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  • MIL-OSI USA: FACT SHEET: Hurricane Helene Recovery Continues as Biden-⁠ Harris Administration Prepares for Hurricane  Milton

    US Senate News:

    Source: The White House
    The Biden-Harris Administration continues to both make urgent and life-saving preparations for Hurricane Milton and carry out response and recovery efforts for communities impacted by Hurricane Helene.
    Today, President Biden and Vice President Harris received a briefing from members of their Administration about updates on the latest forecast for Hurricane Milton, expected impacts for the State of Florida, and the robust pre-landfall preparations underway. They also received an update on the ongoing response to the impacts of Hurricane Helene across the Southeast and Appalachia. President Biden will address the Nation tonight regarding Hurricane Milton.
    President Biden has spoken to Florida Governor Ron DeSantis, Tampa Mayor Jane Castor, Clearwater Mayor Bruce Rector, and Pinellas County Chairwoman Kathleen Peters to get firsthand reports on recovery efforts for Hurricane Helene and to discuss preparations for Hurricane Milton. The President told each of the officials to call him directly if they need additional assistance on response and recovery efforts.
    More than 8,000 Federal personnel are on the ground across the Southeast, including in Florida, to continue Hurricane Helene recovery efforts and respond to the impacts of Hurricane Milton.
    At the direction of President Biden, FEMA Administrator Deanne Criswell will travel to Florida tonight to join the personnel on the ground and ensure every Floridian gets the help they need when this storm passes.
    Additional updates on our efforts for Hurricanes Milton and Helene include:
    Hurricane Milton Pre-Landfall Preparations
    Pre-Landfall Outreach and Emergency Declarations
    President Biden granted pre-landfall emergency declarations for the State of Florida and the Seminole Tribe of Florida for Hurricane Milton, enabling FEMA to provide direct assistance to the state, local and Tribal response, preposition supplies and response assets and mobilize hundreds of personnel in the state, many of whom were already in place supporting the Hurricane Helene response.
    The White House has been in contact with more than 60 Florida officials from all 51 counties that fall under the pre-landfall Emergency Declaration approved by President Biden. We remain in close communication with officials in the 16 cities and counties that will likely be in the direct path of the storm.
    Surging Resources and Personnel to Florida
    FEMA has over 1,000 responders on the ground in Florida supporting Hurricane Milton preparations and recovery efforts from previous disasters. There are over 1,400 search and rescue personnel pre-staged to support Hurricane Milton response efforts.
    The U.S. Coast Guard has 1,300 personnel stationed in Florida ready to immediately assist with life-saving and life sustaining search and rescue operations throughout the State. The Coast Guard also has personnel ready who will work directly with the U.S. Army Corps of engineers to assess and open the critical lifeline of the Port of Tampa as quickly as possible to ensure necessary supplies and fuel can start to flow into the impacted areas again.
    The State of Florida has activated over 6,000 members of the National Guard and expects to bring on an additional 3,000 National Guard members from Florida and other States to support State response activities.
    The Federal government has pre-positioned resources to support local and state response efforts ahead of Hurricane Milton. FEMA pre-staged seven FEMA Incident Management Assistance Teams, eight federal Urban Search & Rescue and swift water rescue teams, three U.S. Coast Guard Swift Water Rescue teams, 10 HealthCare System Assessment Teams, two U.S Army Corps of Engineers temporary power teams, debris experts, Environmental Protection Agency wastewater experts, over 500 ambulances, 20 helicopters prepared to support media requirements following landfall, and 60 High Water Vehicles with ladders from the Department of Defense.
    Additionally, FEMA has five incident staging bases with commodities including food and water. Right now, FEMA has 20 million meals and 40 million liters of water ready to deploy to address ongoing Helene and Milton response efforts with capacity to expand as needed.
    The Department of Defense is ready to support air search-and-rescue efforts, support urban search-and-rescue teams, provide helicopters to move personnel and equipment, and provide high water vehicles. The U.S. Army Corps of Engineers is staged across the area of impact and is prepared to support debris management, assessments of infrastructure and water/wastewater facilities, temporary power installations, and flood/water mitigation efforts.
    Additional Efforts to Support Pre-Landfall Preparations and Protect Communities
    The National Oceanic and Atmospheric Administration (NOAA) is leveraging state-of-the-art technology to keep communities safe throughout the southeast. NOAA’s fleet of “Hurricane Hunter” aircraft gather vital data to help improve track and intensity forecasts, supporting the 24-7 work of the National Weather Service (NWS). NWS provides the real-time, accurate information that assists local meteorologists and emergency operations leaders protect their communities and combat weather misinformation. Additionally, data from reconnaissance planes and drones used to survey damage following Hurricane Helene’s landfall will help us better prepare for post-Milton recovery operations.
    The Department of Energy’s Energy Response Organization remains activated to respond to storm impacts. Via the Electricity Sub-Sector Coordinating Council and Oil and Natural Gas Sub-Sector Coordinating Council, the Department has been coordinating continuously with energy sector partners on both the ongoing Hurricane Helene response and potential impacts from Hurricane Milton.
    The Department of Housing and Urban Development (HUD) has notified local public housing authorities and owners of its assisted multifamily and heath care properties within the State of Florida to immediately implement all appropriate safety protocols for residents and workers. HUD is committed to ensuring that residents of its assisted homes and properties receive critical information that can save lives during extreme weather events. HUD is also conducting outreach and communications on the programmatic flexibilities and waivers that can be utilized to assist communities and survivors. Additionally, HUD is working with communities, shelter operators and homelessness services providers to prepare and support them—in collaboration with FEMA and disaster assistance organizations such as the Red Cross—as they provide life-saving assistance before and after the storm.
    The Department of Health and Human Services’ Administration for Strategic Preparedness and Response (ASPR) is assessing potential critical supply chain disruptions following Hurricane Helene’s impact on the IV solution supply chain. ASPR is coordinating with B Braun, an IV solution manufacturer with a facility in Daytona Beach, Florida, to move their product out of the path of the storm and facilitate other activities that will mitigate potential impacts on future distribution. ASPR and HHS partners are committed to continue working with public and private partners to support the supply chain as facilities address return to full operational capacity. ASPR is encouraging manufacturers, wholesalers, and distributors to evaluate product allocation and healthcare providers to implement product conservation strategies to maximize available supply. ASPR is in communication with stakeholders to reduce disruption and facilitate product allocation.
    Protecting Impacts to Power and Travel Infrastructure
    The Department of Transportation is deploying a Federal Aviation Administration (FAA) Air Traffic Field Incident Response team to Florida and pre-staging operations in Jacksonville to support any impacted towers and airports. The team will work with the State and local authorities and the Department of Defense within the established Emergency Operations Center. The Department of Transportation is also deploying the FAA Communication Support Team (CST), which plays a critical role in restoring communications at impacted air traffic management facilities. Specifically, the CST will set up Starlink and Mobile Phone Bonding kits, which increase signal stability and data throughout the region. The FAA Air Traffic Organization Technical Operations Team is on-site and leading the restoration efforts for communications at air traffic facilities. The FAA is placing aircraft on standby to transport personnel from various agencies, mobilize resources, and support damage assessments to infrastructure.
    The FAA granted permission to the utility Florida Power & Light to use large Teros drones to assist with damage assessments and power restoration after Milton passes. These 1,800-pound drones can fly in harsh conditions and operate in winds up to 70 mph before crewed aircraft are able to fly.
    The Department of Transportation’s Federal Highway Administration is coordinating with the Florida Department of Transportation (FDOT) and is prepared to rapidly process Emergency Relief (ER) funding requests from FDOT. The ER program helps pay for long-term, permanent repairs, and other immediate emergency repairs, such as protecting remaining facilities and restoring essential traffic. It reimburses State, local, federal, Tribal, and territorial governments for eligible expenses associated with damage from natural disasters or other emergency situations based on their requests.
    Hurricane Helene Response and Recovery
    The Department of Defense continues to support search-and-rescue operations, route clearance, and commodities distribution across western North Carolina with 1,500 active-duty troops. The Department of Defense is also employing additional capabilities to assist with increasing situational awareness across the remote terrain of Western North Carolina. The Army Corps of Engineers continues missions supporting temporary emergency power installations, infrastructure assessments, and debris management oversight.
    Mobilizing Financial Assistance and Surging Additional Personnel and Resources
    Over $344 million in assistance has been provided to Hurricane Helene survivors. President Biden approved a 100 percent Federal cost-share for Florida, Georgia, North Carolina, South Carolina and Tennessee to assist in those States’ response efforts. In North Carolina alone, FEMA has approved over $60 million in aid for more than 51,000 households.
    FEMA personnel and other Federal partners, including FEMA’s Surge Capacity Force, remain on the ground supporting impacted communities, with over 17.2 million meals and 13.9 million liters of water delivered and ensuring information is accessible, including resources in preferred languages and ASL.
    Over the course of the last two weeks, 1,000 Urban Search and Rescue personnel have assisted over 3,200 survivors. FEMA Disaster Survivor Assistance Teams are on the ground in neighborhoods in all Helene-affected States helping survivors apply for assistance and connecting them with additional State, local, Federal and voluntary agency resources.
    Supporting Infrastructure Recovery
    The U.S. Department of Transportation’s Federal Highway Administration announced over $130 million in Quick Release Emergency Relief funding to support North Carolina, South Carolina, and Tennessee. The funding represents a down payment to address the immediate needs to restore vital transportation systems in these states. Additional funding will flow to affected communities from the Emergency Relief program.
    The Federal Aviation Administration (FAA) worked with partners to ensure the national airspace returned to steady state operations and all airports across impacted states reopened. The FAA’s Security and Hazardous Materials Safety Communication Support Team was deployed to restore communications to impacted airports, including delivering satellite communications kits to the Asheville Regional Airport in North Carolina and ongoing work at Valdosta Regional Airport in Georgia. The FAA Air Traffic Organization Technical Operations Team is on-site and leading communications restoration efforts at air traffic facilities. FAA also supported FEMA with two aircrafts to conduct flyover assessments and transport emergency personnel and gear, such as satellite communications kits.
    Additionally, the Federal Motor Carrier Safety Administration issued Regional Emergency Declarations for Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. This Declaration affords emergency regulatory relief from Federal Motor Carrier Safety regulations, including maximum driving time for property- and passenger-carrying vehicles from the date of declaration. This allows truck drivers to get essential supplies to affected areas. The FMCSA Regional Declaration eliminates the need for each individual state to request a 14-day extension and allows FMCSA the ability to manage one declaration that includes all eight states and does not expire until October 27.
    NOAA continues to support post-disaster imagery flights following Hurricane Helene, already totaling over 68 flight hours during 20 flights, including over western North Carolina. NOAA is currently repositioning to support Florida and the impacts of Hurricane Milton. NOAA’s aerial imagery captures damage to coastal areas caused by a storm and aids safe navigation. Aerial imagery is a crucial tool to determine the extent of the damage from flooding, and to compare baseline coastal areas to assess the damage to major ports and waterways, coastlines, critical infrastructure, and coastal communities. This imagery not only supports FEMA and the broader response community, but the public at large.
    Supporting Students and Student Loan Borrowers
    The U.S. Department of Education is lifting up a series of resources for students, families, and borrowers impacted by these hurricanes. These resources include guidance, in person support, technical assistance, and peer-to-peer connections for state and local leaders; resources for recovery needs such as mental health support for students and educators; flexibilities to help institutions of higher education continue to manage the Federal financial aid programs; and automatically enrolling affected borrowers with missed payments into a natural disaster forbearance. Thanks to regulations issued by the Biden-Harris Administration, this forbearance will count toward Public Service Loan Forgiveness (PSLF) and income-driven repayment forgiveness.
    Providing Financial Flexibilities to Homeowners and Taxpayers
    The Department of Housing and Urban Development is providing a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA) as well as foreclosures of mortgages to Native American borrowers guaranteed under the Section 184 Indian Home Loan Guarantee program. The moratorium and extension are effective as of the President’s disaster declaration date in each state. When homes are destroyed or damaged to an extent that reconstruction or complete replacement is necessary, HUD’s Section 203(h) program provides FHA insurance to disaster victims. Borrowers from participating FHA approved lenders are eligible for 100 percent financing including closing costs. HUD’s Section 203(k) loan program enables individuals to finance the purchase or refinance of a house, along with its repair, through a single mortgage. Homeowners can also finance the rehabilitation of their existing homes if damaged. FHA is coordinating and collaborating with the Federal Housing Finance Agency, Department of Veterans Affairs and the Department of Agriculture to ensure consistent messaging and policies for single family loans regarding foreclosure moratoriums and repayment/arrearage agreements. Additionally, affected homeowners that have mortgages through Government-Sponsored Enterprises – including Fannie Mae and Freddie Mac – and the FHA are eligible to suspend their mortgage payments through a forbearance plan for up to 12 months.
    The Internal Revenue Service announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. In addition, the Internal Revenue Service is providing more than 1,000 employees to help with FEMA disaster relief call lines and intake initial information to help disaster victims get federal relief. IRS Criminal Investigation agents are also on the ground in devastated areas to help with search and rescue efforts and other relief work – including assisting with door-to-door search efforts.
    Protecting Public Health
    The U.S. Department of Health and Human Services activated the Emergency Prescription Assistance Program for North Carolina to aid uninsured residents in replacing prescription medicines or certain medical equipment lost or damaged in Hurricane Helene.
    The U.S. Environmental Protection Agency is working closely with state and local officials to restore drinking water service in North Carolina and across the Southeast as well as provide assistance in debris and hazardous waste clean-up efforts.
    Supporting Workers and Worker Safety
    The U.S. Department of Labor announced initial emergency grant funding to Florida to support disaster-relief jobs and training services to help respond to Hurricane Helene. Additional grant funding for North Carolina is forthcoming. The National Dislocated Worker Grant – supported by the Workforce Innovation and Opportunity Act of 2014 – allows the Florida Department of Commerce to provide people with temporary disaster-relief jobs and the delivery of humanitarian assistance to address immediate, basic needs for those displaced by Hurricane Helene. The funding also enables the state to provide training and services to individuals in the affected communities.
    Working alongside the Department of Labor, the States of Florida, North Carolina, South Carolina, and Tennessee have all announced that eligible workers can receive federal Disaster Unemployment Assistance to compensate for income lost directly resulting from Hurricane Helene. And, through the Department of Labor’s innovative partnership with the U.S. Postal Service, displaced workers from North Carolina and South Carolina can now go to the post office in any other state and verify their ID for purposes of getting their benefits quickly.
    The Department of Labor is also working alongside on-the-ground personnel providing disaster relief, recovery, and rebuilding to prevent additional workplace disasters. This includes producing a worker safety training resource for resilience workers in Florida who are continuing to clear debris, rebuild infrastructure, and prepare for Hurricane Milton. This also includes activating the Wage and Hours Division Natural Disaster outreach, education and strategic enforcement program to provide employers and workers with the information they need to ensure everyone is paid correctly under the law.

    MIL OSI USA News –

  • MIL-OSI USA: Boozman, Cramer, Capito and Colleagues File Bicameral Amicus Brief to Overturn FHWA’s Unlawful Emissions Rule

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON – U.S. Senators John Boozman (R-AR), Kevin Cramer (R-ND) and Committee on Environment and Public Works Ranking Member Shelley Moore Capito (R-WV) led 27 of their colleagues in filing a bicameral amicus brief in the U.S. Court of Appeals for the Sixth Circuit opposing a final rule from the Federal Highway Administration (FHWA) that requires state departments of transportation and metropolitan planning organizations to measure greenhouse gas (GHG) emissions on the highway system and set declining targets for those GHG emissions. The brief requests that the Court uphold the April 2024, U.S. District Court decision finding that Congress did not grant the FHWA the authority to issue the rule.

    The brief argues Congress explicitly debated providing the FHWA the necessary authority to issue this rule, but decided against doing so in the Infrastructure Investment and Jobs Act. The FHWA then intentionally misconstrued congressional intent and used unrelated statutory authorities to attempt to justify issuing its GHG performance measure rule. The lawmakers also contend the rulemaking is inconsistent with recent Supreme Court decisions paring back executive branch overreach, and that FHWA is ignoring principles of federalism at the expense of state governments to further its own policy agenda.

    “Congress considered, and ultimately rejected, providing [FHWA] with the authority to issue a GHG performance measure regulation, but [FHWA] contorted ancillary existing authorities to impose one anyway,” the members argued. “In doing so, [FHWA] impermissibly usurped the Legislative Branch’s authority and promulgated the GHG performance measure without statutory authority delegated by Congress.” 

    “Put simply, when [FHWA] established a GHG performance measure regulation, it exceeded the powers Congress authorized. And it did so both at the expense of separation of powers and in violation of the Administrative Procedure Act,” the members continued. 

    Senate Republican Leader Mitch McConnell (R-KY) and Senators John Barrasso (R-WY), Mike Braun (R-IN), Katie Britt (R-AL), Ted Cruz (R-TX), Mike Crapo (R-ID), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Cynthia Lummis (R-WY), Roger Marshall, M.D. (R-KS), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Marco Rubio (R-FL), Rick Scott (R-FL), Tim Scott (R-SC), Dan Sullivan (R-AK), John Thune (R-SD), Tommy Tuberville (R-AL) and Roger Wicker (R-MS) – as well as U.S. Representatives Sam Graves (R-MO-06), Chairman of the Transportation and Infrastructure Committee, and Rick Crawford (R-AR-01), Chairman of the Highways and Transit Subcommittee – also cosigned the brief. 

    Full text of the amicus brief is available here.

    Background:

    Shortly after the rule was finalized, 21 state attorneys general, including Arkansas, filed litigation challenging the regulation. The U.S. District Court found the Biden administration rule to be illegal, but FHWA appealed the decision to the Sixth Circuit Court of Appeals and it remains under further consideration. 

    In April of this year, the U.S. Senate approved a Congressional Review Act (CRA) joint resolution of disapproval overturning the rule by a vote of 53-47. The bipartisan measure was led by Cramer and cosponsored by Boozman, Ranking Member Capito and dozens of their colleagues.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: More than £14 million in joint government and industry funding to boost innovation and working conditions in freight

    Source: United Kingdom – Government Statements

    Funding will provide more parking for HGVs, better conditions for lorry drivers and support UK businesses to take advantage of the latest technology.

    • lorry drivers will enjoy better rest areas, more parking and improved security thanks to over £12 million in joint government and industry funding
    • funding comes as nearly £2 million also announced to drive innovation and decarbonise freight
    • investment will help strengthen the UK supply chain, support jobs, and get the UK back on track to growth

    More green e-cargo bikes will deliver parcels to people’s doorsteps and better truckstops will help relieve local congestion, thanks to a £14 million boost from both government and industry to drive innovation in freight and improve working conditions. 

    Today (10 October 2024), Future of Roads Minister Lilian Greenwood revealed the 23 successful applicants of up to £4.5 million from the government to improve truckstops and working conditions for lorry drivers.  

    From Immingham Lorry Park in Lincolnshire to Embassy Truck Park in Kent, the upgrades include 430 new lorry parking spaces to relieve local congestion by helping reduce the number of large trucks parking in town centres or on the side of the road. 

    The investment will also help build better dining, changing and rest facilities, as well as new CCTV and secure fencing to boost welfare and security for lorry drivers.  

    The funding is from the third year of the HGV parking and driver welfare grant scheme, which will come in addition to £8 million from industry, for a total funding boost of £12.5 million to improve truckstops.

    See the winning bids for round 3 of the HGV parking and driver welfare grant scheme.

    This investment comes on top of £1.8 million from the government for 10 small and medium enterprises (SMEs) to trial new groundbreaking technology for decarbonising freight and driving innovation in the sector. 

    Examples of groundbreaking ideas that will become reality include TUAL working with Wincanton to trial high performance powerbanks for electric lorries, and Innervated Vehicle Engineering working in partnership with Asda to retrofit hydrogen power to small delivery vans.

    This funding is the third tranche of the department’s Freight Innovation Fund Accelerator Programme, a £7 million government investment across 3 years to support the freight sector in deploying AI and automation to improve the way trains, lorries, vans, and ships carry parcels and goods. 

    See the winning projects for the third round of the Freight Innovation Fund.

    Today’s measures will help the government achieve its core mission of getting the country back on track for growth. They will improve working conditions for lorry drivers while pioneering innovation and sustainability across freight to strengthen the UK’s supply chain and support jobs across the country.  

    The announcement comes ahead of the International Investment Summit which will gather UK leaders, high-profile investors and businesses from across the world to discuss how we can deepen our partnership to drive investment and growth.

    Future of Roads Minister, Lilian Greenwood, said: 

    Freight is a crucial engine of our economy and it is only right we do all we can to improve working conditions, pioneer innovation and drive sustainability across the industry. 

    Our funding, combined with investment from the industry, will ensure lorry drivers can enjoy safer parking, a proper rest and a warm meal, while supporting UK businesses to harvest the best of technology to move freight faster, decarbonise our supply chain, and grow the economy for all.

    Today’s £12.5 million for truckstops follows £31 million in previous joint government and industry funding as part of earlier application windows.  

    Together with National Highways Lorry Parking Facilities Improvements Scheme, this takes the total joint investment from the department and the sector to improve lorry roadside facilities to up to £64 million. 

    The funding will be spread across England to ensure all lorry drivers in the country can benefit from better roadside facilities and better working conditions, while supporting local jobs and economic growth. 

    Director of Policy and Public Affairs at the Road Haulage Association, Declan Pang, said:

    We are delighted to see funding allocated to drive improvements to standards and capacity at lorry parks and truck stops across England.

    The grant scheme continues to be a very welcome commitment from government and the industry to bring about much-needed improvements for lorry drivers who are a vital workforce in keeping the country’s supply chains moving. We look forward to seeing the impact of these investments in improving conditions and driver welfare.

    The Freight Innovation Fund is providing highly successful in fostering industry investment, as UK businesses from the first year of the fund have so far raised £97 million in additional capital to fund their innovative projects. 

    Delivered by Connected Places Catapult, the Freight Innovation Fund will give SMEs access to technical and business support from the organisation to develop new groundbreaking projects. 

    Chief Executive Officer at Connected Places Catapult, Erika Lewis, said:

    Building on the success of the Freight Innovation Fund to date, I’m very pleased to welcome a third cohort of high potential innovators onto the Accelerator.

    This programme gives bespoke support to SMEs, working hand-in-hand with industry as they trial their solutions in real-world environments. By supporting new ideas in freight, we are helping to unlock the sector’s potential to be greener and more efficient.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New scheme to attract investment in renewable energy storage

    Source: United Kingdom – Government Statements

    Long Duration Electricity Storage investment support scheme will boost investor confidence and unlock billions in funding for vital projects

    • Government will unlock investment opportunities in vital renewable energy storage technologies to strengthen energy independence, create jobs and help make Britain a clean energy superpower. 

    • New scheme will remove barriers which have prevented the building of new storage capacity for nearly 40 years, helping to create back up renewable energy. 

    • Increasing long duration storage capacity could lead to billions in system savings, helping reduce bills.

    The UK is a step closer to energy independence as the government launches a new scheme to help build energy storage infrastructure. 

    This could see the first significant long duration energy storage (LDES) facilities in nearly four decades, helping to create back up renewable power and bolster the UK’s energy security. 

    These technologies work like giant batteries by storing renewable energy and releasing it onto the grid and into homes when needed. This includes pumped storage hydro, which stores electricity by pumping water up a reservoir, to be released later. 

    By having a steady supply of clean, home-grown energy, these projects would strengthen the UK’s energy independence, and protect consumers from volatile global gas markets. 

    However, barriers including high upfront costs – despite low operating costs – have held back investment in this critical infrastructure.  

    The investment support scheme announced today will boost investor confidence and unlock billions in funding for vital projects which will help create thousands of jobs and deliver clean power as the country accelerates to net zero.   

    This comes days before the government’s set-piece International Investment Summit which is poised to put the UK back at the global table – kickstarting a decade of economic renewal and giving business confidence and opportunity to invest in the United Kingdom. 

    Energy Minister, Michael Shanks, said: 

    We are wasting no time in unlocking Britain’s vast renewable potential by expanding wind and solar power. But we also need to increase our ability to store this energy for when the sun isn’t shining, or the wind isn’t blowing. 

    We’re reversing a legacy that has seen no new long duration storage built for 40 years – and taking steps to unleash private investment in both established and new technologies.  

    With these projects storing the surplus clean, homegrown energy produced from renewable sources, we can boost our energy security by relying less on fossil fuels, protect household bills, and help deliver our key mission to make Britain a clean energy superpower. 

    The announcement follows a consultation held earlier this year which proposed a ‘cap and floor’ scheme to encourage LDES investment. A cap and floor model would provide a guaranteed minimum income for developers, in return for a limit on revenues. Ofgem has agreed to act as regulator and delivery body and the scheme’s first round is expected to be open to applicants next year. 

    Great Britain currently has 2.8GW of LDES across four existing pumped storage hydro schemes in Scotland and Wales, which already play a significant role in powering the country. 

    Other technologies include liquid air energy storage, compressed air energy storage and flow batteries, which are currently in development and would benefit from investor support. 

    Analysis has found that deploying 20GW of LDES could save the electricity system £24 billion between 2025 and 2050, reducing household energy bills as additional cheaper renewable energy would be available to meet demand at peak times, which would cut reliance on expensive natural gas. 

    Meanwhile, the National Electricity System Operator has estimated that a total of 11.5 to 15.3 GW of LDES will be required by 2050 to achieve net zero. 

    Several projects are currently under development and with some expected to be operational by 2030, and the introduction of an investment support scheme will help deliver them.   

    A similar cap and floor scheme is used for electricity interconnectors which connect Great Britain’s grid with other countries. Introduced in 2014, no floor payments have been made but developers have shared revenues with consumers.   

    Ofgem will design the investment support scheme and under these proposals, it will be split into two application routes, with one focusing on mature technologies, while another will be dedicated to new innovation. 

    This is the latest step in the government’s mission for clean power and energy security, building on the confirmation last week of major funding for two carbon capture sites in Merseyside and Teesside, to create thousands of jobs and attract £8 billion of private investment.  

    It also follows the launch of Great British Energy, lifting the ban on onshore wind and delivering a record number of clean energy projects through its renewables auction – all part of the plan to protect billpayers from volatile energy price spikes driven by fossil fuels.   

    Beatrice Filkin, Director of Major Projects at Ofgem said:  

    We are pleased to see the government’s publication today on its plans for long duration electricity storage. Unlocking investment in this important technology is another significant step towards decarbonisation of the  the power system.  

    We are looking forward to continuing to work closely with government as we take on the role of regulator and investment support scheme delivery body for the sector. 

    Notes to editors 

    • a cap and floor scheme provides revenue support to developers should their gross annual margin (the difference between the revenues from selling electricity back to the grid, and the cost of charging) fall below a set threshold known as the “floor”

    • floor levels are set low to minimise the likelihood of their use, while still providing comfort to investors that operators can meet debt payments in the unlikely scenario that revenues are much lower than forecast. They are not high enough for the asset owners to make a profit (when considering the cost of debt), so there is no incentive for them to seek floor payments – they are merely a form of insurance    

    • in return for consumers underwriting this risk, a revenue cap ensures that LDES asset owners must share some or all profits above a certain level 

    • this announcement follows a consultation on proposals to enable investment in LDES which closed in March 2024. The full response will be published on GOV.UK 

    • the analysis on LDES savings is published here: https://www.gov.uk/government/publications/long-duration-electricity-storage-scenario-deployment-analysis

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New unit to boost effectiveness of UK sanctions against Russia

    Source: United Kingdom – Executive Government & Departments

    New trade sanctions unit becomes operational

    • New unit to help businesses comply with the UK’s trade sanctions to launch today.
    • Unit has new and enhanced powers to crack down on businesses in breach and make sure UK sanctions are effective.
    • Sanctions are helping to defund Putin’s illegal war, depriving Russia of over $400 billion of funds since February 2022.

    UK sanctions against Russia are set to be strengthened as the Government launches a new unit to help companies comply with trade sanctions and penalise those who do not.

    Following Russia’s invasion of Ukraine, the UK implemented its most comprehensive set of sanctions against a major economy, with over £20 billion worth of trade with Russia now sanctioned.

    The new Office of Trade Sanctions Implementation (OTSI), launching today, will work with industry to make complying with sanctions obligations as straightforward as possible by issuing guidance and user-friendly online tools.

    There has been overwhelming support from business in implementing sanctions against Russia, and the vast majority of businesses comply. For the minority that don’t, OTSI will have powers to publish information about sanctions breaches and impose civil monetary penalties.

    Business and Trade Secretary Jonathan Reynolds said:

    Sanctions are vital in defunding Putin’s illegal war and only by working hand in hand with business can we make them as effective as possible.

    This new unit will help ensure businesses comply with trade sanctions and take decisive enforcement action where needed so that, together with business, we can continue to exert maximum pressure on Putin’s regime.

    Sanctions Minister Stephen Doughty said:

    This new government is resolutely committed to strengthening our sanctions regime, with robust enforcement and penalties for those who fail to comply. From Moscow to Tehran – kleptocrats, aggressors and the enablers who support and facilitate their wealth and  malign actions  should be on notice.

    OTSI will be instrumental in providing vital additional tools not only to help businesses comply with our sanctions, but also to deter and impose costs upon those seeking to breach them.

    The new unit is part of the Department for Business and Trade.  OTSI will work with businesses to offer guidance, issue licences and investigate reports of trade sanctions breaches.

    Chloe Cina, international sanctions expert and Royal United Services Institute (RUSI) fellow said:

    Investing in a new specialist unit to issue guidance, grant licences, and enforce certain trade sanctions across 21 UK regimes is compelling evidence that the novel measures introduced as part of the UK’s response to Russia’s invasion of Ukraine are here to stay.

    The industry will be reassured to see that the most complex restrictions relating to professional services will now be dealt with by OTSI directly from today.

    This launch also sees new reporting obligations introduced for financial services firms, money service businesses and legal service providers. They will now be expected to inform OTSI of suspected breaches of certain trade sanctions.

    OTSI’s new enforcement powers for trade sanctions complement those HMRC already has. While HMRC remains responsible for the enforcement of trade sanctions on goods that cross the UK border as part of its customs role, OTSI now has lead enforcement responsibility for sanctioned services leaving the UK, as well as trade in sanctioned goods and services anywhere else in the world where a UK business or person is involved.

    Notes to editors:

    • From today, OTSI takes on responsibility for issuing licences for certain sanctioned activity – specifically the provision of standalone services, including professional and business services. Sanctions licensing for the export of goods and the provision of ancillary services (services related to the export of tangible goods) remain the responsibility of the Export Control Joint Unit (ECJU). DBT’s Import Controls Team continue to be responsible for licensing the import of goods and other activities (including provision of ancillary services) which are prohibited under UK import sanctions. More information is available here
    • A full list of the UK’s sanctions can be found here
    • Businesses can visit GOV.UK to submit enquiries or contact OTSI@businessandtrade.gov.uk.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Lantronix Announces Five New System-in-Package Solutions Powered by Qualcomm for AI/ML and Video Solutions at the Edge

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity IoT solutions, today announced its powerful new System-in-Package (SiP) solutions powered by Qualcomm® Technologies’ chipsets that reinforce Lantronix’s position in industrial and enterprise IoT innovation, bringing advanced Artificial Intelligence (AI) and Machine Learning (ML) capabilities to the edge.

    “Qualcomm Technologies and Lantronix have had strong relationships for more than 15 years,” stated Dev Singh, vice president of Business Development and head of Industrial Automation at Qualcomm Technologies Inc. “Utilizing Qualcomm Technologies’ cutting-edge processors, Lantronix enables its customers to seamlessly deploy AI solutions at the edge, bringing its expertise in embedded computing and IoT to deliver reliable, industrial-grade systems.”

    With a combination of leading-edge performance and cost efficiency, Lantronix’s five new SiP families are set to accelerate the development of AI-driven applications in industrial and enterprise use cases, including robotics, industrial automation, video surveillance, video collaboration and drones. The new SiP modules are compliant with the Trade Agreements Act (TAA) and the National Defense Authorization Act (NDAA).

    “With the addition of these five new SiP solutions, we continue our strategic collaboration with Qualcomm Technologies that has enabled Lantronix to build a proven track record of successfully delivering integrated, collaborative solutions that are driving forward IoT and AI/ML technologies to meet the evolving needs of today’s advanced-edge applications,” said Mathi Gurusamy, chief strategy officer for Lantronix.

    Lantronix enables the creation of superior, high-performance AI-driven applications by integrating AI capabilities from the Qualcomm® AI Hub. The Qualcomm AI Hub provides a reference base of more than 100 AI models and a simplified model optimization process to efficiently utilize AI capabilities (3.5 to 100 INT-8 TOPS) in these SiP families.  

    IQ9 Series SiPs for Industrial and Robotics Applications

    Lantronix’s pin-compatible 9100IQ and 9075IQ SiPs, powered by the Qualcomm® IQ-9100 and IQ-9075 processors, provide scalable, power-efficient and robust computing to autonomous devices and next-generation Industry 4.0 designs using advanced AI. The new IQ9 Series can enable:

    • Robust safety functions in autonomous mobile robots (AMR) or platforms with functional safety (FuSa) up to level SIL-3 level (IQ-9100-based SiPs only)
    • Device robustness with fault tolerance Error Correction Code (ECC) memory support and system cost savings by leveraging an integrated, dedicated safety island (IQ-9100) or real-time subsystem (IQ-9075) with four dedicated independent processing cores supporting real-time operating systems for system error monitoring and other critical functions.
    • Robot perception, navigation and versatility improvement through a powerful Qualcomm® Adreno™ 663 GPU and support for up to 16 concurrent cameras.
    • Interactive industrial edge AI systems utilizing up to 100 TOPS by integrating Large Language Model (LLM) support at the edge. The IQ9 Series Hexagon tensor processor can achieve a generation rate of 12 tokens per second when running the Llama 2 13B parameter mode.
    • Fanless systems to enhance operating temperature with the SiP family supporting a -40°C to 115°C junction temperature range.

    Learn more about Lantronix’s 9100IQ and 9075IQ SiP families here. 

    Lantronix’s Open-Q 8550CS for Advanced Video and AI Applications

    Building on the success of its existing Open-Q SiP portfolio, Lantronix’s Open-Q 8550CS family, powered by Qualcomm® Technologies’ QSC8550 processor, delivers high AI performance, power efficiency and advanced Wi-Fi® 7 and Bluetooth® 5 connectivity, making it ideal for long-term, high-demand edge computing applications. Benefits include the abilities to:

    • Enhance video conferencing meeting experiences, automated guided vehicle pathing, smart camera image quality and edge AI box scalability with the family’s octal-core computing capabilities and 48 AI TOPS tensor performance.
    • Perform complex 3D rendering and computer vision tasks with a powerful Adreno 740 GPU supporting ray tracing, Open GL ES, Vulkan and Open CL profiles and 4K240/8K60 video decoding and 4K120/8K30 encoding.
    • Connect edge AI boxes leveraging high-speed 2.5G and 10G Ethernet ports.

    Learn more about Lantronix’s Open-Q 8550CS SiP family here. 

    Lantronix’s Open-Q 6490CS and 5430CS for Scalable AI Solutions

    Lantronix’s pin-compatible Open-Q 6490CS and Open-Q 5430CS families, powered by Qualcomm® Technologies’ QCS6490 and QCS5430 processors, allow customers to scale their product lines with minimal development effort while benefiting from low-power AI performance, Wi-Fi 6E and BLE 5+ connectivity as well as flexible peripheral expansion. Features include:

    • Real-time machine learning on 6th-generation AI engine, delivering 3.5 to 13 AI TOPS and complemented with up to octal-core CPU and Adreno 640 class GPU. 
    • Advanced multimedia and AI powered camera support through up to three concurrent ISPs supporting up to 192MP cameras, 4K30 encoding and 4K60 decoding, sufficient to handle up to 8 camera streams simultaneously for video-intensive applications.
    • Percepxion™ device management for over-the-air (OTA) upgrades for performance, security and software feature improvements. 

    Learn more about Lantronix’s Open-Q 6490CS here and 5430CS families here.

    About Lantronix   

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to our Open-Q SIP solutions for Qualcomm developers. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances. 

    © 2024 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Qualcomm-branded products are products of Qualcomm Technologies Inc. and/or its subsidiaries. Qualcomm and Adreno are trademarks or registered trademarks of Qualcomm Incorporated. 

    Lantronix Media Contact:         
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com
    949-212-0960 

    Lantronix Analyst and Investor Contact:         
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI Australia: Screen Australia announces $8.1 million of production funding for 15 projects

    Source: Australia Government Statements 4

    10 10 2024 – Media release

    L-R: Love Adjacent director Louise Alston, Watching You creators Alexei Mizin and Ryan van Dijk, and Arisa Trew from online development project, Level Up (photo credit: Mathias Scherrer).
    Screen Australia has announced over $8.1 million in production funding for 15 projects spanning feature film, television and online content. This significant investment reflects Screen Australia’s ongoing commitment to fostering innovative storytelling and content that engages audiences across genres and platforms.
    Among the funded projects are Zac Power, a new animated family feature from Flying Bark Productions and Cheeky Little Media, based on the popular book series of the same name; Leviticus, the latest feature from Causeway Films, the production company behind the global breakout success Talk to Me; romantic comedy Love Adjacent; Stan’s psychological thriller series Watching You; and online series Hoops, from the creative team behind the popular TikTok documentary Transathletica.
    Screen Australia CEO Deirdre Brennan said, “These latest projects reflect the depth of creative storytelling that defines the Australian screen industry. We support projects that entertain and resonate with audiences. Our aim is to champion authentic local voices and ensure our sector remains at the forefront of global storytelling.”
    “For the 2023/24 financial year, Screen Australia invested over $85 million across all 57 funding programs, including over $5.5 million through the First Nations Department, and issued 205 final certificates through the Producer Offset with a total value of $413 million. Demand on Screen Australia support remained high, with the agency supporting just under a third of all applications received. We’ll continue to seek ways to provide impactful support within our limited capacity, prioritising audience connection, industry value and cultural relevance.”
    Over the past year, Australian projects demanded global attention with 61 Australian projects selected for international film festivals and events. Amongst those titles, online series Videoland took out Best Comedy series at the prestigious Festival Series Mania, critically acclaimed debut feature Shayda won the Sundance Audience Award, and Furiosa and Australia/Ireland Co-production The Surfer starring Nicholas Cage led the Australian contingent hosting World Premieres at Cannes Film Festival. Funding stories that reflect and connect remains a focus and in 2023/24, the agency supported a breadth of titles that highlight local screen talent including drama series Top End Bub, feature film JIMPA and a new slate of children’s content including DO NOT WATCH THIS SHOW, an animated adaptation of the popular children’s book series by comedian and author Andy Lee.
    “Our focus is firmly on the future. We’re building a sustainable screen economy that both adapts and inspires. I’m thrilled by the international recognition of our stories and excited for the pipeline of projects set to release before the end of the year including films Memoir of a Snail and The Moogai, along with series’ Thou Shalt Not Steal, Four Years Later and Plum – I can’t wait for Australians to experience them,” continued Brennan.
    The projects funded for production include:

    Chasing Millions: A crime drama set in Belfast 2004, where Northern Ireland has been at peace for six years, but old enmities and mistrust remain. Chasing Millions tells the story of the biggest bank heist in Irish, British (and Australian) history making reluctant partners of ambitious Australian police officer, Diana, with gruff, veteran Northern Irish detective, Crawford, as they investigate and seek to solve the crime while navigating their way through the minefield of a fragile peace. An official Irish-Australian co-production with Irish director Stephen Burke (Maze) at the helm, based on a script by Stephen Burke and Katherine Thomson (Schapelle, House of Hancock). Producers are Jane Doolan (Maze, Wolf) of Mammoth Films, Ireland and Michael Wrenn (Audrey) of Invisible Republic, Australia. It has received major production investment from Screen Ireland, with local distribution by Bonsai Films and international sales by Level K.
    Displaced: A six-part comedy sci-fi series for YouTube that follows a dysfunctional physicist who is accidentally sent back in time and in the process, tries to fix her future by mentoring her younger self. Displaced is a comedy about depression, queerness, making trouble, healing an inner child, and being seen. It is from writer/director Molly Daniels (The InBESTigators, Wispy), writer/producer Jem Splitter (Galacticare) and producer Rachael Morrow. Displaced is produced and developed in association with VicScreen and financed with support from the Community Broadcasting Foundation.
    Hoops: From the team behind Transathletica on TikTok, Hoops documents the journey of Transgender Basketballer Lexi Rodgers and her fight to be ruled eligible to play with a NBL1 South team. After a major setback in 2023, Lexi spends the year jumping through hoops – determined against all odds to play in the 2024 season. Hoops is from writer/director Hannah McElhinney, writer Rudy Jean Rigg and executive producer Jamie Searle of Transathletica, with Eliza Bone (Letter for the King) producing.
    Leviticus: The latest horror feature film from the production company behind box office hit Talk to Me, Leviticus is the story of two teenage boys living in a conservative Christian community in regional Victoria, Naim and Ryan. When their attraction to each other is identified by the local pastor, the pair are subjected to a conversion ritual which unknowingly releases an entity that terrorises the town. Leviticus is from writer/director Adrian Chiarella (Totally Completely Fine), and producers Hannah Ngo (Latecomers) and Samantha Jennings and Kristina Ceyton of Causeway Films. It is financed in association with Salmira Productions, and developed and produced in association with VicScreen, who is also supporting post, digital and visual effects (PDV). PDV is also supported by Kojo Studio, with local distribution by Maslow Entertainment and international sales by Studio 301 Films.
    Love Adjacent: When food critic Maggie writes a review that causes top chef Ryan’s restaurant to go under, he is forced to retreat back home and start again from scratch. Coincidentally in the same town for her sister’s wedding, Maggie is determined to continue taking down what Ryan is serving up, that is until catastrophe strikes and Maggie desperately needs Ryan’s help to make her sister’s wedding happen. Love Adjacent is a romantic comedy feature film directed by Louise Alston (Back of the Net) and written by Sarah Mayberry (Neighbours) and Christopher Gist (The Broken Shore), with Kate Whitbread (The Caterpillar Wish) and Spencer McLaren (This Little Love of Mine) producing. It is produced in association with VicScreen, with Umbrella Entertainment distributing locally and Film Seekers managing international sales.
    Posthumous: In this drama, horror feature film, Zoe returns to her family home and estranged father to find some semblance of comfort after her life falls apart, but the discovery of a mysterious videotape threatens to undo everything she knew about her deceased mother’s final days and her own birth. Amidst their shared grief, Zoe and her father face a powerful supernatural force as long-buried events are exposed, and must be reckoned with. Posthumous is from writer/director/producer Josh Tanner (Wandering Soul) and writer/producer Jade van der Lei (6 Festivals), with Joel Anderson (Lake Mungo) executive producing. It is funded in association with Screen Queensland. Financed with support from the Gold Coast Screen Incentive, with local distribution by Kismet Movies.
    Saccharine: In this psychological horror feature from Carver Films (Run Rabbit Run), a lovelorn medical student becomes terrorised by a hungry ghost after taking part in an obscure weight-loss craze: eating human ashes. Saccharine is from writer/director/producer Natalie Erika James and producers Anna McLeish and Sarah Shaw, the team behind Relic. It is produced in association with VicScreen, with local distribution by Maslow Entertainment and international sales by XYZ Films.
    Watching You: A six-part gripping psychological thriller for Stan based on J.P Pomare’s novel The Last Guests. Watching You is created for television by Alexei Mizin and Ryan van Dijk and produced by Jason Stephens and Bree-Anne Sykes. Helen Bowden, Cailah Scobie and Alicia Brown are executive producing. It has received major production investment from Stan and is financed with support from Screen NSW through the Made in NSW Fund. Post, digital and visual effects supported by Screen NSW. Financed in association with and distributed by ITV Studios.
    Zac Power: Based on the popular book series of the same name, Zac Power is an animated family feature from Flying Bark Productions (200% Wolf, 100% Wolf) and Cheeky Little Media (Kangaroo Beach, Ginger and the Vegesaurs). Zac Power’s position as the top teenage spy is compromised after a brilliant new agent arrives. When his recklessness allows an ostentatious supervillain to steal a high-tech weapon, Zac is forced to confront his own flaws and team up with his rival. The film is directed by Alexs Stadermann and David Webster and written by Fin Edquist, John Armstrong, Lawrence Leung and Erica Harrison. It is financed in association with the Australian Children’s Television Foundation.

    Also announced today are 27 television dramas, 23 feature films and six online projects that will share in over $1.7 million of development funding. Of these, 24 projects have been supported through the Generate Fund, 26 through the Premium Fund and six through the Online Development Fund.
    The projects include online action adventure series Amy the Pirate; family music drama feature Piano Mums, following a promising teenage pianist and exploring the power of music and love of family; Skip Ahead project Life of Kea that has been developed into a television drama series; and a second season of the TikTok docuseries Sextistics, which continues to explore the statistics to create a snapshot of gender, sexuality and identity within Australia.
    For the list of projects funded across scripted feature films, scripted television, online and development in the 2023/24 financial year, visit:

    For full details on feature films funded for production so far in the 2024/25 financial year, click here.
    Download PDF
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI USA: Finalists for Tenth Annual 43north Startup Competition

    Source: US State of New York

    Governor Kathy Hochul today announced the eight finalists for the 10th annual 43North startup competition taking place tomorrow, Oct. 10, marking ten years of entrepreneurial success in Buffalo achieved by investing in the innovative businesses and jobs of the future. This year’s finalists from across the country span a diverse range of industries, including edtech, fintech, AI, foodtech, healthtech and more. A team of 24 venture capitalists heard pitches from the 16 semi-finalists and selected the eight teams that will be moving on to tomorrow’s big event, where they will pitch their extraordinary ideas in front of a live audience at Shea’s Performing Arts Center – competing for one of five $1 million investments and the chance to scale their businesses in one of the nation’s fastest-growing startup ecosystems.

    “Buffalo has an impressive history of innovation, and 43North is continuing this tradition by drawing some of the most exciting startups from around the world to the region,” Governor Hochul said. “The impact of 43North is undeniable. Over the past ten years we have seen Buffalo become recognized as a national startup hub and we look forward to seeing how this year’s cutting-edge businesses and top talent will fuel Western New York’s growing entrepreneurial economy.”

    In addition to funding, the 43North accelerator provides mentorship, office space, access to a wide network of investors, and resources that help startups scale effectively. Over the past decade, 43North has invested in 69 companies, 52 percent of which have remained in Buffalo. The portfolio features 50 percent of companies led by founders of color and 26 percent led by female founders.

    43North President Colleen E. Heidinger said, “We’re excited to welcome over 3,000 attendees for our tenth 43North Finals competition, where a new group of startups will compete to join our portfolio and the opportunity to become part of Buffalo’s growing innovation community. With support from New York State and Empire State Development, 43North continues to foster innovation and growth across the Buffalo entrepreneurial ecosystem.”

    More than 3,000 audience members at this year’s 43North Finals event will cheer on the new crop of competitors vying for a place in 43North’s portfolio. The 43North business accelerator is funded by New York State and receives support from Empire State Development to operate competitions. Following a successful return in 2023, the $25,000 People’s Choice Award, sponsored by Highmark Blue Cross Blue Shield, will once again be decided by a live audience vote during the finals event tomorrow.

    The 2024 43North Finalists are:

    8B Education Investments – Ithaca, NY

    8B Education Investments is a fintech platform enabling campuses to meet their revenue and enrollment goals by tackling the $50 billion gap in education financing facing African students going to study in the US.

    Cactivate – Boston, MA

    Cactivate is a plug-and-play, marketing copilot for small and medium-sized businesses. Its vertically-integrated one-stop-shop uses large language models and retrieval-augmented generation to prescribe and assist with marketing strategies.

    CoverRight – Brooklyn, NY

    CoverRight is on a mission to improve the lives of older adults by guiding them through health, finance and lifestyle options that benefit them.

    FLUIX – Tampa, FL

    FLUIX is an Autonomous AI software platform that saves critical buildings, such as data centers, up to 40 percent in energy costs by intelligently connecting and holistically controlling facility systems.

    FoodNerd – Buffalo, NY

    FoodNerd is a food technology platform redefining the processing of shelf-stable foods. Its patent-pending technology produces nutraceutical-grade food with vitamins, minerals, and phytonutrients preserved intact.

    HeronAI – Cambridge, MA

    HeronAI has created the only Growth Opportunity Tool designed for accounting firms to streamline month-end advisory reporting. HeronAI helps reduce reporting time from weeks to under 5 minutes.

    Rarebird – San Francisco, CA

    Rarebird makes Px (paraxanthine) coffee, a patented coffee with the world’s first caffeine replacement.

    Spiky.ai – Brookline, MA

    Spiky empowers revenue teams with real-time AI-driven customer insights for enhanced selling effectiveness.

    You can watch the 43North Finals live online at 43North.org starting at 6:00 p.m tomorrow, Oct. 10.

    About 43North

    43North is an accelerator program that hosts an annual startup competition, investing $5 million per year to attract and cultivate high-growth companies in Buffalo, NY. 43North portfolio companies also receive free incubator space in Buffalo for one year, guidance from mentors in related fields, and access to other business incentive programs such as START-UP NY. 43North operates through the support of Governor Kathy Hochul, Empire State Development, the M&T Foundation and several other sponsors. For more information about 43North, visit http://www.43north.org.

    MIL OSI USA News –

  • MIL-OSI Australia: Suspect arrested after break-in at Gulfview Heights

    Source: South Australia Police

    One suspect has been arrested following investigations into an incident at Gulfview Heights overnight.

    About 3.45am on Wednesday 9 October, police were called to a home on Nelson Road after reports that a group of armed males forced entry into the property and stabbed two occupants.

    The group left the scene in a vehicle which was last seen turning on Yulinda Terrace.

    A 53-year-old woman and a 17-year-old boy were both taken to hospital with non-life-threatening injuries. A third person was also taken to hospital with minor injuries after being assaulted.

    Following investigations by Operation Meld and Northern District CIB detectives, a 16-year-old boy from Pennington was arrested this afternoon.

    He was charged with aggravated serious criminal trespass and cause serious harm.  He was refused police bail and will appear in the Adelaide Youth Court tomorrow.

    Investigations are continuing.  Police do not believe this to be a random incident.

    Anyone with information is asked to contact Crime Stoppers at http://www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.

    CO2400040844

    MIL OSI News –

  • MIL-OSI Russia: IMF Staff Concludes Visit to Burkina Faso

    Source: IMF – News in Russian

    October 9, 2024

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

    Ouagadougou: An International Monetary Fund (IMF) staff team led by Martin Schindler visited Ouagadougou during September 30–October 9 to discuss macroeconomic policies in the context of the second review of the authorities’ four-year program supported by the Extended Credit Facility (ECF) arrangement. Staff met with the Minister of Economy and Finance, Hon. Aboubakar Nacanabo; the BCEAO National Director, Armand Badiel; and other senior government officials. The team also met with private sector representatives and development partners.

    At the conclusion of the mission, Mr. Schindler issued the following statement:

    “An IMF team visited Ouagadougou for discussions on the second review of the IMF-supported four-year program, which aims at creating fiscal space for priority spending, strengthening social protection, advancing good governance, and promoting sustainable growth. We had constructive discussions on the evolution and prospects of the program in the context of a volatile security situation. They focused on macroeconomic and fiscal developments, improving fiscal transparency and governance, reducing fiscal risks, and enhancing efficiency in the energy sector.

    “The team will return to Washington, D.C., to advance its technical work, and discussions with the authorities will continue in the weeks ahead, including during the upcoming IMF/World Bank Group Annual Meetings in Washington, D.C. in late October. The discussions will focus on making further progress on the authorities’ structural reform and fiscal governance agenda, among other topics.

    “We reaffirm our commitment to support Burkina Faso in these challenging times, consistent with IMF policies.

    “Staff expresses their gratitude to the authorities, private sector representatives, development partners, and other stakeholders in Burkina Faso for their constructive engagement and support during this mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/09/pr-24362-burkina-faso-imf-staff-concludes-visit

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Government unveils most significant reforms to employment rights

    Source: United Kingdom – Executive Government & Departments

    Ministers have unveiled the Employment Rights Bill to help deliver economic security and growth to businesses, workers and communities across the UK.

    • Legislation introduced in Parliament to upgrade workers’ rights across the UK, tackle poor working conditions and benefit businesses and workers alike 
    • Ahead of International Investment Summit, government reveals landmark reforms in under 100 days to boost pay and productivity, showing the benefits of a ‘pro-business, pro-worker’ approach 
    • New balance for early months of a job at heart of pragmatic reforms to help drive growth in the economy and support more people into secure work 
    • Employment Rights Bill will end exploitative zero-hour contracts and unscrupulous fire and rehire practices, while establishing rights to bereavement and parental leave from day one 

    Today (10 October) ministers have unveiled the Employment Rights Bill, introduced within 100 days of the new government coming to office, to help deliver economic security and growth to businesses, workers and communities across the UK.  

    Getting the labour market moving again is essential to economic growth with one in five UK businesses with more than 10 employees reporting staff shortages. Flexibility, for workers and businesses alike, is key to answering this challenge and is at the heart of the legislation to upgrade the law to ensure it is fit for modern life and a modern economy. 

    The existing two-year qualifying period for protections from unfair dismissal will be removed, delivering on the manifesto commitment to ensure that all workers have a right to these protections from day one on the job. 

    The government will also consult on a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability to a role as well as reassuring employees that they have rights from day one, enabling businesses to take chances on hires while giving more people confidence to re-enter the job market or change careers, improving their living standards.  

    The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in. 

    Accompanying this will be measures to help make the workplace more compatible with people’s lives, with flexible working made the default where practical. Large employers will also be required to create action plans on addressing gender pay gaps and supporting employees through the menopause, and protections against dismissal will be strengthened for pregnant women and new mothers. This is all with the intention of keeping people in work for longer, reducing recruitment costs for employers by increasing staff retention and helping the economy grow. 

    A new Fair Work Agency bringing together existing enforcement bodies will also be established to enforce rights such as holiday pay and support employers looking for guidance on how to comply with the law. 

    Deputy Prime Minister Angela Rayner said:

    This government is delivering the biggest upgrade to rights at work for a generation, boosting pay and productivity with employment laws fit for a modern economy. We’re turning the page on an economy riven with insecurity, ravaged by dire productivity and blighted by low pay. 

    The UK’s out-of-date employment laws are holding our country back and failing business and workers alike. Our plans to make work pay will deliver security in work as the foundation for boosting productivity and growing our economy to make working people better off and realise our potential. 

    Too many people are drawn into a race to the bottom, denied the security they need to raise a family while businesses are unable to retain the workers they need to grow. We’re raising the floor on rights at work to deliver a stronger, fairer and brighter future of work for Britain.

    Business Secretary Jonathan Reynolds said:

    It is our mission to get the economy moving and create the long term, sustainable growth that people and businesses across the country need. Our plan will give the world of work a much needed upgrade, boosting pay and productivity.    

    The best employers know that employees are more productive when they are happy at work.  That is why it’s vital to give employers the flexibility they need to grow whilst ending unscrupulous and unfair practices.  

    This upgrade to our laws will ensure they are fit for modern life, raise living standards and provide opportunity and security for businesses, workers and communities across the country.

    Alongside the legislation, a ‘Next Steps’ document for the Make Work Pay Plan has been published [available here – link to when available] outlining the government’s vision and long-term plans and setting out our ambitions for the plan to grow the economy, raise living standards across the country and create opportunities for all. 

    Ending one-sided flexibility

    The legislation will level the playing field where all parties understand what is required of them and good employers aren’t undercut by bad ones.  

    The bill will end exploitative zero hours contracts, following research that shows 84% of zero hours workers would rather have guaranteed hours. They, along with those on low hours contracts, will now have the right to a guaranteed hours contract if they work regular hours over a defined period, giving them security of earnings whilst allowing people to remain on zero hours contracts where they prefer to. According to TUC research nearly two thirds of managers (64%) believe ending zero hours contracts would have a positive impact on their business.  

    Ending unscrupulous employment practices is a priority for this government and none more so than shutting down the loopholes that allow bullying fire and rehire and fire and replace to continue. The government is closing these loopholes and putting in place measures to give greater protections against unfair dismissal from day one, ensuring that the feeling of security at work is no longer a luxury for the privileged few. 

    This bill turns the page on the previously ineffective, costly and conflicting approach to dealing with industrial relations that has brought so much disruption to businesses and livelihoods. lt repeals the anti-union legislation put in place by the previous administration, including the Minimum Service Levels (Strikes) Act legislation that failed to prevent a single day of industrial action while in force. 

    Employment Rights Minister Justin Madders said:

    We know that most employers proudly treat their staff well. However, for decades as the world of work has changed, employment rights have failed to keep pace, with an increase in one-sided flexibility slowing the potential for growth in the economy.

    The steps we’re taking today will finally right these wrongs, working in partnership with business and unions to kickstart economic growth that will benefit them, their workers and local communities.  

    From tackling fire and rehire to ending exploitative zero hours contracts, we are delivering a modern economy that drives up living standards for families across the UK.

    Supporting working families

    Too many people find that the current system isn’t compatible with the realities of everyday life, whether that’s raising children or supporting a loved one with a health condition. The government wants to make sure that everyone can get on in work and not be held back because work isn’t compatible with important family responsibilities. 

    That is why the government will:

    • Change the law to make flexible working the default for all, unless the employer can prove it’s unreasonable.   
    • Set a clear standard for employers by establishing a new right to bereavement leave, with the entitlement sculpted with the needs of employees and the concerns of employers at the forefront.  
    • Deliver stronger protections for pregnant women and new mothers returning to work including protection from dismissal whilst pregnant, on maternity leave and within six months of returning to work.   
    • Tackle low pay by accounting for cost of living when setting the Minimum Wage and remove discriminatory age bands.  
    • Establish a new Fair Work Agency that will bring together different government enforcement bodies, enforce holiday pay for the first time and strengthen statutory sick pay. It will create a stronger, recognisable single organisation that people know where to go for help – with better support for employers who want to comply with the law and tough action on the minority who deliberately flout it.   

    Beyond the bill

    The Make Work Pay Plan doesn’t stop with this bill. Continuing to reform employment rights in line with changes to the economy and labour market is critical to maintaining growth, prosperity and opportunity. As an outlook to the future, the government has also today published a Next Steps document that outlines reforms it will look to implement in the future.  

    Subject to consultations, this includes:

    • A Right to Switch Off, preventing employees from being contacted out of hours, except in exceptional circumstances, to allow them the rest and get the recuperation they need to give 100% during their shift. 
    • A strong commitment to end pay discrimination by expanding the Equality (Race and Disparity) Bill to make it mandatory for large employers to report their ethnicity and disability pay gap.  
    • A move towards a single status of worker and transition towards a simpler two-part framework for employment status.  
    • Reviews into the parental leave and carers leave systems to ensure they are delivering for employers, workers and their loved ones.

    Responding to the government’s initiative, these businesses and employee groups have said:

    Shirine Khoury-Haq, CEO of the Co-op, said: 

    We support the Government’s ambitions to strengthen rights for workers and value the co-operative approach to involve employers in the reforms. As the UK’s largest consumer co-operative, Co-op has long supported colleagues to have good working lives, with policies like our leading bereavement leave, day one right to request flexible working arrangements, and menopause support already in place. The positive impact of these policies is clear to see. 

    Being able to support colleagues when they need it, and in particular women, parents and carers, helps retain valuable talent and makes good business sense. We look forward to continuing to work with Government to make work pay and to deliver economic growth.” 

    Paul Nowak, TUC General Secretary, said: 

    After 14 years of stagnating living standards, working people desperately need secure jobs they can build a decent life on.    

    Whether it’s tackling the scourge of zero-hours contracts and fire and rehire, improving access to sick pay and parental leave, or clamping down on exploitation – this Bill highlights the Government’s commitment to upgrade rights and protections for millions.    

    Driving up employment standards is good for workers, good for business and good for growth. While there is still detail to be worked through, it is time to write a positive new chapter for working people in this country.”    

    Jane van Zyl, CEO at Working Families, said: 

    As campaigners for better rights for working parents and carers, we’re pleased there is hope on the horizon for the millions who stand to benefit from the transformational changes in the proposed Employment Bill.  

    Establishing workplace rights from day one and making flexible working the default could be the key to unlocking labour market mobility, with the promise of getting the economy moving and ensuring parents and carers are not held back in their careers. In addition, we welcome any strengthening of legislation that helps protect pregnant women and new mothers against losing their jobs unfairly at a vulnerable time in their lives.  

    The proposals in the Plan to Make Work Pay have the potential to remove barriers in the workplace, give a better start for new parents and reduce gendered roles in caring. The message it sends that worker’s rights matter, and the willingness to address inequalities, is very promising.”  

    Simon Roberts, Chief Executive of Sainsbury’s, said:

    As one of the UK’s largest employers we put our colleagues at the heart of everything we do. We see the clear link between engaged, motivated colleagues and business performance and that is why we have increased colleague pay by over 50% in the last 5 years. 

    We share the Government’s vision of making work pay, enabling growth and driving productivity. We welcome today’s announcement and Government engagement with business to date and look forward to seeing progress on business rates reform, which would deliver real benefits for our colleagues, customers and communities.” 

    Peter Cheese, Chief Executive of CIPD, the professional body for HR and Learning & Development professionals, said:

    We share the Government’s ambition to raise employment standards and job quality through the Employment Rights Bill as part of the wider Make Work Pay agenda.  

    The changes being proposed represent the greatest update in employment legislation in decades. We’re pleased to see the ongoing commitment from Government to engage with the business community to work through the important details to ensure they have a positive impact for both employers and workers.” 

    Jemima Olchawski, CEO of Fawcett Society, said:

    Today’s draft employment bill is a win for women. Fawcett and our members have campaigned long and hard to see government chart a new course for inclusive economic growth and to improve women’s working lives. We share this government’s ambition to ensure all women can thrive at work and fully contribute to the economy.”   

    Mark Reynolds, Mace Group Chair and Chief Executive, said:### 

    Ensuring British workers are supported with strong employment rights benefits everyone – employers as well as employees. This package of reforms is a welcome insight into the Government’s plans and show that they have engaged extensively with businesses and taken a pragmatic approach. We’re pleased to support it; both on behalf of Mace and the wider construction industry. We look forward to working closely with the Government as they take these plans forward.”  

    Brian McNamara, CEO of Haleon, said:

    It is crucial that the Government continues to engage with the business community on such an important piece of legislation and we welcome the dialogue to date. Haleon is committed to creating an inclusive culture that provides all employees with equal opportunities.  This is central to our company strategy and will be core to our future success.” 

    Greg Jackson, CEO of Octopus Energy, said:

    In formulating these proposals it’s clear that the government has listened to both workers and employers to create protections against bad practices while enabling good businesses to invest in growth and training. For example, the probation period will allow progressive employers to give a chance to people without typical experience or educational backgrounds, opening up new opportunities for them in great careers.” 

    Chris O’Shea, CEO of Centrica, said:

    As the largest Unionised workforce in the energy sector, we are pleased to see the Government publish their landmark legislation providing more rights and flexibility to employees. 

    At Centrica, we offer a range of policies to support our 21,000 colleagues including flexible working and health and wellbeing support from day one, a leading 10 days paid carers policy, our Pathway to Parenthood which offers comprehensive financial support towards fertility treatment alongside paid leave to for any fertility, adoption or surrogacy appointments, and additional support for neurodivergent colleagues. It’s the right thing to do and we want to help our employees and share best practices with others. Our experience shows that there is a clear business case for doing this with savings from increased retention and ensuring colleagues don’t have to take unplanned absences.” 

    Helen Dickinson OBE, CEO of the British Retail Consortium, said:

    As the country’s largest private sector employer, employing three million people, the industry stands ready to work with government to ensure these reforms are a win:win for employers and colleagues, and maximise employment opportunities, investment, and growth. Many of the expected provisions, including stopping exploitative contracts and offering flexibility in employment, are things that responsible retailers already do. Introducing these standards for everyone means good employers should be competing on a level playing field. We look forward to engaging the government on the details, including around seasonal hiring and the use of probation periods.” 

    Kate Nicholls, CEO of UKHospitality, said: 

    I’m pleased the Government has recognised the importance of flexibility to both workers and businesses. This is crucial for hospitality, which employs 3.5m people and provides countless flexible roles for working parents, students, carers and many more. 

    We look forward to continuing our engagement and consultation with the Government on its plans, which are not without cost, to get the details right for all parties.” 

    BT Group spokesperson, said:

    BT Group believes that a strong economy is one that works for everyone, and has already adopted many of the measures that will be covered by this legislation.  It will be crucial to get the details right, to avoid unintended consequences and keep the UK competitive, and we welcome the constructive, consultative approach that the Government is taking.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: SCHUMER ANNOUNCES $18 MILLION FEDERAL PRELIMINARY CHIPS AGREEMENT FOR EDWARDS VACUUM’s PLANS FOR 600+ JOB SEMICONDUCTOR DRY PUMP FACTORY IN GENESEE COUNTY

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Schumer, Key Author Of The CHIPS & Science Law, Fought Tirelessly To Convince Edwards Vacuum To Invest In Western NY, Personally Calling Company’s President To Bring Edwards to NY & Celebrating Groundbreaking Earlier This Year
    Now, Funding Directly From Schumer’s CHIPS & Science Law Will Support Edwards Vacuum’s Plans To Build A First-Of-Its-Kind $300+M American Semiconductor Dry Pump Factory In Genesee County, Creating 600+ Good-Paying Jobs – Award Is 3rd CHIPS PMT For A NY Project Following Micron & GlobalFoundries
    Schumer: My CHIPS & Science Law Is Helping Edwards Vacuum & Western NY Become Centerpiece Of America’s Semiconductor Supply Chain
    After announcing that Edwards Vacuum plans to build manufacturing facility in Western New York two years ago, U.S. Senate Majority Leader Chuck Schumer today announced Edwards Vacuum has reached a $18 million preliminary memorandum of terms (PMT) funding agreement with the U.S. Department of Commerce under the CHIPS & Science Law he championed. This proposed federal funding will support Edwards Vacuum’s plans to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind in the country, as there is currently no domestic production of semiconductor-grade dry vacuum pumps.
    “This investment will ensure an essential part of the semiconductor supply chain – that will be surging in demand – is made right here in Genesee County. I am proud to announce my CHIPS & Science Law is investing $18 million in Edwards Vacuum’s expansion in Western New York, creating the first dry pump vacuum manufacturing facility of its kind in America,” said Senator Schumer. “From Micron to GlobalFoundries, all the major semiconductor companies in New York and across America need vacuum technology for their chip fabs, that only Edwards will make in the USA. A historic $300+ million manufacturing facility like this, with over 600 good-paying jobs, was only a dream a few years ago. But I urged Edwards Vacuum to expand in Western NY because I knew this region had the potential to become the beating heart of America’s semiconductor supply chain.”
    Schumer added, “This continued investment by the Biden administration is proof positive the value of our region as a ‘Tech Hub’ and America’s emerging semiconductor superhighway. Today, Edwards Vacuum’s plans to expand in Western NY move forward. And that dream becomes one step closer to becoming a reality thanks to my CHIPS & Science Law.”
    Today’s proposed federal funding will support a planned $300+ million investment and 600+ good-paying jobs when the facility reaches full production capacity. Schumer explained all chip fabs need vacuum technology like what Edwards makes to power the sophisticated equipment and state-of-the-art machine tools needed to make microchips.  Those tools need and use vacuum pumps, like those that will now be made in Western New York, to manipulate the chip wafers to manufacture the finished microchips. By bringing manufacturing to New York, new chip fabs such as Micron and GlobalFoundries in New York, and Intel in Ohio can have access to critical dry pumps that will now be made in the U.S., offering chip producers shorter wait times, improved responsiveness, and reduced CO2 emissions from an American-made product. 
    This is the third agreement for a New York company from the CHIPS Incentives Program funded by Schumer’s CHIPS & Science Law. Earlier this year, Schumer 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 delivering for New York. We are seeing more targeted federal investment in this region to bring back manufacturing than ever before, and awards like this show that the I-90 corridor truly is becoming America’s semiconductor superhighway.”
    “New York State is a national leader in reshoring advanced manufacturing and research and this could not have been accomplished without the combination of the federal CHIPS and Science Act and New York State’s Excelsior Jobs Program,” Governor Hochul said. “As a result, Edwards Vacuum is bringing 600 good jobs to Upstate New York, bolstering our semiconductor ecosystem, and setting the stage for regional success. This is proof that when we work together the sky’s the limit, and none of it would be possible without the partnership of the Biden-Harris Administration, Commerce Secretary Raimondo and New York’s congressional delegation.”
    Schumer has been a relentless champion for expanding the semiconductor supply chain in Western NY. Schumer personally called Geert Follens, President of the Vacuum Technique Business Area for Edwards parent company Atlas Copco Group, to urge the global semiconductor supply chain company to expand in Upstate New York. Later that year Schumer announced with Governor Hochul that Edwards Vacuum had heeded their calls and planned to build their new manufacturing facility in Genesee County.  Earlier this year, Schumer celebrated Edwards Vacuum’s groundbreaking ceremony in Genesee County for Phase 1 of their construction which is expected to be completed in 2028.  
    Schumer last year also helped the Buffalo-Rochester-Syracuse region win the prestigious Tech Hub designation through his CHIPS & Science Law and earlier this year secured a historic $40 million investment to implement the Tech Hub’s work with companies like Edwards. The proposal called the “NY SMART I-Corridor Tech Hub” has built on the historic investments Schumer delivered that have spurred a boom in semiconductor manufacturing and innovation across Upstate NY. Edwards Vacuum is working with Genesee Community College and Tech Hub partners like Monroe Community College, Erie Community College, and the Northland Workforce Training Center to help them hire and train hundreds of new workers.
    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. In the Mohawk Valley, Wolfspeed has opened a 200mm silicon carbide fabrication facility, one of the largest, with plans to further expand their operations. 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.
    The PMT outlines key terms for Edwards Vacuum’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 Australia: Opinion piece: Albanese good for growth in the west

    Source: Australian Treasurer

    The most recent growth statistics showed that the Australian economy faces some strong headwinds. In an environment where global growth is subdued, the national economy grew just 0.2 per cent in the June 2024 quarter. Yet Western Australia’s growth was considerably faster. With a quarterly growth rate of 0.9 per cent, Western Australia tied with South Australia as the fastest‑growing state in the nation.

    There are other positive signs. Investment in WA continues to grow, reflecting business confidence in WA’s future. In the past financial year, the value of new capital expenditure in Western Australia rose 18.5 per cent in the mining industry and 16.9 per cent in non‑mining industries. This new investment accounts for nearly a quarter of Australia’s new private investment, showing that WA continues to punch above its weight.

    As pro‑growth progressives, we recognise that government has a role to play in boosting the growth rate and continuing to build on WA’s economic success. Higher productivity also increases the speed limit of the economy, allowing Australians to live longer, and live better.

    What are the best policies to encourage growth? As the nation’s most export‑oriented state, international settings are of particular significance for Western Australia. Since coming to office, the Albanese government has sought to stabilise Australia’s relationships with our major trading partners.

    Under the former Coalition government, China effectively closed the door to many of our exports. Since May 2022, as a result of the Albanese government’s calm and consistent approach – in concert with a great deal of hard work and advocacy by industry – most of the Australian products previously subject to impediments have been able to re‑enter China’s market. That includes coal, cotton, timber logs, barley, and wine. Trade impediments imposed by China on around $20 billion of Australian exports remain on less than $1 billion.

    We have also worked to build stronger partnerships with countries throughout our region. Foreign Minister Penny Wong and Trade Minister Don Farrell have worked to diversify our trading relationships, by leading a diplomatic and business push into countries throughout the South East Asia and the Pacific.

    A key element is the development of a new South East Asia Economic Strategy, based on a report that the government commissioned from Nicholas Moore, the former CEO of the Macquarie Group, titled ‘Invested: Australia’s Southeast Asia Economic Strategy to 2040’. This strategy aims to boost trade and investment by enhancing economic engagement and leveraging Australia’s strengths: a well‑capitalised corporate sector, sophisticated capital markets, and a substantial national savings pool.

    In the mining sector, the government’s production tax incentive scheme seeks to nurture the critical minerals and green hydrogen industries. These tax credits aim to secure Australia’s critical mineral supply chain and assist with the energy transition in economically productive ways. Yet, remarkably Peter Dutton has opposed production tax incentives. His position puts him at odds with both major parties in Western Australian – Liberal and Labor. As Resources Minister Madeleine King puts it, Dutton’s stance is ‘anti‑resources and anti‑WA’.

    Another important part of Labor’s pro‑growth productivity agenda is competition reform. The last big wave of national competition policy took place in the 1990s, when consumers were given more choice about their electricity provider and a host of unnecessary regulations were scrapped. During the 2000s and 2010s, Australia experienced a rise in market concentration and markups, and a drop in economic dynamism. Too many industries have become dominated by too few companies. Disappointing productivity performance in the 2010s is likely linked to the lack of competition in many Australian markets and Australian consumers have suffered.

    Last year, our government established a competition taskforce in the Australian Treasury, mandated to identify reforms that would create a more competitive economy that drives down costs. This year, the Albanese government has introduced the biggest shakeup of our merger laws in half a century, aiming to ensure that the merger control system is simpler, quicker, and more efficient. Our reforms will ensure quicker approvals for low‑risk mergers but that the competition watchdog sees all high‑risk mergers through mandatory reporting thresholds.

    Another priority of the competition taskforce is the reform of non‑compete clauses. One in 5 Australian workers have a clause in their employment contract that limits their ability to move to a competing company. Non‑compete clauses slow wage growth and impede new business formation. In the United States, the government has estimated that scrapping non‑compete clauses would boost wages by US$500 for the typical worker, and lead to the creation of 8,000 more businesses annually. In Australia, we are actively considering the best way to address the adverse effects of non‑compete clauses.

    These are just some examples of how the Albanese government, with the states and territories, is revitalising the National Competition Policy to deliver more jobs, more startups, and more prosperity. Western Australia is on board with National Competition Policy and stands to share the benefits.

    Being pro‑growth is not about being anti‑fairness. Indeed, the best way to deliver for the most vulnerable is through a growing economy, where everyone can share in the gains. By choosing openness, encouraging dynamism, and strengthening competition, we can get a better deal and expand opportunities for consumers, workers, and households in Western Australia.

    MIL OSI News –

  • MIL-OSI USA: Congressman Johnson Leads Delegation Letter Demanding EPA Regulate BioLab Chemicals

    Source: United States House of Representatives – Representative Hank Johnson (GA-04)

    U.S. Senators Ossoff, Warnock, and Reps. Scott, McBath, Williams Join Johnson in Urging EPA To Enhance Federal Oversight of Facilities That Manufacture and/or Store Hazardous Chemical TCCA.

    CONYERS, GA – Congressman Hank Johnson (GA-04), along with U.S. Sens. Jon Ossoff and Raphael Warnock and U.S. House Reps. David Scott (GA-13), Lucy McBath (GA-07) and Nikema Williams (GA-05), sent a letter to Environmental Protection Agency (EPA) Administrator Michael Regan today urging him to enhance federal oversight of facilities that manufacture and/or store the hazardous chemical Trichloroisocyanuric Acid (TCCA), which is at the heart of the incident at the BioLab plant in Conyers – an environmental and health crisis that has been ongoing since Sept. 29.  

    “We are concerned that facilities like BioLab Conyers, which manufacture and/or store TCCA are improperly managing these substances,” the lawmakers wrote. “When not handled correctly, these chemicals can contaminate local air, water, and soil, posing severe public health risks which include respiratory issues, skin irritations, and long-term conditions like lung and heart disease.”

    Specifically, the lawmakers urge the EPA to “include it on the list of regulated substances under the Risk Management Program (RMP),” which would prompt federal and state agencies to develop more effective safety protocols and management strategies, ensuring stricter adherence to safety standards for facilities handling this chemical.

    “The gravity of this situation underscores the need for changes to the federal and state regulatory systems.”

    Lawmakers are also requesting the agency respond to nine key questions surrounding the reactive chemical in question. 

    Read the letter HERE or below. 

    The Honorable Michael Regan 
    Administrator 
    U.S. Environmental Protection Agency 
    1200 Pennsylvania Avenue NW 
    Washington, DC 20460

    Dear Administrator Regan,

    We are writing to urge the Environmental Protection Agency (EPA) to take immediate action to enhance federal oversight of facilities that manufacture and/or store the hazardous chemical Trichloroisocyanuric Acid (TCCA). 

    On September 29, 2024, just after Hurricane Helene slammed the area, a catastrophic chemical fire took place at the BioLab facility in Conyers, Georgia, that stores TCCA. The fire released a large, billowing plume of hazardous, toxic gasses into the air, which caused the closure of parts of Interstate 20 for nearly 17 hours, with local businesses and government offices forced to close while 17,000 residents living near the plant were forced to evacuate.   

    As of today, toxic substances continue to rise into the air from the smoldering ruins of the plant, with corporate and government officials being unable to offer a specific timetable as to when the danger will end.   People not just in the immediate vicinity of the plant but also millions across southeastern metropolitan Atlanta are under constant exposure to hazardous air quality. This incident has raised serious concerns about the community’s vulnerability to toxic chemical exposure. The danger is heightened by approaching rain which will douse the collapsed building under which millions of pounds of TCCA remain exposed to moisture.

    BioLab, a division of KIK Consumer Products, manufactures and stores millions of pounds of chemical mixtures primarily composed of TCCA at the Conyers, Georgia facility. When TCCA comes into contact with small amounts of water, a hazardous chemical reaction is triggered that generates heat and causes decomposition of the chemical and can in turn produces toxic chlorine gas and can also produce explosive nitrogen trichloride. The Conyers BioLab facility has experienced three separate chemical incidents in the past seven years, four in the past 20. Each event resulted in dangerous chemical reactions and fires, releasing toxic gases like chlorine into the air. 

    There have been conflicting reports on what caused the most recent fire at the Conyers facility. One report cited water used to douse a fire on the roof of the plant seeping in, while another report blames the fire on a malfunctioning sprinkler system. Rainwater from Hurricane Helene seeping into the BioLab facility during and after Hurricane Helene has not been ruled out as a cause as well. 

    We are concerned that facilities like BioLab Conyers, which manufacture and/or store TCCA are improperly managing these substances. When not handled correctly, these chemicals can contaminate local air, water, and soil, posing severe public health risks which include respiratory issues, skin irritations, and long-term conditions like lung and heart disease.

    A similar incident occurred on August 27, 2020, at the Lake Charles BioLab facility in Westlake, Louisiana, in the aftermath of Hurricane Laura. The facility sustained severe damage after TCCA manufactured and stored therein was moistened by small amounts of water and decomposed, producing toxic chlorine gas and nitrogen trichloride. These gases ignited, causing a fire and noxious clouds of toxic gases. The U.S. Chemical Safety and Hazardous Investigation Board (CSB) investigated the incident and issued safety recommendations to minimize the consequences of future accidental chemical releases like the Lake Charles incident. 

    The 2023 (CSB) report on BioLab Lake Charles found a regulatory gap regarding the oversight of chemicals like TCCA, particularly in their classification and management under existing federal regulations. Given TCCA’s involvement in multiple safety incidents due to its highly reactive properties, we urge the EPA to include it on the list of regulated substances under the Risk Management Program (RMP). 

    This action will prompt federal and state agencies to develop more effective safety protocols and management strategies, ensuring stricter adherence to safety standards for facilities handling this chemical. We hope the Conyers debacle will prompt the inclusion of TCCA to the Process Safety Management (PSM) Standard under the Occupational Safety and Health Administration (OSHA).

    We call on the EPA to collaborate with states to implement training programs specifically designed for emergency responders and facility staff. These programs should address the unique challenges posed by reactive chemicals that adversely react to water used to extinguish fires, focusing on appropriate firefighting techniques, chemical behavior, and risk assessment. The EPA, in partnership with state fire marshals and chemical safety experts, can establish comprehensive guidelines for fire suppression techniques tailored to reactive chemicals, including recommendations for effective alternative extinguishing agents, such as dry chemical extinguishers or foam.

    Considering these concerns, we respectfully request clarification by November 20, 2024, on the following matters regarding regulatory oversight and preventative measures at chemical facilities like BioLab:

    1.    Has the EPA, in conjunction with the State of Georgia, initiated any investigations or inspections regarding BioLab Conyers’     
    2.    What immediate actions are the EPA and State agencies taking in response to this latest fire, given the history of public safety      concerns at the Conyers facility?
    3.    The 2023 Chemical Safety and Hazard Investigation Board (CSB) found that TCCA and TCCA-based formulations are not            covered by the Occupational Safety and Health Administration (OSHA) Process Safety Management (PSM) Standard. Has there been any progress in addressing     this regulatory gap?
    4.     Following the BioLab Conyers incident is the EPA considering adding TCCA to the list of regulated substances under the Risk     Management Program (RMP)?
    5.    How is the EPA collaborating with state agencies to ensure that chemical facilities like BioLab Conyers are prepared for extreme     weather events that could worsen fire hazards or hazardous material spills?
    6.    In response to BioLab Conyers’ repeated safety failures, what specific measures will the EPA implement with state agencies to improve fire preparedness protocols, particularly for training facility staff and local emergency responders on handling fires involving non-water extinguishable substances?
    7.    Does the EPA anticipate monitoring potential groundwater, soil, and water contamination from the chemical fire at the Conyers BioLab facility?
    8.    We understand that the EPA is working to monitor air quality following the chemical fire. What steps has the EPA taken to inform     affected communities of their findings and recommendations to safeguard the health and safety of these communities and their environment? 
    a.    How have the locations and spatial extent of the EPA’s air quality monitoring area changed as the location and direction of the smoke plume has shifted? 
    9.    What specific additional authority and resources does the EPA need to effectively prevent future incidents at chemical facilities like BioLab Conyers?

    The gravity of this situation underscores the need for changes to the federal and state regulatory systems. We look forward to your prompt response and urge robust, decisive measures to address the serious environmental and safety concerns posed by incidents like this.

    ###
     

    MIL OSI USA News –

  • MIL-Evening Report: Yes, nature is complex. But saving our precious environment means finding ways to measure it

    Source: The Conversation (Au and NZ) – By Brendan Wintle, Professor in Conservation Science, School of Ecosystem and Forest Science, The University of Melbourne

    Shutterstock

    Nature loss directly threatens half the global economy. The rapid destruction of biodiversity should alarm the many Australian businesses dependent on nature, such as those in agriculture, tourism, construction and food manufacturing. Yet nature considerations are often ignored in business decision-making.

    At the Global Nature Positive Summit in Sydney this week, scientists, politicians, conservationists and business leaders have gathered to discuss ways to help nature in Australia – not just by protecting it from damage, but improving it. Getting more businesses interested in – and taking positive action on – nature conservation is key to the talks.

    Reducing the environmental impact of a business first requires measuring that impact. It might seem an impossibly difficult task. After all, nature is a diverse and intricate web of connections. How can we capture that in a number?

    After all, nature is complex – but measuring how a business intersects with it need not be.

    Uncovering impacts on nature

    The fishing industry depends directly on stocks of wild fish. And a housing developer has a direct impact on nature if they clear natural vegetation to build a new suburb.

    Businesses interactions with nature can be indirect, too – for example, a margarine producer who uses canola oil from a grower who depends on bees for pollination. Builders might indirectly harm rainforests in Indonesia by buying timber grown there. A superannuation company investing in that developer is also having an indirect negative impact.

    From next year, Australian companies will be required to measure and report their climate impacts. While businesses are not yet required to disclose their impacts on nature more broadly, many are moving in that direction – both in Australia and globally.

    For example in 2022, more than 400 of the world’s largest corporations called for mandatory disclosure of nature impacts. They included Nestlé, Rio Tinto, L’Oréal, Sony and Volvo. And many early-adopter businesses have begun voluntary disclosures.

    Guidelines are available to help businesses understand and measure their impacts, however progress is slow. This is partly due to a perception from business that the task is too complex.

    Nature assessment is challenging. Unlike identifying a company’s contributions to climate change – by measuring tonnes of greenhouse gas emissions – there is no agreed single measure of impacts on nature.

    What’s more, different people ascribe different values to aspects of nature. Rightly or wrongly, for instance, most people would probably value a koala over a mosquito.

    What do you value more – a koala or a mosquito?
    Shutterstock

    Drawing on the expertise of ecologists

    Despite the difficulties, gauging the extent to which a business affects the environment can be done. Essentially, it involves three steps:

    1. understanding how a business broadly intersects with nature

    2. evaluating how specific business activities intersect with and put pressure on nature

    3. measuring and reporting the degree to which specific activities are impacting on the condition of nature. In other words, is the state of animals, plants and ecosystems improving or worsening?

    Online tools such as ENCORE can get businesses started on the first step – understanding a business’ broad impacts and dependency on nature.

    Many businesses are moving to the second stage – evaluating the specific business activities that put pressure on the environment, and determining the extent to which businesses depend on particular services ecosystems provide.

    The pressure a business places on nature can be measured via specific metrics, such as the amount of water consumed, air pollutants emitted, waste generated or area of land changed. Again, a suite of online tools and metrics can help with this.

    The next step is more complicated, yet essential. It requires businesses directly measuring their impacts on specific animals, plants and ecosystems. For this, we can turn to the expertise of ecologists.

    Individuals of a species can be hard to count, and extinction risk can be hard to measure. So ecologists often describe and monitor a species’ habitat – the environments in which a species can survive and reproduce – as a proxy for the fate of the species itself.

    Ecosystems – such as a rainforest, wetland or desert – can be described as being in good or poor condition. The rating depends on whether all the ecosystem’s plants, animals and other components are present, or whether unwanted components, such as weeds or invasive species, are found there.

    A graphic showing how ecologists measure the state of nature.
    TNFD

    In addition, maps, showing ecosystem condition and extent are available for much of Australia.

    Habitat mapping is also available for most threatened animals and plants, and thousands of other species. And mapping exists for World Heritage areas, important wetlands, national parks, Indigenous Protected Areas and other environment types.

    These resources are not difficult or expensive to access, and people and organisations with the skills to interpret and use such data are becoming more common.

    Some businesses are attempting these measurements. For example, plantation forestry company Forico last year prepared a natural capital report on a range of nature metrics, including the extent of species habitats, and assessment of vegetation condition.

    But many businesses are not yet grappling with this deeper nature analysis.

    This map, from ecosystem research organisation TERN, is one of many freely available to businesses seeking nature data.
    TERN

    Looking ahead

    We have the information and metrics to help businesses measure their impact on nature.

    Collaboration is urgently needed between business and nature experts, so the data available can be tailored to the needs of businesses, and presented in a form they can use.

    Governments can support this – for example by establishing accessible and practical online data platforms, and funding training for more nature experts who understand business.

    A new federal government agency, Environment Information Australia, will also hopefully become an important hub for data and information.

    By measuring what might seem immeasurable, businesses can become part of the solution to the nature crisis. There is cause for optimism – but no time to waste.

    Brendan Wintle has received funding from The Australian Research Council, the Victorian government, the NSW government, the Queensland government, the Commonwealth National Environmental Science Program, the Ian Potter Foundation, the Hermon Slade Foundation and the Australian Conservation Foundation. Wintle is a Board Director of Zoos Victoria and a lead councillor of the Biodiversity Council.

    Sarah Bekessy receives funding from the Australian Research Council, the National Health and Medical Research Council, the Ian Potter Foundation and the European Commission. She is a Lead Councillor with The Biodiversity Council, a board member of Bush Heritage Australia, a member of the WWF Eminent Scientists Group and an advisor to ELM Responsible Investment, the Living Building Challenge and Wood for Good.

    Simon O’Connor is affiliated with the Australian government as a member of the Minister for Environment and Water’s Nature Finance Council, and previously oversaw the national consultation group for the Taskforce on Nature-related Financial Disclosures

    William Geary receives funding from the Victorian government and is associated with the Victorian Department of Energy, Environment and Climate Action.

    – ref. Yes, nature is complex. But saving our precious environment means finding ways to measure it – https://theconversation.com/yes-nature-is-complex-but-saving-our-precious-environment-means-finding-ways-to-measure-it-240583

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Banco Itaú Chile Schedules Third Quarter 2024 Financial Results, Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Oct. 09, 2024 (GLOBE NEWSWIRE) —  BANCO ITAÚ CHILE (SSE: ITAUCL) announced today that it will release its results for the third quarter ended September 30, 2024, after the market closes in Santiago, on October 30, 2024.

    On Monday, November 4, 2024, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer, and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

    Conference Call Details:

    Online registration: https://registrations.events/direct/Q4I613620

    All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

    Webcast:
    The webcast will be available through the following link:

    https://events.q4inc.com/attendee/539765194

    Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

    Telephone and Virtual Q&A session:
    The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-OSI New Zealand: Accounts show Government choosing pain over a plan

    Source: Council of Trade Unions – CTU

    “The Government accounts released today show that spending and debt continues to grow under the current Government, but there is no plan to deliver a better economy,” said NZCTU Te Kauae Kaimahi Economist Craig Renney.

    “Net Core Crown Debt increased by $20bn last year, with revenue from taxation also rising by $8bn. The OBEGAL deficit increased $3.4bn last year alone, to $12.9bn.

    Finance Minister Nicola Willis admitted, “The accounts show the corrosive impact of low growth and low productivity…and we are cutting back on the investments needed to lift both.” Yet there is no plan to solve this problem, Renney said.

    “The Government accounts showed our overreliance on income tax and GST taxes to balance the books. Source deductions from wages increased 10.1% during the last year. The GST take increased by 4.1%. But other sources of taxation have not increased at the same rate, or have fallen in the form of corporate taxation (-5.9%). We need a better conversation about how taxes are being levied and why.” Renney said.

    “Spending on welfare has increased by 8%, with Jobseeker Support expenses rising by 17%. Welfare payments would be higher if the one-off $600m cost-of-living support is removed. Unemployment is expected to rise significantly in the future, meaning that welfare expenses will be higher in the future.”

    Renney said “The Government has provisioned $500m for the Cook Straight Ferry (iREX) Costs, which is only the cost of the works abandoned to date. This doesn’t include the cost of cancelling the ferry contract, nor the cost of purchasing the replacement ferries necessary. The Government is likely facing a $bn bill for that decision alone.”

    “The Minister signalled new cuts in her speech at the event, while requiring new economic growth to deliver on their financial aspirations. Yet decisions like iREX show that the Government has no means of delivering sustainable growth. Health New Zealand is looking for $2bn in savings right now, yet the Government is looking for further savings in spending on top.”

    “The Government’s fiscal strategy needs to change. Government debt is low by international standards, and there is no shortage of projects to invest in. These would improve employment and economic outcomes – both of which will benefit working people. Yet the Government is wedded to plan that will see unemployment rise, and investment fall. It’s time for a better plan.” Renney said.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cassidy Hosts Rural Community Summit in Leesville

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    ALEXANDRIA – This morning, U.S. Senator Bill Cassidy, M.D. (R-LA) hosted his third Rural Community Funding Summit of 2024, where he continued to connect local officials for towns and villages in central Louisiana with representatives of federal and state agencies that can distribute funds from his Infrastructure Investment and Jobs Act (IIJA).

    “My goal in working on the Bipartisan Infrastructure Bill was to bring opportunity to Louisiana to rebuild our infrastructure. My goal for the summit is to connect public officials in Rapides, Vernon, Beauregard, and throughout Cenla with these opportunities,” said Dr. Cassidy. “It was good to see these officials eager to bring resources to their communities.”
    In addition to the authorization of the I-14 corridor going through Leesville, communities throughout the parish have benefitted from the IIJA, including in Vernon Parish. There are millions of dollars to improve roads and build roundabouts, $1.3 million was awarded to the East Central Vernon Water System from the Drinking Water State Revolving Fund, an example of how the IIJA can be used to improve drinking water. Over $300,000 was also awarded to the Leesville City Airport.
    Other awards in the region include $15 million for the J. Bennett Johnston Waterway, over $11 million to extend CC Bel Road in the form of a RAISE grant, and over $9.8 million to replace school buses in Rapides Parish. Money has also been awarded in the region to improve roads and replace old natural gas pipes.
    Cassidy was welcomed to Leesville and thanked for his leadership in a statement by Mayor Rick Allen.
    “Thanks to Senator Cassidy’s infrastructure bill, money has already been delivered to upgrade key roads and the Leesville City Airport,” said Mayor Allen. “We are keen to learn what else the bill can do to strengthen our communities, and we appreciate the Senator connecting us to its opportunities, as well as his support for our troops at Fort Johnson and those who support them.”

    MIL OSI USA News –

  • MIL-OSI China: Growth target within reach despite challenges

    Source: China State Council Information Office

    A worker is pictured at the production line of a textile company in Jimo district of Qingdao city, East China’s Shandong province, Oct 7, 2024. [Photo/Xinhua]

    China will likely hit this year’s annual growth target of around 5 percent with a projected pickup in fourth-quarter GDP growth, given the recently unveiled, bolder than expected stimulus policy measures and forthcoming incremental policies, economists said.

    They also said that the weaker than expected economic indicators in recent months point to persistent challenges stemming from sluggish domestic demand, prompting calls for intensified policy support to sustain growth. The key focus should be expanding effective investment, boosting consumption and stabilizing the real estate sector, they added.

    The economists’ comments came after Premier Li Qiang emphasized on Tuesday the need for faster and more effective implementation of economic policies to achieve China’s growth targets for the year, as authorities ramped up measures in recent days to further bolster the world’s second-largest economy.

    Speaking at a symposium with business leaders and economists, Li called for swift actions to put in place the newly rolled out policies, which are designed to stabilize growth and enhance support for businesses.

    Citing a package of incremental policies announced recently, Guo Liyan, deputy director of the Chinese Academy of Macroeconomic Research’s Economic Research Institute, said the move aims to address pressing challenges and pressures faced by the economy, which will significantly boost confidence among investors and consumers.

    “In fact, some economic indicators have shown fluctuations since the third quarter, and the economic contribution in the fourth quarter is significant for the entire year,” she said. “Implementing a package of incremental policies at this juncture is conducive to strengthening confidence for meeting the annual growth target.”

    To promote closer monetary and fiscal policy coordination, the People’s Bank of China, the country’s central bank, and the Ministry of Finance held their first joint working group meeting on the treasury bond trade, vowing to provide a conducive market environment for treasury bond trade operations, according to a statement released on Wednesday.

    In addition, as part of the country’s ongoing efforts to meet the annual growth target, the National Development and Reform Commission announced on Tuesday that the country will move ahead to this year part of the investment plans set for 2025.

    Raymond Ma, Invesco’s chief investment officer for the Chinese mainland and Hong Kong, said: “We believe that the NDRC’s further confirmation, together with the recently announced supportive monetary and fiscal policies, will bolster the economy. This reinforces our long-term positive outlook on Chinese equities.”

    After a strong rally following stimulus announcements by Chinese authorities, Chinese stocks dropped on Wednesday as the market eagerly awaited bolder moves to revive the economy, with the benchmark Shanghai Composite Index slumping 6.62 percent to close at 3,258.86 points.

    “While achieving the around 5 percent annual growth target may be challenging, the government’s newly announced policies are expected to provide substantial stimulation for the economy in 2024 and beyond,” Zhu Baoliang, former chief economist of the State Information Center, said, adding that the nation can meet its annual growth target this year.

    Du Yue, an associate researcher at the investment research institute of the NDRC, said that to coordinate macro policies for this year and next to ensure steady growth, it is important to optimize and implement policies aimed at spurring investment as soon as possible, including enlarging the support provided by local government special bonds.

    Du said that the policy of moving to this year the allocation of 200 billion yuan ($28.3 billion) in investment plans and projects that were set for 2025 will help the country’s fixed-asset investment maintain reasonable growth while lifting market expectations.

    Zhang Ming, deputy director of the Institute of Finance and Banking, which is part of the Chinese Academy of Social Sciences, suggested at a recent forum establishing a national institution to manage the acquisition of existing commercial housing in lower-tier cities, which will help avoid the creation of new local government debt.

    MIL OSI China News –

  • MIL-OSI Economics: ADB Publishes Sovereign Default and Loss Rates, Demonstrating Low Credit Risk in Sovereign Operations

    Source: Asia Development Bank

    News Release | 10 October 2024
    Read time: 2 mins

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    MANILA, PHILIPPINES (10 October 2024) — The Asian Development Bank (ADB) has published a comprehensive report detailing its sovereign default and loss rates over a 34-year period. This report is made in keeping with ADB’s commitment to data transparency and shows the remarkable credit performance of loans to its developing member countries (DMCs).

    The report reveals that ADB has not lost principal, interest, or fees on the more than $250 billion of loans it has extended in its sovereign operations since 1990.

    The report indicates that the average default rate on the ordinary capital resources sovereign portfolio is 0.54%. It further demonstrates that ADB experienced zero new defaults from 2010 to 2021. The low default rate confirms the strength of ADB’s relationship with its DMCs and the preferred creditor treatment accorded to ADB.

    “The average default rate of the sovereign operation is comparable to that of an investment grade portfolio. Compiling and making these data points available to the public will help build a better understanding of emerging market debt originated by multilateral development banks (MDBs),” ADB Vice-President for Finance and Risk Management Roberta Casali said. “It will also allow external parties to make more accurate assessments of the risks involved in investing through or with us.”

    ADB regularly contributes credit data to the Global Emerging Markets Risk Database Consortium (GEMs). The consortium, which includes data from 25 MDBs and development finance institutions, provides insights into the risks associated with investing in emerging markets. The transparency efforts of ADB and GEMs are in line with the recommendations from the Independent Expert Panel commissioned by the G20. These recommendations aim to enhance data transparency as part of an overall effort to optimize balance sheets and increase the lending capacity of MDBs.

    ADB continuously explores ways to effectively manage its capital to help the region address simultaneous crises. In 2023, it unlocked $100 billion in additional lending capacity over the next decade by updating its Capital Adequacy Framework. ADB is working with its development finance partners to mobilize investments in emerging markets through innovative solutions, including risk sharing and structured approaches.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    Media Contact

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    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on October 09, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,23,711.57 6.27 3.00-6.60
         I. Call Money 9,077.67 6.43 5.10-6.60
         II. Triparty Repo 3,74,188.00 6.26 6.20-6.46
         III. Market Repo 1,39,458.90 6.28 3.00-6.60
         IV. Repo in Corporate Bond 987.00 6.41 6.40-6.60
    B. Term Segment      
         I. Notice Money** 244.10 6.40 5.90-6.50
         II. Term Money@@ 143.50 – 6.60-6.90
         III. Triparty Repo 495.00 6.38 6.33-6.45
         IV. Market Repo 302.19 6.56 6.54-6.65
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 09/10/2024 1 Thu, 10/10/2024 4,085.00 6.75
    4. SDFΔ# Wed, 09/10/2024 1 Thu, 10/10/2024 53,102.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -49,017.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 08/10/2024 3 Fri, 11/10/2024 9,398.00 6.49
      Mon, 07/10/2024 4 Fri, 11/10/2024 36,825.00 6.49
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,942.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -80,015.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,29,032.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 09, 2024 10,00,239.84  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 09, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1258

    MIL OSI Economics –

  • MIL-OSI New Zealand: Departure from reality: ACT slams backdown on Wellington airport share sale

    Source: ACT Party

    ACT’s Finance spokesperson Todd Stephenson is slamming Wellington City Council after this afternoon’s vote to stop the sale of its 34% stake in Wellington Airport.

    “Today’s decision is a complete departure from reality. Wellington’s infrastructure is failing, rates are through the roof, and the Council’s debt ceiling is about to burst, yet the council is stuck playing sharemarket games,” says Mr Stephenson.

    “There is no good reason for a council to partially own an airport.

    “Councils must focus on delivering the basic public services they are responsible for: making sure roads are maintained, water systems work, and buses run on time. Instead, Wellington’s council is forcing higher rates onto its residents and exposing them to an unacceptable level of risk by having so much money locked up in one asset.

    “As the Council was making its decision today, brown wastewater was literally spewing into the harbour. If that isn’t sending a clear enough message to councillors about how misplaced their priorities are, then next year’s local body elections can’t come soon enough.”

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Express business valuation and financial recommendations: a new online service has been launched for entrepreneurs

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    A useful online service has appeared for Moscow entrepreneurs, which will help them to quickly assess the main indicators of their company and find out how they affect its financial stability. It was developed and launched by the center for assistance with financing of the Moscow Guarantee Fund. The service is intended for representatives of small and medium businesses who are going to apply to a bank for a loan or factoring, receive a bank guarantee, open a letter of credit account or arrange leasing.

    The service conducts pre-scoring — a study of indicators that banks take into account when working with applications from legal entities and individual entrepreneurs. Based on the assessment results, businessmen will receive an electronic report with recommendations on how to eliminate the identified problems.

    It is very easy to use the service. An entrepreneur needs to go to the Moscow Guarantee Fund website in the “Business” section and select the option “Request scoring”. On the page that opens, you must specify what type of loan he needs, clarify the goals and amount of financing. Information about the company and its activities will be filled in automatically from analytical sources. If necessary, this information can be specified independently.

    The application will take a few minutes to process. An electronic report will appear on the screen. It will list the main factors that affect the company’s financial stability. Among them are such parameters as industry risks, timely payment of taxes and wages, compliance with the rules for participation in procurement, and many others. The report can be downloaded and saved on your computer.

    Based on the assessment results, the businessman will also be offered to learn about city support measures that his company may qualify for. The service will automatically compile a selection of grants and benefit programs for him. It will open in a new window.

    In addition, entrepreneurs will be offered to ask questions to service specialists or leave a request for a guarantee from the Moscow Guarantee Fund. All these services can be completed online on the website. They are provided free of charge.

    Financing Assistance Center Subordinate to the Moscow Guarantee Fund To the Department of Entrepreneurship and Innovative Development of the City of Moscow. It opened in the spring of 2022. The center introduces representatives of small and medium-sized businesses to preferential lending programs and other support measures provided by the capital. Entrepreneurs can receive professional advice on issues of obtaining loans, securing transactions with sureties, and selecting a suitable form of financing. Since the opening of the center, its specialists have processed over six thousand applications from entrepreneurs.

    Information on current preferential financing programs, limits of these programs in banks and products Moscow Guarantee Fund can be obtained on weekdays from 09:00 to 18:00 by phone: 7 495 926-26-95.

    Detailed information on the support measures that the city provides to entrepreneurs is available on the portal State Budgetary Institution “Small Business of Moscow”. There you can find useful online services for businessmen, choose a training seminar and read materials about current changes in legislation, financial literacy and ways to promote products.

    Support for small and medium-sized businesses is provided within the framework of the national project “Small and medium-sized businesses and support for individual entrepreneurial initiatives”. You can find out more about this and other national projects being implemented in Moscow on the website.

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

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

    https://vvv.mos.ru/nevs/item/145049073/

    MIL OSI Russia News –

  • MIL-OSI: Sampo plc’s share buybacks 9 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 10 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 9 October 2024

    On 9 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      5,692 40.73 AQEU        
      43,507 40.74 CEUX
      1,612 40.72 TQEX
      41,556 40.73 XHEL
    TOTAL 92,367 40.73  

    *rounded to two decimals                

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

    After the disclosed transactions, the company owns in total 8,316,283 Sampo A shares representing 1.51 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

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

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Gass fire – Humpty Doo

    Source: Northern Territory Police and Fire Services

    Northen Territory Fire and Rescue Service (NTFRS) responded to a large grass fire in Humpty Doo yesterday afternoon.

    Around 2:50pm, Joint Emergency Services Communication Centre received repots of a large grass fire on Trippe Road, Humpty Doo.

    A short time later, NTFRS members arrived on the fire ground and commenced a response.

    Twelve NTFRS career and 4 Volunteer firefighters attended with 12 appliances including Grassfire Units, as well as 4 waterbombers, 1 helicopter and 5 appliances from Bushfires NT.

    Multiple inoperable vehicles and an uninhabited structure were affected by the blaze.

    Initial reports indicate that the fire was not suspicious, and it ignited from a backfiring exhaust.

    Investigations are ongoing.

    MIL OSI News –

  • MIL-OSI Australia: Second suspect arrested over Gulfview Heights break-in

    Source: South Australia Police

    A second suspect has been arrested following investigations into a violent incident at Gulfview Heights in the early hours of Wednesday morning.

    About 3.45am on Wednesday 9 October, police were called to a home on Nelson Road after reports that a group of armed males forced entry into the property and stabbed two occupants.

    A 53-year-old woman and a 17-year-old boy were both taken to hospital with non-life-threatening injuries. A third person was also taken to hospital with minor injuries after being assaulted.

    A 16-year-old boy from Pennington was arrested on Wednesday afternoon and charged with aggravated serious criminal trespass and cause serious harm.  He appeared in the Adelaide Youth Court today.

    Further investigations by Operation Meld and Northern District CIB detectives today resulted in the arrest of a 20-year-old Rosewater man.  He was charged with aggravated serious criminal trespass and cause serious harm.  He was refused police bail and will appear in the Elizabeth Magistrates Court tomorrow, Friday 11 October.

    Investigations are continuing.  Police do not believe this to be a random incident.

    Anyone with information is asked to contact Crime Stoppers at http://www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.

    CO2400040844, #

    MIL OSI News –

  • MIL-OSI: Nokia to publish third-quarter and January-September 2024 interim report on 17 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia to publish third-quarter and January-September 2024 interim report on 17 October 2024

    10 October 2024
    Espoo, Finland –Nokia will publish its third-quarter and January-September 2024 interim report on 17 October 2024 at approximately 8 a.m. Finnish time (EEST). The report will be made available on the Nokia website immediately after publication.

    Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook.

    The detailed, segment-level discussion will be available in the complete financial report hosted at http://www.nokia.com/financials. A video interview summarizing the key points of our Q3 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports, but should also review the complete reports with tables.

    Analyst webcast

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

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

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

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

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  • MIL-OSI: KBC Group: Publication of transparency notification(s) received by KBC Group NV

    Source: GlobeNewswire (MIL-OSI)

    Publication of transparency notification(s) received by KBC Group NV

    (art. 14, 1st section of the Act of 2 May 2007 concerning the disclosure of significant participations)   

    Summary of the notification(s)

    KBC Group NV has received an updated transparency notification on 7 October 2024, which states that BlackRock has a stake of 4.37% in KBC Group (total voting rights and equivalent financial instruments). The reason for the update is a change in the structure of the BlackRock group*. 

    Content of the notification(s)

    The notification(s) contain(s) following information:

    • Reason for the notification(s): “acquisition or disposal of the control of an undertaking that holds a participating interest in an issuer”
    • Notification(s) by: BlackRock, Inc.
    • Persons subject to the notification requirement: see annex
    • Date(s) on which the threshold is crossed / notification is updated: 1 October 2024.
    • Threshold that is crossed: KBC Group’s Articles of Association set a notification threshold of 3% of the total number of voting rights. In addition, the legal thresholds of 5% or any multiple thereof also apply. The reason for this notification is not the crossing of a threshold, but a change in the structure of the BlackRock group*.
    • Denominator (number of shares KBC Group NV): 417 305 876
    • Notified details: see annex.
    • Chain of controlled undertakings through which the holding is effectively held:
      See “11: Full chain of controlled undertakings through which the holding is effectively held” in the PDF-file(s) on http://www.kbc.com (see below).
    • The relevant notification(s) is (are) available at http://www.kbc.com > Investor relations > Shareholder information > Shareholder structure.

    * As a result of the acquisition of Global Infrastructure Partners there has been a change to BlackRock’s group Structure. Upon the close of the transaction BlackRock, Inc. was renamed BlackRock Finance, Inc. and a NewCo became the publicly listed company with the name BlackRock, Inc.

    For more information, please contact:

    Kurt De Baenst, General Manager, Investor Relations, KBC Group
    E-mail:  IR4U@kbc.com

    Viviane Huybrecht, General Manager, Corporate Communication/Spokesperson, KBC Group
    E-mail: pressofficekbc@kbc.be

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Epigenetic drugs witness 375% growth in series A venture financing in 2024YTD, reveals GlobalData

    Source: GlobalData

    Epigenetic drugs witness 375% growth in series A venture financing in 2024YTD, reveals GlobalData

    Posted in Business Fundamentals

    Advances in gene editing, such as the FDA approval of Vertex Pharmaceuticals’ Casgevy (exagamglogene autotemcel) in December 2023 for the treatment of beta thalassemia and sickle cell disease, have fueled significant interest in innovative epigenetic drugs. Against this backdrop, the total value of series A venture financing for epigenetic drugs almost doubled from $172 million in 2019 to $342 million in 2024 year-to-date (YTD)  and observed a 375% increase from 2023, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Pharma Intelligence Center Deals Database reveals that companies developing epigenetic drugs received over $1 billion in total series A venture financing from 2019 to 2024YTD. Over half of these companies are headquartered in the US.

    Epigenetic drugs modify genetic material, resulting in heritable changes in gene expression without altering the DNA sequence. Current marketed epigenetic drugs in blood cancers include Celgene’s Vidaza (azacitidine), Eisai’s Dacogen (decitabine) and Merck & Co’s Zolinza (vorinostat). However, these drugs act in a genome- and tissue-wide manner, resulting in off-target effects and subsequent toxicity.

    Alison Labya, Business Fundamentals Analyst at GlobalData, comments: “Biotech startups are developing a new generation of epigenetic drugs with improved gene specificity to enhance efficacy, tolerability, and target indications beyond oncology. These drugs aim to provide safer alternatives to other methods of gene editing, such as clustered regularly interspaced short palindromic repeats (CRISPR), by not cutting into the DNA.”

    The 2024YTD already witnessed most of series A venture financing for epigenetic drugs within the last five years. In March 2024, Avenzo Therapeutics raised $150 million in the largest round of series A financing for epigenetic drugs in the last five years to develop its CDK2 inhibitor ARTS-021, currently in Phase I/II for solid tumors and HR+/HER2- metastatic breast cancer.

    In January 2024, Moonwalk Biosciences secured $57 million in seed and series A financing to develop its epigenetic discovery platform technology. In July 2022, Epicrispr Biotechnologies raised $55 million in series A financing to advance its preclinical pipeline and further drug discovery, using its CRISPR-based epigenetic platform technology with adeno-associated virus (AAV) as a delivery vector.

    Labya concludes: “Epigenetic drugs are key to precision medicine, offering tailored treatments with improved patient outcomes and reduced off-target effects. Investors are demonstrating a focus on precision medicine, leading to an increase in early-stage investment in epigenetic drug development.

    “However, companies developing innovative epigenetic drugs must overcome challenges including maintaining durable effects on gene expression, delivery of large drug components to target tissues, and demonstrating safety and efficacy in clinical trials to enable market success.”

    Note: Data in the chart includes all announced and completed series A venture financing deals globally from 2019 to 2024 YTD.  It includes deals where at least one drug involved in the deal is an epigenetic drug with an innovator drug type, where discovery, preclinical, phase I, phase II, phase III, pre-registration, and marketed development stages are considered. Includes deals that have disclosed their deal value in the public domain.

    MIL OSI Economics –

  • MIL-OSI Security: Further appeals following fatal collision in Whitechapel

    Source: United Kingdom London Metropolitan Police

    Detectives have named the victim of a fatal collision in Whitechapel as they appeal for witnesses or anyone with footage to come forward.

    Police were called at 00:33hrs on Saturday, 6 July to reports of a collision involving a car and a cyclist near to the junction of Cable Street and Cannon Street Road, E1.

    Police attended alongside the London Ambulance Service and London’s Air Ambulance.

    Despite the best efforts of medical professionals the cyclist, Matheus Piovesan, aged 36, who was a Brazilian national, sadly died at the scene.

    His next of kin were informed. They continue to be supported by specialist officers.

    The car that struck Matheus failed to stop at the scene.

    Following an investigation by detectives from the Met’s Serious Collision Investigation Unit (SCIU) six people were arrested in connection with the investigation.

    Three men, aged [A] 45, [B] 24 and [C] 23 were arrested on suspicion of causing death by dangerous driving and failing to stop at the scene of a collision. They were subsequently released on bail pending further enquiries.

    Two women and a man were arrested on suspicion of causing death by dangerous driving and failing to stop at the scene of a collision. They were later released with no further action.

    Any witnesses, or those who have dash cam footage of the incident or moments leading up to it, are asked to call 101 quoting reference 230/06 July. You can call the SCIU directly on 020 8285 1574.

    MIL Security OSI –