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  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan inaugurates the International Workshop on Use of Modern Technology in Survey-ReSurvey of Urban Land Records in New Delhi today

    Digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning: Shri Shivraj Singh Chouhan

    We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management: Union Minister

    The department has approved the National Geo-Spatial Knowledge Based Land Survey of Urban Habitations pilot project for creation of land records in urban areas: Shri Chouhan

    Posted On: 21 OCT 2024 5:19PM by PIB Delhi

    Union Minister for Rural Development Shri Shivraj Singh Chouhan inaugurated the International Workshop on the use of “Modern Technologies in Survey-Resurvey for Urban Land Records” at Dr. Ambedkar International Centre in New Delhi today through video conferencing. Shri Shivraj Singh Chouhan, in his keynote address as the Chief Guest reaffirmed the commitment of Govt. of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, Minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning. He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and States. Minister emphasized the need for close coordination in the Central and State Governments and requested the Department of Land Resources and State Governments to work in close coordination.  

    He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create Land Records in Urban Areas. The Pilot project will be started in more than 100 cities/towns in all the States / UTs and it is expected to be completed in one year’s time. This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years.   Shri Chouhan added that he is happy to report that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas. 

    Shri Shivraj Singh Chouhan said that he is happy to inform that his department is making tireless efforts in this direction.  He wanted to consult with experts from other countries on creation and reconciliation of land records and this two-day conference is an effort to discuss and understand global best practices in the use of new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

    Union minister extended his best wishes for successful organization of this event and he hope that the information gained from the workshop will help the government in formulating policies to further strengthen the urban local bodies.

    Secretary, Department of Land Resources, Ministry of Rural Development, Shri Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

    In the inaugural session, Shri Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Shri Abedelrazq Khalil, World Bank’s Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Shri Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

    The first session of the Workshop on International Best Practices in Establishing and Maintaining Urban Digital Land Record was chaired by Shri Manoj Joshi, Secretary, Department of Land Resources and moderated by Mr. Klaus Deininger, Lead Economist, World Bank. This session had global participation from the land registration/survey departments of South Korea, Spain, Netherlands, France, United Kingdom, Australia, Japan, USA, Germany.  The importance of registration laws, land surveying, aerial mapping and the integration and implementation of GIS was discussed extensively, during this session.

    The workshop is a unique gathering of the stakeholders from the Ministries/Departments of the Government of India, Revenue and Urban Development Secretaries of 34 States/UTs, the Municipal Commissioners, international experts, Municipal officers /CEOs of around 120 Urban Local Bodies which are taking part in the Pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for Modernization of Urban Land records and industry &technology partners from India and abroad.

    Further, a Technology Exhibition on survey and resurvey featuring more than 30 Technology Companies from India as well as abroad was inaugurated by Shri Manoj Joshi, Secretary, Department of Land Resources, Govt. of India.

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    (Release ID: 2066731) Visitor Counter : 53

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Deputy Administrator Isobel Coleman on Building Nutritional Resilience in Food Security

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Thank you, Ambassador [Jeff] Prescott for hosting me and this discussion here today. 

    It’s a great opportunity to renew our commitment to prioritizing nutrition ahead of the next Nutrition for Growth Summit in Paris next year. 

    Over just the past five years, we’ve faced a number of disruptions to global food security: A global pandemic, increasing climate-related disasters, and global food crises exacerbated by Russia’s unprovoked war on Ukraine. 

    Currently, there are 56 active conflicts in the world, the highest number since World War II. Because of this, as we all know, even though humanitarian needs are rising, there are still not nearly enough resources available to meet global needs.

    Worldwide, most recent estimates indicate that well over 700 million people are undernourished, lacking adequate food to live healthy, active lives. 

    It is estimated that a staggering 45 million children under the age of five are experiencing acute malnutrition at any given time, and every year, up to two million of these children die as a result. 

    Malnutrition devastates every aspect of a child’s body. Those who survive experience lasting consequences, robbing them of the ability to live, think, create, and thrive because of lack of access to basic, life-sustaining nutrition. 

    The United States remains committed to addressing malnutrition in all its forms. 

    With the scale of child wasting today, we need to make sure that as many children as possible can be reached.

    So, we all know we need to get even smarter and more strategic about the way we do this work. 

    Fortunately, one year ago WHO released new guidelines for child wasting prevention and management which have helped us do just that, providing a helpful framework to update our efforts to combat malnutrition and making us more effective in our work. 

    For example, the guidelines emphasize the importance of strengthening coordination between WFP and UNICEF for more effective prevention and treatment of moderately wasted children and severely wasted children.

    In addition, the guidelines highlight the necessity of prevention programming in addition to treatment – to prevent children from becoming wasted in the first place. 

    This is not only the most humane approach, but the most strategic and the most cost-effective. 

    Without appropriate prevention, we know the billions spent today on treatment will continue in perpetuity.

    And recognizing the critical role that community healthcare workers already play in meeting local needs, the guidelines empower community health workers with proper training to treat wasting and malnutrition at home – resulting in fewer trips to clinics, and fewer expensive, in-patient stays at government facilities. 

    The new guidelines also enable us to be more nimble, allowing severely malnourished children who are quickly improving to gradually consume less Ready-to-Use Therapeutic Food as they recover, which nutritionists agree is beneficial to a child’s long-term health.

    This allows us to channel this powerful resource to the children who need it the most.

    USAID has been focused on implementing the guidelines’ recommendations in order to reach more children – and we’ve been working hand-in-hand with WFP and UNICEF to develop and implement a joint strategy for phasing in these guidelines in priority humanitarian contexts. 

    Just last month, USAID provided $100 million to each partner to support those efforts. 

    The WHO guidelines brought attention to the growing evidence base of nutrition research and helped to identify where we have gaps in evidence still to be filled. 

    Last week, I announced USAID’s first policy paper on Cost-Effectiveness because we have learned from the global body of impact evaluation evidence that there are some programs that deliver extraordinary returns. 

    I committed the agency to infusing rigorous evidence more broadly and deeply across all our programming to maximize our “impact per dollar.” 

    Today, I am pleased to announce that USAID will host an evidence summit on wasting research in December of this year, which will bring together researchers to discuss the latest findings from nutrition experts and to identify gaps in evidence in order to shape future research. 

    Following the evidence sometimes requires shifting some of our investments in activities that are demonstrably “good”, because the evidence shows we could make greater progress toward the same objectives through other approaches.

    It’s hard to stop a program that is doing some good, but that’s exactly what we need to do when we know we could achieve even more by working in a different way. 

    This kind of evidence-driven collaboration is an important step toward determining and implementing the most cost-effective malnutrition programming – which we at USAID view as a paramount priority and a moral obligation as we seek to create the greatest impact possible with each dollar we spend. 

    In closing, I want to thank Special Envoy [Brieuc] Pont for his steadfast leadership in preparing for the next Nutrition for Growth Summit in France next year. The U.S. government is a proud member of the Troika, which brings together hosts of Nutrition for Growth past, present, and future together with the Governments of Japan and France. 

    In 2021, USAID was proud to put forward a commitment focused on prevention and treatment of childhood wasting. 

    Going into 2025, we strongly believe this will be a critical opportunity for the entire global nutrition community to recommit to both evidence and action.

    MIL OSI USA News –

  • MIL-OSI Canada: Statement by the Prime Minister on the results of the provincial election in New Brunswick

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today issued the following statement on the results of the provincial election in New Brunswick:

    “On behalf of the Government of Canada, I congratulate Susan Holt and the Liberal Party of New Brunswick on their election.

    “I look forward to working with Premier-designate Holt to deliver on the priorities of Canadians. Our shared work will include improving access to health care, making life more affordable, building more homes, investing in infrastructure, and cutting emissions.

    “New Brunswick is the only officially bilingual province in the country, and the Government of Canada is committed to promoting the French language and supporting the vitality of Acadian communities.

    “Together, we will build a more prosperous province and a better future for people in New Brunswick, the Atlantic, and across Canada.

    “I thank outgoing Premier Higgs for his service to New Brunswick and to Canada over the last six years. I wish him the best in his future endeavours.”

    MIL OSI Canada News –

  • MIL-Evening Report: From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks

    Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Elizabeth of Austria and Casimir IV of Poland in the woodcut from the Łaski Statute. Archiwum Główne Akt Dawnych

    Throughout history, queens have often been judged on their looks. Beauty standards shaped early-modern queenship. Even today, royal women such as the UK royal family’s Camilla, Catherine and Meghan are scrutinised for their looks, while their male counterparts aren’t held to the same standard.

    One woman who faced particular scrutiny for her looks was Elizabeth of Austria (1436/37–1505). Known as the “mother of kings”, Elizabeth married Casimir IV of Poland and had 13 children, securing the Jagiellon dynasty’s future. Yet she is still remembered for her supposed lack of beauty.

    This obsession with her appearance overlooks what really mattered for queens in her time: fertility, motherhood, political alliances and dynastic stability.

    Beauty versus duty

    Elizabeth was a powerful queen consort of Poland who played a significant role in European politics. Yet for centuries, she has been chiefly labelled as unattractive. This narrative likely began as early as 50 years after her death, with commentators focusing on her supposed ugliness.

    But the foundation for these claims is shaky, at best. Medieval chroniclers, such as Jan Długosz, who documented the lives of Polish rulers and their families, made no mention of Elizabeth’s appearance.

    This omission is significant as Długosz often commented on the beauty, or lack thereof, of other royal women. The absence of such remarks in Elizabeth’s case suggests her physical appearance was not a matter of public concern during her lifetime.

    Later chroniclers such as Maciej of Miechów (1457–1523) and Marcin Bielski (1495–1575), who drew heavily from Długosz, also failed to comment on Elizabeth’s looks, further underscoring the lack of focus on her beauty.

    In 1548, Polish nobleman Andrzej Górka alleged in a rhetorical speech that King Casimir IV was disappointed by Elizabeth’s appearance and considered breaking off their engagement. Górka claimed the king expressed doubts about the impending marriage because of Elizabeth’s lack of beauty – and the only thing that persuaded him to wed was a sense of duty.

    However, Górka’s speech took place almost a century after the actual events. It was delivered in a political context where the goal was to influence Casimir’s grandson not to marry for love.

    This saga mirrors a well-known English story involving Henry VIII and Anne of Cleves. In 1540, Henry, eager to meet his new bride, rode in disguise to surprise her. The meeting didn’t go as planned. Henry’s disappointment in Anne’s appearance became notorious and the marriage was speedily annulled.

    Both of these stories reflect the pressure queens faced to meet idealistic beauty standards, often with serious consequences. Henry’s judgement of Anne based on her looks altered the course of their marriage and, by extension, future political alliances. His behaviour reinforced the idea that a queen’s worth was tied to her physical appearance, overshadowing her political or dynastic significance.

    Elizabeth as the ‘ugly queen’

    The primary role of a queen in early-modern Europe was to provide heirs and secure political alliances through marriage. Beauty was arguably not the most important factor.

    This 1454 painting depicts the marriage of Elizabeth of Austria to Casimir IV of Poland.
    Wikimedia

    Elizabeth of Austria’s marriage to Casimir IV of Poland was about strengthening ties between the Habsburg and Jagiellon dynasties, not about physical attraction. Of Elizabeth’s 13 children, several went on to become kings and queens across Europe. Her ancestry and status as a mother were the basis of her political influence – far more valuable than her looks.

    Around 1502, in anticipation of the birth of her grandchild, Elizabeth commissioned a treatise to provide practical advice on raising a future ruler. She believed a royal child should embody values, attitudes and behaviours befitting a future monarch.

    However, as history shows, the perception of a queen’s beauty could still end up influencing her legacy. While Elizabeth’s contemporaries didn’t seem to care about her appearance, later generations did.

    The myth of Elizabeth’s unattractiveness gained traction primarily after a 1973 investigation into the royal tombs at the Wawel Cathedral in Kraków. Skeletal remains identified as belonging to Elizabeth showed facial deformities, reinforcing the myth. However, there’s no solid proof these bones were even hers, and the findings have since been questioned.

    Nonetheless, the idea that a queen had to be beautiful to be politically capable took hold over time. Even though Elizabeth helped secure the future of one of Europe’s most powerful dynasties, her legacy is clouded by a narrative focused on her appearance.

    Royal beauty standards today

    Royal women in the 21st century continue to be haunted by the same narratives that plagued Anne of Cleves and Elizabeth of Austria. Queen Camilla, for instance, has been criticised for her looks throughout her public life, especially in comparison to the late Princess Diana.

    Kate Middleton and Meghan Markle also face intense media scrutiny over their appearance, with headlines dissecting everything from their fashion choices to their weight. Queen Mary of Denmark, Princess Charlene of Monaco and Queen Letizia of Spain face similar scrutiny.

    Sure, queens were and are aware of this. Many even weaponised beauty, ritual and fashion for their own gain. Cleopatra did this to hold onto power in ancient Egypt, and Marie Antoinette to protect herself from the hostile French court.

    A circa 1774 portrait of Marie Antoinette.
    Marie Antoinette, with her extravagant dresses, became as renowned for her fashion as her scandalous behaviour.
    British Museum, CC BY-NC-SA

    Elizabeth I’s reign in England gave rise to a concept of “Elizabethan beauty”, characterised by pale skin and rosy lips and cheeks. And the late Elizabeth II understood the need to dress the part.

    By reducing royal women to their looks – or framing them as fashion icons – we fail to reckon with their individual characters and influence in the world. Meanwhile, men such as King Charles, King Frederick of Denmark and King Felipe of Spain are more likely to be judged by their virility, actions and policies.

    Should beauty really matter when it comes to royal women? Shouldn’t we be more interested in their contributions to history, politics and society?

    It’s time to shift the conversation away from appearance and focus on what matters: the impact these women have on the world. Like their male counterparts, they are crucial figures in shaping history and politics, so we ought to think carefully about how we judge them.

    The Conversation

    Darius von Guttner Sporzynski receives funding from the National Science Centre, Poland as a partner investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Magdalena Biniaś-Szkopek receives funding from the National Science Centre, Poland, as the principal investigator in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    Robert Tomczak receives funding from the National Science Centre, Poland, as a post-doctoral fellow in the grant “Polish queen consorts in the 15th and 16th centuries as wives and mothers” (2021/43/B/HS3/01490).

    – ref. From Camilla to the ‘ugly’ Elizabeth of Austria: a problematic history of obsessing over royal women’s looks – https://theconversation.com/from-camilla-to-the-ugly-elizabeth-of-austria-a-problematic-history-of-obsessing-over-royal-womens-looks-241674

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Health – WHO welcomes health ministers to Manila to consider a new vision and actions to improve health in the Region

    Source: World Health Organization (WHO)

    The World Health Organization (WHO) Regional Office for the Western Pacific today welcomed ministers, other senior health officials and key partners from across the Western Pacific to the seventy-fifth session of its Regional Committee. WHO’s governing body for the Region convenes every year to formulate policies, adopt resolutions and make decisions to improve the health of more than 1.9 billion people living in the Western Pacific.

    WHO’s Regional Director for the Western Pacific, Dr Saia Ma’u Piukala – the first Pacific islander to be elected to the position – welcomed health leaders to the first Regional Committee under his tenure.

    “As the first Regional Director from the Pacific, the challenges we’re discussing – such as rising sea levels and increasingly frequent disasters – are realities that my loved ones and fellow Pacific islanders live with every day,” said Dr Piukala. “I’m keenly aware of the enormity of the work ahead of us, but with mutual trust and support we can meet these challenges.”

    Dr Piukala’s address covered key updates on WHO’s work with countries and partners across the Region from July 2023 to June 2024. He also introduced a draft vision for improving health in the Region, to guide WHO’s work with Member States over the coming five-year period.

    “This vision, jointly developed by WHO and Member States, is a testament to the beauty, strength and diversity of this Region,” said Dr Piukala. “Guided by this vision, we will work together and with our partners to build a sustainable, resilient and healthy future for all people in the Western Pacific.”

    Cook Islands Minister of Health, the Honourable Vainetutai Rose Toki Brown, was elected Chairperson of this year’s session of the Regional Committee. Viet Nam Vice Minister of Health, Associate Professor Nguyen Thi Lien Huong, was elected Vice-Chairperson.

    Hon. Toki Brown thanked the delegates for their trust and confidence in electing her as Chairperson, and she added: “This is a special year. It is the first Regional Committee meeting with the new Regional Director, Dr Saia Ma’u Piukala, at the helm, and we have a lot of important ground to cover.”

    She went on to say, “I know that you are all committed to the health of this Region, and I know you agree on the value of us convening here as members of the World Health Organization. The success of our new regional vision relies upon the mutual accountability of Member States and WHO. Thank you again for your confidence in electing me as Chair of this important meeting. I am very much looking forward to our discussions.”

    A new vision for health in the Region

    The new vision, Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025−2029): Working together to improve health, well-being and save lives, is being presented to Member States for their endorsement. The vision centres on the analogy of the weaving of a mat − a traditional activity across Asia and the Pacific – symbolizing the collaborative efforts required by WHO, governments and partners to improve the health and well-being of the people of the Region. The vision comprises five vertical strands of action led by governments, interwoven with three horizontal strands of action by WHO over the coming five years.

    The five vertical strands of action led by governments, working with WHO and other stakeholders, include:

    1. Transformative primary health care for universal health coverage

    2. Climate-resilient health systems

    3. Resilient communities, societies and systems for health security

    4. Healthier people throughout the life course

    5. Technology and innovation for future health equity.

    The three horizontal strands of action by WHO are:

    1. Country offices equipped with skills for scaling up and innovation

    2. Nimble support teams in the Regional Office

    3. Effective communication for public health.

    Action frameworks and panel discussions on priority issues

    The Regional Committee will also consider new regional action frameworks on digital health and on health financing to achieve universal health coverage and sustainable development. There will be panel discussions on climate resilient health-care facilities, transformative primary health care and oral health. In addition, there will be side events on topics including One Health, tobacco control and the Investment Round to resource WHO’s work over the next four years.

    Building climate-resilient health-care facilities

    Countries in the WHO Western Pacific Region are at risk from climate change and climate-related disasters. The health impacts of these vary depending on the resilience of communities and the health facilities that serve them.

    During a panel discussion at the Regional Committee today, delegates from Fiji, the Lao People’s Democratic Republic, the Commonwealth of the Northern Mariana Islands and Viet Nam emphasized the need to protect health by ensuring hospitals and clinics are climate resilient. The benefits of joining the Alliance for Transformative Action on Climate and Health (ATACH) were highlighted as it provides a platform for countries to accelerate transformative action in building climate-resilient and low-carbon health systems by leveraging the collective expertise and resources of WHO Member States and other stakeholders.

    WHO is working with countries and areas across the Western Pacific to track progress in protecting health from climate change, helping with vulnerability assessments, developing and updating adaptation plans, and implementing climate-resilient and environmentally sustainable health facility initiatives.

    Exhibitions to highlight health issues and WHO’s work

    Outside of the main agenda, a series of seven exhibitions was unveiled today on themes relevant to health and WHO’s work in the Region.

    An exhibit on health equity profiles allows delegates to view information on a particular country’s health indicators and explore their intricate association with social and geospatial factors. This should give users a better understanding of how to prioritize and implement strategies to achieve health for all.

    A special exhibit features collaborative art pieces made by staff at the WHO Western Pacific Regional Office to mark World Sight Day 2024 and World Mental Health Day 2024. The paintings, representing an eye and a heart, symbolize what people most love to see in their lives and the importance of promoting mental health at work. WHO’s ongoing efforts to improve both eye health and mental health for all rely on an integrated approach, a theme central to the draft regional vision.

    The future of health museum exhibit showcases 15 “future artefacts” such as the “morning mat”, where communities would be encouraged to gather each morning to talk about their health and well-being, and the climate-controlled tuk-tuk, a futuristic three-seater electric vehicle that emits clean air rather than toxic exhaust. These were co-created through foresight activities involving WHO staff and partners. There are also 15 historical artefacts that celebrate public health milestones from the past 75 years.

    A series of models of climate-resilient and environmentally sustainable health-care facilities will inform a panel discussion enabling delegates to explore innovative solutions to make health facilities more climate resilient and environmentally sustainable.

    An exhibit about strengthening health emergency response capacities shows WHO’s support for health emergency responses in the Region. It depicts operations support and logistics, emergency medical teams that can be deployed with field hospitals, the Global Outbreak Alert and Response Network of experts, and public health emergency operations centres.

    The reaching the unreached map explorer in the Western Pacific Region features an interactive web-based map app that helps users find geographically underserved populations across the Region, shedding light on the health inequities they face. This exhibit emphasizes the critical role of data-driven health interventions to reach unreached populations.

    Finally, an exhibit about the dangers of new and emerging tobacco and nicotine products showcases examples of these products, describing the tactics used by the tobacco and related industries to entice children and young people to take up smoking and undermine tobacco control efforts. The exhibition also offers information on how countries and partners can prevent uptake of these products.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee will run from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable are available online. A livestream of proceedings and all other official documents, as well as fact sheets and videos on the issues to be addressed, can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Island (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Report of the Regional Director The work of WHO in the Western Pacific Region, 1 July 2023 – 30 June 2024
    Draft vision Weaving health for families, communities and societies in the Western Pacific Region (2025−2029): Working together to improve health and well-being and save lives
    Building climate resilience in health-care facilities (fact sheet, video)
    https://www.who.int/westernpacific/publications/m/item/building-climate-resilience-in-health-care-facilities

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Health – Viet Nam eliminates trachoma as a public health problem – WHO

    Source: World Health Organization

    In a significant health milestone, Viet Nam has successfully eliminated trachoma. This remarkable achievement was validated by the World Health Organization (WHO) and a plaque was presented to the Vice Minister of Health of Viet Nam, Associate Professor Nguyen Thi Lien Huong, during the seventy-fifth session of the WHO Regional Committee for the Western Pacific, which opened today in Manila.

    Trachoma is the leading infectious cause of blindness globally. It is a preventable disease of the eye caused by Chlamydia trachomatis bacteria. Trachoma is spread by flies and people can also become infected through direct contact with discharge from the eyes or nose of an infected person. With repeated infections, the eyelashes may be drawn in so that they rub on the surface of the eye, causing pain and damaging the cornea. Some affected individuals must undergo surgery to prevent blindness from the disease.

    Decades of concerted efforts

    Over the past 70 years, Viet Nam has worked tirelessly to combat trachoma, treating hundreds of thousands of people and implementing rigorous control measures. These efforts were significantly strengthened with the implementation of WHO’s SAFE strategy, which stands for surgery, antibiotics, facial cleanliness and environmental improvement.

    Past surveys indicated that trachoma was a public health problem in four provinces in Viet Nam. Thirty years ago, 1.7% of people living in these high-risk provinces required surgery to prevent blindness from trachoma. However, by 2023 the proportion of adults with the blinding form of the disease had fallen below 0.2%, which is the threshold required for WHO validation of elimination of trachoma as a public health problem. Continuous monitoring and the focused implementation of the SAFE strategy in the country, starting in 1999, have been instrumental in this decline.

    Trachoma elimination in Viet Nam was made possible through collaboration among several government agencies including the Ministry of Health, the Ministry of Education and Training and the Ministry of Agriculture and Rural Development, with the support of WHO and international health partners including the Australian Department of Foreign Affairs and Trade (DFAT),   the Fred Hollows Foundation, the International Trachoma Initiative (ITI), RTI International, UNICEF and the United States Agency for International Development (USAID). Viet Nam was one of the first group of countries to receive Pfizer-donated azithromycin   for trachoma elimination purposes through ITI, a donation that has been critical to global progress against trachoma.

    “Elimination of trachoma as a public health problem in Viet Nam is a monumental achievement for the country and for the global fight against the disease,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “This milestone is a testament to the unwavering dedication of Viet Nam’s health workers, including many working at community level. It underscores the power of collective action, innovative thinking and a shared commitment to a healthier future for all. I commend Viet Nam for its dedication and success in safeguarding the vision of millions.”

    “The elimination of trachoma in Viet Nam demonstrates the commitment of the Government, health workers and communities across the country,” said Dr Saia Ma’u Piukala, WHO Regional Director for the Western Pacific, praising the achievement. “It is a shining example of how targeted interventions, strong partnerships and sustained effort can bring about real change in the health of populations.”

    A trachoma-free future

    WHO Representative to Viet Nam, Dr Angela Pratt, described trachoma as a disease of poverty. “Communities in remote areas without good access to safe water and sanitation were the worst affected. But Viet Nam has demonstrated that it is possible to reach the hardest-to-reach populations, make the right investments to protect people’s health and ensure a trachoma-free future.”

    Reflecting on this historic achievement, Associate Professor Nguyen Thi Lien Huong said that the elimination of trachoma was a proud moment for Viet Nam. “The combined efforts of many agencies and communities, with the support of WHO and partner organizations, have saved thousands of people from lifelong blindness and economic disadvantage. Our children can now grow up safe from this painful and potentially blinding disease. This is a wonderful achievement for our people, which will pay dividends for decades to come. In this happy moment, on behalf of the Vietnamese people, I want to express our sincere thanks to all international partners who contributed great support to trachoma elimination in Viet Nam.”

    In 2018, Viet Nam eliminated lymphatic filariasis. The country has also made tremendous progress on combating malaria, which is now only found in pockets of areas and is close to being eliminated.

    Viet Nam’s success is part of broader progress in disease prevention in the WHO Western Pacific Region. Since the launch of WHO’s first road map for the prevention and control of neglected tropical diseases (NTDs) in 2012, the Region has made significant strides in eliminating trachoma. Between 2016 and 2022, four out of the Region’s 11 trachoma-endemic countries were validated for trachoma elimination. Viet Nam becomes the fifth, joining Cambodia, China, the Lao People’s Democratic Republic and Vanuatu in recording this achievement, highlighting the importance of sustained efforts in tackling NTDs.

    WHO continues to support countries in the Region to eliminate trachoma and other NTDs as part of the global effort to improve health and well-being for all.

    Notes

    A certificate and plaque were presented to Viet Nam in recognition of this achievement during the seventy-fifth session of the Western Pacific Regional Committee taking place from Monday, 21 October, through Friday, 25 October, at the WHO Regional Office for the Western Pacific in Manila, Philippines. The agenda and timetable of the Regional Committee meeting are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. For real-time updates, follow @WHOWPRO on Facebook, X, Instagram and YouTube and the hashtag #RCM75.

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has its regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Island (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    Related links:

    Fact sheet on trachoma: https://www.who.int/news-room/fact-sheets/detail/trachoma
    Global road map for neglected tropical diseases 2021–2030: https://www.who.int/publications/i/item/9789240010352

    MIL OSI – Submitted News –

  • MIL-OSI China: China launches its first digital resource center for Tibetan medicine, astrology

    Source: China State Council Information Office 3

    Southwest China’s Xizang Autonomous Region launched the country’s first digital resource center for Tibetan medicine and astrology on Friday.

    Established by the Hospital of Traditional Tibetan Medicine in the regional capital Lhasa, the center features 10 databases, including Tibetan medicine materials and the literature on Tibetan medicine and astrology. It also houses high-resolution scanned copies of rare Tibetan medical and astrology texts dating back to the 8th Century.

    The digitization efforts began in 2006, with over 40 researchers working to collect and preserve valuable literature not only from Xizang but also from provincial-level regions such as Qinghai, Gansu, Yunnan, Sichuan, Inner Mongolia and Liaoning. The team also traveled internationally, securing documents from collections in Mongolia, the United States and France.

    “It is a critical step forward in advancing academic collaboration and scientific research in Tibetan medicine and astrology. We aim to create an open, accessible platform offering high-quality data and services to the global academic community,” said Tsering, director of the hospital.

    Traditional Tibetan medicine emphasizes that seasonal changes affect the circulation of the body’s organs. As a result, practitioners pay close attention to variations in celestial bodies.

    Under Tibetan tradition, astronomical calculations and astrology are conducted at hospitals. Each year, the almanac is generated based on calculations made by scholars of the hospitals. 

    MIL OSI China News –

  • MIL-OSI China: Intl conference marks Confucius’ 2575th birth anniversary

    Source: China State Council Information Office 3

    The International Conference to Commemorate the 2575th Anniversary of Confucius’ Birth, which is also the 7th Congress of the International Confucian Association (ICA), opened in Beijing on Saturday.

    Wang Huning, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People’s Political Consultative Conference, addressed the opening ceremony.

    Wang said efforts will be made to promote the creative transformation and innovative development of China’s fine traditional culture and strengthen exchanges and mutual learning among countries, ethnic groups and cultures around the world.

    This will not only further enrich the Chinese civilization but also contribute to a more vibrant and diverse global civilization, he added.

    Wang called for carrying forward and promoting Confucianism and all outstanding traditional cultures, thereby making new contributions to the development of a human community with a shared future.

    The opening ceremony was presided over by ICA President Sun Chunlan.

    Former Japanese Prime Minister and Council Chair of the ICA Yasuo Fukuda, former Italian Prime Minister Massimo D’Alema, and former French Prime Minister Jean-Pierre Raffarin, either in person or through other means, delivered speeches. They emphasized the importance of Confucianism in addressing crises and resolving conflicts.

    MIL OSI China News –

  • MIL-OSI Canada: Vicky Eatrides to the Canadian Chapter of the International Institute of Communications

    Source: Government of Canada News

    There are specific mentions of initiatives that fall squarely within the CRTC’s mandate, like helping ensure access and affordability of telecommunications services, implementing the Online News Act, and supporting Canadian and Indigenous content.

    “Regulating for today, preparing for tomorrow”

    Ottawa, Ontario
    October 21, 2024

    Vicky Eatrides, Chairperson and Chief Executive Officer
    Canadian Radio-television and Telecommunications Commission (CRTC)

    Check against delivery

    Good morning, and thank you, Grant, for your warm welcome.

    Before I begin my remarks, I would like to acknowledge that we are gathered on the traditional unceded territory of the Algonquin Anishnaabeg people. Let’s take a moment to thank the Anishnaabeg people and to pay respect to their Elders.

    Thank you for inviting me to speak with you today. I am pleased to be joined by some of my fellow Commissioners, including the Vice-Chair of Telecommunications, Adam Scott, the Vice-Chair of Broadcasting, Nathalie Théberge, and our regional Commissioners, Bram Abramson, Ellen Desmond and Nirmala Naidoo. It is also great to see so many other familiar faces.

    When I first looked at the agenda for the conference, what stood out to me was how broad the topics of discussion were. And I quote, “major current issues in Canadian and international communications law and policy.” There’s a lot packed in there.

    Fortunately for me, there are specific mentions of initiatives that fall squarely within the CRTC’s mandate, like helping ensure access and affordability of telecommunications services, implementing the Online News Act, and supporting Canadian and Indigenous content. And these are some of the topics that I would like to touch on this morning.

    So let me start by taking us back to last year’s conference. In my remarks, I said that “the best way to predict the future is to create it.” So the question is, what kind of future do we want to create?

    I think the short answer is “the kind of future that meets the needs of Canadians.”

    But here’s the longer answer.

    If we look ahead five, ten, or even twenty years, we can make a few educated guesses about what Canadians will need. Some of this we already know.

    We know that we will need continued access to reliable, affordable, and high-quality communications services. We know that we will need a broadcasting system that continues to tell Canadian stories and provide access to news and information. And we know that we will need confidence in our online world. 

    But there are also things that Canadians will need that we can’t predict right now. Because technology — and how we use that technology –continues to change.

    To make this more tangible, let me share with you something I heard while I was in Montreal last month. I was at a broadcasting meeting and there was a panel on the future of radio. Three panelists were asked for their views on the impact of AI.

    Not surprisingly, and consistent with the public discourse on AI, we heard completely divergent views.

    The first panelist said that it was too early to tell what the impact of AI would be on radio — that we need to wait and see how things unfold. The second was enthusiastic about the potential of using AI, including to better connect with audiences. And the third expressed great concern about AI replacing workers.

    What I took away from this, as a regulator, is that while we need to keep a sharp focus on delivering on our mandate today, we also need to be thinking about what tomorrow could look like.

    To quote the Canadian musician Robbie Robertson, “You never know what could be interesting tomorrow.”

    But maybe before we get to how we are preparing for the future, let me spend some time talking about the CRTC’s role and priorities, and what we are doing to deliver on those priorities.

    Role and priorities

    As you know, the CRTC is an independent quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. We hold public consultations on telecommunications and broadcasting matters and make decisions based on the public record.

    Like every other organization, the CRTC has limited resources. So we have focused our resources to deliver on priority areas.

    This morning, we published our strategic plan, which sets out those priorities. Spoiler alert for those who have not had a chance to read it yet, at a high level, we are staying the course on our three overall areas of focus that we identified last year.

    The overall goals remain the same, but how we are achieving them is shifting.

    In telecommunications, we are focused on promoting competition and investment to deliver reliable, affordable, and high-quality Internet and cellphone services.  

    In broadcasting, we are focused on modernizing Canada’s regulatory framework. We are also creating the bargaining framework for the Online News Act. 

    And to do all of this efficiently and effectively, we are continuing to invest in our organization to better serve Canadians. 

    Progress on priorities

    So let’s talk about some of the progress we have made in these areas over the past year, and let me give a preview of what’s to come.

    Let’s start with telecommunications and our work to improve connectivity and affordability.

    We know that Canadians depend on Internet and cellphone services for every aspect of our daily lives. We use these services constantly throughout the day – to find information, to access news, to watch programming, to work, to study, and to connect with others. I think that many of us take for granted that we have service. But the reality is that there are communities in Canada that do not. 

    Through our Broadband Fund, we are part of a broader effort by provincial, territorial and federal governments working to help connect underserved rural, remote and Indigenous communities.

    Since the fund was created, the CRTC has committed over $700 million in funding to projects that will bring high-speed Internet to 270 communities.

    This includes projects that will bring high-speed Internet to all communities in Nunavut for the first time.

    Let’s pause here for a moment. Because the significance of these projects and their impact on communities cannot be overstated.

    Nunavut is only accessible by air or sea. There are no roads connecting its 25 remote communities. It is Canada’s largest, northernmost territory, and one of the most challenging areas of Canada to build networks. The projects that we approved will connect essential public institutions, including schools, healthcare centres, and community learning centres. And the fibre connections in particular will support future projects to connect homes and businesses across Nunavut.

    We are also supporting projects to improve cellphone service along more than 630 kilometers of major roads across Canada. This will make it safer for Canadians to travel along these roads, and will benefit nearby communities.

    So we are working to improve connectivity. But being able to connect to a service is not the same as being able to afford a service.

    We know that affordability is an issue for many Canadians. During our consultations and hearings, we have heard about tough financial choices that people are being forced to make between telecommunications services, groceries and other expenses. 

    As the telecommunications regulator, we want Canadians to have access to affordable telecommunications services. And we know that the best way to achieve that is through competition.

    So that is why, in the cellphone services market, we established new rules last year that allow regional providers to compete across Canada using the networks of large companies. Regional providers have used this access to expand their reach and compete in new areas of the country. And we are seeing results for Canadians, who can go online today and find deals that were not there a year ago.

    We are hoping to see similar results in the Internet services market, with the release of a major decision just two months ago that gives competitors a workable way to sell Internet services using the fibre-to-the-home networks of large providers nationwide.

    Our frameworks for both cellphone and Internet services include important measures to balance competition with continued incentives to invest in high-quality networks. We know that it is expensive to maintain and expand networks, and we know that Canadians need high-quality services.

    For instance, regional providers that are using the networks of large cellphone companies must build their own cellphone networks within seven years. And large Internet service providers will not have to share their new fibre networks for five years, so that they can continue connecting more Canadians to fibre sooner.

    So that is what we are doing on connectivity and affordability.

    We are also advancing other work on the telecommunications front to help provide consumers with more options and clearer information.

    For example, you may have seen a CRTC announcement a couple of weeks ago on international roaming fees.

    The CRTC conducted a review to examine these fees. We analyzed confidential information from Canadian cellphone companies and considered a number of studies and public information on roaming.

    So what did we find? We found that roaming fees for Canadian travelers are often inflexible, causing consumers to pay a flat fee of $10 to $16 per day regardless of how much they use their cellphone.

    And we know that these flat fees can add up quickly. Just last week, we read about a retired Canadian who came home from a trip abroad to a $287 roaming charge.

    The CRTC wants to ensure that when Canadians are booking their travel and packing their bags, they have the flexibility to choose an affordable plan that best meets their needs.

    So we have called on large cellphone companies to take immediate action to provide affordable roaming options. Companies have until two weeks from today to inform the CRTC of the concrete steps they are taking to respond to these concerns. If the CRTC finds that sufficient progress is not made, we will launch a formal public proceeding.

    In the weeks ahead, we will also be launching public consultations to ensure that Canadians have the information and flexibility they need when choosing or switching cellphone and Internet plans.

    We will be seeking views on requiring service providers to give Canadians the option of cancelling a contract or modifying a plan without having to speak to a customer service representative.

    We will also be consulting on labels for Internet services. And what do I mean by “labels”? I mean the types of nutrition labels that we see on food products — we would like to see something similar for Internet service. But instead of information on serving size and calories, these labels would show information like price and download speeds, to help consumers easily compare plans.

    So that’s an overview of some of our work in telecommunications.

    Moving on to broadcasting, as many of you know, Parliament gave us new responsibilities when it adopted the Online Streaming Act last year.

    The Online Streaming Act requires the CRTC to modernize the Canadian broadcasting framework and ensure that online streaming services make meaningful contributions to Canadian and Indigenous content.

    We have said this previously, but it bears repeating: the changes that are needed to implement the Online Streaming Act are substantial and complex. There are many interconnected issues to be addressed.

    This means that we cannot change these frameworks overnight. But what we can do and what we are doing is consulting widely and moving quickly.

    An example of our broad consultation and quick action is our proceeding on base contributions, which included over 360 submissions and a three-week public hearing. We heard from a wide range of interveners with diverse views.

    I could not possibly cover even a fraction of what we heard during that proceeding, but what I can say is that we heard from many Canadians that online streaming services should start making meaningful contributions to Canadian and Indigenous content as soon as possible. We also heard that the new funding should be directed to areas of immediate need, such as local news on radio and television, French-language content, Indigenous content, and content from diversity groups.

    As you know, we moved quickly to get an estimated $200 million flowing into the Canadian broadcasting system, and we directed it to these areas of immediate need. 

    That base contributions proceeding is one of nine that we have launched over the past year. We have also issued four decisions and hosted 27 engagement sessions across the country. And we are not letting up.

    In the coming weeks, we will be launching four more public consultations to advance the modernization of the regulatory framework.

    The first will look at providing more flexibility to traditional radio broadcasters by updating regulatory requirements. Our intention is to help level the playing field so that all players remain competitive in a changing environment.

    The second will update the definition of Canadian content for the audiovisual sector, so that Canadian stories continue to be told by Canadians, and can find audiences at home and abroad.

    The third will consider the relationships between small, medium and large players in the traditional broadcasting system and online streaming.

    And the fourth consultation will look at radio and audio streaming in Canada, including how to define audio content and how to support Canadian music.

    We know that these proceedings are of great interest to Canadians, which is why we will be holding public hearings in the spring as part of the Canadian content, relationship, and radio and audio streaming consultations.

    More details will be provided in our updated regulatory plan, which we plan to release in the coming weeks. So stay tuned.

    Now, as you know, this is not the only new piece of legislation that we are busy implementing. We are also working quickly to implement the Online News Act, which is intended to help Canadian news organizations reach fair commercial agreements with the largest online platforms.

    The CRTC has a more administrative role to play here, including setting up the framework for mandatory bargaining between Canadian news organizations and online platforms.

    As many of you know, online platforms that reach agreements with news organizations may request an exemption from the requirement to bargain with individual news businesses. This is the case for Google, who filed an application in June after agreeing to contribute $100 million per year through a news collective.

    We are moving quickly on this front as well. We held a public consultation over the summer and will be issuing our decision on Google’s application in the coming weeks.

    This brings us to the third area that we are focusing on – investing in our organization to better serve Canadians.

    This may seem like more behind the scenes work, but it is fundamental.

    The CRTC is a public institution that works in the public interest. Canadians need to have trust in their public institutions. So how do we build that trust? We deliver. 

    At this conference last year, I told you about our commitment to moving more quickly and transparently. And that is what we are doing across all areas of our work.

    In telecommunications, for example, we are making Broadband Fund decisions — like the one I spoke about earlier that brought high-speed Internet to Nunavut for the first time — 30% faster than we did in the two previous rounds of applications. We are also now being more transparent and are informing applicants of the status of their application after a decision has been made.

    Another example on the telecommunications side is the speed with which we are making decisions on final offer arbitrations, or “FOAs.” We use FOAs to set the rates regional cellphone providers pay large companies when they use their networks. As I mentioned earlier, this has been a driver of competition and affordability for cellphone services. Without our FOA process, these benefits could be delayed for years. We recognize the urgency in bringing them to Canadians, and that is why we have acted quickly to work through these important decisions.

    We are also moving faster and being more transparent in broadcasting. When I spoke at this conference last year, we had just published our regulatory plan to implement the Online Streaming Act. As I mentioned earlier this morning, we have since launched nine consultations and issued four decisions, including the decision on base contributions that will ensure that new funding flows into the system this broadcast year.

    And more generally, we have continued to deal with “Part 1” applications quickly and transparently. As many of you know, these are applications filed by parties that are not the subject of notices of consultation. 

    We are now publishing applications as they come in, and are dealing with them more expeditiously while continuing to clear out a significant backlog from previous years. 

    So those are some of the ways that we are moving quickly and being more transparent.

    We are also continuing to engage broadly with Canadians from across the country and with specific communities.

    Last month, we met with members of official language minority communities (or OLMCs). As part of our ongoing dialogue, we discussed the unique needs and views of OLMCs. These discussions help us better understand what is important to OLMCs and how our work impacts these communities.

    And earlier this year, we established an Indigenous Relations Team to better support Indigenous participation in our proceedings.

    That gives an overview of some of the actions we are taking to be a quick and transparent organization.

    Preparing for the future

    Before I wrap up, let me share some insight into how, while delivering on our mandate today, we are preparing for the future.

    We are keeping our finger on the pulse of our changing environment.

    Earlier, I talked about the diverging views on the impact of AI on the broadcasting sector.

    Well, let me share a tangible example of what we are seeing.

    Some of you may have heard of AI Ashley, an AI radio host based on a human. The AI version of Ashley was created using human Ashley’s voice and by having the AI prompt her with questions to analyze her natural way of speaking.

    For the CRTC, the AI Ashley example highlights how emerging technologies are impacting the broadcasting industry.

    On one hand, we have heard about the benefits of using this type of technology. With AI Ashley, it is being used to complement human Ashley by co-hosting and interacting with listeners. We have also heard about AI supporting accessibility through advancements in closed captioning and dubbing.

    At the same time, we have heard concerns about radio hosts and writers being replaced by AI.

    This is just one example of an emerging technology that is affecting the broadcasting industry. We need to make sure that we understand how these technologies are changing the industry so that we can ask the right questions during our public consultations.

    For example, in the upcoming consultation on the definition of Canadian content, we will need to review a definition that has not been reviewed in decades while making sure that we are thinking about evolving technologies such as AI. So we need to ask: “what does AI mean for Canadian content? If AI is used in the creation of content, do we consider it to be merely a tool that was used to create that content or is AI the creator of the content?” We look forward to hearing views on all of these issues.

    Because we need to understand the trends that will influence the future of Canadian communications in five, ten, twenty – or more – years. I am sure that the policy makers and business leaders of twenty years ago could not have anticipated AI Ashley or online streaming as we know them today.

    Conclusion

    So with that, let me leave you with one final thought: Time has proven Robbie Robertson right. The future always surprises.

    Preparing for those surprises is what we are discussing together at this conference. As we listen to the speakers and panels over the next two days, let’s keep in mind how we are adapting for the future.

    How will our existing frameworks be challenged? What can we start doing today to prepare for that change? What tools and frameworks can we build to ensure that Canadians have access to reliable, affordable, and high-quality communications services, and that the broadcasting system tells Canadian stories and provides access to news and information for generations to come?

    I hope that these discussions continue long after we leave. Because the success of all of the work I have spoken about today hinges on your insights and those of our fellow Canadians. I look forward to seeing where the conversation takes us.

    Thank you.

    General Inquiries
    Telephone: 819-997-0313
    Toll free: 1-877-249-CRTC (2782)
    TTY: 819-994-0423

    MIL OSI Canada News –

  • MIL-OSI Global: ‘Childless cat ladies’ have long contributed to the welfare of American children − and the nation

    Source: The Conversation – USA – By Anya Jabour, Regents Professor of History, University of Montana

    Nobel Peace Prize winner Jane Addams, who never had children of her own, concentrated much of her activism on enriching the lives of American youth. Chicago History Museum/Getty Images

    Parenting, single people and the U.S. birth rate have assumed a greater place in the 2024 presidential campaign than any race in recent memory.

    Republican vice presidential candidate JD Vance was widely rebuked for criticisms he lodged in 2021 against “childless cat ladies,” saying they have no “physical commitment” to the country’s future.

    In August 2024, Arkansas Gov. Sarah Huckabee Sanders, also a Republican, piled on, saying Democratic presidential candidate Kamala Harris has no children to “keep her humble,” even though she’s stepmother to two children who call her “Mamala.”

    As a historian of women, families and children in the U.S., I see these biological definitions of motherhood as too narrowly conceived. The past can serve as a reminder that other forms of mothering are important, too.

    My research offers a broader perspective on women’s experiences of mothering and a deeper understanding of how women without biological children contribute to the nation and its future.

    ‘Mothers of all children’

    One such woman was Katharine Bement Davis, the subject of my current research.

    Born in Buffalo, New York, in 1860, Davis was a member of a generation of “new women” who pursued higher education, built professional careers and fought for political rights.

    Other women of this generation included Nobel Peace Prize winner Jane Addams, public health nurse Lillian Wald, prison reformer Miriam Van Waters, child welfare advocate Julia Lathrop, social work pioneer Sophonisba Breckinridge and first lady Eleanor Roosevelt – to name just a few.

    Of this group, only Roosevelt had children of her own. But all of them saw themselves as “mothers of all children,” as one historian has described juvenile justice advocates. Accepting responsibility for the nation’s welfare, they used their identity as public mothers to shape American politics.

    In a 1927 letter to her college classmates, Davis whimsically reflected on her life choices:

    “First, I am still an old maid; therefore, I cannot write interesting things about my husband and children, (and) how I have treated him and how I have raised them. First and last, however, I have had a good deal to do in the way of looking after other people’s husbands and children.”

    Indeed, Davis’ life illustrated the many meanings of motherhood.

    Like many ostensibly childless women, Davis was a doting aunt. With her unmarried sisters, Helen and Charlotte, she helped care for her only niece, Frances, whose mother died when she was just a toddler. In the mid-1920s, Frances lived with all three aunts while attending school in New York City.

    Black feminist scholars call this sort of arrangement, long practiced in African American communities, “othermothering.”

    Davis and other white women of her generation also engaged in the practice of caring for children, whether through formal adoption or informal caregiving. For instance, Breckinridge helped raise her nieces and nephews, while Van Waters legally adopted a daughter.

    ‘Maternalism the coming great force in government’

    Throughout her life, Davis used what she called “the methods of motherhood” to promote public welfare.

    After teaching school in western New York , establishing a playground in a working-class neighborhood in Philadelphia and supervising young offenders in upstate New York, Davis became New York City’s first female commissioner of correction in 1914.

    Only months into her term, male inmates at Blackwell’s Island Penitentiary staged a major riot. Davis quelled the rebellion and established her own authority by addressing the refractory prisoners like wayward children. “You fellows must behave,” she pronounced. “I’ll have it no other way.”

    Social reformer Katharine Bement Davis, right, wrote that she ‘had a good deal to do in the way of looking after other people’s husbands and children.’
    Heritage Art/Heritage Images via Getty Images

    After successfully using “motherly methods” to regain control of “the bad boys of Blackwell’s Island,” Davis proclaimed that “maternalism” was “the coming great force in government.”

    Echoing her colleagues in the suffrage movement, Davis used the language of maternalism to promote women’s voting rights. Like other feminist pacifists, she believed that women were “the mother half of humanity.” Finally, like many women activists in the U.S. and Europe, she believed that all women – whether they had children of their own or not – were responsible for all children’s welfare.

    Insisting that “wise motherhood” was essential to better government, Davis argued that women needed the vote – and that the nation needed women voters. Maternalist activists also promoted juvenile justice, parks and playgrounds, health care programs and financial assistance for needy families and children, laying the groundwork for the modern welfare state.

    Giving women the right to choose

    While she promoted public welfare and demanded political rights, Davis also advocated for what she and her contemporaries called “voluntary motherhood” – the idea that women should be able to control their reproductive lives.

    Davis supported efforts to overturn the Comstock Act of 1873, which defined contraception and abortion as obscene and made distributing birth control information or devices through the U.S. postal service a federal crime.

    States followed federal precedent by adopting “mini-Comstock Laws” criminalizing birth control. By the 1920s, however, some states permitted physicians to prescribe contraceptives – such as diaphragms and spermicides – to protect the health of their female patients.

    When she surveyed 1,000 married women for a study of female sexuality in the 1920s, Davis found that most of her study subjects used contraceptives. In addition, nearly 1 in 10 reported having had at least one abortion, even though the procedure was illegal in every state.

    And when Davis asked the women about their views on contraception – or as the survey put it, “the use of means to render parenthood voluntary instead of accidental” – she found that about three-quarters of them approved of it.

    When the childless take charge

    So-called childless women like Davis have shown that they have a stake in children’s welfare, women’s welfare and the nation’s welfare.

    Over the past century, maternalists and feminists often have worked together to achieve their aims. Indeed, sometimes they were the same people.

    Davis cuddles a kitten in a photograph taken while she was a college student.
    Life and Labor, Volume 4

    But today, it seems that Republican politicians are attempting to drive a wedge between mothers and others. As a recent New York Times article put it, “the politics of motherhood” have become a “campaign-trail cudgel.”

    However, as Davis understood, many issues that affect mothers are important to all women. Moreover, Davis believed that everyone – not just biological mothers – shares the responsibility for the health and welfare of future generations. Finally, she insisted that women should control their own destinies.

    So, was Davis a childless cat lady?

    Well, a grainy photo of her cuddling a kitten suggests that she did love cats.

    As for her childless status, when you consider the full range of her work on behalf of the nation’s children, the answer becomes a bit more complicated.

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

    – ref. ‘Childless cat ladies’ have long contributed to the welfare of American children − and the nation – https://theconversation.com/childless-cat-ladies-have-long-contributed-to-the-welfare-of-american-children-and-the-nation-240199

    MIL OSI – Global Reports –

  • MIL-OSI: Boralex will release its 2024 third quarter financial results on November 14

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Oct. 21, 2024 (GLOBE NEWSWIRE) — Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) announces that the release of the 2024 third quarter results will take place on Thursday, November 14, 2024, at 11 a.m.

    Financial analysts and investors are invited to attend a conference call during which the financial results will be presented.

    Date and time

    Thursday, November 14, 2024, at 11 a.m.

    To attend the conference

    Webcast link: https://edge.media-server.com/mmc/p/mr7srj6t

    To attend the event by phone: Click here to register for the earnings call. Once you have completed your registration, you will receive a confirmation email containing the link and your personal PIN to connect to the call. If you lose this link and your PIN, you will be able to register again. You must register if you wish to attend the call by phone.

    Media and other interested individuals are invited to listen to the conference and view a presentation which will be broadcasted live and on a deferred basis on Boralex’s website at http://www.boralex.com. A full replay will also be available on Boralex’s website until November 14, 2025.

    The financial information will be released through a press release and on Boralex’s website on November 14, 2024, at 7 a.m.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3 GW. We are developing a portfolio of more than 6.8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedar.com. Follow us on Facebook, Twitter, and LinkedIn.

    For more information

    Source: Boralex inc.        

    The MIL Network –

  • MIL-OSI Europe: International justice – France presents François Alabrune’s candidacy for judge at the International Court of Justice in 2026 (2027-2036 term) (21 Oct. 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    After carrying out the consultations required by the Statute of the International Court of Justice, on October 14, the French national group in the Permanent Court of Arbitration designated François Alabrune as the French candidate in the election for judges of the International Court of Justice, which will take place in November 2026.

    France supports François Alabrune’s candidacy. A former legal advisor at the Ministry for Europe and Foreign Affairs who is currently serving as France’s ambassador to the Netherlands, he has recognized expertise in international law and meets all the criteria of rigor, independence, impartiality and integrity required to carry out the duties of a judge of the International Court of Justice.

    France’s commitment to the International Court of Justice is longstanding and unwavering. The ICJ’s contribution to international peacekeeping and security is more vital than ever. Established by the UN Charter, the ICJ is the UN’s most important judicial body; its duty is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized UN bodies and specialized agencies.

    MIL OSI Europe News –

  • MIL-OSI Canada: Strengthening support for access to justice services in both official languages in Quebec

    Source: Government of Canada News (2)

    October 21, 2024—Montréal, Quebec—Department of Justice Canada

    Access to justice is key to increasing Canadians’ confidence in their justice system. By improving the ability of organizations to offer legal services in French and English across the country, the Government of Canada continues to fulfill its commitment to support official language minority communities.

    Today, the Honourable Marc Miller, Member of Parliament for Ville-Marie—Le Sud-Ouest—Île-des-Sœurs, on behalf of the Honourable Arif Virani, Minister of Justice and Attorney General of Canada, announced the allocation of $2,340,855 over five years (2023–2028) through the Access to Justice in Both Official Languages Support Fund to support Éducaloi in the delivery of services to English-speaking Quebecers.

    The funding announced today supports the “Access to Justice for English-speaking Quebecers: A Capacity Building and Collective Impact Approach” project. These funds help Éducaloi improve services to English-speaking citizens, including vulnerable and hard-to-reach clienteles. Through the development of plain-language legal information tools and educational resources in English, this project addresses the needs of Quebec’s official language minority community. Website accessibility, more active communication on social media, informative workshops, and an advertising campaign will help increase access to justice in both official languages. The funds will also enable Éducaloi—through its network of partners—to strengthen the capacity of other organizations to offer legal information services in English.

    Founded in 2000, Éducaloi develops and provides legal information in all formats and in a way that is easily understood by all audiences. Its mission is to inform Quebec citizens about the law, their rights, and their obligations.

    MIL OSI Canada News –

  • MIL-OSI Global: New report reveals that targets to save 30% of the ocean by 2030 aren’t being met

    Source: The Conversation – UK – By Callum Roberts, Professor of Marine Conservation, University of Exeter

    Qasimphotographer/Shutterstock

    The world is gathering in Colombia for the UN biodiversity conference known as Cop16, a biannual pulse-taking of the living planet where actions to protect the natural world are agreed. At its last meeting in 2022, an ambitious roadmap for nature protection was put in place. As part of that Kunming-Montreal global biodiversity framework, the UN set a bold goal to protect 30% of the world’s land and ocean by 2030 – known as “30×30” – which was agreed by 196 countries and bodies such as the European Commission.

    A key task in Colombia will be to measure progress, and the ocean is in the spotlight. A new report reveals that growth in marine protected areas – designated nature conservation zones that are protected from one or more harmful or damaging human activities – is far too slow to achieve this target. Analysis by conservation experts shows that protected areas are too scattered and unrepresentative.

    Efforts to protect marine life lag far behind conservation on land. When 30×30 was agreed, the world had protected roughly 17% of land and 7.8% of the sea. The sea element was already behind previous targets, set in 2010 by the UN’s Convention on Biological Diversity to reach 17% and 10% protection of land and sea by 2020.

    The 30×30 target is based on what scientists say is required to protect marine diversity, unlike the arbitrary 10% target it replaces. This would give a decent chance of meeting basic conservation goals like representing the full spectrum of habitats and species, or sustaining ecosystem services, such as the provision of seafood to eat and clean water for people. The 30×30 target was designed to turbo-charge conservation, end biodiversity loss and begin nature’s recovery. It hasn’t quite worked out that way, at least not yet.

    The new report, commissioned by philanthropic initiative the Bloomberg Ocean Fund and developed in partnership with environmental organisations Campaign for Nature, the Marine Conservation Institute and SkyTruth, is sobering. Since 2022, the global ocean protected area network has grown by only 0.5 percentage points to 8.3%, still nearly 2% short of the 10% target that 30×30 replaced. On this trajectory, the world is set to crawl towards just 9.7% by 2030. The world is failing badly and there seems little urgency in the pace of progress.

    Some marine protected area designations set fishing restrictions.
    Tamil Selvam/Shutterstock

    Most marine protected areas (MPA) fail the quality test too. Assessed against a global framework of effectiveness, called the MPA guide, most marine protected areas are insufficiently protected or managed to deliver positive benefits to nature. The report calculates that only 2.8% of the world’s ocean is protected “effectively” according to MPA guide criteria. They include tiny protected areas like the South Arran MPA in Scotland, which was set up in 2014 and monitored by the local community, and the vast and still wild Ascension Island protected area that encloses 172,000 square miles (445,000km²) of the tropical Atlantic.

    Even this low figure could overestimate current effectiveness. Reporting against MPA guide criteria is not yet mandatory for countries, so inconsistent definitions of protected areas complicate measurement of progress. And while some countries have declared MPAs as either “highly” or “fully” protected, the report suggests some of these areas aren’t sufficiently funded by governmental or other means to deliver effective management.

    Country protected-area networks – that’s the the total composition of all protected areas – are badly imbalanced. In the global north, countries like the US, UK and France have declared large highly and fully protected areas in their overseas territories to boost the coverage of effective MPAs. Meanwhile, in home waters, most MPAs remain subject to destructive and extractive industrial activities such as bottom-trawl fishing or offshore energy. Their headline percentage protection numbers therefore “blue-wash” the reality of ongoing damage and biodiversity loss.

    This October, Australia expanded the sub-Antarctic Heard and MacDonald Islands MPA, leading its environment minister to declare that with 52% of Australia’s waters protected, it had far exceeded 30×30. This and other huge offshore protected areas hide the fact that only 15% of coastal seas around the main Australian landmass are protected. Much of it is still open to industrial fishing and oil and gas production.

    The 30×30 goal will also be an impossible dream until the world ratifies the UN’s high seas treaty. This was agreed in 2022 to manage and protect the colossal 61% of the ocean (43% of the Earth’s surface) that lies beyond the sovereign waters of any nation. Until that treaty comes into force, there is no agreed legal mechanism to create MPAs there. At present, just 1.4% of international waters are protected, much of them in Antarctica.

    The Bloomberg report recommends governments speed up the creation of more marine protected areas. Another new study suggests a further 190,000 MPAs will be needed to reach 30×30, equivalent to 85 new protected areas daily for the rest of this decade.

    While numbers and size matter, the world must also stop paying lip service to conservation and deliver real protection for nature, matched with sufficient and durable finance to ensure they work. And the high seas treaty needs urgently ratified, since there otherwise remains a near half-planet sized hole in ambitions for 30×30.


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

    Get our award-winning weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Callum Roberts receives funding from Convex Insurance, EU H2020, and EU Synergy. He is a board member of Nekton and Maldives Coral Institute, and advisor to Minderoo Foundation, Pew Bertarelli Ocean Legacy and CORDAP, and is a Pew Marine Fellow and WWF Fellow.

    – ref. New report reveals that targets to save 30% of the ocean by 2030 aren’t being met – https://theconversation.com/new-report-reveals-that-targets-to-save-30-of-the-ocean-by-2030-arent-being-met-241584

    MIL OSI – Global Reports –

  • MIL-OSI: World’s largest investment managers see assets hit $128 trillion in return to growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Total assets under management (AUM) at the world’s 500 largest asset managers reached USD 128.0 trillion at the end of 2023, according to new research from leading global advisory, broking and solutions company WTW’s (NASDAQ: WTW) Thinking Ahead Institute.

    Despite not yet reaching 2021 levels, this amounts to 12.5% annual growth and marks a significant recovery from the major correction the year before (AUM dropped by $18 trillion in 2022).

    The research also reveals the continued evolution of active vs. passive assets under management among the largest investment managers. For the first time, passive investment strategies now account for more than one third of AUM among the 500 largest firms (33.7%), though this still leaves almost two thirds of assets managed by the world’s largest managers in active strategies.

    Asset class allocations have also evolved, with renewed growth of private markets. Core equity and fixed income remain the dominant asset classes, comprising 77.3% of total AUM (48.3% equity and 29.0% fixed income). However, this marks a slight decrease of 0.2% compared to the previous year, as investors turned to alternatives such as private equity and other illiquids in search of returns.

    Partly down to the recent dominance of US equities as performance drivers, North America experienced the largest growth in AUM with a 15.0% increase, followed closely by Europe (including the U.K.) with a 12.4% rise. Japan saw a slight decline, with AUM decreasing by 0.7%. As a result, North America now accounts for 60.8% of the total AUM in the top 500 managers, with USD 77.8 trillion at the end of 2023.

    At the very top of the rankings, U.S. managers make up 14 of the top 20, and account for 80.3% of the assets of the top 20.

    Turning to individual asset managers, the research shows that BlackRock remains the world’s largest asset manager, with its assets now above $10 trillion once more. Vanguard Group holds a strong second place at almost $8.6 trillion AUM and both remain significantly ahead of Fidelity Investments and State Street Global – ranked third and fourth respectively.

    Notable risers in the full rankings in the last 5 years include Charles Schwab Investment, up 34 places to reach 25th place from 59th place. Geode Capital Management, also U.S. based, is up 31 places to reach 23rd place from 54, while Canada’s Brookfield Asset Management is up 29 places from 60th to 31st.

    “Asset managers have experienced a year of consolidation and change. While there has been a return to strong market performance, the last year has also seen forces of change,” said Jessica Gao, director at the Thinking Ahead Institute. “Macro factors have played a key part in the story, with notable highs in interest rates during 2023 exerting varied pressure on different asset classes, geographies and investment styles. As this now gradually switches to a rate cutting environment, equity markets are beginning to return positive performance also driven by improving expectations of earnings growth. Uncertainties looking ahead are now focused on geopolitical events and several major elections.

    “We have continued to see net flows into passive strategies as they continue to offer a compelling value proposition, particularly in terms of lower fees and simplicity. Yet growing market volatility and issues with concentration, which typically highlights the need for expertise to outperform benchmarks, may be a source of caution from some allocators to passive market trackers.

    “Meanwhile, asset managers continue to face major pressure to evolve their own business models. Investment in technology remains essential not just to maintain a market edge, but also to meet evolving client requirements and expectation in reporting and customer service. Increased competition, fee compression, and the growing demand for more personalised, technology-driven investment solutions are challenging traditional structures. We have witnessed notable successes of independent asset managers versus many of the more affiliated insurer-linked vs bank-linked asset managers,” concluded Gao.

    The world’s largest money managers as of December 31, 2023
    Ranked by total AUM, in U.S. millions.

    Rank Fund Market Total Assets (US$)
    1. BlackRock U.S. $10,008,995
    2. Vanguard Group U.S. $8,593,307
    3. Fidelity Investments U.S. $4,581,980
    4. State Street Global U.S. $4,127,817
    5. J.P. Morgan Chase U.S. $3,422,000
    6. Goldman Sachs Group U.S. $2,812,000
    7. UBS Switzerland $2,620,000
    8. Capital Group U.S. $2,532,813
    9. Allianz Group Germany $2,454,495
    10. Amundi France $2,250,226
    11. BNY Investments U.S. $1,974,322
    12. Invesco U.S. $1,585,344
    13. Legal & General Group U.K. $1,475,442
    14. Franklin Templeton U.S. $1,455,506
    15. Prudential Financial U.S. $1,449,673
    16. T. Rowe Price Group U.S. $1,444,500
    17. Northern Trust U.S. $1,434,500
    18. Morgan Stanley Inv. Mgmt U.S. $1,373,456
    19. BNP Paribas France $1,364,099
    20. Natixis Investment Managers France $1,288,581

    Notes to editors:

    Figures were the latest available as of Dec. 31, 2023

    About the Thinking Ahead Institute

    The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.

    About WTW Investments

    WTW’s Investments is an investment advisory and asset management firm focused on creating financial value for institutional investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, more than 1,000 investment clients globally, assets under advisory of over US$4.7 trillion and US$187 billion of assets under management.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

    Learn more at wtwco.com

    Media contacts

    Ed Emerman: +1 609 240 6766
    eemerman@eaglepr.com

    Ileana Feoli: +1 212 309 5504
    Ileana.feoli@wtwco.com

    The MIL Network –

  • MIL-OSI Economics: Samsung Health App Update Makes Accessing Health Records, Managing Medications and Food Tracking Easier

    Source: Samsung

    Samsung is committed to empowering users’ health routines with a seamlessly connected ecosystem of personalized wellness experiences. Samsung Health makes this possible by bringing together fragmented health data into a consolidated platform, enabling users to easily monitor their wellbeing.
    To further this mission, Samsung Health now offers expanded health management capabilities1, enabling users to easily access their health records, effectively manage medications, and track their daily food intake with convenience – all through the latest Samsung Health app update available starting today. To bring these advancements to life, Samsung has partnered with industry leading companies specializing in health data integration, medications tracking, and food barcode scanning, optimizing the experience in select markets.
    Manage Health Record from a Single, Secure Place

    With a new Health Records feature2, users can easily access medical records from clinics, hospitals, and major health networks — all in the Samsung Health app. Samsung has partnered with b.well Connected Health, a platform that consolidates the largest electronic medical record (EMR) systems in the United States. including athenahealth, Cerner Health, Epic Systems and Veradigm®. The Health Records feature guides users toward preventative care by offering meaningful insights and alerts that suggest next steps, such as recommending medical tests or actions. By offering a holistic view of their health history ─ including vaccination and prescription records, past hospital visits, and even specific test results ─ users can more effectively communicate with their healthcare providers by having their important medical details at their fingertips.
    Advanced Medications Tracking Expands to More Users

    Launched in the U.S. last year, the Medications tracking feature3 has allowed users to easily keep a record of medications, and access relevant tips and information including general descriptions, potential side effects, and warnings about drug interactions or food-related reactions. The feature is one of the most frequently used among Samsung Health app users in the U.S., with around two-thirds returning to manage their medications at least three times per week. Through the latest update, the Medications tracking feature allows more users to easily manage their medications with expanded functionalities and availability. With the visual search, users can easily add medications to their personal medication list by simply scanning the pill bottle with their phone camera. They can also check adherence levels and easily monitor medication progress, including details on dosage schedules or a missed dose, through an intuitive dashboard.

    Medications tracking feature is also expanding to South Korea and India, forging strategic initiatives with leading regional partners to offer insightful information to even more users. In the U.S., through its partnership with Elsevier, a globally recognized healthcare data hub, the Samsung Health app also provides warnings for over 960 types of allergies and potential reactions to medications. In Korea, with Korea Pharmaceutical Information Center (KPIC), an authoritative institute under the Korean Pharmaceutical Association, users can receive warnings about medications to avoid during pregnancy. Plus, in India, through a collaboration with Tata 1mg, India’s leading digital consumer healthcare platform, users can not only receive reminders to refill medications, but conveniently do so online when needed.
    Effortlessly Monitor Food Intake with Barcode Scanning

    It is essential to monitor one’s daily dietary intake and establish healthy eating habits. Barcode scanning has now been added to the Food tracker in Samsung Health, making it even easier to log food details such as names, calories and nutrition facts. In partnership with fatsecret, one of the largest global providers of verified food and nutrition data, users can simply scan food barcodes to receive necessary nutritional information automatically in the app. The feature will first be available in the U.S. and select European countries, including France, Germany, Italy, the Netherlands and Poland, and expand to additional markets in the future.
    Samsung is dedicated to shaping the future of comprehensive health management and continuously optimize wearable technology to bring smarter, more personalized solutions for everyday wellness. These advancements strengthen the foundation of Samsung’s digital health platform, and with other innovations, deliver more meaningful and impactful experiences globally.

    MIL OSI Economics –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    September 2024 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, October 21st, 2024

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for September 2024. The full report is attached to this release and will be available on Volta’s website shortly (http://www.voltafinance.com).

    Performance and Portfolio Activity

    Dear investors,

    Volta Finance recorded a net performance of +2.3% in September bringing the year-to-date return to +13.5%. This positive performance is built on the strong performance of its CLO equity investments through the month, Volta being almost fully invested in CLO Equity and debt tranches.

    Markets found some momentum in September on the back of a rather constructive macro backdrop. In Europe, inflation headline numbers dropped to 1.8% YoY and were below the 2% target for the first time in almost three years. Core inflation also came in lower and beat estimates with 2.7% YoY, opening the door for further cut rates possibly as early as October. In the US, the Fed implemented a 50bp rate cut by mid-month while the US flash PMIs showed economic resilience at 54.4 (vs. 54.3 expected).

    Credit markets were relatively stable despite some volatility intra-month, High Yield indices in Europe (Xover) were marginally wider following the index’s roll in the +315bps context while the US CDX High-Yield one settled at c. +330bps (+8bps MoM). On the Loan side, Euro Loans closed 25 cents down at c. 97.60px (Morningstar European Leveraged Loan Index), their US counterparts were trading flat at 96.70px.

    Primary CLO markets remained extremely busy once again, we recorded circa USD 42bn of issuance in the US and EUR 7bn in Europe. Spreads moved sideways across the capital structure with AAAs pricing +130bps context and non-Investment Grade BB-rated tranches at +600bps in Europe (inside +550 for top tier US bonds).

    Looking at fundamentals, both US and European default rates were roughly unchanged at 0.80% while the proportion of CCC-rated Loans within CLO collateral portfolios was slightly lower at 5.4% in US CLOs and slightly higher at 3.7% in Europe, while Loan repayment rates were stable at 26% in the US (-2% YoY growth rate of the Loan market) and 14% in Europe (+6% YoY growth). .

    Volta Finance’s activity over the month was focused on CLO Equity. $7mm of USCLO Equity were purchased as well as tickets of c. €1.4m in a Reset and €2.0mm in Secondary. Also, 2 transactions in which Volta is invested were reset through the month generating mark-to-market gains for Volta in addition to the strong distribution generated by the closing of one European CLO warehouse.

    CLO debt investments performed in excess of their carry, driven by some spread compression. Overall, the cashflow generation over the last 6 months remained strong at c.€30m equivalent of interests and coupons, representing c.23% of the month’s NAV on an annualized basis.

    Volta’s underlying sub asset classes monthly performances** were as follow: +1.1% for Bank Balance Sheet transactions, +4.1% for CLO Equity tranches, +1.4% for CLO Debt tranches and 0.0% for Cash Corporate Credit & ABS***, cash representing c.4% of NAV. The fund being c.26% exposed to USD, the depreciation of USD vs EUR had a negative impact of -0.2% on the overall performance.

    As of end of September 2024, Volta’s NAV was €261.9m, i.e. €7.16 per share.

    *It should be noted that approximately 0.44% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.24% as at 31 August 2024, 0.20% as at 31 July 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
    *** The cash Corporate Credit and ABS bucket is currently made of 3 legacy assets representing 0.6% of GAV.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: The UK is committed to ensuring that technological progress serves as a force for peace: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments 3

    Statement by UK Permanent Representative to the UN Ambassador Barbara Woodward at the UN Security Council meeting on the impact of scientific developments on international peace and security.

    Location:
    United Nations, New York
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    I’d like to highlight three points.

    First, we share the view that the Council must remain ahead of emerging threats. As the briefers noted, advances in neurotechnology, engineering biology and artificial intelligence offer significant potential but also create risks that can impact on international peace and security. This is particularly true as these advances intersect, causing a compounding effect. 

    In future, quantum technologies may break the most advanced cryptographic encryption threatening secure communications and information systems that underpin peace and humanitarian operations. While human augmentation technologies, such as exoskeletons, that can facilitate quicker and more efficient decision-making on the battlefield and may be exploited by malicious actors. 

    Today, AI is already being weaponised by state and non-state actors to spread disinformation at scale.

    The UK is actively working to counter the impacts of disinformation through data-driven tools and localised information verification systems including through the AI Summit series that was launched in Bletchley last year and to which Korea and France have already alluded. 

    So we endorse the briefers recommendations for the Council to deepen its collaboration with the scientific community and to systematically incorporate scientific analysis into reports and briefings on existing Council files. 

    Second, many scientific and technological advancements are dual use. So there is a role for this Council to promote the development of national, regional and international governance approaches that enable economic growth and development while mitigating risks to security. 

    It is essential that technologies are researched, developed and deployed responsibly and ethically, in accordance with international law, including international human rights and humanitarian law.

    Third, the Council can prevent emerging threats before they escalate by better integrating scientific tools into decision-making. Developing capabilities for early warning through data analytics, as the UK has done through support for the AU’s early warning mechanism and the UN’s Complex Risk Analytics Fund, can enable the Council to better anticipate risks and make timely, informed decisions.

    In conclusion, President, the UK remains committed to ensuring that technological progress serves as a force for peace and security, not instability.

    Updates to this page

    Published 21 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: Chinese, European scholars discuss human rights issues

    Source: China State Council Information Office

    Over 60 officials and human rights scholars from China and European countries including Germany, Britain, Sweden, France, Italy, Spain, Portugal and the Czech Republic gathered in Berlin on Tuesday for a seminar focused on the protection of “new and emerging rights.”

    The seminar addressed key topics including social rights, economic inequality, the intersection of digital technology and human rights, and protecting human rights in the context of climate change.

    Ma Huaide, vice president of China Society for Human Rights Studies and president of China University of Political Science and Law, said the protection of emerging rights has become a new issue in global human rights development.

    Ma emphasized China’s efforts in protecting citizens’ online security and privacy rights, as well as promoting environmental protection and green development. He also called for global cooperation to adopt a “humanity first” approach, promote true multilateralism to avoid imbalances in the global governance of emerging rights, and foster consensus through openness and fairness.

    Helga Zepp-LaRouche, founder and chairperson of the German think tank Schiller Institute, praised China’s vision of a shared future for mankind, as well as initiatives like the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, which transcend narrow geopolitical interests to address modern human rights needs.

    Jure Zovko, president of the International Academy for the Philosophy of the Sciences, underscored the importance of dialogue between civilizations, urging mutual learning to protect human beings and their living conditions, while mitigating the risks associated with globalization.

    Jiang Jianxiang, director of the Central South University Human Rights Center, said that the diversity of emerging rights concepts and their protection reflects the cultural diversity of the international community. He highlighted the potential for new insights through deeper cooperation and exchanges between Chinese and European human rights institutions and scholars.

    First held in 2015, the seminar, now in its eighth edition, is an institutionalized platform for in-depth exchanges and cooperation on human rights between China and Europe.

    This year’s seminar was co-hosted by the China Society for Human Rights Studies and the Central South University Human Rights Center, organized by the German and Chinese Culture Foundation, and co-organized by the University of Munster and the International Academy for the Philosophy of the Sciences.

    MIL OSI China News –

  • MIL-OSI Russia: Dressing gown portrait and “Boris Godunov”. We look at the exhibition “Pushkin at Tropinin”

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Exhibition “Pushkin at Tropinin’s”in the V.A. Tropinin Museum and Moscow artists of his time is dedicated to the 225th anniversary of the poet’s birth, which is widely celebrated this year. The exhibition is the result of cooperation between three cultural institutions; the All-Russian A.S. Pushkin Museum in St. Petersburg (its president, Doctor of Cultural Studies Sergei Nekrasov, became one of the curators) and the Moscow Art Theatre Museum also took part in the preparation. Tatyana Prokhorova, curator, PhD in Art History, and head of the exhibition department of the V.A. Tropinin Museum, told mos.ru how to view the exhibition.

    History of the creation of the work

    The exhibition is about the most important event for Russian culture in the second quarter of the 19th century – the creation of one of the two most successful portraits of Alexander Pushkin. This one, known as the negligee one, was painted by the best Moscow portraitist of that time, Vasily Tropinin.

    In the first hall, visitors get acquainted with the history of the work – almost a detective story. Its first owner was Alexander Pushkin’s friend Sergei Sobolevsky. The fact is that Sobolevsky did not like any of the previously painted portraits of the poet, which is not surprising – many of his contemporaries held a similar opinion. Firstly, Pushkin did not like to pose, and secondly, his appearance was very complex and textured: characteristic facial features, a mobile look, incredibly lively facial expressions. In all earlier portraits, the dynamic image of the poet seemed frozen – smoothed out, as Sobolevsky said. Therefore, according to one version, he decided to order a portrait from Tropinin. According to another version, the portrait was ordered by Pushkin himself: he wanted to thank his friend, with whom he stayed during a memorable visit to Moscow in the winter season of 1826-1827, and went to pose in the artist’s studio on Volkhonka.

    Walking tour “Tropinin places”

    “Then Pushkin presented the portrait to Sobolevsky – “with various farces”, as the addressee describes. Pushkin took the empty frame and sat down so that he himself would be in it, and ordered a servant to hold the finished portrait. When Sobolevsky entered, Pushkin began to grimace in his characteristic manner, make pompous grimaces, puff out his lips and roll his eyes. Sobolevsky laughed – he really liked the presentation. He liked the portrait itself: in it, he saw his friend as he was in life. Probably, only the best Moscow portraitist could capture this liveliness,” says Tatyana Prokhorova.

    Then the detective part of the story begins. Leaving for Europe, Sobolevsky ordered a copy of the portrait from the amateur artist Avdotya Elagina, and left the original in her house for safekeeping. When he returned, he found only a poorly made copy in the frame, and the portrait itself was missing, and Sobolevsky was inconsolable.

    About 20 years passed, and the portrait was accidentally discovered in a junk shop by Mikhail Obolensky. He was the grandnephew of Irakli Morkov, a landowner and former owner of Vasily Tropinin: until the age of 40, the artist was a serf, but he painted Pushkin’s portrait after becoming a free man. Upon seeing the portrait, Obolensky immediately recognized it, because he himself had posed for Tropinin since childhood, took it and brought it to the studio. It was an exciting moment for the artist, he almost did not believe that his work would be found after so many years, but he recognized the portrait. Tropinin in no way agreed to renew it, as Obolensky asked, he only cleaned it and varnished it for the new owner.

    The first hall features a childhood portrait of Mikhail Obolensky, as well as a self-portrait of Vasily Tropinin himself: in it, he depicted himself at the age when Pushkin posed for him. This is the author’s repetition of the 1824 painting, made in 1855.

    An exhibition about a portrait… without the portrait itself

    The exhibition, says Tatyana Prokhorova, is conceptual in that it tells about the famous portrait without showing it: the portrait is the core of the permanent exhibition of the All-Russian A.S. Pushkin Museum on the Moika River Embankment (building 12), and it cannot be traveled.

    “But our colleagues kindly provided us with two preparatory works for the portrait – a pencil sketch and a painting study. We can see how Tropinin was looking for the image of Pushkin. In the small study (Tropinin made such before almost every large portrait) he tries to capture the liveliness of the poet’s nature. When the work was finished, the Moscow Telegraph wrote that the resemblance to the hero was striking. And in the pencil drawing, the artist looks for the general image – the pose, works out the details of the robe. Both are reflected in the large portrait,” explains Tatyana Prokhorova.

    In the famous portrait, Pushkin is depicted in a dressing gown, and here it is not just home clothes, but an important symbol of freedom. In the literature of that time, this had already become commonplace: the philosopher Denis Diderot wrote that a dressing gown is the clothing of a free man. Pushkin’s friend Pyotr Vyazemsky dedicated several poems to the dressing gown: he wrote about it as a symbol of free creativity, contrasting it with the official livery and uniform, usually buttoned up to the top.

    As for freedom, Pushkin and Tropinin could easily have found a common language: by that time they both had experienced unfreedom (although, of course, it is difficult to compare). The unfreedom of the aristocrat Pushkin was connected with freethinking and censorship and was limited only to his stay in exile, and his arrival in Moscow and readings of the innovative Boris Godunov here marked its end. If we draw parallels with Tropinin, then three years before meeting Pushkin, he received his freedom – and immediately presented to the public his main programmatic work, The Lacemaker, also innovative in its genre. The audience was struck by the beauty of the serf girl, the liveliness and love with which Tropinin depicts her. The artist received the title of appointed academician, during the three years spent in Moscow, he became the founder of the genre of portrait-type and the best portraitist of the city, receiving many orders.

    Tropinin had done robe portraits before, but, as literary sources say, after he painted Pushkin, they became fashionable, and the artist became a master in this genre. When he was commissioned to paint male portraits, they would always add: “Please, in a robe.” The exhibition features two more robe portraits by Tropinin – the composer Alexander Alyabyev and the Moscow nobleman Vladimir Raevsky.

    Visit to Moscow and circle of friends

    The second hall of the exhibition is dedicated to the poet’s visit to Moscow in the autumn of 1826, when the portrait was painted. After the sudden death of Alexander I, Nicholas I ascended the throne, and Pushkin wrote to the new emperor a petition for clemency. He summoned the poet to an audience at the Chudov Monastery – Nicholas I was in Moscow for the coronation festivities. Pushkin, who was in permanent exile in Mikhailovskoye, prepared very seriously for the meeting and expected a difficult conversation: the Decembrist uprising on Senate Square had already taken place, and it essentially marked the beginning of Nicholas I’s reign.

    The poet and the emperor talked for two hours. The fateful meeting, which changed a lot in Pushkin’s life, ended with Nicholas releasing him from exile and promising to become his personal censor. That same evening, the emperor was at a reception with the French ambassador, where he said that “today I spoke with the smartest man in Russia.” The crowd began to whisper Pushkin’s name, Moscow opened its hospitable arms to the poet. In homes and salons, he read his newly written drama “Boris Godunov”, which was greeted with applause. The euphoria of freedom (its illusion, as it turned out a little later) made the poet’s head spin.

    On one of the walls of the second hall is a map of Moscow of that time, with the key addresses that Pushkin visited during this visit. Next to it is a display case – a unique installation that presents the world of objects from Pushkin’s era: here are inkwells, smoking pipes, candlesticks, champagne glasses and much more, which allows you to better feel the atmosphere and spirit of old Moscow.

    Slept in the theater, lost at cards, argued with his mother-in-law: what else did Pushkin do in Moscow

    On another wall are watercolor and graphic portraits of the poet’s Moscow friends and acquaintances with references to addresses on the map. Of course, this is not everyone with whom Pushkin communicated, but people who were very important to him. For example, in the late 1820s, the magazine Moskovsky Vestnik began to be published, the editor-in-chief of which was Mikhail Pogodin, a historian and archivist. Pushkin’s closest literary circle – Vasily Zhukovsky, Anton Delvig, Pyotr Vyazemsky – did not sympathize with the magazine, but Pushkin was close enough to Pogodin and found his platform in this magazine.

    You can see a portrait of Ekaterina Semenova. The former serf actress was already Princess Gagarina at that time, moved from St. Petersburg to Moscow, led a social life and only occasionally participated in amateur performances. Pushkin was her ardent admirer and claimed that when it comes to Russian tragedy, one can only talk about Semenova. They met in Moscow, and later, when Boris Godunov was first published, at the turn of 1831-1832, Pushkin gave her the book and signed it: “To the actress from the author, to Semenova from Pushkin.” The first edition of the book is presented in a display case – Pushkin signed the same one to Semenova.

    Pushkin also dedicated enthusiastic lines to Zinaida Volkonskaya, calling her the queen of muses and beauty. During his visit to Moscow in 1826, he often visited her salon, where Alexander Sergeyevich was greeted with honor: Volkonskaya, a beautiful singer, came out to the poet, performing a romance based on his verses “The daylight went out.”

    Pushkin’s brother Lev Sergeevich was his literary secretary, had a phenomenal memory and knew literally all of his works by heart. When Lev Pushkin died, they said that part of Alexander Sergeevich’s poetry went with him, because many things were not written down, drafts were not preserved, but his memory kept everything.

    “Boris Godunov”

    Pushkin had to interrupt his 1826 visit to Moscow – at that time he went to Mikhailovskoye on business, and was also forced to explain there to the head of the third section of His Imperial Majesty’s Chancellery, Alexander Benckendorff, about the readings of Boris Godunov. The illusion of freedom and the absence of censorship collapsed. Nicholas I, having received the manuscript of the drama through Benckendorff, wrote a review: he recommended reworking the work in the manner of a historical novel in the spirit of Walter Scott. To this Pushkin replied that he was not in the habit of rewriting what had already been written.

    From Mikhailovskoye Pushkin returned to Moscow, where he was again met in the salon of Zinaida Volkonskaya. A historic event took place there: they were seeing off Maria, the wife of the Decembrist Sergei Volkonsky, to Siberia. Pushkin wrote the famous “In the Depths of Siberian Mines” then, and arrived the next morning with a finished poem, but Volkonskaya had already left. It was sent to Siberia later, with another Decembrist’s wife, Alexandra Muravyova.

    The readings of Boris Godunov continued. The drama was an absolute innovation, in it Pushkin departed from the chanting declamatory versification accepted in the French tradition and wrote very beautifully and poetically, as they say, in simple Russian. It was astonishing. Mikhail Pogodin described what the listeners felt when Pushkin read Boris Godunov to them:

    “We heard a simple, clear, distinct and at the same time poetic, fascinating speech. We listened to the first events quietly and calmly, or, better to say, in some bewilderment. …we all seemed to have lost consciousness. Some were flushed, others shivered. Hair stood on end. There was no longer any strength to restrain ourselves. One would suddenly jump up from his seat, another would scream. Some had tears in their eyes, some had a smile on their lips. The reading ended. We looked at each other for a long time and then rushed to Pushkin. Embraces began, a noise arose, laughter rang out, tears flowed, congratulations. “Here, here, give me the cups!” Champagne appeared, and Pushkin was inspired, seeing such an effect on his chosen youth.”

    The exhibition’s scientific consultant, literary and art historian Elena Arkhipova, is also convinced that Pushkin should not only be read, but also listened to. That’s why the creators made a special installation in the second hall.

    “In it, Boris Godunov can be seen: Pushkin’s manuscripts, his handwriting are in front of the viewer. The drama can be heard: the Moscow Art Theatre Museum provided us with a radio play, and we used directional speakers so that you could immerse yourself in the poetry. We hope that our viewers will feel the same as Pogodin describes. So, after almost 200 years, we can say: Pushkin is back with Tropinin,” says Tatyana Prokhorova.

    The exhibition at the V.A. Tropinin Museum and Moscow artists of his time is open until December 22.

    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/145618073/

    MIL OSI Russia News –

  • MIL-OSI: Unifiedpost Group announces changes in Leadership team and Board composition

    Source: GlobeNewswire (MIL-OSI)

    INSIDE INFORMATION

    La Hulpe, Belgium – 23 October 2024, 7:00 am. CET – INSIDE INFORMATION – Unifiedpost Group SA (Euronext Brussels: UPG) (Unifiedpost, Company), a leading provider of integrated business communications solutions, announces the appointment of Nicolas de Beco as its CEO, effective December 1, 2024. Founder and current CEO Hans Leybaert will transition to Executive Chairman. Additionally, the Board has co-opted two new members: Crescemus BV, represented by Pieter Bourgeois, and PDMT Investments LLC, represented by Peter Mulroy. The Board further plans to nominate potential Board members at the next Ordinary General Shareholder Meeting. These changes align with our commitment to enhance governance and strengthen the position of Unifiedpost.

    Summary of appointments:

    • Nicolas de Beco has been appointed as the new CEO of Unifiedpost, effective December 1, 2024. Nicolas succeeds Hans Leybaert, who will transition to Executive Chairman of the Board.
    • Crescemus BV, represented by Pieter Bourgeois, has been co-opted as a non-executive director, replacing AS Partner BV, represented by Stefan Yee, who stepped down on October 1, 2024. Crescemus will represent Alychlo NV in the Board. The mandate will take effect as from October 23, 2024.
    • PDMT Investments LLC, represented by Peter Mulroy, has been co-opted as independent director, replacing Sopharth BV, represented by Philippe De Backer, who stepped down on October 1, 2024. The mandate will take effect as from October 23, 2024.
    • The Board plans to nominate four potential Board members at the next Ordinary Shareholder Meeting in May 2025.

    Appointment of Nicolas de Beco as CEO; Hans Leybaert becomes executive chairman.

    Unifiedpost is pleased to announce Nicolas de Beco as its new CEO, effective December 1, 2024. Nicolas will succeed Hans Leybaert, who will transition into the role of Executive Chairman. Nicolas brings extensive experience in scaling SaaS businesses and driving operational excellence, both of which are essential to Unifiedpost’s current strategic priorities, as the company continues to execute on its organic growth plans and capitalise on opportunities arising from regulatory reforms across Europe. Hans Leybaert will remain on board to guide the strategy implementation of the company.

    Hans Leybaert stated, “We welcome Nicolas as our new CEO, and I am excited to transition into the role of Executive Chairman. Nicolas brings a wealth of experience to Unifiedpost, having served as Senior Vice President of Strategy at Quadient and President of the French Foreign Trade Advisors in New England. His proven ability to understand and address customer needs aligns with our commitment to customer-centric innovation. I am confident that this transition will keep Unifiedpost on track to becoming the leading digital platform for administrative, financial, payment, and communication processes. Nicolas will bring fresh ideas that will accelerate our growth.”

    Nicolas de Beco stated: “I’m excited to join Unifiedpost, Europe’s leading SaaS provider for Financial Automation. With the support of 1.000+ dedicated employees and a strong base of 1,3 million customers, I look forward to leading the team towards sustained, profitable growth and shareholder returns.”

    Co-optation of new Board members

    Following the announcement on July 8, 2024, Stefan Yee, representing AS Partners BV, has decided to voluntarily step down as chairman and member of the Board after nearly 10 years of service since 2014, effective October 1, 2024. Additionally, Philippe De Backer, representing Sopharth BV, has also stepped down from the Board effective October 1, 2024, due to a new professional commitment that prevents his continued service on the Unifiedpost Board.

    Following this, the Board of Directors has decided to co-opt Pieter Bourgeois, representing Crescemus BV, and Peter Mulroy, representing PDMT Investments LLC, as directors effective October 23, 2024. Pieter Bourgeois, who will replace Stefan Yee, is the CEO of Alychlo NV and will represent Alychlo on the Board. Peter Mulroy, replacing Philippe De Backer, will serve as an independent director and brings over 40 years of experience in global trade, receivables, and supply chain finance. The Board will seek ratification of these appointments from the Ordinary General Shareholder Meeting in May 2025. These changes reflect Unifiedpost’s commitment to maintaining a diverse and experienced Board, ensuring strong corporate governance. The newly appointed members’ extensive international experience aligns with Unifiedpost’s ambitions to accelerate the growth of digital services and enhance value for our shareholders and customers.

    Commenting on the announcement, Hans Leybaert stated, “First and foremost, I want to express my sincere gratitude to Stefan Yee and Philippe De Backer for their significant contributions to Unifiedpost during their tenure on our Board. Their insights and dedication have been invaluable to our growth. As we welcome Pieter Bourgeois and Peter Mulroy as new members, I am confident that their expertise will further enhance our governance. Pieter, representing Alychlo, underscores our commitment to a strong Board, while Peter’s extensive background in global trade and finance will be instrumental as we continue to advance our strategic objectives. We look forward to the fresh perspectives our new Board members will bring while building upon the strong foundation laid by their predecessors”.

    Pieter Bourgeois, CEO of Alychlo, added, “As long-term investors, we have always believed in the company’s potential and the value it can unlock for all shareholders. We appreciate the collaborative approach taken by Unifiedpost’s leadership to implement these governance changes, which we believe are a testament to Unifiedpost’s commitment to adopt best practices and strengthen oversight. I am honoured to join the board and look forward to working collaboratively with my fellow directors and management to drive sustainable growth, operational excellence, and long-term value creation for all stakeholders.”

    Planned nominations by the Board.

    To further expand the experience of the Board and give it a more international character, the Board shall propose to nominate four additional directors at the next Ordinary General Shareholder Meeting, scheduled for May 20, 2025:

    • Nathalie Van den Haute, representing Quilaudem BV, shall be proposed to be nominated as a non-executive director. Nathalie is an Investment Principal at Alychlo NV and will represent Alychlo on the Board. She has extensive experience in corporate finance and equity capital markets, having held various leadership positions at KBC Securities.
    • Koen Hoffman, representing Ahok BV, shall be proposed to be nominated as an independent director. Koen is the CEO of Value Square and serves on the boards of Greenyard, Fagron, and MDxHealth in independent capacities.
    • Leanne Kemp shall be proposed to be nominated as an independent director. Leanne is the founder and CEO of Everledger. A prominent figure in the technology sector, she co-chairs the World Economic Forum’s Global Future Council on the Future of Manufacturing and participates in the Global Future Council on Blockchain. Additionally, Leanne leads workstreams at the Global Blockchain Business Council, co-chairs the Sustainable Trade Action Group for the World Trade Board and serves on the IBM Blockchain Platform Board of Advisors.  
    • Nicolas de Beco, representing Beco Global Consulting LLC, shall be proposed to be nominated as executive director.

    The Board shall propose to nominate them for a four-year term, effective from the next Ordinary General Shareholder Meeting. Additionally, the Board shall propose that the shareholders align the terms of the mandates for Crescemus BV and PDMT Investments LLC with this four-year term.

    With these changes to its governance structure, Unifiedpost highlights the international experience of its Board. This reinforces the company’s ambition to become a leading Pan-European player in its market segment.

    Please visit Unifiedpost’s website for more information about the Board of Directors.

    Contact:
    Alex Nicoll
    Investor Relations
    Unifiedpost Group
    alex.nicoll@unifiedpost.com

    About Unifiedpost Group

    Unifiedpost is a leading cloud-based platform for SME business services built on “Documents,” “Identity” and “Payments”. Unifiedpost operates and develops a 100% cloud-based platform for administrative and financial services that allows real-time and seamless connections between Unifiedpost’s customers, their suppliers, their customers, and other parties along the financial value chain. With its one-stop-shop solutions, Unifiedpost’s mission is to make administrative and financial processes simple and smart for its customers. For more information about Unifiedpost Group and its offerings, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Unifiedpost Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

    Attachments

    The MIL Network –

  • MIL-OSI: Planisware – Q3 2024 revenue

    Source: GlobeNewswire (MIL-OSI)

    Q3 2024 revenue of € 47.0 million

    • Year-on-year revenue growth in constant currencies of +18.7% in Q3 and +19.3% for the 9 first months of the year
    • Record high commercial pipeline but longer customer decision-making process driving delayed signature and start of new contracts
    • More cautious view on revenue growth in Q4
    • Improving profitability thanks to continuous progress in operational efficiency and better activity mix
    • Revision of 2024 objectives announced in September 2023:
      • 2024 revenue growth in constant currencies between +17% and +18%
        (vs. c. 19.5%)
      • Adjusted EBITDA margin raised to approximately 34% (vs. c. 33%)
      • Cash Conversion Rate of c. 80% confirmed

    Paris, October 23, 2024 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its revenue for the third quarter of 2024. Revenue amounted to € 47.0 million, up by +18.2% in current currencies, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +18.7% (€+7.4 million) in Q3 and +19.3% (€+21.6 million) for the first nine months of the year. Recurring revenue amounted to €41.4 million in Q3 (88% of revenue) and was up by +21.2% in constant currencies.

    Loïc Sautour, CEO of Planisware, commented: “During the third quarter of 2024, Planisware delivered a solid +18.7% revenue growth in constant currencies, led by the continued success of our SaaS operations. This was a bit lower than expected due to elongated customers’ decision-making process since the end of the summer on the back of political concerns in France and difficulties seen in some of our key verticals such as automotive.

    Taking into account some uncertainties in the closing timing of delayed signatures and the start of some contracts, we adopt a cautious view for the end of the year. As a results, we now target annual revenue growth between +17% and +18% in constant currencies.

    In parallel, we continue to benefit from the evolution of our activity mix and to deliver further operational efficiencies on employee-related costs enabling to raise our 2024 profitability objective to c. 34% while confirming our cash conversion rate objective of c. 80%.

    Beyond the current quarter, we continue to build on our record high commercial pipeline fuelled by increasing demands for strategic portfolio management tools that help companies to better align their resources with strategic business goals. This dynamic is paving the way towards our ambition to be the accelerator of the Project Economy and the number one provider of multi-specialty project and portfolio management software solutions.”

    Q3 2024 revenue by revenue stream

    In € million Q3 2024 Q3 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 41.4 34.3 +20.7% +21.2%
    SaaS & Hosting 20.8 17.1 +21.9% +22.3%
    Evolutive support 13.0 10.4 +24.6% +25.2%
    Subscription support 2.8 2.2 +29.4% +30.3%
    Maintenance 4.8 4.6 +3.8% +4.1%
    Non-recurring revenue 5.6 5.1 +8.3% +8.7%
    Perpetual license 2.0 1.3 +57.3% +58.0%
    Implementation & others non-recurring 3.5 3.8 -8.1% -7.9%
    Revenue with customers 47.0 39.4 +19.1% +19.6%
    Other revenue – 0.3    
    Total revenue 47.0 39.7 +18.2% +18.7%

    * Revenue evolution in constant currencies, i.e. at Q3 2023 average exchange rates

    Reaching €47.0 million in Q3 2024, revenue was up by +18.2% in current currencies and +18.7% in constant currencies. The exchange rates effect was mostly related to the appreciation of the euro versus the US dollar and the Japanese yen compared to Q3 2023. In order to reflect the underlying performance of the Company independently from exchange rates fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q3 2023 average exchange rates to Q3 2024 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 88% of Q3 2024 revenue versus 86% in Q3 2023, recurring revenue reached €41.4 million, up by +21.2%.

    Revenue growth was fully led by Planisware’s SaaS model (i.e. SaaS & Hosting and Evolutive & Subscription support) up +23.9%, with SaaS & Hosting revenue up by +22.3% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +26.1%.

    Maintenance revenue was up by +4.1% in the context of the Group’s shift from its prior license model to a SaaS model.

    Non-recurring revenue

    Non-recurring revenue was up by +8.7%, helped by perpetual licenses extensions and upgrades sold in Q3 2024 to established customers with specific on-premise needs.

    The continued effort to deliver shorter implementations and to bring value faster to customers continued to drive down the planned revenue decline in Implementation. At -7.9% in Q3, revenue decline was accented by delays in the start of projects.

    Confirmed leadership of Planisware

    Planisware’s broad recognition from third-party industry analysts was further confirmed by the latest 2024 Gartner® “Magic QuadrantTMfor Adaptive Project Management and Reporting report.” published on September 5, 2024 and in which Gartner reasserted Planisware as a Leader, emphasizing “robust integrations, dynamic reporting, and native collaboration functionality” and a roadmap that “includes investments to bolster objective and key result (OKR) capabilities, automate work effort tracking, and deliver additional AI-driven features”.

    2024 objectives

    During its process to prepare its IPO, Planisware communicated to investors its 2024 objectives as early as September 2023.

    Planisware communicates today a revised set of 2024 objectives to take into account the uncertainties in the closing timing of delayed signatures and the start of some contracts. The Group adopts a more cautious view for year-end revenue growth. In parallel, continuous progress in operational efficiency and improving activity mix enable Planisware to raise its profitability objective, while confirming its objective for cash generation. As a consequence, Planisware’s 2024 objectives are:

    • Revenue growth in constant currencies between +17% and +18% (c. 19.5% priorly)
    • Adjusted EBITDA margin of approximately 34% (approximately 33% priorly)
    • Cash Conversion Rate of c.80% confirmed

    Appendices

    YTD 2024 revenue by revenue stream

    In € million 9M 2024 9M 2023 Variation
    YoY    		 Variation
    in cc*
    Recurring revenue 118.0 96.4 +22.5% +22.9%
    SaaS & Hosting 59.6 46.6 +27.8% +28.0%
    Evolutive support 35.9 29.8 +20.4% +21.1%
    Subscription support 8.4 6.3 +34.8% +35.0%
    Maintenance 14.1 13.6 +3.4% +3.5%
    Non-recurring revenue 15.5 15.3 +1.9% +2.0%
    Perpetual license 6.1 3.6 +70.1% +70.4%
    Implementation & others non-recurring 9.4 11.7 -19.2% -19.1%
    Revenue with customers 133.6 111.6 +19.7% +20.0%
    Other revenue – 0.7    
    Total revenue 133.6 112.3 +18.9% +19.3%

    * Revenue evolution in constant currencies, i.e. at 9M 2023 average exchange rates

    Q3 2024 revenue Investors & Analysts conference call

    Planisware’s management team will host an international conference call on October 23, 2024 at 8:00am CET to details Q3 2023 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • February 27, 2025:        FY 2024 results publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”). For more information, visit: https://planisware.com/

    Connect with Planisware on: LinkedIn and X (formerly Twitter).

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, “cash conversion rate”, “churn rate” and “Net Retention Rate” (or “NRR”). Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA. Planisware considers Cash Conversion Rate to be a meaningful financial measure to assess and compare the Group’s capital intensity and efficiency.
    • Net cash position is defined as Cash minus indebtedness excluding lease liabilities.

    Attachment

    The MIL Network –

  • MIL-OSI: Capgemini announces leadership appointments

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Sam Connatty
    Tel.: +44 (0)370 904 3601
    Email: sam.connatty@capgemini.com

    Capgemini announces leadership appointments

    • Anirban Bose becomes CEO of the Americas Strategic Business Unit
    • Kartik Ramakrishnan becomes CEO of the Financial Services Strategic Business Unit
    • Jerome Simeon will take on the role of Chief Revenue Officer
    • Franck Greverie will become Chief Technology Officer

    Paris, October 23, 2024 – Capgemini today announced some key leadership appointments. Anirban Bose succeeds Jim Bailey as CEO of the Americas Strategic Business Unit, effective November 1. Consecutively, Kartik Ramakrishnan is appointed CEO of the Financial Services Strategic Business Unit. Jerome Simeon will become Chief Revenue Officer and Franck Greverie Chief Technology Officer, both from January 1, 2025. Following an outstanding 34-year long career at Capgemini, Olivier Sevillia, Chief Operating Officer, has decided to pursue new endeavors as an individual, and will leave the Group at the end of 2024. With his deep global experience and passion for digital transformation, Olivier will focus on promoting the techno-business ecosystem of European companies to help improve their competitiveness. The whole Capgemini team is looking forward to supporting Olivier in his next chapter.

    “These appointments strengthen the Group’s growth ambition and reinforce Capgemini’s role as the go to business and technology partner for our clients. Anirban Bose has been at the helm of our Financial Services division for the last six years and instrumental in building and shaping this business across the globe. Anirban is well positioned to accelerate our trajectory in the Americas, building on our progress in the region over the past 4 years under the leadership of Jim Bailey. I would like to thank Jim for his many contributions to Capgemini. Kartik Ramakrishnan, who has been running the Banking sector for the past six years, is Anirban’s natural successor, to ensure the global business will continue to go from strength to strength,” comments Aiman Ezzat, CEO of the Capgemini Group. “To bolster our laser focus on growth, Jerome Simeon will take on a new position of Chief Revenue Officer for the Group in the new year. His role will encompass our activities across sales, key clients and industries to bring even greater value to our clients as we accompany them on their business-critical transformations. Franck Greverie will add Chief Technology Officer to his scope of responsibility, also from January 1. His deep tech expertise and forward-thinking approach will accelerate our efforts to build innovative value creating solutions for our clients. I wish Anirban, Kartik, Jerome and Franck every success in their new roles.”

    Aiman Ezzat continues, “After an outstanding 34-year long career at Capgemini and an impressive track record in leading and operating strategic businesses across the Group, Olivier Sevillia will step down as Group COO at the end of 2024. We are all looking forward to supporting Olivier in his new endeavors as an individual, focused on applying his extensive experience in digital transformation to promote a rich techno-business ecosystem to help improve the competitiveness of European businesses. The board of directors joins me in thanking him and paying tribute to his commitment and service.”

    Biography: Anirban Bose

    Anirban was Head of Capgemini’s Financial Services Strategic Business Unit and a member of the Group Executive Board from 2018. He was also responsible for overseeing the Asia Pacific Strategic Business Unit.

    Prior to this, Anirban was the Head of Capgemini’s Banking and Capital Markets Business Unit.

    Between 2007 and 2015 Anirban led Capgemini’s Banking Business Unit. From 2004 to 2007, Anirban served as executive vice president at Kanbay before its 2007 acquisition by Capgemini.

    Anirban resides in New York. He graduated from the Indian Institute of Technology of Varasani with a Bachelor of Technology. He holds an MBA in Finance from the University of Chicago.

    Biography: Kartik Ramakrishnan

    Kartik was the Deputy CEO of Capgemini’s Financial Services Strategic Business Unit and also led Capgemini’s Banking and Capitals Markets business. Kartik has been a member of the Group Executive Committee since 2023.

    Prior to this, Kartik was responsible for managing sales teams across banking and capital markets.

    Kartik has spent over 25 years consulting in the banking and payments industry. Over his career, he has been involved in launching new products and developing innovative, cost-effective solutions for financial services firms across the globe in countries such as Australia, Canada, Germany, India, Singapore, United Kingdom and United States of America.

    Kartik has a bachelor’s degree from the Indian Institute of Technology and a master’s degree from the Booth School of Business at University of Chicago.

    Biography: Jerome Simeon

    Jerome became the Head of Global Industries in 2023. He has been a Member of the Group Executive Board since 2021.

    Prior to this, he was the CEO of the Southern Europe Strategic Business Unit. From 2018 to 2020, Jerome was Managing Director of Capgemini in France, when he also joined the Group Executive Committee.

    From 2014, he was CEO, Application Services France after serving as Commercial Director (from 2012 to 2014).

    Prior to this, from 2007 to 2010, he held commercial positions in Capgemini’s Telecom & Media business after managing the development and sales for the Property & Services Europe sector of BT Global Services for two years.

    Jerome joined Capgemini in 1998, after eight years with the group Générale des Eaux/Vivendi. Jerome graduated from Toulouse Business School.

    Biography: Franck Greverie

    Franck Greverie has been the Chief Portfolio Officer at Capgemini since 2018.

    Franck has been on the Group Executive Board since 2020, when he took on additional responsibilities overseeing Cloud Infrastructure Services (cloud & cybersecurity), Business Services and Insights & Data (Data & AI) Global Business Lines.

    Prior to this, from 2016, Franck led the Cloud & Cybersecurity activities of Capgemini. He joined Capgemini in 2015 as Head of the Cybersecurity Global Service Line.

    Between 2012 and 2015, Franck was an Executive VP at Bull, where he was in charge of the Security Division, and also led the Middle East, Africa and Asia activities.

    Prior to that, Franck was the Managing Director of the Information Systems Security and Cybersecurity activities for Thales Group (France, UK, Germany, Norway, USA, Asia) since 2018. His career with Thales began in 2004, as Head of Strategy, Business Development and Marketing for the Security activity.

    Franck is a graduate of ESME, engineering school, and of the Executive MBA of ESSEC Business School.

    Note to Editors
    High-resolution photography of Anirban Bose, Kartik Ramakrishnan, Jerome Simeon and Franck Greverie is available on request.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organisations to accelerate their dual transition to a digital and sustainable world while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market-leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the future you want | http://www.capgemini.com

    Attachment

    The MIL Network –

  • MIL-OSI: Despite overwhelming hype, Jabra research finds only 26% of office workers use AI in daily work

    Source: GlobeNewswire (MIL-OSI)

    • Workplaces believe in the power of AI, with 84% of leaders saying AI can enhance work, but 82% are unprepared for integration of the tech into the workplace
    • 90% of knowledge workers wouldn’t trust AI for tasks that require human judgement or creativity
    • Workers are equally not using AI in their personal lives, with only 26% reporting regular use

    LOWELL, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Jabra, a global leader in enterprise audio and video solutions, released a new report, Great ExpectAItions – Work in the Age of AI, which reveals that while many business decision-makers (84%) express high levels of trust in AI, very few office workers (26%) are using it in their daily roles due to a variety of perceived challenges. This disconnect suggests that even though leadership is optimistic about AI’s potential, they may yet lack the necessary vision or skills to effectively implement it across the workforce.

    The study, conducted among 1,800 AI decision makers surveyed across 6 countries and 4,200 employees from 14 countries, highlights that despite strong enthusiasm for AI, there is a clear disconnect between trust in the technology and its actual use in the workplace. While 85% of decision-makers express high interest in AI, the vast majority (82%) acknowledge they need to better understand how AI can improve workplace efficiency.

    Additionally, although 54% of employees believe AI can improve their work and 54% feel confident in their ability to collaborate successfully with AI, there’s still a significant gap in actual adoption in regular use at work. Jabra’s data found this appears due to several perceived challenges and demographic considerations:

    • 90% of employees wouldn’t trust AI for tasks that require creativity and innovation. This reluctance isn’t just about trust, it’s also about the satisfaction that comes from being personally involved in these more meaningful tasks.
    • There’s a clear generational divide in AI adoption, with 47% of Millennials and 37% of Gen Z indicating they feel positive about AI versus only 15% of Boomers. Adoption wise, 28% of Millennials and Gen Z use AI day to day at work, versus just 15% of Boomers.
    • AI decision-makers are relatively young – 58% are between the ages of 18 and 39 – and 71% are not from the IT department.

    Paul Sephton, Head of Brand Communications at Jabra, said: “We see many organizations eager to jump on the AI wave, but some are still dancing in the dark when it comes to effective implementation and meaningful use. As tools rapidly shift toward voice-driven input rather than text alone, it’s crucial for organizations to recognize how this evolution will change our interactions with AI and enhance productivity.”

    “To avoid what we call ‘AI-washing’ – simply jumping on the AI bandwagon – organizations must carefully evaluate the productivity gains that AI can offer and actively involve their employees in this journey. At Jabra, we believe in harnessing the power of AI not just to enhance productivity, but to foster a more connected and capable workforce, driving innovation and collaboration at every level.”

    Read more and download full report here:

    https://www.jabra.com/thought-leadership/ai-at-work

    Note to Editors
    The Great ExpectAItions – Work in the Age of AI Report leveraged two quantitative surveys conducted in August 2024. The first surveyed 1800 AI decision-makers from six countries (300 per country) – USA, UK, France, Germany, Japan and India. The second surveyed 4200 knowledge workers from 14 countries (300 per country) – USA, UK, France, Germany, Poland, UAE, Italy, the Netherlands, Spain, Japan, India, Singapore, Australia and Hong Kong.

    PR contact
    Hayley Minardi
    Manager, PR & Communications, Jabra
    hminardi@jabra.com

    About Jabra

    Jabra is a world leading brand in audio, video and collaboration solutions – engineered to empower consumers and businesses. Proudly part of GN Group, we are committed to bringing people closer to one another and to what is important to them. Jabra engineering excellence leads the way, building on over 150 years of pioneering work within GN. This allows us to create integrated tools for contact centers, offices, and collaboration to help professionals work more productively from anywhere; and true wireless headphones and earbuds that let consumers better enjoy calls, music, and media. http://www.jabra.com

    Founded in 1869, GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO). GN’s solutions are sold in 100 countries across the world. Visit our homepage GN.com or connect with us on LinkedIn, Facebook, and X.

    © 2024 GN Audio A/S. All rights reserved. Jabra® is a registered trademark of GN Audio A/S. All other trademarks included herein are the property of their respective owners (design and specifications are subject to change without notice).

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70547059-e2bb-4ea5-866f-e1e9f844fb5b

    The MIL Network –

  • MIL-OSI Submissions: WHO – Ten additional countries in the Western Pacific Regionpledge to invest in WHO

    Source: World Health Organization (WHO)

    MANILA, 23 October 2024 – In a historic show of support, 10 more countries in the Western Pacific Region pledged to provide an additional US$ 12.1 million to the World Health Organization (WHO) through its first-ever Investment Round. This comes in addition to US$ 18 million announced by Singapore in May. The WHO Investment Round aims to secure predictable, flexible, and resilient resources for WHO’s core work over the next four years.

    The seventy-fifth session of the WHO Regional Committee for the Western Pacific began on Monday with Member States formally endorsing the new regional vision Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025-2029): Working together to improve health, well-being and save lives.

    The financial commitments were made during a Special Event on the Investment Round at the Regional Committee today. Governments and partners from across Asia and the Pacific in attendance emphasized the importance of ensuring WHO has robust financing to implement its global strategy for the 2025-2028 period, the 14th General Programme of Work, which was approved by Member States at the World Health Assembly in May 2024.

    The Government of the Philippines co-hosted the Special Event and made a historic pledge of US$ 10 million to the WHO Investment Round. During his remarks, Secretary of Health Dr Teodoro J. Herbosa of the Philippines said “A robust, reliable, and sustainably funded WHO is crucial for the Western Pacific Region and the world to address inequities and inequalities in health which were amplified by the COVID-19 pandemic. Today, we have taken a significant first step towards a future where health and well-being are accessible to everyone.”

    Malaysia also demonstrated its support of WHO’s work through a US$ 2 million pledge towards the Investment Round.

    In a powerful symbol of Pacific leaders’ commitment to health and WHO’s pivotal role in supporting them, eight Pacific Island countries pledged to double their funding contributions to WHO for 2025.  First-ever voluntary contributions to WHO were announced today by Papua New Guinea, and Cook Islands, Palau, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.

    Speaking to the Regional Committee through a live video connection on Tuesday morning, WHO Director-General Dr Tedros Adhanom Ghebreyesus noted that to support the implementation of the Organization’s new global strategy, “we have launched the first WHO Investment Round, which aims to mobilize the sustainable and predictable resources we need to do our work. Thank you all for your commitment to promoting, providing and protecting health, for all people of the Western Pacific.”

    During the Investment Round Special Event, WHO Regional Director for the Western Pacific, Dr Saia Ma’u Piukala, thanked Member States and partners for their pledges, which will enable the Organization to support countries more effectively.

    “The commitments made today are truly historic,” Dr Piukala said. “They include a doubling of financial contributions from several of our small island developing states, and significant sums from the Philippines and Malaysia.

    “It’s a sign of governments’ confidence in WHO as their partner in health, and a recognition of the need for sustainable financing in order to deliver on the vision of weaving health for families, communities and societies in the Western Pacific,” he said.

    Prior to the meeting, WHO launched the document All for Health, Health for All: WHO Investment Case 2025-28 Western Pacific to capture the impact of a fully-funded Western Pacific Region over the next four years.

    Partners joined Members States in statements of support for WHO. Organizations including the Asian Development Bank, the Institute of Philanthropy and Temasek Trust committed to working closely with WHO during the next four years. Earlier this month, the Institute of Philanthropy made a US$10 million pledge to the Investment Round during the World Health Summit in Berlin, following a $1.2 million pledge in May at the World Health Assembly. The Temasek Foundation also pledged $10 million on the sidelines of the United Nations General Assembly in September.

    “We are off to a great start for the Investment Round in the Western Pacific based on today’s event,” said Dr Piukala. “Today we also heard that we should expect to see more countries and partners stepping up to provide additional resources in the coming weeks.”

    With a fully and sustainably funded operating budget for 2025–2028, WHO will be better able to tackle emergencies and outbreaks that jeopardize health security and threaten lives, reduce the burden of both infectious diseases and noncommunicable diseases (NCDs), and continue working to improve the health and well-being of everyone, especially the most vulnerable.

    Launched at the World Health Assembly in May 2024, the Investment Round aims to mobilize contributions that are flexible and thereby aligned with WHO’s strategy as approved by its Member States, predictably provided at the start of the four-year programme cycle to enable strategic decision-making, and resilient in that they will derive from a larger, more diverse set of donors.

    WHO’s Investment Round will culminate at the G20 leaders’ summit chaired by Brazilian President Lula da Silva next month.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee began on 21 October and runs through 25 October at WHO’s Regional Office for the Western Pacific in Manila, Philippines. The agenda (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/wpr-rc75-01-provisional-agenda.pdf ) and timetable (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/tentative-timetable_rc75.pdf ) are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. https://www.who.int/westernpacific/about/governance/regional-committee/session-75

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    MIL OSI – Submitted News –

  • MIL-OSI Security: Meet Hedwige Lauwaert, who supported NATO’s media relations for more than 25 years

    Source: NATO

    During her long career at NATO, Hedwige Lauwaert served as the principal assistant to four NATO Spokespersons. In this behind-the-scenes role, she helped the Alliance communicate with thousands of international journalists – and witnessed turning points in NATO history, such as the accession of the first countries from the former Eastern Bloc in 1999, NATO’s operation Allied Force conducted in March 1999 to halt the humanitarian catastrophe that was then unfolding in Kosovo, and the invocation of Article 5 after the 9/11 terrorist attacks against the United States.

    The journey to NATO’s press office

    Hedwige was born in the Belgian city of Ninove in 1950, just a year after Belgium became a founding member of NATO. She studied modern languages and worked for 12 years in the private sector, for air transportation and engineering companies, before applying for a job at NATO Headquarters in Brussels.

    Hedwige’s journey at NATO started in 1984, when she joined the International Military Staff at the Allied Long Lines Agency (ALLA). ALLA’s mission was to ensure telecommunication services in times of conflict and peace, and to provide support to NATO and the Allies in commercial procurement.

    After one year of working in ALLA, Hedwige transferred to a new role in NATO’s Office of Information and Press, where she was part of the team in charge of organising visits to NATO Headquarters and offering group briefings to students, opinion makers, government officials and academics in English, French and Dutch. Additionally, she assisted the Dutch Liaison Officer in organising visits and conferences for groups from the Netherlands.

    “When I worked in the Visits Section, I realised how important communication was for NATO’s image. It was a difficult time for the Alliance because of the protests against the storage of cruise missiles on European military bases in the 1980s and nuclear activism demonstrations, so when I was offered the position of personal assistant to soon-to-be Spokesperson Jamie Shea at the Press Office, I accepted it immediately.”

    Working with the NATO Spokespersons

    From 1995 to 2011, Hedwige served as the principal assistant to the NATO Spokesperson, working with Jamie Shea, Yves Brodeur, James Appathurai and Oana Lungescu. Hedwige’s main role was to organise interviews for the Spokesperson, the NATO Secretary General and other NATO officials with journalists and media outlets from all over the world, and to accompany the Spokesperson to NATO summits and ministerial meetings abroad.

    During her sixteen years working for the NATO Spokesperson, Hedwige witnessed key episodes in the Alliance’s history. One particularly challenging moment was the Kosovo crisis in 1999. The pace of work was relentless, with daily press conferences, non-stop calls, long working hours and a considerable amount of stress as Spokesperson Jamie Shea explained NATO’s intervention over a 78-day air campaign to halt the humanitarian catastrophe.

    “The Kosovo crisis was probably the most intense period of my career at NATO. Every day felt like a summit day. At the time, our offices were located in the entrance hall of the press building, and journalists would constantly approach us until a Media Operations Centre was created in the secure zone.”

    Another key event of 1999 was NATO’s 50th anniversary summit in Washington, D.C. – where the North Atlantic Treaty had been signed in 1949.

    “I remember this meeting as being quite historical, because the Heads of State and Government of the new NATO members – Czechia, Hungary and Poland – were participating in their first NATO summit meeting,” Hedwige recalls. “This was also the time when I first visited the CNN studios, where I met my media contact for many years to come.”

    The 9/11 terrorist attacks

    The 9/11 terrorist attacks were a turning point in NATO’s history. Hedwige remembers the moment she learned about the collapse of the World Trade Center in New York City and the never-ending night when the crisis team scrambled to understand what had happened, with no sustenance other than leftover birthday cake.

    “Then-Spokesperson Yves Brodeur had just briefed a group of Finnish journalists when he returned to the office and told me to turn on the TV to see the images of the plane impact. Essential staff were required to stay working that night while all catering facilities were closed on the premises. It also happened to be the birthday of Jamie Shea, at the time the Director of Information and Press, and his cake was the only thing to eat all evening and night, and it had to be shared with approximately 20 people.”

    Over the following days and weeks, Hedwige supported the Spokesperson and the Secretary General as they communicated NATO’s response to the world – including the invocation of Article 5 for the first time in NATO’s history.

    During her time as contact point for international journalists, Hedwige learned about some of the professional difficulties they faced, particularly when it came to covering NATO’s meetings abroad. For this reason, on the occasion of the Foreign Ministers’ Meeting in Reykjavik in May 2002, Hedwige established a partnership with the Belgian Ministry of Defence that allowed her to use one of their planes as a means of transportation for journalists to such events. Hedwige’s creativity and innovation were commended by Secretary General Lord Robertson with NATO’s Award of Excellence, a recognition dedicated to honouring the professionalism of hard-working NATO staff members.

    Life after NATO

    Hedwige retired from NATO in 2011 and currently lives in Provence, France. She has become a keen gardener and helps to organise visits to the gardens in the region for the organisation ‘Mediterranean Gardening France’.

    Hedwige Lauwaert’s message for the Alliance’s 75th anniversary

    “It is probably a cliché, but I hope that NATO will be around for another 75 years, and longer, to make sure that future generations will live in peace.

    There have always been difficult periods in NATO’s history, and frequently its relevance was put into question, but in the current hostile world, NATO is the only guarantee to stability and hopefully peace.”

    This article is part of the 75th anniversary #WeAreNATO series.

    These interviews feature former NATO staff members who share their personal stories and first-hand experiences related to the Alliance’s key moments and historic turning points, such as the Cold War and 1989, the first out-of-area missions, partnerships, 9/11 and more.

    MIL Security OSI –

  • MIL-OSI Global: Why Trump’s messaging is becoming more extreme, a mathematician explains

    Source: The Conversation – UK – By Dorje C. Brody, Professor of Mathematics, University of Surrey

    “Talk about extreme.” That was the response of Democratic presidential nominee Kamala Harris at September’s televised debate, after her rival, Donald Trump, made the baseless claim that migrants had been eating the dogs and cats of their neighbours in Springfield, Ohio.

    Despite mounting criticism, Trump doubled down on the accusation. Likewise, during the more recent vice-presidential debate, Trump’s running mate, JD Vance, falsely claimed that the migrants in Springfield are illegal.

    The arrival of hurricanes Milton and Helene then gave them more opportunities to disseminate disinformation. Trump’s team attacked the government over its response to the disaster, claiming that government money earmarked for disaster victims has been spent on migrants who crossed illegally into the US.

    “Kamala spent all her Fema [Federal Emergency Management Agency] money – billions of dollars – on housing for illegal migrants”, Trump said at a rally in Michigan. This point was also repeated by Vance in an opinion piece on October 8 in the Wall Street Journal.

    The claim is false. But does it make sense for Trump’s team to spread such extreme disinformation? Mathematical analysis suggests it can.

    The positions of the candidates on the various issues, such as migration, can be represented on the political spectrum from the left to the right. It is fair to say that Trump places himself at the right end of the spectrum, while Harris sits at the centre.

    If you are at the far end of the spectrum, left or right, then you want to move people as far in your direction as possible. So, given that these days, in the US at least, there appear to be no consequences for disseminating disinformation, you want your messages to be extreme.

    By consistently hyping up the dangers of migrants, for example, more voters will start feeling that something needs to be done, even if they have never encountered an issue themselves.

    Indeed, mathematical models show that the probability of a candidate positioned at the end of the spectrum winning an election can, at least theoretically, reach 100%, if the messages are nothing but extreme. The same does not apply to a candidate positioned in the middle.

    We have seen this effect manifesting itself in the recent elections in Germany and France. Unless the public already has a strong appetite for the centre ground, which was the case for July’s general election in the UK, positions at the centre are often precarious.

    The path to victory for Harris therefore remains steep. But there are means for an effective counteroffensive.

    Clear communication

    Political messages have two purposes: communicating where the candidate stands on the various issues, and making the voters feel that those positions are desirable. We can apply the mathematics of communication, which explains our cognitive response to digesting information, to infer the impact of political messages.

    In particular, we can study how different messages on a given issue combine and interact. This, of course, only concerns voters who consume a variety of information sources, as opposed to those confined to an information echo chamber.

    For those who consume both Democratic and Republican messages, the effect of combining them can be subtle. But, in many cases, they combine in an additive way with some weights on each message.

    You can think of it as a weighted average of the two information sources. For example, if Harris says one thing and Trump says something opposite on a particular issue, then the net effect is each message muting the other slightly.

    So, if Trump says the illegal Haitian migrants in Springfield are eating people’s pets, and Harris says the migrants are there legally and are not eating anyone’s pets, then people might come to the conclusion that, while there may be illegal Haitian migrants in Springfield, they may not be eating pets.

    However, in some cases, one of the weights can take a negative value. This means that rather than adding them, the receiver of the two messages will subtract them. When this happens, the effect of that message is unexpectedly reversed.

    For example, when clear and convincing evidence of the legal status of the migrants in Springfield is presented, the prevailing noise about their pet-eating habits will, in anything, strengthen people’s belief that the claim is false.

    This can happen when the message from Harris is sufficiently loud and clear. Importantly, this does not mean Harris should loudly deny the disinformation. Provided that Harris sticks to her own messages in a clear and transparent manner, the mathematics of communication predicts that disinformation can turn itself against its spreader, for the following reasons.

    The idea, roughly speaking, goes as follows. Suppose that a recipient of the messages is unaware of the prevalence of disinformation, and that there is a considerable gap between the unsubstantiated disinformation and reliable information, with the latter being communicated very clearly.

    In this situation, communication theory shows that the receiver will dismiss disinformation more strongly than someone who is aware of the prevalence of disinformation.

    It is reminiscent of the Japanese martial art judo where the ultimate aim is to use your opponent’s momentum, rather than your own force.

    Disinformation should be challenged. And, indeed, both Harris and her predecessor Joe Biden have come out to condemn Trump’s “onslaught of lies” in relation to the two hurricanes.

    But merely focusing on challenging disinformation is counterproductive. What is more important is for their own message to be communicated loud and clear.

    No crystal ball can tell us whether the Democrats will retain the White House in November. But simply repeating the point that Trump is a threat to democracy, as Biden was prone to do, will not cut it.

    Dorje C. Brody has received funding from UKRI.

    – ref. Why Trump’s messaging is becoming more extreme, a mathematician explains – https://theconversation.com/why-trumps-messaging-is-becoming-more-extreme-a-mathematician-explains-239421

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: UK-Germany Trinity House Agreement on Defence – Joint Communique

    Source: United Kingdom – Executive Government & Departments

    A commitment to improve and enhance bilateral defence co-operation between the Ministry of Defence of the Federal Republic of Germany and the Ministry of Defence of the United Kingdom of Great Britain and Northern Ireland.

    In July this year, the Ministry of Defence of the Federal Republic of Germany and the Ministry of Defence of the United Kingdom of Great Britain and Northern Ireland committed to improve and further enhance bilateral defence co-operation to better meet the common challenges of the 21st Century and to best secure the common interests of both countries in defence-related areas. We outlined escalating security concerns, exacerbated by Russia’s war of aggression against Ukraine. We said that the deteriorating strategic environment demanded a unified response to ensure the preservation of European security.

    As we confront these challenges together with Allies and partners, we are guided by our shared values of democracy, freedom, and the rule of law. Recognising the imperative for closer collaboration in the face of evolving geopolitical challenges and shared security threats, we aim to promote stability on NATO’s eastern flank, in Europe as a whole, and beyond for the Euro-Atlantic area. Strategic defence co-operation is an important first pillar in the new relationship between Germany and the United Kingdom, which will be codified in the forthcoming bilateral treaty in 2025.

    Recognising the imperative, we have worked at pace to create our response through this historic, first-of-its kind, defence agreement between our two great nations. Our shared strategic objective is to sustain effective deterrence against would-be aggressors by building credible, resilient defence forces and defence industries, working towards the vision of a peaceful and stable Euro-Atlantic area. To do this, our agreement will become a crucial element in the broader architecture of European security; it is explicitly designed to support our Allies and strengthen the European contribution to NATO. In particular, it complements our respective existing bilateral agreements with France, laying the foundation for increasingly close co-operation between the E3.

    Through this agreement, we have brought focus, resource, and ambition to our previously stated objectives: Strengthening Defence Industries, Reinforcing Euro-Atlantic Security, Enhancing Interoperability, Addressing Emerging Threats, Supporting Ukraine, and Deep Precision Strike. In addition to new governance structures, we will bring these objectives to life through the creation of totemic lighthouse projects, which will serve as beacons for unprecedented levels of co-operation and integration between our respective Armed Forces.

    Deep Precision Strike and Defence: The UK and Germany will work jointly to rapidly develop extended Deep Precision Strike capabilities, to provide a conventional deterrent in Europe and strengthen European Integrated Air and Missile Defence. We will do this in the short term through:

    • Undertaking a comprehensive exercise to compare capability needs and identify synergies.
    • Developing common requirements and military doctrine to aid the development of long-range systems, working in co-operation with Allies and partners, in particular through the European Long Range Strike Approach.
    • Identifying opportunities for industrial collaboration and investment to achieve closer working on countering threats through Integrated Air and Missile Defence.

    And in the medium term through:

    • Joint development and procurement of new extended Deep Precision Strike capabilities in close co-ordination with Allies and partners, giving special focus to new capabilities which far exceed today’s ranges.
    • Joint development of a common approach to deploying extended Deep Precision Strike in all physical domains.
    • Cohering Integrated Air and Missile Defence activity through the European Sky Shield Initiative, NATO’s Multinational Procurement Initiatives, and the UK’s DIAMOND initiative.

    Uncrewed Aerial Systems and Future Connectivity: The UK and Germany will work jointly, in close co-ordination with Allies and partners, to develop and employ Uncrewed Aerial and Offboard Air Systems to ensure interoperability between Future Combat Air Systems. We will do this in the short term through:

    • Joint integration of common missile systems into drone fleets to enhance precision strike capabilities, drawing benefit from each nations’ previous experience, e.g. the integration of Brimstone to UK Uncrewed Air Systems.
    • Sharing plans on integration of capabilities between Current and Future Combat Air Systems, to enable development of interoperable offboard systems.

    And in the medium term through:

    • Joint exploration and development of cross-system Combat Cloud capabilities across aircraft fleets.
    • Joint exploration and development of new Maritime Uncrewed Air System capabilities.
    • Joint exploration and development of common offboard systems compatible with respective Future Combat Air Systems to enable, inter alia, data sharing, to support interoperability and integration of those systems.
    • Supporting implementation of NATO-agreed common standards to ensure connectivity and collaboration between fighter aircraft, reinforcing inter-generation and (un)crewed teaming.

    Strengthening the Eastern Flank through a new Land Strategic Partnership: Using our Forward Land Forces and shared enduring commitment to NATO’s eastern flank as a catalyst, the UK and Germany will work to strengthen NATO by developing doctrine, uncrewed systems, and enabling capabilities to transform our land forces; sustaining continuous land-based deterrence within Europe. We will do this in the short term through:

    • Working jointly in the Armour Capability Coalition to drive innovation in the land domain, through support to Ukraine.
    • Working jointly with Canada and the Baltic States, including through the 3+3 format, to rapidly transform the capability and effectiveness of our respective Forward Land Forces and tap the full potential of synergies of the Forward Land Forces in the Baltic States
    • Co-ordination of UK and German exercises between the Forward Land Forces, with the goal of combined exercises.
    • Working together to tackle the challenges in the shortage of NATO Corps troops across the Alliance. Equipping, training, and exercising the German-British Amphibious Engineer Battalion 130 in Minden to fulfil tasks as one entity within the NATO Force Model.
    • Fostering a deep Industrial Partnership between UK and German Defence Industries, including assisting respective prime contractors wishing to expand production facilities in each other’s countries. Our will to develop industrial co-operation is illustrated by developing plans between the UK MOD and Rheinmetall for a new barrel factory to be opened in the UK, further strengthening the defence industrial links between the UK and Germany.
    • Close collaboration in the BOXER User Group, conducting regular consultations on the “strategic pipeline”, and joint exploration of new capabilities and variants, striving for a closer exchange of BOXER In-Service-Experience topics, and close co-operation in the area of BOXER training and operation. Beyond BOXER, we will pursue joint procurement and through-life capability management initiatives around land vehicles.

     And in the medium term through:

    • Joint development of common offboard systems for Future Ground Combat Systems to support interoperability between those systems, in co-ordination with Allies and Partners
    • Joint development of military doctrines for future land warfighting, supported by Artificial Intelligence and Emerging Disruptive Technologies.

    Undersea Co-operation in the Northern Seas: The UK and Germany will work jointly to strengthen UK-German naval co-operation with a focus on the North Atlantic and North Sea. We will aim to establish and share a clear and concise picture of underwater activity, significantly contributing to the protection of Critical Undersea Infrastructure and Sea Lines of Communications. We will do this in the short term through:

    • Co-ordination of combined and joint operations in the North Atlantic, in close co-operation with Allies and partners, focussing on Anti-Submarine Warfare with ships, submarines, and aircraft. We will enable forward deployments of each other’s units and goods between our countries when required.
    • Episodic deployments of German P-8A Poseidon Maritime Patrol Aircraft in the UK to support interoperability and collaborative Anti-Submarine Warfare operations in the North Atlantic, following their entry into service.
    • Joint development of common training for our Maritime Patrol Aircraft crews.
    • Promoting a common co-operative procurement of the UK’s Lightweight Torpedo STINGRAY MOD 2 for our Maritime Patrol Aircraft.
    • Contributing to the strengthening of NATO’s work strand on Critical Undersea Infrastructure.

    And in the medium term through: 

    • Exploring new offboard undersea surveillance capabilities to improve detection of adversary activity and support the protection of Critical Undersea Infrastructure, supported by Artificial Intelligence and Emerging Disruptive Technologies.

    In addition, we are committed to working together for as long as it takes to support and enable Ukraine to counter Russian aggression. Our combined will is unequivocal, we will continue to ensure Ukraine has the military capabilities it requires. Our specialist teams and our Defence Industries will work ever more closely to ensure that Ukraine will prevail and achieve a fair and lasting peace. In the short term, we will collectively provide Ukraine with a new offensive capability, supporting fitting German donated Sea King Helicopters with modern missile systems. In the longer term, we will work increasingly closely through the Capability Coalitions for Ukraine using the lessons learnt there to continuously develop our co-operation. The UK will increase its support to the German and Polish-led Armour Coalition, Germany will support the UK and Latvian led drone coalition.

    Through our agreed mechanisms, enhanced dialogue, and increased political leadership, we will drive co-operation for decades to come. We will regularly review the content and our collaboration. We will consistently raise our ambitions to meet tomorrow’s threats wherever they come from: on Land, at Sea, or in the Air, in Space or in the Cyber domain; and irrespective of whether these threats are caused by hostile actors or are a result of natural disasters or Climate Change.

    We will confront such threats across all domains and between each of our Armed Forces and joint organisations, with co-operation in Cyber, Communications, and Information Systems forming the backbone and connective tissue required to embark on such an ambitious programme of work.

    John Healey Boris Pistorius
    Secretary of State for Defence of the United Kingdom Federal Minister of Defence of the Federal Republic of Germany

    UK-Germany Trinity House Agreement on Defence

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Thales reports its order intake and sales as of September 30, 2024

    Source: Thales Group

    Headline: Thales reports its order intake and sales as of September 30, 2024

    • Order intake: €15.6 billion, up 23% on an organic basis1(+26% total change)
    • Sales: €14.1 billion, up 6.2% on an organic basis (+9.4% total change)
    • 2024 targets confirmed:
      • Book-to-bill ratio above 1
      • Organic sales growth between +5% and +6%2
      • EBIT margin: 11.7% to 11.8%

    Thales (Euronext Paris: HO) today announced its order intake and sales for the period ending September 30, 2024.

    Reminder: 9m 2023 figures have been restated to include Cyber civil activities transferred from Defence and Security to Digital Identity & Security.

    “The third quarter confirmed the continued strong commercial momentum and organic sales growth in most of Thales’ businesses.
    ​The Defence business enjoyed unparalleled visibility thanks to emblematic long-term contracts. Avionics was driven by the recovery in air traffic and solid growth prospects. The cybersecurity and biometrics businesses benefited from a robust environment.
    ​We are also proud of Thales’ inclusion in the CAC 40 ESG index. This is a strong external endorsement of our non-financial performance and of our contribution to the protection of society, the planet and citizens.
    ​We are confident that we will achieve our annual financial targets for 2024, thanks to our teams’ unwavering involvement.”
    ​
    ​Patrice Caine, Chairman & Chief Executive Officer

    Order intake

    Order intake over the first nine months of 2024 amounted to €15,551 million, up 23% on an organic basis4 compared with the first nine months of 2023 (up 26% total change). The Group continued to benefit from an excellent commercial momentum in all its businesses, particularly in Defence & Security.

    Over the period, Thales recorded 19 large orders with a unit value of more than €100 million, the cumulative amount of which came to €4,983 million:

    • Four large orders booked in Q1 2024:
      • The entry into force of the third phase of the order placed by Indonesia in 2022 for the purchase of 42 Rafale aircraft (18 aircraft and support services);
      • Order of an aerial surveillance system for a military customer in the Middle East;
      • Second tranche of the contract signed in 2023 between France and Italy for the production of 400 ASTER B1NT ground-to-air missiles;
      • Phased contract with the French Defence Procurement Agency (DGA) to develop the next generation of sonars to equip French nuclear-powered ballistic-missile submarines (SSBN).
    • Eight large orders booked in Q2 2024:
      • Order of two new F126 frigates by the German Navy. This additional contract brings the number of F126 frigates acquired by the German Navy to six in the past four years;
      • Exomars 2028, a contract signed between industrial prime contractor Thales Alenia Space and the European Space Agency (ESA) to relaunch the European space mission dedicated to the exploration of the Red Planet;
      • Order by SKY Perfect JSAT to Thales Alenia Space of JSAT-31, a new generation of satellite reconfigurable in orbit using Space INSPIRE technology;
      • Order by France’s Joint Munitions Command (SiMu) of tens of thousands of 120mm rifled ammunition;
      • Order for a next generation cloud native “FLYTEDGE” InFlight Entertainment System for a major worldwide airline;
      • Order by an Asian customer of latest-generation Ground Master 400 Alpha long-range air surveillance radars;
      • Order by the Dutch Ministry of Defence of seven additional Ground Master 200 multi-mission compact radars;
      • Service contract for the maintenance of the Royal Australian Navy fleet.
    • Seven major orders recorded in Q3 2024:
      • Order for the supply of communications, vetronics, navigation and optronics equipment for vehicles in the French Army’s SCORPION program;
      • Order for the renovation of an air traffic management system;
      • Order from the UK Ministry of Defence for the supply of LMM missiles to strengthen Ukraine’s air defence capabilities;
      • Order of LMM missiles for the British armed forces;
      • Order for the supply of Ground Fire multifunction radars and engagement modules following France’s acquisition of seven SAMP/T NG air defence systems;
      • Order for the supply of anti-submarine warfare systems for the first phase of the construction of six HUNTER-class frigates for the Royal Australian Navy;
      • Notification by the DGA of the second tranche of the development of the future RBE2 XG radar for the Rafale F5.

    At €10,567 million, order intake with a unit value of less than €100 million increased by 6% compared to the first nine months of 2023; while order intake with a unit value of less than €10 million was up by 7% at September 30, 2024.

    From a geographical5 point of view, order intake in mature markets recorded organic growth of 12%, to €11,413 million, driven by strong sales momentum in the United Kingdom (up 28% on an organic basis) as well as in Australia and New Zealand (up 34% on an organic basis). Order intake in emerging markets amounted to €4,137 million, with strong organic growth of 69% as at September 30, 2024. This performance reflected excellent momentum in the Near and Middle East (up 175% on an organic basis) and in Asia (up 49% on an organic basis).

    Order intake in the Aerospace segment totaled €3,639 million, versus €3,403 million over the first nine months of 2023 (+8% at constant scope and exchange rates). This increase reflects two contrasting trends. On the one hand, the avionics market remained strong, our activities growing double-digit organically. On the other hand, the order intake in the space business declined due to a high comparison basis (two large orders signed as at September 30, 2024 versus five as of September 30, 2023).

    At €8,951 million (compared with €6,404 million for the first nine months of 2023), order intake in the Defence & Security segment continued to record a strong momentum, with organic growth of 40%. Seven new orders with a unit value of more than €100 million in the third quarter were added to the nine already recorded in the first half of the year. The order book stood at €37.0 billion, compared with €35.1 billion at September 30, 2023.

    At €2,905 million, order intake in the Digital Identity & Security segment was in line with sales over the period, as most of the activities in this segment operate on short cycles.

    Sales

    Sales for the first nine months of 2024 amounted to €14,069million, compared with €12,854 million for the same period in 2023, an increase of 6.2% at constant scope and exchange rates.

    From a geographical5 point of view, sales growth was strong in mature markets (+6.3% on an organic basis), driven in particular by Europe (+9.0%) including France (+9.4%), and Australia and New Zealand (+8.5%). Emerging markets posted organic growth of +5.8% over the period.

    Sales in the Aerospace segment amounted to €3,839 million, up 5.6% compared to the first nine months of 2023 (+5.3% at constant scope and exchange rates). This growth reflected ongoing robust demand in the avionics market, leading the activity to grow mid-single digit plus. It was however mitigated by the low-single digit organic growth of the space business.

    Sales in the Defence & Security segment totaled €7,239 million, up +8.8% compared to the first nine months of 2023 (+8.5% at constant scope and exchange rates). After sustained growth recorded in the first half of the year, this segment confirmed its strong momentum in the third quarter. Growth was driven in particular by land and air systems.

    In the Digital Identity & Security segment, sales totaled €2,914 million, up 15.7% in the first nine months of 2024 (+0.3% at constant scope and exchange rates), including the positive scope effect linked to the acquisitions of Tesserent and Imperva. The stability in organic growth in this segment reflects contrasting trends:

    • Banking and Payment solutions, negatively affected by a high comparison basis, continued to suffer from further destocking in North America;
    • Steady pace of growth in Cyber and Biometrics activities;
    • Continued ramp-up on Connectivity Solutions market, recording double-digit organic growth.

    Outlook

    Thales continues to benefit from its solid positioning in all its major markets and enjoys robust medium-term outlook, as illustrated by the continued strong sales momentum in the third quarter of 2024.

    As a result, assuming there are no major new disruptions in the global economy or global supply chains, Thales confirms its 2024 annual targets:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to sales in the range of €19.9 billion to €20.1 billion6;
    • An EBIT margin between 11.7% and 11.8%.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

    1In this press release, “organic” means “at constant scope and exchange rates”.

    2Between €19.9 billion and €20.1 billion based on September 2024 scope and exchange rates.

    3Mature markets: Europe, North America, Australia, New Zealand; emerging markets: all other countries.

    4Taking into account a negative currency effect of -€45 million and a positive net scope effect of €441 million.

    5See table on page 6.

    5Seetableon page 6.

    6Based on September 2024 scope and exchanges rates.

    MIL OSI Global Banks –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., Oct. 23, 2024 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and nine-month periods ended September 30, 2024.

    Unaudited Financial Information

    Net income for the quarter ended September 30, 2024 was $5.0 million, or $0.86 diluted earnings per share, compared to $5.3 million, or $0.93 diluted earnings per share, for the quarter ended September 30, 2023.  The $0.3 million decline in net income resulted primarily from the $1.0 million increase in non-interest expenses coupled with a $0.4 million increase in the provision for credit losses on unfunded loan commitments and $0.2 million increase in the provision for credit losses on loans. This was partially offset by a $0.8 million increase in net interest income and a $0.7 million increase in non-interest income.

    For the nine months ended September 30, 2024, net income was $15.0 million, or $2.59 diluted earnings per share, compared to $17.7 million, or $3.11 diluted earnings per share, for the nine months ended September 30, 2023.  The $2.7 million, or 15%, decline in net income stemmed from the $2.0 million higher non-interest expenses and $1.6 million reduction in net interest income partially offset by the increase of $0.8 million in non-interest income.

    “Our third quarter results reflect strong balance sheet growth, increased capital levels, liquidity, and non-interest income,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Q3 also reflected an increase in net interest margin. We remain focused, disciplined and thoughtful as we execute on our strategic plan. The Fidelity Bankers continue to demonstrate exemplary efforts and Fidelity Bank is well positioned for the future and committed to our clients, shareholders, and the communities we serve.”

    Consolidated Third Quarter Operating Results Overview

    Net interest income was $15.4 million for the third quarter of 2024, a 5% increase over the $14.6 million earned for the third quarter of 2023.  The $0.8 million increase in net interest income resulted from the increase of $3.6 million in interest income primarily due to a $71.0 million increase in the average balance of interest-earning assets and a 50 basis point increase in fully-taxable equivalent (“FTE”) yield. The loan portfolio had the biggest impact, producing a $3.7 million increase in FTE interest income from $122.8 million in higher quarterly average balances and an increase of 50 basis points in FTE loan yield. Slightly offsetting the higher interest income, a $2.8 million increase in interest expense was due to a 55 basis point increase in the rates paid on interest-bearing deposits coupled with a $94.4 million quarter-over-quarter increase in average deposit balances. 

    The overall cost of interest-bearing liabilities was 2.70% for the third quarter of 2024, an increase of 53 basis points from the 2.17% for the third quarter of 2023.  The cost of funds increased 45 basis points to 2.08% for the third quarter of 2024 from 1.63% for the third quarter of 2023. The FTE yield on interest-earning assets was 4.68% for the third quarter of 2024, an increase of 50 basis points from the 4.18% for the third quarter of 2023.  The Company’s FTE (non-GAAP measurement) net interest spread was 1.98% for the third quarter of 2024, a decrease of 3 basis points from the 2.01% recorded for the third quarter of 2023.  FTE net interest margin increased to 2.70% for the three months ended September 30, 2024 from 2.63% for the same 2023 period due to allocation of better performing interest earning assets, which led to a 7 basis point margin improvement.

    The provision for credit losses on loans was $0.7 million coupled with a provision for credit losses on unfunded loan commitments of $0.1 million for the third quarter of 2024. For the three months ended September 30, 2024, the provision for credit losses on loans increased $0.2 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on loans was due to growth in the loan portfolio of $67.0 million in the third quarter of 2024 compared to growth of $16.1 million in the same quarter of 2023, specifically in the commercial loan portfolio. For the three months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.4 million compared to the three months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a growth in the unfunded commitments reserve of $135 thousand in the third quarter of 2024 compared to a reduction of $275 thousand in the same quarter of 2023, specifically in commercial construction commitments.

    Total non-interest income increased $0.7 million, or 15%, to $5.0 million for the third quarter of 2024 compared to $4.3 million for the third quarter of 2023. The increase in non-interest income was primarily attributable to an additional $0.1 million service charges on commercial loans, $0.1 million higher fees from trust fiduciary activities, $0.1 million more in financial services revenue, and fees from commercial loans with interest rate hedges increased $0.1 million.

    Non-interest expenses increased $1.0 million, or 8%, for the third quarter of 2024 to $13.8 million from $12.8 million for the same quarter of 2023. The increase in non-interest expenses was primarily due to $0.9 million higher salaries and benefits expense from higher salaries related to new hires and banker incentives. There were also increases in professional services of $0.1 million and PA shares tax of $0.1 million.

    The provision for income taxes increased $0.2 million during the third quarter of 2024 primarily due to less tax credits compared to the third quarter of 2023.

    Consolidated Year-To-Date Operating Results Overview

    Net interest income was $45.5 million for the nine months ended September 30, 2024 compared to $47.1 million for the nine months ended September 30, 2023.  The $1.6 million, or 3%, reduction was the result of interest expense growing faster than interest income.  On the asset side, the loan portfolio caused interest income growth by producing $9.5 million more in interest income primarily from an increase of 47 basis points in FTE loan yields on $97.4 million in higher average balances.  On the funding side, total interest expense increased by $11.6 million primarily due to an increase in interest expense paid on deposits of $12.0 million from an 86 basis point higher rate paid on a $97.1 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $0.4 million for the nine months ended September 30, 2024 compared to the same period in 2023.

    The overall cost of interest-bearing liabilities was 2.60% for the nine months ended September 30, 2024 compared to 1.79% for the nine months ended September 30, 2023.  The cost of funds increased 66 basis points to 1.99% for the nine months ended September 30, 2024 from 1.33% for the same period of 2023. The FTE yield on interest-earning assets was 4.59% for the nine months ended September 30, 2024, an increase of 47 basis points from the 4.12% for year-to-date September 30, 2023.  The Company’s FTE (non-GAAP measurement) net interest spread was 1.99% for the nine months ended September 30, 2024, a decrease of 34 basis points from the 2.33% recorded for the same period of 2023.  FTE net interest margin decreased by 16 basis points to 2.70% for the nine months ended September 30, 2024 from 2.86% for the same 2023 period due to the increase in rates paid on interest-bearing liabilities growing at a faster pace than the yields on interest-earning assets.

    The provision for credit losses on loans was $1.1 million and the provision for credit losses on unfunded loan commitments was $0.2 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2024, the provision for credit losses on loans decreased $0.3 million compared to the nine months ended September 30, 2023. The decrease in the provision for credit losses on loans was due to a reduction in net charge-offs. For the nine months ended September 30, 2024, the provision for credit losses on unfunded loan commitments increased $0.3 million compared to the nine months ended September 30, 2023. The increase in the provision for credit losses on unfunded commitments was due to a higher growth in unfunded loan commitments, specifically commercial construction commitments.

    Total non-interest income for the nine months ended September 30, 2024 was $14.2 million, an increase of $0.8 million, or 7%, from $13.4 million for the nine months ended September 30, 2023.  The increase was primarily due to $0.5 million in additional trust fiduciary fees and $0.2 million higher fees from financial services.  During the first nine months of 2023, the Company recorded a write-down associated with a branch closure reducing non-interest income. In the third quarter of 2023, the Company received $0.3 million in recoveries from acquired charged-off loans, offsetting the increase in other income. Additionally, the Company experienced a decrease of $0.2 million in fees from commercial loans with interest rate hedges compared to the first nine months of 2023.

    Non-interest expenses increased to $41.1 million for the nine months ended September 30, 2024, an increase of $2.0 million, or 5%, from $39.1 million for the nine months ended September 30, 2023.  The increase in non-interest expenses was primarily due to the $2.0 million increase in salaries and benefits expense coupled with increases in professional fees of $0.3 million and PA shares tax of $0.3 million for the nine months ended September 30, 2024 compared to the same period in 2023. The increases were partially offset by $0.4 million less in fraud losses and $0.2 million less advertising and marketing expenses. 

    The provision for income taxes decreased $0.2 million during the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower income before taxes. 

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets had a balance of $2.6 billion as of September 30, 2024, an increase of $0.1 billion, from $2.5 billion as of December 31, 2023. The increase resulted from $107.9 million in growth in the loans and leases portfolio during the nine months ended September 30, 2024. Cash and cash equivalents increased $8.2 million and the investment portfolio decreased by $8.5 million. The decline in the investment portfolio was primarily due to $16.7 million in paydowns partially offset by an $8.4 million increase in market value of available-for-sale securities. As of September 30, 2024, the market value of held-to-maturity securities also increased by $6.0 million compared to December 31, 2023, with $22.2 million in unrealized losses. During the same time period, total liabilities increased $95.0 million, or 4%. Deposit growth of $184.1 million was utilized to pay down $92.0 million in short-term borrowings. The Company experienced an increase of $98.7 million in money market deposits and an increase of $96.1 million in certificate of deposits due to promotional rates offered as a result of market competition. The growth in these products was partially offset by a decrease of $10.8 million in checking and savings account balances as of September 30, 2024. As of September 30, 2024, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

    Shareholders’ equity increased $17.8 million, or 9%, to $207.3 million at September 30, 2024 from $189.5 million at December 31, 2023. The increase was caused by retained earnings improvement from net income of $15.0 million, partially offset by $6.6 million in cash dividends paid to shareholders and a $8.0 million improvement in accumulated other comprehensive income due to lower unrealized losses in the investment portfolio. At September 30, 2024, there were no credit losses on available-for-sale and held-to-maturity debt securities.  Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Fidelity Deposit and Discount Bank remains above well capitalized limits with Tier 1 capital at 9.30% of total average assets as of September 30, 2024.  Total risk-based capital was 14.56% of risk-weighted assets and Tier 1 risk-based capital was 13.38% of risk-weighted assets as of September 30, 2024.  Tangible book value per share was $32.55 at September 30, 2024 compared to $29.57 at December 31, 2023.  Tangible common equity was 7.19% of total assets at September 30, 2024 compared to 6.79% at December 31, 2023.

    Asset Quality

    Total non-performing assets were $7.6 million, or 0.29% of total assets, at September 30, 2024, compared to $3.3 million, or 0.13% of total assets, at December 31, 2023. Past due and non-accrual loans to total loans were 0.62% at September 30, 2024, compared to 0.46% at December 31, 2023. Net charge-offs to average total loans were 0.02% at September 30, 2024, compared to 0.04% at December 31, 2023. 

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”).  Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at http://www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,980 hours of volunteer time and over $1.4 million in donations to non-profit organizations directly within the markets served throughout 2023. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities.  The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures.  Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (FTE), in order to calculate certain ratios within this document.  This treatment allows a uniform comparison among yields on interest-earning assets.  Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2024 and 2023.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

    • local, regional and national economic conditions and changes thereto;
    • the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
    • the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
    • securities markets and monetary fluctuations and volatility;
    • disruption of credit and equity markets;
    • impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
    • governmental monetary and fiscal policies, as well as legislative and regulatory changes;
    • effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
    • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
    • the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
    • the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
    • the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
    • the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
    • the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
    • technological changes;
    • the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
    • acquisitions and integration of acquired businesses;
    • the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
    • acts of war or terrorism; and
    • the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release.  The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through http://www.bankatfidelity.com. 

    Contacts:  
       
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   September 30, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 120,169     $ 111,949  
    Investment securities     559,819       568,273  
    Restricted investments in bank stock     3,944       3,905  
    Loans and leases     1,795,548       1,686,555  
    Allowance for credit losses on loans     (19,630 )     (18,806 )
    Premises and equipment, net     36,057       34,232  
    Life insurance cash surrender value     57,672       54,572  
    Goodwill and core deposit intangible     20,576       20,812  
    Other assets     41,778       41,667  
                     
    Total assets   $ 2,615,933     $ 2,503,159  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 549,710     $ 536,143  
    Interest-bearing deposits     1,792,796       1,622,282  
    Total deposits     2,342,506       2,158,425  
    Short-term borrowings     25,000       117,000  
    Secured borrowings     6,323       7,372  
    Other liabilities     34,843       30,883  
    Total liabilities     2,408,672       2,313,680  
                     
    Shareholders’ equity     207,261       189,479  
                     
    Total liabilities and shareholders’ equity   $ 2,615,933     $ 2,503,159  
    Average Year-To-Date Balances:   September 30, 2024     December 31, 2023  
    Assets                
    Cash and cash equivalents   $ 51,707     $ 35,462  
    Investment securities     556,559       597,359  
    Restricted investments in bank stock     3,961       4,212  
    Loans and leases     1,722,655       1,635,286  
    Allowance for credit losses on loans     (19,169 )     (18,680 )
    Premises and equipment, net     35,418       32,215  
    Life insurance cash surrender value     55,963       54,085  
    Goodwill and core deposit intangible     20,679       20,977  
    Other assets     41,854       44,180  
                     
    Total assets   $ 2,469,627     $ 2,405,096  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 524,238     $ 558,962  
    Interest-bearing deposits     1,673,443       1,586,527  
    Total deposits     2,197,681       2,145,489  
    Short-term borrowings     39,873       49,860  
    Secured borrowings     7,009       7,489  
    Other liabilities     31,724       29,881  
    Total liabilities     2,276,287       2,232,719  
                     
    Shareholders’ equity     193,340       172,377  
                     
    Total liabilities and shareholders’ equity   $ 2,469,627     $ 2,405,096  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)
     
        Three Months Ended     Nine Months Ended  
        Sep. 30, 2024     Sep. 30, 2023     Sep. 30, 2024     Sep. 30, 2023  
    Interest income                                
    Loans and leases   $ 24,036     $ 20,502     $ 68,685     $ 59,223  
    Securities, interest-bearing cash and other     3,263       3,176       10,278       9,772  
                                     
    Total interest income     27,299       23,678       78,963       68,995  
                                     
    Interest expense                                
    Deposits     (11,297 )     (8,488 )     (31,697 )     (19,713 )
    Borrowings and debt     (571 )     (551 )     (1,775 )     (2,136 )
                                     
    Total interest expense     (11,868 )     (9,039 )     (33,472 )     (21,849 )
                                     
    Net interest income     15,431       14,639       45,491       47,146  
                                     
    Net benefit (provision) for credit losses on loans     (675 )     (525 )     (1,075 )     (1,380 )
    Net benefit (provision) for credit losses on unfunded loan commitments     (135 )     275       (225 )     100  
    Non-interest income     4,979       4,325       14,167       13,349  
    Non-interest expense     (13,840 )     (12,784 )     (41,146 )     (39,066 )
                                     
    Income before income taxes     5,760       5,930       17,212       20,149  
                                     
    (Provision) benefit for income taxes     (793 )     (590 )     (2,252 )     (2,407 )
    Net income   $ 4,967     $ 5,340     $ 14,960     $ 17,742  
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Interest income                                        
    Loans and leases   $ 24,036     $ 22,516     $ 22,133     $ 21,406     $ 20,502  
    Securities, interest-bearing cash and other     3,263       3,523       3,492       3,434       3,176  
                                             
    Total interest income     27,299       26,039       25,625       24,840       23,678  
                                             
    Interest expense                                        
    Deposits     (11,297 )     (10,459 )     (9,941 )     (9,232 )     (8,488 )
    Borrowings and debt     (571 )     (463 )     (741 )     (707 )     (551 )
                                             
    Total interest expense     (11,868 )     (10,922 )     (10,682 )     (9,939 )     (9,039 )
                                             
    Net interest income     15,431       15,117       14,943       14,901       14,639  
                                             
    Net benefit (provision) for credit losses on loans     (675 )     (275 )     (125 )     (111 )     (525 )
    Net benefit (provision) for credit losses on unfunded loan commitments     (135 )     (140 )     50       65       275  
    Non-interest income (loss)     4,979       4,615       4,572       (1,944 )     4,325  
    Non-interest expense     (13,840 )     (13,616 )     (13,689 )     (12,804 )     (12,784 )
                                             
    Income before income taxes     5,760       5,701       5,751       107       5,930  
                                             
    (Provision) benefit for income taxes     (793 )     (766 )     (694 )     361       (590 )
    Net income   $ 4,967     $ 4,935     $ 5,057     $ 468     $ 5,340  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets                                        
    Cash and cash equivalents   $ 120,169     $ 78,085     $ 72,733     $ 111,949     $ 110,471  
    Investment securities     559,819       552,495       559,016       568,273       576,688  
    Restricted investments in bank stock     3,944       3,968       3,959       3,905       3,800  
    Loans and leases     1,795,548       1,728,509       1,697,299       1,686,555       1,647,552  
    Allowance for credit losses on loans     (19,630 )     (18,975 )     (18,886 )     (18,806 )     (18,757 )
    Premises and equipment, net     36,057       35,808       34,899       34,232       32,625  
    Life insurance cash surrender value     57,672       57,278       54,921       54,572       54,226  
    Goodwill and core deposit intangible     20,576       20,649       20,728       20,812       20,897  
    Other assets     41,778       42,828       44,227       41,667       49,318  
                                             
    Total assets   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 549,710     $ 527,572     $ 537,824     $ 536,143     $ 549,741  
    Interest-bearing deposits     1,792,796       1,641,558       1,678,172       1,622,282       1,602,018  
    Total deposits     2,342,506       2,169,130       2,215,996       2,158,425       2,151,759  
    Short-term borrowings     25,000       98,120       25,000       117,000       124,000  
    Secured borrowings     6,323       7,237       7,299       7,372       7,439  
    Other liabilities     34,843       30,466       28,966       30,883       28,190  
    Total liabilities     2,408,672       2,304,953       2,277,261       2,313,680       2,311,388  
                                             
    Shareholders’ equity     207,261       195,692       191,635       189,479       165,432  
                                             
    Total liabilities and shareholders’ equity   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
    Average Quarterly Balances:   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets                                        
    Cash and cash equivalents   $ 41,991     $ 58,351     $ 54,887     $ 42,176     $ 33,238  
    Investment securities     554,578       551,445       563,674       558,423       598,604  
    Restricted investments in bank stock     3,965       3,983       3,934       3,854       3,763  
    Loans and leases     1,763,254       1,707,598       1,696,669       1,664,905       1,640,411  
    Allowance for credit losses on loans     (19,323 )     (19,171 )     (19,013 )     (19,222 )     (18,812 )
    Premises and equipment, net     36,219       35,433       34,591       33,629       31,746  
    Life insurance cash surrender value     57,525       55,552       54,796       54,449       54,110  
    Goodwill and core deposit intangible     20,602       20,677       20,759       20,844       20,930  
    Other assets     41,734       42,960       40,871       46,028       44,346  
                                             
    Total assets   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 522,827     $ 530,048     $ 519,856     $ 533,663     $ 548,682  
    Interest-bearing deposits     1,702,187       1,670,211       1,647,615       1,616,826       1,607,793  
    Total deposits     2,225,014       2,200,259       2,167,471       2,150,489       2,156,475  
    Short-term borrowings     37,220       28,477       53,952       48,490       37,595  
    Secured borrowings     6,429       7,269       7,335       7,412       7,470  
    Other liabilities     31,999       30,734       32,434       30,745       29,638  
    Total liabilities     2,300,662       2,266,739       2,261,192       2,237,136       2,231,178  
                                             
    Shareholders’ equity     199,883       190,089       189,976       167,950       177,158  
                                             
    Total liabilities and shareholders’ equity   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
        Three Months Ended  
        Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 0.87     $ 0.86     $ 0.88     $ 0.08     $ 0.94  
    Diluted earnings per share   $ 0.86     $ 0.86     $ 0.88     $ 0.08     $ 0.93  
    Dividends per share   $ 0.38     $ 0.38     $ 0.38     $ 0.38     $ 0.36  
    Yield on interest-earning assets (FTE)*     4.68 %     4.58 %     4.52 %     4.36 %     4.18 %
    Cost of interest-bearing liabilities     2.70 %     2.58 %     2.51 %     2.36 %     2.17 %
    Cost of funds     2.08 %     1.96 %     1.93 %     1.79 %     1.63 %
    Net interest spread (FTE)*     1.98 %     2.00 %     2.01 %     2.00 %     2.01 %
    Net interest margin (FTE)*     2.70 %     2.71 %     2.69 %     2.66 %     2.63 %
    Return on average assets     0.79 %     0.81 %     0.83 %     0.08 %     0.88 %
    Pre-provision net revenue to average assets*     1.05 %     1.00 %     0.96 %     0.03 %     1.02 %
    Return on average equity     9.89 %     10.44 %     10.71 %     1.10 %     11.96 %
    Return on average tangible equity*     11.02 %     11.72 %     12.02 %     1.26 %     13.56 %
    Efficiency ratio (FTE)*     65.33 %     66.47 %     67.56 %     63.74 %     65.01 %
    Expense ratio     1.41 %     1.47 %     1.50 %     2.43 %     1.39 %
        Nine months ended  
        Sep. 30, 2024     Sep. 30, 2023  
    Basic earnings per share   $ 2.61     $ 3.13  
    Diluted earnings per share   $ 2.59     $ 3.11  
    Dividends per share   $ 1.14     $ 1.08  
    Yield on interest-earning assets (FTE)*     4.59 %     4.12 %
    Cost of interest-bearing liabilities     2.60 %     1.79 %
    Cost of funds     1.99 %     1.33 %
    Net interest spread (FTE)*     1.99 %     2.33 %
    Net interest margin (FTE)*     2.70 %     2.86 %
    Return on average assets     0.81 %     0.99 %
    Pre-provision net revenue to average assets*     1.00 %     1.19 %
    Return on average equity     10.34 %     13.64 %
    Return on average tangible equity*     11.57 %     15.52 %
    Efficiency ratio (FTE)*     66.44 %     62.33 %
    Expense ratio     1.46 %     1.43 %
    Other financial data   At period end:  
    (dollars in thousands except per share data)   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    Assets under management   $ 942,190     $ 906,861     $ 900,964     $ 876,287     $ 799,968  
    Book value per share   $ 36.13     $ 34.12     $ 33.41     $ 33.22     $ 29.04  
    Tangible book value per share*   $ 32.55     $ 30.52     $ 29.80     $ 29.57     $ 25.37  
    Equity to assets     7.92 %     7.83 %     7.76 %     7.57 %     6.68 %
    Tangible common equity ratio*     7.19 %     7.06 %     6.98 %     6.79 %     5.89 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.09 %     1.10 %     1.11 %     1.12 %     1.14 %
    Non-accrual loans   2.77x     2.75x     5.31x     5.68x     6.24x  
    Non-accrual loans to total loans     0.39 %     0.40 %     0.21 %     0.20 %     0.18 %
    Non-performing assets to total assets     0.29 %     0.28 %     0.15 %     0.13 %     0.14 %
    Net charge-offs to average total loans     0.02 %     0.03 %     0.01 %     0.04 %     0.04 %
                                             
    Fidelity Bank Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.56 %     14.69 %     14.68 %     14.57 %     14.69 %
    Common equity tier 1 risk-based capital ratio     13.38 %     13.52 %     13.47 %     13.32 %     13.51 %
    Tier 1 risk-based capital ratio     13.38 %     13.52 %     13.47 %     13.32 %     13.51 %
    Leverage ratio     9.30 %     9.30 %     9.15 %     9.08 %     9.17 %

    * Non-GAAP Financial Measures – see reconciliations below

    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
     
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended  
    (dollars in thousands, except per share data)   Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023  
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 27,299     $ 26,039     $ 25,625     $ 24,840     $ 23,678  
    Adjustment to FTE     775       751       747       664       700  
    Interest income adjusted to FTE (non-GAAP)     28,074       26,790       26,372       25,504       24,378  
    Interest expense (GAAP)     11,868       10,922       10,682       9,939       9,039  
    Net interest income adjusted to FTE (non-GAAP)   $ 16,206     $ 15,868       15,690       15,565       15,339  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 13,840     $ 13,616     $ 13,689     $ 12,804     $ 12,784  
                                             
    Net interest income (GAAP)     15,431       15,117       14,943       14,901       14,639  
    Plus: taxable equivalent adjustment     775       751       747       664       700  
    Non-interest income (GAAP)     4,979       4,615       4,572       (1,944 )     4,325  
    Less: (Loss) gain on sales of securities     –       –       –       (6,467 )     –  
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 21,185     $ 20,483     $ 20,262     $ 20,088     $ 19,664  
    Efficiency ratio (non-GAAP) (1)     65.33 %     66.48 %     67.56 %     63.74 %     65.01 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,615,933     $ 2,500,645     $ 2,468,896     $ 2,503,159     $ 2,476,820  
    Less: Intangible assets     (20,576 )     (20,649 )     (20,728 )     (20,812 )     (20,897 )
    Tangible assets     2,595,357       2,479,996       2,448,168       2,482,347       2,455,923  
    Total shareholders’ equity (GAAP)     207,261       195,692       191,635       189,479       165,432  
    Less: Intangible assets     (20,576 )     (20,649 )     (20,728 )     (20,812 )     (20,897 )
    Tangible common equity     186,685       175,043       170,907       168,667       144,535  
                                             
    Common shares outstanding, end of period     5,736,025       5,735,728       5,735,732       5,703,636       5,696,351  
    Tangible Common Book Value per Share   $ 32.55     $ 30.52     $ 29.80     $ 29.57     $ 25.37  
    Tangible Common Equity Ratio     7.19 %     7.06 %     6.98 %     6.79 %     5.89 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 5,760     $ 5,701     $ 5,751     $ 107     $ 5,930  
    Plus: Provision for credit losses     810       415       75       47       250  
    Total pre-provision net revenue (non-GAAP)     6,570       6,116       5,826       154       6,180  
    Total (annualized) (non-GAAP)   $ 26,423     $ 24,600     $ 23,432     $ 609     $ 24,517  
                                             
    Average assets   $ 2,500,545     $ 2,456,828     $ 2,451,168     $ 2,405,086     $ 2,408,336  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.05 %     1.00 %     0.96 %     0.03 %     1.02 %
    Reconciliations of Non-GAAP Measures to GAAP   Nine months ended  
    (dollars in thousands)   Sep. 30, 2024     Sep. 30, 2023  
    FTE net interest income (non-GAAP)                
    Interest income (GAAP)   $ 78,963     $ 68,995  
    Adjustment to FTE     2,272       2,186  
    Interest income adjusted to FTE (non-GAAP)     81,235       71,181  
    Interest expense (GAAP)     33,472       21,849  
    Net interest income adjusted to FTE (non-GAAP)   $ 47,763     $ 49,332  
                     
    Efficiency Ratio (non-GAAP)                
    Non-interest expenses (GAAP)   $ 41,146     $ 39,066  
                     
    Net interest income (GAAP)     45,491       47,146  
    Plus: taxable equivalent adjustment     2,272       2,186  
    Non-interest income (GAAP)     14,167       13,349  
    Net interest income (FTE) plus non-interest income (non-GAAP)   $ 61,930     $ 62,681  
    Efficiency ratio (non-GAAP) (1)     66.44 %     62.33 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.                
                     
    Pre-Provision Net Revenue to Average Assets                
    Income before taxes (GAAP)   $ 17,212     $ 20,149  
    Plus: Provision for credit losses     1,300       1,280  
    Total pre-provision net revenue (non-GAAP)   $ 18,512     $ 21,429  
    Total (annualized) (non-GAAP)   $ 24,661     $ 28,650  
                     
    Average assets   $ 2,469,627     $ 2,405,100  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.00 %     1.19 %

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