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Category: Economy

  • MIL-OSI: Breeze Holdings Acquisition Corp. Announces Definitive Agreement to Merge with YD Biopharma Limited

    Source: GlobeNewswire (MIL-OSI)

    YD Biopharma is a Clinical-Stage Biopharmaceutical Company Focusing on Cancer Prevention Diagnostics and Seeking to Transform the Treatment of a Wide Spectrum of Diseases

    Pro Forma for the Transaction, Combined Company is Expected to Have an Estimated Enterprise Value of Nearly $700 Million

    The Proposed Merger is Expected to Close by Early 2025; After Closing, the Combined Company is Expected to be Listed on Nasdaq Capital Market

    YD Biopharma has Recently Obtained Patents, Technology, and U.S. Authorization for Core Methylation Detection of Pancreatic Cancer, Along with Entering into an Agreement to Acquire Licenses for Breast Cancer Detection Upon the Closing of the Merger

    IRVING, Texas, Sept. 25, 2024 (GLOBE NEWSWIRE) — Breeze Holdings Acquisition Corp. (OTCQX: BRZH, BRZHR, BRZHW) (“Breeze” or the “Company”), a publicly traded special purpose acquisition company, has entered into a definitive agreement to merge with YD Biopharma Limited (“YD Biopharma”), a clinical-stage biopharmaceutical company focusing on cancer prevention medical diagnostics and the development of exosome-based therapeutics with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Following the closing, the combined company is expected to be listed on the Nasdaq Capital Market.

    Using Technology to Detect Health Problems Early On
    YD Biopharma specializes in the biopharmaceutical business and serves as a supplier of drugs and medical materials for clinical trials. In 2015, YD Biopharma was appointed as a clinical testing drug supplier by Novartis and has since expanded its offerings to include development and supply of ancillary products post-launch. YD Biopharma’s mission is to create a cancer-free world through advancements in biotechnology.

    More recently, YD Biopharma obtained patent and technology authorization from 3D Global Biotech Inc. (“3D Biotech”) to pioneer the application of corneal mesenchymal stem cells and their exosomes for treating eye diseases. YD Biopharma has introduced new advanced drugs and treatments for conditions such as dry eye disease, glaucoma, and corneal repair. YD Biopharma aims to optimize the treatment market for eye diseases by distribution through pharmacies, optometrists, and other channels.

    Earlier this year, YD Biopharma obtained patents, technology and U.S. market authorization from EG Biomed Taiwan for core methylation detection of pancreatic cancer with high sensitivity, specificity and accuracy. This partnership has led to the establishment of an independent laboratory in the U.S. dedicated to pancreatic cancer early detection and monitoring technology that marks a significant expansion of YD Biopharma’s research and development capabilities to collaborate with hospitals, insurance companies and pharmaceutical companies to reach new patients.

    YD Biopharma has also recently negotiated related authorizations for breast cancer detection to further expand the Company’s product offerings. YD Biopharma is in the process of acquiring licenses from EG BioMed Taiwan for advanced breast cancer detection technology in the U.S., E.U., and Asia-Pacific that has high sensitivity, specificity and accuracy. The acquisition of the licenses for EG Biomed’s breast cancer detection technology in the U.S., E.U., and Asia-Pacific is expected to be consummated simultaneously with the closing of the merger with Breeze.

    Management Commentary
    Dr. Ethan Shen, the Founder, Chairman and CEO of YD Biopharma, has an extensive background in the pharmaceutical industry having worked at a well-known global pharmaceutical company. Inspired by his father’s struggle with cancer and subsequent passing, Dr. Shen is dedicated to eradicating cancer and helping people to avoid chronic and painful treatments through early detection.

    Dr. Shen stated the following regarding the proposed transaction, “I’m pleased to announce the next phase of our strategy as we embark on a public listing in the U.S. through the proposed business combination with Breeze. Since our founding in 2013, we’ve made significant strides in expanding our capabilities through organic innovation, licensing agreements, and notable strategic partnerships. We have a strategic roadmap in place for accelerated growth and a compelling story to tell in the U.S. market as we aim to deliver health problem detection at an earlier stage than ever before through minimal intervention.”

    J. Douglas Ramsey, Ph.D., Chairman and CEO of Breeze, commented, “From day one, it has been our mission at Breeze to find a company with innovative and disruptive technology that has the potential to deliver significant growth to our shareholders. We are highly optimistic about the proposed business combination with YD Biopharma, a company that we believe is a true outlier in the biotech industry with strong growth potential in a variety of healthcare markets. We are working closely with their team to expeditiously close the transaction by early 2025 and move forward with YD Biopharma as a publicly traded company in the U.S.”

    YD Biopharma Key Investment Highlights

    • Proven Capabilities Across a Broad Spectrum of Solutions: YD Biopharma has an extensive suite of solutions ranging from ophthalmology cellular drug development to pancreatic and breast cancer diagnostics to nutritional product sales.
    • Notable Strategic Partnerships, Offering Validation and Growth Potential: YD Biopharma is a clinical testing drug supplier for Novartis, a top five global pharmaceutical company, as well as having licensing partnerships with EG BioMed for pancreatic cancer detection and 3D Global Biotech to develop treatment for eye disorders.
    • Proprietary Technology Supported by Licensing Agreements and IP Portfolio: Multi-decade, exclusive licensing agreements and owned, patented technology provides YD Biopharma with significant competitive first-mover advantage in each of its clinical markets.
    • Large and Underserved Markets for Each Solution Showcase Untapped Growth Potential: Multi-billion-dollar global market sizes and high single digit CAGRs over the next decade provide significant growth potential for YD Biopharma’s solutions.
    • Strong Leadership Team with Deep Expertise in Biotech and Finance: YD Biopharma has a founder-led management team with experience in new drug development, medical-grade health product development, pharmacy channel development, and financial management and accounting.

    Transaction Overview
    Under the terms of the business combination agreement, Breeze and YD Biopharma will each merge into wholly-owned subsidiaries of a newly formed Cayman holding company expected to be named “YD Biopharma Holdings Limited” and is anticipated to be listed on the Nasdaq Capital Market.

    Assuming no redemptions, the combined company will have an estimated post-transaction enterprise value of $694 million, consisting of an estimated equity value of $715 million, $21.0 million in cash and no debt. Cash proceeds raised will consist of Breeze’s $10.1 million cash in trust (before redemptions and payment of any transaction expenses) and $15 million in anticipated new capital.

    YD Biopharma intends to use the proceeds from the transaction to expand production and continue development, approval and launch of new technologies.

    The transaction has been unanimously approved by the boards of directors of both YD Biopharma and Breeze. It is expected to close by early 2025, subject to regulatory and stockholder approvals, and other customary closing conditions. Additional information may be found in the Current Report on Form 8-K that was filed by Breeze Holdings today with the U.S. Securities and Exchange Commission.

    Upon completion of the transaction, YD Biopharma will continue to be led by Founder, Chairman, and CEO Dr. Ethan Shen. Wu Cheng-fend will serve as Chief Medical Officer, and May Tsai will serve as Chief Business Officer.

    Advisors
    ArentFox Schiff LLP and Ogier are acting as legal advisors to YD Biopharma. I-Bankers Securities, Inc. is acting as financial advisor to Breeze Holdings. Woolery & Co. PLLC is acting as legal advisor to Breeze Holdings.

    About YD Biopharma
    YD Biopharma Limited is a clinical-stage biopharmaceutical company focusing on cancer prevention medical diagnostics and the development of exosome-based therapeutics with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Through continuous effort and innovation, the Company has also become a recognized supplier of clinical trial drugs and has begun developing and supplying post-market auxiliary products.

    For more information, please visit www.yd-biopharma.com.

    About Breeze Holdings Acquisition Corp.
    Breeze Holdings is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combinations with one or more businesses or entities.

    Additional Information and Where to Find It
    This press release relates to a proposed business combination transaction involving Breeze Holdings and YD Biopharma. In connection with the proposed transaction, a newly-formed Cayman exempted company expected to be named “YD Biopharma Holdings Limited” (“YD Holdings”) intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 that will include a proxy statement of Breeze and that also will constitute a prospectus of YD Holdings with respect to the ordinary shares of YD Holdings to be issued in the proposed transaction (the “Proxy Statement/Prospectus”). This document is not a substitute for the Proxy Statement/Prospectus. The definitive Proxy Statement/Prospectus (if and when available) will be delivered to Breeze Holdings’ and YD Biopharma’s stockholders. Breeze Holdings may also file other relevant documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF BREEZE HOLDINGS AND YD BIOPHARMA AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BREEZE HOLDINGS, YD HOLDINGS, YD BIOPHARMA, THE PROPOSED TRANSACTION AND RELATED MATTERS.

    Investors and security holders of Breeze Holdings and YD Biopharma may obtain free copies of the Registration Statement and Proxy Statement/Prospectus (if and when available) and other documents that are filed or will be filed with the SEC by Breeze Holdings through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Breeze Holdings will be available free of charge at Breeze Holdings Acquisition Corp., 955 W. John Carpenter Fwy., Suite 100-929, Irving, TX 75039, attention: J. Douglas Ramsey.

    Participants in the Solicitation
    Breeze Holdings, YD Biopharma and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Breeze Holdings and YD Biopharma in respect of the proposed transaction. Information about Breeze Holdings’ directors and executive officers and their ownership of Breeze Holdings common stock is set forth in Breeze Holdings’ filings with the SEC, including its Annual Report on Form 10-K/A for the year ended December 31, 2023 filed with the SEC on April 25, 2024 (the “Annual Report”). To the extent that holdings of Breeze Holdings’ securities have changed since the amounts included in the Annual Report, such changes have been or will be reflected on Statements of Change in Ownership of Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. You may obtain free copies of these documents as described in the preceding paragraph.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, statements regarding the anticipated benefits and impact of the proposed transaction on the combined company’s business and future financial and operating results, the anticipated timing of closing of the proposed transaction, the anticipated growth of the industries and markets in which YD Biopharma competes, the success and customer acceptance of YD Biopharma’s product and service offerings and other aspects of YD Biopharma’s operations, plans, objectives, opportunities, expectations or operating results, the expected ownership structure of the combined company and the likelihood and ability of the parties to successfully consummate the proposed transaction. Words such as “may,” “should,” “will,” “believe,” “expect,” “anticipate,” “intend,” “estimated,” “target,” “project,” and similar phrases or words of similar meaning that denote future expectations or intent regarding the combined company’s financial results, operations and other matters are intended to identify forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive risks, uncertainties and other factors, both known and unknown, which are difficult to predict and generally beyond our control and that may cause actual results and the timing of future events to differ materially from the results and timing of future events anticipated by the forward-looking statements in this press release, including but not limited to: (i) the ability of the parties to complete the proposed transaction within the time frame anticipated or at all, which may adversely impact the price of Breeze Holdings’ securities; (ii) the failure to realize the anticipated benefits of the proposed transaction or those benefits taking longer than anticipated to be realized; (iii) the risk that the proposed transaction may not be completed by Breeze Holdings’ business combination deadline and the potential failure to obtain further extensions of the business combination deadline if sought by Breeze Holdings; (iv) the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the definitive merger agreement by the stockholders of Breeze Holdings or YD Biopharma, the receipt of any required governmental or regulatory approvals or the failure to meet the Nasdaq listing standards in connection with the closing of the proposed transaction; (v) the lack of a third party valuation in determining whether or not to pursue the proposed transaction; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement; (vii) the impact of the COVID-19 pandemic or related governmental or regulatory orders ; (viii) the effect of the announcement or pendency of the proposed transaction on YD Biopharma’s business relationships, performance and business generally; (ix) risks that the proposed transaction disrupts current plans and operations of YD Biopharma and any potential difficulties in YD Biopharma employee retention as a result of the proposed transaction; (x) the outcome of any legal proceedings that may be instituted against YD Biopharma or Breeze Holdings related to the definitive merger agreement or the proposed transaction or any product liability or regulatory lawsuits or proceedings relating to YD Biopharma’s products or services; (xi) the ability to maintain the listing of YD Holdings’ securities on the Nasdaq Capital Market after the closing of the proposed transaction; (xii) potential volatility in the price of Breeze Holdings’ securities due to a variety of factors, including changes in the competitive and highly regulated industries in which YD Biopharma operates, variations in performance across competitors, changes in laws and regulations affecting YD Biopharma’s business, and changes in the combined company’s capital structure; (xiii) the ability to implement business plans, identify and realize additional opportunities and achieve forecasts and other expectations after the completion of the proposed transaction; (xiv) the risk of downturns and the possibility of rapid change in the highly competitive industries in which YD Biopharma operates or the markets that YD Biopharma targets; (xv) the inability of YD Biopharma and its current and future collaborators to successfully develop and commercialize YD Biopharma’s products and services in the expected time frame or at all; (xvi) the risk that the combined company may never achieve or sustain profitability or may need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; and (xvii) the costs of the proposed transaction. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties and factors, including those described in Breeze Holdings’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed or to be filed with the SEC by Breeze Holdings from time to time. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. The forward-looking statements included in this press release are made only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof. Forecasts and estimates regarding YD Biopharma’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

    No Offer or Solicitation
    This press release is for informational purposes only and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or to buy any securities or a solicitation of any proxy, consent, vote or approval with respect to any securities in respect of the proposed transaction and is not a substitute for the Proxy Statement/Prospectus or any other document that Breeze Holdings may file with the SEC or send to Breeze Holdings’ or YD Biopharma’s stockholders in connection with the proposed transaction. No offer, sale, issuance or transfer of securities shall be made in any jurisdiction in which such offer, sale, issuance or transfer would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Contacts:

    YD Biopharma Limited
    Bob Chiu
    bobc95@udn-pharm.com

    Breeze Holdings Acquisition Corp.
    Investor Relations
    Cody Slach and Cody Cree
    Gateway Group

    (949) 574-3860
    BREZ@gateway-grp.com

    The MIL Network –

  • MIL-OSI Economics: BaFin warns consumers about the website coinaimex.net

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the website coinaimex.net. According to information available to BaFin, Coinaimex Ltd, London, United Kingdom, offers financial and investment services there without authorization.

    BaFin has warned consumers about several almost identical websites that have come to its attention recently. The homepage of each website begins with the following sentence: “Step Into the Trading Arena With Confidence & [name of website]”.

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

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Economics: AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF THIRD QUARTER 2024 RESULTS AND CONFERENCE CALL

    Source: Agnico Eagle Mines

    Stock Symbol:  AEM (NYSE and TSX)

    TORONTO, Sept. 25, 2024 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company“) today announced that it will release its third quarter 2024 results on Wednesday, October 30, 2024, after normal trading hours.

    Third Quarter 2024 Results Conference Call and Webcast

    Agnico Eagle’s senior management will host a conference call on Thursday, October 31, 2024, at 11:00 AM (E.D.T.) to discuss the Company’s financial and operating results.

    Via Webcast:

    To listen to the live webcast of the conference call, you may register on the Company website at www.agnicoeagle.com, or directly via the link here.

    Via Phone:

    To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

    To join the conference call without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.

    Replay Archive:

    Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 80122#. The conference call replay will expire on November 30, 2024.

    The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    View original content:https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-third-quarter-2024-results-and-conference-call-302258002.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Economics –

  • MIL-OSI Global: OpenAI’s Strawberry program is reportedly capable of reasoning. It might be able to deceive humans

    Source: The Conversation – UK – By Shweta Singh, Assistant Professor, Information Systems and Management, Warwick Business School, University of Warwick

    OpenAI, the company that made ChatGPT, has launched a new artificial intelligence (AI) system called Strawberry. It is designed not just to provide quick responses to questions, like ChatGPT, but to think or “reason”.

    This raises several major concerns. If Strawberry really is capable of some form of reasoning, could this AI system cheat and deceive humans?

    OpenAI can program the AI in ways that mitigate its ability to manipulate humans. But the company’s own evaluations rate it as a “medium risk” for its ability to assist experts in the “operational planning of reproducing a known biological threat” – in other words, a biological weapon. It was also rated as a medium risk for its ability to persuade humans to change their thinking.

    It remains to be seen how such a system might be used by those with bad intentions, such as con artists or hackers. Nevertheless, OpenAI’s evaluation states that medium-risk systems can be released for wider use – a position I believe is misguided.

    Strawberry is not one AI “model”, or program, but several – known collectively as o1. These models are intended to answer complex questions and solve intricate maths problems. They are also capable of writing computer code – to help you make your own website or app, for example.

    An apparent ability to reason might come as a surprise to some, since this is generally considered a precursor to judgment and decision making – something that has often seemed a distant goal for AI. So, on the surface at least, it would seem to move artificial intelligence a step closer to human-like intelligence.

    When things look too good to be true, there’s often a catch. Well, this set of new AI models is designed to maximise their goals. What does this mean in practice? To achieve its desired objective, the path or the strategy chosen by AI may not always necessarily be fair, or align with human values.

    True intentions

    For example, if you were to play chess against Strawberry, in theory, could its reasoning allow it to hack the scoring system rather than figure out the best strategies for winning the game?

    The AI might also be able to lie to humans about its true intentions and capabilities, which would pose a serious safety concern if it were to be deployed widely. For example, if the AI knew it was infected with malware, could it “choose” to conceal this fact in the knowledge that a human operator might opt to disable the whole system if they knew?

    Strawberry goes a step beyond the capabilities of AI chatbots.
    Robert Way / Shutterstock

    These would be classic examples of unethical AI behaviour, where cheating or deceiving is acceptable if it leads to a desired goal. It would also be quicker for the AI, as it wouldn’t have to waste any time figuring out the next best move. It may not necessarily be morally correct, however.

    This leads to a rather interesting yet worrying discussion. What level of reasoning is Strawberry capable of and what could its unintended consequences be? A powerful AI system that’s capable of cheating humans could pose serious ethical, legal and financial risks to us.

    Such risks become grave in critical situations, such as designing weapons of mass destruction. OpenAI rates its own Strawberry models as “medium risk” for their potential to assist scientists in developing chemical, biological, radiological and nuclear weapons.

    OpenAI says: “Our evaluations found that o1-preview and o1-mini can help experts with the operational planning of reproducing a known biological threat.” But it goes on to say that experts already have significant expertise in these areas, so the risk would be limited in practice. It adds: “The models do not enable non-experts to create biological threats, because creating such a threat requires hands-on laboratory skills that the models cannot replace.”

    Powers of persuasion

    OpenAI’s evaluation of Strawberry also investigated the risk that it could persuade humans to change their beliefs. The new o1 models were found to be more persuasive and more manipulative than ChatGPT.

    OpenAI also tested a mitigation system that was able to reduce the manipulative capabilities of the AI system. Overall, Strawberry was labelled a medium risk for “persuasion” in Open AI’s tests.

    Strawberry was rated low risk for its ability to operate autonomously and on cybersecurity.

    Open AI’s policy states that “medium risk” models can be released for wide use. In my view, this underestimates the threat. The deployment of such models could be catastrophic, especially if bad actors manipulate the technology for their own pursuits.

    This calls for strong checks and balances that will only be possible through AI regulation and legal frameworks, such as penalising incorrect risk assessments and the misuse of AI.

    The UK government stressed the need for “safety, security and robustness” in their 2023 AI white paper, but that’s not nearly enough. There is an urgent need to prioritise human safety and devise rigid scrutiny protocols for AI models such as Strawberry.

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

    – ref. OpenAI’s Strawberry program is reportedly capable of reasoning. It might be able to deceive humans – https://theconversation.com/openais-strawberry-program-is-reportedly-capable-of-reasoning-it-might-be-able-to-deceive-humans-239748

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why building new towns isn’t the answer to the UK’s housing crisis

    Source: The Conversation – UK – By Amrita Kulka, Assistant Professor, Political Economy and Public Economics, University of Warwick

    The UK is aiming to build 1.5 million homes over five years. Nick Beer/Shutterstock

    The UK’s new government is intent on building 1.5 million homes over the next five years. It’s all part of the plan to address the housing supply and affordability crisis.

    Many of these homes are to be built in the form of large communities or new towns of more than 10,000 housing units each. Some English new towns built after the second world war, such as Milton Keynes, Harlow and Basildon, have been successful economically. But the building of new towns has ground to a halt since the 1990s.

    The importance of large developments for housing supply in the UK has increased dramatically in the last 25 years. We have put together new evidence that reveals a significant shift in the source of housing supply. These days, an increasing share of new homes are coming from large developments.

    At the turn of the century, very large developments of at least 500 units made up only single digits of the total percentage of potential housing supply. Today, such developments represent 38% of permitted housing units. These very large projects only made up 0.2% of applications over the 25 years, but make up a disproportionately large chunk of new housing supply.

    This graphic shows the share of permitted new homes from 2000 to 2023 for applications of different development sizes across the UK.

    Proportion of new homes by development size

    Our research, undertaken with the support of our research assistant Alex Gallagher, explores the barriers that developments face in terms of paperwork and waiting time for a decision. We show that the amount of paperwork increases dramatically with the size of the project, going from one application for projects involving one unit, to more than eight applications for projects involving 500 or more units.

    The additional paperwork is generated by things like environmental surveys, infrastructure needs and public utilities.

    Northstowe in Cambridgeshire, which was planned to be the largest new town since Milton Keynes was built in the 1960s, also required funding for local infrastructure. Developers were obliged to contribute more than £120 million, most of which went to the construction of local schools. The development was left in limbo for around four years due to a delay to the expansion of the A14 trunk road, upon which the new town was entirely dependent. It is still not complete, with residents frustrated at the lack of infrastructure.

    In the case of Buckshaw Village, a new Lancashire development built on a former munitions factory, developers had to decontaminate the site. This required a £10.5 million contract to decontaminate more than 850 buildings.

    Of course many of these requirements are necessary, and beneficial for long-term planning. But it demonstrates that building a new town goes far beyond constructing houses.

    Decade-long delays

    In our research we also find that the time taken to reach a planning decision rises dramatically from projects involving one unit to projects involving two to nine units, and keeps rising for larger projects. The average time from the first application to the last decision is just over four years and four months for projects with more than 500 units. But even projects involving just one unit can expect to wait nearly a year.

    For bigger projects, waiting times for a decision are over 11 years in some cases (the most delayed 10%). One example is Ebbsfleet Valley – another newly planned town near London with large potential – which has seen only 4,000 of 43,000 planned homes built since planning began in 1996.

    The time taken for a planning decision plays a role in this delay. The borough councils resolved to grant outline planning permission (which lets a developer know if its plans are acceptable in principle) in 1998, two years after the application was submitted. But outline planning permission was not actually granted until November 2002. And then the need to supply more plans caused further delays, which meant building did not start until 2006 – 10 years after the original outline was filed.

    The long wait times for decisions, added to the fact that bigger developments must file additional applications, mean that housing supply from large projects is slow to be realised.

    These barriers have important implications for developers, which have to weigh the cost savings of large developments against the increased chance of obstacles that these larger developments are likely to throw up. So are new towns the most effective way to build a large amount of housing units in a short space of time?

    New towns are most comparable to the large-scale developments that represent an increasing share of residential units in the UK since the early 2000s.

    While these development schemes can deliver large amounts of housing alongside local infrastructure (at the developer’s expense rather than local government), they are unlikely to do so in the short term as they also face the toughest barriers under planning regulations.

    Therefore, so-called infill developments (that is, new buildings on unused or under-used land) as well as smaller and medium-sized developments, should not be neglected.

    Urban extensions and new neighbourhoods in the sites we’re already living in may provide ways to keep costs and uncertainties of new infrastructure to a minimum – even while planning larger developments or the new towns of the future.

    Amrita Kulka receives funding from Research England.

    Nikhil Datta receives funding from the British Academy, Leverhulme Trust, Economic and Social Research Council, and Research England.

    – ref. Why building new towns isn’t the answer to the UK’s housing crisis – https://theconversation.com/why-building-new-towns-isnt-the-answer-to-the-uks-housing-crisis-238635

    MIL OSI – Global Reports –

  • MIL-OSI Banking: AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF THIRD QUARTER 2024 RESULTS AND CONFERENCE CALL

    Source: Agnico Eagle Mines

    Stock Symbol:  AEM (NYSE and TSX)

    TORONTO, Sept. 25, 2024 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company“) today announced that it will release its third quarter 2024 results on Wednesday, October 30, 2024, after normal trading hours.

    Third Quarter 2024 Results Conference Call and Webcast

    Agnico Eagle’s senior management will host a conference call on Thursday, October 31, 2024, at 11:00 AM (E.D.T.) to discuss the Company’s financial and operating results.

    Via Webcast:

    To listen to the live webcast of the conference call, you may register on the Company website at www.agnicoeagle.com, or directly via the link here.

    Via Phone:

    To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

    To join the conference call without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.

    Replay Archive:

    Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 80122#. The conference call replay will expire on November 30, 2024.

    The webcast, along with presentation slides, will be archived for 180 days on the Company’s website.

    About Agnico Eagle

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    View original content:https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-third-quarter-2024-results-and-conference-call-302258002.html

    SOURCE Agnico Eagle Mines Limited

    MIL OSI Global Banks –

  • MIL-OSI Africa: Minister welcomes initiative to support investment in water sector

    Source: South Africa News Agency

    Water and Sanitation Minister Pemmy Majodina has welcomed an initiative by Just Water Partnerships (JWPs), which supports investments in water resilience and sustainability in low- and middle-income countries.

    While participating in a panel discussion at the United Nations General Assembly in New York, United States of America, the Minister said there is a need for partnerships in the water sector to ensure that people have access to clean and fresh water.

    “As the government of South Africa, we support a growing cohort of partners who are interested in developing the concept of Just Water Partnerships.

    “We also believe that carefully and collaboratively structured JPWs can protect existing water resources and will leave no one behind regarding the provision of water and sanitation services, and ensure that water supplies are managed sustainably,” Majodina said on Wednesday.

    The JWPs concept was formulated following a report by the Global Commission for the Economics of Water (GCEW), which highlighted that traditional economics have failed the water sector, and that a new approach to the economics and governance of water should be taken to achieve a more sustainable, just and prosperous future for all.

    JWPs are thus conceived as platforms that facilitate financial and governance actors (multilateral development banks, regional development banks, development finance institutions, national governments, city and local authorities, and public development banks) to support investments on their own balance sheets, as well as to catalyse greater private finance. 

    The Minister said the JPW concept mirrors the Department of Water and Sanitation’s commitment to build public-private partnerships to make clean water, decent toilets and good hygiene normal for everyone in the country.

    This is in line with achieving Sustainable Development Goals 6.1 and 6.2, which aim to achieve universal and equitable access to safe and affordable drinking water for all and ensuring access to adequate and equitable sanitation and hygiene for all, and end open defecation.

    “Therefore, this confirms a need for such a platform to not only ensure that investments are used efficiently and transparently, but also in a way that prioritises women, girls and others facing marginalisation globally,” Majodina said. –SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Africa: Africa Finance Corporation (AFC) Signs Concession Agreements with Governments of Angola and Zambia to advance Zambia Lobito Rail Project

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

    NEW YORK, United States of America, September 25, 2024/APO Group/ —

    In a significant milestone for the Zambia Lobito Rail Project, Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has signed concession agreements with the governments of Angola and Zambia for the financing, construction, ownership and operation of the transformational railway project. The agreements, which were signed yesterday in a ceremonial signing hosted by U.S. Secretary of State Antony J. Blinken and the Biden Administration’s G-7 Partnership for Global Infrastructure and Investment (PGI) on the sidelines of the 79th session of the UN General Assembly (UNGA 79), paves the way for the Corporation to spearhead and complete the development of the railway.

    Last year, AFC was appointed lead developer on the Zambia Lobito rail project in collaboration with the United States Government, the European Union, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia. The project involves the construction of approximately 800km greenfield rail line connecting the Benguela rail line in Luacano, Angola, to the existing Zambia Railways Line in Chingola, Zambia. Once completed, the trade corridor will facilitate the efficient movement of goods and promote investments in agriculture, health, digital infrastructure, mining, and electricity access along the corridor.

    Concurrent to signing the concession agreements, AFC also signed an agreement to receive US$ 2 million grant funding from the United States Trade and Development Agency (USTDA) (https://apo-opa.co/3zINnnM), towards completion of the environmental and social studies for the project. The grant, which marks the first time the Corporation will tap into USTDA funding, will facilitate comprehensive Environmental and Social Impact Assessments (ESIA) to ensure that the Zambia Lobito Rail Project aligns with international best practices and environmental standards.

    AFC will play the pivotal role of lead developer on the rail project which not only offers an efficient evacuation route for minerals and metals from the region but helps establish a trade corridor across Africa from the Port of Lobito on the coast of the Atlantic Ocean to the Port of Dar es Salam in Tanzania on the coast of the Indian Ocean, facilitating global and intra-African trade. The railway is expected to create economic benefit of approximately $3 billion across both countries, reduce emissions by approximately 300,000 tons per year and add over 1,250 jobs across construction and operations.

    The Honourable Minister of Transport for Angola Mr Ricardo Viegas d’Abreu noted, “We are pleased to partner with Africa Finance Corporation on this transformative project which will deepen our nation’s role as a regional logistics hub, boosting trade not only with Zambia but with the rest of the world.”

    Mr Frank Tayali MP, Honourable Minister of Transport for Zambia added, “The Zambia Lobito Rail Project is an important milestone in our efforts to modernise infrastructure, enhance the competitiveness of our economy, and improve the livelihoods of our people. We look forward to partnering with Africa Finance Corporation to deliver on this groundbreaking project.”

    “The Zambia Lobito Rail Project represents a game-changing development for the region, unlocking tremendous potential for trade, industrialisation, and socio-economic growth.,” said Samaila Zubairu, President & CEO of Africa Finance Corporation. “AFC is proud to partner with the governments of Angola and Zambia to deliver worldclass rail infrastructure, which will accelerate industrial development in Africa, promote regional integration and provide a vital export route for copper and other critical minerals for the global energy transition,” he added.

    The corridor will provide an alternative strategic route to international export markets for Zambia and DRC. It will offer the shortest route for export and imports, linking key mining regions, agricultural clusters and businesses in Zambia and DRC to the Port of Lobito. It will significantly facilitate the movement of cargo from the Copperbelt and Northwestern Provinces, through Angola to the Western markets.

    MIL OSI Africa –

  • MIL-OSI: FactSet’s GHG Emissions Commitment Validated by Science Based Targets Initiative

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., Sept. 25, 2024 (GLOBE NEWSWIRE) — FactSet, a global financial digital platform and enterprise solutions provider, today announced that the Science Based Targets initiative (SBTi) has validated its near-term, company-wide sustainability initiative to reduce greenhouse gas (GHG) emissions to combat the global climate crisis.

    This validation follows FactSet’s 2022 near-term emission reduction commitment, confirming the company’s goals have been reviewed by corporate climate experts and are inline and attainable according to SBTi’s guidelines. These goals include reducing scope 1, direct and owned company emissions; scope 2, indirect and off-site company emissions; and scope 3, indirect value chain emissions.

    FactSet’s commitment involves:

    • FactSet Research Systems Inc. commits to reduce absolute scope 1 and 2 GHG emissions by 45% by its 2030 fiscal year from its fiscal 2023 base year levels.
    • FactSet Research Systems Inc. commits to reduce absolute scope 3 GHG emissions by 25% by its 2030 fiscal year from its fiscal 2023 base year levels.

    As outlined in FactSet’s 2023 Sustainability Report, FactSet commits to measuring and disclosing its GHG emissions to drive business goals and reach a net zero future. As FactSet progresses towards its decarbonization targets, FactSet will be researching and implementing alternate strategies to adapt its operations to decrease its scope 1, 2, and 3 emissions.

    “At FactSet, we are committed to upholding the highest standards to achieve our sustainability goals,” said Bénédicte Godet Crochet, Chair of the Sustainability Committee at FactSet. “As we receive this validation from the Science Based Targets initiative, we continue to progress our efforts towards making a meaningful impact on our planet and community. This achievement marks a significant milestone in our sustainability journey, and we are proud to be a player in reaching a net-zero future.”

    This validation is in accordance with FactSet’s sustainability plan, which is reinforced by the company’s executive-sponsored Sustainability Committee, a group that supports and executes sustainability goals and initiatives, as well as previous pledges with the United Nations Global Compact (UNGC) and Principles for Responsible Investing (PRI).

    To learn more about FactSet’s sustainability program, please visit: https://www.factset.com/our-company/sustainability.

    About FactSet
    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,200 global clients, including over 216,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations Contact:
    Ali van Nes
    +1.203.810.2273
    Avannes@factset.com

    Media Contact:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com

    The MIL Network –

  • MIL-OSI: Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index Shows Originations Down 10% Y/Y, Improved Credit Performance

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Sept. 25, 2024 (GLOBE NEWSWIRE) — The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25), a survey of economic activity from 25 companies representing a cross section of the $1 trillion equipment finance sector, reports that in August:

    • New business volume (NBV) was $9.2 billion, down 10% from August 2023.
    • Month over month, NBV was down 17% from $11.1 billion in July 2024.
    • Year to date, cumulative NBV was up 3.5% compared to 2023.

    Additional findings include:

    • Receivables over 30 days were 2.2%, down from 2.5% the previous month and down from 2.3% in the same period in 2023.
    • Charge-offs were 0.4%, down from 0.5% the previous month, and up from 0.3% year over year.
    • Credit approvals totaled 76%, unchanged from July.
    • Total headcount for equipment finance companies was up 1.2% year-over-year.

    Separately, the Equipment Leasing & Finance Foundation’s Monthly Confidence Index in September is 61.9, up from the August index of 58.4, and the highest level in more than two years.

    ELFA President and CEO Leigh Lytle said, “The Fed’s decision to begin lowering interest rates will support demand for equipment, even if some businesses wait for rates to fall further before investing. That wait-and-see approach showed up in our August MLFI as new business volumes declined. However, ELFA members expect acquisitions to pick up once we‘re past the election and interest rates fall a bit further. That sentiment was also reflected in our Foundation’s recent Monthly Confidence Index, which showed that equipment finance executives are very optimistic about their organizations’ prospects over the next four months. Finally, credit conditions remain healthy, which will allow lessors and financiers to service new demand when it shows up later this year.”

    Marci Slagle, CLFP, President, BankFinancial Equipment Finance, said, “It appears there is still a slight slowdown in the equipment finance industry, which was heavily weighted in the decrease in origination activity at banks, which led to a dip in new business volume. However, it’s reassuring to hear that portfolio quality is remaining stable, with improvements in receivables and a reduction in losses. What was not baked into these numbers was the Fed rate drop this month. This will help stimulate fourth quarter growth, for both independent lessors and banks. The anticipation of further rate reductions may indeed boost demand, encouraging businesses to invest in capital expenditures. It’s definitely a pivotal time for both independent lessors and banks as we navigate these changes, but I think we are going to start trending in the right direction.”

    About ELFA’s MLFI-25
    The MLFI-25 is the only near-real-time index that reflects capex, or the volume of commercial equipment financed in the U.S. It is released monthly from Washington, D.C., one day before the U.S. Department of Commerce’s durable goods report. This financial indicator complements reports like the Institute for Supply Management Index, providing a comprehensive view of productive assets in the U.S. economy—equipment produced, acquired and financed. The MLFI-25 consists of two years of business activity data from 25 participating companies. For more details, including methodology and participants, visit www.elfaonline.org/knowledge-hub/mlfi.

    About ELFA
    The Equipment Leasing and Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s 575 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/groups/89692/

    Media/Press Contact: Amy Vogt, Vice President, Communications and Marketing, ELFA, avogt@elfaonline.org

    The MIL Network –

  • MIL-OSI: Calling All Paw-ty Animals: Trupanion to Connect Families & Shelter Pets for a Frightfully Howling Halloween

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Sept. 25, 2024 (GLOBE NEWSWIRE) — Do you have a Cleocatra? Perhaps a Vampug or Terri-fido. Because whether they’re spooky, sweet or somewhere in between—it’s time to break out the costume box for Trupanion’s Tricked Out for Treats Pet-tacular, a pet costume contest to run throughout October.

    Starting October 1, Trupanion invites pet parents to share photos of their furry friends in (pet safe!) costumes for a chance to win a custom pet portrait, pet-tacular swag, global spotlight opportunities, and ultimate bragging rights. And with eight tricked-out categories like ‘Solo Stunner’ for pet close ups and ‘Clinic Charmer’ spotlighting pets and veterinary team members, there’s something for everyone. Including ‘Adorably Adoptable’, a great way for Trupanion to team up with shelter and rescue organizations nationwide in order to find adoptable pets new homes.

    “When developing this initiative, we knew we wanted to create something fun and lighthearted, but with a deeper purpose,” said Margi Tooth, CEO & President of Trupanion. “That’s why we chose to shine a spotlight on shelter and rescue pets with the Adorably Adoptable category to connect these pets with potential families.”

    Submissions for the Adorably Adoptable category will receive extra attention on the campaign’s showcase page, where visitors will be able to see available pets. They’ll also have the opportunity to learn more about each pet’s shelter/rescue organization and connect with the team directly — whether they’re interested in adopting or want to explore ways to support their mission.

    “We’re looking forward to celebrating the fun, laughter, and love our pets bring into our lives each and every day with this campaign,” added Tooth. “It will be wonderful to share these joyful moments with the world and we are so excited for the opportunity to connect pets available for adoption with their forever homes.”

    Here’s How It Works

    Say Cheese: Starting October 1, trick out your pet in their finest and snap some pics.

    Tag, Brag & Vote: Submit your photos to trickedout.trupanion.com, tag one of the categories that best fits your pet’s paw-some personality, then share one social media to get as many votes as possible.

    Tune In: Don’t miss our virtual pet-tacular, streamed at trickedout.trupanion.com on October 30 at 12pm PST/3pm EST. Come meet the best-dressed pets, have lots of laughs, and find out who’s the “pick of the patch” in select categories.

    Visit trickedout.trupanion.com for more information and to submit your pet’s photo.

    Know a shelter or rescue interested in showcasing adoptable pets? Encourage them to pre-register for the campaign via email at shelterlove@trupanion.com before October 1.

    About Trupanion

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

    Contacts:
    Media: Trupanion Corporate Communications
    Corporate.communications@trupanion.com

    Images accompanying this press release are available for use. Pictures are of various pets in their Halloween costumes.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ea20e913-f4ec-47b5-a39f-8c691c689f7c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/afb1fff5-3942-49b2-bf5c-082f346ed877

    https://www.globenewswire.com/NewsRoom/AttachmentNg/742b0d6c-1791-49b4-a200-68e784bf8e76

    The MIL Network –

  • MIL-OSI Africa: Call for unity in the empowerment of women

    Source: South Africa News Agency

    Deputy Minister in the Presidency for Women, Youth and Persons with Disabilities, Mmapaseka Steve Letsike has called on nations to unite all efforts and resources for the empowerment of women and girls.

    The Deputy Minister was addressing a side event of the 79th United Nations General Assembly (UNGA79) held in New York on Wednesday.

    She acknowledged that the challenge of women empowerment “is great” with women and girls facing many obstacles.

    “We reiterate the severity of this challenge before us as the state of women’s empowerment leaves little to be desired, and the overall picture is consistent globally, with pockets of excellence in certain areas of development.

    “Women still own a smaller share of global wealth compared to men, with the Boston Consulting Group (BCG) reporting that women owned $72 trillion of global wealth in 2020 which translates to about 17% of the total value of the global wealth held by individuals in that year. 

    “This disparity is linked to factors such as gender pay gaps, unequal access to financial services, and fewer opportunities for leadership roles,” Letsike said.

    She added that although the challenges facing women empowerment are “evolving at an unprecedented pace”, a brighter future for all can be forged by “uniting our efforts and resources”.

    “The Education Plus Initiative stands as a beacon of hope, illuminating the pathway toward empowerment for girls and young women in the fight against the spread of HIV and an increase of AIDS related deaths. 

    “It emphasises the vital importance of equipping women with education and skills, access to finance, security of land tenure, entrepreneurial opportunities and appointment of women to positions of leadership in both the private and public sectors.

    “By doing so, we not only enhance women’s participation in the labour market but also unlock women’s immense potential to drive sustainable economic growth as meaningful participants in the various sectors of the economy.”

    The Deputy Minister added that nations need to adopt an “intersectional lens as we advance policy for the empowerment of women and adolescent girls”.

    “This will ensure that the unique and overlapping experiences of individuals or groups are recognised, thereby allowing us to craft our agenda to be more equitable and inclusive. 

    “As leaders and stakeholders in this transformative journey, we bear a profound responsibility to ensure our institutions and policies are adept at addressing the challenges of both today and tomorrow, particularly for marginalised persons,” Letsike said.

    She called on world leaders to build a better future for women and girls today.
    “As we move forward, let us be inspired by the potential within our youth, especially our girls. They are not just the leaders of tomorrow; they are the catalysts of change today. 

    “Together, we can build a world where their dreams are not limited by their circumstances, but rather fuelled by the opportunities we create for them,” Letsike said.

    President Cyril Ramaphosa is leading South Africa’s delegation to the High-Level General Debate of the 79th Session of the General Assembly (UNGA79) in the United States of America. The debate of the UNGA79 is taking place at the United Nations headquarters in New York, from 24 to 30 September 2024. 
    – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: TNPA invites service providers for Liquefied Natural Gas at Ngqura

    Source: South Africa News Agency

    The Transnet National Ports Authority (TNPA), in collaboration with Infrastructure South Africa (ISA) and the Industrial Development Corporation (IDC), has approached the market for an Environmental Impact Assessment (EIA).

    This is to encourage interested parties to submit proposals for the envisaged Liquefied Natural Gas (LNG) terminal at the Port of Ngqura.

    READ | Port investments to contribute towards SA economy

    The Request For Proposals (RFP) process will see the appointment of a service provider contracted to assess the environmental compliance and sustainability of the proposed LNG terminal. 

    This involves conducting a detailed analysis of ecological and local regulations to determine critical environmental authorisations. These include a seismic survey, marine ecology, climate change impact assessment and socio-economic assessment to support the project.

    The EIA process is carried out in tandem with negotiations of the Terminal Operator Agreement (TOA) between TNPA and the Strategic Fuel Fund (SFF) to build and operate an onshore LNG regasification facility at the Port of Ngqura for 30 years. 

    The appointment of SFF is the outcome of a Section 79 process and directive issued by the former Minister of Transport, in accordance with the National Ports Act of 2005.

    “This milestone is a critical step towards the development of the LNG terminal at the Port of Ngqura. Through its commercial seaports, TNPA is at the forefront of enabling the gas-to-power project pipeline whilst ensuring the security of supply and unlocking global opportunities for sustainable impact,” said Acting TNPA Chief Executive, Phyllis Difeto.

    The Port of Ngqura LNG Terminal is one of 12 priority infrastructure projects announced in March 2024 that hold a Strategic Integrated Project (SIP) status. 

    The triad strategic partnership is fast-tracking the conclusion of the EAI, with the RFP closing on 30 October 2024. This partnership will also see the issuing of the RFP for Prefeasibility Studies by end September 2024.

    “ISA is established to provide strategic, technical and financial advisory support to project sponsors for the planning, preparation, development and implementation of national pipeline projects and strategic integrated projects,” said Mameetse Masemola, the Acting Head of Infrastructure South Africa. 

    “This project is one of the flagship projects which we are proud to support and excited that progress is moving at a good pace,” he said.

    Tender documents can be accessed on: https://www.idc.co.za/tenders/ and https://www.etenders.gov.za/ – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Minister Gwarube commits to stabilising the education system

    Source: South Africa News Agency

    Minister of Basic Education Siviwe Gwarube and her deputy, Dr Reginah Mhaule, have committed to take all necessary steps to stabilise the education system given the budgetary constraints affecting provinces.

    The Minister said this while addressing the media on developments regarding budget cuts in the education sector, in Pretoria, on Wednesday. 

    “The Deputy Minister and I have been in constant engagement with provinces to support them during this challenging fiscal environment. We have committed ourselves to doing everything we can to stabilise the system and have appealed to provinces to retain the basket of posts, in order to not compromise education outcomes,” the Minister said. 

    She also moved to appreciate the work that the provinces have been doing around the clock to help the sector get to grips with these challenges. 

    “I have witnessed MECs work tirelessly with their provincial departments to protect teaching and learning in our schools.”

    Challenges

    The briefing comes weeks after several provincial Departments of Education have been vocal about the budgetary pressures they face. 

    These, said the Minister, have been years in the making due to the aggressive budget cuts, economic stagnation and fiscal mismanagement which is now set to impact schools.

    “These budget pressures are not just numbers on a spreadsheet – they translate into fewer teachers, reduced textbooks, and fewer admin support staff, which means teachers spend more time on admin work, thereby reducing learning and teaching time. In essence, the very fabric of our children’s future is under threat.”

    She explained that provinces like the Western Cape have seen the painful decision to reduce the basket of teaching posts for 2025, a move that may result in fewer educators in classrooms. 

    “This may mean larger class sizes, reduced individual attention for learners, and ultimately, a risk to the achievement of quality education outcomes.”

    She added that unfortunately, other provinces throughout the country are in a similar position with many desperately working to find ways of avoiding having to top slice budgets for key services like textbooks, admin support and scholar transport programmes. 

    “We are faced with a pending national crisis, one that affects not just our learners but our teachers, principals, and broader communities.

    “It is crucial to understand that this crisis is not confined to one province or one aspect of the education sector. Every province is grappling with these painful choices.”

    Provincial education departments will in the next two to three years, find it increasingly difficult to fund their existing basket of posts and existing programmes within the available budget, unless measures are taken proactively to mitigate this risk.

    For instance, she said in the 2025/26 financial year, four provincial departments will battle to cover their budgets; in the 2026/27 financial year, five provinces will battle to cover their budgets. In the 2027/28 financial year, seven provinces will not be able to afford their budgets. 

    “Several provinces have preserved the same post basket for the past three academic years, despite learner numbers increasing, while other provinces have decreased their posts in the past three years. It is important to note that these have been cuts in posts but not warm bodies. 

    “Meaning that no person gets retrenched but rather vacancies are not filled,” she said. 

    Increase in learner numbers

    Nationally, the Minister highlighted that the number of learners within the education system has increased by approximately 292,820 over the last five years.

    Learner/Educator Ratios have also steadily increased across most provinces. 
    She explained that an increase in learners’ numbers without increasing the post basket, may affect the quality of teaching which may soon be reflected in the performance of the system.

    Largely, she added that the financial constraints have had the largest impact on educator provisioning, leading to a steady increase in Learner/Educator Ratios in most provincial education departments.

    “Most provincial Education Departments require between R350 million and R3.8 billion [over the Medium-Term Expenditure Framework to fully fund their respective basket of posts].

    “The numbers are staggering. If we continue down this path, projections indicate that most provincial education departments will not be able to maintain their respective basket of posts,” she said. 

    Interventions

    In response to this potential crisis, Minister Gwarube said she convened two special meetings of the Council of Education Ministers (CEM). These meetings brought together education MECs from across the country and they conducted a thorough analysis of the budget challenges in each province. 

    MECs from each province have compiled provisional provincial reports with sobering results.

    “For the first time in a decade, we now have a clearer picture of where the most significant budget pressures lie and how we need to engage treasury in a bid to address the challenges we see.

    “As a result, I have requested an urgent meeting with the Minister of Finance to discuss the matter further. I am grateful to Minister [Enoch] Godongwana for his cooperation and support on this important matter.

    “We are also appreciative of Treasury’s willingness to engage with the Education sector. Ultimately a solution must be found in order for us to protect front line services,” the Minister said. 

    Gwarube has also requested a convening of a political 10X10 meeting between the Minister of Finance and the provincial MECs for Finance, as well as herself and the nine MECs of Education. 

    “We must work together with all 10 treasuries to unlock additional funds to alleviate the pressures facing the education sector, even if it is for the short term, and to prevent further cuts to teaching posts and critical support services like school nutrition and transport.

    “We also need to look at cross-departmental reprioritisation of budgets from departments that have under-performing programmes – ensuring that funding across government is directed to appropriate national priorities,” she said. 

    The Minister concluded that while the sector faces significant challenges, “these are not insurmountable. But they require decisive action and an unwavering commitment to putting education first.”

    Earlier this month, the Department of Basic Education said that the Minister had held meetings with various international partners to reinforce South Africa’s commitment to enhancing the education sector through global collaboration. 

    READ | Minister Gwarube in talks to enhance education sector

    – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI United Nations: Implementing Critical Energy Transition Minerals Principles through UNFC and UNRMS

    Source: United Nations Economic Commission for Europe

    The Principles and Actionable Recommendations for Critical Energy Transition Minerals (CETM) developed by the UN Secretary-General’s Panel set a clear mandate for a global transformation in resource governance.

    As Clovis Freire, Chief, Commodity Research and Analysis Section, at UNCTAD, emphasized during the UNECE Regional Dialogue on Critical Minerals and Just Energy Transition held during the UNECE Sustainable Energy Week 2024 “The CETMs Principles and Actionable Recommendations go beyond mining, covering the full value chain, with the focus on building and reinstating trust between stakeholders, while keeping human rights and environmental protection at the forefront while protecting the environment.” This call to action directs us towards global, equitable, and sustainable resource governance, which can be supported with tools such as the United Nations Framework Classification for Resource (UNFC), the United Nations Resource Management System (UNRMS), and implementing partners such as the International Centres of Excellence on Sustainable Resource Management (ICE-SRMs) playing key roles. These frameworks, already adopted in regions like the EU and Africa, and recommended for Asia-Pacific, align resource management with global sustainability and social equity. 

    Equitable Resource Development 

    The CETM Principles and Actionable Recommendations highlight the need for resource governance to move beyond economic gain. Instead, it must ensure sustainable, transparent, and responsible resource use. This shift requires governance models that integrate social, environmental, and ethical dimensions alongside technical and economic factors. 

    UNFC, UNRMS, and ICE-SRMs are well-positioned to lead this global transformation, supporting a comprehensive framework that aligns with the Sustainable Development Goals (SDGs). These governance tools aim to ensure that resource management benefits all, now and in the future, leaving no one behind. 

    UNFC and UNRMS

    UNFC provides a systematic approach for classifying resource-projects, such as the extraction or recovery of critical minerals, based on environmental, social, and economic factors. It lays the foundation for better resource understanding and decision-making. It is also directly linked to CETM Principle 6, which emphasizes that transparency, accountability, and anti-corruption measures are necessary to ensure good governance. Building on this foundation, UNRMS integrates human rights, environmental safeguards, and social justice into resource governance, ensuring alignment with global sustainability goals. 

    However, as challenges like climate change, inequality, and resource depletion intensify, classification and management alone are insufficient. The next step—global resource governance—integrates ethical, social, environmental, and economic dimensions ensuring that resources are governed in ways that promote long-term sustainability and social equity. 

    As Karen Hanghøj, Director of the British Geological Survey and Chair of the UNECE Expert Group on Resource Management, noted: “Governance is essential for our resource future. While classification gives us knowledge, management assures operational efficiency, it is governance that ensures we act responsibly balancing today’s needs with the planet’s long-term survival and prosperity.” 

    The Role of International Centres of Excellence

    ICE-SRMs play a vital role in scaling and operationalizing UNECE’s governance frameworks. These Centres provide technical expertise and regional knowledge, ensuring that UNFC and UNRMS are adopted globally and tailored to local contexts. By fostering collaboration between governments, industries, and civil society, ICE-SRMs promote best practices in resource governance and ensures sustainability, transparency, and fairness in resource use. The ICE-SRMs initiative aligns with and supports implementation of CETM Principle 7, including the recommendation for a High-Level Expert Advisory Group to accelerate benefit-sharing, value addition, and economic diversification in critical minerals value chains as responsible and fair trade, investment, finance, and taxation. 

    Harmonizing Global Resource Governance 

    The UNECE Regional Dialogue underscored a key realization: global resource governance offers the potential to mitigate traditional trade-offs between economic growth, environmental sustainability, and social equity. Historically, resource management has required balancing these priorities—growth versus sustainability or security of supply versus equitable benefit-sharing. Through application of UNFC and UNRMS, these priorities can be harmonized, creating a governance model in which: 

    Aligning Global Efforts: UNECE, the UN Principles, and International Cooperation 

    UNECE’s efforts toward global sustainable resource governance align with other major international frameworks, including the UN Secretary-General’s Panel on CETM Principles and Actionable Recommendations and the EU Critical Raw Materials Act. Both initiatives emphasize transparency, human rights, and sustainability—core tenets of UNECE’s governance frameworks. 

    The EU CRM Act mandates the use of UNFC to promote global cooperation, circularity and resource efficiency strengthening global efforts to achieve a just and sustainable energy transition. 

    The UNECE Regional Dialogue held during the UNECE Sustainable Energy Week 2024 marks a step in the global shift toward sustainable resource governance. With UNFC, UNRMS, and the operational support of the ICE-SRMs, UNECE leading this charge. The goal is clear: to ensure that resources are managed responsibly and equitably, benefiting both present and future generations. 

    To access the report, the list of panel members, and more, please visit: www.un.org/en/climatechange/critical-minerals.   

    For more detailed information on the Secretary-General’s Panel Report and Actionable Recommendations, please visit the official UN Press Release on Critical Energy Transition Minerals. 

    MIL OSI United Nations News –

  • MIL-OSI USA: U.S. International Investment Position, 2nd Quarter 2024

    Source: US Bureau of Economic Analysis

    The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$22.52 trillion at the end of the second quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis (chart 1). Assets totaled $36.00 trillion, and liabilities were $58.52 trillion (chart 2). At the end of the first quarter, the net investment position was –$21.29 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1.

    The –$1.23 trillion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$299.8 billion and net other changes in position, such as price and exchange-rate changes, of –$930.5 billion (table 2).

    Price changes of –$616.9 billion reflected U.S. stock price increases that exceeded foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets.

    Exchange-rate changes of –$214.8 billion reflected foreign currency depreciation against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms.

    U.S. assets increased by $173.2 billion to a total of $36.00 trillion at the end of the second quarter, mainly attributable to a $112.8 billion increase in financial derivatives (chart 3). The increase in financial derivatives mostly reflected increases in single-currency interest rate contracts.

    Portfolio investment and direct investment assets (the two largest categories of assets) changed little in the second quarter, as financial transactions and foreign stock price increases were mostly offset by foreign currency depreciation against the U.S. dollar that lowered the value of foreign-currency-denominated assets in dollar terms (table 2).

    U.S. liabilities increased by $1.40 trillion to a total of $58.52 trillion at the end of the second quarter, driven mainly by U.S. stock price increases that raised the market value of portfolio investment and direct investment liabilities (chart 4). Financial transactions of $391.1 billion, notably foreign purchases of U.S. stocks and long-term debt securities, also contributed to the overall increase in U.S. liabilities.

    Portfolio investment liabilities increased by $666.4 billion to $30.89 trillion, and direct investment liabilities increased by $568.2 billion to $16.64 trillion, mostly attributable to U.S. stock price increases (table 2).

    Table A. Updates to First-Quarter 2024 International Investment Position Aggregates
    [Trillions of dollars, not seasonally adjusted]

      Preliminary estimates Revised estimates
    U.S. net international investment position –21.28 –21.29
       U.S. assets 35.78 35.83
       U.S. liabilities 57.06 57.12

    U.S. Bureau of Economic Analysis

    Next release: December 27, 2024, at 8:30 a.m. EST
    U.S. International Investment Position, 3rd Quarter 2024

    MIL OSI USA News –

  • MIL-OSI: FinWise Bancorp Announces Strategic Lending Program with PowerPay to Offer Transparent and Affordable Monthly Payments for Home Improvement and Elective Healthcare Purchases

    Source: GlobeNewswire (MIL-OSI)

    MURRAY, Utah, Sept. 25, 2024 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with PowerPay, LLC (“PowerPay”). PowerPay is a leading fintech company specializing in simple and affordable real-time lending and payment solutions to the Home Improvement and Elective HealthCare segments. With over 200 employees, the Company has processed over $8 billion across all 50 states since its inception in 2020.

    The FinWise loan product, in partnership with PowerPay offers consumers nationwide, fair and affordable monthly payments through a network of quality contractors and medical providers. Each of the Company’s 12,000+ onboarded Service Providers uses the data driven platform to quickly process credit at the point-of-sale. PowerPay has partnered with leading national home remodelers and physician networks, enabling consumers to obtain financing options from trusted professionals. Through this new partnership, borrowers can expect to receive the same level of care and support, from application to loan payoff, via PowerPay’s highly-rated Customer Concierge team and technology platform.

    “PowerPay remains relentless in our pursuit of responsive and responsible solutions to meet the growing needs of homeowners and patients who seek financing,” said Mike Petrakis, PowerPay Founder & CEO. “Our dedication to merchant service and low monthly payment financing for consumers has led to a significant increase in demand for our loans. Partnership with FinWise Bank allows us to increase the number of borrowers we can effectively support while also ensuring deep regulatory expertise and focus as we continue to scale the business and our technologies.”

    Kent Landvatter, CEO of FinWise commented, “We are thrilled to partner with PowerPay on this innovative approach to offer consumers a transparent and affordable lending product with a simple monthly payment structure for Home Improvement and Elective HealthCare purchases. This agreement is a testament to the meaningful benefits that FinWise’s lending and payments solutions provide its strategic partners. It also underscores how the FinWise model enables strategic partner scaling while providing regulatory oversight through an intensive due-diligence process and compliance assessment.”

    About PowerPay
    Launched in 2020, PowerPay is a financial technology company providing seamless consumer financing solutions to over 12,000+ national providers. The Company helps contractors and physicians convert homeowner and patient purchases into simple monthly payments through its point-of-sale lending platform. Since its inception, PowerPay has funded over $8B. www.getpowerpay.com.

    About FinWise Bancorp

    FinWise provides Banking and Payments solutions to fintech brands. 2024 is a key expansion year for the Company, as it expands and diversifies its business model by launching and incorporating Payments (MoneyRails™) and BIN Sponsorship offerings. Its existing Strategic Program business, done through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied RE, and Leasing, which provide flexibility for disciplined balance sheet growth.

    Through its compliance oversight and risk management-first culture, the Company is also well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

    Contacts

    investors@finwisebank.com
    media@finwisebank.com
    bennett.andelman@getpowerpay.com

    The MIL Network –

  • MIL-OSI USA: FACT SHEET: During Climate Week, Biden-⁠ Harris Administration Announces Continued Progress on the American Climate  Corps

    US Senate News:

    Source: The White House
    American Climate Corps Has Already Put 15,000 Young Americans to Work as Part of Its Inaugural Cohort
    Environmental Protection Agency and AmeriCorps Announce a New Environmental Justice Climate Corps; the Department of Housing and Urban Development Joins the Interagency American Climate Corps Initiative
    Since taking office, President Biden has delivered on the most ambitious climate, clean energy, conservation, and environmental justice agenda in history – signing into law the largest investment in climate action ever, protecting more than 42 million acres of public lands and waters, creating good-paying clean energy jobs, and establishing the Justice40 Initiative, which sets the goal that 40 percent of the overall benefits from certain federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
    As part of his historic commitment to tackle the climate crisis, President Biden launched the American Climate Corps (ACC) to mobilize the next generation of clean energy, conservation, and climate resilience workers, with a goal to put 20,000 young people to work in the clean energy and climate resilience economy in the initiative’s first year. Today, in celebration of Climate Week, the White House is announcing that more than 15,000 young Americans have been put to work in high-quality, good-paying clean energy and climate resilience workforce training and service opportunities through the American Climate Corps – putting the program on track to reach President Biden’s goal of 20,000 members in the program’s first year ahead of schedule.
    Across the country, American Climate Corps members are working on projects to tackle the climate crisis, including restoring coastal ecosystems, strengthening urban and rural agriculture, investing in clean energy and energy efficiency, improving disaster and wildfire preparedness, and more. The American Climate Corps is giving a diverse new generation of young people the tools to fight the impacts of climate change today and the skills to join the clean energy and climate-resilience workforce of tomorrow.
    Today, the Biden-Harris Administration is making several additional announcements:
    The Environmental Protection Agency (EPA) and AmeriCorps are Announcing a New Environmental Justice Climate Corps, which will put more than 250 American Climate Corps members to work over the next three years providing technical assistance to community-based organizations in environmental justice communities – helping them access resources to carry out locally driven projects that reduce pollution, increase community climate resilience, improve public health and safety, and build community capacity to address environmental and climate justice challenges. Environmental Justice Climate Corps members will be paid a living allowance and reimbursed for selected living expenses. In total, this allowance is equivalent to receiving more than $25 per hour throughout their year of service. They will also obtain the benefits of AmeriCorps VISTA service—including the Segal AmeriCorps Education Award, which is valued at $7,395 in FY24, and streamlined pathways into certain federal jobs—and gain mentorship and professional development opportunities. Applications for the Environmental Justice Climate Corps will open in early 2025, with a goal for its first cohort to start later that year.The partnership with EPA is AmeriCorps’ largest environmental partnership in the agency’s history and will build on the success of three other partnerships announced under the American Climate Corps: AmeriCorps NCCC Forest Corps, Working Lands Climate Corps and Energy Communities AmeriCorps, which together will support more than 500 new ACC positions over the coming years.
    The Department of Housing and Urban Development (HUD) is Joining the ACC Interagency Initiative. Joining the seven initial signatories of the December 2023 ACC Memorandum of Understanding, today HUD will become the eighth federal agency member of the ACC Interagency Initiative. This step brings the ACC to the communities HUD serves, building upon the Department’s commitment to using low- and zero-carbon energy and supporting communities to increase their resilience, advance environmental justice, and create good jobs for residents.
    The American Climate Corps is Fostering Federal-State Partnerships by establishing a partnership with state service commissions, which support national service in states across the country, to grow the number of state climate corps and strengthen existing state climate corps programs. Together, the American Climate Corps, state-level climate corps programs, and state national service leadership are committed to strengthening state climate corps, supporting impactful program implementation, and leveraging state and local partnerships to scale climate corps efforts across the country. To date, 14 states have launched their own state-based climate corps programs, including New Jersey who just today announced the creation of the New Jersey Climate Corps. 
    American Climate Corps Will Host a Virtual Job Fair. The American Climate Corps is working to ensure that its members have a pathway to good-paying jobs following their terms of service, which is why later this year, ACC will host a virtual job fair for current and past members to learn about high-quality career opportunities in the clean energy and climate resilience economy. The virtual job fair will bring together the private sector, labor unions, and the public sector, including Federal agencies, to showcase career pathways available to ACC members.
    Today’s announcements build on a year of successful program implementation, including:
    Launch of the American Climate Corps Tour. This fall, to showcase ACC members’ important work across the nation, the American Climate Corps and senior Biden-Harris Administration officials is embarking on a national tour and visiting ten locations to highlight ACC members’ impact in communities across the country.The tour is making stops at a range of ACC project sites and featuring remarks by representatives of the Biden-Harris Administration and other Federal, state, and local elected officials. Visits include ACC member swearing-in ceremonies, service projects, and roundtables with ACC members.
    Creation of the American Climate Corps Storytellers Project. Inspired by the Works Progress Administration’s Federal Art Project, the ACC launched the Storytellers Project, engaging artists and storytellers to capture the impact of President Biden’s American Climate Corps.The ACC Storytellers Project solicited applications from artists across the country. Ten accomplished storytellers were selected to document the impact of the American Climate Corps in communities across the country through photographs, videos, and other visual art mediums. 

    MIL OSI USA News –

  • MIL-OSI: Byrna Technologies to Report Fiscal Third Quarter 2024 Financial Results on Wednesday, October 9, 2024 at 9:00 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Sept. 25, 2024 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, will hold a conference call on Wednesday, October 9, 2024 at 9:00 a.m. Eastern time to discuss its financial results for the fiscal third quarter ended August 31, 2024. Financial results will be issued in a press release prior to the call.

    Byrna management will host the presentation, followed by a question-and-answer period.

    Date: Wednesday, October 9, 2024
    Time: 9:00 a.m. Eastern time
    Toll-Free Dial-In: 877-709-8150
    International Dial-In: +1 201-689-8354
    Conference ID: 13748618

    Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.

    About Byrna Technologies Inc.

    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    The MIL Network –

  • MIL-OSI Africa: Nersa publishes Eskom’s revenue application for the next three financial years

    Source: South Africa News Agency

    The National Energy Regulator of South Africa (Nersa) on Monday published Eskom’s multi-year price determination (MYPD) revenue application up until 2028. 

    According to Eskom, the application covers the power utility’s financial period beginning on 1 April 2025 to 31 March 2028. 

    Eskom explained that it follows the MYPD methodology as prescribed by the regulatory authority.

    “This methodology is now in its sixth application; hence the process is referred to as MYPD 6,” the statement read. 

    Nersa will decide on the revenue Eskom can receive following its analysis and the regulator conducting a series of public consultations. 

    Eskom believes that this application allows for an improvement in the financial sustainability of Eskom through the migration to cost-reflective prices and the successful operation of Generation, Transmission and Distribution in Eskom. 

    “Further migration towards cost reflectivity to cover the full cost of capital would be considered in subsequent applications. This would minimise the impact on the taxpayers.”

    In accordance with its revenue decision, Eskom said Nersa will then make tariff decisions for implementation from 1 April 2025. 

    As per Eskom, it can only implement tariff decisions made by Nersa.

    “We are entering the next phase of the regulatory process where Nersa will conduct an extensive public consultation about Eskom’s revenue application and we urge as many stakeholders as possible to become involved so Nersa can determine a key component in the funding of a constant electricity supply that drives economic growth and our quality of life for years to come,” said Chief Financial Officer of Eskom, Calib Cassim. 

    Cassim stated that as Nersa makes its decision, it will consider affordability for identified vulnerable sectors including indigent customers and certain industrial sectors. 

    “Eskom has made its revenue application based on the costs it will incur to efficiently provide electricity to the customer and it is a critical component in ensuring Eskom continues to provide reliable electricity services while improving its financial sustainability, through a migration to cost-reflective prices,” he added. 

    The utility said it was applying for total revenues of R446 billion for the 2026 financial year, R495 billion for 2027 and R537 billion for 2028.

    This translates to the proposed average price increases for Eskom direct customers are 36.15% (1 April 2025 to 31 March 2026), 11.81% (1 April 2026 to 31 March 2027) and 9.10% (1 April 2027 to 31 March 2028).

    In addition to the MYPD 6 application, Eskom submitted a retail tariff plan (RTP) to Nersa outlining proposed structural changes, which are expected to be implemented from 1 April 2025 once all Nersa approval and governance processes are concluded.

    “The RTP aims to introduce cost-representative pricing that supports the long-term sustainability of all participants in the electricity supply industry.” 

    Nersa will consult with stakeholders on Eskom’s revenue application, as part of its decision-making process. 

    Eskom is required to submit to the regulator the revenue it requires for Nersa to make its determination. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Green Party reaction to vote on winter fuel payments at Labour conference

    Source: Green Party of England and Wales

    Reacting to a motion on winter fuel payments put forward by the Unite union and supported by a majority of delegates at Labour Party conference, co-leader of the Green Party, Carla Denyer, said:

    “Today’s vote at Labour Party conference leaves Labour ministers out in the cold. There is a groundswell of support – from opposition parties, unions, many Labour MPs, health workers, disability groups, charities supporting pensioners, as well as others – for ensuring millions of pensioners keep warm this winter.

    “Targeting some of the most vulnerable to fix the supposed black hole in the public finances is cruel and unnecessary.  

    “There is another way. A fairer way. As the successful motion by Unite makes clear, taxing multi-millionaires and billionaires a little more would not only easily cover the cost of winter fuel payments for all pensioners but also generate additional funds for much needed investment in our health and social care services.”

    / by Andrew Bell

    Press Releases

    MIL OSI United Kingdom –

  • MIL-OSI Global: Continuing crackdown on churches and NGOs moves Nicaragua further from democracy to authoritarianism

    Source: The Conversation – USA – By Richard Wood, President of the Institute for Advanced Catholic Studies, USC Dornsife College of Letters, Arts and Sciences

    A man prays at the Metropolitan Cathedral in Managua, the capital of Nicaragua, in August 2022. Oswaldo Rivas/AFP via Getty Images

    The Nicaraguan government recently shut down more than 1,500 nonprofits – many of them civic and religious groups doing humanitarian work in a country long mired in political violence, economic upheaval and social strife.

    The August 2024 closures were the latest in a long-running crackdown on civil society, including religious groups – some of the last influential, independent organizations in the country. That same month, the government revoked churches’ tax-exempt status. Over the past few years, many houses of worship have been closed or had their bank accounts frozen.

    As a sociologist, I have worked with Central American scholars to research the role of religion in public life in Central America, including Nicaragua. Several hundred Catholic figures have been detained in an ongoing crackdown under President Daniel Ortega, now 78, who leads the Sandinista National Liberation Front.

    Sweeping suppression

    Ortega’s FSLN party, as it is known in Spanish, is the authoritarian remnant of the group that led a broad national movement against Anastasio Somoza Debayle’s dictatorship in the 1970s. After overthrowing Somoza in 1979, Ortega and the Sandinistas governed until losing the 1990 election.

    Since Ortega returned to power in the 2006 elections, moderates have fled the FSLN, which since then has used oppression and violence for political and social control. In 2013, the National Assembly removed presidential term limits set by the Nicaraguan constitution.

    In April 2018, Ortega’s regime began targeting student protesters. Since then, hundreds of citizens — religious leaders, university students, academics, journalists and doctors — have been killed or arrested, gone into hiding or been forced to flee the country.

    Ortega’s crackdown has been broad. Universities had their assets confiscated and funding cut, and some have been shut down as the government took control of higher education. Media outlets have been shuttered, and international aid organizations have been expelled.

    Paramilitary police officers and prison guards have been accused of engaging in arbitrary killings and torture. Meanwhile, a record number of refugees are fleeing the country.

    Parishioners attend Mass at St. Agatha Catholic Church in Miami, which has become the spiritual home of the growing Nicaraguan diaspora.
    AP Photo/Rebecca Blackwell

    Silencing churches

    Among the nearly 5,500 nonprofits that closed in Nicaragua between 2018 and 2024 are Catholic, evangelical Christian and historical Protestant organizations, as well as secular humanitarian ones. Of those, 1,650 organizations and churches were shuttered in August 2024, with government officials claiming their closure was due to ties to private enterprises or a lack of financial records.

    Catholic media and radio stations, missionary orders and humanitarian groups have been shuttered, too, as Ortega and the vice president – his wife, Rosario Murillo – have sought to eliminate settings where ideas and information freely flow, and people act independently of the government.

    The highest-profile religious leader caught up in the clampdown is Rolando Álvarez, a popular bishop, critic of Ortega, and a prominent Catholic voice of protest. Álvarez was detained in August 2022, accused of “conspiracy and spreading false news,” stripped of his citizenship and sentenced to 26 years in prison.

    Police officers and riot police block the main entrance of a church building in Matagalpa, Nicaragua, in August 2022 to prevent Bishop Rolando Álvarez from leaving.
    STR/AFP via Getty Images

    With international pressure mounting, Alvarez and a group of fellow detained Catholic clergy were released in January 2024 and exiled to the Vatican – where the regime had previously expelled the apostolic nuncio, the pope’s top diplomat in Nicaragua. They are among 245 Catholic figures the country has expelled in recent years. An additional 135 people, including Catholics and evangelicals, were expelled and stripped of their citizenship in September 2024.

    Today, 43% of Nicaraguan citizens identity as Catholics. But that percentage used to be much higher, and the country has deep cultural roots in Catholicism.

    In Nicaragua, as in much of Latin America, the Catholic Church is the most powerful source of social authority and the largest independent institution for public debate. It represents a key channel through which democratic values may take root, grow and thrive – an obstacle, in the regime’s eyes.

    For many years, the church was the only organization to escape Ortega’s grip – but no longer.

    Dangerous path

    I have witnessed firsthand Nicaragua’s shift from a country with promising seeds of democracy to violent autocracy. As civil war raged between the original Sandinista regime and U.S.-backed Contras in the 1980s, I led travel seminars to Nicaragua for faith groups, journalists, congressional aides and university students. I once personally encountered Ortega, serving as translator during a meeting with American journalists when his official translator failed to show up.

    Today, as Ortega continues to consolidate power by crushing opposition, Nicaragua has deteriorated into an oppressive state ruled with an iron fist. This reality reflects broader dynamics globally, from autocratic movements in the U.S. and Western Europe to current regimes in Russia, India, Turkey, Hungary and China.

    Nicaraguan citizens wave from a bus after being released from a Nicaraguan jail and landing in Guatemala City on Sept. 5, 2024.
    AP Photo/Moises Castillo

    Closer to home, Ortega poses a regional threat as a model for other potential autocrats. This is especially the case for neighbors like El Salvador, where President Nayib Bukele – the popular, self-described “coolest dictator” – is going down a similar path of turning the nation into an authoritarian state.

    I have seen Nicaraguans’ generosity and courage in the long fight for liberty and justice. The closure of democratic spaces, civic institutions and humanitarian organizations, along with the suppression of religious freedom, is a glaring sign that the country is being marched toward more oppression and violence – and, as history shows, risks becoming ripe for revolution.

    Only a gradual rebuilding of civil society, I believe, may save Nicaragua from that fate. The tragedy is what Nicaragua could have been: a thriving democratic society, with a commitment to empowering the poor.

    From 1983-1987 and part-time from 1987-1992, Richard Wood worked running travel seminars in Mexico and Central America. From 2010-2012, he received funding from the Center on Religion and Civic Culture at the University of Southern California and The John Templeton Foundation for research collaboration with Central American researchers.

    – ref. Continuing crackdown on churches and NGOs moves Nicaragua further from democracy to authoritarianism – https://theconversation.com/continuing-crackdown-on-churches-and-ngos-moves-nicaragua-further-from-democracy-to-authoritarianism-238178

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why do people still back Trump, after everything? 5 things to understand about MAGA supporters’ thinking

    Source: The Conversation – USA – By Alex Hinton, Distinguished Professor of Anthropology; Director, Center for the Study of Genocide and Human Rights, Rutgers University – Newark

    Supporters watch Donald Trump speak at a rally in Uniondale, N.Y., on Sept. 18, 2024. Spencer Platt/Getty Images

    For many people, especially those leaning left, Donald Trump’s disqualifications to be president seem obvious, prompting some to question: How could anyone still vote for Trump?

    Some of the evidence Trump’s critics cite include his two impeachments, multiple criminal indictments at the state and federal levels and a felony conviction. Opponents also say that Trump is a threat to democracy, a misogynist, racist, a serial liar and a rapist.

    About 78% of Democrats and Democrat-leaning independent voters say that Trump broke the law when he allegedly tried to overturn the 2020 election results. But less than half of Republicans think he did anything wrong.

    I am an anthropologist of peace and conflict, and I have been studying what I call the Trumpiverse since 2015, when Trump descended a golden escalator and announced his candidacy for president. I later wrote a related book in 2021, called “It Can Happen Here.”

    More recently, I have been examining toxic polarization – and ways to stop it. Many efforts to reduce people’s polarized views begin with an injunction: Listen and understand.

    To this end, I have attended Trump rallies, populist and nonpartisan events and meetings where Democrats and Republicans connect and talk. Along the way, I have spoken with Trump supporters ranging from the Make America Great Again, or MAGA, faithful to moderate “hold the nose and vote for him” conservatives.

    And indeed, many on the left fail to understand who Trump voters are and how they vary. Trump’s base cannot simply be dismissed as racist “deplorables”, as Hillary Clinton famously said in 2016, or as country bumpkins in red MAGA hats. Trump voters trend older, white, rural, religious and less educated. But they include others outside those demographic groups.

    Many people have thoughtful reasons for voting for Trump, even if their reasoning – as is also true for those on the left – is often inflamed by populist polarizers and media platforms.

    Here are five key lines of reasoning that, in varying combinations, inform Trump voters’ choice.

    Donald Trump speaks at a rally on July 31, 2024, in Harrisburg, Pa.
    Spencer Platt/Getty Images

    1. Media distortion

    Where those on the left see Trump’s many failings, those on the right may see what some political observers call Trump Derangement Syndrome, sometimes simply called TDS.

    According to this line of argument, the left-leaning media dissects Trump’s every word, and the media then distorts what he says. I have found that some Trump supporters think that people who feed too much on this allegedly biased media diet can get TDS and develop a passionate, perhaps illogical dislike of Trump.

    I have also heard hardcore Trump supporters argue, with no evidence, that such “fake news” media outlets, like CNN, are part of a larger deep state plot of the federal government to upend the will of the people. This plot, according to those who propagate it, includes not just leftists, government bureaucrats and people who claim to be Republicans, but really aren’t, but also people in law enforcement.

    Some Trump supporters also see merit in his contention that he is being wrongly persecuted, just like some see the Jan. 6 defendants being persecuted.

    2. Bread on the table, money in the bank

    “Are you better off than you were four years ago?”

    For many Trump voters, the answer to Ronald Reagan’s famous question is clear: “No.” They accurately remember Trump’s term as one of tax cuts, economic growth and stock market highs.

    It is true that overall employment numbers and average pay went up under President Joe Biden. But for some Trump supporters, that economic boost pales in comparison to the massive surge in inflation during Biden’s term, with prices rising almost 20%. While the inflation rate has recently abated, prices remain high – as voters are reminded of every day at the grocery store.

    Polls also show that Trump has a strong lead over Democratic presidential nominee Kamala Harris on how they would handle the economy, which is a top concern for voters, especially Republicans.

    3. A border invasion

    Another reason some Americans want to vote for Trump: immigration.

    Like inflation, the number of people illegally crossing the border soared under Biden.

    This massive influx of “illegal aliens,” as Trump calls them, dropped to its lowest level in four years in July 2024. This happened after the Biden administration made it harder for immigrants to apply for asylum at the U.S.-Mexico border, a policy measure that is in line with many Republicans’ approach.

    In 2022, a poll found 7 out of 10 Republicans worried that “open borders” were part of a Democratic plot to expand liberals’ power by replacing conservative white people with nonwhite foreigners.

    Trump has played into some people’s mostly false concerns that immigrants living illegally in the U.S. are freeloaders and won’t assimilate, as illustrated by recent – untrue – allegations that immigrants are eating pets in Ohio.

    In 2022, 82% of Republicans said they viewed immigration as a “very important” issue. Trump continues to tout his proposed solution, which includes shutting the border, building a wall and deporting 11 million immigrants who are living in the U.S. without legal authorization.

    People attend a Donald Trump rally in Uniondale, N.Y., on Sept. 18, 2024.
    Michael M. Santiago/Getty Images

    4. A proven record

    Some Trump voters simply compare the records of Trump and Biden-Harris and find that the tally tilts firmly toward Trump.

    And it’s not just about the economy and immigration.

    There were no new wars under Trump. Biden-Harris, in contrast, are saddled with Russia’s invasion of Ukraine and Israel’s invasion of the Gaza Strip. Trump supporters’ perception is that American taxpayers foot a large portion of the bill, even though other countries are also giving money to Ukraine, and Israel is actually buying weapons from the U.S.

    I have found that Trump supporters also think he is better suited to deal with the rising power and threat of China.

    5. The MAGA bull in a china shop

    While some Harris supporters lament Trump’s destruction of democracy and decency in politics, I have found that Trump voters see a charismatic MAGA bull in a china shop.

    It is precisely because Trump is an unrelenting pugilist, or a fighter – as he showed when he raised a fist after the assassination attempt against him in July – that he should be elected, his supporters believe.

    Some even view him as savior – who will save the U.S. from a “radical left” apocalypse.

    For such Trump stalwarts, MAGA is not simply a slogan. In the Trumpiverse, it is a movement to save an America that is on the brink of failure.

    Alexander Hinton receives funding from the Rutgers-Newark Center for the Study of Politics and Race in America.

    – ref. Why do people still back Trump, after everything? 5 things to understand about MAGA supporters’ thinking – https://theconversation.com/why-do-people-still-back-trump-after-everything-5-things-to-understand-about-maga-supporters-thinking-239031

    MIL OSI – Global Reports –

  • MIL-OSI Global: What is ‘dark money’ political spending, and how does it affect US politics?

    Source: The Conversation – USA – By Emily Lau, Staff Attorney, State Democracy Research Initiative, University of Wisconsin-Madison

    Where exactly did this money come from? Manuel Augusto Moreno/Moment via Getty Images

    Every campaign season brings renewed attention to the amount of money influencing American politics, and who is spending it, and for what purposes. In particular, people are concerned about what is called “dark money.” For instance, recent media coverage has pointed to escalating dark money spending on both the Democratic and Republican sides.

    The term sounds scary and raises the specter of shadowy people manipulating the nation’s politics. As a researcher who studies the American democratic system, I think it’s worthwhile to unpack what dark money is, what concerns it raises and what might be done to address it.

    Unidentified political donors

    When people talk about dark money, they’re usually referring to money spent on elections that comes from sources that cannot be identified.

    Federal and state laws impose some limits on contributions and require some political contributions and expenditures to be publicly disclosed. Candidates for federal office, for example, must report their campaign donors to the Federal Election Commission. The FEC makes these reports available to the public.

    Likewise, super PACs – groups permitted to spend unlimited amounts on independent electoral advocacy – must also report some information about donations, such as the identities of and amounts given by people who donate more than US$200 in a year.

    But campaign finance disclosure laws have gaps.

    Federal law, for example, allows certain entities – most notably nonprofits designated as “social welfare” organizations or trade associations under Sections 501(c)(4) and 501(c)(6) of the tax code – to raise and spend large sums on electoral advocacy without disclosing their donors.

    A CBS News investigation into dark money in U.S. politics.

    Another dark money pathway involves making donations to super PACs through shell companies, which are companies set up for the purpose of hiding the financial activities of other people or groups – in this case, political contributions. Although super PACs are legally required to report who they received the contributions from, if the funds come from shell companies, the super PACs may not know and are not required to disclose where the money actually came from. That information remains hidden from public view.

    A lack of donor transparency raises multiple concerns. Voters may have a harder time assessing the validity of political messages or discerning whether candidates may be beholden to certain interests. Regulators and watchdogs can have trouble detecting illegal activity, such as campaign spending by foreign nationals. And unscrupulous people and groups can spread misinformation or destructive rhetoric without being identified or held accountable.

    Undisclosed political expenditures

    While discussions of dark money usually focus on where it comes from, the term can also describe a lack of transparency about where it goes.

    Under federal law, campaign committees must report their direct disbursements, such as payments to vendors or consultants. These vendors and consultants, however, sometimes function as pass-through entities that receive campaign funds and then purchase undisclosed goods and services. And any of these recipients can be set up as shell companies, making the flow of funds even more difficult to track.

    For instance, Hillary Clinton’s 2016 campaign and the Democratic National Committee faced FEC complaints for failing to disclose indirect payments made through the campaign’s law firm to researchers who compiled a dossier on Donald Trump’s Russia ties. The Clinton campaign and the DNC paid a fine to settle the matter without conceding wrongdoing.

    But enforcement can be difficult. In 2020, a watchdog group filed an FEC complaint alleging that Trump’s reelection campaign directed hundreds of millions of dollars to a pass-through entity in an improper effort to hide its expenditures – which included payments to top advisers and family members that, by law, would have otherwise been disclosed. The FEC dismissed the Trump complaint in 2022 when commissioners deadlocked 3-3 on whether to pursue it.

    As with a lack of donor disclosure, a lack of expenditure disclosure can deprive voters and regulators of valuable information. Lack of transparency can also invite questionable campaign practices, such as using donated funds in ways that enrich candidates, campaign staff or their associates.

    It can be hard to determine who is really behind shell companies and campaign donors.
    nicodemos/E+ via Getty Images

    Stalled federal reforms

    Proponents of greater campaign finance transparency have had little success pressing federal lawmakers and regulators to address dark money.

    Since 2010, congressional Democrats have been introducing legislation known as the DISCLOSE Act. Among other requirements, it would make dark money groups reveal major donors and restrict the use of shell companies to conceal donors’ identities. While versions of the bill have passed the House, they have repeatedly stalled in the Senate. Opponents maintain that these measures would infringe people’s privacy rights and chill constitutionally protected speech.

    Advocates have also made minimal headway persuading Congress or federal agencies to adopt new disclosure regulations or tighten enforcement.

    The FEC, which has an even partisan split among its six commissioners, has often been unable to get a majority to agree to take action. And the FEC’s most notable recent decisions have been to loosen, rather than tighten, campaign finance rules. Congress has barred the Securities and Exchange Commission from establishing new political spending disclosure rules for public companies, although some companies self-report more than the law requires.

    States’ efforts to curb dark money

    Dark money is also an issue in state and local elections. The strength of state and local transparency laws varies. Because these elections typically receive less attention and scrutiny than federal elections, money sometimes flows even more opaquely.

    Unlike the federal government, a number of states and localities have bolstered their disclosure rules in recent years. Arizona, California, Colorado, New Jersey and Washington, for example, have passed new laws requiring more donor information, including about the original sources of funds that are transferred between multiple groups before being spent on electioneering.

    Meanwhile, states such as Iowa, Massachusetts and Texas have adopted laws requiring campaigns to provide details about how consultants and vendors spend the campaign’s funds.

    Even in these states, disclosure gaps remain. The reality is that efforts to improve transparency can seem like a game of whack-a-mole: Each new round of regulations tends to generate new workarounds. But the experiences in these states and elsewhere may offer models and lessons for other jurisdictions.

    The current Supreme Court has given mixed messages about campaign finance transparency.
    Fred Schilling, Collection of the Supreme Court of the United States

    Constitutional questions

    Beyond the political challenge of getting stronger transparency regulations adopted, proponents of such measures also face potential constitutional challenges by opponents of disclosure.

    In multiple cases, including the 2010 Citizens United v. FEC ruling, the U.S. Supreme Court has rejected First Amendment claims brought by political spenders who wished to conceal their identities. In that case, the court observed that transparency helps the electorate “make informed decisions and give proper weight to different speakers and messages.”

    However, the Supreme Court has also recognized a right to engage in anonymous political speech. And in recent years, the court’s conservative supermajority has become somewhat more skeptical of disclosure rules, including in a 2021 case, Americans for Prosperity Foundation v. Bonta, which overturned a state law requiring charities to identify major donors. In her dissent, Justice Sonia Sotomayor warned that the court’s argument could be applied to campaign finance disclosure regulations.

    Therefore, even if public momentum builds for stronger transparency regulations, the Supreme Court could stand as an obstacle to such reforms.

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

    – ref. What is ‘dark money’ political spending, and how does it affect US politics? – https://theconversation.com/what-is-dark-money-political-spending-and-how-does-it-affect-us-politics-236294

    MIL OSI – Global Reports –

  • MIL-OSI Video: Ninth ECB Annual Research Conference 2024: Session 2

    Source: European Central Bank (video statements)

    Session 2:

    Chair: Marie Hoerova, European Central Bank

    Strike while the Iron is Hot: Optimal Monetary Policy with a Nonlinear Phillips Curve
    Peter Karadi, European Central Bank
    Anton Nakov*, European Central Bank
    Galo Nuño, Banco de España
    Ernesto Pastén, Central Bank of Chile and Toulouse School of Economics
    Dominik Thaler, European Central Bank
    Discussant: Guido Ascari, University of Pavia and De Nederlandsche Bank

    Data and markups: a macro-finance perspective
    Jan Eeckhout*, Universitat Pompeu Fabra
    Laura Veldkamp, Columbia University
    Discussant: Maarten De Ridder, London School of Economics

    https://www.youtube.com/watch?v=5GxgjH9lAdU

    MIL OSI Video –

  • MIL-OSI Video: Ninth ECB Annual Research Conference 2024: Welcoming remarks & Session 1

    Source: European Central Bank (video statements)

    Welcoming remarks
    Luc Laeven, European Central Bank

    Session 1:

    The economics of financial stress
    Dmitriy Sergeyev*, Bocconi University
    Chen Lian, University of California, Berkeley
    Yuriy Gorodnichenko, University of California, Berkeley
    Discussant: Alina Bartscher, Frankfurt School of Finance and Management

    Behavioural sticky prices
    Sergio Rebelo, Northwestern University
    Miguel Santana, Northwestern University
    Pedro Teles*, Banco de Portugal and Católica-Lisbon School of Business and Economics
    Discussant: Gaetano Gaballo, HEC Paris

    https://www.youtube.com/watch?v=fZNTaE2QCPU

    MIL OSI Video –

  • MIL-OSI Russia: Financial news: The world’s first issue of digital financial assets for charitable purposes took place on the Moscow Exchange platform

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On September 24, 2024, the Moscow Exchange platform hosted the issue of digital financial assets (DFA) for charitable purposes.

    The issuer of the CFA was the Voskresenie charity foundation, and the buyers were Russian credit organizations. The funds raised through the issue of the CFA will be used to finance the construction of a church in honor of St. Sergius of Radonezh in Cheboksary.

    Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets: “At my suggestion, the idea of using advanced financial technologies in charity was implemented on the Moscow Exchange platform. This is a landmark event for the financial and charitable sectors. Moscow Exchange, together with the financial community, has developed a solution for fast and transparent financing of charitable projects using a new instrument for the Russian market – digital financial assets. This is an important first step. There is a lot of work ahead to further popularize this instrument, which will not only offer new opportunities to philanthropists, but also simplify the process of charity itself.”

    Sergey Kharinov, Director of Digital Assets at Moscow Exchange: “The use of distributed ledger technologies in the charitable sector has a number of advantages, including transparency of operations, flexibility and speed of fundraising. Our plans include applying the successful experience of the first issue to create a digital platform based on it, which will provide an additional technological channel for fundraising for charitable organizations.”

    In August 2023, the Moscow Exchange Group received licenses from the Bank of Russia to operate as an information system operator (NPO JSC NSD) and a digital financial asset exchange operator (PJSC Moscow Exchange).

    Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository, as well as a clearing center that performs the functions of a central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n73424

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI USA: SEC Charges Merrill Lynch and Harvest Volatility Management for Ignoring Client Instructions

    Source: Securities and Exchange Commission

    SEC penalizes firms, recovers more than $6 million of excess fees tied to options trading strategy

    The Securities and Exchange Commission today announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. for exceeding clients’ designated investment limits over a two-year period beginning in March 2016, which resulted in clients paying higher fees, being subjected to increased market exposure, and incurring investment losses. As part of the separate settlements, Harvest and Merrill have agreed to pay a combined $9.3 million in penalties and disgorgement to resolve the SEC’s claims. 

    According to the SEC’s orders, Harvest was the primary investment adviser and portfolio manager for the Collateral Yield Enhancement Strategy (CYES), which traded options in a volatility index with the aim of generating incremental returns. The SEC’s orders find that, starting in 2016, Harvest allowed scores of accounts to exceed the exposure levels that investors designated when they signed up to the CYES strategy, including dozens of accounts that exceeded the limit by 50 percent or more. Merrill and Harvest received larger management fees when investors’ exposure levels climbed above pre-set levels and exposed investors to greater financial risks. The SEC order as to Merrill finds that it introduced its clients to Harvest and received part of Harvest’s management and incentive fees, as well as trading commissions. It also finds that Merrill was aware that investors’ exposure to CYES was exceeding pre-set exposure levels and failed adequately to inform affected CYES investors, most of whom had existing advisory relationships with Merrill. The SEC’s orders also find that Harvest and Merrill neglected to adopt and implement policies and procedures reasonably designed to ensure that they disclosed all material facts to their clients and alerted them to the excessive exposure.

    “In this case, two investment advisers allegedly sold a complex options trading strategy to their clients, but failed to abide by basic client instructions or implement and adhere to appropriate policies and procedures,” said Mark Cave, Associate Director of the SEC’s Enforcement Division. “Today’s action holds Merrill and Harvest accountable for dropping the ball in executing these basic duties to their clients, even as their clients’ financial exposure grew well beyond predetermined limits.”

    The SEC’s orders find that Harvest and Merrill violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder. Without admitting or denying the findings, Harvest and Merrill agreed to be censured, to cease-and-desist orders, and to penalties of $2 million and $1 million, respectively. Harvest will also pay $3.5 million in disgorgement and prejudgment interest, while Merrill will pay $2.8 million in disgorgement and prejudgment interest.

    The SEC’s investigation was conducted by Bobby Gray, Matthew Finnegan, and Suzanne Romajas, under the supervision of Jeff Leasure and Mr. Cave.

    MIL OSI USA News –

  • MIL-OSI Translation: 2025 Budget: compliance with the debt brake, compensation for cost increases and reduction of the tax scale

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Canton of Neuchatel Switzerland

    09/25/2024

    ​The State Council presents its 2025 budget project, in a situation still marked by a favorable economic climate. Despite the increases in expenses in certain areas of activity, the income statement shows a surplus of revenue of 29.9 million francs and meets the requirements of the debt brake. Significant investments are also expected. In addition, a further reduction in the tax scale is proposed.

    After three accounting and budgetary years particularly marked by a favourable economic context, the 2025 budget of the State of Neuchâtel presents a surplus of revenue of 29.9 million francs on a total of 2.5 billion in expenses. Fulfilling the requirements of the debt brake, it makes it possible to amortize 1% of the State’s overdraft while ensuring the self-financing, up to 71.2%, of a significant investment envelope.

    Significantly up on previous years, investments amount to nearly 147 million, with a decisive share representing 5.2% of revenues. While an envelope of this size represented an additional challenge in terms of self-financing, it reflects the many projects started in recent years that are now in their implementation phase. For the Council of State, this is a decisive period during which investment expenditure will have to remain at a high level in order to meet the major challenges of modernizing, making the canton more attractive and improving its infrastructure.

    Positive revenue dynamics

    Despite some signs of slowdown already perceived in the Neuchâtel economy, tax forecasts continue for the time being to benefit from the good economic situation, the fall in unemployment and inflation. Tax revenues should therefore remain at a level close to 2023, a sign of positive dynamics of resources that will help to mitigate significant increases observed in several areas of expenses.

    Among other important sources of financing, the 2025 budget benefits from a significant increase in revenues received by the Canton as part of the federal financial equalization and takes into account an improvement in the outlook linked to a resumption of ordinary payments from the Swiss National Bank (SNB). While they allow us to approach 2025 with a certain serenity, these developments nevertheless call for the greatest caution given the high level of uncertainty that characterizes them and the total lack of influence exercised by the Canton. This caution is all the more important given that multiple issues are currently threatening the stability of public finances.

    Need to control loads

    As a sign of the many challenges that the Canton is currently facing, the 2025 budget includes significant increases in charges, particularly in the social and health sectors, where demographic change is now clearly having an impact. The rise in health costs requires, in particular, ever-increasing resources allocated to health institutions, but also to health insurance subsidies or in the area of supplementary benefits.

    Expenditure is also increasing in the area of training, or in that of mobility with allowances paid to public transport companies which continue to grow. In addition to these, there are the many additional efforts that the Canton has committed to making in climate protection.

    Finally, the redistribution to the municipalities of half of the federal contribution for the compensation of geotopographical overloads, which represents a burden of more than 10 million francs for the Canton, is not subject to any compensation this year and is therefore fully assumed by the State budget.

    Faced with these major challenges, it is now imperative that the Canton of Neuchâtel controls its expenses and achieves a sustainable clean-up of public finances.

    Compensation for cost increases and reduction of the tax scale

    The 2025 budget remains impacted by inflationary pressure which, despite a clear slowdown observed in recent months, still has significant effects on many areas of State activity as well as on household purchasing power. For 2025, the Council of State therefore proposes full compensation for the increase in civil service salaries. It also proposes catching up on the indexation reserve that had to be maintained in 2024. A measure that has an overall impact on the State budget of around 30 million francs.

    Furthermore, convinced that Neuchâtel taxpayers must also benefit from the good economic situation and its positive financial consequences for the State and the municipalities, the Council of State invites the Grand Council to adopt a new temporary reduction in the personal income tax scale, at a rate of 1%, which is added to the previous one. This proposal, the financial implications of which are already included in the 2025 budget, should allow the canton to continue this logic of modest progress in order to maintain and improve its attractiveness.

    Efforts still needed in the medium term

    The 2026-2028 financial and task plan still shows significant deficits of between 30 and 50 million, which do not include the potential deferrals of charges from the Confederation to the cantons or the impact of the responses to the various cantonal initiatives. These worrying projections and prospects should encourage the State to conduct a prudent financial policy in order to maintain sufficient room for maneuver to react in the event of an economic downturn. Significant additional efforts will therefore be necessary during the next legislature to guarantee the stability of public finances, an essential condition for being able to respond effectively to future challenges without jeopardizing compliance with the debt brake.

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI: Peapack Private Hires Vanessa Tortorice as Senior Managing Director

    Source: GlobeNewswire (MIL-OSI)

    BEDMINSTER, NJ, Sept. 25, 2024 (GLOBE NEWSWIRE) — Peapack-Gladstone Financial Corporation (NASDAQ Global Select Market: PGC) and Peapack Private, a division of Peapack-Gladstone Bank, are proud to announce that Vanessa Tortorice has joined Peapack Private’s New York City location as Senior Managing Director.  Vanessa joins a team of highly-skilled commercial bankers at Peapack Private, where she will contribute to the growth of commercial and industrial business in the New York market. She is dedicated to providing tailored banking solutions to help clients achieve their long-term financial goals.

    With a proven track record in financial services, Vanessa brings 12 years of experience to Peapack Private.  Previously, she served as Vice President and Senior Business Banker at M&T Bank, where she managed a portfolio of high-net-worth clients.  Vanessa excelled at fostering relationship stewardship and driving cross-functional collaboration, significantly contributing to revenue growth.  Prior to that as Vice President, Business Banking at Capital One, she managed a diverse portfolio of valued clients, consistently surpassing targeted net portfolio loan and deposit growth objectives.  Veronica exceeded goals in acquiring new clients, managing existing relationships, and forging new banking alliances.  She ranked within the top 10% nationally, affirming her track record of excellence.

    Ms. Tortorice attended the University of Rome, Rome, Italy, and the College of Staten Island CUNY, with a focus on Liberal Arts.

    About the Company

    Peapack-Gladstone Financial Corporation is a New Jersey bank holding company with total assets of $6.51 billion and assets under management and/or administration of $11.5 billion as of June 30, 2024.  Founded in 1921, Peapack-Gladstone Bank is a commercial bank that offers a client-centric approach to banking, providing high-quality products along with customized and innovative wealth management, investment banking, commercial and retail solutions.  Peapack Private, a division of Peapack-Gladstone Bank, offers comprehensive financial, tax, fiduciary and investment advice and solutions to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy.  Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service.  Visit www.pgbank.com and www.peapackprivate.com for more information.

    Contact:  Rosanne Schwab, Peapack-Gladstone Bank, Vice President, Public Relations and Corporate Communications Manager, 500 Hills Drive, Suite 300, Bedminster, NJ  07921 rschwab@pgbank.com, (908) 719-6543.

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    The MIL Network –