Renata Gordon sculpted.

    “The design features the effigy of Zitkala-Ša wearing her tribal regalia—the beads and intricate leather straps with metal elements made for a beautiful and challenging subject,” said Gordon. “I stayed faithful to the design down to the most minute detail because much of the regalia is steeped in Native American symbolism and meaning. I loved participating in the legend that lives on, as my fellow engravers and I get to do with many of the subjects selected to be on U.S. coinage and medals.”

    Each coin in this series features a common obverse (heads) design depicting a portrait of George Washington. This design was originally composed and sculpted by Laura Gardin Fraser as a candidate entry for the 1932 quarter, which honored the bicentennial of George Washington’s birth. The inscriptions are “LIBERTY,” “IN GOD WE TRUST,” and “2024.”

    View images of the Zitkala-Ša quarter here.

    Each 2024 AWQ honoree is a powerful, inspiring example of the breadth, depth, and range of accomplishments, and the experiences demonstrated by these extraordinary women. Coins featuring additional honorees will continue to ship through 2025.

    Authorized by Public Law 116-330, the American Women Quarters Program features coins with reverse (tails) designs emblematic of the accomplishments and contributions of American women. Beginning in 2022 and continuing through 2025, the Mint is issuing five quarters in each of these years. The ethnically, racially, and geographically diverse group of individuals honored through this program reflects a wide range of accomplishments and fields, including suffrage, civil rights, abolition, government, humanities, science, space, and the arts.

    Please consult with your local financial institutions regarding the availability of AWQ Program quarters honoring Zitkala-Ša beginning in middle to late November.

    Numismatic Products
    This groundbreaking coin program is an excellent way to remind future generations what can be accomplished with vision, determination, and a desire to improve opportunities for all. Subscribe to the program today to ensure fulfillment of your favorite product through 2025.

    About the United States Mint
    Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

    MIL OSI USA News