NewzIntel.com

Category: Finance

  • MIL-OSI: Registration of share capital increase in IDEX Biometrics 26 Sep 2024

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the notice on 25 September 2024 regarding issue of Tranche 1 shares of the private placement completed on 16 September 2024. The private placement consisted of two tranches, with total gross proceeds amounting to NOK 70 million.

    The share capital increase related to the Tranche 1 shares has been registered and the shares will be delivered soonest. The Tranche 1 shares will be delivered on a separate and non-tradable ISIN, pending publication by the Company of a prospectus approved by the Norwegian Financial Supervisory Authority.

    Following the issue, the Company’s share capital will be NOK 66,056,228.10 divided into 440,374,854 shares, each with a nominal value of NOK 0.15.

    For further information contact:
    Marianne Bøe, Investor Relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: +47 918 00186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. 

    For more information, visit http://www.idexbiometrics.com

    About this notice
    This notice was issued by Erling Svela, Vice president of finance, on 26 September 2024 at 11:45 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑8 of the Norwegian Securities Trading Act (STA) and released in accordance with section 5‑12 of the STA.

    The MIL Network –

  • MIL-OSI Security: NATO announces launch of the third cycle of the Young Professionals Programme

    Source: NATO

    We are pleased to inform you that the third cycle of the NATO Young Professionals Programme (YPP) is now open for applications!

    Are you a young professional, interested in accelerating your career by gaining experience working for a political and military alliance that protects one billion people?

    If you are a citizen of a NATO member country with a Master’s degree and at least one year of work experience, the YPP offers a unique opportunity to work with NATO for three years across different countries and NATO bodies.

    For the third cycle of the YPP there are 13 positions available for talented people from a wide variety of educational and professional backgrounds, including:

    • Data Science and Innovation
    • Economics and Finance
    • Engineering and Logistics
    • Human Resources
    • ICT and Cyber Security
    • International Political Affairs
    • Legal Affairs
    • Marketing and Communications
    • Programme and Project Management

    The deadline to apply is 27 October 2024. We encourage you to apply well in advance.

    For more information about the NATO Young Professionals Programme, including eligibility criteria and the full application process, please visit the Young Professionals Programme web page.  

    Following Sweden’s accession to NATO on 7 March 2024 as NATO’s 32nd member, we are pleased to announce that Swedish nationals are welcome to apply to the Young Professionals Programme, alongside candidates from NATO’s 31 other member countries.

    MIL Security OSI –

  • MIL-OSI: Form 8.5 (EPT/RI)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Eckoh plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Joint Broker to Eckoh plc
    (d)        Date dealing undertaken: 25th September 2024
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary Shares

    Purchases

    29,191

    45.2

    45

    Ordinary Shares

    Sales

    100,833

    46.96

    45

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 26thSeptember 2024
    Contact name: Priyali Bhattacharjee
    Telephone number: +91 9768034903

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Security: Former SBA Employee Convicted Of Conspiracy, Bribery, And Wire Fraud

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Orlando, FL – United States Attorney Roger B. Handberg announces that a federal jury has found Angela Chew (60, Leesburg) guilty of conspiracy to bribe a public official and commit wire fraud, three counts of bribery of a public official, and six counts of wire fraud. Chew faces up to 5 years in federal prison on the conspiracy count, up to 15 years in federal prison on each of the bribery counts, and up to 20 years in federal prison on each of the wire fraud counts. Her sentencing hearing is scheduled for December 18, 2024.

    According to evidence presented at trial, Chew conspired with three others to submit applications for COVID-19 Economic Injury Disaster Loans (EIDLs) containing false and fraudulent information in exchange for bribe payments. The evidence showed that Chew used her position as a loan specialist for the Small Business Administration (SBA) to internally access those loan applications that she and a co-conspirator had submitted on behalf of others. Chew then took actions on the applications within the SBA’s internal processing system that moved the loans towards approval. For example, Chew submitted a loan on behalf of a co-conspirator’s business that she knew was not active or operating at the time she submitted the loan. The loan was flagged as a duplicate by the SBA’s internal system, which stopped the application from progressing toward approval and funding. Chew then entered the SBA’s loan processing system, accessed the loan application, reactivated it, and manipulated the loan’s status multiple times in order to progress the application toward approval and funding in the amount of $150,000. In exchange, Chew received thousands of dollars in bribe payments from two of her co-conspirators. The evidence showed that Chew caused the funding of at least six EIDL applications, for a total loss of over $800,000.

    “This conviction underscores our commitment to holding all wrongdoers accountable, including those in positions of public trust like this former SBA employee,” said Inspector General Hannibal “Mike” Ware. “These crimes are far from victimless, as they financially harm taxpayers and erode public trust in SBA programs. I want to extend my gratitude to the U.S. Attorney’s Office and our law enforcement partners for their unwavering commitment to safeguarding the integrity of federal relief programs and ensuring that the system works for those it was designed to help.”          

    This case was investigated by the U.S. Small Business Administration, Office of Inspector General, the United States Secret Service, and the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorneys Amanda Daniels and Diane Hu.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Lam Sai-hung visits Tianjin

    Source: Hong Kong Information Services

    Secretary for Transport & Logistics Lam Sai-hung today attended the 11th China Air Finance Development (DFTP) Summit in Tianjin.

    Themed “Openness Leads, Multi-dimensions Surge, New Chances for China’s Air Finance”, this year’s summit brought together representatives from various sectors of the industry to discuss opportunities and challenges in the country’s aviation financing, as well as current and future trends among international aircraft leasing enterprises.

    Addressing the summit’s opening ceremony, Mr Lam said the global aircraft leasing market has changed rapidly in recent years. The Dongjiang Free Trade Port Zone (FTPZ) is the largest hub for aircraft leasing in China and the second largest in the world. Delivery of the domestic C919 aircraft has also brought greater momentum to Dongjiang’s rapid growth.

    Mr Lam said co-operation between Hong Kong and Dongjiang will provide new impetus and opportunities for the development of the aircraft leasing industry.

    “Hong Kong, together with the Dongjiang Free Trade Port Zone, will establish closer co-operation to jointly promote the development of the aircraft leasing industry, offering more opportunities and options for airlines around the world and making more contributions to the global air transport industry.”

    At a meeting with representatives of the Tianjin Dongjiang FTPZ Administrative Commission and aircraft leasing and financing companies, Mr Lam briefed them on Hong Kong’s advantages in the aviation industry, including the latest developments in the city’s aircraft leasing policies and its preferential tax regime.

    Having conclude his two-day visit to Beijing and Tianjin, Mr Lam will return to Hong Kong this evening.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Regulator disqualifies trustees after finding serious mismanagement at Fashion for Relief

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    The Charity Commission has today (26 September 2024) published the report of its statutory inquiry into Fashion for Relief, concluding the charity was poorly governed and had inadequate financial management.

    As a result of its findings, which included multiple instances of misconduct and / or mismanagement, the Commission took action to disqualify three individuals from trusteeship (Bianka Hellmich for nine years, Naomi Campbell for five years and Veronica Chou for four years), recovered over £344,000 and protected a further £98,000 of charitable funds. These funds were used to make donations to two other charities and settle the charity’s outstanding liabilities.    

    Fashion for Relief, which has been removed from the register of charities, was set up for the purpose of poverty relief and advancing health and education by making grants to charities or other organisations and by giving resources directly to those affected.  

    The inquiry found that between April 2016 and July 2022, only 8.5% of the charity’s overall expenditure was on charitable grants. The inquiry saw no evidence that trustees had reviewed the charity’s operating model to ensure fundraising methods were in the charity’s best interest and costs were reasonable relative to income generated. It also found some of the charity’s fundraising expenditure was not reasonable.  

    The charity had held fundraising events for the Save the Children Fund and the Mayor’s Fund for London. The inquiry found that the trustees of Fashion for Relief failed to manage these partnership arrangements. Interim managers appointed by the Commission made payments to these two charities before the charity was wound-up.  

    The inquiry also found that unauthorised payments totalling £290,000 for consultancy services had been made to a trustee, Bianka Hellmich, which was in breach of the charity’s constitution. Whilst Ms Hellmich had proactively proposed repaying these funds, the Commission-appointed interim managers secured repayments to the charity.  

    Additionally, the inquiry found that the charity’s funds were held and applied on its behalf by external professional advisors (solicitors and accountants) rather than in a dedicated bank account in the charity’s name. After the Commission investigated transactions made under this arrangement, £54,000 was recovered to the charity from one professional advisory firm. These transactions were not identified or challenged by the trustees at the time.   

    Charity Commission Deputy Director for Specialist Investigations and Standards, Tim Hopkins, said:  

    Trustees are legally required to make decisions that are in their charity’s best interests and to comply with their legal duties and responsibilities. Our inquiry has found that the trustees of this charity failed to do so, which has resulted in our action to disqualify them.   

    This inquiry, and the work of the interim managers we appointed to run the charity in place of the trustees, has resulted in the recovery of £344,000 and protection of a further £98,000 charitable funds. I am pleased that the inquiry has seen donations made to other charities which this charity has previously supported.  

    The report detailing the full findings, regulatory actions and conclusions of this inquiry can be found on gov.uk.  

    ENDS  

    Notes to editors  

    1. The Commission publishes a range of guidance to help trustees understand their responsibilities under charity law, including 5-minute guides to decision making and on managing charity finances.   

    2. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more at About us – The Charity Commission – GOV.UK (www.gov.uk)

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI: HSBC Bank PLC: Pre Stabilisation Notice

    Source: GlobeNewswire (MIL-OSI)

    Aercap Sukuk Limited

    Pre Stabilisation Notice

    LONDON, Sept. 26, 2024 (GLOBE NEWSWIRE) — HSBC (contact: syndexecution@noexternalmail.hsbc.com) hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities

    The securities:
    Issuer: Aercap Sukuk Limited
    Obligor (if any): International Lease Finance Corporation
    Guarantor (if any): AerCap Holdings N.V., AerCap Global Aviation Trust, AerCap Aviation Solutions B.V., AerCap Ireland Limited, AerCap Ireland Capital Designated Activity Company and AerCap U.S. Global Aviation LLC
    Aggregate nominal amount: USD Benchmark                     
    Description: Fixed due 3 October 2029
    Offer price: TBC                                           
    Other offer terms:  
    Stabilisation:
    Stabilising Manager(s): Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, HSBC Bank plc, J.P. Morgan and KFH Capital
    Stabilisation period expected to start on: 26th September 2024
    Stabilisation period expected to end no later than: 1st November 2024
    Existence, maximum size & conditions of use of over-allotment facility[1]: 5% of the aggregate nominal amount
    Stabilisation Venue(s) Over the counter (OTC)

    In connection with the offer of the above securities, the Stabilisation Manager(s) may over-allot the securities or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilisation Manager(s) will take any stabilisation action and any stabilisation action, if begun, may be ended at any time. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules.
    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State in accordance with the Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in that Member State.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

    ___________
    [1]     Please note that the existence and the maximum size of any greenshoe option, the exercise period of the greenshoe option and any conditions for exercise of the greenshoe option must also be disclosed, if such option exists. In addition, the exercise of the greenshoe option must be disclosed to the public promptly, together with all appropriate details, including in particular the date of exercise and the number and nature of securities involved 

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit http://www.rns.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Plans set out for provision of new affordable housing in Perth and Kinross

    Source: Scotland – City of Perth

    The Strategic Housing Investment Plan (SHIP) for 2025/26 – 2029/30 sets out the investment priorities of the Council and its local Housing Association partners for affordable housing over the coming years.

    The SHIP sits alongside the Local Housing Strategy (LHS) as one of the main delivery plans for additional local housing. It has been developed through engagement with Registered Social Landlords, the Health and Social Care Partnership, tenants, housing developers and the Council’s Housing, Planning and Economic Development teams.

    Since 2016/17 the Council and its partners have delivered almost 2,000 affordable homes in Perth and Kinross, averaging 274 affordable homes per year against our target of 210.

    The projection for 20024/25 is an additional 223 affordable homes, and then a yearly average of 230 new affordable homes over the next five years.

     A report on the updated SHIP to be considered by the Housing and Social Wellbeing Committee on Wednesday 2nd October estimates that the Council and its local housing partners could deliver an additional 1,152 new affordable homes over the period 2025/26 – 29/30, using Scottish Government subsidies and local investment.

    This housing will be provided through Council new build projects, replacing older homes, bringing empty homes back into use as housing, buying back ex-Council homes, re-modelling existing buildings for new housing and buying ‘off-the shelf’ housing from developers.

    The homes will:

    • All be built to the highest standards, with energy efficiency measures included to help meet local and national climate change targets. 
    • Include housing for people with particular needs, helping them to live independently and happily in the community.
    • Be built in areas of high demand, including rural areas, giving people access to housing of a type and in an area suitable for their current and future needs.

    Housing and Social Wellbeing Convener, Councillor Tom McEwan, said: “High quality affordable homes significantly enhance the overall quality of life for the people who live in them. This in-turn has a positive effect on social issues such as health, employment opportunities and poverty, and that is why delivering more affordable housing is a priority for this Council.

    “With demand for housing in Perth and Kinross continuing to rise, and the housing needs of our communities becoming more complex, our commitment to provide a wide range of affordable housing options remains a key strategic aim.

    “We have made great progress over the last five-years in Perth and Kinross, consistently delivering more new affordable homes than our target. Here in Perth and Kinross we have a very good working partnership with our partner housing providers, and this has been one of the key factors in the success we have seen.

    “I am pleased that the updated SHIP for the next five years continues to be very ambitious. This plan will help us achieve the outcomes set out in our Local Housing Strategy and support the Scottish Government’s ‘Housing to 2040’ agenda which states that everyone should have a safe, energy-efficient home that is affordable and meets their needs, in the place where they want to be.”

    Members of the Committee will be asked to approve the updated SHIP and its submission to the Scottish Government.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Investing £100 million in mid-market rent

    Source: Scottish Government

    Supporting the delivery of 2,800 homes.

    The construction of 2,800 mid-market rent homes will be supported by £100 million of investment from the Scottish Government.

    As announced as part of the 2024-25 Programme for Government, funding will be used alongside institutional investment – such as pension funds – to grow to at least £500 million.

    This commitment forms part of the Government’s approach to leverage in more private investment to deliver housing, making public funds go further.

    It will build on the success of the Thriving Investments model which has grown an initial £47.5 million investment from the Scottish Government to £222.5 million to deliver up to 1,200 mid-market homes across Scotland.

    Mid-market rent is a type of affordable housing aimed at assisting households on low to moderate incomes to access affordable rented accommodation and helps those who have difficulty accessing social rented housing, buying their own home or renting privately.

    Housing Minister Paul McLennan said:

    “Tackling the housing emergency requires a collective effort and bold decisions. We already have a strong track record in housebuilding in Scotland and this commitment will ensure public funds are used more efficiently.

    “Since 2007, we have supported the delivery of more than 133,000 affordable homes, including more than 94,000 social rented homes. However, we know we can do more to tackle the housing emergency and encouraging more private investment into the sector is one key aspect of that.

    “This new model will encourage more private investment into the mid-market sector that we know is willing and able to invest and it will deliver affordable homes that people need.”

    Background

    • Thriving Investments, (formerly Places for People Capital) was the successful bidder to the MMR Invitation launched in February 2016 to support the continued expansion of MMR in Scotland. A £47.5m loan agreement between SG and PfP was agreed in June 2018. Since then they have grown their fund to £222.5m.
    • Thriving Investments has delivered 736 affordable homes with an additional 335 properties due for completion by early 2025. It is anticipated that the fund will deliver around 1,200 MMR homes across Scotland.
    • Scottish Government will commission a fund manager to deliver the new fund.

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Development Asia: Promoting Gender-Inclusive Growth Through Regional Integration

    Source: Asia Development Bank

    The Impact of Economic Opportunities for Women

    Expanding economic opportunities for women trigger widespread benefits. In South Asia, equal employment opportunities for men and women could enhance incomes by 25% and increase intraregional trade of $44 billion. Despite progress in education and health outcomes, low women’s economic participation remains a major issue . In 2021, women’s labor force participation was 22%  in South Asia and 32%  in Sri Lanka, while other regions, except the Middle East and North Africa (18%), surpassed 50%. Also, a 27%  gender wage gap indicates that women in Sri Lanka earn about 20% less than men. Achieving gender parity in South Asia will take 149 years, compared to 67 years in Europe and 95 years in North America.

    Challenges and Opportunities in Regional Integration

    Unlike South Asia, regions like East Asia, Europe, and North America harness the benefits of regional integration by developing strong relationships with their neighbors. Intraregional trade make up 50% of total trade in East Asia and 22% in Sub-Saharan Africa but only 5% in South Asia. In South Asia, intraregional trade accounts for just  1% of regional GDP,  compared to 2.6% in Sub-Saharan Africa and 11% in East Asia and the Pacific.

    South Asia’s regional integration is restricted by high tariffs, non-tariff measures, lack of trust and political will, weak policy implementation, and inadequate infrastructure. Deeper regional integration offers benefits like cheaper goods for consumers, better access to inputs, and expanded market access for producers and exporters.

    Reforming Regional Integration for Gender-Inclusive Growth

    To promote gender-inclusive growth, it is essential to improve the lagging dimensions of regional integration. This process is complex and varies by country due to its multidimensional nature. The six key dimensions are trade and investment, movement of capital, regional value chains, infrastructure and connectivity, people’s mobility, and legal and institutional basis for international policy cooperation.

    Balanced progress across these dimensions leads to stronger regional integration and higher women’s economic participation. The EU, with the most evenly distributed dimensions, is the most integrated regions, with more than 50% women’s participation in the workforce.

    Figure 1: Heterogeneity in the Contribution of Multiple Dimensions of Regional Integration

    NOTE: Regions with the most evenly distributed dimensions have the highest women labor force participation, e.g., the European Union.

    SOURCE: C.Y. Park and R. Claveria. 2018. Does Regional Integration Matter for Inclusive Growth? Evidence from the Multidimensional Regional Integration Index. ADB Economics Working Paper Series. No. 559. Asian Development Bank.

    In contrast, South Asia’s uneven dimensional distribution makes it one of the least integrated and lowest women’s economic participating regions. South Asia prioritizes infrastructure, and connectivity and movement of people, and less on money and finance. Similarly, Sri Lanka has focused heavily on infrastructure, with 60% of public investment directed toward it in recent decades.

    Table 1: Identifying Specific Dimensions of Regional Integration Toward Gender-Inclusive Growth

    Country Year 2020 Highest Share Lowest Share
    Bhutan 0.524 Movement of people Institutional and social integration
    Nepal 0.518 Trade and investment Institutional and social integration
    India 0.487 Institutional and social integration Trade and investment
    Sri Lanka 0.474 Infrastructure and connectivity

    Institutional and social integration

    Money and finance
    Bangladesh 0.415 Money and finance Regional value chains
    Pakistan 0.381 Infrastructure and connectivity

    Trade and investment

    Movement of people
    Afghanistan 0.345 Infrastructure and connectivity Institutional and social integration

    NOTE: The Multidimensional Regional Integration Index (MDRII) provides a cumulative score across six dimensions: 1) Trade and Investment, 2) Money and Finance, 3) Regional Value Chain, 4) Movement of People, 5) Infrastructure and Connectivity, and 6) Institutional and Social Integration. A higher score indicates better integration. Dimensions with scores below 0.4 require significant reforms to ensure that regional integration promotes gender-inclusive sustainable growth.

    Author’s calculations basis:  C.Y. Park and R. Claveria. 2018. Does Regional Integration Matter for Inclusive Growth? Evidence from the Multidimensional Regional Integration Index. ADB Economics Working Paper Series. No. 559. Asian Development Bank.

    Strengthening institutional and social integration, alongside improvements in money and finance, could reduce gender inequality by nearly 50% in South Asia. Enhanced mobility and institutional and social integration benefit women in industry and services but not in agriculture. In developing countries, women often work in low-skilled, labor-intensive, low-skilled, and low-paid sectors—referred to as the “feminization of labor.” Regional integration can reverse this trend by increasing employment in manufacturing and services, resulting in higher wages and demand for women labor. 

    In contrast, trade and integration negatively impact women in agriculture due to limited skills and mobility. Regional integration alters the production structures, where sectors with export potential grow, and import-dependent sectors shrink. Women in shrinking sectors may face job losses, and gender segregation can limit their benefits in growing sectors. Opening specific sectors and providing opportunities for upskilling and reskilling women can mitigate these negative effects. 

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: 2024 Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter successfully held (with photos)

    Source: Hong Kong Government special administrative region

    2024 Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter successfully held (with photos)
    2024 Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter successfully held (with photos)
    ******************************************************************************************

         The Maker in China SME Innovation and Entrepreneurship Global Contest – Hong Kong Chapter (MiCHK) 2024 Final was held successfully at Cyberport today (September 26). “The next-generation photonic integrated circuits for future high-bandwidth optical links, sensing and computing” by Kokoxili Photonics Limited won the Champion prize, while “Electron Beam (EB) irradiation technology application” by HK Highsolve Technology Limited and “All-scenario rapid testing platform against antimicrobial resistance” by MicroFlow Innovation Limited won the First Runner-up prize and the Second Runner-up prize respectively. They will represent the Hong Kong Special Administrative Region (HKSAR) to compete in the Global Final Contest of the Maker in China to be held in the fourth quarter of this year in Guangzhou.     Speaking at today’s event, the Commissioner for Digital Policy, Mr Tony Wong, said that the Hong Kong Innovation and Technology Development Blueprint has set “To proactively integrate into the overall development of the country and consolidate our role as a bridge connecting the Mainland and the world” as one of the four broad development directions. The MiCHK is a sound platform for Hong Kong start-ups and small and medium-sized enterprises (SMEs) to further expand business opportunities in the Mainland market, with numerous winning teams establishing their foothold in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and expanding their operations on the Mainland in recent years. Moreover, many teams have attracted the attention of corporate investors from the Mainland and overseas, receiving a considerable number of procurement contracts and collaboration opportunities.     Mr Wong stressed that the theme of this year’s contest has been extended to cover the frontier technology fields such as advanced network equipment, quantum technology and green technology with a view to fostering the development of innovation and technology (I&T) and related industries, and promoting the development of new quality productive forces in Hong Kong. He congratulated the winning teams and encouraged all participating teams to continue to forge ahead in the area of I&T, so as to contribute to the high-quality development of the country and Hong Kong.     The MiCHK 2024 has received overwhelming response with a total of 153 local innovation projects. After initial screening and a semi-final held earlier, the top 10 finalists entered the Final today, where they competed for the Champion, First Runner-up and Second Runner-up honours by staging roadshows to a panel of judges comprising local and Mainland experts of different I&T fields. Apart from building a platform for local I&T startups, the MiCHK arranges one-on-one business matching sessions between the top 10 finalists and the investors and enterprises from the GBA. The top 10 finalists were given opportunities to join different incubation and acceleration programmes and exhibitions to promote their products and services to different regions through various platforms. Details about the entries can be obtained from makerinchina.hk/.     The MiCHK 2024 is organised by the Digital Policy Office of the HKSAR Government, the China Centre for Promotion of SME Development of the Ministry of Industry and Information Technology of the People’s Republic of China, the Department of Youth Affairs of the Liaison Office of the Central People’s Government in the HKSAR, and the China International Cooperation Association of SMEs, and formulated by the Hong Kong Cyberport Management Company Limited, the Angel Investment Foundation and the Guangzhou SME’s Promotion Association For Specialization Refinement Differentiation Innovation Development. With the support of the Guangzhou Municipal Industry and Information Technology Bureau, the Hong Kong and Macao Affairs Office of the People’s Government of Guangzhou Municipality and the People’s Government of Guangzhou Nansha District, this is the sixth time the regional chapter took place in Hong Kong. 

     
    Ends/Thursday, September 26, 2024Issued at HKT 16:50

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Man sentenced to life in prison for the murder of a police officer

    Source: South Africa News Agency

    Thursday, September 26, 2024

    The Gqeberha High Court has sentenced Andile Nyoka (30) to life in prison for the murder of a police officer, armed robbery and kidnapping. 

    Nyoka was also given an additional 57 years direct imprisonment.           

    On 3 May 2023, Nyoka was before the Motherwell Magistrate’s Court for another matter, where he approached an on duty police official, Sergeant Mario Nell (40), who was a court orderly at the time. 

    Subsequently, Nyoka, for no apparent reason, started to fight with Nell and disarmed him of his service pistol. Nyoka shot Nell and he succumbed to the bullet wounds. Nell was declared deceased at the scene. Thereafter, Nyoka fled the scene and hijacked a taxi outside the court in an attempt to escape. 

    A few minutes later on the same day, he was apprehended inside the taxi by the Motherwell Visible Policing Unit and appeared before court, where he was remanded in custody. 

    The docket was handed over to the Hawks for a thorough probe. 

    Nyoka made numerous court appearances until his sentencing by the Gqeberha High Court on 20 September 2024 and has been in custody since his arrest. 

    The Eastern Cape Directorate for Priority Crime Investigation Provincial Head, Major General Mboiki Obed Ngwenya, welcomed the sentence and commended the team for the good work. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Security: DC Accountant Charged with Mortgage Fraud and Tax Crimes

    Source: United States Attorneys General 7

    Defendant Allegedly Did Not File Tax Returns and Falsified Documents to Obtain Mortgage

    A federal grand jury in Washington, D.C., returned an indictment yesterday, which was unsealed today, charging a CPA with not filing income tax returns, bank fraud and aggravated identity theft.

    According to the indictment, Timothy Trifilo, of Washington, D.C., was a partner or managing director at several large accounting and finance firms and worked in tax compliance. Nevertheless, Trifilo allegedly did not file federal income tax returns for himself for nearly a decade despite earning more than $7.7 million during that time.

    In February 2023, Trifilo allegedly sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company allegedly told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo allegedly provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that Trifilo never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo allegedly listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual allegedly did not prepare the returns, has never prepared tax returns for Trifilo and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank allegedly approved the loan and Trifilo purchased the home.

    If convicted, he faces a maximum sentence of two years in prison on the identity theft charge, a maximum sentence of 30 years in prison on the bank fraud charge, and a maximum sentence of one year in prison on each count of failure to file tax returns. Trifilo also faces a period of supervised release, monetary penalties and restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Melissa S. Siskind and Alexandra K. Fleszar of the Tax Division are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Awards Nearly $30M to Combat the Rise of Hate and Bias Crimes

    Source: United States Attorneys General 7

    Principal Deputy Associate Attorney General Benjamin C. Mizer announced today nearly $30 million in grant funding through the Office of Justice Programs (OJP) that will be awarded to law enforcement agencies, states, community-based organizations, national civil rights organizations, and other stakeholders to fight the rise in hate and bias crimes and incidents. These awards will help communities improve the investigation and prosecution of hate and bias crimes, solve hate crime cold cases, serve victims of these offenses, and support related research.

    “These grants are vital in helping to ensure law enforcement and community members get the support they need as they continue to strive to keep all communities safe,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “Everyone in this country deserves not only to feel safe but to be safe in their communities, and we’re excited about the new grant funding investments made.”

    The funding was announced at the inaugural hate crimes grantee conference organized by OJP’s Bureau of Justice Assistance (BJA). The grants are part of the Justice Department’s wide-ranging efforts to improve community safety, serve victims of crime, support America’s youth, advance science, and promote equal justice. OJP is the largest grantmaking component of the Department and houses its criminal and juvenile justice-related science and statistical units.

    “Freedom from intolerance and from the fear of violence is foundational to community safety and fundamental to the concept of equal justice,” said OJP Acting Assistant Attorney General Brent J. Cohen. “I’m very pleased that OJP is making these important resources available to our community partners and proud of the work we’re engaged in, together, to end hate and bias crimes and incidents in our country.”

    The funding announced today includes:

    • $12 million in grants under BJA’s Matthew Shepard and James Byrd Jr. Hate Crimes Program to help local law enforcement agencies and prosecutors’ offices investigate and prosecute hate and bias crimes, as well as collaborate with community partners on outreach and education to targeted communities.
    • More than $7.6 million in awards from BJA to 11 different community-based organizations and civil rights organizations for projects around the country dedicated to developing and implementing comprehensive hate crimes prevention and response strategies.
    • $1 million for the Orleans Parish, Louisiana, District Attorney’s Office under BJA’s Emmett Till Cold Case Investigation and Prosecution Program to provide resources in cold case homicide cases involving civil rights violations that occurred before 1980.
    • $2.7 million for RTI International and its subrecipients, the Eradicate Hate Global Summit and the International Association of Chiefs of Police, to launch BJA’s new Coordinated Hate Crimes Resource Center.
    • $1.125 million for the Washington State Attorney General’s Office through the Office for Victims of Crime’s Jabara-Heyer NO HATE Act State-Run Hate Crime Reporting Hotlines program.
    • $2.5 million through Jabara-Heyer NO HATE Act funding for the Bureau of Justice Statistics’ research and analysis project on National Incident-Based Reporting System data and hate crime reporting patterns.
    • $2.5 million in funding from the National Institute of Justice for three research projects on responding to hate crimes with specialized law enforcement units, including LGTBQI+ liaison units to respond to hate crimes against transgender individuals, and addressing the needs of survivors of hate crimes and their communities.

    In addition to these new grant awards, Principal Deputy Associate Attorney General Mizer announced OJP’s Office of Juvenile Justice and Delinquency Prevention Youth Hate Crimes and Identity-Based Bullying Prevention Curriculum to provide resources to address hate crimes, bias incidents and identity-based bullying among youth. The curriculum is designed for middle and high school-aged youth and the teachers, counselors and others who work with them. He also announced the Community Oriented Policing Services (the COPS Office) is launching a new training on investigating hate crimes, which builds on the training the COPS Office released in 2022 on recognizing and reporting hate crimes.

    MIL Security OSI –

  • MIL-OSI Translation: Future public transport service between Le Locle and Les Brenets

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Canton of Neuchatel Switzerland

    09.26.2024

    ​​Upgrading the railway facilities on the Le Locle – Les Brenets line required the analysis of different scenarios. The one chosen involves the creation of a new electric bus link at the end of 2031, connecting the Place du 1er Août to the Pargots car park on the banks of the Doubs via the Col des Roches industrial zone. An extension to Villers-le-Lac is planned in the long term. The current railway route will be reassigned as a greenway.

    The railway facilities on the 3.8-kilometre Le Locle – Les Brenets line need to be completely renovated. The rolling stock and stops do not comply with LHand standards and several infrastructure works are reaching the end of their life.

    Various alternative service scenarios were examined, in accordance with the Federal Ordinance on Concessions, Planning and Financing of Railway Infrastructure. Studies conducted in partnership between the canton, the Confederation, transN and the city of Le Locle show that service by a new electric bus line provides the best cost-benefit ratio.

    The first project planned to reassign the railway platform between Le Locle station and the cantonal road at the bottom of Les Frêtes for the passage of the electric bus. The preliminary project carried out in 2023 revealed, following additional geological surveys, significant additional costs, in particular for the resumption of the profile of the Combe-Monterban tunnel at the exit of Le Locle station, as well as a longer duration of the works. It was therefore decided to adapt the route of the electric bus via the cantonal road to the west of Le Locle. The commissioning from 2031 of the developments related to the N20 bypass tunnels will ensure good commercial speed. The current railway platform will be redeveloped into a greenway, allowing a significant development of soft mobility.

    The new electric bus line project will be implemented in two phases. The first will include a terminus at the Parking des Pargots in Les Brenets, thus offering an alternative to motorized commuter flows from the end of 2031. The second phase, which will have a terminus in Villers-le-Lac, will eventually expand the user base.

    In the immediate future, the maintenance work carried out by transN will ensure railway operations until 2031, the deadline for commissioning the developments related to the N20 Le Locle bypass motorway tunnel.

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI USA: DC Accountant Charged with Mortgage Fraud and Tax Crimes

    Source: US State of North Dakota

    Defendant Allegedly Did Not File Tax Returns and Falsified Documents to Obtain Mortgage

    A federal grand jury in Washington, D.C., returned an indictment yesterday, which was unsealed today, charging a CPA with not filing income tax returns, bank fraud and aggravated identity theft.

    According to the indictment, Timothy Trifilo, of Washington, D.C., was a partner or managing director at several large accounting and finance firms and worked in tax compliance. Nevertheless, Trifilo allegedly did not file federal income tax returns for himself for nearly a decade despite earning more than $7.7 million during that time.

    In February 2023, Trifilo allegedly sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company allegedly told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo allegedly provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that Trifilo never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo allegedly listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual allegedly did not prepare the returns, has never prepared tax returns for Trifilo and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank allegedly approved the loan and Trifilo purchased the home.

    If convicted, he faces a maximum sentence of two years in prison on the identity theft charge, a maximum sentence of 30 years in prison on the bank fraud charge, and a maximum sentence of one year in prison on each count of failure to file tax returns. Trifilo also faces a period of supervised release, monetary penalties and restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Melissa S. Siskind and Alexandra K. Fleszar of the Tax Division are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: Justice Department Awards Nearly $30M to Combat the Rise of Hate and Bias Crimes

    Source: US State of North Dakota

    Principal Deputy Associate Attorney General Benjamin C. Mizer announced today nearly $30 million in grant funding through the Office of Justice Programs (OJP) that will be awarded to law enforcement agencies, states, community-based organizations, national civil rights organizations, and other stakeholders to fight the rise in hate and bias crimes and incidents. These awards will help communities improve the investigation and prosecution of hate and bias crimes, solve hate crime cold cases, serve victims of these offenses, and support related research.

    “These grants are vital in helping to ensure law enforcement and community members get the support they need as they continue to strive to keep all communities safe,” said Principal Deputy Associate Attorney General Benjamin C. Mizer. “Everyone in this country deserves not only to feel safe but to be safe in their communities, and we’re excited about the new grant funding investments made.”

    The funding was announced at the inaugural hate crimes grantee conference organized by OJP’s Bureau of Justice Assistance (BJA). The grants are part of the Justice Department’s wide-ranging efforts to improve community safety, serve victims of crime, support America’s youth, advance science, and promote equal justice. OJP is the largest grantmaking component of the Department and houses its criminal and juvenile justice-related science and statistical units.

    “Freedom from intolerance and from the fear of violence is foundational to community safety and fundamental to the concept of equal justice,” said OJP Acting Assistant Attorney General Brent J. Cohen. “I’m very pleased that OJP is making these important resources available to our community partners and proud of the work we’re engaged in, together, to end hate and bias crimes and incidents in our country.”

    The funding announced today includes:

    • $12 million in grants under BJA’s Matthew Shepard and James Byrd Jr. Hate Crimes Program to help local law enforcement agencies and prosecutors’ offices investigate and prosecute hate and bias crimes, as well as collaborate with community partners on outreach and education to targeted communities.
    • More than $7.6 million in awards from BJA to 11 different community-based organizations and civil rights organizations for projects around the country dedicated to developing and implementing comprehensive hate crimes prevention and response strategies.
    • $1 million for the Orleans Parish, Louisiana, District Attorney’s Office under BJA’s Emmett Till Cold Case Investigation and Prosecution Program to provide resources in cold case homicide cases involving civil rights violations that occurred before 1980.
    • $2.7 million for RTI International and its subrecipients, the Eradicate Hate Global Summit and the International Association of Chiefs of Police, to launch BJA’s new Coordinated Hate Crimes Resource Center.
    • $1.125 million for the Washington State Attorney General’s Office through the Office for Victims of Crime’s Jabara-Heyer NO HATE Act State-Run Hate Crime Reporting Hotlines program.
    • $2.5 million through Jabara-Heyer NO HATE Act funding for the Bureau of Justice Statistics’ research and analysis project on National Incident-Based Reporting System data and hate crime reporting patterns.
    • $2.5 million in funding from the National Institute of Justice for three research projects on responding to hate crimes with specialized law enforcement units, including LGTBQI+ liaison units to respond to hate crimes against transgender individuals, and addressing the needs of survivors of hate crimes and their communities.

    In addition to these new grant awards, Principal Deputy Associate Attorney General Mizer announced OJP’s Office of Juvenile Justice and Delinquency Prevention Youth Hate Crimes and Identity-Based Bullying Prevention Curriculum to provide resources to address hate crimes, bias incidents and identity-based bullying among youth. The curriculum is designed for middle and high school-aged youth and the teachers, counselors and others who work with them. He also announced the Community Oriented Policing Services (the COPS Office) is launching a new training on investigating hate crimes, which builds on the training the COPS Office released in 2022 on recognizing and reporting hate crimes.

    MIL OSI USA News –

  • MIL-OSI Russia: The city will put commercial premises in the Troparevo-Nikulino area up for sale

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The capital will put up for auction a property with a free designation in the Troparevo-Nikulino district. Anyone can take part in the auction.

    “In the fall, investors will be able to take part in an auction to purchase a space of almost 590 square meters. The property is located on the first floor of building 127 on Vernadsky Avenue, which is a 15-minute walk from the Yugo-Zapadnaya station of the Sokolnicheskaya metro line. Any type of activity can be carried out there: opening a pick-up point, a store, a catering outlet. Due to its large area, it is suitable for implementing several business ideas at once,” said the Minister of the Moscow Government, head of the Moscow Department of City Property

    Maxim Gaman.

    The premises are equipped with offices, which will allow the future owner to organize a shopping and office center or rent out the available space, for example, for travel agency offices, hairdressers and other types of services that are in demand among the population.

    In addition, you can open a business providing household services. Next to the residential building, on the ground floor of which there is a commercial space, there is a hotel.

    The non-residential facility has three separate entrances, two of which face the intersection of Leninsky and Vernadsky Avenues. This arrangement will allow separating the flows of customers, workers and residents of the apartment building.

    All information about the premises put up for auction is presented on the Moscow investment portal. You can learn more about the property being sold by the capital, study the lot documentation and the rules for conducting auctions in the section “Property from the city”.

    Entrepreneurs can purchase 27 commercial premises in the center of the capitalInvestors have purchased almost 90 real estate properties in the Southern Administrative District from the city in six months

    Development of electronic services for business corresponds to the objectives of the national project “Digital Economy”. You can find out more about this and other national projects being implemented in Moscow Here.

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

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

    http://vvv.mos.ru/nevs/item/144480073/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI USA: Former Nurse Sentenced for Tampering with Oxycodone

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    District of Massachusetts 

    FOR IMMEDIATE RELEASE
    Wednesday, September 18, 2024

    BOSTON – A former nurse was sentenced yesterday for tampering with liquid oxycodone syringes at a local rehabilitation center.

    Jaclyn McQueen, 44, of Dedham, was sentenced by U.S. District Court Judge Julia E. Kobick to three years of probation. In January 2024, McQueen pleaded guilty to one count of tampering with a consumer product. McQueen was charged by Information on Dec. 7, 2023.

    From approximately February through May 2020, McQueen worked as a registered nurse at a rehabilitation center in Dedham that provided long-term chronic and post-acute care to patients. In her capacity as a nurse, McQueen had access to oxycodone, a Schedule II narcotic, prescribed to patients at the rehabilitation center.  During her work shifts, McQueen removed liquid oxycodone from syringes intended for use by patients, consumed the oxycodone herself and refilled the syringes with water to avoid detection. McQueen returned the diluted syringes to the medication carts where they could have been administered to patients.  

    Acting United States Attorney Joshua S. Levy; Fernando McMillan, Special Agent in Charge of the Food and Drug Administration, Office of Criminal Investigations; and Robert H. Goldstein, MD, PhD, Commissioner of the Massachusetts Department of Public Health made the announcement. Assistant U.S. Attorney Kelly Begg Lawrence, Chief of the Health Care Fraud Unit, prosecuted the case.
     

    MIL OSI USA News –

  • MIL-OSI USA: Mississippi Seafood Distributor and Managers Plead Guilty to Conspiracy and Misbranding of Seafood

    Source: US Department of Health and Human Services – 3

    Department of Justice
    Office of Public Affairs

    FOR IMMEDIATE RELEASE
    Tuesday, August 27, 2024

    Company Agrees to Pay More than $1.1M in Criminal Penalties

    A Mississippi seafood distributor and two company managers pleaded guilty today to conspiring with others to mislabel seafood and to commit wire fraud by marketing inexpensive and frozen imported substitutes as more expensive and premium local species. 

    Quality Poultry and Seafood Inc. (QPS), the largest seafood wholesaler on the Mississippi Gulf Coast, has agreed to pay the United States $1 million in forfeitures and a criminal fine of $150,000. QPS sales manager Todd A. Rosetti and business manager James W. Gunkel, both of Ocean Springs, Mississippi, also pleaded guilty to misbranding seafood to facilitate QPS’ fraud. 

    QPS admitted to participating in this fish substitution scheme from as early as 2002 and continuing through November 2019. The indictment alleges that QPS recommended and sold to its restaurant customers foreign-sourced fish that could serve as convincing substitutes for the local species the restaurants advertised on their menus. QPS also labeled the cheap imports that it sold to customers at its own retail shop and café as premium local fish.

    “QPS and company officials went to great lengths in conspiring with others to perpetuate fraud for more than a decade, even after they knew they were under federal investigation,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division. “Mislabeling seafood harms local wholesalers and fishermen who compete to sell locally sourced, premium fish in a market unfairly flooded with less expensive fish, frozen and imported from overseas.”

    “When imported substitutes are marketed as local domestic seafood, it depresses the value of authentic Gulf Coast seafood, which means that honest local fishermen and wholesalers have a harder time making a profit,” said U.S. Attorney Todd W. Gee for the Southern District of Mississippi. “This kind of mislabeling fraud hurts the overall local seafood market and rips off restaurant customers who were paying extra to eat a premium local product. These convictions should serve as a warning: restaurants and wholesalers will face criminal prosecution if they are not honest with customers about what they are actually buying.”

    “U.S. consumers expect their seafood to be correctly identified. When sellers purposefully substitute one fish species for another, they deceive consumers and cause potential food safety hazards to be overlooked or misidentified by processors or end users,” said Special Agent in Charge Justin Fielder of the Food and Drug Administration (FDA)’s Office of Criminal Investigations, Miami Field Office. “We will continue to investigate and bring to justice those who put profits above public health.”

    The indictment alleges that even after agents from the FDA executed a criminal search warrant at QPS to investigate its sale of mislabeled fish, QPS continued for over a year to sell frozen fish imported from Africa, South America and India for use as substitutes for local premium species.

    Mary Mahoney’s, which pleaded guilty in May, admitted that between December 2013 and November 2019, it fraudulently sold, as local premium species, approximately 58,750 pounds (over 29 tons) of fish that was not the species identified on its menu. QPS supplied seafood to Mary Mahoney’s and many other restaurant restaurants and retailers.

    QPS, Rosetti and Gunkel will be sentenced on Dec. 11. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    FDA’s Office of Criminal Investigations is investigating the case.

    Senior Trial Attorney Jeremy F. Korzenik of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorney Andrea Jones for the Southern District of Mississippi are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: California Man Pleads Guilty to Selling Illegal Depressant Etizolam Over the Internet

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    District of Massachusetts 

    FOR IMMEDIATE RELEASE
    Thursday, August 29, 2024

    BOSTON – A California man pleaded guilty today for conspiracy to sell the illegal depressant Etizolam over the internet.

    Paul Z. Lamberty, 52, of Folsom, Calif., pleaded guilty to one count of conspiracy to defraud the United States and one count of the introduction of misbranded drugs with the intent to defraud and mislead. U.S. District Court Chief Judge F. Dennis Saylor IV scheduled sentencing for Dec. 13, 2024. 

    Lamberty operated websites Encern.com and Ohmod.com and used those sites to sell the drug etizolam to customers throughout the United States, including Massachusetts. Payments for etizolam through those websites could only be made through cryptocurrency and it would be shipped to customers through U.S. Priority Mail.  Encern.com has no corporate records in the State of California and the Encern.com website did not provide a physical address for the business. The Food and Drug Administration (FDA) has not approved etizolam for use as a drug, and thus it cannot be sold or prescribed in the United States. Despite this, Lamberty purchased drugs from suppliers in China and imported those drugs into the United States and sold the drugs with false labelling stating that the products were sold “For Research Purposes Only” and “Not for Human Consumption.” Based on an analysis of bank and cryptocurrency records, Lamberty and his co-conspirator conducted gross sales of over $550,000 of etizolam through the internet during the course of the conspiracy. 

    According to the charging document, etizolam is a drug known as a thienodiazepine, a class of drugs chemically related to benzodiazepines, which produce central nervous system depression. Physicians may prescribe FDA-approved benzodiazepines to treat insomnia and anxiety, but benzodiazepines and thienodiazepines also carry risks of dependency, toxicity, and even fatal overdose, particularly when combined with other central nervous system depressants.

    The charge of conspiracy to defraud the United States provides for a sentence of up to five years in prison, three years of supervised release and a fine of $250,000. The charge of introduction of misbranded drugs with the intent to defraud and mislead provides for a sentence up to three years in prison, three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes that govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy; Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations; and Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division. Assistant U.S. Attorneys Jared C. Dolan and Lauren A. Graber of the Criminal Division are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: Gate City Pharmacist Sentenced for Tampering with Oxycodone

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    Western District of Virginia

    FOR IMMEDIATE RELEASE
    Monday, August 26, 2024

    Dillon Breeding Will Serve 24 Months in Federal Prison

    ABINGDON, Va. – A Gate City, Virginia pharmacist who tampered with oxycodone and hydromorphone was sentenced last week to 24 months in federal prison.

    Dillon West Breeding, 34, pled guilty in June 2024 to one count of tampering with consumer products.

    “Ensuring the integrity of our prescription drugs is vital to maintaining the public’s confidence in our healthcare system,” United States Attorney Christopher R. Kavanaugh said today. “When patients go to the pharmacy, they trust the medicines they receive are legitimate, and prosecutions like this one go a long way towards ensuring that trust. I am grateful to the FDA, Virginia Department of Health Professions, Virginia State Police, and the Gate City Police for bringing this important matter forward.”

    “FDA-OCI remains committed to safeguarding the drug supply chain from individuals who endanger public health and safety by tampering with products,” said George Scavdis, Special Agent in Charge, FDA Office of Criminal Investigations, Metropolitan Washington Field Office. “When pharmacists betray their customers’ trust by tampering with narcotic medications, they not only risk causing needless suffering from ineffective substitutes but also put lives at risk by introducing potentially harmful substances into the drug supply chain. The foundational work of the Gate City Police Department and our valued partnership with the Virginia State Police were integral to our efforts in safeguarding public health and safety in this case.”

    According to court documents, Breeding swapped oxycodone tablets with prednisone, a steroid used to treat inflammation, and replaced hydromorphone tablets with leflunomide, a drug used to treat rheumatoid arthritis.

    Additionally, Breeding would dispense medication to patients and short them pills, keeping the additional pills for himself.

    Because Breeding tampered with these products, a pharmacist could have filled and dispensed the wrong drug to a customer, placing them in danger of death or bodily injury.

    The Food and Drug Administration – Office of Inspector General, the Virginia Department of Health Professions, along with the Gate City Police Department and the Virginia State Police, investigated the case.

    Assistant U.S. Attorney Carrie Macon prosecuted the case for the United States.

    MIL OSI USA News –

  • MIL-OSI USA: Founder and Chief Executive Officer of Injectable Stem Cell Product Manufacturer Pleads Guilty to Felony Distribution of Unapproved Drug

    Source: US Department of Health and Human Services – 3

    Department of Justice
    Office of Public Affairs

    FOR IMMEDIATE RELEASE
    Tuesday, August 27, 2024

    The founder and chief executive officer of a California-based company that marketed stem cell-based products linked to multiple hospitalizations pleaded guilty yesterday to a felony violation of the Federal Food, Drug and Cosmetic Act.

    John W. Kosolcharoen, 53, most recently of Orange County, California, pleaded guilty to introducing an unapproved new drug into interstate commerce with the intent to defraud and mislead. Kosolcharoen is currently in custody serving a sentence for a separate, unconnected conviction. U.S. District Judge Otis D. Wright II for the Central District of California presided over the hearing pursuant to a plea agreement with the government. The court set Kosolcharoen’s sentencing for Sept. 23.

    According to court documents, beginning in 2016, Kosolcharoen created two companies, Liveyon LLC and Genetech Inc., to manufacture and distribute injectable stem cell products made from human umbilical cord blood. Liveyon marketed the products under different brand names, including “ReGen.” In pleading guilty, Kosolcharoen admitted that he and others misrepresented ReGen as suitable for the treatment of a variety of conditions, such as lung and heart diseases, autoimmune disorders, Alzheimer’s disease, Parkinson’s disease and others. Liveyon marketed the products throughout the United States until about April 2019 using advertising materials that contained multiple false and misleading statements about their purported safety and effectiveness.

    In recent years, the U.S. Food and Drug Administration (FDA) has warned consumers that patients seeking cures and remedies for serious diseases and conditions may be misled about unapproved stem cell products that are illegally marketed, have not been shown to be safe or effective, and, in some cases, may have significant safety issues that put patients at risk. Stem cell products are regulated by FDA, and generally they must have FDA approval before being introduced into interstate commerce.

    As part of the plea agreement, Kosolcharoen admitted that to mislead FDA about Liveyon’s activities, he directed Liveyon’s purchase orders to falsely state that the stem cell products were being sold “for research purposes only.” In 2018, FDA and the Centers for Disease Control and Prevention (CDC) received reports of patients in multiple states requiring hospitalization for bacterial infections after receiving Liveyon products. Kosolcharoen admitted that he and others fraudulently induced customers into purchasing stem cell-derived Liveyon products by, among other things, misleading the public about the cause and severity of adverse events suffered by Liveyon patients, and falsely reporting and concealing material facts regarding the outcome of an FDA inspection of Genetech. According to FDA records, that inspection documented evidence of significant deviations from good manufacturing and tissue practices.

    “Unapproved stem cell treatments not only endanger public health but also exploit the hopes of patients who seek relief from the most serious of diseases,” said Principal Deputy Assistant Attorney General Brian Boynton, head of the Justice Department’s Civil Division. “The Department of Justice is committed to safeguarding the public from these schemes and will vigorously pursue legal action to hold accountable those who unlawfully market and sell these unproven therapies.”

    “This defendant recklessly put people’s lives in danger, giving false hope to patients with serious illnesses,” said U.S. Attorney Martin Estrada for the Central District of California. “Today’s guilty plea shows that we will hold accountable corporate executives and healthcare professionals who put profits over patients.”

    “We are grateful for the work by the Department of Justice to hold accountable establishments that prey upon vulnerable populations by marketing potentially dangerous stem cell products with false and misleading claims about their safety and effectiveness,” said Director Peter Marks, M.D., Ph.D. of FDA’s Center for Biologics Evaluation and Research.

    “When unscrupulous providers offer umbilical cord blood stem cell products and treatments that are both unapproved and unproven, they put consumers’ health at risk, and multiple users of this firm’s products in fact suffered adverse events,” said Special Agent in Charge Robert Iwanicki of FDA Office of Criminal Investigations Los Angeles Field Office. “FDA will continue to investigate and bring to justice those who endanger the public’s health for material gain.”

    “This investigation was a joint effort between multiple federal agencies and state and local health departments to quickly put a stop to the distribution of unsafe, contaminated products,” said Director Michael Bell, M.D. of CDC’s Division of Healthcare Quality Promotion. “The rapid response by our public health system identified products marketed as stem cell treatments to be the source of serious infections in dozens of patients. Our message to all consumers and providers is to heed the warning against the use of unapproved products like these with unproven claims of effectiveness for conditions like joint disease, chronic pain, or COVID-19. Please don’t let products like these put you or your patients’ health at risk.”

    FDA’s Office of Criminal Investigations, FBI, Amtrak Office of Inspector General, Defense Criminal Investigative Service, Department of Health and Human Services Office of Inspector General, Department of Labor Employment Benefits Security Administration and California Department of Health Care Services investigated the case.

    Assistant U.S. Attorneys Mark Aveis and David Chao for the Central District of California, Assistant Director Ross S. Goldstein and Trial Attorneys Meredith B. Healy, Kathryn A. Schmidt and Peter J. Leininger of the Justice Department’s Consumer Protection Branch are prosecuting the case.

    Additional information about the Consumer Protection Branch and its enforcement efforts can be found at www.justice.gov/civil/consumer-protection-branch.

    MIL OSI USA News –

  • MIL-OSI USA: Conspiracy and Fraud Charges Added Against Operator of Central California Bio-Lab and His Partner in Connection with Sale of Millions of Dollars in COVID-19 Test Kits

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    Eastern District of California

    FOR IMMEDIATE RELEASE
    Thursday, August 15, 2024

    FRESNO, Calif. — The operator of a Reedley lab, who was indicted in November 2023, faces additional charges of conspiracy and wire fraud after a federal grand jury returned a 12-count superseding indictment today, U.S. Attorney Phillip A. Talbert announced.

    Jia Bei Zhu, 62, a citizen of China, was previously indicted for distributing adulterated and misbranded COVID-19 test kits in violation of the federal Food, Drug, and Cosmetic Act and making false statements to authorities about his identity and involvement with the biolabs. The superseding indictment also charges Zhu’s romantic and business partner, Zhaoyan Wang, 38, a citizen of China, who operated the biolabs Universal Meditech Inc. (UMI) and Prestige Biotech Inc. (PBI) in Fresno and Reedley along with Zhu. UMI and PBI distributed COVID-19, pregnancy, and other types of test kits.

    According to court documents, from August 2020 through March 2023, Zhu and Wang conspired to defraud buyers of UMI and PBI’s COVID-19 test kits. They imported hundreds of thousands of COVID-19 test kits from Ai De Ltd., which was a company in China that they controlled, and falsely represented to the buyers that the test kits were made in the United States. They illegally imported the COVID-19 test kits, which they were not approved to import, by falsely declaring them as pregnancy test kits, which they were approved to import.

    Zhu and Wang also falsely represented to the buyers that UMI and PBI could make up to 100,000 COVID-19 test kits per week in the United States and that the test kits were made in connection with other labs that were certified by the Centers for Disease Control and Prevention. Finally, they falsely represented to the buyers that the test kits were approved by the Food and Drug Administration (FDA). Zhu and Wang made over $1.7 million through their fraud.

    When buyers requested to inspect UMI and PBI’s facilities in Fresno and Reedley, Zhu and Wang denied them access and fabricated reasons for the denial. The fabricated reasons included that the facilities were undergoing construction and renovation, and that proprietary and confidential information and technology was inside. In reality, however, they did not want the buyers to know that UMI and PBI were obtaining the COVID-19 test kits from China.

    Zhu is currently detained in custody pending his federal trial. His next status conference is scheduled for Sept. 11, 2024. Wang is not in custody.

    This case is the product of an investigation by the Federal Bureau of Investigation and the FDA Office of Criminal Investigations. Assistant U.S. Attorneys Arelis Clemente, Joseph Barton, and Henry Carbajal III are prosecuting the case.

    If convicted, Zhu and Wang each face maximum statutory penalties of 20 years in prison for the conspiracy and wire fraud charges, and an additional three years in prison for the distribution of adulterated and misbranded medical device charges. Zhu also faces another five years in prison for the false statements charge. Any sentences, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations. Zhu and Wang are presumed innocent until and unless proven guilty beyond a reasonable doubt.

    23cr219.sup_.ind_.0815.pdf

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: STL visits Tianjin (with photos)

    Source: Hong Kong Government special administrative region

    STL visits Tianjin (with photos)
    STL visits Tianjin (with photos)
    ********************************

         The Secretary for Transport and Logistics, Mr Lam Sai-hung, attended the 11th China Air Finance Development (DFTP) Summit in Tianjin today (September 26).     This year’s summit, with the theme “Openness Leads, Multi-dimensions Surge, New Chances for China’s Air Finance”, brings together representatives from various sectors of the aviation industry to exchange views on topics including the opportunities and challenges of China’s air finance, as well as the current status and future trends of international aircraft leasing enterprises.     In his speech at the opening ceremony of the Summit, Mr Lam said that the global aircraft leasing market has changed rapidly in recent years. The Dongjiang Free Trade Port Zone is the largest aircraft leasing hub in China and the second largest in the world. The delivery of the domestic C919 aircraft has also brought greater momentum to Dongjiang’s rapid growth. The co-operation between Hong Kong and Dongjiang will provide new driving forces and opportunities for the development of the aircraft leasing industry.     “With the support of our motherland, the Hong Kong Special Administrative Region Government has been leveraging the strengths of its sound legal and banking systems, well-developed and diversified capital markets, excellent aviation infrastructure and talent as well as the city’s proximity to the huge Mainland market to help Mainland enterprises go global while attracting foreign investments. Hong Kong, together with the Dongjiang Free Trade Port Zone, will establish closer co-operation to jointly promote the development of the aircraft leasing industry, offering more opportunities and options for airlines around the world and making more contributions to the global air transport industry,” Mr Lam said.     Mr Lam then met with representatives of the Administrative Commission of the Tianjin Dongjiang Free Trade Port Zone and aircraft leasing and financing companies to introduce Hong Kong’s advantages in the aviation industry, including the latest developments in aircraft leasing policies and the preferential tax regime.      ???Mr Lam concluded his two-day visit to Beijing and Tianjin and will return to Hong Kong this evening.

     
    Ends/Thursday, September 26, 2024Issued at HKT 15:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Anmodning om ophør af suspension i enkelt afdeling under Investeringsforeningen Danske Invest

    Source: GlobeNewswire (MIL-OSI)

    NASDAQ Copenhagen

    Nikolaj Plads 6
    1007 København K

    		  

    Bernstorffsgade 40
    1577  København V
    Telefon 33 33 71 71
    Telefax 33 15 71 71
    http://www.danskeinvest.dk

    26. september 2024
       

    Der anmodes om ophør af suspension for afdeling/andelsklasse nedenfor. 

    Investeringsforeningen Danske Invest:

    Afdeling/andelsklasse ISIN-kode OMX Identifikation
    Nye Markeder 2, klasse DKK d DK0060080380 DKINM2

    Med venlig hilsen

    DANSKE INVEST
    MANAGEMENT A/S

    Tina Hjorth Hetting
    Head of Investment Management

    The MIL Network –

  • MIL-OSI: Innofactor Plc: Notification of major holdings in accordance with Chapter 9, Section 10 of the Finnish Securities Markets Act

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc                Stock exchange release        September 26, 2024, at 9:45 (EEST)

    Innofactor Plc has on September 25, 2024, received a notification from Onni Bidco under Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which Onni Bidco Oy’s direct holding in Innofactor’s shares increased above the 30 percent threshold.

    Total positions of Onni Bidco Oy according to the notification:

             
      % of shares and voting rights % of shares and voting rights through financial instruments Total of both in % Total number of shares and voting rights of issuer
    Resulting situation on the date on which threshold was crossed or reached 30.09
    (+50.32)            		 0.41 30.49
    (+50.32 = 80.81)    		 36,343,691
    Positions of previous notification
    (if applicable)    		 28.37 21.84 50.20  

    Notified details of the resulting situation on the date on which the threshold was crossed or reached:

    A: Shares and voting rights

    Class / type of shares Number of shares and voting rights % of shares and voting rights
      Direct (SMA 9:5) Indirect (SMA 9:6 and 9:7) Direct (SMA 9:5) Indirect (SMA 9:6 and 9:7)
    Onni Bidco: Innofactor Plc share FI0009007637 10,934,048
    (+18,288,674)    		   30.09
    (+50.32)    		  
    Subtotal A 10,934,048
    (+18,288,674)    		 30.09
    (+50.32)

    B: Financial instruments according to SMA 9:6a

    Type of financial instrument Expiration date Exercise / Conversion period Physical or cash settlement Number of shares and voting rights % of shares and voting rights
    Tender offer consortium agreement     Share delivery through the acceptance of the tender offer 148,127 0.41
      Subtotal B 148,127 0.41

    Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

    Name % of shares and voting rights % of shares and voting rights through financial instruments Total of both
    CapMan Growth Equi-ty Fund III Ky              
    Onni Topco Oy      
    Onni Midco Oy      
    Onni Bidco Oy 30.09
    (+50.32)    		 0.41 30.49
    (+50.32 = 80.81)

    Further, according to Onni Bidco Oy’s notification:

    CapMan Growth Equity Fund III Ky, a fund managed by the investment company CapMan Growth (CapMan Growth), Sami Ensio, through the holding company Ensio Investment Group Oy controlled by him, and co-investor Osprey Capital Oy have formed a consortium for the purposes of the public tender offer for the shares in Innofactor Plc made on 22 July 2024. Onni Bidco Oy, the offeror, formed for the purposes of the public tender offer, is currently owned by CapMan Growth. Onni Bidco Oy has acquired shares of Innofactor Plc through transactions made on September 25, 2024, resulting in a direct ownership of 10,934,048 shares and its direct ownership of shares and the voting rights they generate has now exceeded the 30 percent threshold. In accordance with the announcement made on September 19, 2024, regarding the final result of Onni Bidco Oy’s public tender offer, Onni Bidco Oy has decided to proceed with the public tender offer in accordance with its terms. Therefore, the 18,288,674 shares validly tendered in the public offer (including the shares under the control of Sami Ensio, excluding certain shares received as board remuneration totaling 148,127), which represent approximately 50.32 percent of Innofactor Plc’s shares and voting rights, will be transferred to the ownership of Onni Bidco Oy following the completion of the transactions related to the public tender offer, with the transfer expected to be finalized around October 10, 2024. These shares have been reported in this notification as the direct ownership of Onni Bidco Oy in parentheses, as the completion of the tender offer has been confirmed. According to an agreement between the consortium members, Sami Ensio has undertaken, subject to certain conditions and potential limitations, to accept the public tender offer in respect of all Innofactor Plc shares under his control. As the consortium members are acting in consert in making the public tender offer, the 148,127 shares obtained as board remuneration that are still under the control of Sami Ensio disclosed in this notification are disclosed as ownership based on a financial instrument. Although the ownership of the parties acting in concert now exceeds both 30 and 50 percent of the voting rights generated by Innofactor Plc’s shares, there is no obligation to make a mandatory public tender offer due to the exemption provided by Section 21, first paragraph, of Chapter 11 of the Securities Markets Act. 

    Espoo, September 26, 2024

    INNOFACTOR PLC

    Antti Rokala, CFO

    Additional information:
    Antti Rokala, CFO, antti.rokala@innofactor.com, +358 40 480 2752
    Lasse Lautsuo, CMO, ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media
    http://www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. http://www.innofactor.com #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou

    The MIL Network –

  • MIL-OSI: Virtune AB (Publ) announces its expansion into France through the listing of Virtune Staked Solana ETP on Euronext Paris

    Source: GlobeNewswire (MIL-OSI)

    Paris, 26th of September 2024 — Virtune, a Swedish regulated digital asset manager and issuer of crypto Exchange Traded Products (ETPs) based in Stockholm, Sweden, announces its expansion into France through the listing of its Virtune Staked Solana ETP on Euronext Paris.

    With strong traction and consistent inflows in the Nordic regions driven by increasing interest and crypto adoption, expanding into France is a strategic milestone for Virtune. Virtune has since its inception in May 2023 been growing rapidly in the Nordics where it has listed a total of 12 products and reached more than 31 000 investors in its products in just about one year.

    The key success factors have been an educational focus, a transparent market approach and through its regulated status. This move not only addresses growing investor enthusiasm but also enhances our market presence across Europe.

    Christopher Kock, CEO of Virtune, stated:

    “We are thrilled to expand into France with the introduction of our Staked Solana ETP to the French investor community after its successful launch in the Nordic markets. Since our inception in May 2023, we have worked tirelessly to drive crypto adoption through educational efforts in the Nordics and we are excited to extend these efforts to the French financial market. This ETP provides investors with enhanced exposure to Solana, one of the leading and most influential blockchains globally, while also offering additional returns through included staking.”

    About Virtune Staked Solana ETP
    Virtune Staked Solana ETP provides exposure to Solana combined with the benefits of staking. With staking incorporated, the ETP offers an additional annual return of approximately 3% on the investment made in the ETP, while at the same time offering an attractive annual fee of 0.95%.

    Like all of Virtune’s ETPs, Virtune Staked Solana ETP is 100% physically backed and fully collateralized, is denominated in EUR for the French audience and is available on brokerage platforms. Virtune uses Coinbase as the crypto custodian where the underlying SOL tokens are being stored with highest institutional grade security in cold-storage. The underlying SOL tokens are being staked directly from cold-storage and the staking rewards are being reflected in the daily price of the ETP.

    Key Product Information:

    Exposure to Solana with approximately 3% annual return through staking
    100% physically backed by SOL
    0.95% annual management fee
    Non-custodial staking

    Virtune Staked Solana ETP:

    Trading Currency: EUR
    First Day of Trading: Tuesday, 17th of September 2024
    Euronext Exchange Ticker: VRTS
    Bloomberg Ticker: VIRSOL
    ISIN: SE0021309754
    Exchanges: Euronext Paris, Euronext Amsterdam, Nasdaq Stockholm

    About Virtune AB (Publ)
    Virtune is a registered financial institution with the Swedish Financial Supervisory Authority (FSA) for trading and managing digital assets and has an approved EU Base Prospectus, renewed with the Swedish FSA on April 5, 2024 which has enabled Virtune’s strategy of listing ETPs on regulated European exchanges. Virtune’s mission is to provide seamless access to crypto assets for both institutional and retail investors through innovative ETPs, transparency, and education.

    Virtune has a wide offering of crypto ETPs that includes Virtune Bitcoin ETP, Virtune Staked Ethereum ETP, Virtune Staked Solana ETP, Virtune Crypto Top 10 Index ETP, Virtune XRP ETP, Virtune Chainlink ETP, Virtune Avalanche ETP, Virtune Staked Polkadot ETP, Virtune Staked Polygon ETP, Virtune Arbitrum ETP and Virtune Staked Cardano ETP.

    About Solana
    Solana is a high-performance blockchain platform designed to offer fast and scalable decentralized application operations and cryptocurrency transactions. By using a unique consensus mechanism known as Proof of History (PoH) along with Proof of Stake (PoS), Solana can handle thousands of transactions per second with low transaction costs, which is a significant improvement over older blockchains like Bitcoin and Ethereum. This combination of technologies not only allows for instant transaction verification but also a significant increase in network throughput without compromising security or decentralization.

    About staking
    Staking enables crypto asset owners to earn passive income by participating in the validation and confirmation of transactions on a blockchain through a process known as Proof of Stake. This mechanism is a fundamental component of Proof of Stake blockchains, like Ethereum and Solana, and plays a vital role in ensuring the security and authenticity of blockchain transactions. To facilitate a transaction on the blockchain securely and accurately, a validator must stake a certain amount of crypto asset as a guarantee of the transaction’s legitimacy.

    The validator aims to stake as much crypto assets as possible to increase the likelihood of receiving rewards, which are paid out in the same type of crypto asset that was staked. For instance, if you stake Solana, you receive additional SOL tokens as a reward. The annual reward percentage for staking can vary and may range from 0-14% or higher for some blockchains. Most crypto asset holders cannot act as validators themselves, as it requires significant amounts of crypto assets. Therefore, many choose to stake their assets through an established and trusted validator. Virtune includes staking rewards in its products that have ‘staked’ included in their names.

    Flow Traders will act as the market maker for the ETP, ensuring that French investors can access the product easily and efficiently during Euronext market hours.

    Stockholm, 26th of September 2024

    For further inquiries, please contact:
    Christopher Kock, CEO & Member of the Board of Directors
    Email: hello@virtune.com

    About Virtune AB (Publ)
    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges.

    With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

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

    The MIL Network –

  • MIL-OSI Economics: AIIB’s Global Membership Grows to 110

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has grown to 110 approved Members after its Board of Governors voted in support of the application of the Republic of Nauru during the Bank’s 2024 Annual Meeting.

    “The addition of Nauru as a regional Member strengthens the AIIB community and supports our collective mission to finance Infrastructure for Tomorrow,” said Jin Liqun, AIIB President and Chair of the Board of Directors. “AIIB is committed to our Members’ sustainable development and together we will work on priority projects within our clearly defined thematic priorities to drive long-term sustainable growth.”

    About AIIB

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

    MIL OSI Economics –

  • MIL-OSI: The European Investment Fund (EIF) and the Hungarian National Capital Holding (NCH) Launch a €40 Million VC Fund to Strengthen Enterprises with Social and Environmental Impact

    Source: GlobeNewswire (MIL-OSI)

    BUDAPEST, Hungary, Sept. 26, 2024 (GLOBE NEWSWIRE) — The European Investment Fund (EIF) and the Hungarian National Capital Holding (NCH) have launched Impact Ventures III, a €40 million venture capital fund aimed at supporting early-stage, innovative SMEs and startups with positive social and environmental impacts in Hungary and Central Eastern Europe.

    The new fund, which complies with paragraph 8 of the SFDR regulation on sustainability in the financial sector, is being launched in partnership with the National Capital Holding (NCH) and the European Investment Fund (EIF). The fund is once again managed by Impact Ventures Ltd, a specialist in corporate financing for social and environmental purposes, and aims to build on the success of previous investment periods of Impact Ventures I and II VC Funds. The new fund primarily provides VC investment, focusing on niche markets in highly scalable, technology-based key areas such as health and medical technology, education technology, recycling and waste management, as well as clean energy.

    “The successful investment periods of the previous funds demonstrate the need to embrace sustainable business models that deliver significant benefit to society and the environment. It’s a particularly proud moment that EIF has once again chosen us to be their partner in establishing a new VC fund supporting Hungarian and CEE startups,” said Bence Katona, CEO of National Capital Holding.

    “We are very glad to be renewing our collaboration with Impact Ventures and thus contributing to the sustainable development of both the Hungarian and broader European economy. The fund offers a vital new source of financing to a commercially underserved segment of the economy, supporting companies that can ultimately enhance quality of life and environmental protection. Our ongoing collaboration with the National Capital Holding reaffirms that partnerships between EU institutions, the public and private sectors, and financial institutions can serve to accelerate social development and a sustainable economy,” said Roger Havenith, Deputy Chief Executive of EIF.

    In addition to delivering financial returns, the companies are required to achieve measurable social and environmental impacts. To this end, the EIF has developed a unique set of criteria that describes the definition of specific, quantifiable social or environmental objectives for each investment.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/01e85a57-aeaf-46b7-95c9-b254676e6c6a

    The MIL Network –