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Category: Finance

  • MIL-OSI USA: SCHUMER ANNOUNCES NEW $750 MILLION PRELIMINARY INVESTMENT FOR WOLFSPEED FROM HIS CHIPS & SCIENCE LAW; SENATOR SAYS NEW $$$ WILL HELP ACCELERATE ONGOING MOHAWK VALLEY EXPANSION & SUPPORT HUNDREDS OF…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Includes $750M Agreement For Funding From Schumer’s CHIPS Act & $750M Private Investment, Boosting Wolfspeed’s Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County’s Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

    Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

    Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America’s Semiconductor Renaissance

    U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

    Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed’s new North Carolina Siler City facility which is integral to the Mohawk Valley’s future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

    “Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future,” said Senator Schumer. “From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today’s massive investment will make America’s economy and our national security stronger as Wolfspeed helps us write the next chapter of America’s resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart.”

    Schumer explained that Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed’s silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed’s new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

    To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

    The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company’s expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world’s leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed’s semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

    Oneida County Executive Anthony J. Picente Jr. said, “We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

    Acting President of Mohawk Valley EDGE Shawna Papale said, “On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed’s Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed’s job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County.”

    Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades – the largest private investment in New York’ s history – reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY. 

    Schumer added, “The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America’s semiconductor superhighway.”

    Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

    Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron’s expansions in the region.

    Schumer said, “Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America.”

    Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

    The PMT outlines key terms for Wolfspeed’s CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Next steps for city centre college campus

    Source: City of Plymouth

    A team of specialists are to be appointed by the Council to prepare the Civic Centre for its new life.

    Earlier this year the Council agreed to buy back the Civic Centre from Urban Splash and unveiled exciting proposals to create a major new campus in the Civic Centre focussed on delivering future green and blue jobs and skills.

    A decision has been signed today authorising the appointment of a consultant team with the expertise and capacity to progress the detailed, technical surveys and design work required to prepare the Civic Centre for its new life.

    City College Plymouth is looking to expand its offer and building on its success in attracting strong engineering and construction partnerships is looking for a new central location for a skills hub.

    The proposals for a new city centre campus could see up to 60 courses being delivered, focussing on the city’s emerging marine sector – known as the blue sector – as well as a host of programmes in the environment – the green sector. Up to 2,000 extra people, from school leavers to adult learners, could be learning new skills within the transformed lower floors of the Civic.

    Cabinet Member for Finance, Councillor Mark Lowry, said: “We have committed to a new life for the Civic Centre and it is a priority for us – not just to build confidence in the wider city centre – but to make sure City College Plymouth have a central location to deliver the next generation of skilled workers for our city’s key industries.

    “We need to deploy consultants with serious expertise to design and manage repair work as well re-clad the building. replace the façade and get the ground floors ready for fit out and occupation by City College Plymouth.

    “We need to do this to secure the campus, keep the public funding already secured for the Civic Centre and to maximise our ability to secure other public funding which is required for the project.”

    Contractors are expected to be on site at the end of next month to complete the internal strip out works. This is expected to continue into the new year.

    The total cost of employing a full design team to design and manage the works is estimated to be £2.6 million over the next few years.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Ciscomani Hosts Women’s Health Roundtable Event in Tucson

    Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

    Tucson, AZ – U.S. Congressman Juan Ciscomani (AZ-06) hosted a Women’s Health Roundtable alongside experts from the University of Arizona, the National Institute of Health (NIH), and Women’s Health Access Matters (WHAM) to discuss the need to advance research initiatives, expand healthcare access, and promote innovation in women’s healthcare. 

    While at this event, Ciscomani met with Maria Martinez, a two-time survivor of breast cancer who is fighting to expand access to critical care after she was denied an MRI by her insurers. In 2024, Maria Martinez awarded Ciscomani the Breast Cancer Guardian Award. Watch their video together here. 

    “As your Representative and a member of the House Appropriations Subcommittee on Labor, Health and Human Services, I am committed to pushing legislation, funding, and other efforts to address the gap in women’s healthcare innovation,” said Ciscomani. “It was an honor to host this roundtable and hear directly from distinguished panelists, experts, and my constituents about the best ways to improve women’s healthcare and support women and families in southern Arizona, and across the nation.” 

    Background 

    • As a member of the House Appropriations Subcommittee on Labor, Health and Human Services, Ciscomani: 

      • Voted to fully fund the National Institutes of Health at $48 billion in Fiscal Year 2025. 

      • Voted to fully fund the National Breast and Cervical Cancer Early Detection Program at $238 million. 

      • Prioritized the critical cancer research efforts at the National Cancer Institute (NCI), proposing $7.9 billion total for NCI, or an increase of $650 million. 

    • Ciscomani co-led H.R.8839, Maternal and Infant Syphilis Prevention Act with Rep. Caraveo (CO-08) to address the drastic increases in syphilis cases nationwide, especially in Arizona, and its impacts on maternal and infant health. Directs HHS to issue guidance to states on best practices for screening and treatment of congenital syphilis under Medicaid/CHIP. 

    • Ciscomani co-led the introduction of H.R. 9335, the Maternal and Infant Delivery: Wellness, and Integration with Vital Expertise Support (MIDWIVES) for Servicemembers Act with Rep. Kilmer (WA-06) to expand midwifery care to servicemembers and their families. 

    • Ciscomani cosponsored H.R.4534, the Women and Lung Cancer Research and Preventive Services Act introduced by Rep. Boyle (PA-02) to address a leading cause of cancer death in women by assessing the status of existing research and gaps in current lung cancer research in women, as well as identifies new opportunities for research and initiatives. 

    • Ciscomani cosponsored H.R.6749,the Menopause Research and Equity Act of 2023 introduced by Rep. Clarke (NY-09) which directs the NIH to evaluate the results and status of completed and ongoing research related to menopause, perimenopause, or midlife women’s health, and to conduct and support additional research. Specifically, NIH will highlight any gaps in knowledge and what treatments there could be for menopause-related symptoms. 

    • At a House Appropriations Subcommittee hearing, Ciscomani questioned Department of Health and Human Services (HHS) Secretary Xavier Becerra about initiatives to promote and expand access to women’s healthcare. 

    • Ciscomani joined a bipartisan letter to Ways and Means Committee Chairman Jason Smith (MO-08) and Ranking Member Richard Neal (MA-01) urging the inclusion of the Child Care Investment Act in the Tax Relief for American Families and Workers Act 

    ### 

    MIL OSI USA News –

  • MIL-OSI Security: Criminals selling counterfeit wine stopped in their tracks

    Source: Eurojust

    The international criminal group set up a well-structured organisation to counterfeit famous and exclusive French red wine, worth up to EUR 15 000 per bottle. By working with printing houses in Italy, the criminal group was able to re-create the corks and labels of famous French wineries. The forged wine was then delivered to an Italian airport and taken abroad to be sold at market value around the world by wine traders. The criminals were able to sell the bottles of the counterfeit wine, generating profits of over EUR 2 million.

    The investigation started after suspicions of forgery reached French authorities. The authorities discovered that the criminal group had been running their operation from Italy. Investigations continued between the French and Italian authorities at Eurojust. To support the investigation, Eurojust ensured the execution of European Investigation Orders in Italy. 

    The criminal group was dismantled during operations carried out in Paris, Milan and Turin. During 14 house searches, authorities were able to seize counterfeit labels and bottles of wine, as well as computers, phones, valuable goods, (including luxury watches with a value of EUR 1.4 million), and important documentation for the investigation. Money was also seized, including EUR 77 000 in France and EUR 40 000 in Italy. Seven suspects were arrested based on their criminal activity of introducing and selling products with false markings.

    The following authorities were involved in the actions:

    • France: Court of Dijon; Gendarmerie Nationale (SR Dijon)
    • Italy: Public Prosecutors Office Turin; Public Prosecutors Office Milan

    MIL Security OSI –

  • MIL-OSI USA: As Medicare Open Enrollment Period Begins, Warren Highlights More Than $170 Million in Prescription Drug Savings for Massachusetts Seniors

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    October 15, 2024

    New report from Warren’s office, A Prescription For Savings, shows how the Inflation Reduction Act is saving seniors millions of dollars, while holding Big Pharma price-gougers accountable. 

    A Prescription for Savings – How the Inflation Reduction Act Will Cut Drug Costs for Massachusetts Medicare Enrollees in 2025 (PDF)

    Boston, MA  – On the first day of the Medicare open enrollment period for Plan Year 2025, U.S. Senator Elizabeth Warren (D-Mass.) released a new report, A Prescription for Savings, outlining six key reforms in the Inflation Reduction Act (IRA) that are helping Massachusetts seniors save on prescription drugs. 

    “The IRA will save Bay Staters enrolled in Medicare a total of over $170 million on prescription drug costs in 2025 alone,” according to the report. “The IRA has created more accessible, more equitable, and more affordable prescription drug coverage for seniors and individuals with disabilities in Massachusetts.”

    “This new report provides critical information to seniors and others in Massachusetts about how they will save money when selecting a Medicare prescription drug plan for next year,” said Senator Warren. “I’ve worked hard to rein in Big Pharma’s price-gouging and lower health care costs through the Inflation Reduction Act, and Medicare enrollees will see significant savings as a result.”

    Thanks to the Biden-Harris Administration and Democrats in Congress, the IRA will save Medicare enrollees billions of dollars on prescription drugs costs nationwide. The report highlights six ways Massachusetts Medicare enrollees will save in 2025 and beyond:   

    • $35 monthly insulin: Out-of-pocket costs for insulin are now capped at $35 per month for Medicare enrollees. More than 26,000 Massachusetts Medicare enrollees who use insulin can expect about $500 in annual savings in 2025 – an estimated total savings of nearly $13 million. 
    • $2,000 cap on out-of-pocket drug costs: New out-of-pocket caps in Medicare Part D will help 83,000 enrollees in Massachusetts save an average of $1,500 on their out-of-pocket prescription drug costs – an estimated savings of over $124 million annually. 
    • Free vaccines: For more than 1.1 million Massachusetts Medicare enrollees, recommended vaccines are now covered pre-deductible and without cost-sharing. This will save Massachusetts Medicare enrollees about $5 million per year.   
    • Penalties for drug manufacturers that jack up prices faster than inflation: The IRA, for the first time, penalizes drug manufacturers that raise prices faster than inflation, helping an estimated 17,000 Massachusetts residents save on their prescription drugs. 
    • Expanded support for low-income enrollees: Approximately 5,000 low-income Medicare enrollees in Massachusetts will save around $30 million per year due to the IRA’s expansion of the Medicare Part D “Extra Help” program. 
    • Negotiations to lower drug prices: For the first time, Medicare can directly negotiate prices with drug manufacturers for a select number of high-priced drugs. Nearly 200,000 Part D enrollees in Massachusetts use at least one prescription drug that will see price reductions when the new negotiated prices take effect in 2026. 

    Senator Warren has led the fight to hold drug manufacturers accountable for high drug costs: 

    • In March 2022, at a hearing of the Senate Finance Committee, Senator Elizabeth Warren called out drug manufacturers for price-gouging Americans on prescription drugs. As Americans deal with high prices across the economy, Senator Warren is pushing for reforms that will lower drug prices and stop Big Pharma from taking advantage of consumers.
    • In February 2022, during a hearing of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth, Senator Elizabeth Warren questioned witnesses about how corporate profiteering in the pharmaceutical, insurance, and financial industries is contributing to excessive costs for Medicare.
    • In February 2022, Senators Elizabeth Warren, Angus King (I-Maine), and Congressman Lloyd Doggett (D-Texas) urged HHS to exercise march-in rights for life-saving cancer drug Xtandi to dramatically lower its price for millions of Americans. She also called out big pharma and insurance companies’ tricks to squeeze taxpayers and Medicare beneficiaries. And she called for passage of the Build Back Better Act, which includes provisions that could generate billions in savings and give the Department of Health and Human Services the authority to negotiate prices on some high-price drugs. 
    • In June 2021, Senator Elizabeth Warren led a letter questioning PhRMA’s lobbying efforts to block policies that would lower drug costs for millions of Americans. 
    • In May 2021, at a hearing of the Senate Finance Committee, Senator Warren called for trade negotiations that put patients over big pharma profits. 
    • In December 2019, Senator Elizabeth Warren introduced the Affordable Drug Manufacturing Act with Congresswoman Schakowsky, to radically reduce drug prices through public manufacturing of prescription drugs, including the . 

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Introduces Bill to Protect Wisconsinites from Predatory Wall Street Investors

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors.

    Since 2020, private equity fund assets have grown exponentially, reaching nearly $8 trillion in 2023 compared to $4.5 trillion in 2020. Private equity funds have purchased companies in nearly every sector of the economy — from nursing homes, to newspapers, to grocery stores — laying off hundreds of thousands of workers and ruining thousands of companies in the process.

    “When out-of-state investors buy Wisconsin companies only to turn a quick profit and shutter their doors, it’s Wisconsin workers and communities that suffer. I’m committed to ensuring that when Wisconsin businesses are purchased, Wisconsin families are protected and not left high and dry like we’ve seen in places like Janesville, Green Bay, and Waukesha,” said Senator Baldwin. “Our legislation will help put workers and our community first – protecting them from predatory practices that too often result in devastating job losses for Wisconsin’s working families.”

    The private equity industry claims to invest in companies while also earning high returns for investors by using their management expertise to make the companies’ operations more efficient, and then selling the companies at a profit. In reality, private equity funds often load mountains of debt on the companies they buy, strip them of their assets, and extract exorbitant fees and dividends, guaranteeing payouts for themselves regardless of how the investment performs. When their debt-ridden investments go belly-up, private equity funds walk away with no responsibility for the mess they create, leaving workers in the lurch and forcing communities to clean up their mess.

    This bill would level the playing field, protect workers, consumers, and investors, and force private equity firms to take responsibility for the companies they control by closing the loopholes that allow private equity to capture all the rewards of their investments while insulating themselves from risk and liability. The Stop Wall Street Looting Act will:

    • Require Private Investment Funds to Have Skin in the Game: Private equity firms, the firm’s general partners, and their insiders will all be on the hook for the liabilities of companies under their control — including debt, legal judgments, and pension-related obligations — to better align the incentives of private equity firms and the companies they own. Liability would not extend to the fund’s limited partners, ensuring that only those that control portfolio firms are on the hook. In order to encourage more responsible use of debt, the bill ends the tax subsidy for excessive leverage and closes the carried interest loophole.
    • End Looting of Portfolio Companies. To give portfolio companies a shot at success, the bill limits how much money private equity firms can extract from companies and closes the loophole that private equity firms have used to hide certain assets from bankruptcy courts.
    • Protect Workers, Customers and Communities. This proposal prevents private equity firms from walking away when a company fails and protects workers and communities by:
      • Prioritizing workers’ pay in the bankruptcy process and amending the laws to increase the priority claims for unpaid earnings and other benefits from $10,000 to $20,000 per worker.
      • Creating incentives for job retention so that workers can benefit from a company’s second chance.
      • Ending the immunity of private equity firms from legal liability when their portfolio companies break the law, including the WARN Act. When workers at a plant are shortchanged or residents at a nursing home are hurt because private equity firms force portfolio companies to cut corners, the firm should be liable.
      • Expanding protections for striking workers by clarifying unfair labor practices and the employer duty to bargain.
    • Empower Investors by Increasing Transparency. Private equity managers will be required to disclose fees, returns, and other information about their funds and the corporate loans they make so that investors can monitor their investments.
    • Put Guardrails Around Accessing Public Funds. Firms receiving any funds from a federal or state agency must publicly disclose how the funds are used and will be prohibited from acquiring any company or making a distribution to investors for two years after receipt.
    • Drives REITS out of Health Care. Payments from federal health programs to entities that sell assets or use assets for a loan collateral made to a Real Estate Investment Trust (REIT) are prohibited; repeal a rule in the Tax Code that allows taxable REIT subsidiaries to exert influence on the operations of health care entities; and remove the 20 percent pass-through deduction, passed in the 2017 Trump tax cuts, for all REIT investors.

    The bill is led by Senator Elizabeth Warren (D-MA) and also co-sponsored by Jeff Merkley (D-OR), Bernie Sanders (I-VT), Tina Smith (D-MN), and Ed Markey (D-MA) in the Senate.

    The bill is supported by Action Center on Race and the Economy, AFL-CIO, American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Center for Popular Democracy, Communication Workers of America, Community Catalyst, Economic Policy Institute, Indivisible, National Employment Law Project, National Women’s Law Center, Private Equity Stakeholder Project, People’s Action, SEIU, Strong for All, Take on Wall Street, United for Respect, Working Families Party, and Worth Rises.

    “Private equity has an immense impact on the U.S. economy, touching virtually every aspect of life from healthcare to housing to technology to retail and more. Private equity’s extractive playbook harms workers and communities, diminishes access to quality affordable health care, worsens the housing crisis and the climate crisis, and perpetuates systemic racism. Without major changes, a handful of ultra wealthy Wall Street executives will continue getting richer at everyone else’s expense. The Stop Wall Street Looting Act takes important, much needed steps to reign in Wall Street predatory practices and promote a just and sustainable economy,” said Lisa Donner, Executive Director, Americans for Financial Reform.

    “Union busting, pollution, and bankruptcy aren’t side effects of the private equity model: they are the model,” said Porter McConnell, Take on Wall Street. “It’s a smash-and-grab, plain and simple. That’s why we are so pleased to see comprehensive legislation like the Stop Wall Street Looting Act introduced in Congress today. We created the loopholes in the law that allowed the private equity industry to thrive, and we can end them. Our communities, our economy, and our democracy are depending on it.”

    “As we fight for more public investment in the child care sector, we must also rein in private equity’s ability to enrich themselves at the expense of the public. Building guardrails – such as those in the Stop Wall Street Looting Act – will help put the wellbeing of children and families ahead of private equity’s profits,” said Melissa Boteach, Vice President, Income Security and Child Care/Early Learning, National Women’s Law Center.

    “Private equity firms, which control nearly $15 trillion in assets, routinely prioritize quick, outsized profits, at the expense of workers, patients, renters, and local economies as part of their business model,” said Chris Noble, Policy Director for the Private Equity Stakeholder Project. “The Stop Wall Street Looting Act provides an essential check on this opaque industry. By addressing the systemic risks tied to debt-laden private equity buyouts, this legislation prioritizes the long-term health of businesses and communities over short-term profits for wealthy private equity executives.”

    “Private equity should have no influence over medical treatment decisions made jointly by independent physicians and their patients. The Stop Wall Street Looting Act goes a long way towards ensuring physicians, in consultation with their patients, are able to deliver quality, patient-centered, cost-efficient care without corporate interference,” said Dr. Stephen M. McCollam, Chair, Coalition for Patient-Centered Care.

    “Wall Street private equity firms have proven themselves to be a parasite on workers, our economy, and American retailers by gutting companies for profit and driving mass layoffs. Holding billionaire profiteers accountable for the damage they do to our working families and communities is imperative to addressing growing economic inequality,” said United for Respect Co-Executive Directors Bianca Agustin and Terrysa Guerra in a joint statement. “The Stop Wall Street Looting Act will help close loopholes in our laws that for too long have allowed private equity to pillage companies and amass huge profits while workers lose their jobs and are left with nothing. United For Respect is proud to support this bill — and we need all legislators to join us in protecting workers and putting Wall Street on the hook for the havoc they reap.”

    Full text of this legislation is available here. A one-pager on this legislation is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Man Who Received and Downloaded Child Pornography Sentenced to More Than Eight Years in Prison

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

    A man who received child pornography over the internet was sentenced today to more than eight years in federal prison.

    Christopher Goins, age 47, from Cedar Rapids, Iowa, received the prison term after a May 13, 2024, guilty plea to one count of receiving child pornography.

    In a plea agreement, Goins admitted that between December 2019 and December 2021, he knowingly received and downloaded photos and videos of child pornography, including depictions of minors under 12 years of age.  During a search of Goins’ home in December 2021, agents from the Federal Bureau of Investigation seized 33 storage devices containing over 600 images of child pornography.  In January 2024, following his arrest on federal child pornography charges, Goins said that additional child pornography would be found on his phone.  During a search of Goins’ home, FBI agents found child pornography on Goins’ laptop and additional storage devices which Goins had obtained after his home was searched in December 2021.

    Goins was sentenced in Cedar Rapids by United States District Court Chief Judge C.J. Williams.  Goins was sentenced to 97 months’ imprisonment.  He was ordered to make $3,000 in restitution to a child victim depicted in videos and photos he possessed.  He must also serve a five-year term of supervised release after the prison term.  There is no parole in the federal system.

    Goins is being held in the United States Marshal’s custody until he can be transported to a federal prison.

    The case was prosecuted by Assistant United States Attorney Daniel C. Tvedt and investigated by the Federal Bureau of Investigation. 

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims.  For more information about Project Safe Childhood, please visit http://www.usdoj.gov/psc.  For more information about Internet safety education, please visit http://www.usdoj.gov/psc and click on the tab “resources.”

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 24-CR-06.

    Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI USA: Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Milton

    Source: US State of New York Federal Reserve

    The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.
    A complete list of the current disaster areas can be found at https://www.fema.gov/disaster/declarations.
    Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Milton. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Milton, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.
    Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Milton. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Milton. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.
    Publishing Requirements: The agencies understand that the damage caused by Hurricane Milton may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.
    Regulatory Reporting Requirements: Institutions affected by Hurricane Milton that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of Hurricane Milton.
    The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.
    Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, refer to the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.
    Investments: Institutions are encouraged to monitor municipal securities and loans affected by Hurricane Milton. The agencies realize local government projects may be negatively affected by the disaster and encourage institutions to engage in appropriate monitoring and take prudent efforts to stabilize such investments.
    For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:
    FDIC: https://www.fdic.gov/news/disaster
    FRB: https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf
    NCUA: https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster
    OCC: https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html
    State financial regulators: https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster

    MIL OSI USA News –

  • MIL-OSI USA: Joint Press Release: Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Milton

    Source: US Federal Deposit Insurance Corporation FDIC

    Federal Deposit Insurance Corporation
    Federal Reserve Board
    Florida Office of Financial Regulation
    National Credit Union Administration
    Office of the Comptroller of the Currency
    ________________________________________________________________

    The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

    A complete list of the current disaster areas can be found at https://www.fema.gov/disaster/declarations.

    Lending: The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Milton. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Milton, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.

    Temporary Facilities: The agencies understand that many financial institutions face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Milton. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Milton. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.

    Publishing Requirements: The agencies understand that the damage caused by Hurricane Milton may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.

    Regulatory Reporting Requirements: Institutions affected by Hurricane Milton that expect to encounter difficulty meeting the agencies’ reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies’ regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of Hurricane Milton.

    The agencies’ staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution’s particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

    Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, refer to the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

    Investments: Institutions are encouraged to monitor municipal securities and loans affected by Hurricane Milton. The agencies realize local government projects may be negatively affected by the disaster and encourage institutions to engage in appropriate monitoring and take prudent efforts to stabilize such investments.

    For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:

    FDIC:  https://www.fdic.gov/news/disaster

    FRB:  https://www.federalreserve.gov/supervisionreg/srletters/sr1714a1.pdf

    NCUA:  https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/examiner-guidance-institutions-affected-major-disaster

    OCC:  https://www.occ.gov/news-issuances/bulletins/2017/bulletin-2017-61.html

    State Financial Regulators:  https://www.csbs.org/interagency-supervisory-examiner-guidance-institutions-affected-major-disaster

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Government of Canada supports historic sites and tourism in York Region

    Source: Government of Canada News

    News release

    Three organizations expand experiences and attract more visitors with Government of Canada support

    October 15, 2024 – East Gwillimbury, Ontario

    York Region is a must-visit destination offering a wide variety of cultural, recreational and culinary experiences for all to enjoy. Tourism in York Region is a key driver of the region’s economy, as increased visitors create good jobs, support local businesses and boost key sectors like hospitality.

    Today, the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), visited the Sharon Temple National Historic Site & Museum for the unveiling of the new Hope and Truth Reflection Garden. While there, Minister Tassi announced a combined FedDev Ontario investment of $470,000 through the Tourism Growth Program for three organizations, including the Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham. Minister Tassi was joined by Tony Van Bynen, Member of Parliament for Newmarket–Aurora.

    With an investment of $45,000, the Sharon Temple National Historic Site & Museum designed and installed the Hope and Truth Reflection Garden, which surrounds the Hope and Truth Reflection Sculpture. This new garden will help increase the Sharon Temple National Historic Site & Museum’s capacity for tourism and attract new visitors into a space for reflection and onto a path forward on the journey of Truth and Reconciliation.

    Treetop Trekking Bruce’s Mill received a $225,000-investment to create a new nighttime light experience in its uplå activity area in Bruce’s Mill Conservation Park, which is the largest outdoor net park in North America. With this support, the organization will be able to upgrade their facilities so they can stay open more months out of the year.

    Destination Markham received a $200,000-investment to develop a Culinary Trail Experience in Markham. Building on the success of their flagship event, “Jazzlicious Winterfest,” this initiative will introduce new culinary trails and experiences. These new experiences are designed to attract more visitors, offering unique and memorable opportunities to explore Markham’s diverse food culture, while boosting revenue for culinary tourism businesses in Markham and across the region.

    The Government of Canada is investing in historic sites and tourism projects in the region so they can create new products and experiences that will help Ontario’s tourism economy flourish for generations to come.

    Quotes

    “Tourism businesses and organizations like Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham offer unique experiences to visitors and locals. They are economic drivers in their communities, stimulating job creation and contributing to the region’s overall prosperity. The Government of Canada knows the value in supporting tourism businesses and organizations who showcase the unique experiences and attractions Ontario has to offer.”
    – The Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario

    “Tourism helps Canada showcase its diverse cultural heritage and beauty on the world stage. By supporting organizations and businesses like the Sharon Temple National Historic Site & Museum, Treetop Trekking Bruce’s Mill and Destination Markham, we fuel local economies, help create jobs and empower communities. I’m proud to champion local tourism, as it also fosters a sense of belonging in communities all across our nation.”
    – The Honourable Soraya Martinez Ferrada, Minister of Tourism

    “York Region is where urban meets natural beauty and landscapes. There is truly something for everyone here. Investments made today through the Government of Canada’s Tourism Growth Program will ensure that York Region continues to welcome visitors to explore, dine, play and connect with our warm and welcoming community.”
    – Tony Van Bynen, Member of Parliament for Newmarket–Aurora

    “Financial support from FedDev Ontario for our vision of a Hope and Truth Reflection Garden has been absolutely critical. Today, our community has garden space complete with a remarkable sculpture that honours Indigenous children who were the tragic victims of the residential school system while providing space for reflection and a path forward on the journey to Truth and Reconciliation.”
    – Ian Proudfoot, President, Sharon Temple Museum Society

    “The support that FedDev Ontario’s Tourism Growth Program has provided to Treetop Trekking has allowed us to grow the scope of our newest adventure experience, uplå Aglow. Their support has helped us to provide an exceptional new experience that will get residents and visitors to Ontario, outside and active in nature, all year round, contributing to the health and well-being of thousands of people every year.”
    – Mike Stiell, Marketing Director, Treetop Trekking Bruce’s Mill

    “We appreciate the Government of Canada’s support through the Tourism Growth Fund. This investment allows us to build on the success of “Jazzlicious Winterfest,” introducing new culinary trails that celebrate Markham’s diverse food culture. By enhancing our culinary offerings, we aim to attract new visitors, boost local businesses, and continue positioning Markham as a premier culinary destination.”
    – Andrew Baldwin, Executive Director, Destination Markham

    Quick facts

    • Located in East Gwillimbury, the Sharon Temple was constructed from 1825-1831. In 1918, it opened as a museum. The Sharon Temple was designated a National Historic Site in 1990 and the Sharon Temple Museum Society was incorporated with a mandate to maintain and preserve the Sharon Temple National Historic Site and Museum, expand the collection, and engage the community.

    • Incorporated in 2013, Treetop Trekking Bruce’s Mill is an adventure park in the York Region known for its outdoor experiences, including ziplining and aerial treks.

    • Incorporated in 2018, Destination Markham is a not-for-profit organization dedicated to advancing Markham’s visitor economy. Destination Markham aims to position the city as a vibrant, multicultural destination, enhancing its appeal and contributing to regional economic growth.

    • Canada’s regional development agencies are delivering the $108-million Tourism Growth Program, over three years, to support businesses and organizations to help diversify regional economies. These investments in tourism products and experiences will encourage visitation to and within Canada. In southern Ontario, FedDev Ontario is delivering over $30 million through the program.

    • Since 2015, the Government of Canada, through FedDev Ontario, has invested over $415 million in nearly 1,450 tourism-related businesses and organizations, estimated to have supported over 24,500 jobs.

    Associated links

    Contacts

    Edward Hutchinson
    Press Secretary
    Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
    Edward.Hutchinson@feddevontario.gc.ca

    FedDev Ontario
    Media Relations
    media@feddevontario.gc.ca

    Stay Connected

    FedDev-Ontario.Canada.ca

    Follow us X, Instagram, LinkedIn and Facebook

    Subscribe to FedDev Ontario’s Southern Ontario Spotlight newsletter, featuring economic development news and updates from across the region.

    MIL OSI Canada News –

  • MIL-OSI: Notice Regarding Approval of Supplement to Prospectus and Final Terms of the Forth Tranche

    Source: GlobeNewswire (MIL-OSI)

    UAB “Orkela,” legal entity code 304099538, registered address at Jogailos St. 4, Vilnius, Republic of Lithuania (the Issuer), whose securities (the Bonds) are listed and admitted to trading on the Bond List of Nasdaq, also the Bonds are being publicly offered under the base prospectus approved by the Bank of Lithuania on 14 November 2023 including its first supplement approved on 24 November 2023 (the Prospectus).

    The Issuer informs that the second supplement to the Prospectus has been approved by the Bank of Lithuania on 15 October 2024 (the Prospectus’ Supplement), that is attached.  Before deciding to invest in the Bonds, please carefully read the Prospectus’ Supplement.

    The Issuer would like to announce that pursuant to the Final Terms of the forth Tranche that were adopted on 15 October 2024 (the Final Terms) in accordance with the Issuer’s Base Prospectus approved by the Bank of Lithuania on 14 November 2023, including its first and second supplements (the Prospectus), Offering of the Bonds under the Final Terms in the total amount of EUR 5,432,000 will be carried out in the Republic of Lithuania, Latvia and Estonia under the following main terms (other terms applicable are detailed in the Final Terms):

    1. Nominal Value of a Bond – EUR 1,000;
    2. Issue Price of a Bond – EUR  1,014.1267
    3. Final Maturity Date – 19 January 2025;
    4. Interest Rate – 6% (fixed) annually;
    5. Yield – 8% annually;
    6. Subscription channels – Regular Subscription where the Subscription Orders shall be accepted:

    (i) by the Issuer at the office at Jogailos st. 4, Vilnius, the Republic of Lithuania or by e-mail info@lordslb.lt;

    (ii) by the Lead Manager at the office at Šeimyniškių st. 1A, Vilnius, the Republic of Lithuania or by e-mail broker@sb.lt;

    (iii) by the Manager: UAB FMĮ “Evernord”, legal entity code 303198227, at the office at Konstitucijos ave. 15-90, Vilnius, the Republic of Lithuania or by e-mail vismante.sepetiene@evernord.com;

    (iv) by the Manager: UAB “Gerovės valdymas”, legal entity code 302445450, at the office at Jogailos st. 3, Vilnius, the Republic of Lithuania or by e-mail gv@gerovesvaldymas.lt;

    (v) by the Manager: Redgate Capital AS, legal entity code 11532616, at the office at Pärnu mnt 10, Tallinn 10148, Estonia or by e-mail bonds@redgatecapital.eu.

    1. Subscription Period – 16 October 2024 – 6 November 2024;
    2. Payment Date – 7 November 2024;
    3. Issue Date – 8 November 2024.

    Before deciding to invest in the Bonds, each Investor shall read the Prospectus and Final Terms with attached relevant language summary. All aforementioned documents are attached herein and published on the Issuer’s website at https://lordslb.lt/orkela_bonds/. 

    General Manager of UAB “Orkela”
    Anastasija Pocienė

    anastasija.pociene@lordslb.lt

    Attachments

    The MIL Network –

  • MIL-OSI: SAIC and Wind River Expand Strategic Partnership to Accelerate Development and Deployment of Mission-Critical Systems

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Oct. 15, 2024 (GLOBE NEWSWIRE) — Science Applications International Corp. (NASDAQ: SAIC) and Wind River® have announced an expanded strategic partnership to deliver industry-leading technologies to government customers by easing mission-oriented integration, speeding development and enhancing functionality in systems, for the U.S. Army and other government entities, including Cabinet-level departments and independent agencies.

    As part of the partnership, SAIC and Wind River will collaborate on product integration and joint go-to-market plans across the Wind River software portfolio, including digital engineering and digital twin, DevSecOps, Linux, safety certifiable products and certification services and cloud-based command and control operations.

    For more than a decade, Wind River has been a trusted SAIC partner supporting U.S. Army embedded software development at Redstone Arsenal. The expanded strategic partnership will enable acceleration of mission solutions and provide secure, safe and reliable mission-critical systems across a range of applications. Those include lifecycle systems, engineering and computer resource engineering support to systems, and activities necessary to define concepts and requirements, while also plan, manage, develop, sustain, modify, improve, test, train, field and retire systems and system computer resources in a time frame necessary to meet customer needs.

    “We are excited to expand our partnership with Wind River, which enables us to deliver cutting-edge solutions that accelerate the design and mission-oriented integration of complex weapons systems,” said Josh Jackson, executive vice president and manager, Army Business Group. “Together, we are poised to leverage a suite of cloud based digital engineering tools purposely designed to address the requirements in building the Army of 2030.”

    SAIC is uniquely focused on offering prebuilt, commercially integrated and configured products and services to customers, accelerating time to value for all parties. As a market leader, SAIC is helping accelerate Army modernization by empowering the Army with trusted services and cutting-edge technology-agnostic integrated solutions that provide accelerated Operational Outcomes for Multi-Domain Operations.

    “Wind River’s strategic partnership with SAIC represents a pivotal moment for our government customers, driving a transformational shift toward delivering comprehensive, end-to-end solutions that advance the software-defined future of mission-critical, AI-driven applications at the intelligent edge,” said Avijit Sinha, Wind River President. “Together, we will introduce innovative, highly capable joint solutions that provide transformative value across defense, space, civilian, and intelligence sectors, and beyond.”

    Wind River is a global leader in delivering software for mission-critical systems. With technology proven in over 750 safety programs and in more than 120 civilian and military aircraft, Wind River has over three decades of experience helping to build safe, secure, and reliable computing systems for demanding commercial aircraft, space exploration, and military operations. It is a leading supplier of real-time operating systems, Linux offerings, hypervisors, and simulation technology to the aerospace, government, and defense industries with its portfolio of product, including VxWorks®, Wind River Helix™ Virtualization Platform, Wind River Linux, Wind River Studio Developer, and the recently launched eLxr Pro.

    About SAIC
    SAIC® is a premier Fortune 500® technology integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT, enterprise IT, engineering services and professional services. We integrate emerging technology, rapidly and securely, into mission critical operations that modernize and enable critical national imperatives.

    We are approximately 24,000 strong; driven by mission, united by purpose, and inspired by opportunities. SAIC is an Equal Opportunity Employer, fostering a culture of diversity, equity and inclusion, which is core to our values and important to attract and retain exceptional talent. Headquartered in Reston, Virginia, SAIC has annual revenues of approximately $7.4 billion. For more information, visit saic.com. For ongoing news, please visit our newsroom.

    About Wind River
    Wind River is a global leader in delivering software for the intelligent edge. For more than four decades, the company has been an innovator and pioneer, powering billions of devices and systems that require the highest levels of security, safety, and reliability. Wind River software and expertise are accelerating digital transformation across industries including automotive, aerospace, defense, industrial, medical, and telecommunications. The company offers a comprehensive portfolio supported by world-class global professional services and support and a broad partner ecosystem. To learn more, visit Wind River at http://www.windriver.com.

    Forward-Looking Statements
    Certain statements in this release contain or are based on “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “guidance,” and similar words or phrases. Forward-looking statements in this release may include, among others, estimates of future revenues, operating income, earnings, earnings per share, charges, total contract value, backlog, outstanding shares and cash flows, as well as statements about future dividends, share repurchases and other capital deployment plans. Such statements are not guarantees of future performance and involve risk, uncertainties and assumptions, and actual results may differ materially from the guidance and other forward-looking statements made in this release as a result of various factors. Risks, uncertainties and assumptions that could cause or contribute to these material differences include those discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Legal Proceedings” sections of our Annual Report on Form 10-K, as updated in any subsequent Quarterly Reports on Form 10-Q and other filings with the SEC, which may be viewed or obtained through the Investor Relations section of our website at saic.com or on the SEC’s website at sec.gov. Due to such risks, uncertainties and assumptions you are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. SAIC expressly disclaims any duty to update any forward-looking statement provided in this release to reflect subsequent events, actual results or changes in SAIC’s expectations. SAIC also disclaims any duty to comment upon or correct information that may be contained in reports published by investment analysts or others.

    Media Contact:
    Greg Hicks
    619.961.0075 | gregory.l.hicks@saic.com

    The MIL Network –

  • MIL-OSI Security: Justice Department Secures $8M from Fairway Independent Mortgage Corporation to Address Redlining in Black Communities in Birmingham, Alabama

    Source: United States Attorneys General 1

    Combating Redlining Initiative Surpasses $150M in Relief for Redlined Communities at its Third Anniversary

    The Justice Department and Consumer Financial Protection Bureau (CFPB) announced today that Fairway Independent Mortgage Corporation (Fairway) has agreed to pay $8 million and a $1.9 million civil money penalty to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining predominantly Black neighborhoods in and around Birmingham, Alabama.

    Redlining is an illegal practice by which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of residents in those communities.

    With this settlement, the Justice Department’s Combating Redlining Initiative surpassed $150 million in relief for communities of color nationwide that have experienced lending discrimination. This settlement marks the Justice Department’s 15th redlining settlement in three years. Under the Combating Redlining Initiative, the Department has secured a historic amount of relief that is expected to generate over $1 billion in investment in communities of color in places such as Houston; Memphis; Los Angeles; Philadelphia; and Birmingham.

    “This settlement, and the over $150 million in relief the Justice Department has secured for communities across the country through our Combating Redlining Initiative, will help to ensure that future generations of Americans inherit a legacy of home ownership that they too often have been denied,” said Attorney General Merrick B. Garland. “This case is a reminder that redlining is not a relic of the past, and the Justice Department will continue to work urgently to combat lending discrimination wherever it arises and to secure relief for the communities harmed by it.”

    The Justice Department and CFPB allege that Fairway illegally redlined Black neighborhoods in Birmingham, including through its marketing and sales actions, and discouraged residents of those neighborhoods from applying for mortgage loans. The settlement announced today requires Fairway to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in Birmingham’s majority-Black neighborhoods, invest an additional $1 million in programs to support that loan subsidy fund, and pay a $1.9 million civil penalty to the CFPB’s victims relief fund.

    This case is the third redlining enforcement action brought jointly by the Justice Department and the CFPB under the initiative, highlighting the strong partnership between the agencies to root out and address lending discrimination.

    “Birmingham lies at the heart of our nation’s civil rights struggle but is also a community that bears the legacy of discriminatory redlining and other exclusionary policies,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “This settlement will provide Birmingham’s Black neighborhoods with the access to credit they have long been denied and increase opportunities for homeownership and generational wealth. This settlement makes clear our intent to uproot modern-day redlining in every corner of the country, including in the deep South. With more than $150 million in total relief secured in three short years, our Combating Redlining Initiative is generating real economic opportunity for communities of color while sending a strong message to mortgage lenders, no matter their business model, that discriminatory lending will not be tolerated in America.”

    “The settlement reached with Fairway Mortgage is a win for communities of color here in Birmingham that have historically been denied access to vital economic resources,” said U.S. Attorney Prim Escalona for the Northern District of Alabama. “Our office is committed to ensuring that these communities have equal access to housing and credit resources.”

    “The CFPB and Justice Department are holding Fairway accountable for redlining Black neighborhoods,” said CFPB Director Rohit Chopra. “Fairway’s unlawful redlining discouraged families from seeking loans for homes in Birmingham’s Black neighborhoods.”

    Fairway is a non-depository mortgage company headquartered in Madison, Wisconsin. In 2022, Fairway was the nation’s fifth-largest lender by origination volume and ninth-largest by application volume. Fairway operates in the Birmingham area under the trade name MortgageBanc.

    The complaint describes how Fairway redlined majority-Black neighborhoods in the Birmingham Metropolitan Statistical Area (Birmingham MSA). During the period covered by the complaint, the Birmingham MSA included six counties in north central Alabama with a combined population of about 1.1 million. While Fairway claimed to serve the entire metropolitan area, it concentrated all its retail loan offices in majority-white areas, directed less than 3% of its direct mail advertising to consumers in majority-Black areas, and for years discouraged homeownership in majority-Black areas by generating loan applications at a rate far below its peer institutions.

    The Justice Department and CFPB allege that Fairway violated the Fair Housing Act, Equal Credit Opportunity Act, and Consumer Financial Protection Act. Specifically, the government alleges problematic conduct by Fairway including:

    • Failing to address known signs of discrimination: Fairway’s own data showed that, since at least 2017, it was failing to serve majority-Black neighborhoods in the Birmingham area, but before October 2022, it took no meaningful actions to address redlining risk. Between 2018 and 2022, only 3.7% of Fairway’s applications were for properties in majority-Black areas, compared to 12.2% for Fairway’s peer lenders. In other words, Fairway’s peer lenders generated applications for properties in majority-Black areas at over three times the rate of Fairway. This disparity was even higher in neighborhoods with 80% or more Black residents, where Fairway made loans at less than one-eighth of the rate of its peer lenders. Despite these figures, Fairway failed to adopt any written plan for marketing or growth to address the concern.
    • Redlining Black neighborhoods: From 2015 through 2022, Fairway operated three retail loan offices and three loan production desks within real estate offices in the Birmingham MSA, all of which were in majority-white areas. Fairway also relied on referrals from real estate professionals and its loan officers’ personal contacts to generate applications, and the vast majority of Fairway’s referral sources and referred consumers were located in majority-white areas. Fairway predominantly directed its marketing to majority-white areas and failed to train or incentivize its existing loan officers to better serve majority-Black areas. By taking these actions, Fairway discriminated against, and unlawfully discouraged mortgage loan applications for properties in, majority-Black neighborhoods.

    The proposed consent order, which awaits approval by the Federal District Court for the Northern District of Alabama, would require Fairway to:

    • Provide $7 million for a loan subsidy program: The order would require Fairway to offer home purchase, refinance, and home improvement loans on a more affordable basis than otherwise available in majority-Black neighborhoods in the Birmingham MSA. The program may provide lower interest rates, down payment assistance, closing cost assistance, or payment of initial mortgage insurance premiums.
    • Invest at least $1 million in redlined neighborhoods: Fairway would be required to open or acquire a new loan production office or full-service retail office in a majority-Black neighborhood in the Birmingham MSA. The company must also spend at least $500,000 on advertising and outreach, at least $250,000 on consumer financial education, and at least $250,000 on partnerships with one or more community-based or governmental organizations to serve the affected neighborhoods.
    • Pay a $1.9 million penalty: The proposed order imposes a $1.9 million civil penalty against Fairway, which would be paid into the CFPB’s Civil Penalty Fund, also referred to as the victims’ relief fund.

    Information about the Justice Department’s fair lending enforcement work can be found at http://www.justice.gov/fairhousing. Individuals may report lending discrimination by calling the Justice Department’s housing discrimination tip line at 1-833-591-0291 or submitting a report online.

    Consumers can submit complaints about financial products and services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

    Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to whistleblower@cfpb.gov. To learn more about reporting potential industry misconduct, visit the CFPB’s website.

    MIL Security OSI –

  • MIL-OSI Europe: Financing food security will yield high returns

    Source: European Investment Bank

    The problem is that countries with the highest levels of food insecurity often have the hardest time accessing financing. Among the biggest obstacles are high transaction costs, fragmented agriculture markets, insecure land rights, poor administrative capacity, weak governance, and political instability.

    One of the keys to overcoming these hurdles is to pursue stronger international partnerships. That is why the EIB, the Food and Agriculture Organization of the United Nations, and other international organizations are working together closely to promote food security, environmental sustainability, and climate resilience. By pooling resources and experience, especially in Sub-Saharan Africa, we can overcome the chronic financing challenges.

    For example, by drawing on the expertise and convening power of FAO, we can provide more funding for agrifood and bioeconomy activities. In 2023 alone, the FAO Investment Centre helped mobilize $6.6 billion in new investment by designing 38 public investment projects backed by financing partners in 26 countries. And this came on top of implementation support to ongoing projects, representing a total of around $46.7 billion.

    But scaling up such financing requires the right kind of tools, not least financial products that reduce risk for the private sector. For example, blended finance – which combines public and private funds – and innovative financing mechanisms like climate bonds can make these investments more attractive to capital that is still sitting on the sidelines.

    Feeding the world is not just a moral responsibility; it is a strategic imperative. Hunger is an immediate global crisis that demands massive investments. Fortunately, the potential rewards are well worth it. Sustainable agrifood systems do far more than simply reduce poverty and hunger. They also create jobs, promote economic growth, reduce gender inequality, improve health, and build stronger communities. The return is enormous, and the cost of doing nothing is even greater.

    This article was originally published by Project Syndicate.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Group hosts the Grand Duchess of Luxembourg and Chékéba Hachemi for discussions on wartime sexual violence

    Source: European Investment Bank

    ©Vio Dudau/ EIB

    On 14 October 2024, the European Investment Bank (EIB) Group held an event for staff focused on tackling sexual violence in conflict zones.

    Guests at the EIB’s Luxembourg headquarters included Her Royal Highness the Grand Duchess Maria Teresa of Luxembourg, who is president of the association Stand Speak Rise Up!, and Ms. Chékéba Hachemi, former first female Afghan diplomat, women’s rights activist and the co-founder of the association. 

    The event highlighted the association’s transformative work in advocating for and supporting survivors of sexual violence in fragile environments as well as children born of rape.

    EIB President Nadia Calviño opened the discussion, saying that investing in women is key to building stronger communities worldwide. She stressed the EIB Group’s commitment to protecting women and empowering them economically, particularly in conflict areas.

    The Grand Duchess and Ms. Hachemi presented projects led by Stand Speak Rise Up! aimed at increasing access to education, housing, health and justice and at driving economic independence for survivors and children born of rape. The presentations were followed by a lively exchange of views with EIB staff members.

    The association provides a platform for victims to share their experiences and receive support. Since its creation in 2019, Stand Speak Rise Up! has offered direct help to over 6,000 women from 13 countries including Afghanistan, Bosnia and Herzegovina, the Democratic Republic of Congo, Uganda and Ukraine.

    This EIB event offered a reminder of the shared responsibility to support victims of sexual violence, amplify their voices, advocate to end the use of rape as a weapon of war and strive for the universal protection of human rights.

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 15.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    15 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 15.10.2024

    Espoo, Finland – On 15 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,793,972 4.07
    CEUX 465,034 4.07
    BATE – –
    AQEU – –
    TQEX – –
    Total 2,259,006 4.07

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 15 October 2024 was EUR 9,195,510. After the disclosed transactions, Nokia Corporation holds 169,913,637 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

  • MIL-Evening Report: China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy?

    Source: The Conversation (Au and NZ) – By Wenting He, PhD candidate of International Relations, Australian National University

    Sanga Park/Shutterstock

    China’s relentless economic growth used to be the marvel of the world. Oh, what a memory.

    The past couple of years have seen China contend with an economic slowdown amid colliding crises, many of which make it internationally unique. Consumer prices have been approaching deflationary territory, there’s an oversupply of housing, and youth unemployment has soared.

    Mounting pressure has forced the Chinese government to step in. Over the past month, Beijing has put forward a set of significant economic stimulus measures aimed at reviving China’s faltering economy.

    According to a research note by Deutsche Bank, this stimulus could potentially become “the largest in history” in nominal terms. But there’s still a lot we don’t know. So what kinds of measures that are in this package so far, and has China been here before?

    What’s in the package?

    On September 24, Pan Gongsheng, governor of China’s central bank, unveiled the country’s boldest intervention to boost its economy since the pandemic.

    The initiatives included reducing mortgage rates for existing homes and reducing the amount of cash commercial banks are required to hold in reserves. The latter is expected to inject about 1 trillion yuan (A$210 billion) into the financial market by letting the banks lend out more.

    China has been grappling with an oversupply of housing and a property sector crisis.
    Charles Bowman/Shutterstock

    On top of this, 800 billion yuan (A$168 billion) was announced to strengthen China’s capital market.

    This comprised a new 500 billion yuan (A$105 billion) monetary policy facility to help institutions more easily access funds to buy stocks, and a 300 billion yuan (A$63 billion) re-lending facility to help speed up sales of unsold housing.

    Further signs of economic revitalisation became evident at a Politburo meeting of China’s top government officials, two days after this announcement.

    Chinese President Xi Jinping stressed the urgency of economic revival. Xi even encouraged officials to “go bold in helping the economy” without having to fear the consequences.

    That same day, seven government departments released a joint policy package to stabilise China’s 500 billion yuan (A$105 billion) dairy industry, which has been severely impacted by declining milk and beef prices since 2023.

    A market rollercoaster

    Initially, the market’s response was overwhelmingly positive. Perhaps too positive. In the last week of September, stock markets in Shanghai, Shenzhen, and Hong Kong saw their biggest weekly rise in 16 years.

    On October 8, following China’s National Day holiday, turnover on the Shanghai and Shenzhen stock exchanges hit an unprecedented 3.43 trillion yuan (A$718 billion). However, expectations for further stimulus measures were met with disappointment.

    China’s National Development and Reform Commission brought forward 100 billion yuan (A$21 billion) in spending from the 2025 budget. That wasn’t enough to sustain market optimism. On October 9, Chinese stocks saw their most severe drop in 27 years.

    This downturn only worsened a few days later, when China’s Ministry of Finance hinted there was “ample room” to raise debts but did not specify any new stimulus measures.

    Still thin on the details

    The market remains deeply uncertain about the future direction of China’s economic policies and what they might mean for the world. Hopes that more details might be released over the weekend were largely dashed.

    Back in July, Chinese authorities asserted in their Third Plenary Session communique that China “must remain firmly committed” to achieving this year’s economic growth target of 5%. Compared to the country’s reform-era economic performance, that’s a modest goal.

    But facing a persistently sluggish economic outlook, Xi later seemed to subtly shift the tone, changing the language from “remain firmly committed” to “strive to fulfill” in September.

    Over the past decades, China has frequently employed massive-scale stimulus measures to revive its economy during downturns. These policies have been able to significantly rejuvenate the economy, though occasionally with some worrying side effects.

    In response to the 2008 global financial crisis, China’s State Council released a 4 trillion yuan (A$837 billion) stimulus package. This successfully helped China stand firm through the crisis and was credited as a key stabiliser of the global economy.

    But it also accumulated trillions of yuan in debt through local government financing and accelerated the rise of “shadow banking” – unregulated financial activities.

    China also spent big on stimulating its economy in 2015, following stock market turbulence, and then again in the wake of the pandemic.

    What should we expect?

    What should we expect this time? How balanced or sustainable will any ensuing growth be?

    We are still waiting on many of the details about the size and scope of the package, but any big increase in Chinese economic demand will likely have “spillover” effects.

    As we’ve discussed, many of the measures announced to date will have their most immediate effect on borrowing, lending and liquidity in China’s stock markets.

    That suggests we should watch for what’s called the “wealth effect” in economics. This is the theory that rising asset prices – such as for housing or shares – make people feel wealthier and therefore spend more.

    If China’s big stimulus spend causes sustained increases in asset values, it could give rise to economic optimism. Chinese consumers – and investors – may become less anxious about the future.

    From Australia’s point of view, that could see increases in demand in areas where our economies are interlinked – iron ore, tourism, education and manufactured food exports.

    More broadly, Chinese demand could contribute to growth in other global economies, with a self-reinforcing effect on the world as a whole.

    Beware financialisation

    On the other hand, China’s shift to depending more on volatile asset price rises in its capital markets to sustain growth could have destabilising effects. Where asset price increases benefit those at the “top end of town,” they can breed inequities and imbalances of their own.

    China’s “Black Monday” stock market crash in 2015 raised alarm in Beijing. Partly reflecting a wariness of excess financialisation, Xi cautioned at the time that “housing is for living in, not for speculation”.

    So far, China is still navigating its path towards a more sustainable development model, striving to strike a balance between sustaining economic growth and stabilising its domestic markets and political landscape. As for the outcome, it remains a profound uncertainty for us all – perhaps China itself included.

    Wesley Widmaier receives funding from the Australian Research Council.

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

    – ref. China’s government is about to spend big on stimulus – can it turn around the country’s sluggish economy? – https://theconversation.com/chinas-government-is-about-to-spend-big-on-stimulus-can-it-turn-around-the-countrys-sluggish-economy-241260

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: AI is creeping into the visual effects industry – and it could take the human touch out of film and TV

    Source: The Conversation (Au and NZ) – By AD Narayan, Visual Effects Artist and Lecturer in Digital Communication, Auckland University of Technology

    IMDB

    From the mind-bending reality warps of Doctor Strange in the Multiverse of Madness (2022) to the breathtaking alien vistas of Avatar: The Way of Water (2022), visual effects have transported us to worlds beyond imagination. Yet the future of visual effects (VFX) could hang in the balance as artificial intelligence is subsumed into screen production processes.

    Lionsgate’s recent partnership with AI startup Runway has sparked controversy in the visual effects industry.

    By allowing Runway to train AI on Lionsgate’s vast film and TV catalogue, the collaboration promises increased efficiency and financial savings – but at what cost?

    Growing apprehension among workers

    According to a research report published in January, 75% of 300 entertainment industry leaders surveyed said generative AI tools, software and models had contributed to the elimination, reduction or consolidation of jobs within their business divisions.

    The report highlighted the visual effects sector as being particularly vulnerable, as AI techniques are often applied in post-production processes. This vulnerability was typified in our own research published today.

    Our work reveals visual effects artists have serious concerns about generative AI’s integration into screen production. These include worries over job insecurity, creative devaluation, and the potential for AI to produce derivative content that fails to meet audience expectations.

    Challenges of AI in the VFX industry

    Our findings reflect growing concerns that AI’s use in filmmaking could magnify existing industry problems. It could, for instance, exacerbate unfair working conditions. Or it could undermine creativity if artists are expected to “clean up” AI-generated work rather than create their own.

    Visual effects artists, who have typically been early adopters of new technologies, acknowledge AI could bring both opportunities and challenges. While it could help streamline certain tasks, it could equally impact on the overall quality of their work.

    The artists we spoke to were worried a reliance on AI might stifle creativity and skill development, by making the work “more mechanical and less creative”. In a recent example, the AI-generated title sequence for Marvel’s Secret Invasion series was widely criticised for lacking artistic merit.

    There were also questions about how artists would be compensated if their work is used to train AI models.

    Some senior supervisors were particularly concerned about the ethical and legal considerations of using AI on commercial projects. They were uncertain around intellectual property rights for AI-generated content, as well as the potential for copyright infringement.

    On the creative and technical front, artists recognised AI’s value in generating ideas and automating repetitive tasks. However, nearly all of them said AI tools weren’t yet production-ready, and highlighted difficulties with integrating said tools into existing pipelines.

    The next steps

    The VFX industry was already struggling with profits and sustainability before the AI boom. Visual effects companies often face bankruptcy – even Oscar-winning ones. In many cases, artists will get laid off once a project is complete.

    Life of Pi (2012) won an Oscar for its visual effects work – but the company responsible for it went bankrupt.
    IMDB

    The partnership between Lionsgate and Runway represents the industry’s collective failure to address concerns over AI. But there’s still time to fix things.

    The first step is developing clear industry guidelines for AI’s use in visual effects. Above all else, AI should help augment human creativity, rather than replace it. And artists should be fairly compensated if their work is used to train AI models.

    Investment in training programs could also help artists adapt to new AI tools without compromising their creativity. As one interviewee told us, human expertise and creativity remain important in visual effects.

    “Understanding the why behind certain choices, the creative decision making, that’s something I haven’t really seen AI effectively do,” they said.

    As the industry stands at a technological crossroads, it must balance the pursuit of efficiency with genuine creativity. Otherwise, we risk losing the human touch that brings our favourite films to life.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. AI is creeping into the visual effects industry – and it could take the human touch out of film and TV – https://theconversation.com/ai-is-creeping-into-the-visual-effects-industry-and-it-could-take-the-human-touch-out-of-film-and-tv-240112

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Security: Meteghan — Meteghan RCMP Detachment arrest two following theft of anchors

    Source: Royal Canadian Mounted Police

    Meteghan RCMP Detachment has charged a man and woman after recovering stolen property.

    On October 10, at approximately 8:00 a.m., Meteghan RCMP Detachment responded to a reported theft of 54 anchors. Officers learned that the anchors, valued at approximately $11,000, had been stolen overnight from a business on Hwy. 1 in Meteghan Centre.

    Investigators were able to identify a vehicle of interest, and at approximately 11:30 a.m. that same day, they located a matching vehicle travelling on Hwy. 1. A traffic stop was conducted, and two occupants were arrested in relation to the theft.

    The anchors were soon recovered at a scrap yard in Yarmouth.

    Andrew Corkum, 45, of Belliveaus Cove, and Kimberly Robichaud, 41, of Yarmouth, have each been charged with Theft Over $5000. They have been released from custody and are due in Yarmouth Provincial Court on November 22 at 9:30 a.m.

    Nova Scotians are encouraged to contact their nearest RCMP detachment to report crime or suspicious activity in their communities. Anonymous tips can be made by calling Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submitting a secure web tip at http://www.crimestoppers.ns.ca, or using the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI USA: Justice Department Secures $8M from Fairway Independent Mortgage Corporation to Address Redlining in Black Communities in Birmingham, Alabama

    Source: US State of California

    Combating Redlining Initiative Surpasses $150M in Relief for Redlined Communities at its Third Anniversary

    The Justice Department and Consumer Financial Protection Bureau (CFPB) announced today that Fairway Independent Mortgage Corporation (Fairway) has agreed to pay $8 million and a $1.9 million civil money penalty to resolve allegations that it engaged in a pattern or practice of lending discrimination by redlining predominantly Black neighborhoods in and around Birmingham, Alabama.

    Redlining is an illegal practice by which lenders avoid providing credit services to individuals living in communities of color because of the race, color, or national origin of residents in those communities.

    With this settlement, the Justice Department’s Combating Redlining Initiative surpassed $150 million in relief for communities of color nationwide that have experienced lending discrimination. This settlement marks the Justice Department’s 15th redlining settlement in three years. Under the Combating Redlining Initiative, the Department has secured a historic amount of relief that is expected to generate over $1 billion in investment in communities of color in places such as Houston; Memphis; Los Angeles; Philadelphia; and Birmingham.

    “This settlement, and the over $150 million in relief the Justice Department has secured for communities across the country through our Combating Redlining Initiative, will help to ensure that future generations of Americans inherit a legacy of home ownership that they too often have been denied,” said Attorney General Merrick B. Garland. “This case is a reminder that redlining is not a relic of the past, and the Justice Department will continue to work urgently to combat lending discrimination wherever it arises and to secure relief for the communities harmed by it.”

    The Justice Department and CFPB allege that Fairway illegally redlined Black neighborhoods in Birmingham, including through its marketing and sales actions, and discouraged residents of those neighborhoods from applying for mortgage loans. The settlement announced today requires Fairway to provide $7 million for a loan subsidy program to offer affordable home purchase, refinance, and home improvement loans in Birmingham’s majority-Black neighborhoods, invest an additional $1 million in programs to support that loan subsidy fund, and pay a $1.9 million civil penalty to the CFPB’s victims relief fund.

    This case is the third redlining enforcement action brought jointly by the Justice Department and the CFPB under the initiative, highlighting the strong partnership between the agencies to root out and address lending discrimination.

    “Birmingham lies at the heart of our nation’s civil rights struggle but is also a community that bears the legacy of discriminatory redlining and other exclusionary policies,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “This settlement will provide Birmingham’s Black neighborhoods with the access to credit they have long been denied and increase opportunities for homeownership and generational wealth. This settlement makes clear our intent to uproot modern-day redlining in every corner of the country, including in the deep South. With more than $150 million in total relief secured in three short years, our Combating Redlining Initiative is generating real economic opportunity for communities of color while sending a strong message to mortgage lenders, no matter their business model, that discriminatory lending will not be tolerated in America.”

    “The settlement reached with Fairway Mortgage is a win for communities of color here in Birmingham that have historically been denied access to vital economic resources,” said U.S. Attorney Prim Escalona for the Northern District of Alabama. “Our office is committed to ensuring that these communities have equal access to housing and credit resources.”

    “The CFPB and Justice Department are holding Fairway accountable for redlining Black neighborhoods,” said CFPB Director Rohit Chopra. “Fairway’s unlawful redlining discouraged families from seeking loans for homes in Birmingham’s Black neighborhoods.”

    Fairway is a non-depository mortgage company headquartered in Madison, Wisconsin. In 2022, Fairway was the nation’s fifth-largest lender by origination volume and ninth-largest by application volume. Fairway operates in the Birmingham area under the trade name MortgageBanc.

    The complaint describes how Fairway redlined majority-Black neighborhoods in the Birmingham Metropolitan Statistical Area (Birmingham MSA). During the period covered by the complaint, the Birmingham MSA included six counties in north central Alabama with a combined population of about 1.1 million. While Fairway claimed to serve the entire metropolitan area, it concentrated all its retail loan offices in majority-white areas, directed less than 3% of its direct mail advertising to consumers in majority-Black areas, and for years discouraged homeownership in majority-Black areas by generating loan applications at a rate far below its peer institutions.

    The Justice Department and CFPB allege that Fairway violated the Fair Housing Act, Equal Credit Opportunity Act, and Consumer Financial Protection Act. Specifically, the government alleges problematic conduct by Fairway including:

    • Failing to address known signs of discrimination: Fairway’s own data showed that, since at least 2017, it was failing to serve majority-Black neighborhoods in the Birmingham area, but before October 2022, it took no meaningful actions to address redlining risk. Between 2018 and 2022, only 3.7% of Fairway’s applications were for properties in majority-Black areas, compared to 12.2% for Fairway’s peer lenders. In other words, Fairway’s peer lenders generated applications for properties in majority-Black areas at over three times the rate of Fairway. This disparity was even higher in neighborhoods with 80% or more Black residents, where Fairway made loans at less than one-eighth of the rate of its peer lenders. Despite these figures, Fairway failed to adopt any written plan for marketing or growth to address the concern.
    • Redlining Black neighborhoods: From 2015 through 2022, Fairway operated three retail loan offices and three loan production desks within real estate offices in the Birmingham MSA, all of which were in majority-white areas. Fairway also relied on referrals from real estate professionals and its loan officers’ personal contacts to generate applications, and the vast majority of Fairway’s referral sources and referred consumers were located in majority-white areas. Fairway predominantly directed its marketing to majority-white areas and failed to train or incentivize its existing loan officers to better serve majority-Black areas. By taking these actions, Fairway discriminated against, and unlawfully discouraged mortgage loan applications for properties in, majority-Black neighborhoods.

    The proposed consent order, which awaits approval by the Federal District Court for the Northern District of Alabama, would require Fairway to:

    • Provide $7 million for a loan subsidy program: The order would require Fairway to offer home purchase, refinance, and home improvement loans on a more affordable basis than otherwise available in majority-Black neighborhoods in the Birmingham MSA. The program may provide lower interest rates, down payment assistance, closing cost assistance, or payment of initial mortgage insurance premiums.
    • Invest at least $1 million in redlined neighborhoods: Fairway would be required to open or acquire a new loan production office or full-service retail office in a majority-Black neighborhood in the Birmingham MSA. The company must also spend at least $500,000 on advertising and outreach, at least $250,000 on consumer financial education, and at least $250,000 on partnerships with one or more community-based or governmental organizations to serve the affected neighborhoods.
    • Pay a $1.9 million penalty: The proposed order imposes a $1.9 million civil penalty against Fairway, which would be paid into the CFPB’s Civil Penalty Fund, also referred to as the victims’ relief fund.

    Information about the Justice Department’s fair lending enforcement work can be found at www.justice.gov/fairhousing. Individuals may report lending discrimination by calling the Justice Department’s housing discrimination tip line at 1-833-591-0291 or submitting a report online.

    Consumers can submit complaints about financial products and services by visiting the CFPB’s website or by calling (855) 411-CFPB (2372).

    Employees who believe their company has violated federal consumer financial protection laws are encouraged to send information about what they know to whistleblower@cfpb.gov. To learn more about reporting potential industry misconduct, visit the CFPB’s website.

    MIL OSI USA News –

  • MIL-OSI Security: California Businessman Sentenced for Tax Evasion

    Source: United States Attorneys General

    Defendant Diverted Income from His Clothing Business and Dealt in Cash to Evade Taxes

    A California man was sentenced today to 15 months in prison for evading more than $1 million of individual and corporate income taxes owed to the IRS and California Franchise Tax Board.

    According to court documents and statements made in court, Haim Jerry Kohen owned and operated a business that bought and sold bulk quantities of used clothing. Between 2005 and 2017, Kohen evaded his taxes by, among other things, filing false individual and corporate income tax returns with federal and state taxing authorities on which he underreported income.

    He also attempted to conceal this income from the IRS by diverting it from his business to himself and by dealing in cash. Kohen collected cash payments owed to his business from a significant customer and kept the cash for himself instead of depositing it into his business’ bank account. Kohen did not report the diverted cash on either the corporate tax returns or on his individual income tax returns. Kohen continued this conduct even after he became aware that he was under criminal investigation by the IRS.

    Additionally, in November 2013, that same customer owed Kohen’s business over $648,000. Kohen and the customer executed a promissory note where the customer agreed to repay the debt to Kohen personally, and not to his business. Kohen received payments pursuant to the note in cash and did not report them on any tax return. Over the years, Kohen also loaned money to people and did not report the interest payments he received on his personal returns.

    Kohen also did not report rental income from two properties he owned in Beverly Hills and Tarzana, California. Kohen bought the Beverly Hills property in 2011 and soon thereafter deeded it to close family members. However, Kohen continued to collect the rental income for the property and exercised ownership and control over it. He also did not report the rental income he received from the Tarzana property.

    In total, Kohen caused a tax loss to the IRS and State of California of $1,471,323.

    In addition to the term of imprisonment, U.S. District Judge Stanley Blumenfeld, Jr. ordered Kohen to serve one year of supervised release, pay a fine of $95,000 and to pay $1,471,323 in restitution.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

    IRS Criminal Investigation’s International Tax and Financial Crimes group investigated the case.

    Senior Litigation Counsel Mark F. Daly and Trial Attorneys Sara E. Henderson and John C. Gerardi of the Justice Department’s Tax Division and Assistant U.S. Attorney Ranee Katzenstein for the Central District of California prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: California Businessman Sentenced for Tax Evasion

    Source: US State of Vermont

    Defendant Diverted Income from His Clothing Business and Dealt in Cash to Evade Taxes

    A California man was sentenced today to 15 months in prison for evading more than $1 million of individual and corporate income taxes owed to the IRS and California Franchise Tax Board.

    According to court documents and statements made in court, Haim Jerry Kohen owned and operated a business that bought and sold bulk quantities of used clothing. Between 2005 and 2017, Kohen evaded his taxes by, among other things, filing false individual and corporate income tax returns with federal and state taxing authorities on which he underreported income.

    He also attempted to conceal this income from the IRS by diverting it from his business to himself and by dealing in cash. Kohen collected cash payments owed to his business from a significant customer and kept the cash for himself instead of depositing it into his business’ bank account. Kohen did not report the diverted cash on either the corporate tax returns or on his individual income tax returns. Kohen continued this conduct even after he became aware that he was under criminal investigation by the IRS.

    Additionally, in November 2013, that same customer owed Kohen’s business over $648,000. Kohen and the customer executed a promissory note where the customer agreed to repay the debt to Kohen personally, and not to his business. Kohen received payments pursuant to the note in cash and did not report them on any tax return. Over the years, Kohen also loaned money to people and did not report the interest payments he received on his personal returns.

    Kohen also did not report rental income from two properties he owned in Beverly Hills and Tarzana, California. Kohen bought the Beverly Hills property in 2011 and soon thereafter deeded it to close family members. However, Kohen continued to collect the rental income for the property and exercised ownership and control over it. He also did not report the rental income he received from the Tarzana property.

    In total, Kohen caused a tax loss to the IRS and State of California of $1,471,323.

    In addition to the term of imprisonment, U.S. District Judge Stanley Blumenfeld, Jr. ordered Kohen to serve one year of supervised release, pay a fine of $95,000 and to pay $1,471,323 in restitution.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

    IRS Criminal Investigation’s International Tax and Financial Crimes group investigated the case.

    Senior Litigation Counsel Mark F. Daly and Trial Attorneys Sara E. Henderson and John C. Gerardi of the Justice Department’s Tax Division and Assistant U.S. Attorney Ranee Katzenstein for the Central District of California prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024

    Source: Government of India

    Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024

    Union Finance Minister to attend Annual Meetings of the IMF-World Bank

    FM will also take part in  G20 Finance Ministers & Central Bank Governors meetings besides bilateral meetings with many countries and organisations

    Smt. Sitharaman will engage in multilateral discussions on multiple fora and also showcase India’s attractiveness as an investment destination

    Posted On: 15 OCT 2024 5:38PM by PIB Delhi

    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on a visit to Mexico and USA on an official visit beginning 16th October, 2024.

    During the official leg of her maiden visit to Mexico from 17th to 20th October 2024, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance, underscoring a positive trajectory of growing bilateral economic and trade relations between the two countries.

    Beginning her visit in Guadalajara, Union Finance Minister Smt. Sitharaman will chair the Tech Leaders Roundtable that will bring together global technology leaders, including the major Indian IT giants present in Guadalajara. Later, Smt. Sitharaman will also visit the TCS headquarters in Guadalajara — a significant contributor to the Mexican IT ecosystem and known as the ‘Silicon Valley’ of Mexico with a significant presence of major global IT and tech companies. 

    Smt. Sitharaman will also hold a bilateral meeting with her counterpart H.E. Mr. Rogelio Ramirez de la O, Minister of Finance and Public Credit of Mexico. Besides, the Union Finance Minister will also hold discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.

    In Mexico City, Smt. Sitharaman will deliver a keynote address at the India-Mexico Trade and Investment Summit with participation from key industry captains from both the countries. Separately, Smt. Sitharaman will also engage with leading business figures and industry representatives from Mexico. These meetings with leading business leaders and investors are aimed at highlighting India’s policy priorities, and deliberate on measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.

    In the last leg of her maiden visit to Mexico, the Union Finance Minister will participate in a community event, being hosted by the Indian diaspora.

    During the official leg of her visit to the USA from 20th to 26th Oct. 2024, Smt. Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable.

    In the course of her two-city visit to New York City and Washington D.C., the Union Finance Minister will participate in the Pension Funds Roundtable at New York Stock Exchange; interact with students and faculty at the Wharton School, University of Pennsylvania, and also at the Columbia University; and the Global Sovereign Debt Roundtable (GSDR) and take part in discussions organised by the Coalition for Disaster Resilient Infrastructure (CDRI) and Centre for Strategic and International Studies (CSIS) respectively.

    The Union Finance Minister will take part in bilateral meetings with several countries, including United Kingdom, Switzerland, and Germany, besides holding one-on-one meetings with heads of World Bank (WB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and CEOs of banking and financial institutions.

    In a high-level event, the Union Finance Minister will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.

    The Union Finance Minister will also share her thoughts during a discussion on Bretton Woods Institutions (BWI) with other panelists, Mr. Lawrence H. Summers; Mr. Carlos Cuerpo, Minister of Economy, Trade and Business, Spain; and Ms. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Egypt. The event is organised by the Centre for Global Development (CGD).

    ****

    NB/KMN

    (Release ID: 2065036) Visitor Counter : 100

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Department of Administrative Reforms and Public Grievances (DARPG) releases the 29th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments Performance for the Month of September, 2024

    Source: Government of India (2)

    Department of Administrative Reforms and Public Grievances (DARPG) releases the 29th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments Performance for the Month of September, 2024

    Total of 1,24,879 Grievances Redressed by Central Ministries/Departments in September, 2024

    For the 27th month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

    Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts topped in Group A category in the rankings released for the month of September, 2024

    Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities topped in Group B category in the rankings released for the month of September, 2024

    Posted On: 15 OCT 2024 7:59PM by PIB Delhi

    The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for September, 2024, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 29th report on Central Ministries/Departments published by DARPG.

    The progress for September, 2024 indicates 1,24,879 Grievances Redressed by Central Ministries/Departments. The Average Grievance Disposal Time in the Central Ministries/Departments from 1st January to 30th September, 2024 is 13 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

    The report provides the data for new users registered through the CPGRAMS Portal in the month of September, 2024. A total of 50,393 new users registered in the month of September, 2024, with maximum registrations from Uttar Pradesh (8,281) registrations.

    The said report also provides the Ministry/Department-wise analysis on the grievances registered through Common Service Centres in September, 2024. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 8,017 grievances were registered through CSCs in the month of September, 2024. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

    In September, 2024, the Feedback Call Centre collected 84,224 feedbacks. Out of the total feedbacks collected, around 48% citizens expressed satisfaction with the resolution provided to their respective grievances. In September, 2024, 50,737 feedbacks were collected for Central Ministries/Departments by the Feedback Call Centre, out of which around 54% citizens expressed satisfaction with the resolution provided. The performance of Ministries/Departments in the last 9 months, with respect to the satisfaction percentage of citizens is also present in the said report.

    The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for September, 2024 for Central Ministries/ Departments:

    1. Public Grievance Cases:
    • In September 2024, 1,15,813 PG cases were received on the CPGRAMS portal, 1,24,879 PG cases were redressed and there exists a pendency of 61,499 PG cases, as of 30th September, 2024.
    1. Public Grievance Appeals:
    • In September, 2024, 19,876 appeals were received and 21,044 appeals were disposed
    • The Central Secretariat has a pendency of 23,016 PG Appeals at the end of September, 2024
    1. Grievance Redressal Assessment and Index (GRAI) – September, 2024
    • Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) for September, 2024
    • Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities are amongst the top performers in the Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) for September, 2024.

    The report also features 3 success stories of effective grievance resolution from Central Ministries/Departments:

     

    1. Grievance of Shri Biswa Ranjan Samal – TDS Rectification and Demand Clearance

    Shri Biswa Ranjan Samal filed his income tax return on time for the FY 2009-10. However, due to a delay by the Secretariat Administration Department, Assam Secretariat Civil, his TDS of ₹1,50,000 was not reflected in Form 26AS. After rigorous follow-ups, the TDS return was finally updated and reflected in his Form 26AS. Despite this, the citizen’s request to the IT department for reprocessing, so that the demand could be squared off, was not addressed. As a result, the concerned citizen filed a CPGRAMS grievance.

    Within 16 days of filing the grievance, the JAO passed a rectification order under Section 154 for AY 2010-11, reducing the demand to nil.

    1. Grievance of Shri. Vivek Singh – Account Freeze Due to Suspicious Transactions

    Shri. Vivek, a small business owner, raised a grievance regarding the freezing of his Bank of Baroda account after making multiple transactions. The Bank froze his account due to the cyber fraud flagged against his account. Despite explaining the situation to the bank and undergoing verification (CPV), his account remained frozen and no concrete action was taken.

    Concerned, he filed a CPGRAMS and within 8 days of filing the grievance, post due diligence by the bank, the account freeze was lifted.

     

    1. Grievance of Shri. Anurag Jain – Pending Payment for Contract GEMC-511************

    The complainant, Anurag Jain reported a pending payment of ₹21,000 for contract GEMC-511687741711265, where materials were delivered on time and the CRAC was generated on 24/06/2023. Despite several reminders to the ordering officer, payment was not received within the stipulated 21 days as per GEM policy.

    Concerned, the citizen filed a CPGRAMS and as a result, the outstanding payment along with the interest was released to the citizen.

    *****

    NKR/DK/AG

    (Release ID: 2065116) Visitor Counter : 32

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CBDT issues Frequently Asked Questions (FAQs) on Direct Tax Vivad Se Vishwas Scheme, 2024, to provide clarity

    Source: Government of India (2)

    Posted On: 15 OCT 2024 7:56PM by PIB Delhi

    In order to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, the Central Board of Direct Taxes (CBDT) has today issued a Guidance Note in the form of Frequently Asked Questions (FAQs). This note is designed to provide clarity and assist taxpayers in better understanding the provisions of the Scheme.

    The Guidance Note can be accessed on the Income Tax Department’s official portal at https://incometaxindia.gov.in/news/circular-12-2024.pdf.

    The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes. The scheme was enacted through the Finance (No. 2) Act, 2024. Additionally, the corresponding Rules and Forms for implementing the Scheme were notified on September 20, 2024.

    For detailed provisions of the DTVSV Scheme, 2024, sections 88 to 99 of the Finance (No. 2) Act, 2024, may be referred along with the Direct Tax Vivad Se Vishwas Rules, 2024.

    ****

    NB/KMN

    (Release ID: 2065115) Visitor Counter : 77

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: ‘Change the planet, change everything’

    Source: European Investment Bank

    A more recent European Investment Bank deal is the €200 million loan in 2023 to the logistics company CTP to cover its buildings’ rooftops with solar panels.

    This firm has 11 million square metres of rooftops in the Czech Republic, Slovakia, Hungary, Romania and the Netherlands. CTP hopes to create as much as 400 MWp of capacity by the end of 2026. MWp stands for “megawatt peak,” a measure of the output of power from sunshine. CTP estimates it could generate up to 10% of its profits from solar panels, if the company sells the electricity created from installations on the roofs of all its factories and fulfilment centres.

    “Solar panels on rooftops do not use farmland,” says David González García, a lead engineer at the European Investment Bank. “This project creates a new use on top of something that’s already useful.”

    For sheer size, it’s hard to beat the deal the European Investment Bank approved in 2023 with Solaria, the Spanish solar company. It’s €1.7 billion, to build more than 100 solar power plants in Spain, Italy and Portugal. The plants will be built over the next few years and produce an estimated 9.29 terawatt hours a year.

    And even though Solaria’s parks won’t sit on rooftops like those of CTP, they won’t eat up all the land that could otherwise be used for farming. Solaria and other installation companies are developing parks that use unobtrusive cabling and mounting systems that sit higher off the ground to let livestock graze safely. This is important for countries like Italy, which has a lot of sun but whose state laws protect arable land.

    “We have to evolve our types of solar installations and our locations to keep growing,” says Lopez, the Solaria general manager. “We have been very successful in Spain and Portugal, but we need to find ways to go to new places. We think Europe is the place to be because it has big goals for green power.”

    Hemetsberger of SolarPower Europe encourages developers to promote “agri-solar” farming. Using 1% of arable land for solar parks in Europe would generate 900 gigawatts of electricity, while allowing farmers to use the same land, she says. The solar parks also can protect crops by shielding them from the harsh sun, reduce water evaporation, and give farmers an extra income.

    MIL OSI Europe News –

  • MIL-OSI: Ring Energy to Participate in Water Tower Research Fireside Chat on October 16

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, Oct. 15, 2024 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced its participation in a fireside chat with Water Tower Research (“WTR”) on Wednesday, October 16, 2024 at 10:00 AM Central Time.

    As part of WTR’s ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead an in-depth conversation with Paul McKinney, Ring’s Chairman and Chief Executive Officer. Included in the discussion will be a variety of important topics including capital allocation optionality provided by organic development opportunities, the results to date of the Company’s 2024 drilling program, the current state and expected mergers and acquisitions landscape, and Ring‘s outlook for continued debt reduction.

    Investors and other interested parties can access the event by registering in advance at https://us06web.zoom.us/webinar/register/WN_r6h1Z4mgQpSbWLOqigwQKQ. The presentation will also be available through Ring’s web site, http://www.ringenergy.com on the “Overview” page under the “Investors” tab.

    About Ring Energy, Inc.
    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit http://www.ringenergy.com.

    SAFE HARBOR STATEMENT

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2022, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements.

    Contact Information

    Al Petrie Advisors

    Al Petrie, Senior Partner

    Phone: 281-975-2146

    Email: apetrie@ringenergy.com

    The MIL Network –

  • MIL-OSI: Gabelli Funds and Columbia Business School to Host 6th Annual Healthcare Symposium

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Oct. 15, 2024 (GLOBE NEWSWIRE) — Gabelli Funds, LLC will host the 6th Annual Healthcare Symposium with Columbia Business School at the Paley Center on Friday, November 15th, 2024. This half-day symposium will bring together leading healthcare executives and physicians to discuss current and future trends in the industry. Topics include the future of robotic surgery, data interoperability, and new treatments for atrial fibrillation.

    Agenda

    8:15am Breakfast
       
    8:45 Opening Remarks
       
    9:00 Panel 1: Unlocking the Potential of Surgical Robotics
      Jeff Jonas, Gretchen Jackson, Mike Marinaro, Martin Martino
       
    10:00 Break
       
    10:10 Panel 2: Interoperability, Digital Transformation and Enhancing Patient Care
      Daniel Barasa, Michael Bouton, Sara Dillon, Nick Frenzer, Josh Weiner
       
    11:10 Break
       
    11:20 Panel 3: Advances in Atrial Fibrillation Technology and Treatment
      Carri Chan, Joe Fitzgerald, Bob Hopkins, Ashley McEvoy, Elaine Wan
       
    12:20 Closing Remarks
       

    Paley Center, New York City, New York
    Friday, November 15th, 2024

    Registration Link: CLICK HERE

    For general inquiries contact:
    Miles McQuillen, AVP Private Wealth Management, MMcQuillen@gabelli.com, 914-921-5112

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.

    Contact: Jeff Jonas
    Portfolio Manager
    (914) 921-5072

    The MIL Network –

  • MIL-OSI: River Valley Community Bancorp Announces 3rd Quarter Results (Unaudited)

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended September 30, 2024. The full earnings release can be found on the Bank’s Investor Relations website at Investor Relations – River Valley Community Bank.

    The Bank remains highly rated with BauerFinancial, and Depositaccounts.com and serves its customer base through its offices located at:

    • 1629 Colusa Avenue, Yuba City, CA
    • 580 Brunswick Rd, Grass Valley, CA
    • 905 Lincoln Way, Auburn, CA
    • 904 B Street, Marysville, CA
    • 401 Ryland Street, Ste. 205, Reno, NV (Loan Production Office)
    • 1508 Eureka Rd., Ste. 100, Roseville, CA (Loan Production Office)

    The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at http://www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.

    The MIL Network –

  • MIL-OSI: LanzaTech Announces Date for Third-Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 15, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced that it will issue its third-quarter 2024 financial results before financial markets in the United States open on Friday, November 8, 2024. A conference call will be held that same day at 8:30 a.m. Eastern Time to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session.

    The conference call may be accessed via a live webcast on a listen-only basis through the Events and Presentations section of LanzaTech’s Investor Relations website. An archive of the webcast will be available for twelve months.

    To attend the live conference call via telephone, domestic callers can access by dialing 1-800-274-8461 and international callers can access by dialing 1-203-518-9814, and using the conference identification code: LANZA.

    A replay of the conference call will be available shortly after the call ends and can be accessed by domestic callers by dialing 1-844-512-2921 and by international callers by dialing 1-412-317-6671, and entering the access identification code: 11157335. The replay will be available until 11:59 pm Eastern Time November 22, 2024.

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Contacts

    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network –