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  • MIL-OSI Global: Three ways the upcoming UN biodiversity summit could make a difference

    Source: The Conversation – UK – By Harriet Bulkeley, Professor of Geography, Durham University

    Projects on the Indus River in Pakistan are helping to tackle biodiversity loss. Salik Javed/Shutterstock

    When negotiations at Cop15 – the UN’s biodiversity conference – ended in December 2022, many delegates breathed a sigh of relief.

    Threatening snowstorms outside the convention centre in Montreal, Canada seemed to lift just as the political weather changed and the long-awaited Kunming-Montreal global biodiversity framework was agreed. It’s mission: to halt and reverse biodiversity loss by 2030 in order to achieve the ultimate goal of a society living in harmony with nature by 2050.

    Fast forward two years and governments, businesses, representatives of Indigenous people and local communities, experts from environmental groups such as the World Wildlife Fund (WWF) and scientists will gather for the follow-up Cop16 meeting in Cali, Colombia, from October 21. Many due to attend, including myself, wonder whether the promise made to “halt and reverse biodiversity loss by 2030” is achievable.

    Initial signs are not promising. For starters, no international targets for biodiversity have ever been met.

    Only a handful of countries, including China, Canada and France, have submitted new national biodiversity plans demonstrating how they will implement the promises made two years ago. Most countries, including the UK, (that’s more than 80% in total) haven’t submitted their full plans.

    Countries can also submit updates for the 23 targets listed in the framework. The UK and others have submitted targets such as promising to reduce the impact of pollution on nature and ensuring that 30% of land is effectively protected in line with the framework.

    But crucial questions remain about how those goals will be reached. To make Cop16 effective, three things need to happen.

    1. Decide on a plan

    When delegates gather in Cali, questions of implementation will be front and centre of the negotiations. The first challenge is that the approach for monitoring progress on all 23 targets – including issues such as improving access to nature in cities, reducing harmful subsidies and restoring 30% of degraded ecosystems – is yet to be agreed.

    For some, the approach that has been developed so far lacks ambition in crucial areas. Indicators suggested for monitoring progress on reducing the impacts of consumption on nature remain very weak for example. For others, it may prove too challenging.

    For example, countries with limited access to data might not be able to track alien species or assess how critical services provided by nature to make societies more resilient might be affected by climate change. Getting agreement at the Cop16 negotiations will be vital in order to hold countries to account as the 2030 deadline set to achieve all of the targets approaches.

    2. Find the funds

    Another crucial issue is funding: who will pay for the action required? The global biodiversity framework fund (GBFF) was established in 2023 to provide financial support.

    Yet so far, it has only attracted contributions of around US$230 billion (£176 billion) from a small group of countries including Canada, the UK, Germany, Japan and Spain. Leaders gathering in Cali, and especially those from developing countries, are calling for more funding and for greater control over how it is allocated.

    The next UN biodiversity conference will be held in Cali, Columbia from October 21 to November 1.
    Tudoran Andrei/Shutterstock

    3. Make biodiversity matter

    A third debate will decide how best to ensure that biodiversity action is mainstreamed across governments, businesses and communities.

    In Montreal, countries agreed to make sure that the impacts on nature were considered across different policy areas (such as building new roads or developing new energy sources) and in economic sectors, from fishing to agriculture and mining to tech.

    They agreed that groups most likely to be affected by the loss of nature, including Indigenous people and local communities, women and youth, should help make key decisions. While targets such as protecting 30% of the land and sea for nature are crucial, progress will only happen if nature is put on everyone’s bottom line.

    Delivering real change

    The urgent need for action is not lost on delegates gathering in Cali. There is a real risk that the promise countries made in Montreal to deliver “transformative action by governments, and regional and local authorities, with the involvement of all of society” won’t be met.

    But there are some hopeful signs of transformative change to conserve and restore nature and ensure its sustainable use.

    Take, for example, the Tree Equity Partnership in Detroit, US. This partnership between the city, US-based charity American Forests and the local non-profit charity Greening of Detroit aims to plant 75,000 trees. This will create places of beauty, biodiversity and climate resilience in underserved neighbourhoods and generate 300 new jobs in the city.

    In Pakistan, the Living Indus initiative is an umbrella organisation that has identified 25 projects involving local and regional governments, businesses and communities working together to restore the ecological health of the Indus river.

    Businesses are also calling for real change. More than 170 investors have signed a pledge developed by a coalition of financial institutions called the Finance for Biodiversity Foundation to take action for nature across their portfolios.

    New science-based standards are being developed to drive the mainstreaming of biodiversity action through their companies and associated supply chains. Cop16 is expected to see increased interest from the private sector and a focus on tackling climate change and biodiversity together.

    These projects are successfully tackling the root causes of global biodiversity loss. They integrate solutions and deal with social and environmental issues – poverty and exploitation, climate risks and land use change. Tackling these problems is just as vital as the need for sustainable production and consumption plus investment that works for, not against, nature.

    Projects such as these are the ones that give scientists and conservationists like me – and organisations like WWF that I work with – hope. We want to see more projects that take action on nature, climate and social justice together. If Cop16 can make even a small step in this direction, the world will be travelling towards making real progress by the end of this decade.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.

    Harriet Bulkeley receives funding from the European Commission and currently serves as an advisor to the UK Department of Environment, Food and Rural Affairs.

    – ref. Three ways the upcoming UN biodiversity summit could make a difference – https://theconversation.com/three-ways-the-upcoming-un-biodiversity-summit-could-make-a-difference-240225

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Narrowing the Digital Divide: Households with broadband, laptops and desktops rising

    Source: Microsoft

    Headline: Narrowing the Digital Divide: Households with broadband, laptops and desktops rising

    Today, we’re launching a refresh of the Microsoft Digital Equity Data Dashboard with current data from the FCC, the United States Census Bureau, Code.org, Broadband Now, and Microsoft to help federal, state, and local policymakers gain a better understanding of the factors contributing to the digital divide in communities across the United States. Originally launched in 2022 as part of our Airband Initiative, the dashboard provides critical data to help understand broadband gaps at the local level, allowing these decision makers to anchor their policies and programs in data and maximize investments in areas of highest need.  

    Today’s update allows tracking of historical broadband data to analyze trends and progress being made as a result of government and private sector investments. This includes the new data from the dashboard, which shows that all states, including Puerto Rico and the District of Columbia, saw an increase in the number of households with broadband connections as well as an increase in the number of households with laptops or desktops. The greatest changes were in households earning less than $20,000. These households saw an average increase of over 10.8 percentage points in internet connectivity compared to previous metrics, meaning there are nearly 325,000 more households connected in this group. 

    We’ve long held the belief in the value of data, and this dashboard refresh is the latest step in our ongoing journey to help close the digital divide around the world. 

    Bridging the Rural Broadband Gap in the United States 

    In 2017, we launched the Microsoft Airband Initiative with a clear mission: to bridge the significant rural broadband gap in the United States. That year, government data showed that at least 23.4 million people across the United States did not have access to reliable high-speed internet, and this lack of access created significant barriers to education, healthcare, and economic opportunities. At the same time, it’s been shown that increasing access and usage of broadband in rural areas leads to higher property values, increased job and population growth, increased entrepreneurship, and lower unemployment rates. This stark reality illustrated by this data highlighted the urgent need for action to bridge the digital divide.  

    We set out to help solve the problem by bringing private sector investment and innovative technologies together with advocacy for regulatory support and financial frameworks to increase connectivity. Over the years, we have tried different approaches to bridging the digital divide, and we’ve learned a lot. We initially focused on TV White Spaces, believing this unique technology would extend reliable and affordable broadband to rural areas. As time went on, we determined that to make a tangible impact in rural communities, we couldn’t rely on specific technology, so we shifted to a technology neutral approach. Today, our partners are leveraging fiber, fixed wireless, satellite, and other disruptive technologies to drive broad networks deeper into rural areas. As a result, our partners have extended coverage to over 7.4 million people in rural communities across 41 states and territories in the United States.   

    But technology alone was not a solution. High costs, the absence of new and alternative technologies, and market and regulatory conditions all hampered efforts. The economic impact was substantial, not only hindering individual progress but also stifling the overall development of rural areas. So, we also used our corporate voice and joined forces with others to directly advocate for Congress to deploy targeted funding to combat the digital divide.  

    Targeted Funding to Combat the Digital Divide 

    In the U.S., none of the progress we’ve seen would be possible, without the vision of the U.S. Congress to proactively and significantly invest in broadband infrastructure programs. Our experiences since 2017 have made it clear that these government investments are necessary to drive deep impact. Bipartisan investments in digital infrastructure and inclusion through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the American Rescue Plan Act (ARPA), and the Infrastructure Investment and Jobs Act (IIJA) were a huge step forward in our journey to close the digital divide in the United States.  

    As a result of these government investments and public private partnerships, our internet service provider partners in the U.S. have received more than $725 million in government infrastructure funding awards to accelerate network expansion and drive broadband adoption across the country, with approximately 80% going to rural communities.  

    An example includes Microsoft partner, Nextlink Internet, which is leveraging government investment and partnership to bring meaningful connectivity to rural communities in the Midwest, Southwest, and Southeast regions of the United States. Federal infrastructure funding enabled Nextlink to extend their seven-state footprint to 11 states in total: Indiana, Illinois, Iowa, Kansas, Louisiana, Minnesota, Nebraska, Oklahoma, Texas, Wisconsin, and Wyoming.   

    Looking Forward Globally with a Clear Vision 

    Outside of the United States, our global partnerships have brought coverage to nearly 100 million previously unserved and underserved people. Internationally, we’re also seeing success from similar models of participating in government infrastructure programs, with the U.S. government leading the way. This includes significant investments and leadership from the United States Agency for International Development (USAID) via the Digital Invest program and the Women in the Digital Economy Fund (Wi-DEF), as well as the United States Trade and Development Agency’s (USTDA) Digital Transformation with Africa initiative.  

    These partnerships have also enabled digital infrastructure and off-grid energy in unserved and underserved communities around the world. In Nigeria, for instance, providers like Tizeti are leveraging government investments to bring connectivity to schools, health clinics, and community anchor institutions. And communities are experiencing improved outcomes in education and healthcare as a result. If connectivity alone has enabled these outcomes, imagine what additional innovation AI could unlock. 

    But there are still 2.6 billion people who remain offline. Limited internet can exacerbate economic inequalities and inhibit access to social services, civic activities, and online learning resources. In places where we’re using AI to map global populations in real-time, we can provide early warnings that allow communities to better plan disaster recovery during times of crisis. Communities that remain offline do not get these early warnings and cannot act on them. As AI becomes more prevalent, communities that remain offline will not be able to fully access the benefits of this new technology. 

    To continue momentum, we are looking to the lessons we learned in the U.S. We must scale innovative technologies, expand connectivity and energy access, and leverage strategic partnerships. Governments, financial institutions, philanthropic institutions, and the private sector must come together to address critical financing barriers, invest in development finance, and expand digital infrastructure. 

    We’ve committed to reaching 250 million people with meaningful connectivity by the end of next year. Today, we’re calling for continued support and collaboration from all sectors to ensure no one is left behind. We call on all stakeholders to join us in this mission. 

    • Governments must create enabling regulatory environments that prioritize funding for digital infrastructure and support quick and efficient allocation of funding by federal, state, and local entities. 
    • The private sector must invest in innovative technologies and business models. 
    • Philanthropic organizations must continue to advocate for digital inclusion and develop initiatives anchored in the local community. 

    The journey to close the digital divide is a long one. Building out infrastructure takes time. It’ll take time for us to see some of the direct results of this work, but there is room for optimism. We are extremely grateful for the leadership and vision of the United States government, which is laying a blueprint for other countries to follow, as well as state and local leaders working to ensure these programs are successful. We encourage all policymakers to proceed efficiently so the benefits of these investments reach local communities sooner rather than later.  

    With continued collaboration and commitment, we can use the power of data, technology, and partnership to achieve our ambitious goals. We’re dedicated to making a lasting impact, and we are excited about the future. Let’s come together to bring the power of digital connectivity and transformation to people around the world. 

    Tags: Airband initiative, broadband, broadband access, connectivity, digital access, digital divide, digital inequity, Digital Inequity Dashboard, Internet access, rural broadband

    MIL OSI Economics –

  • MIL-OSI USA: $220.98 Million in Federal Funding Now Set for Washington Bridge Replacement

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    Building on previous Mega award, new $95.5 million INFRA grant is second significant pledge of federal aid totaling $220.98 million

    Providence, RI – The effort to replace the westbound Washington Bridge got a major boost today as U.S. Senators Jack Reed and Sheldon Whitehouse and Representatives Seth Magaziner and Gabe Amo today joined with Governor Dan McKee in announcing a $95,589,533 INFRA (Nationally Significant Multimodal Freight & Highway Projects program) grant for the Rhode Island Department of Transportation (RIDOT).

    Together, with a previous $125.39 million Mega grant(also known as the National Infrastructure Project Assistance program) that the state was awarded in September, Rhode Island has now received $220.98 million in federal funding to replace the Washington Bridge, fully funding the state’s request for the project.

    The new federal funds are being made available thanks to the Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law), which Reed and Whitehouse supported and was signed into law by President Joe Biden in 2021, delivering a 50 percent increase in the amount of available funding for INFRA grants, as well as resources for improving Rhode Island’s roads, bridges, public transportation, and water infrastructure.

    The Washington Bridge, which spans the Seekonk River connecting East Providence to Providence and has a daily traffic volume of 90,000 vehicles, was shut down on December 11, 2023 after RIDOT discovered broken anchor rods that put the bridge at risk of failure.

    “Securing this federal investment has been a top priority.  Now the state must utilize this $220.98 million in federal funding to accelerate progress toward a new bridge that meets capacity and safety needs now and in the future,” said Reed, a leading member of the Appropriations Committee.  “Passing the Bipartisan Infrastructure Law paved the way for this funding.  I commend the Biden-Harris administration for its leadership, support, and commitment to a modern and resilient infrastructure system.  The state must put this money to work and keep the public updated with a clear timetable for progress.”

    “This INFRA Program infusion for the Washington Bridge fills in a major missing piece of the funding puzzle to ensure the state can get the job done right,” said Whitehouse, who helped author the INFRA program as a senior member of the Senate Environment and Public Works Committee.  “I am very proud that the INFRA Program is yet again delivering for Rhode Island’s infrastructure.  We will continue to work as a delegation to secure whatever the state needs from the federal government to fix this situation for drivers.”

    “My colleagues in the congressional delegation and I have done everything in our power to secure federal funding to rebuild the Washington Bridge, and with this latest tranche of funding, we have now brought over $220 million dollars for Rhode Island,” said Magaziner. “We are grateful for the Biden-Harris administration for their leadership and support in addressing this urgent matter. We will continue working together to ensure the Washington Bridge is rebuilt safely and properly.”

    “I am excited to build off last month’s announcement that we are bringing home more federal funding to help Rhode Island replace the Washington Bridge,” said Amo. “Led by our state’s appropriator-in-chief, Senator Jack Reed, our delegation has fought tooth and nail to secure the resources our state requested. I thank President Joe Biden and Secretary of Transportation Pete Buttigieg for listening to our repeated overtures about the need for resources to alleviate the burden on residents, small businesses, and first responders. I look forward to reviewing the plan from state officials so we can move towards the next chapter of getting our bridge built.”

    “Securing a second major federal grant marks another important milestone in our work to build a brand new Washington Bridge,” said McKee. “We know that ensuring this complex project is done right will take time, but it’s encouraging to see demolition resuming this week, the rebuild bidding process moving forward, and additional federal dollars coming in. We thank the Biden-Harris Administration for their commitment to Rhode Island and our top-notch congressional delegation for helping us secure this crucial funding.”

    Overall, the state requested $220.9 million in federal funds to help replace the Washington Bridge and was initially awarded $125.39 million out of the total pool of about $1 billion of federal funds available for Mega grants of this size and scope nationwide.

    Demolition of the bridge has already begun.  In May of 2024, RIDOT estimated the price tag for replacing the bridge would include $58.2 million for demolition as well as $368.3 million for the design-build process.

    Separate from the demolition and rebuild costs for the Washington Bridge, the state also estimated costs of approximately $46 million for emergency expenses, including work to stabilize the old bridge and estimated funding to account for both state and municipal safety and transportation-related expenses.

    Rhode Island previously received a $60.3 million INFRA grant in 2019 to rebuild the Northbound Providence Viaduct; a $65 million INFRA grant in 2020 to overhaul Route 146; an $82.5 million INFRA grant in 2022 to upgrade the Pell Bridge; and an $81 million INFRA grant earlier this year to create a ‘missing move’ between I-95 and Quonset Business Park.

    Rhode Island has now received two Mega awards to fund the Washington Bridge, totaling $125.39 million, as well as this new INFRA award.

    These grants come on top of a $251 million federal Bridge Investment Grant the delegation secured earlier this year to repair 15 bridges along the I-95 corridor in Providence and Cranston. 

    Additionally, Rhode Island will also receive a total of $255 million in bridge formula funds over the life of the Bipartisan Infrastructure Law.

    With about 50,000 U.S. bridges with very significant issues awaiting attention, an estimated 40 percent of them can be rehabilitated, but at least 35 percent will require a complete replacement due to their condition, according to the American Road & Transportation Builders Association (ARTBA). 

    This level of federal funding for Rhode Island infrastructure improvements stands in stark contrast to the previous administration.  While Donald Trump routinely declared “Infrastructure Week,” his administration had little to show for it, whereas President Joe Biden oversaw passage of the historic Bipartisan Infrastructure Law, which has delivered hundreds of millions of dollars for bridge improvements across the Ocean State and continues to invest billions annually in America’s transportation network, communities, and workers.

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of Indianapolis announces $800,000 in pre-development grants now available for Tribal Nations Housing Development Assistance Program

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 16, 2024 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or the “Bank”) announced today that pre-development affordable housing grants are now available to the 12 federally recognized tribal nations located in Michigan through the Tribal Nations Housing Development Assistance Program (TNHDAP).

    Announced earlier this year, the TNHDAP is a unique and innovative capacity-building housing development grant program in partnership with the Michigan State Housing Development Authority (MSHDA). The TNHDAP provides dedicated training and technical assistance coupled with grant funding opportunities to support tribal nations in creating innovative housing solutions tailored to the unique needs of each nation. The Bank’s program grant of up to $3 million marks the largest investment to a single organization in FHLBank Indianapolis history.

    FHLBank Indianapolis is making $800,000 available for project-specific pre-development grants with up to $75,000 available per project. Pre-development dollar grants may support either rental or homeownership projects, dependent upon individual tribal priorities.

    “Pre-development grants are often the hardest type of funding to find, and one of the most impactful tools to help kickstart projects,” said Anna Shires, VP, Community Investment Outreach Partner at the Bank. “We’re excited to complement all of the technical assistance underway, and help tribes get one major step closer to providing safe and affordable housing for their communities.”

    Through the program, the Bank also will be providing project-specific gap funding subsidies as well as supporting additional capacity building needs identified by tribal nations in Michigan. Through next year, each tribe also will receive dedicated technical assistance to identify their unique housing needs, support for overall housing initiatives and project-specific guidance.

    In keeping with the knowledge and capacity-building focus of the program, the National American Indian Housing Council and its partners facilitated a series of training sessions earlier this year focusing on the wide range of available affordable housing solutions. Sessions focused on multi-unit development, Low Income Housing Tax Credits (LITHC) and other funding sources, housing development for special needs populations, and homeownership development opportunities. Sessions included presentations and discussions between the tribes and FHLBank Indianapolis, MSHDA, HUD leadership, the Michigan Balance of State Continuum of Care, and local and national housing and finance industry leaders.

    “The completion of this training series represents a significant commitment of time and effort, and we commend everyone involved for their dedication to this critical work,” said Karen Gagnon, Tribal Liaison for MSHDA. “It’s truly exciting to see the program entering its next phase. This support will play a pivotal role in advancing essential housing projects for these communities, and we look forward to the far-reaching impact of these new investments and partnerships.”

    For more information about the pre-development grants, visit the Tribal Nations Housing Development Assistance Program page on MSHDA’s website.

    More information on the Tribal Nations Housing Development Assistance Program is available at fhlbi.com. For information on FHLBank Indianapolis’ other programs to support affordable housing and community development, see the Community Programs page on fhlbi.com.

    Media contact information:
    For more information, contact Katherine Marshall, Corporate Communications Specialist, at kmarshall@fhlbi.com.

    Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
    FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit http://www.fhlbi.com and follow the Bank on LinkedIn, and Instagram and X at @FHLBankIndy.

    The MIL Network –

  • MIL-OSI Africa: World Food Day: How the new Mobilizing Access to the Digital Economy (MADE) Alliance will use digital technologies to help farmers in Africa feed the continent

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

    ABIDJAN, Ivory Coast, October 16, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) and Mastercard are co-chairing a new initiative called Mobilizing Access to the Digital Economy (MADE) Alliance Africa, which aims to provide digital access to critical services for 100 million people and businesses in Africa over the next 10 years. In the first phase of its $300 million commitment to the Alliance’s initial five years of programming, the African Development Bank aims to bring 3 million farmers in Kenya, Tanzania and Nigeria into the digital economy via Mastercard Community Pass. Community Pass gives farmers a digital credential to access a network of digital agricultural agents.

    Alliance members include Equity Bank Group, Microsoft, Heifer International, Sustainable Agriculture Foundation, Unconnected.org, Yara, Kenya National Farmers’ Federation, Shell Foundation, and CRDB Bank. The Alliance also utilizes financial support from the U.S. Agency for International Development.

    For World Food Day, we asked African Development Bank Vice President for Agriculture, Human and Social Development, Dr. Beth Dunford, about the possibilities digitalization brings to Africa’s farmers and food systems.

    Why did MADE Alliance Africa choose to focus on the digitization of agriculture for smallholder farmers and women as its first initiative, and why do you think the African agriculture sector holds so much potential?  

    Dunford: Africa is home to 65% of the planet’s remaining uncultivated, arable land, and we believe that agriculture is a critical sector to drive Africa’s development. Agriculture accounts for nearly 60% of total employment in Africa and accounts for more than 25% of GDP in its low-income countries. Across the continent, there’s no agriculture without women. They provide an estimated 60% to 80% of labor input to the sector. Growth in agriculture is terribly effective compared to many other sectors in lifting people out of poverty, providing degrees of agency to women, feeding Africa’s people, and positioning the continent as a breadbasket to the world.

    Our challenge is that the majority of Africa’s food systems producers are smallholder farmers who, simply put, struggle from season to season due to a lack of access to quality inputs like seeds and fertilizer, or access to affordable financing to purchase farming necessities. Africa’s smallholder farmers have various needs that the MADE Alliance Africa can solve by boosting sustainable digital access to critical services. Through the MADE Alliance, Mastercard Community Pass works with local banks to provide digital credentials to millions of smallholder farmers and women. Digital identities are the gateway to accessing digital services and to high-quality inputs. Digitalizing agriculture and the distribution of goods will bring enormous efficiencies to the marketplace, as well as reduce waste and fraud across the ecosystem.

    Mastercard’s Community Pass can help establish digital credentials for millions of farmers, bring more transparency to pricing and help them access agricultural inputs. What are the challenges involved in bringing this solution to market, and how can they be overcome?

    Dunford: Community Pass is designed to operate in remote and rural communities — often with limited connectivity and energy access. This technology, to adapt a popular phrase, “meets farmers where they are.” However, there are challenges involved in delivering these solutions and connecting smallholder farmers and women to financial institutions — challenges that we believe can be overcome or mitigated through capacity building, infrastructure and new models for governments and the private sector to work together.

    To scale these technologies to more farmers in a timely manner, we need to work with farmer cooperatives and networks of member farmers who reap many benefits of doing business as a unit. The challenge is that the majority of farmer cooperatives in Africa are not as operationally efficient as they are in other regions, and the prevalence of digital literacy is relatively low. Africa needs significant investment to educate farmers on how they can benefit from digital technologies to access resources.

    MADE Alliance’s digital services can connect farmers to new buyers and suppliers who are physically far away, but costs to transport goods to market remain a barrier. Critically, farmers and women need digital devices and reliable connectivity to take advantage of the digital economy.

    Can you talk a little more about how the MADE Alliance will benefit women?

    Dunford: Roughly half of Africa’s smallholder farmers are women, with the majority of agriculture sector labor carried out by women. However, compared to their male counterparts, female farmers struggle to create a sustainable livelihood in agriculture because they are less likely to own property titles or other assets often needed to access financial services. Women farmers have less access to information and extension services, and they lack access to inputs such as seeds and fertilizers. They are disproportionately impacted by climate risks. Collectively, these challenges result in women farmers typically producing up to 20% to 30% less output than male farmers.

    Community Pass helps women make farming a sustainable livelihood by enabling access to critical service providers like banks and agricultural buyers, as well as creating transparency.

    Women are the backbone of African economies, and investing in women entrepreneurs fosters women’s empowerment and agency over decisions around business, family and community. Investing in Africa’s women entrepreneurs is smart economics. Investing in Africa’s women has been a cornerstone of the Bank’s work. In fact, no Bank project or program will receive Bank financing unless it details how it will benefit women.

    MIL OSI Africa –

  • MIL-OSI Security: CISA and FBI Release Product Security Bad Practices for Public Comment

    Source: US Department of Homeland Security

    WASHINGTON – The Cybersecurity and Infrastructure Security Agency (CISA) and Federal Bureau of Investigation (FBI) released the Product Security Bad Practices for public comment today. This catalog outlines practices that are deemed exceptionally risky and provides recommendations for software manufacturers to mitigate these risks. It urges software manufacturers to avoid these bad practices, especially those who produce software used in service of critical infrastructure or national critical functions (NCFs). Members of the public may submit public comment on this guidance starting today.

    The National Cybersecurity Strategy calls for a fundamental shift to rebalance the responsibility to defend cyber space onto those best positioned to bear it; namely, the software manufacturers who build products underpinning our collective digital infrastructure. Fully realizing this shift requires an understanding of the most egregious software development practices that software manufacturers must avoid. This catalog enumerates such practices.

    “It’s 2024, and basic, preventable software defects continue to enable crippling attacks against hospitals, schools, and other critical infrastructure. This has to stop. These product security bad practices pose unacceptable risks in this day and age, and yet are all too common.” said CISA Director Jen Easterly. “We hope that by following this clear-cut, voluntary guidance, software manufacturers can lead by example in taking ownership of their customers’ security outcomes and fostering a secure by design future. Please provide input and let us know how we can improve this list of bad practices.”

    “Our National Cybersecurity Strategy highlights the importance of securing our nation’s critical infrastructure and shoring up our cyber defenses,” said White House National Cyber Director Harry Coker Jr. “The impact of product security bad practices has wide-ranging consequences across our nation and is often felt by the American people. Our private sector partners must shoulder their responsibility and build secure products and I’m glad to see this document as another tool to help software manufacturers do just that. We need to work together to prioritize best practices to better protect our nation.”

    “Bad practices in software development, especially when that software will be used by critical infrastructure, put both customers and our national security at risk,” said Assistant Director of the FBI’s Cyber Division Bryan Vorndran. “The FBI urges software manufacturers to avoid the risky practices described in this guidance, which lead to vulnerabilities that malicious actors routinely exploit.”

    These product security bad practices represent the next major step in CISA and partners’ global Secure by Design initiative, which has joined forces with 18 U.S. and international agencies to publish guidance and catalyzed commitments from over 220 software manufacturers to CISA’s Secure by Design Pledge. The bad practices build on practices laid out in the pledge and other guidance including NIST’s Secure Software Development Framework. This catalog will be a central guiding document in CISA’s Secure by Design initiative going forward, playing a key role informing future guidance and actions.

    This joint guidance lists the bad practices in three categories:

    • Product properties, which describe observable, security-related qualities of a software product.
    • Security features, which describe the security functionalities that a product supports.
    • Organizational processes and policies, which describe the actions taken by a software manufacturer to ensure strong transparency in its approach to security.

    CISA selected the bad practices based on the threat landscape as representing the most dangerous and pressing items that software manufacturers should avoid.

    The public comment period concludes on Monday, December 2, 2024. During the comment period, members of the public can provide comments and feedback via the Federal Register at Request for Comment on Product Security Bad Practices Guidance. Following the public comment period, CISA will issue a revised version of the bad practices.

    To learn more about the Secure by Design initiative, visit Secure by Design on CISA.gov.

    ###

    About CISA 

    As the nation’s cyber defense agency and national coordinator for critical infrastructure security, the Cybersecurity and Infrastructure Security Agency leads the national effort to understand, manage, and reduce risk to the digital and physical infrastructure Americans rely on every hour of every day.

    Visit CISA.gov for more information and follow us on X, Facebook, LinkedIn, Instagram. 

    MIL Security OSI –

  • MIL-OSI USA: North Carolina Man Arrested on Criminal Solicitation of a Minor and Related ChargesRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced the arrest of Joseph Daniel Headrick, 35, of Waynesville, N.C., on three charges connected to the attempted sexual exploitation of a minor. Internet Crimes Against Children (ICAC) Task Force investigators with the Greenville Police Department made the arrest. Investigators with the U.S. Marshals Service, also a member of the state’s ICAC Task Force, and the Waynesville Police Department assisted with the investigation. 

     

    Investigators state Headrick solicited a person he believed to be a minor for sex, encouraged them to produce child sexual abuse material*, and sent sexually explicit images to a person he believed to be a minor.

     

    Headrick was arrested on October 11, 2024. He is charged with one count of criminal solicitation of a minor (§16-15-342), a felony offense punishable by up to 10 years imprisonment; one count of attempted sexual exploitation of a minor, first degree (§16-15-395), a felony offense punishable by up to 20 years imprisonment; and one count of attempted dissemination of obscene material to a person under age eighteen (§16-15-345), a felony offense punishable by up to 10 years imprisonment.

     

     

    This case will be prosecuted by the Attorney General’s Office.

     

    Attorney General Wilson stressed all defendants are presumed innocent unless and until they are proven guilty in a court of law.

     

     

     

    * Child sexual abuse material, or CSAM, is a more accurate reflection of the material involved in these heinous and abusive crimes. “Pornography” can imply the child was a consenting participant.  Globally, the term child pornography is being replaced by CSAM for this reason.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Pressley Joins Ribbon-Cutting Ceremony for Economic Mobility Hub at Rindge Commons

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Pressley Secured $250K in Federal Funds to Support Project

    Video (YouTube) | Photo (Dropbox)

    BOSTON – Congresswoman Ayanna Pressley (MA-07) joined Just A Start, elected officials and community advocates and members for the formal ribbon-cutting ceremony to unveil the Economic Mobility Hub at Rindge Commons, a 70,000-square-foot facility designed to address the evolving needs of the community. Rep. Pressley secured $250,000 in federal community project funding to support the center.

    The center brings together affordable housing, state-of-the-art job training for youth and adults, Universal Pre-K classrooms, and community resources—all under one roof. By consolidating services, the Hub will serve over 2,800 individuals annually, building long-term pathways to economic stability and opportunity in the region.

    “Today’s ribbon-cutting ceremony at Rindge Commons is a testament to the commitment Just A Start and our communities have to uplifting one another and expanding economic opportunities for our neighbors,” said Rep. Pressley. “I was proud to secure $250,000 in federal community project funding to make this effort a reality, and I look forward to seeing the long-term impact the Economic Mobility Hub will have on families across the Massachusetts 7th.” 

    “The Rindge Commons is an incredible example of collaboration and partnership,” said Lieutenant Governor Kim Driscoll. “Not only did its development involve federal and state agencies and the private sector, but this building also addresses our state’s need for affordable housing and promotes economic development in Cambridge. Our administration was proud to support this expansion, and we congratulate the team at Just A Start for their hard work.”

    “We are thrilled to see Just A Start growing with its new addition of the Economic Mobility Hub at Rindge Commons,” said Secretary of Economic Development Yvonne Hao. “This project will support affordable housing, a safe space for children, and career training for adults. We congratulate Just a Start on its expansion, and we’re so grateful for its work supporting Massachusetts residents.”

    “MassHousing is thrilled to be a partner in Just A Start’s Rindge Commons that has delivered 24 brand-new affordable rental homes as well the dynamic Economic Mobility Hub that will be providing educational and job-training opportunities for youth and adults,” said MassHousing CEO Chrystal Kornegay. “This development will also allow Just A Start to coordinate its many mission-driven community programs and efforts to promote equitable communities in greater Cambridge from one new, integrated space.”

    “The Rindge Commons development is aligned with LIIF’s commitment to support projects that build equity, opportunity, and wellbeing in communities that need it most,” said Kirsten Shaw, Vice President of the Northeast and Mid-Atlantic Regions of Low Income Investment Fund (LIIF). “The development’s wide-ranging impact will improve vibrancy and quality of life in the community, and we’re thrilled to have had the opportunity to support this project with New Markets Tax Credits and additional financing. The Rindge project demonstrates how important public-private partnerships are to driving community revitalization and resiliency efforts.”

    Footage of the event can be found here and photos are here.

    Rep. Pressley secured federal funding for the center in the Fiscal Year 2024 government spending package that passed Congress and was signed into law by President Biden. Rep. Pressley has secured approximately $35 million in federal community project funding for the Massachusetts 7th since Fiscal Year 2022.

    • On June 18, 2024, Rep. Pressley visited Boston Medical Center (BMC) to celebrate $370,000 in federal community project funding she secured to support BMC’s Violence Intervention Advocacy Program. 
    • On June 18, 2024, Rep. Pressley visited Chelsea HealthCare Center to celebrate $1,150,000 in federal community project funding she secured to support Massachusetts General Hospital’s (MGH) efforts to address the statewide shortage of bilingual, culturally diverse mental health providers for immigrant and limited English proficiency communities.
    • On April 22, 2204, Rep. Pressley and Senator Elizabeth Warren (D-MA) visited Nubian Square in Roxbury for a roundtable discussion to celebrate the $1,000,000 million in federal funding they secured for the Black Economic Council of Massachusetts (BECMA).
    • On March 28, 2024, Rep. Pressley visited Roxbury to celebrate the $1,000,000 in federal funding she secured to provide emergency childcare support for families experiencing homelessness in the City of Boston.
    • In February 2024, Rep. Pressley visited Chelsea City Hall for a roundtable and press conference to celebrate the $750,000 in federal funding she secured for the City of Chelsea’s and City of Everett’s Island End River Coastal Flood Resilience Project.
    • In January 2024, Rep. Pressley visited Somerville to celebrate the $2.4 million in federal funding she secured to support the community-led transformation of the Clarendon Hill housing community, an ethnically, linguistically and economically diverse neighborhood.
    • In December 2023, Rep. Pressley visited Brighton to celebrate $400,000 she delivered for Amplify Latinx’s ALX Small Business Program.
    • In November 2023, Rep. Pressley visited Roxbury Community College (RCC) to celebrate $1 million in federal community project funding she secured for Northeastern University’s Roxbury Associate’s to Master’s Workforce Accelerator (RA2MWA).
    • In June 2023, Rep. Pressley visited Chelsea to celebrate $2,000,000 in federal community project funding she secured to improve the Broadway Corridor—home to an array of BIPOC-owned small businesses, vibrant public spaces, high frequency public transit routes, and dense residential housing.
    • In April 2023, Rep. Pressley visited Randolph to celebrate $524,000 she secured for Randolph Public Schools to support a mobile library and STEM programming.
    • In March 2023, Rep. Pressley visited Dorchester to celebrate $250,000 in new Community Project Funding she secured for Big Sister Association of Greater Boston’s one-to-one mentoring and enrichment programs for girls.
    • In February 2023, Rep. Pressley visited the African Community Economic Development of New England (ACEDONE) to celebrate the $643,003 in community project funding she secured for ACEDONE to support small businesses in predominately Black, brown and African immigrant communities.
    • In October 2022, Rep. Pressley visited The Dimock Center in Roxbury to celebrate $1 million in federal community project funding she secured to support substance use treatment and programming at the health center. 
    • In August 2022, Rep. Pressley visited Randolph to deliver $275,000 in federal community project funding for culturally responsive resources and digital literacy tools for Randolph Public Schools.
    • In June 2022, Rep. Pressley visited the Benjamin Franklin Institute of Technology to deliver $300,000 in direct federal funding for the development of a Clean Energy Building Automation Systems certificate and associate degree program.
    • In May 2022, she visited Bunker Hill Community College to celebrate the $1,000,000 in federal community project funding she secured to expand the City of Boston’s Tuition-Free Community College program.
    • In April 2022, she visited Randolph to deliver $1,000,000 in federal community project funding for a new school-based community health center at Randolph High School. 
    • In March 2022, she visited La Colaborativa in Chelsea to celebrate the $300,000 in federal community project funding that she delivered for La Colaborativa’s COVID Employment Recovery Program.

    ###

    MIL OSI USA News –

  • MIL-OSI: EXL Schedules Third Quarter 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) — ExlService Service Holdings, Inc. (NASDAQ: EXLS), a leading data analytics and digital operations and solutions company, will release financial results for the third quarter ended Sept. 30, 2024, on Tuesday, Oct. 29, 2024, after the market closes. An earnings news release, investor fact sheet and presentation will be published on the company’s investor relations website offering an overview of the financial results.

    The company will host a conference call at 10:00 a.m. EDT the following day, Wednesday, Oct. 30, 2024, with Chairman and Chief Executive Officer Rohit Kapoor and Executive Vice President and Chief Financial Officer Maurizio Nicolelli, who will provide insights into the company’s operational and financial results.

    To listen to an audio-only live webcast or to participate in the call, please register here. A replay of the webcast will be available for approximately one year.

    EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 55,000 employees spanning six continents. For more information, visit http://www.exlservice.com.

    Contact:
    John Kristoff
    Vice President, Head of Investor Relations
    +1 212 209 4613
    ir@exlservice.com 

    The MIL Network –

  • MIL-OSI USA: Polis Administration Announces Three New IHIP Grant Recipients Supporting Creation of Over 480 Housing Units

    Source: US State of Colorado

    DENVER – Today, Governor Polis and the Business Funding & Incentives division of the Colorado Office of Economic Development and International Trade (OEDIT) announced three new recipients of the Innovative Housing Incentive Program (IHIP) grant. This transformational grant continues the Polis Administration’s work to increase the supply of housing across Colorado. The funding announced today will directly incentivize the creation of over 480 attainable housing units across Colorado.

    “We need more housing now, and this new round of IHIP grant funding will help create 480 new housing units for Coloradans,” said Governor Jared Polis. “With more housing, more people will be able to live in terrific communities  close to work and recreation.”

    With this latest round of grants, the Polis Administration has awarded 12 IHIP grants directly incentivizing the creation of 2,000 attainable housing units across Colorado and contributing to the recipients’ work to create more than 7,500 units over the next three years.

    “The Innovative Housing Incentive Program Is making a measurable difference in Colorado’s housing supply, and we know that impact will grow over time ,” says Eve Lieberman, Executive Director of OEDIT. “We’re proud of the work these companies are doing to address Colorado’s housing shortage and help us ensure that our state has housing for every budget.”

    All three grant recipients are based in Colorado, with awards ranging from $100,000 to $722,000 in performance-based funding. Recipients include:

    3D West – Colorado Springs- 3D West offers modern building technologies and pre-manufactured building methods for Accessory Dwelling Units (ADU), affordable housing and multifamily units. The company plans to build their first four units in partnership with Alquist 3D and StructureBot, both companies that have been supported by OEDIT programming to expand in the state. 3D West is approved for up to $100,000.

    BYLD – Commerce City- This software and hardware company is transforming the construction industry with its unique paint-by-numbers approach, which significantly reduces labor costs and accelerates construction timelines. This innovative method streamlines the building process, enhancing efficiency and productivity. BYLD is approved for up to $722,000 in per-unit cash rewards for constructing over 350 units across Colorado over the next three years.

    Studio Shed – Louisville- Established in 2008, Studio Shed is a leading manufacturer of panelized kit buildings, specializing in backyard sheds, ADUs and multifamily housing. Studio Shed has been at the forefront of innovative, scalable building solutions and has been approved to receive up to $180,000 in performance-based grant funding, at $1,500 per unit. The company plans to in turn share a $1,500 discount with its customers.

    About the Innovative Housing Incentive Program

    The Innovative Housing Incentive Program (IHIP) helps address Colorado’s housing shortage by supporting the development and expansion of the state’s innovative housing manufacturing businesses. IHIP is part of an emerging suite of OEDIT-affiliated programs that offer housing financing tools to help increase the supply of affordable and attainable housing across Colorado. These programs include the Proposition 123 Affordable Housing Financing Fund, staffing of the Middle Income Housing Authority and work by the Colorado Creative Industries Division via the Community Revitalization and Space to Create programs.

    About Colorado Office of Economic Development and International Trade (OEDIT)

    The Colorado Office of Economic Development and International Trade (OEDIT) works with partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor Jared Polis, we strive to advance the State’s economy through financial and technical assistance that fosters local and regional economic development activities throughout Colorado. OEDIT offers a host of programs and services tailored to support business development at every level including business retention services, business relocation services, and business funding and incentives. Our office includes the Global Business Development division; Colorado Tourism Office; Colorado Outdoor Recreation Industry Office; Colorado Creative Industries; Business Financing & Incentives division; the Colorado Small Business Development Network; Cannabis Business Office; Colorado Office of Film, TV & Media; the Minority Business Office; Employee Ownership Office; and Rural Opportunity Office. Learn more at oedit.colorado.gov.

    ###
     

    MIL OSI USA News –

  • MIL-OSI: StoneCo Ltd. to Announce Third Quarter 2024 Financial Results on November 12th, 2024

    Source: GlobeNewswire (MIL-OSI)

    GEORGE TOWN, Grand Cayman, Oct. 16, 2024 (GLOBE NEWSWIRE) — StoneCo Ltd. (Nasdaq: STNE, B3: STOC31) (“Stone”) today announces that it will release its third quarter 2024 financial results on Tuesday, November 12th, 2024, after the market closes. The Company will also host a conference call to discuss its results on the same day at 5:00pm ET (7:00pm BRT).

    The conference call can be accessed live over the Zoom webinar (ID: 851 7712 3588 | Password: 819157). You can also access the meeting over the phone by dialing +1 646 931 3860 or +1 669 444 9171 from the U.S. Callers from Brazil can dial +55 21 3958 7888. Callers from the UK can dial +44 330 088 5830. The call will also be webcast live and a replay will be available a few hours after the call concludes. The live webcast and replay will be available on Stone’s investor relations website at https://investors.stone.co/.

    The Company also hereby informs that it will initiate its Quiet Period related to its third quarter 2024 financial results on October 23rd, 2024.

    About Stone

    Stone is a leading provider of financial technology and software solutions that empower merchants to conduct commerce seamlessly across multiple channels and help them grow their businesses.

    Contact:

    Investor Relations
    investors@stone.co

    The MIL Network –

  • MIL-OSI: Enovix to Release Third Quarter 2024 Financial Results on October 29, 2024

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, today announced it will release financial results for the third quarter of 2024 on Tuesday, October 29, 2024, after the close of the market.

    Enovix will hold a live video call at 2:00 PM PT / 5:00 PM ET on October 29, 2024, to discuss the company’s business updates, key milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may also submit questions on the registration page that they would like addressed on the call by Enovix management.

    An archived version of the call will be available on the Enovix investor website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit http://www.enovix.com and follow us on LinkedIn.

    For media and investor inquiries, please contact:

    Enovix Corporation

    Robert Lahey

    Email: ir@enovix.com

    The MIL Network –

  • MIL-OSI New Zealand: Select committee hearings on banking inquiry to start next week

    Source: New Zealand Parliament

    Media release

    Organisation: Finance and Expenditure Committee

    For release: 17 October 2024

    Select committee hearings on banking inquiry to start next week

    The Finance and Expenditure Committee has released its plans for the parliamentary inquiry into banking competition, along with the written submissions received on the inquiry so far.

    Public hearings on the inquiry are set to kick off next week on Wednesday, 23 October.

    The committee has hearings scheduled with all the major banks—including the Australian-owned “Big 4” and the main New Zealand-owned banks—over the remainder of 2024. The schedule of hearings is appended to this media release as Appendix 1. Please note that the schedule is subject to change at short notice, particularly if the House of Representatives sits under urgency. Up to date information for the week ahead can be found on the Parliament website (see links at end).

    The committee received over 140 written submissions in response to its call for public submissions. Written submissions have been published online and are available on the Parliament website (see links at end). Over 60 submitters have asked to speak to the committee at public hearings.

    The committee intends to progress hearings with all submitters—including organisations and individual members of the public—in 2024. Submitters will be contacted in the coming weeks to schedule their time with the committee. We intend to organise one hearing focused particularly on rural communities and agricultural lending. Once the schedule of hearings has been finalised, we intend to publish the schedule via a further media release.

    The committee has invited members of the Primary Production Committee to attend all hearings. The Primary Production Committee has a particular interest in the relationship between rural bank lending and banking competition. We look forward to working with our colleagues from that committee over the course of our inquiry.

    The committee intends to consider the overall timetable for completing the inquiry once hearings have been completed. The committee also intends to consider whether it is necessary to invite targeted written cross-submissions once hearings have been completed.

    LINKS
    ENDS

    For media enquiries contact:
    Clerk of Committee
    Finance and Expenditure Committee
    Finance.Expenditure@parliament.govt.nz 

    Appendix 1—Schedule of confirmed hearings as at Wednesday, 16 October 2024
    Inquiry into banking competition

    Weds 16 Oct Weds 23 Oct Wed 30 Oct Weds 6 Nov Weds 13 Nov Weds 20 Nov Weds 27 Nov 2 – 6 Dec Weds 11 Dec Weds 18 Dec
    House sitting House sitting House not sitting House sitting House sitting House sitting  House not sitting Scrutiny week House sitting House sitting
      ANZ
    9.00am –
    9.45am    		   Rabobank
    9.00am –
    9.45am    		 ASB
    9.00am –
    9.45am    		 Westpac
    9.00am –
    9.45am    		     BNZ
    8.00am –
    8.45am
    TSB
    8.45am –
    9.05am    		 Kiwibank
    9.00am –
    9.30am
    Heartland
    9.30am
    9.50am
    Cooperative
    Bank
    10.00am –
    10.20am
    SBS
    10.20am –
    10.40am

    MIL OSI

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Allens advises lenders on reaching financial close for BCI Minerals’ $981m Mardie Project financing

    Source: Allens Insights

    Allens has advised the lenders on the successful financial close of BCI Minerals’ $981 million financing for the Mardie Salt Project (the Mardie Project), marking a significant milestone in the development of Australia’s first large-scale salt project in decades.

    The syndicate of lenders includes Northern Australia Infrastructure Facility, Export Finance Australia, Export Development Canada, Westpac Banking Corporation, and Industrial and Commercial Bank of China Limited.

    The financing package comprises $830 million for construction loans, $70 million for bank guarantees, and $81 million for potential cost overruns. The Mardie Project has been accredited as a Green Loan aligned with the Green Financing Framework.

    ‘We are proud to have played a key role in this significant financing deal for the Mardie Project,’ said lead Partner Ben Farnsworth.

    ‘This not only represents a major investment but also highlights the growing importance of sustainable financing in the global market. The Green Loan accreditation underscores the project’s commitment to environmental sustainability and economic growth.’

    Financial close was reached on 4 October. Allens continues to work with Lenders and BCI on satisfying the further conditions to the first drawdown of the construction loan facilities.

    Allens legal team

    Banking & Finance

    Ben Farnsworth (Partner), Louise Barbato (Senior Associate), Madeleine Ninkov (Associate), Megan Lee (Associate), Mariella Panegyres (Lawyer)

    Real Estate & Development

    Naomi Bergman (Partner), Layth Zumot (Associate)

    Projects

    Jodi Reinmuth (Partner), Lewis Pope (Associate)

    MIL OSI News –

  • MIL-OSI Banking: World’s Largest Debt Conversion for Conservation of a River and its Watershed Completed in El Salvador

    Source: CAF Development Bank of Latin America

    All savings generated by the transaction will be applied over time to support conservation, water security, and ecosystem restoration in the Lempa River (Rio Lempa) watershed. JPMorgan Chase Bank, N.A. acted as sole arranger and lender for the loan and J.P. Morgan Securities LLC acted as dealer manager in the tender offer for El Salvador’s bonds.

    DFC, the U.S. Government’s international development bank, is providing $1 billion in political risk insurance (PRI) while CAF is providing a $200 million standby letter of credit (SBLC). The combination of the DFC PRI and the CAF SBLC will provide integral credit enhancements that support the transaction, which in turn catalyzes the additional investment in El Salvador’s conservation and ecosystem restoration efforts in the Rio Lempa watershed. ArtCap Strategies acted as financial advisor and global coordinator for the transaction.

    The Rio Lempa watershed is one of the longest rivers in Central America and plays an important role in the well-being of cities, communities and the economy in El Salvador by providing drinking water, as well as supporting industry and hydropower generation, and irrigation. It also supports diverse ecosystems that represent a large portion of the country’s environmental heritage. Projects funded by the savings from the transaction are expected to enhance water quality, quantity, and reliability; strengthen climate resilience; protect the watershed’s natural ecosystem; and mitigate water security risk in the region.

    Through this transaction, the Government of El Salvador will realize more than $352 million in lifetime savings through a combination of immediate notional debt savings and material reductions in debt service costs. $350 million of these savings will be applied to the Rio Lempa Conservation and Restoration Program (the “Program”) over the next 20 years in support of the country’s commitment to watershed conservation in the Rio Lempa basin. Specifically, $200 million, or an average of $9.75 million annually over 20 years, will fund the Program directly, while $150 million, or approximately $7 million per year, will fund an endowment. The funds in the endowment will be invested and are intended to become a source of ongoing funding for the Program beyond 2044. This $350 million allocation represents the largest funding commitment a country has ever made for conservation in a debt conversion transaction.

    CRS and FIAES will jointly manage the Program and will collaborate with key government water and environmental agencies to enhance water security and watershed health, promote biodiversity, stimulate economic development through regenerative agriculture, and strengthen planning and management capacities in the Rio Lempa watershed. The Program will make grants to non-governmental organizations operating in El Salvador in support of these goals, with initial grants set to disburse in 2025.The Program will be governed by a seven-member Board of Directors that includes one representative from the Government of El Salvador, one representative from the U.S. Agency for International Development (USAID), and five non-governmental representatives.

    In addition, the Government of El Salvador has committed to: (i) establish a zonal organization to oversee conservation and restoration of the Rio Lempa watershed; (ii) approve a National Integrated Water Resources Plan; (iii) establish a water resources data monitoring system for the Rio Lempa watershed; (iv) develop protocols for issuing water use permits; (v) establish a public feedback and complaint mechanism for violations of the National Water Resources Law and Environmental Law; (vi) contribute to the decision-making process by developing standards for calculating costs related to drinking water and sanitation services; and (vii) declare 75,000 hectares of protected aquifer recharge zones throughout the watershed by 2044.

    White & Case LLP acted as legal adviser to the Republic.

    “This debt conversion represents the most ambitious and impactful environmental action in El Salvador’s history. It not only reaffirms this government’s commitment to economic growth, it also enables us to achieve this growth while preserving one of our most precious natural resources: the Lempa River watershed. With support from international parties, we are executing the largest debt conversion transaction of its kind to date. This debt conversion project promotes sustainable development for our communities, strengthens our water security, and protects our ecosystems to secure the well-being of this generation and those to come. With this debt conversion, we aim to transform the environmental and economic future of El Salvador,” said Nayib Bukele, President of El Salvador.

    “Since its inception, DFC has been a pioneer in the field of debt conversions. Today’s announcement presents the world’s first-ever debt conversion for watershed conservation and water security. This transaction will protect critical resources while helping unburden the Salvadoran economy and promoting the growth of a vibrant private sector that will create more opportunities for Salvadoreans to find employment in their communities. DFC is committed to continuing to leverage our unique financial tools in innovative ways in pursuit of our developmental priorities around the world,” said DFC CEO Scott Nathan. 

    “At CAF, we are committed to becoming the green bank of Latin America and the Caribbean. Therefore, we are investing $25 billion by 2026 to finance environmental, climate change, and biodiversity initiatives, such as the one we are announcing today in partnership with the Government of El Salvador, DFC, CRS, and FIAES. This historic financing demonstrates that, through joint efforts, we can advance innovative financial mechanisms that accelerate sustainable development,” said Sergio Díaz-Granados, Executive President of CAF. 

    “CRS is excited to be part of this transformative program in El Salvador, which sets a new standard for the scale and long-term funding needed to restore and protect critical water resources for current and future generations. This program came together because of bold leadership and collective action by a dynamic and diverse team,” said Carla Fajardo, Regional Director for Latin America and the Caribbean, Catholic Relief Services.

    “FIAES is pleased to participate in the Rio Lempa Conservation and Restoration Program, acting as a strategic partner of the Government of El Salvador and the Government of the United States of America, as a fund administrator and program co-manager. The Río Lempa watershed is a valuable natural resource for our country since it covers 49 percent of the territory and supplies 68 percent of the national water needs; therefore, its preservation is essential to guarantee the sustainability of its ecosystem services”, said Jorge Oviedo, Executive Director of FIAES. 

    “ArtCap is proud to have spearheaded the coordination of this landmark transaction, uniting public and private stakeholders to help develop a comprehensive financial and conservation strategy. This program will deliver an important source of long-term funding for projects focused on the Rio Lempa watershed.  By acting as a private sector catalyst, ArtCap was able to set a new precedent for collaboration among public and private stakeholders that helped to achieve a program with an impressive scale. We hope the success of this transaction will encourage further innovation in conservation finance,” said Antonio Navarro, Managing Partner, ArtCap Strategies. 

    About DFC:

    The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

    About CAF:

    CAF – Development Bank of Latin American and Caribbean – has the mission to promote sustainable development and regional integration by financing public and private sector projects, providing technical cooperation, and offering other specialized services. Established in 1970 and currently composed of 21 countries – 19 from Latin America and the Caribbean, along with Spain and Portugal – and 13 private banks, it is one of the main sources of multilateral financing and a significant knowledge generator for the region. 

     

    About Catholic Relief Services:

     Catholic Relief Services is the official international humanitarian agency of the Catholic community in the United States. The agency alleviates suffering and provides assistance to people in need in more than 100 countries, without regard to race, religion or nationality. CRS works at the nexus of sustainable agriculture, watershed management, and water supply to support governments, partners, communities, and all stakeholders to provide truly sustainable solutions that increase crop production, improve water for human health, and mitigate climate change. CRS has worked in El Salvador for over 50 years, supporting a network of local partners.

     

    About FIAES:

     FIAES was launched in 1993 as a Conservation Trust Fund as a result of a debt-for-nature swap between the Government of the United States of America and the Government of El Salvador to support the restoration and conservation of natural resources in El Salvador. FIAES manages multiple funds including several debt-for-nature swaps, environmental compensation funds from the Government of El Salvador, and several conservation grants from international organizations. Over the past 31 years, FIAES has invested more than $90 million in conservation and restoration of coastal marine and terrestrial ecosystems.

     

    About ArtCap Strategies:

    ArtCap Strategies is a private credit fund and a leading financial advisory firm specializing in innovative, sustainable financing solutions for public and private sector clients (among other strategies). With a focus on structuring and investing in deals that address global challenges such as climate resilience, water security, and sustainable development, ArtCap works closely with governments, multilateral institutions, and private investors to create impactful financial strategies. ArtCap’s expertise lies in coordinating complex transactions that not only generate economic value, but also drive environmental and social progress, setting new standards in responsible finance.  

    This announcement may contain forward-looking statements. Forward-looking statements are statements that are not historical facts. These statements are based on El Salvador’s current plans, estimates, assumptions, and projections. Therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and El Salvador undertakes no obligation to update them in light of new information or future events. This announcement is not an offer to purchase or the solicitation of an offer to sell any securities. This announcement is not for release, publication or distribution in or into, or to any person located or resident in, any jurisdiction where it is unlawful to release, publish or distribute such announcement.

    MIL OSI Global Banks –

  • MIL-OSI: Anthem Citizen Real Estate Development Trust Files Initial Public Offering Final Prospectus and Sets Closing Date for Offering

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    The final long form prospectus is accessible through SEDAR+

    VANCOUVER, British Columbia, Oct. 16, 2024 (GLOBE NEWSWIRE) — Anthem Citizen Real Estate Development Trust (the “REDT”) announced today that it has received expressions of interest and commitments that in the aggregate are expected to achieve the maximum offering amount of C$82 million and has filed with the securities regulatory authorities in each of the provinces and territories of Canada, and obtained a receipt for, a final prospectus (the “Prospectus”) for an initial public offering of its trust units (the “Offering”).

    It is expected that the Offering will close on October 29, 2024.

    The REDT is a newly created, unincorporated investment trust and was established for the primary purpose of indirectly owning an interest in a mixed-use, transit-oriented development project (the “Project”) located in Burnaby, British Columbia. The Project comprises 372 condominium units, 200 market rental units, 73 non-market, affordable rental units, 176 hotel suites and 4,881 square feet of retail space. The Project is currently beneficially owned by a subsidiary of Anthem Developments (Canada) Ltd. and its non-managing, co-investment partner.

    CIBC World Markets Inc. (the “Agent”) is the sole agent for the Offering.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the REDT in the United States, nor shall there be any sale of the securities of the REDT in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

    This Offering is only being made to the public by prospectus. Access to the Prospectus and any amendment to the Prospectus is provided in accordance with securities legislation relating to procedures for providing access to a prospectus and any amendment. The Prospectus is accessible on SEDAR+ at http://www.sedarplus.com. An electronic or paper copy of the Prospectus and any amendment to the Prospectus may be obtained, without charge, from CIBC World Markets Inc. by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com, by providing such contact with an email address or address, as applicable. Investors should read the prospectus before making an investment decision.

    Anthem Citizen Real Estate Development Trust

    Anthem Citizen Real Estate Development Trust was formed for the primary purpose of indirectly owning an interest in the development of a mixed-used, transit-oriented development project in Burnaby, British Columbia expected to develop and operate a building containing 372 condominium units, 200 market rental units, 73 non-market, affordable rental units, 176 hotel suites and 4,881 square feet of retail space.

    Forward-Looking Statements

    This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REDT regarding future events, including statements concerning commitments and expressions of interest in connection with the Offering, the use of proceeds of the Offering, the timing of closing of the Offering, and expectations with respect to the development of the Project. In some cases, forward-looking statements can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.

    Material factors and assumptions used by management of the REDT to develop the forward-looking information include, but are not limited to, the REDT’s current expectations about: real property ownership and revenues; construction and development risk; obtaining necessary building permits for the Project; the realization of property value appreciation and timing thereof; the inventory of mixed-use properties; competition from developers of mixed-use properties; the Burnaby, British Columbia real estate market; government legal and regulatory changes; property encumbrances relating to the Project; significant fixed expenditures and fees in connection with the maintenance, operation and administration of the Project; closing and other transaction costs in connection with the acquisition and disposition of the Project; the availability of financing and current interest rates; revenue shortfalls; assumptions about rental growth rates, hotel occupancy and average daily rates in the Canadian mixed-use real estate market; demographic trends; fluctuations in interest rates; litigation risks; the relative illiquidity of real property investments; the Canadian economic environment; the geographic concentration of the REDT’s business; natural disasters and severe weather; demand levels for mixed-use properties in the metro Vancouver area and local economic conditions; negative geopolitical events; public health crises; the capital structure of the REDT; distributions; capital depletion; potential conflicts of interest; reliance on the good faith and ability of the Project’s project manager to manage and operate the Project; reliance on property management companies; the limited operating history of the REDT; the limited experience of management of the REDT with respect to managing a reporting issuer; the limited liquidity of the Class A Units and Class F Units; and tax laws. While management of the REDT considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

    Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REDT’s internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REDT’s control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the Prospectus, including under the heading “Risk Factors” therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REDT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    Additional information regarding Anthem Citizen Real Estate Development Trust is available at http://www.citizenbyanthemdevtrust.com and on http://www.sedarplus.com.

    About Anthem Properties

    Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities, with more than 385 residential, commercial, and retail projects. Founded in 1991, Anthem is a team of 800 people, with a diverse portfolio consisting of 41,700 homes, 11.5 million square feet of retail, industrial and office space and has developed more than 60 communities across 9,800 acres of land across in Alberta, British Columbia, Ontario and California. We are Growing Places.

    Contact:

    Elisha McCallum
    Vice President, Communications
    Phone: 604.488.3612 Mobile: 778.668.0185
    Email: emccallum@anthemproperties.com

    The MIL Network –

  • MIL-OSI Security: Brighton Man Sentenced To 90 Months In Connection With Gun Incident That Injured Bystander At Gaylord Hotel

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Sonny Perez, age 33, of Brighton, was sentenced to 90 months in prison, and four years of supervised release after pleading guilty to one count of possession with intent to distribute 40 grams and more of a mixture and substance containing fentanyl and one count of possession of ammunition by a convicted felon.

    According to the plea agreement, on May 29, 2023, Perez was at the Gaylord Hotel in Aurora to sell methamphetamine. According to security footage, when Perez exited the hotel, he had his right hand in his pants pocket. Individuals outside the hotel reported hearing a loud sound and seeing a bystander with blood dripping down his leg. That person received medical treatment for a gunshot wound to the leg. Investigators traced Perez to his home, where they found narcotics, evidence of drug distribution, and ammunition. Perez has a prior felony conviction and is prohibited from possessing ammunition.

    “Felons should be on notice—they will face long sentences if they continue to arm themselves,” said Acting United States Attorney for the District of Colorado Matt Kirsch. “I thank our partners for joining us in the fight to keep guns and ammunition out of the hands of felons and drugs off our streets.”

    “Violent, illegally-armed, drug-trafficking felons present a persistent and serious danger to innocent citizens everywhere,” said ATF Special Agent in Charge Brent Beavers. “ATF, in close partnership with the Aurora Police Department and the RAVEN Task Force, relentlessly pursue these violent criminals every day with the full force of local, state, and federal law enforcement resources.”

    “I am grateful for the swift actions of our officers and detectives that led to the arrest of the suspect just two days after the initial shooting,” said Aurora Police Investigations Divisions Chief Mark Hildebrand. “This outcome reflects our agency’s commitment to public safety and our determination to hold those who endanger our community accountable.”

    “This case exemplifies the commitment of the RAVEN Task Force, it’s member agencies, and the U.S. Attorney’s Office to hold those who commit gun violence accountable. RAVEN is at work every day to protect our communities,” said Lieutenant DJ Tisdale, RAVEN Task Force Commander.

    Judge Regina M. Rodriguez presided over the sentencing. The ATF, the RAVEN Task Force, and the Aurora Police Department handled the investigation. Assistant United States Attorneys Celeste Rangel and Brian Dunn handled the prosecution.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    Case Number: 1:23-cr-00334-RMR-1

     

    MIL Security OSI –

  • MIL-OSI Security: Ex-Mexican Secretary of Public Security Genaro Garcia Luna Sentenced to Over 38 Years’ Imprisonment

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Former Highest Ranking Law Enforcement Official in Mexico Took Millions of Dollars in Bribes from the Sinaloa Cartel and Enabled Transportation of More Than One Million Kilograms of Cocaine to the United States

    Genaro Garcia Luna, the former Secretary of Public Security in Mexico from 2006 to 2012, was sentenced today by United States District Judge Brian M. Cogan to 460 months’ imprisonment and a $2 million fine for his decade-long assistance to the Sinaloa Cartel in exchange for millions of dollars in bribes.  Following a four-week trial in February 2023, Garcia Luna was convicted by a jury of engaging in a continuing criminal enterprise, international cocaine distribution conspiracy, conspiracy to distribute and possess with intent to distribute cocaine, conspiracy to import cocaine and making false statements.

    Breon Peace, United States Attorney for the Eastern District of New York, Anne Milgram, Administrator, U.S. Drug Enforcement Administration (DEA), and Katrina W. Berger, Executive Associate Director, Homeland Security Investigations (HSI), announced the verdict.

    “Today’s sentencing of Genaro Garcia Luna is a critical step in upholding justice and the rule of law.  His betrayal of the public trust and the people he was sworn to protect resulted in more than one million kilograms of lethal narcotics imported into our communities and unleashed untold violence here and in Mexico. This sentence sends a strong message that no one, regardless of their position or influence, is above the law.” stated United States Attorney Peace.  “After years of destructive narcotrafficking and deceit, Garcia Luna will spend nearly 40 years where he belongs: federal prison.”

    “Today’s sentencing of Mexico’s former Secretary of Public Security, Genaro Garcia Luna, sends a clear message to corrupt leaders around the world who use their positions of power to help the cartels: no amount of power will shield you from justice,” said DEA Administrator Anne Milgram. “Garcia Luna accepted millions of dollars in bribes from the Sinaloa Cartel to allow millions of kilograms of cocaine to flood the streets of the United States.  Instead of protecting the citizens of Mexico, Garcia Luna was protecting drug cartels.  The DEA will continue to relentlessly pursue drug trafficking organizations and those who protect them.”

    “Today’s sentencing sends a powerful message that no one is above the law,” said HSI Executive Associate Director Katrina W. Berger. “HSI continues its partnered commitment to disrupting and dismantling the criminal networks responsible for bringing deadly narcotics into the U.S.”

    As proven at trial, from 2006 to 2012, Garcia Luna was Mexico’s top law enforcement official, serving as Secretary of Public Security and, in that capacity, controlled Mexico’s Federal Police Force.  Previously, from 2001 to 2005, the defendant was the head of Mexico’s Federal Investigative Agency (AFI).  The defendant used his official positions to assist the violent Sinaloa Cartel (the Cartel) in exchange for millions of dollars in bribes.  Garcia Luna’s conduct included facilitating safe passage of the Cartel’s drug shipments, providing sensitive law enforcement information about investigations into the Cartel and helping the Cartel attack rival drug cartels, thereby facilitating the importation of multi‑ton quantities of cocaine and other drugs into the United States.

    In exchange for bribes, the defendant’s Federal Police Force acted as bodyguards and escorts for the Cartel, allowing Cartel members to wear police uniforms and badges and helping to unload shipments of cocaine from planes at Mexico City’s airport, then delivering the cocaine to the Cartel. The defendant was paid in U.S. currency, stuffed variously in suitcases, briefcases and duffel bags.  The bribe amounts increased over the years as the Sinaloa Cartel grew in size and power through the assistance of the defendant.   Former members of the Cartel testified that bribe money was handed off to the defendant in a variety of locations, including at a “safe house” located in Mexico City where large amounts of cash were hidden in a false wall, at a car wash in Guadalajara and at a French restaurant in Mexico City across the street from the U.S. Embassy.  Further, in exchange for the millions of dollars in bribes, the defendant’s Federal Police Force leaked sensitive information that enabled the Cartel to evade detection by law enforcement or use the information in attacks on rival traffickers.  Finally, after moving to the United States in 2012, Garcia Luna submitted an application for naturalization in 2018, in which he lied about his past criminal conduct on behalf of the Cartel in an attempt to become a U.S. citizen.

    In connection with post-trial proceedings, the Court also found that, while he was awaiting sentencing, Garcia Luna obstructed justice when he sought to bribe fellow inmates to provide false testimony in an attempt to overturn the jury’s verdict.

    The investigation was led by the New York Strike Force, a crime-fighting unit comprising federal, state and local law enforcement agencies supported by the Organized Crime Drug Enforcement Task Force and the New York/New Jersey High Intensity Drug Trafficking Area.  The Strike Force is based at the DEA’s New York Division and includes agents and officers of the DEA, New York City Police Department, New York State Police, Homeland Security Investigations, U.S. Internal Revenue Service Criminal Investigation Division, Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Customs and Border Protection, U.S. Secret Service, United States Marshals Service, New York National Guard, Clarkstown Police Department, U.S. Coast Guard, Port Washington Police Department and New York State Department of Corrections and Community Supervision.

    HSI New York’s El Dorado Task Force (EDTF) played an important role in this investigation. The EDTF is comprised of more than 200 law enforcement personnel representing approximately thirty-five (35) federal, state, and local law enforcement and regulatory agencies, including the DEA.

    The government’s case is being handled by the Office’s International Narcotics and Money Laundering Section.  Assistant U.S. Attorneys Saritha Komatireddy, Erin Reid, Ryan C. Harris, Philip Pilmar and Adam Amir are in charge of the prosecution, with the assistance of Paralegal Specialists Huda Abouchaer and Melissa Bennett.

    The Defendant:

    GENARO GARCIA LUNA
    Age:  56
    Miami, Florida

    E.D.N.Y. Docket No. 19-CR-576 (S-1) (BMC)

    MIL Security OSI –

  • MIL-OSI Economics: Money Market Operations as on October 16, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,40,974.48 6.30 5.00-6.50
         I. Call Money 8,755.18 6.44 5.10-6.50
         II. Triparty Repo 3,90,913.55 6.28 5.90-6.43
         III. Market Repo 1,40,357.75 6.33 5.00-6.50
         IV. Repo in Corporate Bond 948.00 6.45 6.40-6.50
    B. Term Segment      
         I. Notice Money** 1,906.22 6.43 5.85-6.50
         II. Term Money@@ 645.00 – 6.65-6.90
         III. Triparty Repo 210.00 6.45 6.40-6.45
         IV. Market Repo 1,637.29 6.56 6.49-6.60
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Wed, 16/10/2024 1 Thu, 17/10/2024 38,133.00 6.49
    3. MSF# Wed, 16/10/2024 1 Thu, 17/10/2024 5,872.00 6.75
    4. SDFΔ# Wed, 16/10/2024 1 Thu, 17/10/2024 73,858.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,06,119.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 15/10/2024 2 Thu, 17/10/2024 26,060.00 6.49
      Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,222.87  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -83,642.13  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,89,761.13  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 16, 2024 9,76,272.62  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 16, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1312

    MIL OSI Economics –

  • MIL-OSI Australia: Drug Charges – Operation Kint

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Drug and Organised Crime Unit have arrested 6 offenders in relation to the largescale supply of drugs across the Territory.

    Operation Kint was launched in May 2024 to specifically target known commercial suppliers and distributors of illicit substances. Since its launch, investigators have been gathering evidence and identifying members from a known Outlaw Motorcycle Gang who have had significant influence on the Greater Darwin drug trade.

    Yesterday, Investigators arrested two men, aged 48 and 56, outside a hotel in Darwin. Police will alleged the 48-year-old was in possession of $201,000 in cash while the other had just transported 31kg of cannabis from Melbourne to be distributed.

    These arrests prompted investigators to immediately execute 8 separate search and seizure warrants across the Greater Darwin Area.

    As a result of these searches, including the hotel arrest operation, police have seized in total:

    • $447,430 cash
    • 35.5kg of cannabis
    • 3 vehicles
    • Traffickable and less than traffickable quantities of methamphetamine
    • A substance believed to be commercial MDMA
    • An unsecured firearm
    • Nun chucks, knuckle dusters and an extendable baton
    • 5 ice pipes
    • An encrypted communication device
    • Items indicative of drug supply

    A further 4 men, aged 33, 50, 51 and 54, were arrested during the searches.

    All 6 men have since been charged with:

    • Possess/Supply Commercial Quantity Sch2 dangerous drug
    • Possess/Use Tainted Property

    All have been remanded to appear in Darwin Local Court today.

    Detective Acting Senior Sergeant Tim Gardiner said “These arrests have significantly disrupted the illicit drug trade across Darwin and are the direct result of hundreds of hours of comprehensive police work.  

    “ Drug Syndicates, with influences from Outlaw Motorcycle Gangs, cause untold harm throughout our community. They fuel crime and financially cripple vulnerable members of the Territory, while having a complete disregard for the impacts of their actions.

    “Outlaw Motorcycle Gangs are not welcome here, and members should be aware that any attempt to operate an organised crime network will be disrupted by the Northern Territory Police.  

    MIL OSI News –

  • MIL-OSI China: Stimulus plan seen around 10 trln yuan

    Source: China State Council Information Office

    China’s much-anticipated fiscal stimulus package could amount to somewhere around 10 trillion yuan ($1.4 trillion), which would represent reasonable and moderate funding to address the most immediate issues facing the world’s second-largest economy, policy researchers and advisers said.

    They underlined the need for policymakers to avoid any overly massive stimulus that could come at a heavy cost, but instead advance deeper, wider reforms along with the stimulus package to secure a more sustainable transition in growth drivers.

    Sheng Zhongming, a research fellow at CF40 Institute, affiliated with the China Finance 40 Forum think tank, said China must confront the key structural issues of local debt risks, government outstanding payables to businesses, real estate concerns and the recapitalization needs of banks.

    Effectively addressing these issues will require at least 10 trillion yuan in additional public funds over several years, Sheng said, adding that he anticipates an annual debt swap program of around 2 trillion yuan, with a cumulative total of 5 to 6 trillion yuan required to substantially reduce the debt load in heavily indebted regions.

    Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings, said that a fiscal stimulus package of around 10 trillion yuan may be essential in 2025 to tackle the key issues highlighted by the finance minister.

    The proposed package, which could be financed by ultra-long-term special treasury bonds, would primarily focus on local debt swaps and bank recapitalization, while alleviating the property sector’s challenges and supporting people in difficulties, Zheng said.

    However, he emphasized that China should not rely solely on stimulus measures to revive the economy, warning of the potential for high inflation and an imbalance between the State-owned and private sectors that could result from overreliance on government spending.

    China must advance reforms to boost the private economy at the same time, Zheng said, urging policy clarity for private entrepreneurs that any business is permissible unless prohibited by law, while explaining to government officials that any governmental behavior is infeasible without legal authorization.

    Discussions of the size of China’s stimulus package heated up after Finance Minister Lan Fo’an said on Saturday that the country plans to increase the debt limit by a large scale and replace local government hidden debt, while recognizing there is “relatively large space” for the central government to raise debt and increase the deficit.

    The market is waiting for the Standing Committee of the National People’s Congress — the country’s top legislature — to convene in late October or early November to approve the specifics of the plan.

    Gong Liutang, a professor of applied economics at Peking University’s Guanghua School of Management, said that if the stimulus package comes to about 10 trillion yuan, it won’t be “overly aggressive” given that China’s annual GDP has reached 126 trillion yuan.

    “The key is for the government to comprehensively communicate with the public regarding details of the package as soon as possible so as to provide more certainty to the market and ensure a steadier recovery in confidence,” said Gong, who is also a member of the 14th National Committee of the Chinese People’s Political Consultative Conference, the country’s top political advisory body.

    Compared with the stimulus program initiated in 2008, Gong said the latest round of policy buffer should focus more on enhancing consumption and preventing resource misallocation, with increased spending on education, healthcare and social protection, as well as subsidies for low-income and unemployed individuals.

    Upon the recent bigger-than-expected policy stimulus announcement, Goldman Sachs has raised its forecast for China’s real GDP growth from 4.7 percent to 4.9 percent this year and from 4.3 percent to 4.7 percent in 2025.

    “The Chinese government has clearly made a turn on cyclical policy management and increased its focus on growth,” a Goldman Sachs report said, adding that a significant policy offset is needed next year due to the property market’s lingering drag on GDP growth and the possibility of slowing export growth.

    MIL OSI China News –

  • MIL-OSI China: Hainan to issue dim sum bonds in HK

    Source: China State Council Information Office

    The country’s southernmost province of Hainan plans to issue up to 3 billion yuan ($421.8 million) in offshore renminbi bonds in the Hong Kong Special Administrative Region, marking its third consecutive year of tapping the dim sum bond market.

    The People’s Government of Hainan and the Hong Kong Monetary Authority jointly hosted an investor roadshow on Wednesday to promote the bond sale. This follows Hainan raising 5 billion yuan through a mix of green, blue and sustainable bonds last year, and a 5 billion yuan offering in 2022.

    This year’s bond sale is expected to include three tranches: a three-year green bond for environmental and social sustainability projects, a five-year bond for general government use, and a 10-year blue bond focusing on ocean-related initiatives.

    The pricing of the bonds is expected to take place on Thursday.

    Under Secretary for Financial Services and the Treasury of the HKSAR government Joseph Chan Ho-lim said that the sale “marks Hainan’s first 10-year long-term offshore renminbi bond, further enriching Hong Kong’s renminbi financial product offerings and supporting the internationalization of renminbi”.

    “For years, Hong Kong has been Asia’s largest international bond issuance center and hosts the world’s largest offshore renminbi liquidity pool,” he added.

    Chan noted that Hainan’s bond issuance in Hong Kong demonstrates the SAR’s crucial role as a “superconnector” between the Chinese mainland and the rest of the world, and “super value-adder” in international finance.

    Kenneth Hui Wai-chi, the executive director (external) of the Hong Kong Monetary Authority, said the bond structure reflects the mainland authorities’ commitment to sustainable development and the national “30/60 dual carbon” goal, referring to peak CO2 emissions before 2030 and achieve carbon neutrality before 2060.

    Hui noted the fundraising amount will be used for critical areas such as marine protection, water pollution control, and projects supporting public welfare in healthcare and education.

    The island province posted a 766 billion yuan GDP last year, marking an increase of 9.2 percent year-on-year.

    Li Lei, deputy director of the Department of Finance of Hainan province, said that Hainan’s local government debt balance stood at 410.6 billion yuan in 2023, accounting for 54.4 percent of the province’s GDP.

    From 2020 to June this year, the Hainan free trade port recorded duty-free imports totaling 20.75 billion yuan, with total tax exemptions reaching 4 billion yuan, Li added.

    MIL OSI China News –

  • MIL-OSI Russia: Sobyanin: 12 new metro stations are planned to be built in Moscow in three years

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The development of transport infrastructure is the largest section of the Targeted Investment Program both in terms of the amount of funds spent and the expected results. In 2025–2027, it is planned to commission 28.4 kilometers of lines, 12 stations, and two electric depots of the Moscow Metro. Sergei Sobyanin reported this on his Telegram channel.

    “We will continue construction of the Troitskaya line – four stations on the ZIL – Novatorskaya section. A new Rublevo-Arkhangelskaya line will appear on the map – we will build eight stations on the Shelepikha – Ilyinskaya section,” the Moscow Mayor wrote.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    The Biryulevskaya line, the Golyanovo station of the Arbatsko-Pokrovskaya line and the Dostoyevskaya (Suvorovskaya) station of the Circle Line will also be built.

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

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

    https://vvv.mos.ru/major/themes/11904050/

    MIL OSI Russia News –

  • MIL-OSI Russia: Three important steps for a hotelier: Mosturism has prepared instructions for opening a hotel

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The number of tourists visiting Moscow is constantly growing and has already approached pre-pandemic levels: 24.5 million people visited it last year. Due to the increase in tourist flow, the capital will need to expand its hotel stock by 25.7 thousand rooms by 2030. This means that the hotel business is expecting a new rise, and opening hotels remains a profitable investment. But where should an entrepreneur who wants to work in the hospitality industry start? Head of the Hotel Management Department of Mostourism Ekaterina Kirillova has prepared step-by-step instructions for those planning to open a new hotel.

    Opening a hotel is not only a significant financial investment, but also the competent execution of the necessary documents. It is important to take into account all the nuances: from the design of rooms and public areas to the selection of a suitable location. Investors are responsible for the funds, desire and opportunities when opening a hotel, and the city will help with the solution of bureaucratic and technical issues. If any questions arise, including after studying the checklist, you can contact the specialists of Mosturism, who provide online consultations.

    The first step will be to calculate the financial business model. To begin with, the investor must determine the required (desired) capacity of the room stock and the category of the future hotel. In Moscow, guests’ expectations even from a three-star hotel are already quite high. Therefore, during construction, it is worth considering even the smallest details, without trying to save on quality. Moreover, such requirements are becoming even more relevant for four- and five-star hotels.

    You can build a hotel yourself or organize the redevelopment of your inefficiently used building (or purchase such a building with various rights of use).

    The location plays a vital role here. Here are the main points to consider in the infrastructure of the chosen area:

    transport accessibility (availability of nearby metro stations, convenient transfer from airports and train stations to the hotel and back); availability of nearby business centers, attractions, etc.; proximity to the city center.

    The second step is to determine the possibility of using the territory for a hotel. Mosturism draws the attention of investors to the fact that financing the creation of a hotel facility does not cancel the rules of use provided for in a specific territory. The purpose for which the land plot will be used in the future is determined only by the urban development regulations of a specific territory. Therefore, it is very important to first familiarize yourself with the extract on the land plot, which will indicate the possible type of permitted use.

    If the required type of permitted use is not available (4.7. “Hotel services”), changes must be made to the land use and development regulations. How to do this, Mosturism will tell you.

    To obtain detailed information, you need to be honest about your plans. In the future, by attaching a concept of a hotel project indicating the planned hotel category, number of rooms and management contract with a hotel operator, you will be able to obtain a conclusion from Mosturism.

    The third step is construction. After receiving all the necessary permits, it is necessary to start construction on time, designing the hotel in accordance with the technical specifications.

    Due to the fact that tourists’ interest in the capital is constantly growing, the demand for comfortable and cozy small hotels with the best price-to-service ratio is also increasing. Since tourism is a priority industry, the Moscow Government is interested in building new high-quality hotels of three-star categories. Good hotels meet the high expectations of guests from the Russian capital and support Moscow’s reputation as one of the most progressive cities in the world.

    The city provides comprehensive support to the hotel industry as an important part of the tourism infrastructure and is constantly in dialogue with the hotel business, responding to industry requests. Moscow provides various preferential programs to investors opening new hotels. For example, they can receive the right to preferential rent of buildings and premises at a cost of one ruble per square meter per year. New facilities also appear thanks to the concession mechanism – one of the forms of public-private partnership, which makes it possible to develop hotel infrastructure through investor investments. The Moscow City Tourism Committee forms an up-to-date information field on the dynamics of tourism development in the capital.

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

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

    http://vvv.mos.ru/nevs/item/145395073/

    MIL OSI Russia News –

  • MIL-OSI Australia: A million new jobs under Labor

    Source: Australian Treasurer

    Under the Albanese Government, more Australians are working, earning more and keeping more of what they earn, with today’s ABS Labour Force figures showing well over a million jobs (1,039,300) have now been created since Labor came to office in 2022.

    This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.

    This is a remarkable achievement, in the context of a slowing economy and a labour market that is expected to soften.

    Today’s result means the Albanese Government continues to oversee the largest increase in employment in a single parliamentary term in Australia’s history.

    In September, 64,100 jobs were created – 51,600 of which were full‑time positions.

    It’s also encouraging to note that the labour force participation rate continued to increase over the month, rising by 0.1 percentage points in September, to stand at a record high of 67.2 per cent.

    That equates to an additional 54,900 people entering the labour force over the month.

    Importantly, the female participation rate increased to a record high of 63.2 per cent, equating to an additional 23,100 women entering the labour force.

    Strong jobs growth was recorded across most Australian states and territories in September with employment now at a record high in five jurisdictions.

    Particularly positive results were recorded in New South Wales (with employment up by 23,100 or 0.5 per cent), followed by Victoria (up by 21,700 or 0.6 per cent) and Western Australia (up 8,300 or 0.5 per cent).

    Helping all Australians find work and delivering higher wages is one of the best ways we can support households with current cost‑of‑living pressures.

    The average full‑time worker is now earning $159 extra per week since the Albanese Government was elected. And the average full‑time worker is also receiving a tax cut of $44 per week because of the Government’s cost‑of‑living tax cuts.

    But while the Albanese Labor Government is focused on supporting more well‑paid, secure jobs, Peter Dutton and the Coalition have promised to cut wages and working conditions if they’re elected.

    Just this week, Shadow Finance Minister Jane Hume told Sky News the Coalition will “definitely consider” a request to allow medium sized businesses to unfairly dismiss their workers, without repercussions.

    This is on top of earlier promises from Peter Dutton to cut labour hire workers’ pay and scrap the rights of casual workers and the Right to Disconnect, forcing Australians into more unpaid overtime.

    At a time when many Australians are doing it tough, Peter Dutton and the Coalition will make things worse.

    We’re all about more people working, earning more and keeping more of what they earn and this shows we’re making good progress.

    Peter Dutton and the Coalition want you to work longer for less.

    Quotes attributable to Prime Minister Anthony Albanese

    “Today’s data shows that one million new jobs have been created since our election, and that our Government has helped more Australians than ever into secure, well‑paid jobs – earning more and keeping more of what they earn.

    “This is the most jobs ever created in a parliamentary term in Australian history.

    “The majority of our one million new jobs are full‑time, around half are for women and the gender pay gap is at a record low.

    Quotes attributable to Treasurer Jim Chalmers

    “More than a million new jobs in one parliamentary term is a pretty remarkable achievement in a slowing economy, and it means more new jobs have been created on our watch than any other government at any time.

    “This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.

    “It’s a tribute to Australian workers and employers and it justifies the responsible way we’re managing the economy.”

    Quotes attributable to Minister for Employment and Workplace Relations Murray Watt

    “This is a great result that is helping more Australians deal with cost of living pressures.

    “There’s nothing more important than having a well‑paid job, so that you can pay your bills, and that’s what the Albanese Government is delivering.

    “In contrast, Peter Dutton has promised to make life harder for people, by cutting wages and conditions and making it easier to get the sack.”

    MIL OSI News –

  • MIL-OSI: Nokia Corporation Interim Report for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Interim Report
    17 October 2024 at 08:00 EEST

    Nokia Corporation Interim Report for Q3 2024

    Strong gross margin improvement amidst ongoing market weakness

    • Q3 net sales declined 7% y-o-y in constant currency (-8% reported) as growth in Network Infrastructure and Nokia Technologies was offset by decline in Mobile Networks primarily in India and a divestment in Cloud and Network Services.
    • Order intake remained strong in Network Infrastructure, while the sales recovery continues to be slower than expected.
    • Comparable gross margin in Q3 increased by 490bps y-o-y to 45.7% (reported increased 500bps to 45.2%), with improvements across business groups, particularly in Mobile Networks.
    • Q3 comparable operating margin increased 160bps y-o-y to 10.5% (reported up 70bps to 5.7%), mainly due to higher gross margin, continued cost control and a benefit from the reversal of loss allowances for certain trade receivables.
    • Q3 comparable diluted EPS for the period of EUR 0.06; reported diluted EPS for the period of EUR 0.03.
    • Q3 free cash flow of EUR 0.6 billion, net cash balance EUR 5.5 billion.
    • Continued to make significant progress with cost savings program, EUR 500 million run-rate of gross savings actioned.
    • Nokia’s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.

    This is a summary of the Nokia Corporation Interim Report for Q3 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at http://www.nokia.com/financials. A video interview summarizing the key points of our Q3 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q3 2024 RESULTS

    As I reflect on our performance in the third quarter, I am optimistic we are now turning the corner in many parts of our business, even if some continue to experience market weakness. Among the key highlights was a return to net sales growth in Network Infrastructure with Fixed Networks growing 9% in constant currency and IP Networks growing 6%. Order intake in Network Infrastructure continued to be robust with strong year-on-year growth and a growing order backlog. Additionally, we delivered a significant improvement in our gross margin at the group level and cash generation remained strong with EUR 621 million free cash flow in the quarter.

    There are reasons for optimism across our portfolio. We expect a significant acceleration in growth in Q4 in Network Infrastructure and see a number of structural demand trends supporting our future growth. In Mobile Networks, although market dynamics are more challenging, we have secured several important deals in the quarter, remain confident in our competitive position and are improving our gross margin. In Cloud and Network Services we are seeing excellent momentum in 5G Core along with strong progress in network automation, cloudification and enabling network APIs. Nokia Technologies continues to benefit from greater stability following the conclusion of its smart-phone renewal cycle and is making good progress expanding into the new growth areas.

    Across Nokia we are investing to create new growth opportunities outside of our traditional communications service provider market. We see a significant opportunity to expand our presence in the data center market and are investing to broaden our product portfolio in IP Networks to better address this. Our pending acquisition of Infinera will also bolster our Optical Networks exposure to this market and accelerate our growth opportunities. Additionally, we see a compelling new long-term opportunity in bringing 5G technology to the defense market and we continue to invest in private wireless networks where we are the clear market leader.

    Regarding our financial performance in Q3, our net sales declined by 7% in the quarter in constant currency. Three quarters of the decline was driven by India due to a strong year-ago quarter. Importantly we delivered a significant improvement in comparable gross margin which expanded 490 basis points from the year-ago period to reach 45.7%. This was driven by a combination of improved product mix, regional mix and actions to reduce product cost. Despite continued intense competition, we remain disciplined on price while still winning deals as we remain focused on improving the profitability of our business. We also progressed our cost reduction efforts contributing to a solid improvement of 160 basis points in our comparable operating margin on a year-on-year basis.

    Regarding full year 2024, our comparable operating profit outlook remains EUR 2.3 to 2.9 billion and we are currently tracking within the bottom-half of the range. The net sales recovery is happening slower than we expected previously, however, this is being partially offset by an improving gross margin and quick action on cost. We expect to be at the high end of our free cash flow target of 30% to 60% conversion from comparable operating profit.

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q3’24 Q3’23 YoY change Constant currency YoY change Q1-Q3’24 Q1-Q3’23 YoY change Constant currency YoY change
    Reported results                
    Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)%
    Gross margin % 45.2% 40.2% 500bps   46.1% 39.4% 670bps  
    Research and development expenses (1 116) (1 067) 5%   (3 376) (3 197) 6%  
    Selling, general and administrative expenses (692) (697) (1)%   (2 101) (2 104) 0%  
    Operating profit 246 237 4%   1 082 1 127 (4)%  
    Operating margin % 5.7% 5.0% 70bps   8.2% 7.2% 100bps  
    Profit from continuing operations 145 130 12%   965 700 38%  
    Profit/(loss) from discontinued operations 31 3 933%   (494) 11    
    Profit for the period 175 133 32%   471 711 (34)%  
    EPS for the period, diluted 0.03 0.02 50%   0.08 0.13 (38)%  
    Net cash and interest-bearing financial investments 5 460 2 960 84%   5 460 2 960 84%  
    Comparable results                
    Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)%
    Gross margin % 45.7% 40.8% 490bps   47.0% 39.9% 710bps  
    Research and development expenses (1 029) (1 024) 0%   (3 169) (3 119) 2%  
    Selling, general and administrative expenses (591) (594) (1)%   (1 785) (1 833) (3)%  
    Operating profit 454 418 9%   1 477 1 507 (2)%  
    Operating margin % 10.5% 8.9% 160bps   11.2% 9.6% 160bps  
    Profit for the period 358 293 22%   1 198 1 035 16%  
    EPS for the period, diluted 0.06 0.05 20%   0.21 0.18 17%  
    ROIC(1) 10.4% 11.9% (150)bps   10.4% 11.9% (150)bps  

    1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for details.

    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23
    Net sales 1 525 1 534 1 747 2 157 702 742 352 258 3 22
    YoY change (1)%   (19)%   (5)%   36%   (86)%  
    Constant currency YoY change 1%   (17)%   (4)%   35%   (86)%  
    Gross margin % 42.1% 40.5% 39.8% 34.8% 40.9% 39.1% 100.0% 100.0%    
    Operating profit/(loss) 180 165 92 99 65 36 242 181 (126) (62)
    Operating margin % 11.8% 10.8% 5.3% 4.6% 9.3% 4.9% 68.8% 70.2%    

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    On 17 October 2024, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 22 October 2024 and the dividend will be paid on 31 October 2024. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.

    Share buyback program

    In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of this year instead of the initial two year timeframe.

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. Nokia’s Board of Directors is committed to repurchase additional shares on top of the on-going EUR 600 million program to offset the dilution from the transaction to Nokia shareholders.

    Under the share buyback program, by 30 September 2024, Nokia had repurchased 84 295 899 of its own shares at an average price per share of approximately EUR 3.48.

    OUTLOOK

      Full Year 2024
    Comparable operating profit(1) EUR 2.3 billion to EUR 2.9 billion
    Free cash flow(1) 30% to 60% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.

    The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release. Along with Nokia’s official outlook targets provided above, below are outlook assumptions by business group that support the group level outlook.

      Nokia business group assumptions (full year 2024)
      Net sales growth (constant currency) Operating margin
    Network Infrastructure -6% to -3% (update) 10.0% to 12.0% (update)
    Mobile Networks -22% to -19% (update) 5.0% to 7.0% (update)
    Cloud and Network Services -7% to -4% (update) 6.0% to 8.0% (update)

    Nokia provides the following approximate outlook assumptions for additional items concerning 2024:

      Full year 2024 Comment
    Nokia Technologies operating profit at least
    EUR 1.4 billion    		 Nokia expects cash generation in Nokia Technologies to be EUR 700 million below operating profit in 2024 due to prepayments received in 2023. From 2025 onwards Nokia expects greater alignment between cash generation and operating profit in Nokia Technologies.
    Group Common and Other operating expenses EUR 350 million This includes central function costs which are expected to be largely stable at approximately EUR 200 million and an increase in investment in long-term research to approximately EUR 150 million.
    Comparable financial income and expenses Positive EUR 75 to EUR 125 million  
    Comparable income tax rate ~25%  
    Cash outflows related to income taxes EUR 450 million  
    Capital Expenditures EUR 450 million (update)  

    2026 TARGETS

    Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. The Network Infrastructure operating margin assumption below considers Submarine Networks being treated as a discontinued operation. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.
    Net sales    		 Grow faster than the market
    Comparable operating margin(1) ≥ 13%
    Free cash flow(1) 55% to 85% conversion from comparable operating profit

    1 Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.

    The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

    Network Infrastructure 13 – 16% operating margin
    Mobile Networks 6 – 9% operating margin
    Cloud and Network Services 7 – 10% operating margin
    Nokia Technologies Operating profit more than EUR 1.1 billion
    Group common and other Approximately EUR 300 million of operating expenses

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete and realize the expected benefits from our ongoing transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 17 October 2024 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at http://www.nokia.com/financials.
    • A link to the webcast will be available at http://www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its fourth quarter and full year 2024 results on 30 January 2025.

    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 4080 3 4080
    Email:investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI China: Hong Kong to build int’l gold trading center

    Source: China State Council Information Office

    Hong Kong will take advantage of its strength in gold import and export to build itself into an international gold trading center, John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said while delivering his third policy address Wednesday.

    Noting that Hong Kong ranks among the world’s largest import and export markets for gold by volume, Lee said that the current complexity in geopolitics underscores Hong Kong’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery.

    “This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services,” Lee said.

    The HKSAR government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector, Lee said.

    The financial services and the treasury bureau of the HKSAR government will set up a working group to take forward the establishment of the international gold trading center, Lee said, adding that this will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and actively exploring with the mainland authorities on the inclusion of gold-related products in the mutual market access program.

    The international gold trading center was part of the measures Lee announced Wednesday to strengthen Hong Kong’s status as a global financial center. Among other measures, Hong Kong will deepen mutual market access and enrich offshore renminbi (RMB) business to reinforce its status as the world’s largest offshore renminbi business hub.

    Hong Kong will strive to provide more RMB-denominated investment product, including seeking support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, Lee said.

    It will also actively liaise with the mainland authorities to expand the bond connect as appropriate, Lee said.

    MIL OSI China News –

  • MIL-OSI: Sampo plc’s share buybacks 16 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 17 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 16 October 2024

    On 16 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      3,733 41.55 AQEU        
      33,816 41.56 CEUX
      546 41.51 TQEX
      52,682 41.58 XHEL
    TOTAL 90,777 41.57  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 8,772,593 Sampo A shares representing 1.60 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    http://www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI Security: Charges unveiled in ongoing effort to de-anonymise DDoS group Anonymous Sudan

    Source: Europol

    Europol coordinated the European dimension of the investigation, working closely with law enforcement agencies across Europe to identify victims and suspects, ensuring swift action in multiple jurisdictions.Victims of the attacks include sensitive government and critical infrastructure targets around the world, including the U.S. Department of Justice, the U.S. Department of Defense, the Federal Bureau of Investigation, the U.S. State Department…

    MIL Security OSI –

  • MIL-OSI New Zealand: Maritime News – Charter boat operator sentenced over fatal incident

    Source: Maritime New Zealand

    company’s failure to ensure health and safety policies and procedures were correctly followed played a key role in the tragic death of a passenger on a luxury charter vessel.
    Zefiro Charters Limited was today sentenced in the District Court at Auckland for a breach of the Health and Safety at Work Act 2015, in relation to the death of Danielle Tamarua on 1 April, 2021, after she fell overboard off the Zefiro . At the time Ms Tamarua was on the vessel with work colleagues on a trip around the Hauraki Gulf.
    Maritime NZ’s General Manager Investigations, Pete Dwen says the company had been operating the Zefiro for 17 years, and it had policies and procedures in place to keep passengers safe while it was underway.
    “Tragically these procedures were not followed on 1 April, 2021,” he says.
    In accordance with the Maritime Operator Safety System, Zefiro Charters’ was operating under a Maritime Transport Operator Plan (MTOP). This plan identified various health and safety risks, including the hazard of passengers being on the bow of the vessel while it is underway. Ultimatley, the company failed to ensure the systems and processes in the MTOP were properly implemented and enforced on board.
    “All crew members are meant to know, understand and enforce the health and safety procedures on the vessel.
    “The MTOP plan also covered a safety briefing which stated passengers were not allowed on the bow, side decks or the duckboard (the very rear of the boat) while it is underway.
    “Some crew were unaware it was a policy for the vessel,” Mr Dwen says.
    There was also a lack of a physical barrier for the passengers indicating the no-go areas.
    Prior to Ms Tamarua falling overboard, the vessel was returning to berth, and weather conditions had worsened. Ms Tamarua had gone up to the bow of the vessel with another passenger.
    “When returning to go back inside the vessel, Ms Tamarua slipped and fell overboard. She was struck by the vessel and died, despite the efforts to save her.
    “If the prescribed health and safety procedures were followed, this incident would have likely been avoided,” Pete Dwen says.
    “This should have been a fun day out on the water. This incident is a horrific example of what can go wrong when a company fails to ensure health and safety procedures are followed.
    “I want to offer our sincere condolences to the family and friends of Ms Tamarua, as well as those on-board the Zefiroon 1 April, 2021.
    “I also want to thank the emergency service personnel who responded quickly and professionally to a very difficult situation,” Pete Dwen says.
    Sentencing notes what happened in the District Court at Auckland
    – Following a plea by notice, Zefiro Charters Limited was convicted on one charge under s 36(2) of the Health and Safety at Work Act 2015.
    – Judge Thomas described the culpability as amounting to a significant breach and indicated he would have had no hesitation in imposing a significant fine in the hundreds of thousands of dollars.
    – However, due to the limited financial means of the company, Judge Thomas ordered emotional harm reparation of $140,000 (to be apportioned between the victims) only.

    MIL OSI New Zealand News –