NewzIntel.com

Category: Finance

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for September 2024

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (November 1).     The value of total retail sales in September 2024, provisionally estimated at $29.6 billion, decreased by 6.9% compared with the same month in 2023. The revised estimate of the value of total retail sales in August 2024 decreased by 10.0% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.6% compared with the same period in 2023.     Of the total retail sales value in September 2024, online sales accounted for 10.4%. The value of online retail sales in that month, provisionally estimated at $3.1 billion, decreased by 11.8% compared with the same month in 2023. The revised estimate of online retail sales in August 2024 decreased by 0.7% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of online retail sales decreased by 2.0% compared with the same period in 2023.     After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in September 2024 decreased by 8.7% compared with a year earlier. The revised estimate of the volume of total retail sales in August 2024 decreased by 11.7% compared with a year earlier. For the first 9 months of 2024 taken together, the provisional estimate of the total retail sales decreased by 9.2% in volume compared with the same period in 2023.     Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing September 2024 with September 2023, the value of sales of commodities in supermarkets decreased by 1.1%. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-7.6% in value); jewellery, watches and clocks, and valuable gifts (-17.9%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); motor vehicles and parts (-26.7%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%).     On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 2.9% in September 2024 over a year earlier. This was followed by sales of books, newspapers, stationery and gifts (+20.3% in value).     Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 1.0% in the third quarter of 2024 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 2.0%.Commentary     A government spokesman said that the value of total retail sales continued to decline in September from a year earlier, but the rate of decline narrowed. On a seasonally adjusted month-to-month comparison, the value of total retail sales recorded an increase.     Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors. Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending. In addition, the Central Government’s various measures benefitting Hong Kong, the SAR Government’s various initiatives to boost market sentiment and increasing employment earnings would also benefit the retail sector.     The spokesman added that the Policy Address this year includes various measures that would benefit the retail sector, such as developing new tourist hotspots, relaxing visa application criteria for some ASEAN countries, and boosting “silver consumption”. The Policy Address has also launched a series of measures to assist small and medium enterprises (SMEs), including those in the retail sector, in addressing the challenges encountered in the process of economic restructuring. These include relaunching the principal moratorium under the SME Financing Guarantee Scheme to ease the repayment pressure of enterprises, expanding the geographical coverage of E-commerce Easy to the 10 ASEAN countries, and relaunching the Hong Kong Shopping Festival in the next two years to help SMEs develop e-commerce business to expand their markets. These measures would help the retail sector in transitioning through the economic restructuring period and improve its prospects.Further information     Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for August 2024 as well as the provisional figures for September 2024. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first 9 months of 2024 taken together are also shown.     Table 2 presents the revised figures on value of online retail sales for August 2024 as well as the provisional figures for September 2024. The provisional figures on year-on-year changes for the first 9 months of 2024 taken together are also shown.     Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for August 2024 as well as the provisional figures for September 2024. The provisional figures on year-on-year changes for the first 9 months of 2024 taken together are also shown.     Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.     The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.     These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.     The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.     Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.     More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).     Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel. : 3903 7400; E-mail : mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The Ministry of Economic Affairs Invites Offshore Wind Developers to Discuss Prompt Grid Connection at the agreed-upon schedule

    Source: Republic Of China Taiwan 2

    To ensure prompt grid connection of wind farms and adequate supply of green electricity, the Ministry of Economic Affairs (MOEA) held a symposium on September 23rd, with offshore wind farm developers to discuss issues encountered in achieving timely grid connection. Industry representatives raised topics such as follow-up actions for the Industrial Relevance Policy, geological survey regulations, and state-owned banks’ participation in financing.

    The MOEA stated that it is currently in consultation with the EU under the WTO framework. Adhering to the principle of mutual trust, the consultation results need to be kept confidential, thus no detailed information can be disclosed at the moment. Nonetheless, the atmosphere of the consultations is positive, with efforts being made towards settling, and the MOEA is planning to loosen up the Industrial Relevance Policy. The MOEA explained that as long as the wind farms are completed on time and connected to the grid in compliance with public interest and relevant laws, the administrative departments will assist developers in overcoming related obstacles. Regarding the Industrial Relevance Policy involving force majeure or unattributable reasons, the Industrial Development Administration of the MOEA will follow general principles and adopt a case-by-case review approach, aiming to complete relevant reference models by the end of September to help developers complete wind farm installations on schedule.

    In response to the industry’s proposal for state-owned banks to participate in the offshore wind farm financing, the MOEA also mentioned that it had arranged for representatives from the National Development Council, the Ministry of Finance, the Financial Supervisory Commission, and state-owned banks, to visit offshore wind farms by the end of September, where they exchanged views on offshore wind farm financing issues, provided practical experience to banking industry representatives, and establish trust for the fiance of offshore wind farms, thereby creating a healthy financing environment.

    The MOEA emphasized that domestic corporate users have a significant and competitive demand for green electricity for exports (such as RE100) and that advanced manufacturing processes require higher proportions of green energy. Increasing the proportion of green electricity in Taiwan’s manufacturing by 2030 has become a priority. The MOEA will continue cooperating with offshore wind power developers to provide sufficient green electricity and enhance the international competitiveness of Taiwan’s industries.

    Spokesperson for Energy Administration, Ministry of Economic Affairs: Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI: Acquisition of Knab by BAWAG Group Successfully Completed

    Source: GlobeNewswire (MIL-OSI)

    ACQUISITION OF KNAB BY BAWAG GROUP SUCCESSFULLY COMPLETED

    VIENNA, Austria – November 1, 2024 – BAWAG Group today announces the successful completion of the acquisition of Knab, a bank based in the Netherlands. BAWAG Group will work with the Knab leadership team to continue growing the Retail and SME business in the Netherlands, while also providing the operational support and financial strength of a broader banking group.

    About BAWAG Group

    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.1 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.
    BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward looking statement

    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatso-ever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Financial Community:
    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474

    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:
    Manfred Rapolter (Head of Corporate Affairs)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network –

  • MIL-OSI: Eurocastle Announces Resignation of Mr. Peter Smith from Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    EUROCASTLE INVESTMENT LIMITED

                                         
    Contact:        
    Oak Fund Services (Guernsey) Limited
    Company Administrator
    Attn: Hannah Crocker
    Tel: +44 1481 723450        

    Eurocastle Announces Resignation of Mr. Peter Smith from Board of Directors

    Guernsey, 1 November 2024 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today announces that after 13 years of valuable service, Mr. Peter Smith retired as a non-independent director of the Company, effective 30 October 2024. We are deeply grateful for Mr. Smith’s dedication and contributions over the years. The Board is currently in the process of considering a replacement for Mr. Smith.

    ABOUT EUROCASTLE

    Eurocastle Investment Limited (“Eurocastle” or the “Company”) is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Mansion House to undergo restoration works

    Source: City of York

    To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2 million maintenance, accessibility and safety improvements.

    It will reopen in 2025, 300 years after its original construction began.

    One of the earliest civic buildings to be built in the classical style in England, the Mansion House is the official seat of The Rt Hon The Lord Mayor of York, and holds an important collection of items connected to the history of the city over the past 800 years.

    Work to build the house began in 1725 and was completed in 1732. The last major restoration was completed in 2015 to 2017, and the upcoming works will be a significant investment in the House.

    This refurbishment aims to address essential maintenance tasks which include repairing wear and tear to the building and to prevent any further deterioration in the historic roof, walls and windows. It will also include important upgrades to the lift to improve the accessibility and environmental performance of the historic building, and decoration works will also refresh the interior where structural work is required.

    The Mansion House will close temporarily on Sunday 10 November, when the contents will be safely stored. This will be done with the help of students who will gain valuable practical experience of working in a historical building. Staff will oversee the work, continue with outreach education work and carry out research on the House and its contents.

    Starting in early 2025, the works will be overseen by Buttress Architects which will provide specialist heritage consultancy and conservation architecture. During the project they will lead a team of experts including conservation architects and mechanical, electrical and structural engineers.

    The Rt Hon, The Lord Mayor of York, Councillor Margaret Wells, said:

    Investing in this beautiful historic building ensures it will continue to serve the city and its residents.

    “It’s temporary closure will allow other historic venues to take part in the civic life of the city, such as holding citizenship ceremonies in the elegant Register Office on Bootham, and using Medieval Barley Hall to host the Sheriff’s Ridings.”

    Pauline Stuchfield, Director of Housing and Communities, said:

    The Mansion House has been an essential part of the York landscape for almost 300 years, and it’s important it continues to be available for future generations of residents and visitors.

    “We’re able to carry out these essential works to weather another 300 years of being key to the civic life of the city, a base for our civic party and ready to welcome royalty as it has for centuries.

    “For hundreds of years the Mansion House has hosted some of the most important and significant events in the city and, once these improvements are made, the House will continue to play that role for decades to come.”

    The last major works were carried out in 2015 when £1.2 million from the Heritage Lottery Fund helped deliver the most significant upgrades since the building first opened. The works included restoring the original kitchens, improving displays, developing an integrated environmental and conservation plan and preparing a detailed oral history project.

    Hannah Bellerby, the project architect from Buttress Architects, said:

    As we approach the Mansion House’s 300th anniversary, it is a privilege for Buttress to lead the efforts in safeguarding this vital piece of York’s civic heritage.

    “Our work focuses on not only preserving the building’s historical integrity but also working to ensure it remains accessible, sustainable, and fit for future generations. Through these planned restorations, we are ensuring that this significant landmark continues to enrich York’s cultural landscape for years to come.”

    The project is due to be completed part way through next year, when it will reopen in time for Yorkshire Day on Friday 1 August 2025 and a season of great events including the popular Georgian Festival. Meanwhile more of the city’s treasures can be admired at the Castle Museum, Yorkshire Museum and York Art Gallery.

    MIL OSI United Kingdom –

  • MIL-OSI: Virtune AB (Publ) (“Virtune”) has completed the monthly rebalancing for October 2024 of its Virtune Crypto Top 10 Index ETP, the first crypto index ETP in the Nordics

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 1st of November 2024 – Today Virtune announces that it has finalized its monthly rebalancing for Virtune Crypto Top 10 Index ETP, listed on Nasdaq Stockholm for both the SEK-denominated (ISIN code SE0020052207, ticker name VIR10SEK) and the EUR-denominated (ISIN code SE0020052215, ticker name VIR10EUR) ETP.

    In addition to the Virtune Crypto Top 10 Index ETP, Virtune’s product portfolio includes:

    Virtune Bitcoin ETP
    Virtune Staked Ethereum ETP
    Virtune Staked Solana
    Virtune Staked Polkadot ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Staked Polygon ETP
    Virtune Staked Cardano ETP

    Index allocation as of 31st of October (before rebalancing):

    Bitcoin: 42.98%
    Ethereum: 38.03%
    Solana: 9.87%
    XRP: 3.60%
    Cardano: 1.59%
    Avalanche: 1.33%
    Chainlink: 0.93%
    Polygon: 0.44%
    Uniswap: 0.55%

    Index allocation as of 31st of October (after rebalancing):

    Bitcoin: 40.00%
    Ethereum: 39.57%
    Solana: 10.80%
    XRP: 3.91%
    Cardano: 1.57%
    Avalanche: 1.42%
    Chainlink: 0.94%
    Litecoin: 0.69%
    Uniswap: 0.62%
    Polygon: 0.48%

    In connection with this month’s rebalancing, there is no change in the crypto assets included in the index. Virtune Crypto Top 10 Index ETP SEK outcome for October was +4.92%.

    The rebalancing is carried out according to the index that the ETP tracks, the Virtune Vinter Crypto Top 10 Index, and this is the 18th rebalancing since the product was listed on 15th of May 2023. The purpose of the monthly rebalancing is to ensure that the ETP always reflects the current market conditions and to effectively absorb volatility in the crypto market.

    In October, the crypto market saw strong momentum, with Bitcoin achieving a notable gain of +11.2%, outperforming most other major crypto assets. While Ethereum declined by -3.16%, Solana stood out, posting an impressive increase of +10.2%.

    The performance of the crypto assets included in Virtune Crypto Top 10 Index ETP in October:

    Bitcoin: +11.2%
    Solana: +10.6%
    Litecoin: +3.59%
    Ethereum: -3.16%
    Chainlink: -3.32%
    Cardano: -8.29%
    Avalanche: -9.64%
    Polkadot: -10.6%
    Polygon: -13.3%
    XRP: -16.7%

    Virtune’s crypto index ETP is the first of its kind in the Nordic region. The ETP includes up to 10 leading crypto assets that are part of the Nasdaq Crypto Index, based on their total market value, with a maximum weight of 40% per crypto asset to promote diversification. This allows investors to benefit from broad exposure to the crypto market without being heavily concentrated in any single crypto asset.

    If you, as an (institutional) investor, are interested in meeting Virtune to discuss the possibilities with our ETPs for your asset management/discretionary asset management offering, to learn more about Virtune and/or the company’s ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs on www.virtune.com and register your email address on our website to subscribe to our newsletters that covers updates on Virtune’s upcoming ETP launches and other news related to digital assets.

    Press contact

    Christopher Kock, CEO Virtune AB (Publ)
    Christopher@virtune.com
    +46 70 073 45 64

    Virtune with its headquarters in Stockholm is a fully regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    The MIL Network –

  • MIL-OSI United Kingdom: World Championship esports event to deliver £12m boost to London’s economy

    Source: Mayor of London

    • London will host the League of Legends World Championship this weekend – one of the biggest and most popular esports events in the world.
    • The O2 arena’s tickets sold out in minutes and millions are set to watch from around the world.
    • The Mayor continues to support London’s thriving games and esports industry bringing significant investment and jobs to the capital.

    London will host the League of Legends World Championship this weekend – one of the biggest and most popular esports events in the world.

    The O2 arena’s tickets sold out in minutes and millions are set to watch from around the world.
    The Mayor continues to support London’s thriving games and esports industry bringing significant investment and jobs to the capital.
     
    One of esports biggest global events, the League of Legends World Championship finals, will take place at London’s O2 Arena tomorrow (Saturday 2 November) – boosting the capital’s economy and cementing its position as leading destination for sports and esports.
     
    The Mayor of London, Sadiq Khan, has today welcomed the finals to the capital and celebrated the impact of the growing industry. It will be the largest esports event ever to take place in the UK and will bring more opportunities for growth, talent development and skills for young Londoners. 
     
    Thousands of fans from all over the world are expected to head to the O2 tomorrow to watch, with London’s business growth and destination agency London & Partners calculating a £12m boost to the London economy from hosting the finals. Millions more are set to watch online – showcasing the capital. 
     
    League of Legends is a multiplayer online battle arena game that pits two teams of five against each other. The World Championships, known as ‘Worlds’, were launched in 2009 and have grown to be the most anticipated event of the year in esports. Last year’s finals were held in South Korea. It is the latest major esports event that London has hosted, after welcoming the League of Legends Mid-Season Invitational to the Copper Box Arena in Queen Elizabeth Olympic Park last year. 
     
    London is home to largest group of games studios in Europe and esports is a growing market offering huge potential for London’s businesses and communities. The Mayor is a big supporter of the games industry, which generates millions of pounds for our economy and is a growing force. His support includes funding Games London who run the UK’s only Games Production Finance Market which brings in new investment to help games businesses grow, and delivers the annual London Games Festival. Through work with London & Partners, Sadiq has also helped to bring esports events to London.
     
    Earlier this week, City Hall convened a panel discussion with key industry leaders and partners Fnatic – a leading esports brand – and London & Partners. Deputy Mayor for Business and Growth, Howard Dawber opened the event at the Fnatic HQ to champion esports and explore ways to further support esports in the capital. City Hall has also commissioned Arena Consultancy to conduct a new piece of research to gain a deeper understanding of what more London needs to do to become a global centre for esports. 
     
    The League of Legends World Championship is the latest in a series of global events to take place in London this year, including the UEFA Champions League final, European Professional Club Rugby Finals, NFL, Major League Baseball and Diamond League athletics. 
     
    The Mayor of London, Sadiq Khan, said: “I am delighted that the League of Legends World Championship finals are taking place in the capital this weekend. The event brings together gamers and fans from across the globe, boosting our economy by £12m and showing that London is a leading destination for sports and esports. Gaming is a hugely exciting and fast growing industry, and I will continue to do all I can to support its development and growth in the capital, as we build a better London for everyone.”
     
    Ailsa Buck, Head of Major Events and City Experience at London & Partners, said: “We’re thrilled to host the League of Legends World Championship Finals. The excitement is electric and we can’t wait for fans to have an unforgettable experience in the capital. Hosting such a huge esports event shows that London is a top destination for the industry. Tickets flew off the shelves in minutes. That tells us there’s a huge demand for more esports in the city. We’re ready to make this day special for everyone.”  

    Sam Mathews, CEO at Fnatic, said: “Partnering with the GLA and London & Partners to bring this event to life is an exciting step for Fnatic and esports in London. As one of the world’s leading esports organizations, Fnatic has always pushed boundaries—and there’s no better place to showcase that than in our home city. London’s support shows a real commitment to making this city a global hub for gaming. We’re looking forward to creating an unforgettable experience for our fans and the community right here and forging the future of esports in the city.”

    MIL OSI United Kingdom –

  • MIL-OSI: Bitfarms Provides October 2024 Production and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    – Earned 236 BTC in October 2024 & Increased Bitcoin Treasury to 1,188 BTC –

    This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Nov. 01, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, today announced its latest monthly production report. All financial references are in U.S. dollars.

    In October, Bitfarms announced a second hosting agreement with Stronghold Digital Mining, Inc. (“Stronghold”) that will deploy 10,000 miners, originally scheduled for Yguazu, Paraguay, to Stronghold’s Scrubgrass site. This follows an initial hosting agreement for 10,000 miners signed in September for a total of 20,000 miners to be deployed at Stronghold’s two sites in Pennsylvania. The two hosting agreements support approximately 4 EH/s with energization expected in several tranches over the coming months.

    CEO Ben Gagnon stated, “While we are pleased to have reached our year-end efficiency goal of 21 w/TH three months ahead of schedule, we recognize that we are behind schedule on delivering our mid-year 12 EH/s target. Despite improvements in recent miner shipments, continued miner warranty servicing has impeded the achievement of our hash rate target. We have a strong partnership with Bitmain and appreciate their diligence in rapidly servicing the underperforming miners as deliveries are scheduled to accelerate in the last two months of the year.”

    Mining Review
    October mining operations generated 236 BTC compared to 217 BTC in September reflecting a 3% increase in average operating EH and an 8% increase in Bitcoin difficulty during the month.

    Key Performance Indicators October 2024 September 2024 October 2023
    Total BTC earned 236 217 398
    Month End Operating EH/s 11.5 11.3 6.3
    BTC/Avg. EH/s 22 21 67
    Average Operating EH/s 10.6 10.3 5.9
    Operating Capacity (MW) 310 310 240
    Hydropower (MW) 256 256 186
    Watts/Terahash Efficiency (w/TH) 21 21 35
    BTC Sold 194 173 341


    October 2024 Select Operating Highlights

    • 11.5 EH/s operational at October 31, 2024, up 83% Y/Y.
    • 10.6 EH/s average operational, up 80% Y/Y and up 3% M/M.
    • 22.2 BTC/average EH/s, up 5% M/M and 67% lower Y/Y.
    • 236 BTC earned, up 9% M/M and 41% lower Y/Y.
    • 7.6 BTC earned daily on average, equal to ~$540,000 per day based on a BTC price of $71,000 at October 31, 2024.

    Bitfarms’ BTC Monthly Production

    Month BTC Earned 2024 BTC Earned 2023
    January 357 486
    February 300 387
    March 286 424
    April 269 379
    May 156 459
    June 189 385
    July 253 378
    August 233 383
    September 217 411
    October 236 398
    YTD Totals 2,496 4,090


    October 2024 Financial Update

    • Sold 194 of the 236 BTC earned as part of the Company’s regular treasury management practice for total proceeds of $13.0 million.
    • Added 42 BTC, bringing Treasury to 1,188 BTC, up from 1,147 BTC last month and representing $84.3 million based on a BTC price of $71,000 at October 31, 2024. 
    • Synthetic HODL™ of 802 long-dated BTC call options at October 31, 2024, up from 602 at the end of the prior month.

    Upcoming Conferences and Events

    • November 13-14: Cantor Crypto, Digital Assets & AI Infrastructure Conference (Miami)
    • November 19-20: ROTH Technology Conference (NYC)
    • November 20: Special Meeting of Bitfarms Shareholders (Virtual)
    • December 4: B. Riley Crypto & Energy Infrastructure Conference (NYC)
    • December 12: Northland Growth Conference (Virtual)
    • January 14-15, 2025: Needham Growth Conference (NYC)

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • Synthetic HODL™ = the use of instruments that create BTC equivalent exposure

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the impact of the Stronghold hosting agreements, projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, , the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: receipt of the approval of the shareholders of Stronghold and the Toronto Stock Exchange for the Stronghold acquisition as well as other applicable regulatory approvals; that the Stronghold acquisition may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the parties for a number of reasons including, without limitation, as a result of a failure to satisfy the conditions to closing of the Stronghold acquisition; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the Stronghold plants which entail environmental risk and certain additional risk factors particular to the business of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms and Stronghold operate and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024, and its registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”). Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Merger and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms intends to file with the SEC a registration statement on Form F-4, which will include a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation

    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Merger

    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. Information regarding Bitfarms’ directors and executive officers can be found in Bitfarms’ annual information form for the year ended December 31, 2023, filed on March 7, 2024, as well as its other filings with the SEC. Information regarding Stronghold’s directors and executive officers can be found in Stronghold’s proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 29, 2024, and supplemented on June 7, 2024, and in its Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms and Stronghold using the sources indicated above.

    Investor Relations Contacts:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI Asia-Pac: Shri Rajesh Kumar Singh assumes the office of Defence Secretary

    Source: Government of India

    Posted On: 01 NOV 2024 11:25AM by PIB Delhi

    Shri Rajesh Kumar Singh took over as Defence Secretary at South Block in New Delhi on November 01, 2024. He is a 1989-batch IAS officer from Kerala cadre, who had assumed the charge of the Officer on Special Duty (Defence Secretary-designate) on August 20, 2024.

     

     

    Before taking charge, Shri Rajesh Kumar Singh laid a wreath and paid homage to the fallen heroes at the National War Memorial, New Delhi. “The nation will remain forever indebted to our brave soldiers who make the supreme sacrifice in the service of the motherland. Their extraordinary bravery and sacrifice is a source of strength & inspiration for us to make India a safe and prosperous nation,” he said.

     

     

    Earlier, Shri Rajesh Kumar Singh was holding the charge of Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry from April 24, 2023 to August 20, 2024. Prior to that, he held the post of Secretary, Department of Animal Husbandry & Dairying, Ministry of Fisheries, Animal Husbandry & Dairying.

     

    The officer has held many other important positions in the Union Government as Director, Works and Urban Transport in the Ministry of Urban Development, Commissioner (Lands) – DDA, Joint Secretary – Ministry of Petroleum and Natural Gas, Joint Secretary – Department of Agriculture, Cooperation & Farmers Welfare and Chief Vigilance Officer – Food Corporation of India. He has also held important positions in the State Government as Secretary, Urban Development and lately as Finance Secretary, Government of Kerala.

     

    Shri RK Singh succeeds Shri Giridhar Aramane, a 1988-batch IAS officer of Andhra Pradesh cadre, who superannuated from service on October 31, 2024.

    *****

    SR/Savvy

    (Release ID: 2069996) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Department of Agriculture & Farmers’ Welfare has released the Operational Guidelines of Central Sector Scheme “NAMO DRONE DIDI”

    Source: Government of India (2)

    Department of Agriculture & Farmers’ Welfare has released the Operational Guidelines of Central Sector Scheme “NAMO DRONE DIDI”

    Government has approved the Central Sector Scheme ‘Namo Drone Didi’ for providing Drones to the Women Self Help Groups under DAY-NRLM, with an outlay of Rs. 1261 Crores

    The scheme aims to provide drones to 14500 selected Women SHGs during the period from 2024-25 to 2025-2026 for providing rental services to farmers for agriculture purpose

    Posted On: 01 NOV 2024 12:04PM by PIB Delhi

    The Government has approved the Central Sector Scheme ‘Namo Drone Didi’ for providing Drones to the Women Self Help Groups (SHGs) under DAY-NRLM, with an outlay of Rs. 1261 Crores. The scheme aims to provide drones to 14500 selected Women SHGs during the period from 2024-25 to 2025-2026 for providing rental services to farmers for agriculture purpose (application of liquid fertilizers and pesticides for the present). The Department of Agriculture & Farmers’ Welfare has released the Operational Guidelines this scheme and all the stakeholders have been requested to make meaningful use of these operational guidelines to ensure prompt roll out and implementation of the ‘Namo Drone Didi’ Scheme. The major components of the operational guidelines are as under:

    The Scheme will be governed at the Central level by the Empowered Committee of the Secretaries of Department of Agriculture & Farmers’ Welfare, Department of Rural Development, Department of Fertilizers, Ministry of Civil Aviation and Ministry of Women and Child Development.

    The Implementation and Monitoring Committee headed by the Additional Secretary, Department of Rural Development and having representation from all other stakeholders will be  responsible for effective planning, implementation and monitoring of the scheme and it will provide overall advice and guidance to all technical matters related to the implementation of the scheme.

    Under the scheme, a Central Financial Assistance @ 80% of the cost of drone and accessories/ancillary charges up to a maximum of ₹ 8.0 lakhs will be provided to the women SHGs for purchase of drones as a package.

    The Cluster Level Federations (CLFs) of SHGs/SHGs may raise the balance amount (total cost of procurement minus subsidy) as loan under National Agriculture Infra Financing Facility (AIF). Interest subvention @ 3% on the AIF loan will be provided to the CLFs/SHGs.

    The CLFs/SHGs shall also have the option to access loans from other sources/programmes/schemes of Ministry of Rural Development. 

    Under the scheme, not only the drones but, drones as a package will be supplied.  The package will consists of basic drone with spray assembly for spraying liquid fertilizers and pesticides, Drone carrying box, standard battery set, downward facing camera, dualchannel fast battery charger, battery charger hub, anemometer, pH meter and 1 year onsite warranty on all items.

    The package also includes 04 spare battery sets, one spare propeller set (each set contains 6 propellers), nozzle set, dual channel fast battery charger, battery charger hub, 15 days training for drone pilot and drone assistant, one year comprehensive insurance, 2 years annual maintenance contract and applicable GST. The additional sets of batteries will ensure continuous drone flying which can easily cover 20 acres in a day.

    One of the members of the women SHGs will be selected for 15 day training comprising of mandatory drone pilot training and additional training for agriculture purpose for nutrient and pesticide application. The other member/ family member of the SHG with inclination to take up repairs of electrical goods, fitting and mechanical works will be trained as drone assistant. The drone manufacturers shall provide these trainings as a package along with the supply of drones as per the training schedule indicated in the Operational Guidelines.

    The Lead Fertilizer Companies (LFCs) responsible for the States will be the implementing agencies of the scheme at the State level and they will establish necessary coordination with the State Departments, Drone manufacturers, Cluster Level Federations of SHGs/SHGs  and the farmers/beneficiaries etc. The drones will be procured by the LFCs through a fair and transparent process and the ownership of drones will be placed with the CLF of SHGs or SHGs.

    Implementation of the scheme hinges on rightful selection of the area/cluster and SHG group where there is demand for drone to provide agriculture services. As the introduction of drones in agriculture is at nascent stage, the States will closely monitor the interventions, provide handholding support to the women SHGs and help them in getting the business to cover an area of at least 2000 to 2500 acres in a year. The State Departments of Agriculture & State Mission Directors of DAYNRLM will have a very strong convergence and they will take the ownership of the scheme for its successful implementation at the ground level with the help of State Level Committee.

    Effective monitoring of the scheme will be through an IT based Management Information System (MIS) i.e. Drone Portal which will act as endto-end software for service delivery and monitoring, funds flow and disbursement of funds. The portal will also track operations of each drone and provide live information on drone usage.

    It is envisaged that the initiatives under the scheme will provide sustainable business and livelihood support to SHGs and they would be able to earn additional income for them. The scheme will help in infusing advance technology in agriculture for improved efficiency, enhanced crop yield and reduced cost of operation for the benefit of farmers.

    *****

    SS

    (Release ID: 2070029) Visitor Counter : 5

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Source: Government of India (2)

    Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Shri Piyush Goyal  co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud

    Posted On: 01 NOV 2024 11:07AM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal, successfully concluded his visit to the Kingdom of Saudi Arabia. During the visit, Shri Piyush Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global Governments and the industry. He highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment. He urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

    Shri Piyush Goyal also co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud on 30th October 2024 in Riyadh. The Strategic Partnership Council was established in 2019, following the visit of the Hon’ble Prime Minister Shri Narendra Modi to the Kingdom of Saudi Arabia in October 2019.

    The Committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure. They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

    The Minister held fruitful ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment. These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.

    Shri Piyush Goyal also met with Mr. Peter Herweck, CEO of Schneider Electric and Mr. William E. Ford, Chairman and CEO of General Atlantic, to discuss India’s economic landscape and investment opportunities across sectors.

    In recent years, many bilateral agreements have been formalised between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing. Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.

    Later in the day, Minister Shri Piyush Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India’s expanding global trade network. Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services.

    The Minister launched the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a Big Diya made with LED, furthering India-Saudi cultural and economic ties. The Diwali Utsav, organised in partnership with Lulu Hypermarket, brings the festive spirit of India’s Festival of Lights to Saudi Arabia, showcasing an array of Indian products, from festive decor and traditional foods to handicrafts. The launch was followed by unveiling of a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, new range of Millets based breakfast cereals, and Qaadu Organic beauty products.

    At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.

    This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia. It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries.

    ***

    AD/CNAN

    (Release ID: 2069975) Visitor Counter : 81

    MIL OSI Asia Pacific News –

  • MIL-OSI: Credicorp Ltd.: Credicorp Ltd. to acquire remaining 50% stake in joint venture with Empresas Banmédica

    Source: GlobeNewswire (MIL-OSI)

    Lima, Nov. 01, 2024 (GLOBE NEWSWIRE) — Lima, PERU, November 1st, 2024 – Credicorp Ltd. (“Credicorp”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, announced today that it has reached an agreement to acquire Empresas Banmédica (“Banmedica”)’s 50% interest in the joint venture executed in December 2014 between Pacífico Compañía de Seguros y Reaseguros S.A. (“Pacifico Seguros”) and Banmedica. Closing is subject to regulatory approvals and other customary closing conditions.

    In December 2014, Pacifico Seguros and Banmedica established a joint venture to participate as equal partners in the private medical insurance (referred to as Medical Assistance in Credicorp’s quarterly earnings releases), corporate health insurance for employees and medical services businesses in Peru.

    By virtue of this acquisition, Banmedica will transfer its 50% interest in the private medical insurance business in Peru to Pacifico Seguros. In addition, Banmedica will transfer its 50% interest in Pacífico S.A. Entidad Prestadora de Salud (“Pacifico EPS”), which runs the corporate health insurance for employees and medical services businesses in Peru, to Credicorp’s subsidiary Grupo Crédito S.A.

    Upon completion of the transaction, the partnership will be terminated and Credicorp, through its subsidiaries Grupo Crédito S.A. and Pacifico Seguros, will become the sole owner of both the private medical insurance business and Pacifico EPS. 

    The acquisition strengthens Credicorp’s ability to fulfill its aspiration of creating a more sustainable and inclusive economy by improving insurance and healthcare access, while advancing financial inclusion in Peru. Credicorp is committed to continue investing in technology, expanding its footprint, and improving service delivery standards to ensure Pacifico Seguros and Pacifico EPS remain trusted partners for Peruvian families.

    Following the transaction, customers, policyholders, agents, and other stakeholders will experience seamless continuity, with no disruptions. No changes in terms, service, or policy administration are expected.

    About Credicorp:

    Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

    About Pacifico EPS

    Pacifico EPS is one of the largest corporate health insurance for employees and medical services providers in Peru, with over one million clients. The company reported a net income of S/ 205 million for 2023, highlighting its robust financial performance.  

    About Pacifico Seguros

    Pacifico Seguros is one of the leading insurance companies in Peru and is part of Credicorp. In 2023 the company reported a net income of S/ 810 million. The company offers a wide range of insurance products, including life, private health, automobile, and property insurance.

    For further information please contact the IR team:
    Investorrelations@credicorpperu.com

    Investor Relations

    Credicorp Ltd.

    The MIL Network –

  • MIL-OSI: Stardust Power Announces Third Quarter 2024 Earnings Release Date, Conference Call

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Nov. 01, 2024 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced that that it plans to release its third quarter 2024 financial results after market close on Wednesday, November 13, 2024. Roshan Pujari, Founder and Chief Executive Officer and Uday Devasper, Chief Financial Officer will host a conference call at 5:30 pm ET on Wednesday, November 13, 2024 to discuss the Company’s performance.

    Participants may access the call by clicking the participant call link and ask questions: https://register.vevent.com/register/BI636e5a7167ac45fe86b733d151aba0af. Upon registering at the link, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in: https://edge.media-server.com/mmc/p/vd7zimt8.

    Participants should log in at least 15 minutes early to receive instructions.

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.” For more information, visit www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson
    media@stardust-power.com

    The MIL Network –

  • MIL-OSI Video: Myanmar: Frequency and brutality of crimes only increased- Press Conference | United Nations

    Source: United Nations (Video News)

    Press conference by Nicholas Koumjian, Head of the Independent Investigative Mechanism for Myanmar on the situation in Myanmar.

    ——————-

    “Very, very regrettably, the frequency and the brutality of crimes in Myanmar has only increased in the past year,” Nicholas Koumjian, Head of the Independent Investigative Mechanism for Myanmar, said.

    Koumjian spoke to reporters today (31 Oct) in New York, highlighting the concern of the increase in aerial attacks, “which are impacting largely the civilian population and creating terror among the population.”

    “The number of casualties that have been affected by these attacks has increased,” he added.

    The head of the Investigative Mechanism also stressed the systematic use of torture in detention, “the evidence that we have gathered has indicated that detention that torture is used frequently, regularly, and particularly note the very disturbing use of sexual violence and against those who are detained, and that includes against both women and men, people of all genders, of all sexual preferences and people, including against both adults and minors,” he said.
    Moving on to the situation for the Rohingyas refugees, Koumjian said, “they’ve been both victims of collateral damage and directly targeted in attacks.”

    He went on saying, “Frequently they’ve been told to leave their homes, but there really is nowhere for them to go. They cannot cross the border, although some have managed to cross the border into Bangladesh, and Bangladesh has accepted some the borders generally closed. People have to pay bribes to get across into the safety of the refugee camps.”

    The head of the Investigative Mechanism also expressed concerns that much of the evidence shows attacks against the civilian population by the Myanmar military.

    He said, “We’ve seen increasing evidence of very brutal crimes committed by opposition forces, and we’re concerned with that, and we want the message to go out. Our mandate is to collect evidence of the most serious international crimes committed by in Myanmar, and that’s regardless of the ethnicity, religion, political persuasions of either the perpetrators or the victims.”

    “We will collect evidence of crimes committed by opposition forces also if those rise to the level that they fall within our mandate,” the head of the Investigative Mechanism concluded.

    Koumjian is the first Head of the Myanmar Mechanism, which was established by the Human Rights Council on 27 September 2018, and welcomed by the General Assembly on 22 December 2018.

    https://www.youtube.com/watch?v=c-9sKY0Lmkg

    MIL OSI Video –

  • MIL-OSI USA: US Department of Labor recovers $109K in back wages, benefits from Maryland contractor that underpaid 55 workers at Eglin AFB

    Source: US Department of Labor

    Employer:   Crystal Enterprises Inc.

    Employer address:    10837 Lanham Severn Road, Glenn Dale, MD 20769

    Investigation findings: A U.S. Department of Labor Wage and Hour Division investigation determined that Crystal Enterprises Inc. failed to pay the required prevailing wage and health and welfare benefits to employees working at a U.S. Air Force training center dining facility on Eglin Air Force Base in Florida, a violation of the McNamara-O’Hara Service Contract Act. By doing so, the employer also paid workers lower rates of pay for holidays and sick leave and vacation time used. 

    Recoveries: $109,127 in back wages for 55 employees.

    Quote: “Government contracts come with stipulations to ensure workers are paid correctly, and employers must adhere to those requirements when bidding on and obtaining those contracts. This includes ensuring the proper job classifications and rates of pay are followed,” said Wage and Hour Division District Director Vilma Bell in Orlando, Florida. “These workers provided the critical labor needed to feed service men and women on this military base. They deserve to take home every dollar they earn.”

    “Employers with questions about the standards required of them when they enter into federally funded contracts can contact us for help or find government contract compliance assistance information on our website,” Bell added. 

    Background: The U.S. Air Force subcontracted Crystal Enterprises Inc. to perform full food services at the training center dining facility on Eglin Air Force Base, Florida. 

    Learn more about the Wage and Hour Division, including a search tool to use if you think you may be owed back wages collected by the division. Workers and employers can call the division confidentially with questions or concerns – regardless of where they are from – and the division can speak with callers in more than 200 languages. Help ensure hours worked and pay are accurate by downloading the department’s Android and iOS Timesheet App for free in English or Spanish. 

    The Service Contract Act requires contractors and subcontractors performing services on prime contracts in excess of $2,500 to pay their workers employed under the contract no less than the local prevailing wages and fringe benefits for corresponding work on similar projects in the area.

    MIL OSI USA News –

  • MIL-OSI USA: Department of Labor honors more than 800 employers committed to veterans’ employment with 2024 HIRE Vets Medallion Awards

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor today recognized more than 800 employers for their commitment to employing and supporting the nation’s service members by presenting them with the 2024 Honoring Investments in Recruiting and Employing American Military Veterans Medallion Award.

    Acting Secretary of Labor Julie Su and Assistant Secretary for Veterans’ Employment and Training James D. Rodriguez announced these 838 U.S. employers during an online ceremony. The event also featured award recipients who shared their views on the importance of hiring, retaining and professionally developing the nation’s veterans and the valuable contributions they make. 

    “The U.S. Department of Labor congratulates the newest recipients of the HIRE Vets Medallion Award and thanks them for their commitment to our nation’s veterans,” said Acting Secretary Julie Su. “In 2024, we recognize 838 companies that understand that military veterans possess unique skills that strengthen their organizations and our nation’s economy.” 

    Presented annually, the HIRE Vets Medallion Program is the only federal-level program recognizing veteran employment and employers. Employers have hired nearly 370,000 veterans since the program’s inception, including more than 71,000 veterans hired by 2024’s medallion honorees in the past two years.

    “The HIRE Vets Medallion Award is the federal government’s only veteran-hiring award. Recipients must meet high standards and demonstrate significant accomplishments in support of our nation’s veterans,” said Assistant Secretary for Veterans’ Employment and Training James D. Rodriguez. “We appreciate their hard work and commitment to providing our nation’s veterans with meaningful employment.” 

    View the 2024 HIRE Vets Medallion Awards ceremony. 

    Employers, learn more about the award and how to apply.

    MIL OSI USA News –

  • MIL-OSI Security: Two Violent Sex Traffickers Sentenced to Combined 39 Years

    Source: United States Department of Justice (Human Trafficking)

    RALEIGH, N.C. – D’Angelo Taborn, of Durham, was sentenced today to 27 years in prison for sex trafficking by force, fraud, or coercion. Following an FBI sting operation in Jacksonville, NC, Taborn and his co-defendant, Imani Franco, were arrested for using threats to coerce women into sex trafficking. Taborn, 31, pled guilty to the charge on July 24, 2024. Franco, 30, pled guilty on April 25, 2024, and was sentenced on September 23, 2024, to 12 years.

    “Our Human Trafficking Task Force brings agencies together to expose traffickers, rescue victims, and dismantle the illicit networks that traffic in human beings for sex or labor,” said U.S. Attorney Michael F. Easley, Jr. “These defendants treated their victims like animals, deprived them of food, and threatened them with violence if they did not comply.  Thankfully the FBI, NCIS, and local law enforcement acted swiftly, to hold the traffickers accountable and help put the survivors on their path of healing.”

    “It is difficult to hear these victims literally felt “caged” by these offenders. To be forced into sex trafficking, to have to ask for food, those are deplorable conditions for any human being to endure,” said Robert M. DeWitt the FBI Special Agent in Charge in North Carolina. “The FBI and our local law enforcement partners will never stop working to combat human trafficking.”

    According to court documents and other information presented in court, on August 12, 2022, the Federal Bureau of Investigation’s Human Trafficking Task Force conducted a proactive sting operation in Jacksonville, based on online advertisements for commercial sex. An undercover officer responded to an advertisement and was directed to a hotel in Jacksonville. The undercover officer encountered a young female depicted in the advertisement, later identified as Victim 1.

    A short time later, law enforcement observed the defendants step out of a hotel room just down the hall. When they saw law enforcement, Taborn and Franco attempted to leave, but they were detained while officers obtained search warrants for their hotel room and vehicle.  Taborn and Franco carried three phones between them, and when officers called the number listed in the commercial sex advertisement for Victim 1, one of the phones rang.

    When Taborn and Franco were arrested, Victim 1 became visibly relieved. She explained that Taborn and Franco had recruited her a month earlier and that they expected her to engage in commercial sex to make money for them. Taborn required Victim 1 to perform oral sex on him twice to ensure she was a “good product.”  Taborn and Franco controlled all aspects of the commercial sex operation and took all the money that Victim 1 earned.  They transported Victim 1 to different cities—Jacksonville, Charlotte, Durham, and Danville, Virginia—to find additional customers for commercial sex.  Investigators located numerous commercial sex advertisements and obtained hotel receipts and surveillance footage that confirmed Victim 1’s account.

    Victim 1 described how she feared Taborn and felt “like an animal in a cage.”  She was not allowed to leave her room and had to request food and water from Taborn and Franco. When officers recovered her, it had been more than 24 hours since she had last eaten—a meal that consisted of four leftover chicken wings from Taborn’s and Franco’s dinner.  On one occasion, Victim 1 witnessed Taborn and Franco recruit another female victim, Victim 2, who they picked up in South Carolina and transported back to North Carolina.  Victim 2 had not known they wanted her to engage in commercial sex in North Carolina. When Victim 2 said she did not want to participate, Taborn threatened her with his black handgun in front of Victim 1.  Officers found a firearm with an extended magazine and laser matching the description in the glovebox of Taborn’s car.

    Michael F. Easley, Jr., U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge James C. Dever III.  The Federal Bureau of Investigation (FBI) undertook this investigation as part of “Operation Cross Country,” a nationwide sex-trafficking enforcement campaign, with assistance from the Onslow County Sheriff’s Office, the New Hanover County Sheriff’s Office, the Jacksonville Police Department, and the Naval Criminal Investigative Service (NCIS).  Assistant U.S. Attorney Jake D. Pugh prosecuted the case.

    This case was part of our Human Trafficking Task Force created to expose and prosecute anyone who exploits North Carolinians for sex or forced labor. Our victim-centric approach focuses on stabilizing victims, getting them resources, and helping them through the court process.  If you have a tip about trafficking, text 233733.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 7:23-cr-0092-D.

    MIL Security OSI –

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES REVISED MONTHLY SPONSOR CONTRIBUTION OF $0.05 PER SHARE TO TRUST ACCOUNT FOR PROPOSED EXTENSION AND POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME NOVEMBER 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Nov. 01, 2024 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate” or the “Company”) (Nasdaq: “FNVT”, “FNVTU”, “FNVTW”) announced today that, in connection with the Company’s upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve an extension of time for the Company to consummate an initial business combination from November 8, 2024 to May 8, 2025 (the “Extension”), Finnovate Sponsor, L.P. (the “Sponsor”) or its designees have agreed to revise their intended contribution to support the Extension, such that they will contribute to the Company as a loan an aggregate of $0.05 for each Class A ordinary share that is not redeemed, for each calendar month (commencing on November 8, 2024 and on the 8th day of each subsequent month) until May 8, 2025 (each, an “Extension Period”), or portion thereof, that is needed to complete an initial business combination (the “Contribution”). For example, if the Company takes until May 8, 2025 to complete its initial business combination, which would represent six calendar months, the Sponsor or its designees would make aggregate Contributions resulting in a redemption amount of approximately $11.91 per unredeemed share, in comparison to the current redemption amount of $ approximately 11.61 per share.

    Each Contribution will be deposited in the trust account within seven calendar days from the beginning of each Extension Period (or portion thereof), and any Contribution is conditioned upon the implementation of the Extension. No Contribution will occur if the Extension is not approved or is not completed. The amount of each Contribution will not bear interest and will be repayable by the Company to the Sponsor or its designees upon consummation of its initial business combination. The Company will have the sole discretion whether to continue extending for additional calendar months until May 8, 2025. If the Company opts not to utilize any remaining portion of the Extension Period, then the Company will liquidate and dissolve promptly in accordance with its Articles, and its Sponsor’s obligation to make additional contributions will terminate.

    In connection with the above announcement of the Contribution to be made by the Sponsor or its designees if the Extension is approved, the Company is also postponing the Special Meeting from the originally scheduled 10:00 a.m. Eastern time on Friday, November 1, 2024, to 10:00 a.m. Eastern time on Wednesday, November 6, 2024. At the Special Meeting, shareholders will be asked to vote on the proposal to extend the date by which the Company must consummate an initial business combination from November 8, 2024 to May 8, 2025, or such earlier date as determined by the Company’s board of directors.

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on November 6, 2024, via a live webcast at https://www.cstproxy.com/finnovateacquisition/egm2024. Also as a result of this change, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 5:00 p.m., Eastern time, on Monday, November 4, 2024.

    The Company plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of the Company’s ordinary shares as of the close of business on October 2, 2024, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

    About Finnovate Acquisition Corp.

    Finnovate Acquisition Corp. (Nasdaq: FNVT) is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Participants in the Solicitation

    Finnovate and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the Extension Proposal. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on October 15, 2024 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation

    This press release s shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Additional Information and Where to Find It

    Finnovate urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.

    INVESTOR RELATIONS CONTACT

    Finnovate Acquisition Corp.
    Calvin Kung
    265 Franklin Street
    Suite 1702
    Boston, MA 02110
    +1 (424) 253-0908

    The MIL Network –

  • MIL-OSI: Envoy Medical Receives FDA Approval To Initiate Pivotal Clinical Study for Breakthrough Hearing Device

    Source: GlobeNewswire (MIL-OSI)

    The Acclaim® Fully Implanted Cochlear Implant is differentiated from existing cochlear implants and may offer new option for hearing loss patients

    WHITE BEAR LAKE, Minnesota, Nov. 01, 2024 (GLOBE NEWSWIRE) —  Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, today announces that its Investigational Device Exemption (IDE) application for its pivotal study of the Acclaim® Fully Implanted Cochlear Implant has been approved by the U.S. Food and Drug Administration (FDA). The Acclaim® technology includes an implanted sensor designed to leverage the natural anatomy of the ear to capture sound, making it different from existing cochlear implants on the market.

    “Receiving FDA approval to initiate this pivotal study marks a significant milestone in our efforts to bring this breakthrough hearing device to more people with severe to profound hearing loss,” said Brent Lucas CEO of Envoy Medical. “Currently, it is estimated that roughly 95% of patients with significant hearing loss who could benefit from a cochlear implant have not received one. We believe the differences in our device’s design provide an opportunity to pursue this important therapy in a more discrete manner and offer candidates a welcomed new option that may get more patients to embrace the potential benefits of a cochlear implant.”

    The Company plans to select some of the top cochlear implant institutions in the U.S. as investigational sites for the study. As IRB approvals are obtained, the Company will share information on the investigational sites for interested patients.

    “The excitement around the Acclaim® device is palpable, and we have been extremely humbled by the number of top-tier cochlear implant programs that want to participate in this study,” said Lucas. “While we are not able to select every site for this study, we believe that this excitement and significant interest across the country is a strong signal of our potential ability to penetrate the market should we be successful in gaining commercial approval.”

    The FDA approved the IDE application as a staged clinical study. This allows preliminary clinical data to be gathered on a subset of patients prior to expanding enrollment to the full subject cohort. As with any investigational device, approval of an IDE application does not ensure that the results of the investigation will provide a reasonable assurance of the safety and effectiveness or assure a determination of approval for a premarket submission.

    Lucas continued, “The last two weeks demonstrate our passionate commitment to innovation, competition, and change in the hearing industry. Last week marked the American Medical Association’s approval of new CPT codes for totally implantable active middle ear implants, which opens new opportunities for our already FDA-approved Esteem® device. This week, we are celebrating IDE approval to start a pivotal study for our investigational Acclaim® device. Two devices serving two patient populations, both moving the hearing industry forward. We are building a company that is positioning itself to be a market segment leader in the hearing industry. We are excited about what the future holds for Envoy Medical.”

    About the Fully Implanted Acclaim® Cochlear Implant

    We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) is a first-of-its-kind hearing device. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

    The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

    The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019.

    CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

    About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

    The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

    *Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

    Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

    Additional Information and Where to Find It

    Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the Acclaim CI being the first to market fully implanted cochlear implant, the timing of IRB approvals, site activations, enrollment, and beginning of Envoy Medical’s clinical trial, the timing of and FDA’s position related to expanding the clinical trial to full cohort, the result of the clinical trial, the timing and results of clinical trials of the Acclaim CI, and the participation of any institution in such trials; the safety, performance, and market acceptance of the Acclaim CI; and any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical. 

    ###

    Investor Contact:
    CORE IR
    516-222-2560
    investorrelations@envoymedical.com

    The MIL Network –

  • MIL-OSI: Blackford Capital Appoints John Snowden as CEO of Its Expanding Outdoor Living and Recreation Platform

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Nov. 01, 2024 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, is excited to announce the appointment of John Snowden as Chief Executive Officer of its rapidly growing Patio Consolidation Platform (“Platform”), which serves as a leader in the Outdoor Living and Recreation space. Mr. Snowden’s appointment will take effect on November 4. With an extensive background in driving operational excellence, strategic acquisitions, and digital transformation, Mr. Snowden will spearhead Blackford’s vision to “Own the Backyard” by building a comprehensive, omni-channel platform that capitalizes on the booming outdoor living market.

    Blackford’s Patio Platform currently includes notable brands like Starfire Direct, Artificial Turf Supply, Patio Productions, Harmonia Living, and the recent addition, Empire Distributing, a leader in hearth and outdoor living products. Together, these businesses serve a diverse customer base across digital and traditional retail channels, strengthening Blackford’s market reach in the growing home and outdoor lifestyle sector.

    Mr. Snowden brings to Blackford over three decades of leadership experience, including roles as Chief Operating Officer at Recom and Chief Executive Officer of Trademark Global LLC. His proven track record includes transforming mid-market companies into powerhouse brands through data-driven insights, supply chain optimization, and successful integrations of multiple acquisitions. Under his leadership, Blackford’s Patio Platform will focus on expanding its product portfolio and leveraging digital and traditional distribution channels to create a one-stop solution for outdoor living needs.

    “We’re thrilled to welcome John Snowden as the CEO of our Patio Consolidation Platform. A man of great character, his vision and commitment to operational rigor align perfectly with our strategic goals for the Platform,” said Martin Stein, Founder and Managing Partner of Blackford Capital. “With John’s leadership, we are poised to consolidate our current companies, maximize the incredible product lineup and channel expertise across the portfolio and ultimately expand our presence and deliver unparalleled value to our customers.”

    Snowden’s appointment comes at a pivotal moment as Blackford continues to execute its consolidation strategy, designed to capitalize on demographic trends favoring outdoor home improvements, with the potential to capture even greater market share through strategic acquisitions, cross-selling synergies, and a streamlined, customer-centric approach. The consolidated companies will provide a full spectrum of high-end outdoor products, including patio furniture, firepits, artificial turf, and more, through an omni-channel presence spanning e-commerce and dealer networks.

    About Blackford Capital
    Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

    Media Contact:
     Jackson Lin
    Lambert
    (646) 717-4593
    jlin@lambert.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c03f69f-76d4-46d2-9b07-81ff8ea60d65

    The MIL Network –

  • MIL-OSI: Northway Financial, Inc. Announces Third Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    NORTH CONWAY, N.H., Nov. 01, 2024 (GLOBE NEWSWIRE) — Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the quarter ended September 30, 2024 of $1.2 million, or $0.45 per basic common share, compared to $1.6 million, or $0.58 per basic common share for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported net income of $3.6 million, or $1.31 per basic common share, compared to $4.7 million, or $1.71 per basic common share for the same period in 2023.

    President and CEO William J. Woodward commented: “During the third quarter we continued to reduce our reliance on wholesale funding by putting a focus on retaining deposits and limiting our lending. Wholesale funding decreased by $122 million, significantly reducing our reliance on wholesale funding. The third quarter was marked by the announcement of our pending merger with Camden National Corporation. The closing date of the merger is still to be determined but we anticipate the merger to be completed in the first quarter of 2025. We will be holding a special shareholder meeting to approve the merger agreement. The details of the merger and the shareholder meeting will be sent to all shareholders in the coming weeks. Please look out for the information and return your proxy card as soon as possible. The Board of Directors have unanimously approved the merger, and your support, as always, is greatly appreciated.”

    Financial Highlights

    • Total Assets were $1.2 billion, Loans, Net, were $900 million, and Total Deposits were $1 billion at September 30, 2024.
    • Total Assets decreased $137 million, or 10%, compared to September 30, 2023, driven by decreases in Loans, Net of $55 million, Cash and Due from Banks and Interest-Bearing Deposits of $51 million and Securities Available-for-Sale at Fair Value of $20 million.
    • The decrease in Loans, Net was led by a decrease in Commercial Real Estate loans of $25 million, Residential Real Estate loans of $22 million, and Consumer Loans of $6 million, compared to September 30, 2023.
    • Non-Municipal Deposits (excluding brokered deposits) increased $18 million compared to September 30, 2023 led by an increase in Retail Deposits of $21 million or 4%.
    • The increase in Retail Deposits was led by an increase in Time Deposits of $69 million offset by a decrease in Non-Maturity Deposits of $48 million.
    • Non-Municipal Deposits (excluding brokered deposits) increased $18 million, or 6%, compared to December 31, 2023.
    • Wholesale Funding, which includes brokered deposits and borrowings, decreased $122 million, or 49%, compared to September 30, 2023, and $82 million, or 39%, compared to December 31, 2023.
    • Total Equity increased $21 million, or 37%, compared to September 30, 2023, primarily from an increase in the market value of Securities Available-for-Sale at Fair Value.
    • Net Income for the nine-month period ending September 30, 2024, was $3.6 million, or $1.31, per basic common share.
    • Year-to-date Net Interest Income was $2.9 million lower than the same period last year driven by an increase in interest expense of $2.2 million.
    • The year-to-date Net Interest Margin decreased from 2.67% to 2.59% as funding costs increased .44% while the yield on earning assets increased 0.25%, compared to year-to-date September 30, 2023.
    • Nonperforming loans as a percentage of total loans stood at 0.41% compared to 0.31% at September 30, 2023.
    • Total delinquent loans as a percentage of total loans were 0.06% compared to 0.02% at September 30, 2023.
    • The Bank’s regulatory capital ratios at September 30, 2024 exceeded all well-capitalized ratios as defined under FDIC’s prompt corrective action rules.
    • The market price of our common stock, as of October 31, 2024, was $32.35.
     
    Northway Financial, Inc.
    Selected Financial Highlights
    (Unaudited)
                   
    (Dollars in thousands, except per share data) Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    Interest and Dividend Income $ 12,772   $ 13,372     $ 37,576   $ 38,260  
    Interest Expense   5,046     4,572       14,223     12,002  
    Net Interest and Dividend Income   7,726     8,800       23,353     26,258  
    Provision for Credit Losses   –     –       –     –  
    All Other Noninterest Income   1,445     1,036       3,819     3,535  
    Noninterest Expense   8,041     7,720       23,837     24,030  
    Net Income Before Gain (Loss) on Securities   1,130     2,116       3,335     5,763  
    Gain (Loss) on Securities Available-for-Sale, Net   –     –       –     –  
    (Loss) Gain on Marketable Equity Securities   249     (199 )     515     (309 )
    Income before Income Tax (Benefit) Expense   1,379     1,917       3,850     5,454  
    Income Tax (Benefit) Expense   133     305       233     744  
    Net Income $ 1,246   $ 1,612     $ 3,617   $ 4,710  
    Net Income Available to Common Stockholders $ 1,246   $ 1,612     $ 3,617   $ 4,710  
    Earnings per Common Share, Basic $ 0.45   $ 0.58     $ 1.31   $ 1.71  
                   
                   
        9/30/2024   12/31/2023   9/30/2023  
                   
    Balance Sheet            
    Total Assets $ 1,221,077   $ 1,290,467   $ 1,357,654  
    Cash and Due from Banks and Interest-Bearing Deposits   22,584     68,887     74,139  
    Securities Available-for-Sale, at Fair Value   241,224     246,756     261,502  
    Marketable Equity Securities, at Fair Value   3,104     2,589     3,405  
    Loans Held-for-Sale   1,555     –     –  
    Loans, Net   900,517     909,781     956,053  
    Total Liabilities   1,141,363     1,217,230     1,299,301  
    Non Municipal Non-Maturity Deposits   712,708     734,741     763,784  
    Municipal Non-Maturity Deposits   113,959     133,100     138,674  
    Certificates of Deposit   183,576     127,726     143,868  
    Securities Sold Under Agreements to Repurchase   49,722     55,353     68,728  
    Short-Term Borrowings   –     65,000     78,600  
    Long-Term Debt   45,000     60,000     60,000  
    Junior Subordinated Debentures   20,620     20,620     20,620  
    Stockholders’ Equity   79,714     73,237     58,353  
    Profitability and Efficiency            
    Net Interest Margin   2.59 %   2.63 %   2.67 %
    Yield on Earning Assets   4.11     3.90     3.86  
    Cost of Interest Bearing Liabilities   1.98     1.63     1.54  
    Book Value Per Share of Common Shares Outstanding $ 28.97   $ 26.62   $ 21.21  
    Tangible Book Value Per Share of Common Shares Outstanding   25.18     22.83     17.42  
    Common Shares Outstanding   2,751,650     2,751,650     2,751,650  
    Weighted Average Number of Common Shares, Basic   2,751,650     2,751,650     2,751,650  
    Capital Ratios for the Bank            
    Tier 1 Core Capital to Average Assets   9.09 %   8.30 %   8.23 %
    Common Equity Risk-Based Capital   15.27     14.40     13.91  
    Tier 1 Risk-Based Capital   15.27     14.40     13.91  
    Total Risk-Based Capital   16.52     15.65     15.16  
     

    About Northway Financial, Inc.

    Northway Financial, Inc., headquartered in North Conway, New Hampshire, is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses, and the public sector from its 16 banking offices and its loan production offices located in Bedford and Portsmouth, New Hampshire.

    Forward-looking Statements

    Statements included in this press release that are not historical or current fact are “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Northway Financial, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

    No Offer or Solicitation

    This communication is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the pending merger of Camden National Corporation (“Camden National”) and the Company (the “Merger”) and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Camden National, the Company or the combined company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

    Additional Information and Where to Find It

    In connection with the Merger, Camden National has filed a registration statement on Form S-4 with the SEC, which also includes a proxy statement of Northway and a prospectus of Camden National, and Camden National will file other documents regarding the proposed transaction with the SEC. A definitive proxy statement/prospectus will also be sent to Northway stockholders seeking the required stockholder approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NORTHWAY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The documents filed by Camden National with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Camden National may be obtained free of charge under the “Investor Relations” section of Camden National’s website at http://www.camdennational.bank. Alternatively, these documents, when available, can be obtained free of charge from Camden National upon written request to Camden National Corporation, Attn: Corporate Secretary, 2 Elm Street, Camden, Maine 04843.

    Participants in Solicitation

    Camden National, Northway, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the U.S. Securities and Exchange Commission (the “SEC”). Information regarding Camden National’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 5, 2024, and certain other documents filed by Camden National with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction 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. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

    The MIL Network –

  • MIL-OSI: Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results for the Second Fiscal Quarter and Declaration of Distributions on Common Stock for the Months Ending January, February, and March 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Nov. 01, 2024 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (Nasdaq: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (“Oxford Lane,” the “Company,” “we,” “us” or “our”) announced today the following financial results and related information: 

    • On October 24, 2024, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    January 31, 2025 January 17, 2025 January 31, 2025 $0.09
    February 28, 2025 February 14, 2025 February 28, 2025 $0.09
    March 31, 2025 March 17, 2025 March 31, 2025 $0.09
     
    • Net asset value (“NAV”) per share as of September 30, 2024 stood at $4.76, compared with a NAV per share on June 30, 2024 of $4.91.
    • Net investment income (“NII”), calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), was approximately $67.2 million, or $0.22 per share, for the quarter ended September 30, 2024.
    • Our core net investment income (“Core NII”) was approximately $99.4 million, or $0.32 per share, for the quarter ended September 30, 2024.
      • Core NII incorporates all applicable cash distributions received, or entitled to be received (if any, in either case), on our collateralized loan obligation (“CLO”) equity investments. See additional information under “Supplemental Information Regarding Core Net Investment Income” below.
      • We emphasize that our taxable income may differ materially from our GAAP NII and/or our Core NII, and that neither GAAP NII nor Core NII should be relied upon as indicators of our taxable income.
    • Total investment income for the quarter ended September 30, 2024 amounted to approximately $105.1 million, which represented an increase of approximately $15.4 million from the quarter ended June 30, 2024.
      • For the quarter ended September 30, 2024 we recorded investment income as follows:
        • Approximately $98.3 million from our CLO equity and CLO warehouse investments, and
        • Approximately $6.8 million from our CLO debt investments and other income.
    • Our total expenses for the quarter ended September 30, 2024 were approximately $37.9 million, compared with total expenses of approximately $33.8 million for the quarter ended June 30, 2024.
    • As of September 30, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
      • The weighted average yield of our CLO debt investments at current cost was 17.3%, down from 17.4% as of June 30, 2024.
      • The weighted average effective yield of our CLO equity investments at current cost was 16.5%, down from 16.8% as of June 30, 2024.
      • The weighted average cash distribution yield of our CLO equity investments at current cost was 24.1%, down from 26.9% as of June 30, 2024.
    • For the quarter ended September 30, 2024, we recorded a net increase in net assets resulting from operations of approximately $17.9 million, or $0.06 per share, comprised of:
      • NII of approximately $67.2 million;
      • Net realized gains of approximately $3.2 million; and
      • Net unrealized depreciation of approximately $52.5 million.
    • During the quarter ended September 30, 2024, we made additional investments of approximately $540.0 million, and received approximately $160.2 million from sales and repayments of our CLO investments.
    • For the quarter ended September 30, 2024, we issued a total of approximately 48.1 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $252.0 million. As of September 30, 2024, we had approximately 337.3 million shares of common stock outstanding.
    • On October 24, 2024, our Board of Directors declared the required monthly dividends on our 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares as follows:
    Preferred
    Shares Type    		 Per Share Dividend Amount Declared Record Dates Payment Dates
    6.25% – Series 2027 $ 0.13020833  December 17, 2024, January 17, 2025, February 14, 2025 December 31, 2024, January 31, 2025, February 28, 2025
    6.00% – Series 2029 $ 0.12500000  December 17, 2024, January 17, 2025, February 14, 2025 December 31, 2024, January 31, 2025, February 28, 2025
    7.125% – Series 2029 $ 0.14843750  December 17, 2024, January 17, 2025, February 14, 2025 December 31, 2024, January 31, 2025, February 28, 2025
     

    In accordance with their terms, each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares, and 7.125% Series 2029 Term Preferred Shares will pay a monthly dividend at a fixed rate of 6.25%, 6.00% and 7.125%, respectively, of the $25.00 per share liquidation preference, or $1.5625, $1.5000 and $1.78125 per share per year, respectively. This fixed annual dividend rate is subject to adjustment under certain circumstances, but will not, in any case, be lower than 6.25%, 6.00% and 7.125% per year, respectively, for each of the 6.25% Series 2027 Term Preferred Shares, 6.00% Series 2029 Term Preferred Shares and 7.125% Series 2029 Term Preferred Shares.

    Supplemental Information Regarding Core Net Investment Income 

    We provide information relating to Core NII (a non-GAAP measure) on a supplemental basis. This measure is not provided as a substitute for GAAP NII, but in addition to it. Our non-GAAP measures may differ from similar measures by other companies, even in the event of similar terms being utilized to identify such measures. Core NII represents GAAP NII adjusted for additional applicable cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments. Oxford Lane’s management uses this information in its internal analysis of results and believes that this information may be informative in assessing the quality of Oxford Lane’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons.

    Income from investments in the “equity” class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method; this is based on an effective yield to the expected redemption utilizing estimated cash flows, at current cost, including those CLO equity investments that have not made their inaugural distribution for the relevant period end. The result is an effective yield for the investment in which the respective investment’s cost basis is adjusted quarterly based on the difference between the actual cash received, or distributions entitled to be received, and the effective yield calculation. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by the Company during the period (referred to below as “CLO equity adjustments”). 

    Furthermore, in order for the Company to continue qualifying as a regulated investment company for tax purposes, we are required, among other things, to distribute at least 90% of our investment company taxable income annually. While Core NII may provide a better indication of our estimated taxable income than GAAP NII during certain periods, we can offer no assurance that will be the case, however, as the ultimate tax character of our earnings cannot be determined until after tax returns are prepared at the close of a fiscal year. We note that this non-GAAP measure may not serve as a useful indicator of taxable earnings, particularly during periods of market disruption and volatility, and, as such, our taxable income may differ materially from our Core NII.

    The following table provides a reconciliation of GAAP NII to Core NII for the three months ended September 30, 2024:

      Three Months Ended  
    September 30, 2024  
        Amount   Per Share
    Amount
    GAAP net investment income $ 67,188,478   $ 0.22  
    CLO equity adjustments   32,164,525     0.10  
    Core net investment income $ 99,353,003   $ 0.32  
     

    We will host a conference call to discuss our second quarter results today, Friday, November 1, 2024 at 9:00 AM ET. Please call 1-833-470-1428, access code number 436588 to participate. A recording of the conference call will be available for replay for approximately 30 days following the call. The replay number is 1-866-813-9403, and the replay passcode is 813197.  

    A presentation containing additional details regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordlanecapital.com. 

    About Oxford Lane Capital Corp. 

    Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of CLO vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties.  Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI USA: ICYMI: Grassley Unpacks First Week of the Trump Administration with Maria Bartiromo

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), chairman of the Senate Judiciary Committee and former chairman of the Senate Finance Committee, joined Maria Bartiromo’s Wall Street on Fox Business to discuss energy policy, the Senate confirmation process, reconciliation and tax cuts.

    Audio and excerpts of Grassley’s remarks follow.

    [embedded content]

    VIDEO

    On Trump’s actions to unleash American energy:

    ‘I might say about all the actions [President Trump has] taken in the first 48 hours [in office] is like a tornado going through Washington, D.C. This town needs a shakeup, and I think he’s doing it.

    “For decades I’ve always said, ‘The best energy program is all of the above.’ That means all the fossil fuels we need, all the alternative energy we can have, conservation and nuclear. And I think [Trump’s] headed in that right direction. It’s going to have a very strong ripple effect through the entire economy…

    “Every service, every product that we buy has an energy component to it. When we have cheaper energy, we’re going to see cheaper prices paid for almost everything.”

    On the confirmation process:

    “If [Democrats] don’t agree to unanimous consent to bring a nomination up, you’ve got to have a separate vote to bring it up, and then you have unlimited debate. You have to have 51 votes to stop debate, and even after you have 51 votes to stop debate, then there’s 30 hours of debate possible afterwards. If people don’t yield back that time, that stretches out most nominees to a two- or three-day process…

    “This president has a popular mandate and an electoral mandate [that] he’s got to deliver [on]. The Democrats should realize that and let the cabinet people get in place, so this mandate can get underway very quickly. Until you get those cabinet people in their positions, this town doesn’t move as quickly as it otherwise would.”

    On reconciliation:

    “If we have two big, beautiful bills, [President Trump] will still use the same adjectives, only one number will change. We’re going to get the job done either way. I saw the President on Fox News [with Sean Hannity], and he did make clear that he likes one bill, but he says — ‘One bill or two bills, as long as we get the job done, i’s ok with him’… Our meeting at the White House with the House and Senate Republican leadership [this week] was a very productive meeting, and helps move things along very well. And so I’m very hopeful that we’re going to be able to get this mandate delivered very quickly.”

    On renewing the 2017 Trump tax cuts:

    “I think the tax extensions will take a little longer. Of course, we in the Senate have to wait until the House passes a bill, that’s the way the Constitution [approaches] tax legislation. But we’re not going to sit around and wait for the House. Going way back to September, anticipating a big Trump victory, we set up six working groups within the Republicans on the Senate Finance Committee, and we’re well along on the goals that we want to accomplish in the Senate bill.”

    -30-

    MIL OSI USA News –

  • MIL-OSI: KK MINER Unveils Revolutionary Cloud Mining Platform to Maximize Profits in Bitcoin (BTC) and Dogecoin (DOGE)

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Jan. 25, 2025 (GLOBE NEWSWIRE) — With cryptocurrency markets experiencing renewed momentum in 2024, KK MINER is making headlines by introducing its groundbreaking cloud mining platform designed to empower investors to maximize returns on Bitcoin (BTC), Dogecoin (DOGE), and other major cryptocurrencies. Boasting the potential to earn up to $30,000 daily, KK MINER is poised to transform how users engage with cryptocurrency mining by combining cutting-edge technology with user-centric features.

    Introducing KK MINER

    KK MINER is an advanced cloud mining platform that simplifies cryptocurrency mining by eliminating the complexities of traditional setups. Users can rent hash power to mine popular cryptocurrencies such as Bitcoin (BTC), Dogecoin (DOGE), XRP, and more. By managing all technical aspects, including hardware maintenance and energy costs, KK MINER enables users to focus entirely on generating passive income and diversifying their investments.

    Key Features and Benefits

    • High Efficiency and Stability: Leveraging cutting-edge data centers and advanced mining equipment, KK MINER ensures efficient and reliable returns for its users.
    • Robust Security: Multi-level security protocols, including SSL encryption, two-factor authentication, and 24/7 monitoring, safeguard user funds and information.
    • Flexible Investment Options: With a variety of investment plans, KK MINER caters to both short-term and long-term financial goals. Regular promotions further enhance user benefits.

    Platform Advantages

    • Instant $10 registration bonus.
    • High daily profit potential with no hidden fees.
    • Support for over 10 cryptocurrencies, including BTC, DOGE, and ETH.
    • Lucrative affiliate program offering up to $40,000 in referral bonuses.
    • McAfee® and Cloudflare®-backed security with 24/7 customer support.

    How to Get Started

    1. Register: Visit the KK MINER official website and sign up.
    2. Choose a Plan: Select a mining plan that suits your investment objectives.
    3. Start Mining: Let KK MINER’s advanced technology do the work for you.
    4. Receive Daily Payments: Enjoy consistent payouts, providing a stable income stream.

    Special Offers for New Users

    • Signup Bonus: New users receive a $10 instant bonus upon registration and earn $1 daily for free.
    • Referral Rewards: Invite friends and earn continuous rewards of 3% to 4.5% on their investments.

    Maximizing Earnings with KK MINER

    KK MINER’s investment plans are designed to meet diverse financial needs. Here is an example of its earning potential:

    • Investment Example:
      • Initial Investment: $50,000
      • Daily Interest Rate: 2.50%
      • Daily Passive Income: $1,250
      • Total Earnings after 28 Days: $35,000, with a final balance of $85,000 (principal + earnings).

    Join the Future of Wealth Creation

    As the cryptocurrency market continues to grow, KK MINER leads the way by providing an accessible and efficient solution for investors. Whether you’re starting your crypto journey or are a seasoned investor, KK MINER’s user-friendly platform, unparalleled security, and high earning potential make it the ideal choice.

    For more information, visit KK MINER’s official website at https://kkminer.top/ or download the mobile app for easy access on the go.

    Contact Details

    Edwards Sherry
    Business Manager
    info@kkminer.top 

    Disclaimer: This content is provided by KK MINER . The views expressed are solely those of the provider and do not constitute financial or investment advice. Readers should verify all information and consult a financial advisor before making decisions. Investing involves risks, including loss of principal. Past performance does not guarantee future results. Neither the sponsor nor any associated parties shall be held liable for any errors, omissions, or inaccuracies in the content or for any actions taken based on the information provided. Reliance is at your own risk.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c86322b8-215d-47a7-84d5-0287df1f56dd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7b1f66ba-5d95-492e-b41d-239d980d1480

    https://www.globenewswire.com/NewsRoom/AttachmentNg/25b4131c-6131-4670-a092-bfece14c8c18

    The MIL Network –

  • MIL-OSI: GameFi’s Rising Star: Monsta Mash Surpasses $1M Milestone

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Jan. 25, 2025 (GLOBE NEWSWIRE) — The GameFi sector, a fusion of gaming and decentralized finance (DeFi), has emerged as a groundbreaking space within blockchain technology. Among the standout projects transforming this industry is Monsta Mash, a GameFi ecosystem that has achieved an extraordinary milestone by raising over $1 million in its presale stage. With its innovative approach and ambitious roadmap, Monsta Mash is carving its place as a leader in the GameFi landscape.

    GameFi, short for “Game Finance,” merges traditional gaming elements with blockchain to offer players unique opportunities to earn real-world rewards through gameplay. Leveraging models like Play-to-Earn (P2E) and Tap-to-Earn (T2E), players can acquire cryptocurrencies or other digital assets. This combination of entertainment and financial incentives has fueled exponential growth in the sector, which is expected to reach $126.17 billion by 2032, according to market forecasts.

    The Monsta Ecosystem: A GameFi Powerhouse

    Monsta Mash distinguishes itself by combining action-packed gaming with blockchain technology. Built on the fast and scalable Solana network, the platform delivers an immersive gaming experience that overcomes the limitations of traditional GameFi projects. Its utility token, $MASH, is the core of this ecosystem, enabling players to convert in-game victories into tangible rewards.

    The app, “Cryptids – Monsta Mash,” is available on both the Google Play Store and Apple App Store, with download milestones demonstrating its growing popularity among blockchain gaming enthusiasts. With a $0.00365 token presale price, Monsta Mash has attracted significant investor interest, including cryptocurrency whales, setting the stage for its projected price surge to $8 by the end of 2025.

    The Journey Through Presale Stages

    Monsta Mash’s presale journey is a testament to its potential and strong investor confidence. The platform had already secured over $1 million in funding. As it progresses through subsequent presale stages, the $MASH token price is projected to rise, offering early investors significant returns. Analysts predict $MASH will exceed $4 by mid-2025, making it one of the most promising tokens in the blockchain gaming space.

    Monsta Mash’s rise reflects broader trends in the GameFi industry, which has seen remarkable growth in unique active wallets and user engagement. As blockchain gaming evolves, Monsta Mash is positioning itself as a leader by providing a blend of financial opportunity and engaging gameplay. Its innovative use of Solana’s capabilities ensures scalability and a seamless user experience, further solidifying its competitive edge over established ecosystems like Gala and The Sandbox.

    Why Join the GameFi Movement with Monsta Mash?

    For those eager to explore the GameFi industry, Monsta Mash offers a gateway to unparalleled opportunities. With its robust ecosystem, exciting gameplay, and the potential for financial gains, Monsta Mash invites players and investors alike to be part of the next big wave in blockchain gaming. Whether you’re a seasoned crypto enthusiast or new to decentralized technology, Monsta Mash provides an accessible and rewarding entry point into the dynamic world of GameFi.

    Don’t miss your chance to join this revolution. Dive into the Monsta Mash ecosystem today and embrace the future of gaming and finance. Visit their official website and secure your $MASH tokens before the next big leap! Use Code “MONSTA50” for an additional 50% bonus.

    Contact Us:

    Name: Mukul Anand
    Email: support@cryptidsgame.io
    PR Manager

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1323a748-dbcf-41e1-b0a7-52acccfbf8f6

    The MIL Network –

  • MIL-OSI: Plume Network unlocks cross-chain RWA yields through SkyLink across 16 networks

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 25, 2025 (GLOBE NEWSWIRE) — Plume Network, the first full-stack L1 RWA Chain, announced today a major expansion of its cross-chain ecosystem with the planned deployment of SkyLink across 16 blockchain networks. This development comes at a crucial time as Real World Assets (RWAs) have doubled in total on-chain value in the past year to almost $17 billion, emerging as one of the fastest-growing sectors in Web3.

    Plume Network’s SkyLink, an interoperability solution for secure, cross-chain RWA yield distribution, will launch with an initial cohort of networks including Solana, Movement, Injective, Omni Network, Zircuit, Ape Chain, Core, Polyhedra, Gravity by Galxe, Merlin, Xion, Rome, Echelon, D3, Hemi, and Memento.

    Users on these networks now have permissionless access to institutional-grade RWA yields, streamed directly to their wallets via SkyLink’s mirrored YieldTokens. The solution leverages LayerZero’s SyncPools for seamless omnichain functionality.

    Notably, the mirrored tokens introduced by SkyLink ensure that total value locked (TVL) remains securely on the original chain, maintaining liquidity and bolstering the value of each network.

    “The growth of the RWA sector depends on the collaborative efforts of diverse blockchain ecosystems, each contributing unique strengths to build a robust cross-chain infrastructure,” said Teddy Pornprinya, Co-founder of Plume Network. “By aligning with these networks, we’re establishing the foundation for an interoperable RWA landscape where institutional-grade yields are easily accessible across any chain or rollup.”

    With traditional markets worth over $100 trillion in commodities, bonds, and stocks representing an enormous tokenization opportunity, this expansion addresses a key market need: while RWA tokenization has shown remarkable growth, the ability to distribute yields across different blockchain ecosystems has remained fragmented.

    SkyLink’s integration with LayerZero enables unified pools with cross-chain mint and burn functions, allowing seamless issuance and redemption of YieldTokens across multiple chains while preserving Plume’s asset custody and compliance infrastructure.

    The integration enables:

    • Continuous yield streaming across any supported blockchain network
    • Permissionless access to institutional-grade RWA yields
    • Native composability for yield-bearing tokens across DeFi applications
    • Unified compliance and security standards across all chains

    “Looking ahead to 2025, we believe multi-chain interoperability will be crucial in unlocking the next phase of RWA adoption,” added Jason Meng, Head of Business Development at Plume Network. “Our goal is to make Plume the hub for cross-chain RWAfi yield distribution, supporting the growing demand for real world asset exposure in DeFi. We are actively seeking to integrate new networks to expand this ecosystem further.”

    About Plume

    Plume Network is the first full-stack L1 RWA Chain and ecosystem purpose-built for Real World Asset Finance (RWAfi), enabling the rapid adoption and demand-driven integration of real world assets. With 180+ projects building on the network, Plume offers a composable, EVM-compatible environment for onboarding and managing diverse real world assets. Coupled with an end-to-end tokenization engine and a network of financial infrastructure partners, Plume simplifies asset onboarding and enables seamless DeFi integration for RWAs so anyone can tokenize real world assets, distribute them globally, and make them useful for native crypto users.

    Twitter | Website | Discord | Telegram

    Contact Details:

    Your full name: Shukyee Ma
    Position: CSO
    Email: shukyee@plumenetwork.xyz

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

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d94e4c72-8e8f-49cb-b0c3-747cffb9fa28
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e5010bbe-c34b-47cd-833b-3527288317e9

    The MIL Network –

  • MIL-OSI: KTON Targets $6.12 Billion Liquid Staking Opportunity on TON, Tapping Telegram’s 950 Million Users

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 25, 2025 (GLOBE NEWSWIRE) — KTON, an institutional-grade liquid staking protocol incubated by TONX, the leading TON-focused venture studio backed by top VC firms from the Asia-Pacific region, is gearing up for its V1 launch in February 2025. TONX, which recently unveiled a $5M accelerator program to foster innovation within the TON and Telegram ecosystem, is behind TONX API, the leading developer platform trusted by Blum, Catizen, Google Cloud, and over 20 leading projects. TONX is also the force behind Tonkey, a multisig solution managing $400M in assets and adopted by the TON Foundation. KTON is set to enter the United States and global markets, bringing its enterprise-grade liquid staking solution to institutional and retail users.

    Telegram recently announced it will exclusively support The Open Network (TON) for its blockchain ecosystem. KTON is uniquely positioned to capitalize on this growth as it is being built specifically for TON users. Building on TONX’s success in the API and security space, KTON is positioned to capture the $6.12 billion TON liquid staking market opportunity.

    KTON allows users to stake TON while receiving $KTON, unlocking liquidity without sacrificing staking rewards. Unlike existing solutions that often concentrate risk or lack robust standardization, KTON provides institutional-grade security tailored for family offices, trusts, and exchanges. Users can start staking with as little as 1 TON, and there is no lock-up period.

    Unlocking TON’s $6.12B Liquid Staking Market Potential

    Liquid staking has transformed blockchain ecosystems with Lido Finance dominating Ethereum’s LST market at $30B TVL. KTON aims to capture similar potential in TON’s nascent LST market, currently valued at $377M.

    “Our research reveals TON’s LST ratio matches Solana at 10% of staked tokens, yet TON’s total staking rate is merely 13.7% versus Solana’s 69%, indicating a 5x growth potential. Furthermore, if TON’s LST ratio reaches Ethereum’s 36%, the market could surge 18X, unlocking an additional $6.12B in value,” said Dr. Awesome Doge, founder of TONX and KTON. “KTON aims to bridge this gap by providing the infrastructure needed to unlock this liquidity and drive TON’s DeFi expansion.”

    KTON’s staking service will unlock liquidity, enabling seamless integration with leading TON native DEXs and protocols, and more DeFi giants which are entering TON like Ethena and Curve Finance. This offers TON users flexible and stable yield strategies through various DeFi opportunities while maintaining staking rewards.

    “TONX’s triumph is a powerful testament to why KTON has solidified its place as a trusted pillar in the ecosystem,” said Howard Peng of TON Ventures.

    Staking Ratios of Solana, Ethereum, and TON | TONX

    Distribution of TON Staking (Total Issuance in USD) | TONX

    KTON Sets New Standards for TON Liquid Staking Infrastructure

    KTON is addressing the critical challenges of existing liquid staking solutions, such as concentration risks and lack of standardization, by introducing a decentralized protocol with institutional-grade security.

    To further enhance accessibility, KTON is launching a Telegram Mini App designed for the platform’s 950M users in a move to bridge DeFi adoption and mainstream accessibility. By integrating liquid staking directly within Telegram, KTON simplifies the process, ensuring that anyone can participate with ease. This innovative approach positions KTON to drive the widespread adoption of TON blockchain technology, expanding its reach in the US market and globally.

    The platform’s roadmap goes beyond staking rewards. Following the launch of KTON V1, the planned upgrade will introduce a dual-token model featuring $KTON and a new governance token. This system allows $KTON holders to earn rewards while actively participating in KTON DAO governance.

    Unlock Your Yield with KTON, Launching February 2025

    KTON is poised to seize the $6.12 billion market potential in TON’s liquid staking ecosystem with its enterprise-grade staking services. Launching this February, KTON provides the most secure and user-friendly solutions for both retail and institutional clients, enabling them to unlock liquidity, maximize staking rewards, and confidently participate in TON’s thriving DeFi ecosystem. KTON’s commitment to security, combined with a decentralized governance structure, makes KTON a trusted choice for staking at scale.

    For partnerships and customized solutions, contact: contact@kton.io

    About KTON

    KTON is a next-generation liquid staking protocol built for the TON ecosystem, designed to unlock liquidity for both retail and institutional users. Through its liquid staking token $KTON, users can participate in TON’s growing DeFi ecosystem while earning staking rewards. Combining institutional-grade security with decentralized governance and seamless Telegram integration, KTON aims to drive TON’s ecosystem growth and mass adoption.

    X | Telegram

    About TONX

    Founded in 2021, TONX is a SuperApp platform layer driving the new Web3 economy. As a cornerstone of the TON ecosystem, it delivers powerful tools like TONX API, a trusted RPC solution integrated with over 20 leading projects, and Tonkey, a secure multi-signature wallet managing over $400 million in assets.

    TONX | X | Telegram | Blog | Docs | TONX API | Tonkey

    Contact Us:

    Ian Yeh
    contact@tonx.tg

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

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/449dbe70-77fe-4c3d-8a37-0d88b116206d
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c37d850e-ca33-4637-8de5-46fc12c6e8d6
    https://www.globenewswire.com/NewsRoom/AttachmentNg/09461482-6ad3-4723-83d7-f504063fa014

    The MIL Network –

  • MIL-OSI Russia: IMF Staff Conclude Article IV Discussions and Reach Staff-Level Agreement on the Second Review under the Extended Credit Facility

    Source: IMF – News in Russian

    October 31, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Somali authorities have reached a staff level agreement on the second review under the Extended Credit Facility (ECF). Program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks.
    • Real GDP growth has been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances. However, risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks.
    • Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth. This includes strengthening tax capacity and public financial management, promoting financial deepening, and improving governance.

    Washington, DC: A staff team from the International Monetary Fund (IMF), led by Ms. Laura Jaramillo, conducted discussions with the Somali authorities in Istanbul and in Washington DC on the 2024 Article IV consultation and reached a staff-level agreement on the second review of the Extended Credit Facility (ECF) arrangement that was approved by the IMF’s Executive Board in December 2023 (Press Release No. 23/463). This agreement is subject to approval of the IMF’s Executive Board.  

    At the conclusion of the discussions, Ms. Jaramillo issued the following statement:

    “Somalia’s real GDP growth outlook has improved, though challenges and risks remain significant. Positive trends in agriculture, exports, and remittances in 2024 are expected to continue in 2025. As a result, real GDP growth has been upgraded to 4 percent in 2024 and 2025, up by an average ¼ percentage point compared to previous forecasts. Inflation is expected to continue on a downward trend to 4.5 percent by end 2024, although the pace is slower than anticipated earlier. Despite security challenges, the Somali government remains steadfast in its fight against terrorism and continues to work with international partners to ensure a successful transition from the current African Union Transition Mission to a new force by January 2025. Near-term risks to the outlook include climate shocks, domestic and regional security developments, lower global growth, and higher commodity prices.

    “The authorities continue to focus on raising domestic revenue, aiming to fully cover operational expenditure with domestic revenues by 2027, while also accommodating higher education and health spending. Fiscal outturns in 2024 have been in line with expectations, and an overall deficit of 0.2 percent of GDP is expected for the year. The 2025 draft budget envisages domestic revenues of 3.3 percent of GDP and an overall fiscal deficit of 0.2 percent of GDP, assuming continued access to grant financing, which remains critical for Somalia.

    “The authorities recognize the importance of making steady progress on fiscal reforms. Key revenue measures—guided by the recently published Medium-term Revenue Roadmap—include the ongoing customs modernization, a new income tax law, and stronger enforcement of sales and income taxes. Public financial management continues to be strengthened, with important progress made on payroll integrity. Reforms to improve the debt management framework and capacity are also progressing well. Measures are also being taken to finalize the extractive industries legal framework, including to enhance transparency and accountability.

    “The Central Bank of Somalia (CBS) is advancing institutional governance and financial sector reforms. Focus is on promoting financial deepening, including by enhancing the legislative and oversight frameworks, improving the quality of regulatory data, and augmenting CBS technical capacity. Efforts continue to strengthen the framework for anti-money laundering and the combating the financing of terrorism to comply with international standards.

    “The authorities intend to reintroduce the Somalia Shilling (SOS) and adopt a currency board arrangement. The new SOS notes will provide an important liquidity function by facilitating payments for small value transactions and will promote financial inclusion for the most vulnerable. To provide a stable and predictable policy environment to ensure confidence in SOS across Somalia, the authorities are also starting preparations for introducing a currency board arrangement, with IMF capacity development support. Implementation of these reforms would take an estimated 18-24 months after prerequisites are in place, including necessary external financing.

    “The authorities are also committed to advancing steps to bolster inclusive growth and poverty reduction, improve resilience to climate shocks, and enhance trade integration. Raising human capital by increasing the educational attainment of Somali children and closing gender gaps in education can bring significant growth dividends. Building resilience against climate shocks and strengthening food security is also a priority. Given Somalia’s very limited resources, financing and technical assistance support from international partners remains crucial. The East African Community presents important opportunities, challenges, and risks for Somalia and the integration process needs to be managed carefully.  

    “The mission would like to express gratitude to Somali authorities for constructive and fruitful discussions. Meetings were held with the Minister of Finance, Minister of Petroleum, the CBS Governor, other government officials, development partners, and representatives from the private sector.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/31/pr-24401-somalia-imf-staff-conclude-aiv-discussions-and-reach-sla-on-the-2nd-rev-under-the-ecf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Economics: IMF Staff Conclude Article IV Discussions and Reach Staff-Level Agreement on the Second Review under the Extended Credit Facility

    Source: International Monetary Fund

    October 31, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Somali authorities have reached a staff level agreement on the second review under the Extended Credit Facility (ECF). Program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks.
    • Real GDP growth has been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances. However, risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks.
    • Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth. This includes strengthening tax capacity and public financial management, promoting financial deepening, and improving governance.

    Washington, DC: A staff team from the International Monetary Fund (IMF), led by Ms. Laura Jaramillo, conducted discussions with the Somali authorities in Istanbul and in Washington DC on the 2024 Article IV consultation and reached a staff-level agreement on the second review of the Extended Credit Facility (ECF) arrangement that was approved by the IMF’s Executive Board in December 2023 (Press Release No. 23/463). This agreement is subject to approval of the IMF’s Executive Board.  

    At the conclusion of the discussions, Ms. Jaramillo issued the following statement:

    “Somalia’s real GDP growth outlook has improved, though challenges and risks remain significant. Positive trends in agriculture, exports, and remittances in 2024 are expected to continue in 2025. As a result, real GDP growth has been upgraded to 4 percent in 2024 and 2025, up by an average ¼ percentage point compared to previous forecasts. Inflation is expected to continue on a downward trend to 4.5 percent by end 2024, although the pace is slower than anticipated earlier. Despite security challenges, the Somali government remains steadfast in its fight against terrorism and continues to work with international partners to ensure a successful transition from the current African Union Transition Mission to a new force by January 2025. Near-term risks to the outlook include climate shocks, domestic and regional security developments, lower global growth, and higher commodity prices.

    “The authorities continue to focus on raising domestic revenue, aiming to fully cover operational expenditure with domestic revenues by 2027, while also accommodating higher education and health spending. Fiscal outturns in 2024 have been in line with expectations, and an overall deficit of 0.2 percent of GDP is expected for the year. The 2025 draft budget envisages domestic revenues of 3.3 percent of GDP and an overall fiscal deficit of 0.2 percent of GDP, assuming continued access to grant financing, which remains critical for Somalia.

    “The authorities recognize the importance of making steady progress on fiscal reforms. Key revenue measures—guided by the recently published Medium-term Revenue Roadmap—include the ongoing customs modernization, a new income tax law, and stronger enforcement of sales and income taxes. Public financial management continues to be strengthened, with important progress made on payroll integrity. Reforms to improve the debt management framework and capacity are also progressing well. Measures are also being taken to finalize the extractive industries legal framework, including to enhance transparency and accountability.

    “The Central Bank of Somalia (CBS) is advancing institutional governance and financial sector reforms. Focus is on promoting financial deepening, including by enhancing the legislative and oversight frameworks, improving the quality of regulatory data, and augmenting CBS technical capacity. Efforts continue to strengthen the framework for anti-money laundering and the combating the financing of terrorism to comply with international standards.

    “The authorities intend to reintroduce the Somalia Shilling (SOS) and adopt a currency board arrangement. The new SOS notes will provide an important liquidity function by facilitating payments for small value transactions and will promote financial inclusion for the most vulnerable. To provide a stable and predictable policy environment to ensure confidence in SOS across Somalia, the authorities are also starting preparations for introducing a currency board arrangement, with IMF capacity development support. Implementation of these reforms would take an estimated 18-24 months after prerequisites are in place, including necessary external financing.

    “The authorities are also committed to advancing steps to bolster inclusive growth and poverty reduction, improve resilience to climate shocks, and enhance trade integration. Raising human capital by increasing the educational attainment of Somali children and closing gender gaps in education can bring significant growth dividends. Building resilience against climate shocks and strengthening food security is also a priority. Given Somalia’s very limited resources, financing and technical assistance support from international partners remains crucial. The East African Community presents important opportunities, challenges, and risks for Somalia and the integration process needs to be managed carefully.  

    “The mission would like to express gratitude to Somali authorities for constructive and fruitful discussions. Meetings were held with the Minister of Finance, Minister of Petroleum, the CBS Governor, other government officials, development partners, and representatives from the private sector.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

  • MIL-OSI Australia: Applying for a private ruling

    Source: Australian Department of Revenue

    The easiest way to send your ruling application is by using one of our forms. They will help you give us the information we need.

    Complete an application form or send a letter

    You can use these forms to apply for a private ruling:

    You can send a letter instead of using a form. Check the Information we need to make sure it is valid and complete.

    Information we need

    You need to include all relevant information in your application even if you use our application forms. You may need to include supporting documents.

    Your questions

    Write clear questions so we can identify your issues accurately and fully. If you’re not a tax professional, you don’t need to refer to the law. If you’re a tax professional, refer to the specific provisions of law you need a ruling on.

    Facts describing the situation

    You must give us a description of all the facts relevant to your scheme or circumstance. Include details of any previous rulings you received on your issue.

    Your private ruling won’t apply if there is any substantial difference between what you:

    • describe in your private ruling
    • actually do.

    If the scheme you describe is only a proposal, the facts must still be reasonably certain. We can’t issue private rulings about hypothetical situations.

    Your arguments and references

    If you’re not a tax agent or other tax professional, this section is optional. If you’re a tax agent or other tax professional, show the results of your research. Include your opinion about how the law applies to the question.

    Valuations

    If your ruling will need a valuation of something, such as an item of plant, we may refer the matter to a professional valuer. They can determine the value or to review a valuation report you’ve included.

    For more information see Private rulings and valuations.

    Supporting documents

    We give details of Supporting documents or information required for common topics private rulings are requested on.

    See Reference guide for private rulings for more information on completing your application.

    Signature

    Lodged by you

    You must sign your application if lodging by fax or post.

    Lodged by your agent

    If the application is lodged by your agent, they must sign a declaration certifying that:

    • The application has been prepared in accordance with information you have supplied.
    • A written declaration has been obtained from you certifying that the information provided is true and correct. This declaration doesn’t need to be lodged with the application but must be presented if requested.
    • The legal personal representative has been authorised to provide the private ruling application.

    The following representatives can be your agent:

    • spouse
    • relative
    • friend
    • another agent
    • tax agent, or
    • other tax professional authorised to give this application to the Commissioner of Taxation.

    If you’re using one of our forms, see How to complete the private ruling application form for information about your signature requirements.

    Send your application

    Online

    If you’re a tax agent, lodge using:

    If you’re an individual or a sole trader or business with an ABN, lodge using:

    If you’re an individual without an ABN, you can’t lodge through our online portals at this time.

    Fax or post

    Fax and postal details for private rulings

    Entity type or matter

    Fax

    Post

    Individuals and micro business (less than $2 million turnover)

    1300 139 011

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Small and medium businesses and private entities (more than $2 million turnover)

    (02) 6225 0906

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Not-for-profit

    (02) 6225 0906

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Excise including fuel schemes and wine equalisation tax

    1300 650 128

    Australian Taxation Office
    PO Box 3001
    PENRITH  NSW  2740

    Superannuation

    1300 669 846

    Australian Taxation Office
    PO Box 3100
    PENRITH  NSW  2740

    Listed companies, foreign owned entities and international matters

    1300 661 106

    Australian Taxation Office
    PO Box 377
    ALBURY  NSW  2640

    Non-commercial losses

    1300 139 011

    Australian Taxation Office
    PO Box 3000
    PENRITH  NSW  2740

    Goods and services tax

    1300 139 031

    Australian Taxation Office
    PO Box 3524
    ALBURY  NSW  2640

    Resource rent taxes (petroleum or mineral)

    1300 139 011

    Australian Taxation Office
    PO Box 1130
    PENRITH  NSW  2740

    Accounting, debt, lodgment or registration matters

    1300 139 035

    Australian Taxation Office
    PO Box 9990
    ALBURY  NSW  2640

    Investment schemes advice

    1800 033 211

    Australian Taxation Office
    PO Box 3546
    ALBURY  NSW  2640

    Timing

    If you want to apply for a private ruling when you lodge your tax return, don’t attach the form to your tax return. Lodge your ruling application separately.

    You must lodge your tax returns and activity statements by the due date, even if you’re waiting for us to give you a private ruling.

    MIL OSI News –