Category: Finance

  • MIL-OSI United Kingdom: Eight-year ban for director of home improvements firm which failed to complete more than £300,000 of building work

    Source: United Kingdom – Government Statements

    The company accepted payments for projects when it was insolvent

    • Samantha Fairweather was the sole director of Fairweather Construction Ltd when it took payments from customers for home improvements it did not complete 

    • The company had already failed to finish building work such as new conservatories and windows when it accepted the additional payments  

    • Fairweather Construction had substantial debts at the time it took the payments, including owing more than £100,000 in tax 

    The boss of an Essex construction firm which took more than £300,000 in deposits for home improvements work it never completed has been disqualified as a director for eight years. 

    Samantha Fairweather, 53, was the sole director of Fairweather Construction Ltd when it sought advice from an insolvency practitioner in April 2022, owing more than £100,000 in unpaid tax. 

    The company had taken deposits from homeowners worth more than £150,000 by this time for building work such as the installation of new windows or conservatories which it had not finished. 

    However, Fairweather Construction then proceeded to take a further £177,900 in payments for further building projects it did not complete, including £37,370 in deposits for new work, before it was liquidated in the autumn of 2022.  

    Neil North, Chief Investigator at the Insolvency Service, said: 

    Samantha Fairweather knew, or ought to have known, that the company she was a director of had unpaid debts to HMRC and had been unable to fulfil its obligations to existing customers. 

    The company then took significant amounts of money from homeowners for house extensions and projects which were never done. 

    Members of the public need protection from this kind of activity which is why Fairweather will no longer be able to act as a company director until October 2032. 

    Fairweather, of Maitland Road, Stansted Mountfitchet, was the only director of Fairweather Construction since it was established in December 2014. 

    The company marketed itself as a home improvement specialist, with its work mainly focused on properties around the Essex and Hertfordshire border. Its registered office address was more than 150 miles away on Wood Lane, Heskin, Lancashire. 

    However, homeowners from further afield also lost out as a result of the company’s actions. 

    One couple from south London paid Fairweather Construction £12,500 for new windows in July 2022, but the order was never placed with the manufacturer. 

    Similarly, a woman from Saffron Walden paid the company £4,500 for new windows in August 2022, which were never fitted. 

    In the same month, Fairweather Construction took £18,000 from customers in the Bishop’s Stortford area for a new conservatory and extensions to an existing one which were not built. 

    Numerous excuses were made by the company for why the orders were not fulfilled. 

    Fairweather also caused her company to breach the Covid Bounce Back Loan Scheme in May 2020 by using £11,000 of the £50,000 she obtained to repay a director’s loan. 

    These payments were not for the economic benefit of the business as they had to be under the rules of the scheme. 

    Fairweather Construction entered liquidation in September 2022 with liabilities of more than £700,000. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Fairweather, and her eight-year ban began on Monday 21 October. 

    The disqualification prevents her from becoming involved in the promotion, formation or management of a company, without the permission of the court. 

    Further information 

    Updates to this page

    Published 21 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Europe: Germany: EIB and Deutsche Leasing support the green transformation of small businesses and mid-caps

    Source: European Investment Bank

    EIB

    • Deutsche Leasing will provide new leases on favourable terms to small and medium-sized companies (SMEs) and mid-caps in Germany and countries in Eastern Europe.  
    • The second tranche of this operation, started in February, has been signed.  
    • The loan has a two-fold focus on cohesion, accounting for 50% of the projects, and green investments, with 30% of green leases.

    The European Investment Bank (EIB) and Deutsche Leasing have announced the second tranche of a project designed to support small business and mid-cap leases for a total project cost of €560 million, with a total of €200 million of EIB financing approved. A first tranche of €50 million of the €200 million has been signed in February.

    Under the cooperation programme, Deutsche Leasing will finance machinery and technologies that lead to energy savings, low-carbon mobility and other environmental solutions, thereby supporting the green transformation of small businesses and mid-caps.

    Deutsche Leasing will use the EIB loan to finance small and medium-sized companies (SMEs, with fewer than 250 employees) and midcaps (with up to 3 000 employees) in Germany and countries in Eastern Europe. The beneficiaries will be able to use the funds for long-term investment projects. The focus of the second tranche lies on climate investment. It is foreseen that at least 30% of the EIB funds will be used to support climate and the environment, such as financing of energy efficient industrial equipment and agricultural machinery, including climate adaptation measures.

    As the EIB has the highest possible credit rating (AAA), it can raise funds on the capital markets on favourable terms. The advantages of the EIB-backing will be passed on to the SMEs and midcaps to enable them to invest into growing their businesses and investing in their green transition.  By facilitating access to financing, this partnership will promote long-term economic growth as well as job security. This operation should support approximately 570 SMEs and thus approximately 47,300 employees.

    “SMEs and MidCaps are the backbone of our European economy”, EIB-Vice-President Nicola Beer said. “Supporting them is one of the core missions of the EIB. Together with financing partners like Deutsche Leasing, we provide long-term, stable financing for the Mittelstand to invest in innovative projects for the green and digital transition and help foster the European competitiveness.”

    Deutsche Leasing supports SMEs and midcaps in successfully managing the upcoming transformation to a Green Economy that lies in innovative technologies, by disseminated those technologies largely in its target markets across the EU and beyond. Deutsche Leasing will also provide advisory expertise for corporates and public entities in the sustainable transformation and plays a key role in the circular economy.

    The use of intermediated lending via Deutsche Leasing will provide EIB financing to reach smaller scale projects that are often unable to demonstrate sufficient volume for a standalone EIB-financed project.

    “We are pleased to continue our good cooperation with the EIB, as well in the context of financing the green transformation. With the EIB’s refinancing, we as the Deutsche Leasing Group offer our SME customers the opportunity to realize green transformation projects on the European market”, Deutsche Leasing CEO Kai Ostermann said.

    This operation continues the EIB’s cooperation with Deutsche Leasing and complements the synthetic securitisations of 2020 and 2023 signed with Deutsche Leasing Romania, part of the same group, consisting of guarantees for financing small businesses and mid-caps.

    Background information

    The European Investment Bank is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives. EIB projects strengthen competitiveness, sustainable development, and social and territorial cohesion. They promote innovation and accelerate the transition to climate neutrality. The EIB Group – which also includes the European Investment Fund – signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

    The Deutsche Leasing Group is the solution-oriented asset finance partner for the German SME sector. The company provides support for investment projects in Germany and other countries and offers a wide range of financing solutions (asset finance) and supplementary services (asset services) for current and non-current assets. The company helps its customers to finance change and innovation when it comes to the key transformative issues of our time – in the areas of decarbonisation, digitalisation and forward-looking infrastructure. As a central and international group partner, the Deutsche Leasing Group is Sparkassen-Finanzgruppe’s centre of excellence for leasing, factoring as well as other alternative forms of financing.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Role of regional and local authorities in managing funds in the next programming period – E-002039/2024

    Source: European Parliament

    11.10.2024

    Question for written answer  E-002039/2024
    to the Commission
    Rule 144
    Elena Nevado del Campo (PPE), Isabel Benjumea Benjumea (PPE), Raúl de la Hoz Quintano (PPE), Juan Ignacio Zoido Álvarez (PPE), Nicolás Pascual De La Parte (PPE), Susana Solís Pérez (PPE), Borja Giménez Larraz (PPE), Pablo Arias Echeverría (PPE), Alma Ezcurra Almansa (PPE), Antonio López-Istúriz White (PPE), Adrián Vázquez Lázara (PPE), Maravillas Abadía Jover (PPE), Francisco José Millán Mon (PPE), Pilar del Castillo Vera (PPE), Fernando Navarrete Rojas (PPE), Esther Herranz García (PPE)

    Recent reports in some national and European newspapers[1][2] have provided details of the Commission’s supposed structural reform for the next programming period that will merge cohesion and common agricultural payments into a single national plan. Member States’ central authorities would thus draw up and manage directly the payments linked to those funds.

    Cutting the budget for those funds or breaking with the principle of partnership and multilevel governance would undoubtedly pose a serious risk to cohesion across Europe, especially with regard to regional and local authorities.

    In view of this potential redesign of the multiannual financial framework and the cohesion policy:

    • 1.Does the Commission intend to merge EU programmes such as the European Structural and Investment Funds and the CAP into a single national plan based on the model used for NextGenerationEU funds?
    • 2.If so, how will it maintain the role of regional and local authorities in managing such a policy, and ensure that the principles of shared management, partnership and multilevel governance are respected?

    Submitted: 11.10.2024

    • [1] https://elpais.com/economia/2024-10-08/von-der-leyen-explora-una-reforma-del-presupuesto-de-la-ue-que-refuerza-su-poder-al-condicionar-los-pagos-a-los-estados-a-que-hagan-reformas.html
    • [2] https://www.politico.eu/article/european-commission-budget-economic-reforms-conditions-power-grab/
    Last updated: 21 October 2024

    MIL OSI Europe News

  • MIL-OSI: Pineapple Energy Announces Two Additional Commercial Solar Installations, with Work Scheduled to Begin November 2024

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., Oct. 21, 2024 (GLOBE NEWSWIRE) — Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households, businesses, municipalities, and for servicing existing systems, today announced that work will soon be commencing on two new commercial contracts for solar projects on Long Island.

    The work will be performed under contract for facilities within the arts & entertainment and consumer retail sectors and is expected to begin in the fourth quarter of 2024. In terms of renewable energy production, generation across the two distinct sites is expected to yield a total of 87 kW of clean energy across a total of 176 rooftop modules.

    “Once again, the market demonstrates that there is ample demand for commercial and industrial work in the renewable energy space,” Scott Maskin, Pineapple’s Interim CEO, said. “As energy prices continue to increase, commercial, industrial, and institutional property owners see the value, savings, and energy security that solar delivers.”

    In providing this update, the Company reiterated that it remains confident that the second half of the year, notably on the commercial side of the business, will show marked improvement when compared to the first six months of 2024.

    “We’ve been saying for months that there has been an uptick on the commercial and industrial side of the business, and believe that these latest agreements validate this position,” John Mucci, SUNation’s General Manager of New York Operations, added. “These additional awards reflect the robust nature of our project pipeline and the diverse opportunities we are pursuing.”

    About Pineapple Energy
    Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services.

    Forward Looking Statements 
    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances, including the Company’s expectations regarding its ability to effect the reverse stock split and regain compliance with Nasdaq’s continued listing standards. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement
    Our prospects here at Pineapple Energy Inc. are subject to uncertainties and risks. This news release (video statement) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at http://www.sec.gov.

    Contacts:
    Scott Maskin
    Interim Chief Executive Officer
    +1 (631) 823-7131
    scott.maskin@pineappleenergy.com

    Pineapple Investor Relations
    +1 (952) 996-1674
    IR@pineappleenergy.com

    The MIL Network

  • MIL-OSI Security: Former Pharmaceutical Executive Sentenced for Falsifying Financial Documentation

    Source: Federal Bureau of Investigation (FBI) State Crime News

    DETROIT – A Northville man was sentenced Tuesday to one year and one day in prison, followed by two years of supervised release, for providing a financial institution with false documentation in connection with a bank loan, announced United States Attorney Dawn N. Ison.

    Ison was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Field Division

    Theodore Toloff, 65, entered his guilty plea in January before United States District Judge David M. Lawson.

    According to court records, Toloff served as the Chief Financial Officer of the Frank W. Kerr Company (“Kerr”), a now-defunct pharmaceutical wholesaler that was based in Novi, Michigan. Kerr had a revolving credit agreement with two large financial institutions under which the company borrowed funds up to $60 million pursuant to a calculation dependent on the company’s eligible accounts receivable and inventory. Toloff admitted that he submitted false documentation to the financial institutions that included $18 million in ineligible accounts receivable and that Kerr borrowed additional funds after this false documentation was submitted.   The Court found that Toloff’s criminal conduct caused Kerr’s lenders to sustain a loss of $1.3 million, which Toloff was also ordered to pay back to the lenders as restitution.

    “Corporate executives should be held to the same standard of honesty as anyone else when they interact with lending institutions,” stated United States Attorney Dawn N. Ison. “When individuals lie to lenders, those lies cause loans to become more difficult and more expensive for honest consumers and businesses to access. My office is committed to ensuring that those who engage in dishonest financial crimes are held accountable.”

    “The defendant admitted to providing false documents to a financial institution, undermining the laws and integrity of our financial systems, said Special Agent in Charge Cheyvoryea Gibson of the FBI in Michigan. “The FBI works tirelessly with our law enforcement partners and regulatory agencies to investigate those who commit financial crimes. If you believe you have information related to financial crimes, I urge the public to submit tips on alleged crimes such as those detailed in this case to 1-800-CALLFBI (1-800-225-5324) or online at tips.fbi.gov.”

    The case was prosecuted by Assistant U.S. Attorney Andrew J. Yahkind. The investigation was conducted by the Federal Bureau of investigation.

    MIL Security OSI

  • MIL-OSI Security: Kansas City Man Pleads Guilty to Three Fentanyl Overdose Deaths

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    KANSAS CITY, Mo. – A Kansas City, Mo., man pleaded guilty in federal court today to distributing fentanyl, which resulted in three overdose deaths in Belton and Raymore, Mo., as part of a drug-trafficking conspiracy.

    Tiger Dean Draggoo, 24, pleaded guilty before U.S. District Judge Roseann A. Ketchmark to one count of conspiracy to distribute fentanyl and three counts of distributing fentanyl resulting in death.

    By pleading guilty today, Draggoo admitted that he distributed fentanyl on Sept. 3, 2022, the use of which caused the death of another person. Draggoo admitted that he distributed fentanyl between Aug. 22 and Sept. 13, 2022, the use of which caused the death of another person. Draggoo admitted that he distributed fentanyl between Dec. 7 and 20, 2022, the use of which caused the death of another person.

    Draggoo also admitted that the government’s evidence of the total amount of drugs he is responsible for distributing or possessing is at least 22,364 pills that contained a total of 2,460 grams of fentanyl.

    Victim #1 Fatality

    On Sept. 4, 2022, Cass County, Mo., sheriff’s deputies found a juvenile, identified in court documents as “Victim #1,” deceased in her bedroom. An autopsy report identified “Fentanyl Intoxication” as the cause of death. Investigators determined that Draggoo was selling fentanyl pills to the victim and had supplied her with fentanyl pills on the evening of Sept. 3, 2022.

    Victim #2 Fatality

    On Sept. 13, 2022, a deceased person, identified in court documents as “Victim #2,” was found in the Belton residence where she lived with her mother. A blue pill was found in her bedroom, which was tested and determined to contain fentanyl. An autopsy report identified the cause of death as “Acute Fentanyl Toxicity.” Investigators learned that Draggoo was selling fentanyl pills to Victim #2. Draggoo typically would drop off pills near midnight at Victim #2’s bedroom window, and cell phone GPS information indicated Draggoo was in the area of Victim #2’s residence at approximately 12:20 a.m on Sept. 13, 2022.

    Attempted Arrest of Draggoo

    On Sept. 22, 2022, law enforcement officers conducted surveillance of Draggoo’s apartment and attempted to arrest him. Draggoo got into a Jeep Renegade driven by his brother, co-defendant Colt Justin Draggoo, 21, of Kansas City, Mo. Officers attempted to conduct a traffic stop of the vehicle, but the vehicle fled. Tiger and Colt Draggoo later returned to the apartment complex, but when an officer drove into the parking lot, Tiger Draggoo ran into the apartment building and was able to escape.

    Colt Draggoo was arrested. Officers found a loaded Springfield Armory 9mm handgun sitting on the driver’s seat of the Jeep. A laundry bag in the back seat contained two fire safes that had a total of $184,500 in cash. Colt Draggoo has pleaded guilty to his role in the drug-trafficking conspiracy.

    Officers searched Tiger Draggoo’s apartment and found 17 firearms, including two machine guns, ammunition of various calibers, $246,769 in cash, a ballistic vest with plates, a money counter, numerous pills that contained fentanyl, eight suspected LSD tabs, and marijuana. The 17 firearms included a Del-Ton 5.56-caliber rifle (converted into a machine gun), a Glock switch (used to convert a Glock pistol into a machine gun), three Marlin .22-caliber rifles, a Norinco 7.62-caliber rifle, a Mosin-Nagant rifle, an Anderson Manufacturing AM-15 .223-caliber rifle, a Mossberg 12-gauge shotgun, an Armscorp USA .308-caliber rifle, a Century Arms 7.62-caliber rifle, a Herbert Schmidt .22-caliber revolver, a New England Firearms .22-caliber revolver, a Kimber 9mm pistol, a Glock 9mm pistol, a Sig Sauer 9mm pistol, and a Metro Arms .45-caliber pistol.

    Victim #3 Fatality

    On Dec. 20, 2022, Raymore police officers were dispatched to a residence in Raymore regarding a non-breathing female, identified in court documents as Victim #3. Victim #3 was transported to a local hospital where she was pronounced deceased. A small jewelry box in Victim #3’s bedroom contained three broken segments of a blue pill that were tested and determined to contain fentanyl. An autopsy report identified the cause of death as “Acute Fentanyl Toxicity.” Investigators learned that Tiger Draggoo had been selling fentanyl to Victim #3 since as early as May 31, 2022. The last Facebook Messengers conversation between Tiger Draggoo and Victim #3 occurred on Dec. 7, 2022, when they agreed to meet and an amount of $50 was agreed upon.

    Arrest of Draggoo

    Tiger Draggoo was arrested at his residence on Jan. 20, 2023. Tiger Draggoo was in possession of almost $2,000 in cash in his billfold and pockets. Officers searched Tiger Draggoo’s apartment and recovered pills from the toilet. Officers also found suspected psilocybin mushrooms, 144 grams of yellow THC wax, and more than $62,000 in additional cash. Officers searched Tiger Draggoo’s Honda Accord and found three handguns, a Palmetto State Armory multi-caliber rifle, an unregistered short-barreled 12-gauge shotgun, and $1,250 in cash. Officers searched his girlfriend’s Jeep Renegade, which was located at the apartment complex, and found a backpack that contained more than $82,000 in cash.

    Under federal statutes, Tiger Draggoo is subject to a mandatory minimum sentence of 20 years in federal prison without parole, up to a sentence of life in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorneys Brad K. Kavanaugh and Robert Smith. It was investigated by the Jackson County Drug Task Force, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Belton, Mo., Police Department, the Raymore, Mo., Police Department, the Cass County, Mo., Sheriff’s Department, and the FBI.

    MIL Security OSI

  • MIL-OSI: Real Matters to Announce Fourth Quarter and Fiscal 2024 Financial Results on November 21, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) — Real Matters Inc. (“Real Matters”), a leading network management services provider for the mortgage lending and insurance industries, will announce its fourth quarter and fiscal 2024 financial results via news release on Thursday, November 21, 2024, before market open.

    Conference Call and Webcast         
    A conference call to review the results will take place at 10:00 a.m. (ET) on Thursday, November 21, 2024, hosted by Chief Executive Officer Brian Lang and Chief Financial Officer Rodrigo Pinto. An accompanying slide presentation will be posted to the Investor Relations section of our website shortly before the call.

    To access the call:

    • Participant Local (Toronto): (416) 764-8624
    • Participant Toll Free Dial-In Number: (888) 259-6580
    • Conference ID: 77493257

    To listen to the live webcast of the call:

    The webcast will be archived and a transcript of the call will be available in the Investor Relations section of our website following the call.

    About Real Matters
    Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest banks and insurance companies in Canada. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY) and Middletown (RI). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit http://www.realmatters.com.

    For more information:
    Lyne Beauregard
    Vice President, Investor Relations and Corporate Communications
    Real Matters
    lbeauregard@realmatters.com
    416.994.5930

    The MIL Network

  • MIL-OSI: CFC To Host Conference Call on Fiscal Year 2025 First-Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DULLES, Va., Oct. 21, 2024 (GLOBE NEWSWIRE) — The National Rural Utilities Cooperative Finance Corporation (CFC) will hold an investor conference call and webcast on Friday, October 25, at 1 p.m. Eastern Time. CFC CEO Andrew Don will provide a business update and CFC Senior Vice President and CFO Ling Wang will review CFC’s fiscal year 2025 first-quarter financial results.

    There are two ways to access the event:

    • Conference Call Option
      Domestic: 800-289-0438 | International: 323-794-2423
      Participant Code: 1393878
      Callers also can view a PDF of the slide presentation by visiting Webcasts & Presentations page on the day of the call. It will be posted just prior to the broadcast.

    A replay of the webcast will be available on the Webcasts & Presentations page after the event. CFC’s Form 10-Q for the period ended August 31, 2024, was filed with the U.S. Securities and Exchange Commission on October 11.

    About CFC
    Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with more than $36 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at http://www.nrucfc.coop.

    Contact:    Heesun Choi
    Capital Markets Relations
    investorrelations@nrucfc.coop
    800-424-2954
         

    The MIL Network

  • MIL-OSI Europe: State of the Russian economy examined

    Source: Government of Sweden

    State of the Russian economy examined – Government.se

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    Article from Ministry of Finance

    Published

    Russia’s full-scale war against Ukraine continues with unabated intensity and far-reaching consequences for civilians. At the same time, Russia is spreading propaganda to try and portray the Russian economy as more well-functioning than it actually is. As part of efforts to combat this propaganda, the Swedish Government commissioned the National Institute of Economic Research to analyse economic developments in Russia. Last Wednesday, Minister for Finance Elisabeth Svantesson hosted a seminar in connection with the report’s conclusions.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson, Torbjörn Becker, Director of the Stockholm Institute of Transition Economics (SITE) at the Stockholm School of Economics, Vladimir Milov, Russian opposition politician and economist, and Emil Wannheden, analyst at the Swedish Defence Research Agency (FOI).

      Photographer: Magnus Liljegren/Swedish Government Offices.

    • Minister for Finance Elisabeth Svantesson.

      Photographer: Magnus Liljegren/Swedish Government Offices.

    “Russia is spreading propaganda in an attempt to portray its economy as strong and resilient in order to give the impression that sanctions are ineffective and thereby undermine continuance of support to Ukraine. That’s why it’s important to nuance the view of the Russian economy and look beyond the official figures,” said Ms Svantesson. 

    The seminar was attended by Director of the Stockholm Institute of Transition Economics (SITE) Torbjörn Becker at the Stockholm School of Economics, who presented SITE’s report, done in response to the Government’s assignment to the National Institute of Economic Research. The report calls attention to one of the main challenges in analysing the Russian economy: the lack of reliable data because Russia’s economic reporting has become intertwined with its war propaganda. The Russian government has stopped publishing large parts of previously available data, and the figures that are available are being used to portray a more positive situation.

    The report also highlights that the Russian government’s financial reserves, which have been used to finance war spending, are rapidly running out and may be exhausted within a year. Once these reserves are exhausted, the Russian Central Bank will then be under pressure to lower its policy rate or even to start printing more money, which could lead to high inflation and a weakened rouble.

    “It is clear that the Russian economy is not working as well as Putin would have it appear. Resources are being drained to the war industry and the economy is overheated. There are obviously big question marks surrounding the official figures. We must continue to actively combat Putin’s propaganda. Wednesday’s discussion is an important part of these efforts,” said Ms Svantesson.

    Russian opposition politician and economist Vladimir Milov and analyst and economist Emil Wannheden at the Swedish Defence Research Institute also attended the seminar.

    Introduction by Minister for Finance Elisabeth Svantesson

    Presentation by Torbjörn Becker

    Comments by Vladimir Milov

    Comments by Emil Wannheden

    Questions

    Closing statement by Minister for Finance Elisabeth Svantesson

    MIL OSI Europe News

  • MIL-OSI Economics: AIIB Accredited as Green Climate Fund Entity to Accelerate Climate Action in Developing Members

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has been accredited as an International Access Entity (Accredited Entity) of the Green Climate Fund (GCF) at the 40th GCF Board meeting in Songdo, Incheon, Republic of Korea, Oct. 21-24.

    The partnership is in line with AIIB’s Corporate Strategy and GCF’s reform agenda. It will enable both institutions to leverage their resources to more effectively support members in achieving their Nationally Determined Contributions targets for low emissions and climate-resilient development, a critical component of the Paris Agreement.

    “AIIB’s top priority is to develop green infrastructure that facilitates climate transition and is resilient to climate change impacts in the coming decades,” said Sir Danny Alexander, AIIB Vice President for Policy and Strategy. “This partnership with GCF is a testament to our commitment to this mandate as outlined in our corporate strategy.”

    With this accreditation, AIIB will gain access to GCF funds through a flexible combination of grants, concessional debt, guarantees and equity instruments. These will enable AIIB to leverage blended finance and attract private capital for climate action in developing members. As a GCF Accredited Entity, AIIB will continue to deepen its collaboration with other international, regional and national development finance institutions; equity funds; and UN agencies to develop high-quality, climate-focused projects.

    Henry Gonzalez, Chief Investment Officer of the Green Climate Fund (GCF), welcomed the GCF Board’s decision to approve the accreditation. “This partnership opens new and exciting opportunities for collaboration on scaled-up climate action that focuses on green and resilient infrastructure in various countries,” he said. “Both GCF and AIIB have a shared focus on innovative solutions that provide a pathway for a low-emission, climate-resilient pathway towards sustainable development.”

    In 2023, AIIB’s climate finance reached 60% of total approved regular financing, an increase from 56% in 2022, surpassing the targets outlined in its corporate strategy. In terms of volume, its climate finance rose from USD 2.39 billion in 2022 to USD 3.43 billion in 2023.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About GCF

    The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund, mandated to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways.

    MIL OSI Economics

  • MIL-OSI Security: Detroit Man Sentenced to 30 Years for Drug Trafficking and Discharging Firearm at Drug Deal

    Source: Office of United States Attorneys

    HONOLULU – United States Attorney Clare E. Connors announced that Gabriel Antone Eberhardt, 42, of Detroit, Michigan, was sentenced today by United States District Judge Jill A. Otake to 30 years in federal prison—including 12 years for conspiring to distribute fentanyl, heroin, and methamphetamine and a consecutive 18 years for discharging a firearm in connection with the distribution of heroin—as well as 5 years of supervised release. The court also ordered that Eberhardt forfeit his interests in $250,000 in drug proceeds, multiple firearms, hundreds of rounds of ammunition, and a vehicle. Additional firearms and ammunition were administratively forfeited by the government.

    According to court records, from October 2019 to June 30, 2021, Eberhardt, a/k/a “Stacks,” co-led a drug trafficking organization (DTO) in Honolulu that distributed large amounts of fentanyl, heroin, and methamphetamine. Eberhardt’s DTO obtained the drugs from suppliers in Philadelphia and Los Angeles, who mailed the drugs to Honolulu. The DTO distributed the fentanyl—a potent synthetic opioid 50 times stronger than heroin—in mixtures with heroin and in counterfeit oxycodone tablets. In connection with a heroin distribution on October 21, 2019, Eberhardt admitted he fired several shots from a semi-automatic pistol at a person accompanying his drug customer. One of the rounds struck the victim’s torso, requiring medical attention. The victim survived the shooting.

    During an investigation by the Federal Bureau of Investigation (FBI), the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the United States Postal Inspection Service (USPIS), and the Honolulu Police Department (HPD), agents made dozens of controlled purchases of fentanyl, heroin, and methamphetamine from the conspirators, and executed 15 search warrants on residences, rental storage units, and parcels. As a result of the controlled purchases and warrants, law enforcement agents seized 6.5 kilograms of fentanyl, 6.4 kilograms of heroin, 2.8 kilograms of methamphetamine, seven firearms, including assault rifles and semi-automatic pistols, hundreds of rounds of ammunition, a vehicle, and more than $250,000 in cash drug proceeds. 

    In addition to Eberhardt, the following conspirators were prosecuted in the District of Hawaii:

    • Jared Northern, a/k/a “White Boy Jay,” a/k/a “Gage,” 25, of Honolulu, pled guilty to conspiracy and two counts of distribution of controlled substances, and on May 15, 2024, was sentenced to 120 months in federal prison and five years of supervised release;
    • Zakiyyah Mareus, a/k/a “Kai,” 27, of Miami Gardens, Florida, pled guilty to conspiracy, and on August 8, 2024, was sentenced to 37 months in federal prison and three years of supervised release;
    • Isaiah Marks, a/k/a “Seh,” 25, of Honolulu, pled guilty to conspiracy and two counts of distribution of controlled substances, and on January 18, 2023, was sentenced to 24 months in federal prison and four years of supervised release;
    • Tishanah Iwalani Kaio-Barrozo, 33, of Honolulu, pled guilty to distribution of controlled substances, and on June 7, 2022, was sentenced to nine months in federal prison and three years of supervised release;
    • Michael Garrett, a/k/a “Sideburns,” a/k/a “Burns,” 41, of Romulus, Michigan, pled guilty to conspiracy, and on March 28, 2024, was sentenced to three months in federal prison and five years of supervised release;
    • Jennifer Ashcraft, a/k/a “Jessie,” a/k/a “Jess,” 33, of Honolulu, pled guilty to conspiracy and is scheduled for sentencing on November 22, 2024;
    • Martzes Junior, a/k/a “Green,” 43, of Southfield, Michigan, pled guilty to conspiracy and possession of a firearm in connection with a drug trafficking crime and is scheduled for sentencing on November 26, 2024;
    • Lynden David Lightburn, a/k/a “Soulja,” 51, of Los Angeles, pled guilty to conspiracy and is scheduled for sentencing on December 6, 2024; 
    • Jason Darnell Smith, a/k/a “Famous,” a/k/a “Sweets,” 41, of Detroit, Michigan, pled guilty to conspiracy and is scheduled for sentencing on December 9, 2024; and
    • Robert Adams, a/k/a “Tre,” a/k/a “Tre Block,” a/k/a “Block,” a/k/a “TBlock,” a/k/a “Ray Smith,” 37, of Philadelphia, pled guilty to conspiracy and is scheduled for sentencing on February 26, 2025. 

    “Increasingly, the influx of illegal, deadly narcotics through transnational distribution operations is accompanied by gun violence, which has exponentially harmful consequences for our community,” said United States Attorney Clare E. Connors. “This large-scale prosecution reflects the highest level of cooperation among multiple federal and local law enforcement entities, and today’s sentence affirms that there will be accountability for those who profit from causing such harm in our state.”

    “Today’s sentencing represents years of collaboration between multiple law enforcement agencies to bring down one of Hawaii’s most dangerous drug operations,” said FBI Honolulu Special Agent in Charge Steven Merrill. “This case serves as a warning that we will use every resource available to make our communities safer by dismantling their operations and bringing their members to justice.”

    “Gabriel Eberhardt, a leader of a greed-driven drug trafficking organization, will be off our streets and behind bars for a very long time,” said DEA Los Angeles Field Division Deputy Special Agent in Charge Anthony Chrysanthis. “I want to thank DEA investigators and all state and local law enforcement partners, who worked tirelessly and with urgency to bring these criminals to justice.  However, our job here is not complete. We will continue to investigate, pursue and take apart these operations.”  

    “Mr. Eberhardt’s egregious actions were exacerbated by his using a firearm to shoot a person in furtherance of his drug trafficking,” said ATF Seattle Special Agent in Charge Jonathan Blais. “When search warrants were executed for this operation, seven firearms were recovered, including semiautomatic rifles and handguns, which further shows the dangers to the community posed by Mr. Eberhardt and his co-conspirators. This significant sentence was clearly warranted.”

    “Sending illegal drugs in the mail harms our communities and endangers postal workers, said USPIS Inspector in Charge Stephen Sherwood. “Postal inspectors will not allow the U.S. Mail to be misused to facilitate drug trafficking activities. I want to express my gratitude to our law enforcement partners for their teamwork to disrupt and dismantle this dangerous drug trafficking organization.”

    “The success of this investigation is directly attributable to multi-agency cooperation and the shared commitment to making Honolulu safer for our residents and visitors,” said HPD Chief Arthur “Joe” Logan. “The Honolulu Police Department will continue to work closely with our Federal partners to identify, disrupt, and dismantle drug trafficking organizations operating across Oahu.”

    This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The case was investigated by FBI, DEA, ATF, USPIS, and HPD. Assistant U.S. Attorney Craig S. Nolan is prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Houston Residents Charged With Stealing DoorDash Delivery Workers’ Wages

    Source: Office of United States Attorneys

    OAKLAND – A federal grand jury indicted Oluwatobi Otukelu and Evan Edwards on charges of conspiracy and causing damage to a computer in connection with an alleged scheme to steal wages earned by workers of a delivery service, announced United States Attorney Ismail J. Ramsey and Federal Bureau of Investigation (FBI) Special Agent in Charge Robert K. Tripp.  Defendant Otukelu made his first appearance in Oakland to face the charges after having previously appeared with Defendant Edwards in federal court in Houston, Tex.

    According to the indictment, Otukelu, 25, and Edwards, 24, both of Houston, conspired to carry out a scheme to defraud DoorDash, Inc. (DoorDash) by fraudulently obtaining wages of independent contractors, called “Dashers,” who made deliveries for the delivery service.  As part of this scheme, the co-conspirators allegedly obtained the personal identifying information of Dasher victims; falsely impersonated the Dasher victims to DoorDash support; took over Dashers’ existing online accounts; created new, unauthorized accounts using Dashers’ personal information; and directed payments of Dasher wages from DoorDash to accounts controlled by Otukelu and Edwards. The indictment further alleges that the defendants used the stolen funds to pay for and attempt to pay for goods and services, including vehicles, airline tickets, cosmetic procedures, and personal training. The indictment alleges that Otukelu and Edwards stole the DoorDash wages of at least 138 individual Dashers, amounting to over $1 million.

    Otukelu and Edwards were arrested in Houston on Sept. 26, 2024, and made their initial appearances in Houston the same day. Defendant Otukelu was ordered detained pending trial. Defendant Edwards was released on a $25,000 bond. Otukelu’s next scheduled appearance is at 10:30 a.m. on Oct. 22, 2024, for status regarding detention before the Hon. Kandis A. Westmore, U.S. Magistrate Judge. Edwards’ initial appearance in this District has not yet been scheduled.

    An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt. If convicted, the defendants face the following maximum penalties:

    CHARGE STATUTES MAXIMUM STATUTORY PENALTIES
    Conspiracy to Commit Wire Fraud 18 U.S.C. § 1349 Twenty years of imprisonment; $250,000 fine; three years of supervised release; $100 special assessment; forfeiture; and restitution
    Conspiracy 18 U.S.C. § 371 Five years of imprisonment, $250,000 fine; three years of supervised release; $100 special assessment; forfeiture; and restitution
    Causing Damage to a Protected Computer 18 U.S.C. §§ 1030(a)(5)(A), (c)(4)(A)(i)(I), and (c)(4)(B)(i) Ten years of imprisonment; $250,000 fine; three years of supervised release; $100 special assessment; forfeiture; and restitution

    However, any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Assistant U.S. Attorney Michelle J. Kane is prosecuting the case with the assistance of Kathy Tat. The prosecution is the result of an investigation by the FBI.

    Oluwatobi Emmanuel Otukelu Indictment
     

    MIL Security OSI

  • MIL-OSI Security: Armed Robber Gets 10 Year Prison Sentence

    Source: Office of United States Attorneys

                WASHINGTON – Antone Watkins, 29, of Washington, D.C., was sentenced today to 10 years in prison for armed robbery and other firearm-related offenses, announced U.S. Attorney Matthew M. Graves and Chief Pamela A. Smith of the Metropolitan Police Department. 

    Watkins was found guilty by a Superior Court jury on July 3, 2024.

                Superior Court Judge Robert Salerno sentenced Watkins to 120 months in prison for armed robbery, 120 months for each of the two counts of possession of a firearm during a crime of violence, 78 months for assault with a dangerous weapon, and 36 months for unauthorized use of a vehicle. Each sentence will run concurrent to each other. In addition, Judge Salerno imposed that Watkins serve five years of supervised release.

                According to the government’s evidence, at around 10:47 p.m., on June 17, 2022, the victim was led into an alley near Howison Place and N Street SW. In that alley, Watkins brandished a firearm and hit the victim across the face with it, chipping his tooth. Watkins and two others then robbed the victim of his cash, chains, watch, and car keys. Video footage showed Watkins running from the alley, getting into the victim’s truck, and driving off. Further video footage showed Watkins only a few minutes later rummaging through the victim’s belongings in the truck. Police arrested Watkins on September 15, 2022, and he has been detained since.

                In announcing the sentence, U.S. Attorney Graves and Chief Smith commended the work of those who investigated the case from the Metropolitan Police Department. Invaluable assistance was provided by the Federal Bureau of Investigation and U.S. Probation Office from early in the case and through the trial. They also commended the work of Assistant U.S. Attorneys Mark Levy and Gregory Evans, who prosecuted the case and Assistant U.S. Attorney Tamara Rubb, who investigated the case.

    MIL Security OSI

  • MIL-OSI Asia-Pac: SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)

    Source: Hong Kong Government special administrative region

    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    SFST’s speech at Accenture FinTech Innovation Lab Asia-Pacific Demo Day (English only)
    **************************************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day today (October 22): Simon (Chairman of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Rocky (Chief Executive Officer of the Hong Kong Cyberport Management Company Limited, Dr Rocky Cheng), Marco (Managing Director and Head of Financial Services of Accenture, Mr Marco Tsui), Eric (Chief Public Mission Officer of the Hong Kong Cyberport Management Company Limited, Mr Eric Chan), distinguished guests, ladies and gentlemen,      Good afternoon. It is a pleasure to stand before you today at the Accenture FinTech Innovation Lab Asia-Pacific Demo Day. This event represents the culmination of hard work, innovation, and collaborative effort, showcasing the remarkable advancements that are shaping the future of financial technology in our region.      As we gather here, I am reminded of the incredible journey that the FinTech Innovation Lab Asia-Pacific has undertaken over the years. This year, the programme has once again proven to be a highly competitive platform, attracting over 100 applicants from 35 countries. From this pool of talent, we celebrate the achievements of nine outstanding companies selected to present their innovations today. Each of these start-ups embodies the spirit of resilience and creativity that is essential in today’s fast-paced financial landscape. The role of artificial intelligence      One common thread among these nine companies is their deployment of artificial intelligence (AI) in their service offerings. The excitement surrounding AI, particularly Generative AI, has been palpable over the last two years. Despite the fluctuations in the global financial environment, start-ups leveraging generative models continue to attract significant funding. Investors and market participants recognise the vast opportunities that AI presents, allowing businesses to enhance efficiency, improve customer experiences, and create innovative solutions tailored to ever-evolving market demands.      As we look ahead, I want to share that during the upcoming Hong Kong Fintech Week 2024, we will be issuing a policy statement that outlines the Government’s stance towards the responsible application of AI in financial markets. This statement will provide a framework for integrating AI into our financial ecosystem, ensuring that innovation is harmonised with robust security and regulatory frameworks. The vibrant ecosystem of fintech in Hong Kong      The fintech ecosystem in Hong Kong is not only vibrant but also continues to grow at an unprecedented pace. According to the latest Global Financial Centres Index, Hong Kong ranks ninth globally in fintech offerings, placing us among the elite top 10 fintech hubs worldwide. This recognition is a testament not only to our achievements but also to our commitment to fostering innovation in the financial sector.      We understand that promoting fintech is essential for enhancing the overall competitiveness of Hong Kong’s financial services industry. To this end, we work closely with financial regulators, industry leaders, and innovators to ensure that our fintech sector remains at the cutting edge of global developments. Advancing financial services      As outlined in the latest Policy Address presented just last week, the Government is dedicated to solidifying Hong Kong’s position as a global leader in financial innovation. We are advancing the development of cutting-edge financial services that will reshape the financial landscape of tomorrow. Key areas of focus include Central Bank Digital Currencies (CBDCs), mobile payments, virtual banking, virtual insurance, and virtual asset (VA) transactions.      Each of these innovations holds the potential to significantly alter how we conduct financial transactions, interact with financial institutions, and manage our assets. By deepening our efforts in these areas, we are not just keeping pace with global advancements; we are striving to remain at the forefront of this evolution. Initiatives to cultivate innovation      Over the past few months, we have introduced a range of initiatives aimed at cultivating a vibrant ecosystem for fintech innovation. These efforts span multiple key areas, from enhancing cross-boundary payment systems to advancing digital asset regulation and fostering a dynamic fintech talent pool.      In May, we expanded the cross-boundary e-CNY pilot programme, providing safe and convenient retail payment options for residents in both Hong Kong and the Mainland. The Hong Kong Monetary Authority (HKMA) is actively exploring new technological solutions for cross-boundary trade settlements through the mBridge platform. By expanding use cases and widening participation from both public and private sectors, we aim to make cross-border transactions faster, more secure, and more cost efficient.      Moreover, we are promoting real-world asset tokenisation and developing a digital money ecosystem. Through Project Ensemble, the HKMA is laying the groundwork for the tokenisation of real-world assets and the use of digital money for interbank settlements. This initiative is designed to facilitate more efficient asset trading and further integrate digital currencies into our financial system. Stablecoin regulation and digital currencies      As part of our commitment to fostering a secure digital financial environment, potential stablecoin issuers will have the opportunity to test their business plans and use cases through the stablecoin issuer sandbox. Later this year, we will introduce legislation to regulate fiat-referenced stablecoin issuers, creating a secure and consistent framework for the growth of this emerging market.      Further underlining our dedication to digital currencies, we launched Phase 2 of the e-HKD Pilot Programme in September, now renamed Project e-HKD+. This initiative allows us to explore innovative use cases for new forms of digital money, including e-HKD and tokenised deposits. Our expanded focus on the digital money ecosystem will ensure that we remain at the forefront of technological advancements in this space. Regulatory frameworks and risk mitigation      Regulations play a critical role in mitigating risks in the rapidly evolving world of virtual assets. To protect investors and uphold market integrity, the Financial Services and the Treasury Bureau (FSTB) is conducting a second round of public consultation on regulatory proposals for over-the-counter VA trading. We will also introduce a proposed licensing regime for VA custodian service providers, ensuring the safekeeping of digital assets in line with international standards. Commitment to digital securities      Our commitment to innovation extends to the digital securities market as well. The HKMA is preparing to launch the Digital Bond Grant Scheme, which will incentivise financial institutions and issuers to adopt tokenisation technology in capital market transactions. This initiative will unlock new opportunities in the digital securities space, modernising our financial infrastructure and ensuring that Hong Kong continues to lead in global financial innovation. The horizon ahead      As demonstrated by today’s gathering of innovators, Hong Kong is truly an ideal platform for nurturing fintech talent and fostering global engagement. The upcoming ninth Hong Kong Fintech Week, themed “Illuminating New Pathways in Fintech”, will soon take place, from October 28 to November 1. Last year’s event set a new benchmark, drawing a record 35 000 attendees and garnering 5.5 million online views from over 100 economies.      This year, we welcome top leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape and cutting-edge technologies such as AI, tokenisation, and Web3. I encourage each of you to join us for what promises to be an exciting and transformative event. Supporting start-ups and entrepreneurs      To further support innovators like you, the Government is introducing a $10 billion I&T Industry-Oriented Fund to drive investment into the innovation and technology sectors. In addition, we are enhancing the Innovation and Technology Venture Fund by redeploying $1.5 billion to create matching funds with market partners. This will provide greater opportunities for start-ups and entrepreneurs to access capital, ensuring that our vibrant start-up ecosystem continues to flourish. Conclusion      Ladies and gentlemen, as I conclude, I would like to express my sincere gratitude to Accenture and Cyberport for organising today’s Demo Day. I also extend my heartfelt thanks to the participating fintech companies and our financial institutions for their invaluable contributions. Your hard work and dedication are what drive innovation in our sector.      Thank you, and I look forward to witnessing the groundbreaking advancements that will emerge from this dynamic ecosystem.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 16:42

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: AIIB Backs Early-Stage Innovation in India, Investing in Endiya Partners under Venture Capital Investment Program

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has approved investments in Endiya Partners Fund III under the AIIB Venture Capital (VC) Investment Program. The investments will support early-stage companies focused on green and technology-enabled infrastructure in India and Southeast Asia.

    Launched in December 2022, AIIB’s VC Investment Program for Green and Technology-Enabled Infrastructure began with a commitment of USD100 million, with an additional USD30 million for co-investments. The program aims to fill the capital gap for early-stage ventures by investing through small-scale VC funds.

    Endiya Partners Fund III will invest in early-stage start-ups in India, focusing on intellectual property that aligns with AIIB’s strategic priorities.

    “Endiya Partners shares AIIB’s vision of promoting innovation in green and technology-enabled infrastructure through strategic investments in the digital industry, healthcare and enterprise sectors,” said Sateesh Andra, Managing Partner at Endiya Partners. “We thank AIIB for their confidence and LP (limited partners) investment as we drive impactful change.”

    This will be the second signed commitment, previously approved as MSA Emerging Technology Markets Fund I in 2023. The total investment under the VC Program now represents about 20% of its investable corpus. The program’s goal is to build a diversified portfolio of 10 to 12 VC funds across sectors, geographies and stages of development.“These investments are pivotal as they operationalize AIIB’s forward-looking VC Program, with significant potential to grow the innovation landscape in our Members,” said Gregory Liu, AIIB Director General of Financial Institutions and Fund Clients, Global. “Our focus will be to enhance this program by identifying innovative ideas that deliver scalable impacts, creating a portfolio that generates returns and positive outcomes.”

    The investments align with AIIB’s Private Capital Mobilization thematic priority and mission of Financing Infrastructure for Tomorrow, emphasizing technology as a competitive advantage. AIIB’s Environmental and Social Policy applies to the program, ensuring that each VC Fund adheres to the Bank’s environmental and social standards.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics

  • MIL-OSI: Special Dividend Declaration

    Source: GlobeNewswire (MIL-OSI)

    Following a successful period of realisations, the Board of Foresight Enterprise VCT plc is pleased to declare a special interim dividend of 7.1p per share which will be paid on 15 November 2024.

    The shares will be quoted ex-dividend on 31 October 2024, with a record date of 1 November 2024 and a payment date of 15 November 2024.

    For further information, please contact:

    Company Secretary:
    Foresight Group LLP
    Contact: Gary Fraser Tel: 0203 667 8100

    Investor Relations:
    Foresight Group LLP
    Contact: Andrew James Tel: 0203 667 8181

    The MIL Network

  • MIL-OSI Submissions: Business – Gebrüder Weiss celebrates 20th anniversary in Serbia

    Source: Gebrüder Weiss

    Since its start two decades ago, the logistics company has invested more than 20 million euros in the development of its network and services in Serbia / New logistics warehouse at the headquarters near Belgrade / Pioneer in the dual training of logistics

    Belgrade / Lauterach, October 22, 2024. Twenty years after entering the Serbian market, the international transport and logistics company Gebrüder Weiss take positive stock. “Serbia has undergone a remarkable economic development in recent years. Our decision to establish a central logistics hub for the Western Balkans here has proven to be the right one,” explained Wolfram Senger-Weiss, CEO of Gebrüder Weiss, to media representatives in Belgrade on October 18.

    Serbia has developed into an attractive procurement market for automotive parts, food, textiles, and furniture, with around 70 percent of exports going to the EU. In addition, the Balkan country is the main supplier of agricultural products to many of its neighboring countries, including Albania, Bosnia and Herzegovina, Montenegro and North Macedonia.

    Today, Gebrüder Weiss offers its customers in Serbia land, air and sea freight transport, customs clearance and logistics solutions. Groupage freight shipments go to neighboring countries and the EU single market several times a week. The logistics provider has a total of 20,000 square meters of logistics space in the country. In 2023, the company generated net revenue of 53 million euros.

    In addition to its headquarters in Dobanovci near Belgrade, Gebrüder Weiss has three other locations in Serbia: in Novi Sad in the north and in Niš and Strojkovce near Leskovac in the south. A new logistics warehouse in Dobanovci recently commenced operations. The company has already invested over 20 million euros in its logistics facilities. “By the end of the year, we will have invested an additional million euros in our home delivery services and additional warehouse space,” says Thomas Schauer, Regional Manager for Central and Southeastern Europe at Gebrüder Weiss.

    Another area of focus is sustainability. For example, the Dobanovci location obtains all of its electricity from a solar power plant, reducing CO2 emissions by 90 tons per year. Eight natural gas trucks (CNG) operate on four routes for the consumer goods industry. In addition, detergents and cleaning agents are transported sustainably by rail to Germany. “Every year, 1,500 containers roll by rail from Budapest to the Ruhr area. This saves us more than a thousand tons of CO2 compared to conventional truck transport,” explains Roland Raith, Country Manager Serbia at Gebrüder Weiss. Next year, zero-emission e-transporters will also be used for deliveries to end customers in Serbia.

    Starting with a small office in Belgrade in 2004, Gebrüder Weiss now employs 300 people in Serbia. Gebrüder Weiss was one of the first logistics companies to implement the principle of dual training for young professionals there. Since 2018, young professionals have been receiving both on-the-job and academic training in cooperation with the Transport and Technical School in Belgrade. “We offer young professionals long-term career prospects in a range of logistics occupations,” says Roland Raith.

    Gebrüder Weiss Serbia at a glance:

    Founded: 2004
    2023 annual revenue: 53 million euros
    Employees: 300
    Logistics area: 20,000 square meters
    Investment volume since market entry: over 20 million euros
    Latest expansion: 3,600 square meters of new warehouse space at the Dobanovci headquarters
    Overland shipments handled in 2023: 290,000
    Home deliveries in 2023: 62,000
    20 Years GW Serbia

    About Gebrüder Weiss

    Gebrüder Weiss Holding AG, based in Lauterach, Austria, is a globally operative full-service logistics provider with about 8,600 employees at 180 company-owned locations. The company generated revenues of 2.46 billion euros in 2023. Its portfolio encompasses transport and logistics solutions, digital services, and supply chain management. The twin strengths of digital and physical competence enable Gebrüder Weiss to respond swiftly and flexibly to customers’ needs. The family-run organization – with a history going back more than half a millennium – has implemented a wide variety of environmental, economic, and social initiatives. Today, it is also considered a pioneer in sustainable business practices. http://www.gw-world.com

    MIL OSI – Submitted News

  • MIL-OSI: Arab Petroleum Pipelines Company “SUMED” Signs Agreement with Soukhna Refinery and Petrochemical Company “SRPC”

    Source: GlobeNewswire (MIL-OSI)

    CAIRO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Mr. George Matharu, President of Elite Capital & Co. Limited “ECC” (Financial Lead Arranger of Soukhna Refinery), and His Excellency Eng. Sameh Fahmy, Chairman of Egyptian Petroleum Investments Corporation “EPI Corp.” (Founding Director and Lead Consultant of Soukhna Refinery), announced today that the Arab Petroleum Pipelines Company “SUMED” has signed a Term Sheet for handling, storing, and transferring crude oil feedstock and petroleum products with the Soukhna Refinery and Petrochemical Company “SRPC”.

    “SUMED signing the Term Sheet with Soukhna Refinery – SRPC will reduce the refinery construction cost by USD 700 Million, making the project’s capital USD 4.7 Billion, which will positively reflect on the appetite of targeted investors to enter as partners into the project, while reducing any future financing burdens and contributing to the expected financing process,” Mr. George Matharu said.

    The SUMED Pipeline (also known as the Suez-Mediterranean Pipeline) is an oil pipeline in Egypt, running from the Ain Sokhna terminal in the Gulf of Suez, the northernmost terminus of the Red Sea, to offshore Sidi Kerir port, Alexandria in the Mediterranean Sea. It provides an alternative to the Suez Canal for transporting oil from the Arabian Gulf region to the Mediterranean.

    The pipeline is owned by the Arab Petroleum Pipelines Company “SUMED”, a joint venture of Egyptian General Petroleum Corporation “EGPC” (50%, Egypt), Saudi Aramco (15%, Saudi Arabia), Mubadala Investment Company “Formerly IPIC” (15%, the United Arab Emirates), Kuwait Investment Authority “KIA” (15%, Kuwait), and QatarEnergy (5%, Qatar).

    His Excellency Eng. Sameh Fahmy, Chairman of EPI Corp (former Minister of Petroleum), added, “Soukhna Refinery and Petrochemical Company – SRPC is a promising project and will be one of the most important petroleum and petrochemical projects globally, especially since it is located in the heart of the world to serve four important markets – Europe, Asia, the Middle East, and Africa. Therefore, the project’s success is inevitable, as all companies involved in this project are currently cooperating with Elite Capital & Co. Limited to provide the necessary financing to build it.”

    SRPC’s Project is a petroleum complex consisting of an oil refinery, petrochemical technology, mini hospital, and petroleum studies institute. This project is located at the heart of the Suez Canal Economic Zone, specifically in Ain Sokhna, and it is surrounded by the continents of Asia from the east, Europe from the north, and Africa from the west.

    The refining capacity of the oil refinery is 208 thousand barrels per day, which will be relied upon in selling oil derivatives and fed by petrochemical technology, and therefore the project will be one of the world scale state of the art strategic refinery project in the world in selling oil derivatives and petrochemical products.

    “Implementation of the project will support the economy of Egypt, which witnessed remarkable development in all sectors during the era of His Excellency President Abdel Fattah El-Sisi, and which are expected to flourish in the coming period,” Eng. Sameh Fahmy said.

    Elite Capital & Co. Limited is a Financial Management company that provides project-related services including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

    Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialized advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

    Mr. George Matharu concluded his statement by saying: “We are currently working on preliminary negotiations with international sovereign entities to enter the project as major partners representing the main source of crude oil supply to the refinery. After that, we will move to the potential financing process according to the data that will be available at the time.”

    Elite Capital & Co. – Contact Details –

    Elite Capital & Co. Limited
    33 St. James Square
    London, SW1Y4JS
    United Kingdom

    Telephone: +44 (0) 203 709 5060
    SWIFT Code: ELCTGB21
    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ccd23ff-3956-40af-9c99-7fa85dfd3325

    The MIL Network

  • MIL-OSI Economics: Moody’s Corporation Reports Results for Third Quarter 2024

    Source: Moody’s

    Headline: Moody’s Corporation Reports Results for Third Quarter 2024

    Moody’s Corporation (NYSE: MCO) today announced results for the third quarter 2024, and provided an updated outlook for full year 2024.

    The Third Quarter 2024 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at http://www.sec.gov.

    “Moody’s record-breaking revenue performance in the third quarter is a testament to our unwavering status as the Agency of Choice for our customers and our actions to prime the business for durable future growth,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “In parallel, we delivered strong recurring revenue growth in our analytics business, driven by investments and innovation that enhance our offerings and empower our customers with the insights necessary to navigate the complexities of an increasingly dynamic risk environment.”

    Teleconference Details:

    Date and Time

    October 22, 2024, at 11:30 a.m. ET

    Webcast

    The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.

    Dial In

    U.S. and Canada

    +1-888-596-4144

    Other callers

    +1-646-968-2525

    Passcode

    515 6491

    Dial In Replay

    A replay will be available immediately after the call on October 22, 2024 and until November 21, 2024.

    U.S. and Canada

    +1-800-770-2030

    Other callers

    +1-609-800-9909

    Confirmation code

    515 6491

    For further information, please contact Investor Relations at ir@moodys.com.

    ABOUT MOODY’S

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics

  • MIL-OSI Europe: At COP16, EIB to announce new partnerships to strengthen environmental protection

    Source: European Investment Bank

    • EIB and WWF set for financing initiative.
    • Bank deepens cooperation with European Environment Agency.
    • Findings to be released from EIB-backed survey of public development banks’ support for green transition in Latin America and Caribbean.

    The European Investment Bank (EIB) will announce a series of steps to bolster global environmental protection during the United Nations Biodiversity Conference in Cali, Colombia from 21 October to 1 November 2024.  

    At the event, which marks the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity (COP16), the EIB will publish an agreement with WWF on developing natural ways to protect biodiversity and enhance climate resilience. In addition, the EIB and the European Environment Agency are strengthening cooperation to support environmental sustainability and climate action. Furthermore, in partnership with the Association of Public Development Banks of Latin America and the Caribbean (ALIDE), the EIB will release the findings of a survey on the role of public development banks in supporting the two regions’ green transition.

    “The role of finance will be front and centre of the COP16 discussions on how to meet the world’s goals in supporting biodiversity,” said EIB Vice-President Ambroise Fayolle. “We must act with urgency to reduce financial flows to activities that harm nature and scale up financing to projects that have a positive impact on the environment. Doing so is central to overcoming the triple planetary crisis of climate change, pollution and biodiversity loss. The EIB is working closely with countries, the European Commission, fellow multilateral development banks, national promotional banks and the private sector to scale up nature-positive finance.”

    EIB at COP16

    The EIB delegation will be led by Vice-President Ambroise Fayolle. For interview requests with members of the EIB delegation, please get in touch with the press contact below. Find out more about the EIB at the United Nations Biodiversity Conference here.

    On 28 October, Vice-President Fayolle will address the COP16 plenary to speak about unlocking opportunities to align and enhance responses to nature-related risks. On 30 October representatives from multilateral development banks will discuss progress on the joint MDB statement on supporting nature, people and the planet. A special focus will be MDBs’ role in defining and tracking nature finance as outlined in the MDB Common Principles for Tracking Nature Positive Finance that were announced at the United Nations Climate Conference COP28 in Dubai.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance.  EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world

    The EIB has been providing economic support for projects in Latin America since 1993, facilitating long-term investment with favourable conditions and providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America, it has provided total financing of around €14 billion to support more than 160 projects in 15 countries in the region.

    MIL OSI Europe News

  • MIL-OSI Europe: A facility for fairness

    Source: European Investment Bank

    In the Western Balkans, women face unfair treatment in the job market. Over half the productive potential of women aged between 15 and 64 remains untapped, according to a report by the Regional Cooperation Council.

    This is mostly due to social norms, lack of childcare facilities, and the traditional distribution of household roles. Women’s employment rates in the region are consistently below those of the European Union, with high informal employment. In Bosnia and Herzegovina, men are on average paid 37.8% more than women, and 15.8% more in North Macedonia.

    Difficulties women face on the labour market vary depending on the industry, but the construction sector  is particularly challenging due to long working hours and physically demanding conditions. With over 150 employees, the Belgrade company RAS Inžinjering is looking to address these issues with its inclusivity practices.

    “In our company,” says Executive Director Vuk Vujović, “we have been traditionally employing women in administration, bookkeeping, and financial departments, as well as for warehouse and human resources operations. They primarily held office-based positions.”

    “However, since some five to six years ago, we began hiring female construction engineers. And now, when bringing on new engineers, we strive to maintain a balanced ratio of men and women.”

    The construction sector is also unique for its highly flexible payment-due dates, often extending up to four months. Additionally, the prices of construction materials can fluctuate significantly in the market, impacting the cost of projects that may take two to three years to complete. Without access to bank credit lines or sufficient internal resources, a company may struggle to complete a project.

    “Since we are already fostering inclusivity practices, our motivation for applying for this loan was to further develop these efforts, while reducing costs, effectively aligning value with purpose.”

    For each new employee, the company assigns an experienced mentor to guide them through processes and oversee their career development. It also promotes open-door communication between staff and management at all levels, ensuring efficient problem-solving.

    “Owing to our reputation, extensive portfolio of projects and employee relations practices, people are eager to work for our company and apply to our job postings,” Vujović says.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB and Banca March sign guarantee agreement to provide up to €300 million in financing to Spanish companies with 250 to 3 000 employees

    Source: European Investment Bank

    • The agreement seeks to promote private sector investment and support the financing needs of a key segment of the Spanish economy in terms of growth, competitiveness and job creation.

    The European Investment Bank (EIB) and Banca March have signed a new agreement under which Banca March will provide up to €300 million of additional financing to Spanish companies with 250 to 3 000 employees. The EIB will offer an institutional guarantee covering 50% of the total amount.

    The goal of this agreement is to promote and accelerate private sector investment and offer working capital and liquidity solutions to Spanish mid-caps – many of which are family businesses, the strategic focus area of Banca March – making it easier for them to access finance with attractive terms in a high-interest rate environment.

    At least 35% of investments are expected to be made in regions with a per capita income below the EU average, helping to improve competitiveness and cohesion between regions, which is among the EIB Group’s strategic priorities.

    “The EIB is once again joining forces with Banca March to take another step forward in developing attractive lending solutions tailored to the needs of Spanish mid-caps,” said EIB Director of Financial Institutions Gemma Feliciani. “This agreement is yet another example of cooperation between the public and private sectors to boost the competitiveness of a key business segment for economic growth and job creation in Spain.”

    The agreement is part of the EIB’s efforts to finance small and medium companies (SMEs) and mid-caps and Banca March’s commitment to provide its financing capacity, all of which is in line with EU priorities and the goal of both institutions to help improve industrial competitiveness in the European Union.

    Banca March CEO José Luis Acea added: “As a bank specialising in advising businesses, business-owning families and family businesses, this agreement reflects our ongoing commitment to make it easier for Spanish companies to access finance from top-tier European institutions, enabling them to play their role as key motors of economic and social development in their domains.”

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    Banca March

    Banca March is one of Spain’s leading specialised private and corporate banking institutions. It is also the only bank to be fully family-owned since it was founded in 1926. In line with its prudent and long-term management philosophy, Banca March’s business model is supported by strong financial and capital ratios. It maintains the highest CET 1 solvency ratio in the Spanish banking sector (20.93%), one of the lowest default rates in the sector in Spain (1.81% as of June 2024, compared to 3.43% on average in the sector) and liquidity ratios – liquidity coverage ratio (287.8%) and direct taxation liability (182.4%) – and coverage of non-performing risks (51.89%) among the highest in the sector. The strength of Banca March’s value proposition has been supported by the Moody’s rating agency, which has raised Banca March’s long-term rating to A2 with a positive outlook, meaning it remains one of the best-rated entities in the Spanish financial system, ahead of the government itself (which currently has a Baa1 rating). Banca March is one of the main shareholders of Corporación Financiera Alba, with major stakes in Naturgy (indirect), Acerinox, Profand, Ebro Foods, BME, Viscofan, Atlantic and Parques Reunidos, among others.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at Concluding Ceremony of International Festival on Indian Dance, New Delhi (Excepts)

    Source: Government of India (2)

    Posted On: 22 OCT 2024 2:07PM by PIB Delhi

    Coming here on this occasion, I get a feeling of sublimity. It is the essence of human life; it is a heavenly feeling. I am grateful to the Honourable Culture Minister, Gajendra Singh Shekhawat for having made available such an opportunity to me to know about what has been transacted during the last six days. One assurance I can hold out, Gajendra Singh Shekhawat is a game changer.

    He gets into his job with passion, mission and he is good at execution. I have seen the positive impact of his ministry when I was in Meghalaya last week. He has not been in the saddle for long but this gives as an indication of the shape of things to come and from every perspective. Bharat home to one-sixth to humanity, this aspect is more important than anything else.

    We have a global identity nurtured over centuries and the most inalienable facet, emotive facet, rich facet is our cultural identity.

    The presence of a very distinguished parliamentarian, an actor of reckoning, but her identity globally is only by her great commitment to dance. I am referring to Hon’ble Member of Parliament Hema Malini Ji.

    Her presence is electrifying because while she has been in various roles, in films and otherwise, her heart, soul and mind have always been in sync when it comes to dance. And dance, I can say, is her everlasting and first love.

    Dr. Padma Subramaniam, people look for civilian awards and to be honoured with the second-highest civilian award of this nation and that too in this great field, your presence means a lot to us.

    Dr. Sandhya Purecha, she is deep into it, you must have heard her. She is committed to it. This is the second time I am attending her function and I am sure things will always be on an incremental trajectory.

    My greetings and salutations to those celebrities, dignitaries who are of the dais. They represent our cultural wealth. They are premium ambassadors of this nation within and outside.

    Friends, nothing can be more delightful than to celebrate human expressions through art forms and the six days of deliberations. Mind-scratching, I am told by the Hon’ble Minister, have been extremely fruitful.

    All awardees, civilian or otherwise, converged at one place to analyze and address issues so that our culture is nurtured, it is blossomed, and it makes our identity globally more important. I have no doubt the deliberations will go a long way in shaping further course of action. And it is also an occasion to look to those who are committed to dance music, but are in suffering of some kind. We need to handhold them. We need to create a new interest in them.

    I know sometimes it is so vital to provide fiscal assistance because they are so deep into their art and culture, dance and music, they forget about it. I’m sure this will be looked into.

    I am sure the Honourable Minister would generate a mechanism that all stakeholders for dance and music or culture as a whole come on the same page. They work in tandem and togetherness to generate an ecosystem where our artists in these domains feel comfortable financially and otherwise. And we manage to see an explosion of real talent that lies in villages Tier 2 and Tier 3 cities.

    I am told that over 200 artists and scholars from 16 plus nations have performed various Indian dance forms and shared insights. The Utkarsh performance featuring 300 tribal performers was acclaimed by the President of India. I commend the organisers for this event. I must make by way of transgression, a brief reference, to an extremely talented chief minister, Mr. Sangma of Meghalaya. When I was there, at Raj Bhavan, all the tribes of Meghalaya performed, all of them. They performed one after the other. They performed in unison. They performed in harmony. And this reflected that house over maybe the divisiveness, the unity brought about by culture, by dance and music is impregnable. It is lasting. It is soothing. It is a seamless connection of the heart and soul of the people.

    Dance and Music are natural connecting modes. They bring about a friendship beyond language or other barriers.

    Bharat means a gold mine of fine arts. The world recognises it, we feel it. This festival testifies to dance’s universal appeal, featuring global artists with unique perspectives. It underscores that Indian art educates, uplifts and inspires offering a model of inclusivity in a divided world.

    The greatest challenge the planet faces today is lack of inclusivity. Lack of inclusivity in thought, in politics, in economic development. India has emerged as a global beacon of inclusive growth. A growth that is benefiting by good governance, Affirmative policies, the most vulnerable, the marginalized, the weakest, and that has given the nation a mood of hope and possibility, something that was lacking a few years back. In a world grappling with conflicts and transgressions, discord, there is ray of light. When the tunnel is of transgressions, conflagrations, we find light of dance and music that unites people across cultural barriers.

    Culture, dance, and music are universal languages of mankind. They are understood all over.

    as you mean without having to take recourse to the language or dialect that is specific to individuals.

    Performing arts have the power to unite, power to heal, power to inspire, power to motivate. Dance artists are cultural and peace ambassadors. They promote dialogue. They promote discussion. They lay great ground for soothing diplomatic maneuvers.

    Distinguish audience, our civilization has always valued various forms of expression. I am taking it in a wider connotation, our civilisation depth is always to lend your ears to the other point of view, never be dismissive about it. There will be occasions when you will find on introspection that the other point of view is the correct point of view.

    Dance is considered divine as described in Bharat Muni’s Natya Shastra and when you feel divinity, when you experience sublimity, when you rise about heart and mind, or in conversation with your soul, then you realise the existence of pure life. It gives a different meaning altogether, generating peace and harmony all around.

    When we look into our historical perspectives, ancient Indian centres like Patliputra, Puri, and Ujjain fostered dance forms. India shared its message of peace and unity through Vasudhaiva Kutumbakam, through scriptures and art forms globally.

    Let me reflect, our culture was a feast during our G20 presidency. 200 hundred locations in this great country when we had G20 presence. every state of the Union, every Union territory and therein you found something very great. The state government, the Union territory administration and the central government were on the same page as never before and that was a grandiose success.

    Indian dances have been performed worldwide for millennia, including Chinese and Greek courts. The Ramayana spread to Southeast Asia is visible at Angkor Wat in Cambodia. On my first maiden visit outside this country, as Vice President, I went to Cambodia to attend an ASEAN meeting. When I went to Angkor Wat, unbelievable! You look at what has been carved out in stone. As if everything was speaking. Amazing and believable! One has to see to believe. I saw it myself. This can turn out to be a great facet of cultural diplomacy and art does not define dominance. Art defines integration. Culture, music, art, they unite. They never dominate. 

    Bharat is a living civilization with geniuses like Tansen, Tagore, Purandar Drasa and Swami Haridas. But there was a time in our history, 400, 500 years back, where music was discarded by the then rulers. Our most precious treasure was antithetical to their values.

    We suffered that kind of repression. But our belief throughout has been that in every part of this great land, those who nurtured, blossomed furthered because of dance music were held in high esteem. And I’m so happy and delighted that in the last 10 years, the recognition extended to eminent, deserving personalities from this domain is very commendable and soothing.

    This will help come over challenges of day to day life. They will help us to nurture our indomitable spirit.

    Post-Independence, our founding fathers mandated the preservation of cultural heritage in the Constitution. It is reflected in the directive principles of state policy.

    India is rising. The rise is exponential. The economic upsurge is stunning. The world organizations are echoing in us. We are moving towards a destination which people of my generation never dreamt of. What we have today was not thought of even a decade ago. In that situation, it is our bounden duty. It is ordainment of our civilization that our art and heritage are made to shine as symbols of identity and influence. There must be our cutting edge when we deal with people to people contact. UNESCO recognizes eight Indian dance forms as intangible cultural heritage, including Kalbeliya, Garba and Chow. I don’t subscribe to this. We have many more. They are calibrating from their perspective. We must go much beyond that.

    Yoga’s global recognition, marked by International Yoga Day, reflects India’s role in promoting wellbeing. A thought occurred to the Prime Minister. The thought was put on the global platform. In the shortest time, the largest number of nations converged, and what we see now, yoga is doting every part of the globe that gets sunshine.

    Indian wisdom is coming to the rescue of billions.

    Our cultural revival integrates ancient wisdom with contemporary practices cementing India’s image as a cultural powerhouse.

    I congratulate the Ministry of Culture, ICCR and Sangeet Natya Academy for their efforts. However, And this is a time to be extremely proactive, time not to be complacent. We need to discover, nurture and find that it does not go into extinction. Lesser known dance forms, they need to create retention.

    Go to any part of the state and you will find every district having its own identity.

    Like one district, one product, you will find one district, one cultural event relating to culture, dance, music. I am amazed sometimes when I see the instruments, how hard they have worked to preserve those instruments, how skillfully they play, how they mesmerize you, how they release your stress and tension for a time. When you attend to them you find you are in a different world altogether. We have to focus on that. Let us give them a new lease of life.

    We have to also be in overdrive in a group to ensure that our youth get involved with Indian dance, music and the kind. This will also cut into the menacing habits our youth get into. Drugs to name one. A person who is involved in these finer arts either as a performer or as onlooker is surcharged with positivity, welfare of humanity, and I am sure this too will be attended.

    As I said, which is more important, your ministry does not stand alone. You have to get all the stakeholders be it the Ministry of Finance, Ministry of Railways, Ministry of Civil Aviation any ministry must have the role of Gajendra Singh Shekhawat because we need to spread our culture, disseminate the knowledge of it and wider the knowledge, wider the dissemination greater will be the impact.

    Additionally, I urged the honorable minister and I requested particular manuscript experts and dance scholars to work together in rediscovering lost dance manuscripts. I was happy to note what the honorable minister conveyed to me. The giants, the Padmavadis, the great exponents over the last six days have brainstormed to address the challenges and to find out. what can be done.

    I would particularly emphasise that we are in the grip of another industrial revolution and that revolution is technology.

    Technology, artificial intelligence, Internet of Things, machine learning, blockchain and the kind. They help refine our artistic talent. and the effort should be made in a structured scientific manner, employment for generating opportunities in the field of culture, art, dance, music.

    These endeavours, particularly promoting rural folk dance forms and rediscovering ancient heritage will serve a large interest of the nation. While institutional efforts are invaluable, collective action is crucial for cultural revival involving individual efforts, community engagement and international collaboration.

    I am sometimes amazed when people hold great functions, they think of a different mode of music, different mode of dance. Ignoring the wealth we have with us, once it catches up, they will know what gain they have got. Let us recognize this as the beginning of a commitment to nurture our artistic heritage.

    Let us pledge to ensure it blossoms to new heights, the heights that are due to it. Art and culture are vital to our existence, shaping our identity and relationships. Dance is both a window to our past and a pathway to our future. Together let’s celebrate the enduring relevance of Indian dance and arts, ensuring they continue to enrich our lives and the world.

    I will conclude by making one observation, India’s rise is phenomenal, Infrastructure development is unbelievable. From the time I faced a situation as a minister and a member of parliament in 1990, where foreign exchange reserve was one billion US dollars, now it has crossed 700 billion.

    I saw Jammu and Kashmir as a minister in 1990, we didn’t see even two dozen people on the road, two crore people went there last year as tourists. In this big change we must have proportionate development of our culture.

    Thank you so much.

    ****

    JK/RC/SM

    (Release ID: 2067002) Visitor Counter : 55

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Bharat Tex 2025 gains international momentum:

    Source: Government of India (2)

    Bharat Tex 2025 gains international momentum:

    Ministry of Textiles organises interaction session with over 30 Countries

    Bharat Tex 2025 to focus on scale, sustainability and skills

    India is looking at a shared future, a future that is sustainable, equitable and prosperous for all of us: Shri Pabitra Margherita

    Posted On: 22 OCT 2024 2:07PM by PIB Delhi

    Ministry of Textiles organized an interactive Session with Foreign Missions in India for Bharat Tex 2025 at Sushma Swaraj Bhawan, New Delhi yesterday. The event saw participation from over 30 Foreign Missions in India namely Australia, Azerbaijan, Brazil, Colombia, Chile, Denmark, Egypt, Finland, Indonesia, Italy, Kazakhstan, Kenya, Lesotho, Montenegro, Malaysia, Mongolia, Mexico, Peru, Philippines, Republic of Korea, Russia, Sri Lanka, Somalia, Taiwan, Togo, Thailand, Uzbekistan and Vietnam.

    Union Minister of State for External Affairs and Textiles, Shri Pabitra Margherita graced the event as the Chief Guest. The session was also attended by Secretary, Ministry of Textiles, Ms. Rachna Shah; Special Secretary, Ministry of External Affairs, Shri P. Kumaran; Additional Secretary, Ministry of Textiles, Shri Rohit Kansal; Trade Advisor, Ministry of Textiles, Ms. Shubhra; industry leaders and officials.

    Speaking on the occasion, the Minister invited the ambassadors and representatives of various countries to proactively participate in Bharat Tex 2025. Describing it as the largest and the most comprehensive textiles event ever, he described Bharat Tex as a unique effort to bring the entire value chain of textiles under one roof. He highlighted the entrepreneurial spirit of the Indian textile industry in finding innovative solutions for the challenges posed by the global textile industry. He underlined that Bharat Tex will reaffirm the attractiveness of India as a reliable, sustainable sourcing destination as well as an investment destination at a large scale for textiles. The sector has the potential to provide large scale employment across the value chain and touch the lives of people across all social spheres. With innovation, collaboration, and the Make in India spirit at its core, this event is an embodiment of the 5F vision of the Prime Minister- Farm to Fibre to Factory to Fashion to Foreign, he added.

     

    Ms. Rachna Shah also highlighted the role of Bharat Tex in the Global Textiles Industry. She invited the attendees to participate as a Partner Country in the mega textile global event. Further she emphasised on India’s focus on the Textiles sector with strong policy support backed by various incentives and schemes including PLI and PM-MITRA Parks.  

    Bharat Tex is a mega global textiles event being organized by a consortium of Textile Export Promotion Councils (EPCs) and supported by the Ministry of Textiles. Scheduled to be held from February 14 to 17, 2025 BHARAT TEX 2025, is positioned as a global scale textile trade fair and knowledge platform. The event will be held simultaneously at two state of the art venues: Bharat Mandapam, New Delhi and India Expo Centre and Mart, Greater Noida. While the main event will be held from February 14-17 at the Bharat Mandapam and will cover the entire value chain of textiles, exhibitions pertaining to handicrafts, garment machinery and ethnic apparel will be held from February 12 to 15 at the India Expo Centre and Mart, Greater Noida.

    Bharat Tex 2025 aims to build on the resounding success of the first edition in 2024. Built around the twin themes of resilient global value chains and sustainability, this year’s show promises to be even more vibrant and attractive than the first edition, attracting top policymakers, global CEOs, international exhibitors, and global buyers. A record number of over 5,000 Exhibitors, 6,000 international buyers from over 110 countries and over 1, 20,000 visitors are expected to participate in this year’s event.

    The Bharat Tex 2025 exhibition will feature dedicated pavilions for Apparel, Home Furnishings, Floor Coverings, Fibres, Yarns, Threads, Fabrics, Carpets, Silk, Handlooms, Handicrafts, Technical Textiles, Apparel Machinery, Dyes & Chemicals and many more. It will also have a retail High Street focusing on India’s fashion retail market opportunities.

    The textile mega event will also provide a platform for global textiles dialogue covering conference, seminars, CEO roundtables, and B2B and G2G meetings across various key topics such as Industry 4.0, Sustainability, Global Value Chain, Investment, Trade among other areas.

    Attendees can look forward to live demonstrations, cultural events, and fashion presentations, designer and brand exhibitions and sustainability workshops, and expert talks. Bharat Tex 2025 aims to serve as a unique and consolidated platform to showcase India’s full textile value chain, while highlighting its strengths in fashion, traditional crafts, and sustainability initiatives.

    ***

    VN

    (Release ID: 2067001) Visitor Counter : 79

    MIL OSI Asia Pacific News

  • MIL-OSI: Defiance Launches XMAG The First ETF Offering Exposure to the S&P 500 Excluding the “Magnificent 7” Tech Giants

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 22, 2024 (GLOBE NEWSWIRE) — Defiance, a leading innovator in exchange-traded funds (ETFs), today announces the launch of the Defiance Large Cap Ex-Magnificent Seven ETF (XMAG). The ETF will be the first of its kind, offering investors exposure to equities in the S&P 500 without the inclusion of the Magnificent Seven (“Mag 7”) (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla). XMAG offers a unique opportunity for investors to access the broader market while reducing concentration risk in these dominant tech stocks.

    Many investors that use diversified investment funds have seen their portfolios increasingly concentrated in exposure to the Mag 7, which represent large holdings across tech-, growth-, and innovation-focused strategies.

    “We have heard loud and clear from institutional investors and advisors that they’re increasingly concerned about their sizable exposure to the Mag 7,” said Sylvia Jablonski, CEO and CIO of Defiance ETFs. “Even clients who believe that the Mag 7 will continue to grow have seen their portfolios become engulfed by these companies, and they’re looking for a solution. With XMAG, we’re providing the market with the broad-based, diversified exposure that investors have always sought with the S&P 500. In offering this in an ETF, we’re making the process of screening seven companies out of an index of 500 more efficient, and we’re excited to see the market’s reception to it.”

    About The Index

    The BITA US 500 ex Magnificent 7 Index aims to provide a comprehensive and balanced representation of the U.S. equity market by including the largest 500 publicly traded securities, while specifically excluding the seven largest technology giants commonly referred to as the “Magnificent 7.”

    This approach ensures more diversified exposure, mitigating the overconcentration risks associated with the market’s most dominant funds. The index constituents are weighted based on free-float market capitalization and rebalanced quarterly. Index values are disseminated on an end-of-day basis.

    About Defiance ETFs

    Founded in 2018, Defiance is a leading ETF issuer specializing in leveraged and thematic ETFs. Our suite of first-mover products allows investors to take targeted positions on disruptive innovations.

    Contact:
    Frank Taylor / Sarah Lazarus
    Defiance@DLPR.com

    Important Disclosures

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

    Tracking Error Risk. As with all index funds, the performance of the Fund and the Index may differ from each other for a variety of reasons.

    Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

    Market Events Risk. The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities and other financial instruments. Investment markets can be volatile and prices of investments can change substantially due to various factors.

    Passive Investment Risk. The Fund is not actively managed and does not attempt to outperform the Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to the Index.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Diversification does not ensure a profit nor protect against loss in a declining market.

    Brokerage Commissions may be charged on trades.

    The Fund holds 0% in Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla.

    XMAG is distributed by Foreside Fund Services, LLC.

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/1578c4c6-57a2-4dc4-b82f-5a180fbc8052

    The MIL Network

  • MIL-OSI United Kingdom: Housing Summit to address housing challenge in Highland

    Source: Scotland – Highland Council

    The Highland Council has called a Housing Challenge Summit, designed to bring together all parties from National and Local government and private sector interests, both large and small, from across the fields of energy, housing development and commerce, to focus on the Housing Challenge in Highland.

    Highland Council declared a Housing Challenge following an event in November 2023 and agreed a number of strategic objectives in June 2024, with the aim of finding solutions to a Highland Housing Challenge. 

    The summit will be held today, 22 October, in Aviemore and delivered in partnership with Prosper, with sponsorship from SSEN, Burness Paull and The Scottish National Investment  Bank (SNIB).

    Housing Minister, Paul McLennan will attend and address delegates in a Keynote speech. 

    He said: 

    “I am pleased to be attending Highland Council’s Housing Challenge Summit and speaking with a range of stakeholders about how we work together to deliver the homes that people need. We know that tackling the housing emergency requires a joint approach between the Scottish Government, UK Government and local authorities and this summit will provide a valuable opportunity for stakeholders to come together to find ways to deliver more homes for communities across the Highlands. 

     “Good quality housing is essential to attract and retain people in our communities. We remain focused on delivering 110,000 affordable homes across Scotland by 2032, with at least 70% for social rent and at least 10% in our rural and island communities supported by our Rural and Island Housing Action Plan. Since 2021, we have invested over £180 million grant funding that has supported the delivery of nearly 2,000 affordable homes across the Highland Council area.” 

    Convener of The Highland Council, Bill Lobban who will chair the summit, said: “I am delighted to welcome the Housing Minister Paul McLennan, and over 100 delegates from a range of public and private sectors, whose input, together with Scottish Government and political representatives, will be invaluable to addressing the housing challenge in the Highlands. 

    “Affordable housing is an issue that is raised everywhere we speak to communities across the Highlands. For this reason, it is a high priority in the Council’s Programme and Members have declared a Highland Housing Challenge. 

    “There are also many wider socio-economic benefits in providing more housing, including boosting the construction industry, regeneration of town centres and reversing depopulation of communities. The economic benefits continue over the longer term, through savings on housing benefit, and wider benefits including reduced homelessness, increased employment, and improved health benefits.”  

    “Bringing the envisaged housing solutions to the Highlands is a key component of the economic growth required for the area in the next twenty years, helping us to seize important energy development opportunities, create benefits and sustain both our urban and rural communities.” 

    Chair of the Council’s Housing and Property Committee, Cllr Glynis Campbell Sinclair summarised the challenges saying: “It is anticipated that 24,000 new houses will be required in Highland in the next ten years. This is around double that which would normally be built.  

    “The future demand for housing is based on an updated ten-year Housing Needs Demand Assessment, which incorporates economic modelling including potential increases in jobs connected to the development of the Inverness and Cromarty Firth Green Free Port. 

    Leader of The Highland Council, Raymond Bremner said: “Highland Council and its partners are on course to meet the challenge of building 24,000 houses, but over 20 years. To accelerate this will require additional investment of around £2.8 billion. The challenge will require public and private sector co-investment and significant increases in the supply of land for housing and development capacity. 

    “Some solutions to future housing supply can be addressed through benefits flowing from the Social Value Charter from Renewables and from future retained business rates relating to the Green Free Port, as well as legacy housing from energy and infrastructure projects. 

    “The next steps will be to seek collaborative action in the co-design and delivery of a strategic plan which addresses the housing needs in the short, medium and long-term future.”  

    Chief Executive of Prosper, Sara Thiam added: “Housing continues to be a barrier to growth for many industries but it also underpins the quality of life of our people and impacts on our health, education and equality of opportunity so finding ways to overcome the various challenges will continue to be at the top of the to do list for government, industry and wider society.” 

    The summit will explore the Council’s agreed objectives including levering finance from different means; finding varied mechanisms to build new housing; flexibility regarding the ownership of housing; and finding new ways to maximise the supply of land.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Bury director jailed after failing to produce accounts for company which owed more than £200,000 in tax

    Source: United Kingdom – Executive Government & Departments

    Director jailed for offences under the Insolvency and Companies Act

    • Vezubuhle Ndlovu was the director of VN Electrics Limited when it went into liquidation owing more than £200,000 in unpaid tax 

    • Ndlovu failed to deliver accounting records to the liquidator as he was required to do so under law 

    • This failure meant his company’s accounts could not be investigated, resulting in criminal investigations into the 41-year-old by the Insolvency Service 

    A Bury director who failed to produce accounting records and refused to co-operate with the Insolvency Service after his company went into liquidation owing more than £200,000 in unpaid tax has been jailed. 

    Vezubuhle Ndlovu was sentenced to 10 months in prison when he appeared at Manchester Crown Court on Tuesday 15 October. 

    The 41-year-old had previously pleaded guilty to offences under the Insolvency Act and Companies Act for his VN Electrics Limited business. 

    Ndlovu, of Spinney Crescent, Bury, failed to provide up-to-date records to the Insolvency Service when VN Electrics was liquidated in 2019, meaning the Official Receiver could not accurately assess the company’s position and liabilities. 

    David Snasdell, Chief Investigator at the Insolvency Service, said: 

    Vezubuhle Ndlovu’s offending was persistent and he has shown no insight into his criminal actions.  

    If a company fails to keep proper records it exposes creditors and trading partners to unacceptable levels of risk. A company that does not keep records is more likely to fail and the Official Receiver or insolvency practitioner will be unable to identify and take steps to recover the company’s assets. 

    Ndlovu failed in his statutory duties to deliver up-to-date accounting records and at no point engaged with the Official Receiver or our investigators when asked to do so. 

    VN Electrics was established in May 2017, with Ndlovu the sole director. The company’s business was described on Companies House as ‘non-specialised wholesale trade’. 

    The company was liquidated in December 2019 after a petition from HM Revenue and Customs, which was owed £221,600 by VN Electrics. 

    The Insolvency Service wrote to Ndlovu on three separate occasions after VN Electrics was wound-up, reminding him of his statutory duty to preserve the company’s books and records and to deliver them to the Official Receiver. 

    Ndlovu failed to respond and did not turn up to an interview at the Official Receiver’s Office. 

    Civil proceedings which resulted in a seven-year director disqualification for Ndlovu began in September 2020 and concluded in April 2022. At no point did Ndlovu engage with the investigation. 

    Just one month after Ndlovu’s director ban, criminal investigators from the Insolvency Service invited him in for interview. Again, Ndlovu failed to respond or attend the interview. 

    Ndlovu’s failure to deliver books and records meant the Official Receiver was unable to establish if sales and purchases of just more than £1 million were the true level of VN Electrics’ income and expenditure between August 2017 and February 2019. 

    The Official Receiver was also unable to determine if VN Electrics owned any assets at any time between incorporation and liquidation, and if so, what happened to them. 

    Further information 

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Hammarén)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    22 October 2024 at 14:00 EEST

    Nokia Corporation – Managers’ transactions (Hammarén)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Hammarén, Patrik
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 81967/5/4
    ____________________________________________

    Transaction date: 2024-10-21
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 156 Unit price: 4.31633 EUR

    Aggregated transactions
    (1): Volume: 156 Volume weighted average price: 4.31633 EUR

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    The MIL Network

  • MIL-OSI: Nokia Corporation – Managers’ transactions (Uitto)

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Managers’ transactions
    22 October 2024 at 14:00 EEST

    Nokia Corporation – Managers’ transactions (Uitto)

    Transaction notification under Article 19 of EU Market Abuse Regulation.
    ____________________________________________
    Person subject to the notification requirement
    Name: Uitto, Tommi
    Position: Other senior manager

    Issuer: Nokia Corporation
    LEI: 549300A0JPRWG1KI7U06
    Notification type: INITIAL NOTIFICATION
    Reference number: 81972/4/4
    ____________________________________________

    Transaction date: 2024-10-21
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009000681
    Nature of the transaction: ACQUISITION

    Transaction details
    (1): Volume: 156 Unit price: 4.31633 EUR

    Aggregated transactions
    (1): Volume: 156 Volume weighted average price: 4.31633 EUR

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    The MIL Network

  • MIL-OSI: Xtract One Secures Contract with Global Automotive Manufacturer to Enhance Security at Select North American Facilities

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 22, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced that its AI-based security solutions have been chosen by a leading global automotive manufacturer of cars, SUVs, and pickup trucks to secure five of its North American facilities. System deployment will start at their Tennessee and Ohio locations, with plans for future installation at more facilities.

    After a comprehensive evaluation of available solutions, Xtract One was selected for the Company’s precise weapons detection capabilities and flexible integration into daily business operations and the physical environment. Aiming to enhance security and operational efficiency, this deployment sets a new standard for safety and innovation in the automotive industry while furthering Xtract One’s leadership in threat detection and security solutions in the space.

    “We’re excited to be working with another major player, our fourth, in the automotive field and to be expanding our growing scope of innovative customers across different industries,” said Peter Evans, CEO of Xtract One. “By implementing our cutting-edge solutions, we aim to provide security measures to combat modern threats and provide a seamless experience for all guests and employees. This deployment will also enhance operational efficiency, further demonstrating how our solutions fit seamlessly into the manufacturing facility landscape.”

    Xtract One’s security solutions enhance entry experience and detect threats while preserving guests’ privacy and comfort. These systems deliver fast, reliable, and frictionless screening that unobtrusively scan patrons for weapons and other prohibited items as they walk through. This eliminates the need to empty pockets and optimizes the guest experience by reducing time spent in security lines. The Company’s Multi-Sensor Gateway portfolio was recently awarded the U.S. Department of Homeland Security DHS SAFETY Act Designation as a Qualified Anti-Terrorism Technology (QATT), highlighting the efficacy of Xtract One’s innovative security solutions in safeguarding public spaces against modern threats.

    To learn more, visit http://www.xtractone.com.

    About Xtract One
    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffics. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit http://www.xtractone.com or connect on Facebook, X, and LinkedIn.

    Forward Looking Statements
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

    No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com   
    Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
    Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

    The MIL Network