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Category: KB

  • MIL-OSI United Kingdom: Planning approval paves way for new Wolverhampton city centre leisure hub anchored by Superbowl UK

    Source: City of Wolverhampton

    It will enable an estimated £500,000 of landlord works to be completed by Catella APAM’s sustainable retrofit and principal contracting business, Vantage, on the 17,000 sq. ft. space across multiple units.

    Superbowl UK, renowned for its premier entertainment and leisure experiences, will establish a new mixed use concept venue, featuring 12 bowling lanes, Crazy Club Soft Play area, interactive darts, a bar and diner, and SEGA Prize Zone Arcade, which will open in early 2025.

    Superbowl UK’s new mixed use concept creates a vibrant leisure hub on Victoria Arcade and Victoria Street, building on the council’s recent transformation works to pedestrianise Victoria Street.

    Superbowl UK’s exciting plans to bring this empty retail space back to life align to the council’s vision for the city centre – based on better connectivity, more homes, jobs, skills and learning opportunities and investment in the visitor economy – and demonstrates how town and city centre retail can be adapted to create a more vibrant city centre.

    The benefits of this approach are already showing with independent tourism STEAM data highlighting an increase of visitors to the city from 9.8 million to over 10 million last year.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “This is exactly the type of new development our extensive works on Victoria Street were designed to attract and it will be great to see works starting on site soon now that planning approval has been granted.

    “The scheme provides a major boost to the city centre’s leisure offer for residents and visitors, creates jobs for local people, increases footfall and dwell time to support current and emerging businesses, and complements plans coming forward for major regeneration around the Market Square area in partnership with the ECF.

    “The Superbowl UK investment, will ensure the currently vacant retail space will be occupied, boosting the local economy, and creating 30 new job opportunities for residents, including management positions and guest experience hosts.

    “The development will also serve as a catalyst for further investment, and the council continues to work with Catella APAM on attracting other new leisure and food and beverage occupiers, to capitalise on their confidence in the city.”

    Harry Wilce, Asset Manager at Catella APAM, said: “We are delighted to welcome Superbowl UK to the Mander Centre as the main anchor for our leisure offer to improve the customer offer at the centre and extend the operating hours, generating significant increase in footfall for the city centre.”

    MIL OSI United Kingdom –

  • MIL-OSI Global: The true class divide in British politics is not which party people choose, but whether they vote at all

    Source: The Conversation – UK – By Oliver Heath, Professor of Politics, Royal Holloway University of London

    Traditionally, Britain was regarded as the class society. And class was pre-eminent among the factors used to explain political party allegiance. In broad terms, working-class voters chose Labour, the party set up to represent them. Middle-class voters chose the Conservatives, the party that represented homeowners and business owners.

    Since the 1960s, there has been a decline in class-based voting. Our social background is no longer such a good predictor of our party.

    That may be because there are more parties to choose from, or because the big two have changed their offering to appeal to a wider audience, but it’s also about class-based abstention. In the 1960s, most working-class people voted in elections, and when they did so they tended to vote for Labour. Now, many more working-class people do not vote at all. And when they do, they are less drawn to any party in particular.

    Class differences with respect to turnout have thus become greater than class differences with respect to vote choice. Or put another way, class is now more important as a participatory divide than it is as a partisan divide.

    According to the long-running British Election Study (BES), the difference in reported turnout between people with working-class occupations and middle-class occupations was less than 5 percentage points in 1964. In 2024, it was 16 percentage points.

    Put into context, the difference in reported turnout between the under-30s and the over-60s in 2024 was 20 percentage points. This age gap is the subject of great concern and much discussion. We worry a lot about why young people are not voting. Numerous initiatives have been launched to try and get young people more involved in politics. Yet the class gap, of a very similar magnitude, has received almost no attention at all.

    BES data over the years shows us that the working class has generally been somewhat less likely to vote than the middle class. But from 1964 to 2001, the difference in turnout rates was fairly modest. Turnout bumped along, up and down, but the relative difference did not change much, and turnout among both groups tended to increase and decrease in tandem.

    However, since 2001, the turnout patterns between the two classes have sharply diverged. In the election of 2001, overall turnout was the lowest since 2018 at just 59.4%. The middle-class vote bounced back after that nadir but the working-class vote did not, remaining instead at historically low levels. Before 2001, the average class gap in turnout was 6 percentage points. So today’s 16 percentage-point gap is nearly three times greater than the pre-2001 level.

    The widening class gap in turnout, 1964-2024:

    The chart below shows how the size of this class gap on turnout compares with the size of the class gap on support for Labour, the party which was originally founded to represent working-class interests.

    In 1964, among people with working-class occupations, 11% did not vote, 55% voted for Labour, and the remaining 34% voted for the Conservatives or another party. Among people with middle-class occupations, 7% did not vote, just 18% voted for Labour, and the remaining 75% voted for the Conservatives or another party. The class gap on turnout was therefore just 5 percentage points, compared with the class gap on Labour support of 37 percentage points.

    The class gap in turnout has overtaken the class gap in support for Labour, 1964-2024:

    Over time, Labour has become a less distinctively working-class party. This has particularly been the case since the New Labour period, when Tony Blair famously rebranded the party to project a more middle-class image.

    The result has been that the size of the class gap on Labour support has declined, while the size of the class gap on turnout has increased – to the point in the early 2000s where class differences on turnout overtook class differences on support for Labour.

    These findings have important implications. There is a widespread belief that class has become less important in British politics, and so does not merit as much attention as it once did. This belief is false.

    While it is certainly true that class divisions are not as evident as they once were in terms of structuring vote choice, this is because class has been pushed outside the political system. Whereas previously the middle class and working class were divided on who to vote for, now they are divided on whether to bother voting at all.

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

    – ref. The true class divide in British politics is not which party people choose, but whether they vote at all – https://theconversation.com/the-true-class-divide-in-british-politics-is-not-which-party-people-choose-but-whether-they-vote-at-all-240645

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Government incentive for second-hand electric business vans closed04 November 2024 An incentive to encourage local businesses to switch to second-hand electric vans has seen all 25 available incentives successfully applied for in just six weeks. When the scheme launched on 16 September,… Read more

    Source: Channel Islands – Jersey

    04 November 2024

    An incentive to encourage local businesses to switch to second-hand electric vans has seen all 25 available incentives successfully applied for in just six weeks. 

    When the scheme launched on 16 September, local businesses had an opportunity to apply for funding towards the purchase of a second-hand electric van on a first-come, first served basis, as part of the Government of Jersey’s incentive to reduce the Island’s transport emissions. 

    The Minister for the Environment, Deputy Steve Luce, said: “I’m pleased to see such an immediate and positive response from local businesses to the second-hand electric van incentive. This shows a real desire from businesses to switch to electric and support Jersey’s decarbonisation efforts. 

    “Business transport vehicles are responsible for a significant proportion of our transport emissions, so by making the switch to electric, businesses are supporting with the Island’s transition towards a more sustainable transport future.” 

    A separate Electric Vehicle Purchase Incentive (EVPI) continues to be available to both individuals and businesses; at a value of up to £3,500 towards the cost of an electric car or van, or up to £300 towards the cost of an electric moped or motorcycle. 

    Due to the successful uptake of this to date, it is likely to close by the end of 2024. For more information about the Electric Vehicle Purchase Incentive, visit: gov.je/GoElectric​.​

    MIL OSI United Kingdom –

  • MIL-OSI Global: Nigel Farage, AI and the revolt of the squeezed middle: class politics is about to get messier than ever

    Source: The Conversation – UK – By Laura Hood, Host, Know Your Place podcast, The Conversation

    The neglect of working-class voters in the past few decades has had profound consequences for British political life. Disillusioned with the two main parties, many have turned to Nigel Farage’s Reform and others are simply not voting at all.

    With the next election likely to be a tight race in many key constituencies, something must be done to win these voters back.

    But as we find out in the fifth and final part of Know Your Place: what happened to class in British politics, a podcast series from The Conversation Documentaries, the relationship between class and voting could be about to become even more complicated. So it’s difficult for any party to know how to put an electoral coalition together.

    Paula Surridge, professor of political sociology at the University of Bristol, has identified what she calls cross-pressured voters as a key demographic in post-Brexit British politics. These are people who are probably economically left wing – they want better public services and wealth redistribution – but who are more right wing on social issues such as immigration and crime and punishment.

    In a system like we have in Britain, where we’ve got first past the post and two big parties to choose from, that creates lots of swing voters who, when economics is their priority as we saw in 2024, they might lean more to Labour. When immigration or Brexit or something along that dimension is their priority, they might lean towards the Conservatives or a party like Reform.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    Appealing to such voters is therefore a real challenge. And while the perception is that they’ve flocked to Farage, Surridge says that’s not the full picture at all.

    Many working-class voters were prioritising economic issues, public services. They don’t, on the whole, vote Reform for that reason. The voters for whom immigration was absolutely their most important issue, which are a much smaller group, they were very likely to vote Reform.

    Reform came second in 98 constituencies – 89 of which ended up going to Labour. A lot of those constituencies were won on wafer-thin majorities, and they should be considered highly at risk in the next election. So working out how to appeal to cross-pressured voters is key.

    The bigger challenge, however, is winning voters back from the sofa. The truth is that there is a more salient class divide in Britain: who actually votes at all.

    According to Oliver Heath, professor of politics at Royal Holloway, University of London, who has tracked the history of turnout and class over the past 20 years, working-class voters are staying away from the ballot box. The first real signs of this were in 2001, when Tony Blair won a second term with a turnout of 59%, one of the lowest in British history.

    2001 was when turnout fell off a cliff … and it dropped across all segments of society. But since then, turnout has rebounded quite a large extent amongst middle-class voters, but stayed very low amongst working class voters.



    Read more:
    The true class divide in British politics is not which party people choose, but whether they vote at all

    For decades working-class communities were assumed to vote Labour, and so Labour gave them relatively little political attention. Now, the tables have turned and its Labour constituencies in the Red Wall that are some of the most competitive in the country. But it won’t be easy for Labour to bring these voters back on side, says Heath.

    Even after the great implosion of the Conservatives, the votes haven’t gone back to Labour. So, it’s hard to rebuild those connections once they’ve come undone.

    Meanwhile, Rosie Campbell, professor of politics at King’s College London, warns that we can’t presume to know what middle-class voters will do either.

    The backlash of the middle class in some areas against the Conservatives in what you would expect to be traditional Conservative heartlands is really interesting. And I think what it’s showing is that social change and demographic change are shifting our political landscape.

    Pay attention to the middle-class vote in the next election.
    Shutterstock/William Barton

    All this means that British politics is more fractured than ever, according to John Curtice, senior research fellow at the National Centre for Social Research.

    It looks as though our politics isn’t two-party politics now, and it’s never looked less like two-party politics at any stage since 1945 … therefore there are many potential options as to how things might play out.

    One of those options is a radical disruption to the class system itself, potentially triggered by artificial intelligence. A question that Curtice is asking himself:

    Will class inequality still be articulated through the difference between people in working-class jobs and those in middle-class jobs, or those people who are very much at the creative end of middle-class jobs, who AI are probably not going to be able to replace, and those who are not quite in the same position?

    In other words, AI has the potential to split the middle class and redefine the entire occupational structure of the UK. What will that do to our political preferences? It’s all to play for.

    For more analysis on what else could shape the way class and politics interact in the future, listen to the full episode of Know Your Place: what happened to class in British politics on The Conversation Documentaries.

    A transcript is available on Apple Podcasts.

    Know Your Place: what happened to class in British politics is produced and mixed by Anouk Millet for The Conversation. It’s supported by the National Centre for Social Research.

    Newsclips in the episode from Guardian News, BBC News, Nigel Farage, David Boothroyd, CBS News and theipaper.

    Listen to The Conversation Documentaries via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Rosie Campbell receives funding from the ESRC, the UKRI andThe Leverhulme Trust. John Curtice receives funding from UKRI-ESRC. Vladimir Bortun, Geoffrey Evans, Paula Surridge and Oliver Heath do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Nigel Farage, AI and the revolt of the squeezed middle: class politics is about to get messier than ever – https://theconversation.com/nigel-farage-ai-and-the-revolt-of-the-squeezed-middle-class-politics-is-about-to-get-messier-than-ever-242628

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Derry community organisations honoured at 2024 Pride of Place Awards

    Source: Northern Ireland – City of Derry

    Derry community organisations honoured at 2024 Pride of Place Awards

    4 November 2024

    Eglinton’s Aspace2 and DEEDS (Dementia Engaged and Empowered Derry and Strabane) in Creggan were celebrating at the weekend as they received national recognition for their key role in the community.
    Both organisations received runners up awards at the prestigious IPB Pride of Placer Awards which were announced in the Hillgrove Hotel in County Monaghan on Saturday night.  

    Aspace2, who support adults with additional needs in learning additional skills to allow them to fulfil their potential, received the runners up award in the Community Wellbeing Initiative category of the Main Competition.
    DEEDS, a community based model of support for people living with dementia, their carers and families, finished runners up in the Community Wellbeing Initiative city category.
    Mayor of Derry City and Strabane District Council, Councillor Lilian Seenoi-Barr, represented the Council area at the awards where she was joined by representatives of both organisations.
    “I am so proud to see these two brilliant local initiatives recognised on the national stage,” she said.
    “These awards rightly celebrate and recognise the selfless efforts of people to make their local neighbourhoods better places to live, work and socialise and these two projects embody that spirit.

    “I appreciated the opportunity to spend the evening with their teams and acknowledge the key work they do to give people with additional needs the support and guidance they need to get the most out of life.”
    The DEEDS Project has grown immensely over the last ten years thanks to the support from the National Lottery Community Fund.
    From one single memory group based in Creggan it has expanded into an organisation that boasts six social groups, two activity groups, a choir, carers education, carers drop in, intergenerational work, connection to the community, large scale Dementia friendly events and trips, and a suite of training and education courses.
    More recently it launched a pre-diagnosis programme in partnership with the Western Health and Social Care Trust, the first of its kind in Northern Ireland.
    DEEDS offer members a chance to meet other people in a friendly and relaxed environment and in a weekly social group in their own community or join an activity group where they can take part in different activities, learn new skills or practice old ones.
    Aspace2 is a Community Interest Company (CIC) and Aspace2 Multisensory Centre is a registered charity located in the rural community of Campsie.
    The building at Aspace2 has been customised to an extremely high standard to meet the accessibility needs of all attending the centre.
    The vision of Aspace2 is to provide a service that supports adults with additional needs to learn the skills necessary to live an independent, purposeful lifestyle and grow to make informed, fulfilling life choices in an age appropriate, respectful, and inclusive manner. 
    Training is user-led, trainees’ individual pathways are chosen to reflect their future learning and or employability choices.
    Employability Training is offered in the catering school and factory floor coffee shop, retail training is offered in the Artspace shop and creative opportunities are provided in the art rooms and upcycling studio.
    Aspace2 strives to nurture the potential of people with a disability to thrive in a socially inclusive society.
    For further details of all the nominees for the Pride of Place Awards and to watch the awards back visit the Pride of Place Awards at prideofplace.ie

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial News: The main topics of the Moscow Exchange Corporate Governance Forum were information disclosure, challenges for businesses when going public, and the role of the Corporate Governance Code

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 31, 2024, a corporate governance forum was held in Moscow, organized by the Moscow Exchange.

    The forum brought together more than 500 participants and guests of the event, who represented over 300 companies.

    The panel discussions featured representatives of the Bank of Russia, the Ministry of Finance, the Moscow Exchange, major Russian issuers, investors, professional communities, as well as corporate secretaries and recognized experts in this field.

    The leitmotif of the forum was the challenges that the corporate governance system of companies has to face in the process of their IPO and in their further activities. The participants of the discussions considered the importance of corporate governance, including the role of information disclosure for the formation and development of capital markets in modern conditions. The speakers touched upon the topics of improving this system as a key element in increasing trust in financial markets, as well as ensuring the protection of the rights and interests of shareholders.

    Particular attention was paid to the significance of the Corporate Governance Code adopted ten years ago and its impact on strengthening the system of relationships between management, the board of directors, shareholders of the company and other stakeholders. The forum participants discussed how this document contributes to increasing the transparency and efficiency of public companies, whether it should be amended and what prospects await its development in the future.

    Elena Kuritsyna, Senior Managing Director for Issuer and Government Relations at Moscow Exchange:

    “I am glad that the forum has become a space for constructive and open dialogue between representatives of government agencies, the regulator, business and the expert community. I am confident that its results will be used both for sharing experiences and developing effective solutions for interaction between issuers and investors, and for further improvement of legislation and corporate governance practices. I would like to thank all participants and guests of the forum for their active participation and contribution to the discussion of the most important issues of corporate governance development in Russia.”

    At the end of the forum, a ceremonial ceremony took place award ceremony winners of the XXVII annual annual report competition.

    Moscow Exchange Group operates the largest multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n74508

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Henderson IPO on Moscow Exchange Celebrates One Year

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    November 2, 2024 marks exactly one year since the start of trading in shares of PJSC Henderson Fashion Group (NNFG) on the Moscow Exchange. The company became the first representative of fashion retail on the Russian stock market.

    Henderson is the largest federal chain of men’s fashion stores in Russia, offering clothing, footwear, accessories, perfumes and cosmetics in the premium and affordable luxury segments.

    The company’s market capitalization is 22.37 billion rubles, the share of shares in free circulation (free-float) is 12.17%. The shareholder base has doubled since the IPO and now has more than 80 thousand shareholders.

    Henderson shares are included in the second-level quotation list of the Moscow Exchange and are included in the settlement bases Moscow Exchange Broad Market Index And Moscow Exchange IPO Index.

    In 2024, Henderson was ranked third in Moscow Exchange Annual Reports Competition in the Retail Investors’ Choice category, demonstrating an example of openness and professionalism in information disclosure and corporate governance.

    Congratulations to the company on the first anniversary of listing on the Moscow Exchange!

    The HENDERSON fashion house is the largest federal retailer of men’s fashion in Russia and offers men elegant and stylish collections for work and leisure in the premium and affordable luxury segments. Today, HENDERSON manages 160 of its own fashion stores located in 64 cities in Russia – from Kaliningrad to Vladivostok, from Murmansk to Grozny, and is also present on the largest marketplaces in the country. Since autumn 2022, the brand has entered the international market, opening three stores in Armenia under the international franchising system.

    Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Moscow Exchange Group includes a central depository, as well as a clearing center that performs the functions of a central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

    https://www.moex.com/n74509

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 02.11.2024, 10-11 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A1020L5 (Samara Region 15) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    02.11.2024

    10:11

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.11.2024, 10-11 (Moscow time), the values of the upper limit of the price corridor (up to 89.53) and the range of market risk assessment (up to 705.9 rubles, equivalent to a rate of 8.75%) of the security RU000A1020L5 (Samara Region 15) were changed.

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

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

    https://www.moex.com/n74510

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 02.11.2024, 10-15 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105G81 (DOM 1P-13R) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    02.11.2024

    10:15

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.11.2024, 10-15 (Moscow time), the values of the upper limit of the price corridor (up to 101.7) and the range of market risk assessment (up to 1104.68 rubles, equivalent to a rate of 11.25%) of the security RU000A105G81 (DOM 1P-13R) were changed.

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

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

    https://www.moex.com/n74512

    MIL OSI Russia News –

  • MIL-OSI USA: U.S. exports of ethane and ethane-based petrochemicals rose 135% from 2014 to 2023

    Source: US Energy Information Administration

    In-depth analysis

    November 4, 2024

    Data source: U.S. Energy Information Administration, Petroleum Supply Monthly; and the U.S. Census Bureau
    Note: Ethylene derivatives include high-density polyethylene (HDPE), low-density polyethylene (LDPE), ethylene vinyl acetate, polyvinyl chloride (PVC), and other polymers of ethylene not elsewhere specified or included.

    U.S. exports of ethane and ethane-based petrochemicals reached an all-time high of 21.6 million metric tons (MMmt) in 2023, up 135% since the United States began exporting ethane in 2014 and 17% more than in 2022, according to data from the U.S. Census Bureau. The rapid expansion of U.S. ethane and ethane-based petrochemical exports has been fueled by the growth in domestic ethane production, which has increased with the country’s natural gas production and the buildout of export and production infrastructure.

    Ethane is a natural gas liquid that’s primarily extracted from raw natural gas during processing. It’s mainly used as a feedstock for ethylene production, one of the most important building blocks in the petrochemical industry. Ethylene is a gas used to produce a wide range of products, including plastics, resins, and synthetic rubber.

    All elements of the ethane value chain are produced in, consumed in, and exported from the United States, including ethane, ethylene, polyethylene, and other ethylene derivatives. We publish data on U.S. ethane production, exports, and product supplied (deliveries to domestic consumers); the U.S. Census Bureau publishes export data for ethane and ethane-derived products.

    The volume of exports of U.S. ethane, ethylene, and various ethylene derivatives is affected by:

    • U.S. demand
    • U.S. production capacity and production costs
    • Importing countries’ downstream processing capacity
    • Availability of infrastructure necessary to move these products, which in some cases may require special handling such as cryogenic refrigeration

    U.S. ethane exports

    The United States started exporting ethane in 2014 via pipeline to petrochemical plants in Canada. In 2016, the United States began exporting ethane to countries in Europe from marine export terminals. U.S. ethane export capacity has increased since 2016 with the completion of two new pipelines and three more marine export terminals—Marcus Hook, Pennsylvania; Morgan’s Point, Texas; and Nederland, Texas. In addition, the number of destination countries continued to grow along with the fleet of specially built tankers.

    Data source: U.S. Census Bureau

    U.S. ethane exports increased to a record high of 3.0 MMmt in 2023, up 12% from 2022. In 2023, U.S. ethane was mostly exported to China, which accounted for 45% (1.4 MMmt) of U.S. ethane exports, followed by India (16%), Canada (14%), Norway (9%), and the United Kingdom (7%).

    U.S. ethane exports to China increased fastest between 2022 and 2023, rising 35% last year. China’s Satellite Petrochemical has begun ethylene production at two new ethane crackers since 2021, which has increased domestic ethane demand in China. Ethane exports to Norway rose the second fastest, rising 32% to 288,000 metric tons in 2023. Other importers of U.S. ethane include Belgium, Brazil, Canada, Mexico, and Sweden.

    Data source: Bloomberg L.P.
    Note: Ethylene feedstock margins account for coproduct credits, which mainly include propylene, butadiene, benzene, and xylene. Ethane feedstock advantage represents the relative profitability of ethane over naphtha.

    Ethane’s high ethylene yields and cost advantages over naphtha in ethylene production have driven export volumes of ethane higher since 2014. Most petrochemical crackers have some flexibility in switching between ethane and naphtha as a feedstock, depending on the relative profitability of each feedstock. In the United States, cracking ethane to produce ethylene has historically generated higher profit margins compared with the margins from cracking naphtha, the most common feedstock in Western Europe and East Asia. Global petrochemical manufacturers looking to secure low-cost ethane feedstock to produce ethylene are developing new petrochemical crackers and associated infrastructure.

    U.S. ethylene exports

    Data source: U.S. Census Bureau

    In the United States, ethane is heated in a steam cracker to break (crack) the ethane molecule to produce ethylene. Ethylene, like ethane, is exported in specialized tankers after being cryogenically cooled. The United States has two ethylene export terminals—Galena Park and Morgan’s Point—both located in Texas on the Houston Ship Channel.

    Ethylene export volumes fell 9% from 2022 to 2023 to 1.1 MMmt. In 2023, 36 nations imported U.S. ethylene. China was the largest importer of ethylene from the United States in 2023, accounting for 38% (419,000 metric tons) of all exports. Belgium (19%), Indonesia (16%), Taiwan (6%), and France (5%) rounded out the top five.

    As with ethane exports, China was also the fastest-growing destination for ethylene exports. In general, ethylene exports to Asia grew 77% from 2022 to 2023, while exports to Europe fell by more than 50% during the same period amid a weak macroeconomic environment.

    U.S. ethylene prices remain at a discount to international prices on average, providing U.S. ethylene producers with a long-term cost advantage and resulting in expanded manufacturing capacity along the U.S. Gulf Coast.

    U.S. ethylene-derivative exports

    After ethylene is processed by a polymerization reactor or another production unit, petrochemical manufacturers can develop intermediate products such as:

    • Low-density polyethylene (LDPE): a thermoplastic used for more flexible plastic products such as dispensing bottles, plastic bags, and trays
    • High-density polyethylene (HDPE): a thermoplastic used for more rigid plastic products such as piping, water gallon jugs, cutting boards, and motor oil jugs
    • Ethylene alpha olefins: used for products such as flexible packaging, molding, and car applications

    The United States exported ethylene derivatives to over 100 nations in 2023. Unlike ethane and ethylene, which require cryogenic cooling to turn them from a gas to a liquid, ethylene derivatives do not require special handling and can be exported or imported through any port or overland route capable of handling containerized traffic.

    Data source: U.S. Census Bureau

    Total U.S. ethylene-derivative exports grew 20% to 16.9 MMmt from 2022 to 2023, led by a 69% increase (2.2 MMmt) in exports to Asia. U.S. exports to Canada fell by 10% to 1.5 MMmt; exports to Mexico grew 3% to 2.4 MMmt in 2023. Until 2017, North American destinations, particularly Canada and Mexico, accounted for the largest share of U.S. polyethylene and other ethylene-derivative exports.

    Canada and Mexico do not impose tariffs on exports of U.S. ethane-derived chemicals because of reciprocal free-trade agreements. These countries also benefit from proximity and being able to import these products over land at lower cost compared with waterborne imports. However, exports to overseas destinations have also grown since 2017, with the exception of 2021 when the global pandemic led to lower demand.

    Principal contributors: Jordan Young, Josh Eiermann

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: 02.11.2024, 10-16 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A1020L5 (Samara Region 15) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    02.11.2024

    10:16

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.11.2024, 10-16 (Moscow time), the values of the upper limit of the price corridor (up to 91.02) and the range of market risk assessment (up to 717.26 rubles, equivalent to a rate of 10.5%) of the security RU000A1020L5 (Samara Region 15) were changed.

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

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

    https://www.moex.com/n74513

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 02.11.2024, 11-54 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A109SK6 (MTS 1P-27) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    02.11.2024

    11:54

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 02.11.2024, 11-54 (Moscow time), the values of the upper limit of the price corridor (up to 107.73) and the range of market risk assessment (up to 1131.0 rubles, equivalent to a rate of 11.25%) of the RU000A109SK6 security (MTS 1P-27) were changed.

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

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

    https://www.moex.com/n74516

    MIL OSI Russia News –

  • MIL-OSI: authID Signs $10 Million Agreement to Deliver Next Generation Authentication Security in India

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Nov. 04, 2024 (GLOBE NEWSWIRE) — authID Inc. (Nasdaq: AUID), a leading provider of biometric identity verification and authentication solutions, today announced a $10 million, multi-year agreement with a next-generation AI company specializing in custom solutions for global multi-national companies to enable authentication for a range of industries in India.

    The agreement represents a $10 million commitment over a three-year period, with a minimum of $3.33 million each year for licensing authID’s identity platform services.

    authID will deliver unprecedented biometric authentication accuracy and a frictionless user experience to a variety of the partner’s customers across the banking, financial services, emergency services, and transportation industries among others, powering use cases for onboarding, daily login, account recovery, and high-value transactions.

    authID will augment the partner’s existing solutions with their privacy-preserving next generation biometric identity verification and authentication, while complying with Indian privacy laws safeguarding user identities and other data. The Indian market’s sizable institutional and end-user base will highlight authID’s ability to not only deliver a best-in-class user experience but also demonstrate its 1:1B biometric identity verification accuracy.  With over 1.4B citizens to authenticate in the Indian market, only authID’s accuracy can deliver the level of assurance and scale needed by every institution to always “know who’s behind the device” for each transaction.

    “This partnership further demonstrates authID’s thought leadership and technical standing in the global markets, and we are incredibly excited to enter the Indian market where, over the next 10 years, the biometric authentication industry could see exponential growth in transaction volumes as the demand for secure, efficient digital identification continues to rise,” said Rhon Daguro, CEO of authID. “authID’s biometric identity platform delivers speed and accuracy while processing captured biometrics, and identifying users as legitimate or fraudulent, all within a market-leading 700 milliseconds. We look forward to working closely with our new partner to deliver the confidence that user onboarding and authentication are accurate and completed in record time.”

    About authID

    authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the DeviceTM” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience while preserving privacy demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.

    Investor Relations Contacts

    Gateway Group, Inc. 
    Cody Slach and Alex Thompson
    1-949-574-3860
    AUID@gateway-grp.com
    Investor-Relations@authid.ai  

    Media Contacts

    Walter Fowler
    1-631-334-3864
    wfowler@nexttechcomms.com

    Forward-Looking Statements

    This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein, including, without limitation, those regarding the future business strategy, plans and objectives of management for future operations of both authID Inc. and its customers and business partners, are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding authID’s present and future business strategies, and the environment in which authID expects to operate in the future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the successful implementation and ramp of the services to be provided under the new technology partner agreement and their adoption by the partner’s customers and their respective users; changes in laws, regulations and practices; changes in domestic and international economic and political conditions, the as yet uncertain impact of the wars in Ukraine and the Middle East, inflationary pressures, changes in interest rates, and others. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023 filed at www.sec.gov and other documents filed with the SEC for other risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.

    The MIL Network –

  • MIL-OSI: Diamond Equity Research Releases Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO)

    Source: GlobeNewswire (MIL-OSI)

    New York, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamond Equity Research, an equity research firm with a focus on small capitalization public companies has released Update Note on Zhibao Technology Inc. (NASDAQ: ZBAO). The update note includes information on the Zhibao Technology Inc.’s management commentary, recent developments, outlook, and risks.

    The update note is available below.

    Zhibao Technology Update Note November 2024

    Highlights from the note include:                                              

    • Expansion Initiatives Amid Revenue Decline and Increased Operational Costs – For the six months ended December 31, 2023, Zhibao Technology Inc. reported an approximately 8% decrease in total revenue to RMB 84.3 million from RMB 91.8 million in the same period of 2022. This decline was largely due to reduced renewals of specific accounts and the abrupt closure of business by a reinsurance partner in the high-end medical sector. Insurance brokerage and managing general underwriting (MGU) services revenues decreased by RMB 5.7 million and RMB 1.8 million, respectively. Despite these challenges, the company demonstrated growth initiatives by launching customized household insurance in seven cities and providing sports insurance coverage for over 100,000 instances across thousands of sports scenarios. The cost of revenues decreased to RMB 54.2 million, while total operating expenses increased to RMB 38.44 million. Selling and marketing expenses rose to RMB 21.0 million due to increased advertising and sales payrolls. Research and development expenses increased to RMB 7.3 million, driven by an increase in headcount. General and administrative expenses saw a modest rise to RMB 10.2 million, partly due to the adoption of new credit loss assessment standards. Consequently, Zhibao Technology reported a loss from operations of RMB 8.4 million, as the company continued to invest in strategic growth initiatives. The company ended H1 FY2024 with cash and cash equivalents of approximately RMB 5.5 million.
    • Positive Operational Indicators and Industry Tailwinds – As of December 31, 2023, Zhibao Technology Inc. achieved significant growth, reaching over 10 million end customer users and partnering with 118 insurance and reinsurance companies domestically and internationally. Zhibao Technology Inc.’s development of B Channels exhibited significant growth. By December 31, 2023, the company increased the number of B channels it works with from approximately 1,000 to nearly 1,500. These B channels span diverse market segments and are a crucial component in expanding Zhibao’s 2B2C embedded digital insurance model. Despite a slight decrease in business volume and half-yearly net loss due to reduced renewals and a reinsurance partner’s business closure, the company launched customized household insurance in seven cities, including major hubs like Guangzhou and Nanjing, and provided sports insurance coverage for over 100,000 instances across thousands of sports scenarios. Strengthening its high-end medical insurance market presence, Zhibao secured an agreement with PICC Property and Casualty Company Limited to provide managing general underwriting services to all PICC Group Subsidiaries. Furthermore, the “Project Amoeba” reorganization, completed in May 2024, enhanced operational efficiency by transforming mid- and back-office teams into quasi-profit centers, aligning costs with revenue, and encouraging service improvements. Actively pursuing mergers and acquisitions (M&A) since April 2024, Zhibao aims to potentially integrate companies with complementary 2B2C models to potentially create the largest insurance brokerage platform in China. The company is also poised to potentially benefit from industry tailwinds, including the rapid digitalization of insurance services and growing consumer demand for customized insurance solutions, which are expected to further accelerate growth.
    • Valuation – Zhibao Technology Inc. reported a modest financial performance in the first half of FY2024, influenced by a reduction in renewals of specific accounts and the closure of business by a key reinsurance partner. Despite these temporary challenges, management’s strategic initiatives indicate strong potential for long-term growth and sustained profitability. While the immediate outlook presents certain hurdles, these efforts, combined with favorable industry tailwinds, could enable Zhibao to recover and potentially enhance its market position in the future. After updating our valuation model to reflect revised estimates and a re-assessment of comparable company analysis, we reiterate our valuation of $7.05 per share for Zhibao Technology Inc., contingent on successful execution by the company.

    About Zhibao Technology Inc.  

    Zhibao Technology Inc., through its subsidiaries, provides digital insurance brokerage services in China, and has pioneered the 2B2C (“to-business-to-customer”) embedded digital insurance brokerage model, establishing itself as a first mover in this innovative market segment. It also offers Managing General Underwriter (MGU) services; and offline insurance brokerage consulting services. The company was founded in 2015 and is operationally based in Shanghai, China.

    About Diamond Equity Research

    Diamond Equity Research is a leading equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

    For more information, visit https://www.diamondequityresearch.com.

    Disclosures:

    Diamond Equity Research LLC is being compensated by Zhibao Technology Inc. for producing research materials regarding Zhibao Technology Inc. and its securities. This compensation is meant to subsidize the high cost of creating the report and monitoring the security. However, the views in the report reflect those of Diamond Equity Research. All payments are received upfront and are billed for respective research engagement term As of 11/04/24, the issuer had paid us $35,000 ($34,980 after bank fees) consisting of  $22,500 ($22,480 after bank fees) for the initiation report and a minimum of one update note (as part of $35,000 annual contract in two six-month consecutive upfront installment payments for the first year of coverage), which commenced on 04/10/24 with the second installment of $12,500 paid on 10/10/24 for a minimum of two additional update notes. Diamond Equity Research LLC may also be compensated for non-research-related services, including presenting at Diamond Equity Research investment conferences, issuing press releases, and providing other additional services. The non-research-related service cost is dependent on the company but usually does not exceed $5,000. The issuer has not paid us for non-research-related services as of 11/04/2024. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. This report does not explicitly or implicitly affirm that the information contained within this document is accurate and/or comprehensive, and as such should not be relied on in such a capacity. All information contained within this report is subject to change without any formal or other notice provided. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the initiation report and in the respective financial filings for Zhibao Technology Inc. Please review update note attached for full disclosure page.

    Contact:

    Diamond Equity Research
    research@diamondequityresearch.com

     [HD1]Link pdf here

    Attachment

    The MIL Network –

  • MIL-OSI: 180 Degree Capital Corp. Notes Average Discount of Net Asset Value Per Share to Stock Price for Tenth Month of Initial Measurement Period of Its Discount Management Program

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Nov. 04, 2024 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (“180 Degree Capital”) (NASDAQ: TURN), noted today that the average discount between its estimated daily net asset value per share (“NAV”) and its daily closing stock price during October 2024 and year-to-date through the end of October 2024, were approximately 20% and 20%, respectively.1 This discount was approximately 15% on October 30, 2024.

    As previously disclosed in a press release on November 13, 2023, 180 Degree Capital’s Board of Directors (the “Board”) has set two measurement periods of 1) January 1, 2024 to December 31, 2024, and 2) January 1, 2025 to June 30, 2025, in which it will evaluate the average discount between TURN’s estimated daily NAV and its closing stock price pursuant to a Discount Management Program. Should TURN’s common stock trade at an average daily discount to NAV of more than 12% during either of these measurement periods, the Board will consider all available options at the end of each measurement period including, but not limited to, a significant expansion of 180 Degree Capital’s current stock buyback program of up to $5 million, cash distributions reflecting a return of capital to shareholders, a tender offer, or other strategic options. We currently believe that any option selected by the Board will be chosen carefully to not jeopardize the long-term potential of TURN to create value by requiring the monetization of a significant portion of TURN’s portfolio at historically low stock prices.

    “October is commonly a difficult month, particularly for small capitalization stocks, and this year continued the trend,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “We used the weakness of October that resulted from what we believe is largely tax-loss rather than fundamental selling to position our portfolio for what we believe will be opportunities to generate value once our holdings begin to report and get back in front of investors during the remaining portion of Q4 2024. We continue to believe that the end of the information vacuum, coupled with the end of this US election cycle and likely continued easing in interest rates will lead to renewed interest in small capitalization stocks, particularly should those companies demonstrate resilience in their businesses. As we mentioned in our release on October 24, 2024, we are actively working with many of our portfolio companies toward the completion of efforts that we believe will unlock value for all stakeholders of those businesses, including 180 Degree Capital. Our work is also not all externally focused. 180 Degree Capital has valuable assets that we believe continue to be undervalued as reflected by our stock price and discount to NAV. We continue to evaluate a number of strategic options that we believe may unlock value for our shareholders as well.”

    Daniel B. Wolfe, President of 180 Degree Capital, added, “We also noted in our most recent release that many of our recent constructive activism efforts began less than a year ago, and these efforts often take more time than desired to reach conclusion. We encourage our shareholders not to mistake these times as a lack of urgency on our or our portfolio companies management teams’ parts. As the largest shareholder and fifth largest shareholders of 180 Degree Capital through largely open market purchases at materially higher stock prices than today, Kevin and I are fully aligned with stockholders in the importance of value creation for our stockholders. We look forward to discussing updates from the quarter and what we are able to discuss regarding our constructive activism efforts on our next shareholder call in mid-November 2024.”

    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Mo Shafroth
    RF Binder
    Morrison.shafroth@rfbinder.com

    Forward-Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company’s current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company’s securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company’s business and other significant factors that could affect the Company’s actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.

    1. Daily estimated NAVs used for the discount calculation outside of quarter-end dates are determined as prescribed in 180’s Valuation Procedures for Level 3 assets. Non-investment-related assets and liabilities used to determine estimated daily NAV are those reported as of the end of the prior quarter.

    The MIL Network –

  • MIL-OSI: Liquidia Corporation to Report Third Quarter 2024 Financial Results on November 11, 2024

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, N.C., Nov. 04, 2024 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, announced today that it will report its third quarter 2024 financial results on Monday, November 11, 2024. The company will host a live webcast at 8:30 a.m. Eastern Time to discuss its financial results and provide a corporate update.

    The live webcast will be available on Liquidia’s website at https://liquidia.com/investors/events-and-presentations. A rebroadcast of the event will be available and archived for a period of one year at the same location.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD). The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Launches New Home Energy Systems in Romania with IQ Battery 5P and IQ8 Microinverters

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced the launch of its most powerful Enphase® Energy System to-date, featuring the new IQ® Battery 5P and IQ8™ Microinverters, for customers in Romania.

    The new Enphase Energy System with the IQ Battery 5P offers a significantly improved experience for homeowners and installers. It enables configurations ranging from 5 to 60 kWh with more power, resilient wired communication, and an improved commissioning experience. Homeowners can also use the Enphase® App to monitor performance and intelligently manage their battery systems, including the self-consumption feature to help minimize the use of electricity from the grid.

    “The Enphase IQ8 Microinverters and IQ Battery 5P are setting a new standard for efficiency and reliability in the Romanian market,” said Stefan Sandu, founder and CEO of Pamasa Construct srl, an installer of Enphase products in Romania. “These innovative solutions empower Romanian homeowners to maximize their solar energy potential. We’re excited to be part of this energy transformation.”

    IQ8 Microinverters help maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher-powered solar modules up to 560 W DC. The three newest microinverters – IQ8MC™, IQ8AC™, and IQ8HC™ – feature a peak output power of 330 W, 366 W, and 384 W, respectively. All IQ8 Series Microinverters activated in Romania come with a 15-year warranty.

    “We are thrilled to expand our product lineup with Enphase IQ8 Microinverters,” said dr. Nelu Mihai, co-founder of Solaris Romana Americana, a distributor of Enphase products in Romania. “These state-of-the-art solar products, promoting distributed solar based on AC, enhance safely and secure energy independence for customers using Enphase solar systems. We believe that, paired with Enphase’s high quality, strong cybersecurity and warranty, they will provide outstanding value for installers, homeowners, and business owners in Romania. Enphase with its advanced technology has been the essential innovation pioneer of the world’s solar industry since 2006 and will become essential for Romania, as well.“

    “The introduction of the IQ8 Microinverters and IQ Battery 5P in Romania highlights Enphase’s strong commitment to providing innovative energy solutions tailored for homeowners worldwide,” said Sabbas Daniel, senior vice president of sales at Enphase Energy. “With exceptional reliability and versatility, the IQ8 Microinverters and IQ Battery 5P establish a new benchmark in home energy innovation, enabling Romanian residents to take charge of their energy independence.”

    Enphase provides 24/7 customer support and a 15-year warranty on IQ8 Microinverters and IQ Batteries activated in Romania. For more information about IQ8 Microinverters and IQ Battery 5P in Romania, please visit the website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and ability to maximize energy production and minimize the use of electricity from the grid. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Ambassador Blackbird Wins Best in API Coding/Design Tools

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Nov. 04, 2024 (GLOBE NEWSWIRE) — Ambassador, the API development company, will have their new API development platform, Blackbird recognized at API World as the winner of the Best in API Coding and Design Tools category.

    The 10th annual API Awards celebrate the incredible technical innovation, reception, and solutions in the global API and software integration industry.

    “Today’s digital enterprise and consumer apps are increasingly powered by API-centric architecture and platforms. Blackbird API Development Platform’s win here at the 2024 API Awards is evidence of their leading role in the growth of the global API ecosystem,” said Jonathan Pasky, Executive Producer & Co-Founder of DevNetwork, producers of the API World conference & the 2024 API Awards.

    The independent, expert-led DevNetwork API Advisory Board selected award winners based on criteria including technical innovation, attracting notable attention and awareness in the API industry, and general regard and use by the API and integration ecosystems and communities.

    Ambassador will be presented with its 2024 API Award during API World 2024 tomorrow, November 5, at the Santa Clara Convention Center. API World is the world’s largest international API and integration conference, with over 250 speakers and more than 50 global partners.

    Ambassador will be at Booth #507 during the conference, hosting various giveaways, demos, and more. They also have a variety of challenges for Blackbird at the API World and Cloud X Hackathon, and the winners of those will be announced at the end of the conference.

    “We’re thrilled to see Blackbird recognized on a global stage like API World. In just a month since its general release, we’ve seen remarkable growth and adoption—an early indicator of Blackbird’s potential to redefine API development—making it faster, easier, and more effective than ever. ” shares Ambassador CEO Steve Rodda.

    Blackbird is now generally available for subscription. Blackbird accelerates companies’ progress toward their innovation goals by accelerating the creation, collaboration, testing, and deployment of APIs in modern tech environments.

    Already deemed a 2024 Digital Innovator by Intellyx and referenced in APIdays 2024 State of the API Market report, Blackbird is already making waves. In its first year of release, Blackbird also already garnered an honorable mention in the Magic Quadrant for API Management 2024.

    Blackbird joins the suite of Ambassdor’s other flagship products, Edge Stack API Gateway and Telepresence. All of Ambassador’s products serve to accelerate development, expedite testing, and optimize the delivery of API resources. Blackbird is generally available now (getblackbird.io) for the public and the CLI can be downloaded here.

    ABOUT AMBASSADOR
    Ambassador offers a suite of products designed to deliver API developer experiences that fuel innovation. These products, Blackbird API Development Platform, Edge Stack API Gateway, and Telepresence, accelerate development, expedite testing, and optimize the delivery of API resources. Founded in 2014, Ambassador is a remote company backed by top investors, including Insight Partners and Four Rivers Group. Learn more at www.getambassador.io.

    Contact info:
    Bailey DeCamillis
    Marketing Manager
    bailey@datawire.io

    The MIL Network –

  • MIL-OSI: Magnite Gets Highest Score for ‘Current Offering’ in Leading SSP Report

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, was recognized with the highest score in the current offering category of the ten vendors evaluated in The Forrester Wave™: Sell-Side Platforms, Q4 2024 report. The report, authored by Forrester Senior Analyst Mo Allibhai, cites Magnite’s strength in streaming channels and demand facilitation expertise. In addition, Magnite received Forrester’s highest rating possible in 18 criteria, including Innovation, Desktop & Mobile Display, Open Standards & Transparency, Inventory Quality, and Deployment, Training & Ongoing Support.

    “More than ever, publishers need partners that have an eye to the future and whose every decision is geared to help them win,” said Adam Soroca, Chief Product Officer at Magnite. “We believe this recognition validates our leadership not just in streaming and our expertise in driving unique demand, but in a broad range of categories. In fact, we are honored to have been given the highest ratings possible in more categories than any other vendor evaluated. Thank you to the Magnite team for their hard work in building a series of offerings that are truly exceptional.”

    Read the full report here to see the detailed evaluation.

    Other key takeaways from The Forrester Wave™:

    • Magnite received more 5/5 ratings than any other vendor evaluated, and was the only vendor to receive a 5/5 rating in two criteria, User Interface and Supporting Services and Offerings.
    • Forrester noted Magnite’s technical competence in supporting monetization across online video, audio, mobile app, and complex media such as major event live streams.
    • The report also mentioned Magnite’s deep knowledge of how to leverage signal partnerships to build addressability solutions in new environments.

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Media Contact:
    Charlstie Veith
    cveith@magnite.com
    516-300-3569

    The MIL Network –

  • MIL-OSI: Alarum Achieves Significant Milestone; Fortune 200 Company Adopts its Website Unblocker Solution Following a Large-scale Evaluation

    Source: GlobeNewswire (MIL-OSI)

    The customer, operating a multi-million cross-region network, is set to gain best-in-class data-driven capabilities, positioning itself to achieve sustained market leadership, by subscribing to both NetNut’s IPPN and Website Unblocker offerings

    TEL AVIV, Israel, Nov. 04, 2024 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of internet access and web data collection solutions, today announced the expansion of its recently established relationship with a leading global Fortune 200 company, which has subscribed to the newly rolled-out Website Unblocker from NetNut, in addition to Internet Protocol Proxy Network (IPPN). The customer, operating a multi-million cross-region network, and a multi-billion US Dollar business, will enhance automation and customer spending while gaining a competitive edge.

    To facilitate seamless access to public web information, NetNut’s Website Unblocker utilizes advanced Artificial Intelligence (AI) technology to simulate authentic user environments, enhancing data retrieval consistency from public online sources. The selection of NetNut’s Website Unblocker, which followed extensive evaluations and analysis by the leading global Fortune 200 company, is clear testament to its superiority.

    Alarum empowers businesses to gain a competitive edge and improve efficiencies by leveraging its robust and growing NetNut network. Being a global data frontrunner provider, Alarum enables organizations to efficiently and successfully collect large volumes of data, seamlessly analyze, and extract structured data at scale. As part of the company’s overarching strategy, it is actively working to integrate AI and advanced analytics to deliver the utmost comprehensive data insights.

    “In the third quarter of 2024, the customer, a Fortune 200 company, initially subscribed to our IPPN product and less than three months later added the unique Website Unblocker, marking an important milestone in realization of our strategy,” said Mr. Shachar Daniel, Chief Executive Officer of Alarum. “The Website Unblocker is essential to Alarum’s long-term growth plans for penetrating the multi-billion-dollar Data Collection and Labeling Market. It provides our customers with enhanced data access and improved operational efficiency, enabling them to penetrate new markets, better understand their customers’ behavior and optimize their strategies. We see a growing pipeline of opportunities for our Website Unblocker, which has been tested and rated as a market leader by various industry experts,” Mr. Daniel concluded.

    Alarum’s strategy and long-term vision is focused on three growth engines: Increasing market share in the IP Proxy Network (IPPN) segment, penetrating the Data Collection and Labelling Market, and providing its customers with Data Insights. With its innovations, the Company continues to push the boundaries of what’s possible in its industry.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when when discussing its anticipated growth strategy, including plans for expanding market share in the IP Proxy Network segment, establishing product development timelines for the Website Unblocker and IPPN solutions, projecting the benefits these solutions may deliver to customers, and anticipating customer adoption rates, as well as addressing Alarum’s potential to enhance automation processes, improve customer spending, and achieve competitive advantages within the data collection market. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 14, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.

    About Alarum Technologies Ltd.

    Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of internet access and web data collection solutions. The solutions by NetNut, our enterprise internet access and web data collection arm, are based on our world’s fastest and most advanced and secured hybrid proxy network, enabling our customers to collect data anonymously at any scale from any public sources over the web. Our network comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. The infrastructure is optimally designed to guarantee privacy, quality, stability, and the speed of the service.

    For more information about Alarum and its internet access and web data collection solutions, please visit www.alarum.io.

    Follow us on Twitter

    Subscribe to our YouTube channel

    Investor Relations:

    investors@alarum.io

    The MIL Network –

  • MIL-OSI: Allegro MicroSystems Unveils Innovative Power Products for a More Energy Efficient Future

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Nov. 04, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global leader in power and sensing solutions, today announced a groundbreaking series of Power products poised to redefine performance and efficiency across automotive, industrial and data center applications. Allegro’s innovative products, debuting at Electronica 2024, empower customers to achieve unparalleled performance while simplifying design and reducing costs. The new product lineup not only addresses the escalating demands for higher voltage and power, but also delivers industry-leading efficiency and reliability, marking a significant advance in power electronics technology.  

    Allegro’s comprehensive suite of products encompasses cutting-edge true 48V motor drivers like the A89212, A89224 and A89333 designed to address the thermal management needs of hybrid electric vehicles and AI Servers. Complementing these drivers is the APM81815, a 48V buck regulator designed for superior EMI performance in dual-voltage hybrid electric vehicles. Rounding out the list of new products is the AHV85311, a high-power isolated gate driver designed to accelerate the development of Silicon Carbide (SiC)-based power electronics. From optimizing efficiency in automotive applications to simplifying industrial designs as well as enhancing reliability in data centers, Allegro’s new power IC innovations enable engineers to design smarter, more efficient systems. 

    “The new power IC solutions from Allegro represent a significant leap forward in power electronics design,” says Ram Sathappan, Sr. Director of Global Marketing & Applications at Allegro MicroSystems. “We’re not just meeting the evolving demands of higher voltage and power; we’re redefining what’s possible. Our customers demand solutions that simplify design, enhance efficiency and lower costs, all of which our new products deliver. We’re excited to partner with our customers to shape the future of power electronics and look forward to showcasing our innovative solutions at Electronica.” 

    Key Allegro solutions launching at Electronica include: 

    • A89212: Longer Battery Life and Lower System Costs 
      This 48V SoC delivers high efficiency and torque at low speeds for power tools, eBikes and other industrial systems. In addition to extending battery life, this sensorless solution improves motor control precision and reduces cost by eliminating external hall sensors. With up to 256K of flash memory and 90V support, it is the first of its kind. 
    • A89224: Optimized Efficiency for 48V Automotive Systems 
      This SoC empowers the next generation of 48V automotive systems, optimizing fan and pump performance. Advanced motor control libraries maximize efficiency and torque at zero speed for pumps while minimizing noise for fans. This translates to reduced power losses, lighter wire harnesses and increased vehicle mileage for OEMs and ODMs. With 256K of flash memory, it offers robust processing power for complex tasks. 
    • A89333: Increased AI Server Reliability with Code-Free 48V Fan Driver 
      This motor driver offers code-free integration, reduced power loss and improved thermal management for 48V fans in AI servers. The integrated buck converter is designed to maximize efficiency, extending component life and boosting server reliability.  
    • APM81815: Easy 48V Power Supply Design with Fewer Components 
      This synchronous buck regulator simplifies 48V power regulation, offering a cost-effective solution with minimal design effort and a tiny footprint. Integrated capacitors and 2.2MHz switching frequency achieve industry-leading power density and superior EMI performance, making it ideal for electric power steering, braking, EV powertrains, thermal management, EV charging and robotics. 
    • AHV85311: Smaller Simpler Design with Higher Efficiency  
      Supporting multiple SiC MOSFET vendors, this universal gate driver utilizing Power-Thru technology offers a compact, efficient solution that simplifies development and enhances overall system performance. By eliminating the need for an external transformer or isolated bias supply, it reduces size, noise and design complexity while boosting efficiency. Ideal for a range of applications, including onboard chargers (OBC), DC-DC converters, data center power supplies, solar inverters and industrial motors, it accelerates time to market with superior isolation characteristics and seamless integration for SiC power systems design. 

    Allegro’s new power and motor control solutions represent a significant step forward in addressing many of the challenges faced in today’s rapidly evolving automotive and industrial landscapes. Attendees at Electronica are invited to visit the Allegro MicroSystems booth # C5.479 to meet with members of the Allegro executive team, view live demos and discover how its 48V solutions continue to drive innovation that enables customers to optimize performance, efficiency and cost. 

    About Allegro MicroSystems    
    Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs, to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive grade” technology and a partner in our customers’ success. For additional information, please visit https://www.allegromicro.com/en/.

     Media Contact:     
    Tyler Weiland    
    Corporate Communications    
    (972) 571-7834    
    tweiland.cw@allegromicro.com     
        
    Allegro Contact:     
    Laura Kozikowski    
    Sr. Director of Global Marketing    
    lkozikowski@allegromicro.com    

    The MIL Network –

  • MIL-OSI: CrytocoinMiner receives $100 million in strategic financing, bringing better profits to investors

    Source: GlobeNewswire (MIL-OSI)

    SLOUGH, United Kingdom, Nov. 04, 2024 (GLOBE NEWSWIRE) — CrytocoinMiner, a leading decentralized cloud mining platform, announced the completion of a $100 million strategic financing round with participation from Nomad Capital, No Limit Holdings, Sky9 Capital, UOB-Signum Blockchain Fund, Interop Ventures and nine other well-known institutional investors.

    The funding will accelerate decentralized governance for public goods financing and the adoption and strategic expansion of the CrytocoinMiner mining technology stack.

    CrytocoinMiner is a leading cloud mining infrastructure in the field of decentralized governance and public product technology. Its core products include the flagship public product equity infrastructure that enables blockchain-based incentive-based ecological financing; the application chain of the CrytocoinMiner escrow contract protocol; and the contract mechanism that protects privacy and democratizes public product financing.

    How to start cloud mining

    Step 1: Choose a Cloud Mining Provider
    CrytocoinMiner is a powerful cryptocurrency mining platform that allows you to passively earn Bitcoins without any restrictions, regardless of technical knowledge or financial resources. Once you have mined $100 worth of Bitcoins, you can transfer it to your account and trade it. Any profit is yours and you can withdraw it to your personal wallet.

    Step 2. Account Registration
    CrytocoinMiner offers a simple registration process: just enter your email address. Register now and you will get $10 for free to start mining Bitcoin.

    Step 3. Purchase a mining contract
    CrytocoinMiner offers a variety of efficient mining contracts: contract prices range from $100 to $10,000, and each package has its own return on investment and a certain contract validity period.

    Step 4: Earn Passive Income
    Cloud mining is a great way to increase your passive income. You can earn passive income the day after purchasing the contract. Passive income is the goal of every investor and trader, and CrytocoinMiner is the best choice to achieve this goal.

    Platform advantages:
    Get $10 for free immediately after registration, and get $0.3 for signing in every day. The profit level is very high, and it is not a problem to make 1,000 yuan a day. No additional service fees are required; Cloudflare® security protection; technical support 24/7.

    In a nutshell
    As the cryptocurrency market continues to grow, CrytocoinMiner remains a pioneer in the industry, providing an easy path to profitability. Whether you are a crypto enthusiast or a newbie, CrytocoinMiner invites you to join the ranks of easy passive income.

    Overall, CrytocoinMiner demonstrates the power of simplicity in the world of cryptocurrency. It emphasizes ease of use, security, and the potential for excess income every day, providing unique opportunities for beginners and experts alike. Join CrytocoinMiner today and embark on the easiest and most rewarding journey to online wealth.

    If you want to learn more about CrytocoinMiner, please visit its official website: https://crytocoinminer.com/

    Contact:
    Audrey Doreen
    info@crytocoinminer.com

    Disclaimer: This content is provided by the CrytocoinMiner. The statements, views, and opinions expressed are solely those of the content provider and do not represent those of any affiliated parties. This information does not constitute financial, investment, or trading advice and should not be taken as a recommendation or endorsement of any mining platform or cryptocurrency investment. Cryptocurrency mining involves significant financial risk, including potential loss of capital, and may not be suitable for all investors. We strongly advise that you conduct your own research, assess the associated risks, and consult with a qualified financial advisor before making any mining or investment decisions.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f5d8cece-9c85-42fc-8e0d-fcae58412607

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4e2baf39-3503-43f1-a682-6d929f06b1ea

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ce57cd4c-c6a2-4dfc-ba2a-a9bdb0cdafec

    The MIL Network –

  • MIL-OSI: Willis Lease Finance Corporation Reports Strong Third Quarter Pre-Tax Income of $34.5 million; Pre-Tax Income Up 69% as Compared to that of the Third Quarter of the Prior Period; Board Declares Recurring Quarterly Dividend of $0.25 Per Share of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) today reported third quarter total revenues of $146.2 million and quarterly pre-tax income of $34.5 million. The Company also announced its quarterly dividend of $0.25 per share, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024. For the three months ended September 30, 2024, core lease rent and maintenance reserve revenues were $114.7 million in the aggregate, up 26% as compared to $91.3 million for the same period in 2023. The growth was predominantly driven by core, recurring lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s leasing, parts and maintenance capabilities to avoid protracted, expensive engine shop visits.

    “Scale through growth has proven to be an important factor in our profitability,” said Austin C. Willis, Chief Executive Officer. “Our platform of complementary services and assets is helping to fuel that growth.”

    “Our long-standing efforts to demonstrate the value of engine programs and our vertically integrated products and services continue to deliver for the Company and for our customers,” said Brian R. Hole, President. “The challenge for us now is to deliver that value and scale efficiently to meet existing demand.”

    Third Quarter 2024 Highlights

    • Lease rent revenue was $64.9 million in the third quarter of 2024, an increase of 21.2%, compared to $53.6 million in the third quarter of 2023. During the three months ended September 30, 2024, we purchased equipment (including capitalized costs) totaling $166.9 million, which consisted of three airframes, 19 engines, and other parts and equipment purchased for our lease portfolio. During the three months ended September 30, 2023, we purchased equipment (including capitalized costs) totaling $31.0 million, which consisted of five engines and other parts and equipment purchased for our lease portfolio.
    • Maintenance reserve revenue was $49.8 million in the third quarter of 2024, an increase of 32.0%, compared to $37.7 million in the same quarter of 2023, reflecting the high level of usage of our assets by our customer base. Engines on lease with “non-reimbursable” usage fees generated $48.5 million of short-term maintenance revenues in the first three quarters of 2024, compared to $34.4 million in the prior year period. There was $1.2 million long-term maintenance revenue recognized in the three months ended September 30, 2024, compared to $3.3 million long-term maintenance revenue recognized for the three months ended September 30, 2023. Long-term maintenance revenue is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.
    • Spare parts and equipment sales increased to $10.9 million in the third quarter of 2024, compared to $3.4 million in the third quarter of 2023. The increase in spare parts sales for the three months ended September 30, 2024 reflects the demand for surplus material that we are seeing as operators extend the lives of their current generation engine portfolios. Equipment sales for the three months ended September 30, 2024 were $1.0 million for the sale of one engine. There were no equipment sales for the three months ended September 30, 2023.
    • Gain on sale of leased equipment was $9.5 million in the third quarter of 2024, reflecting the sale of 13 engines and other parts and equipment from the lease portfolio. During the three months ended September 30, 2023, we sold one engine, one airframe, and other parts and equipment for a net gain of $0.8 million.
    • The Company generated $34.5 million of pre-tax income in the third quarter of 2024, compared to pre-tax income of $20.3 million in the third quarter of 2023, an increase of 69.4%.
    • The book value of lease assets owned either directly or through our joint ventures, inclusive of our notes receivable, maintenance rights, and investments in sales-type leases was $3,039.8 million as of September 30, 2024. We continue to see the value of scale through increased profitability as well as our ability to offer bespoke solutions to our customers.
    • Diluted weighted average income per common share was $3.37 for the third quarter 2024, compared to diluted weighted average income per common share of $2.13 in the third quarter of 2023.
    • On September 27, 2024, the Company refinanced and expanded its $50.0 million of Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A series, which accrues quarterly dividends at a rate of 8.35% per annum, providing incremental growth equity to the business.
    • On October 31, 2024, the Company entered into a new, $1.0 billion, five-year, revolving credit facility with a consortium of lenders, refinancing its $500.0 million outstanding credit facility. This new facility will provide incremental capital to support the ongoing growth of the business.
    • The Company declared its quarterly dividend of $0.25 per share of common stock, expected to be paid on November 21, 2024, with a record holder date of November 12, 2024.

    Balance Sheet

    As of September 30, 2024, the Company’s lease portfolio was $2,665.7 million, consisting of $2,435.6 million of equipment held in its operating lease portfolio, $175.4 million of notes receivable, $31.5 million of maintenance rights, and $23.2 million of investments in sales-type leases, which represented 348 engines, 16 aircraft, one marine vessel and other leased parts and equipment. As of December 31, 2023, the Company’s lease portfolio was $2,223.4 million, consisting of $2,112.8 million of equipment held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, which represented 337 engines, 12 aircraft, one marine vessel and other leased parts and equipment.

    Conference Call

    WLFC will hold a conference call on Monday, November 4, 2024 at 10:00 a.m. Eastern Standard Time to discuss its third quarter results. Individuals wishing to participate in the conference call should dial: US and Canada (888) 632-5004, International +1 (646) 828-8082, wait for the conference operator and provide the operator with the Conference ID 512645. A digital replay will be available two hours after the completion of the conference. To access the replay, please visit our website at www.wlfc.global under the Investor Relations section for details.

    Willis Lease Finance Corporation

    Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Forward-Looking Statements

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Any forward-looking statement made by the Company is based only on information currently available to the Company and speaks only as of the date on which it is made. We undertake no obligation to update them, except as may be required by law. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

    Unaudited Condensed Consolidated Statements of Income
    (In thousands, except per share data) 

      Three months ended
    September 30,    		       Nine months ended
    September 30,    		    
        2024     2023   % Change     2024     2023     % Change
    REVENUE                      
    Lease rent revenue $ 64,905   $ 53,573   21.2 %   $ 173,652   $ 161,209     7.7 %
    Maintenance reserve revenue   49,760     37,696   32.0 %     156,527     96,609     62.0 %
    Spare parts and equipment sales   10,863     3,359   223.4 %     20,337     12,961     56.9 %
    Interest revenue   3,412     2,106   62.0 %     7,965     6,409     24.3 %
    Gain on sale of leased equipment   9,519     773   1,131.4 %     33,148     5,101     549.8 %
    Maintenance services revenue   5,948     6,199   (4.0 )%     17,956     16,707     7.5 %
    Other revenue   1,816     2,039   (10.9 )%     6,841     5,279     29.6 %
    Total revenue   146,223     105,745   38.3 %     416,426     304,275     36.9 %
                           
    EXPENSES                      
    Depreciation and amortization expense   23,650     23,088   2.4 %     68,303     68,131     0.3 %
    Cost of spare parts and equipment sales   8,861     2,024   337.8 %     17,003     9,581     77.5 %
    Cost of maintenance services   6,402     5,580   14.7 %     17,647     14,351     23.0 %
    Write-down of equipment   605     719   (15.9 )%     866     2,390     (63.8 )%
    General and administrative   40,037     26,545   50.8 %     104,305     86,103     21.1 %
    Technical expense   5,151     8,739   (41.1 )%     17,924     19,755     (9.3 )%
    Net finance costs:                      
    Interest expense   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total net finance costs   27,813     19,052   46.0 %     75,378     56,526     33.4 %
    Total expenses   112,519     85,747   31.2 %     301,426     256,837     17.4 %
                           
    Income from operations   33,704     19,998   68.5 %     115,000     47,438     142.4 %
    Income (loss) from joint ventures   756     346   118.5 %     7,255     (1,289 )   nm  
    Income before income taxes   34,460     20,344   69.4 %     122,255     46,149     164.9 %
    Income tax expense   10,364     5,726   81.0 %     34,704     13,321     160.5 %
    Net income   24,096     14,618   64.8 %     87,551     32,828     166.7 %
    Preferred stock dividends   948     819   15.8 %     2,758     2,431     13.5 %
    Accretion of preferred stock issuance costs   15     21   (28.6 )%     39     63     (38.1 )%
    Net income attributable to common shareholders $ 23,133   $ 13,778   67.9 %   $ 84,754   $ 30,334     179.4 %
                           
    Basic weighted average income per common share $ 3.51   $ 2.16       $ 13.01   $ 4.83      
    Diluted weighted average income per common share $ 3.37   $ 2.13       $ 12.57   $ 4.70      
                           
    Basic weighted average common shares outstanding   6,582     6,365         6,513     6,282      
    Diluted weighted average common shares outstanding   6,859     6,466         6,745     6,454      

    Unaudited Condensed Consolidated Balance Sheets
    (In thousands, except per share data)

        September 30, 2024   December 31, 2023
    ASSETS        
    Cash and cash equivalents   $ 5,791   $ 7,071
    Restricted cash     99,333     160,958
    Equipment held for operating lease, less accumulated depreciation     2,435,583     2,112,837
    Maintenance rights     31,506     9,180
    Equipment held for sale     4,286     805
    Receivables, net     37,069     58,485
    Spare parts inventory     74,089     40,954
    Investments     61,891     58,044
    Property, equipment & furnishings, less accumulated depreciation     36,119     37,160
    Intangible assets, net     4,177     1,040
    Notes receivable, net     175,358     92,621
    Investments in sales-type leases, net     23,204     8,759
    Other assets     55,187     64,430
    Total assets   $ 3,043,593   $ 2,652,344
             
    LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Accounts payable and accrued expenses   $ 119,560   $ 52,937
    Deferred income taxes     178,177     147,779
    Debt obligations     1,990,455     1,802,881
    Maintenance reserves     108,090     92,497
    Security deposits     27,203     23,790
    Unearned revenue     39,294     43,533
    Total liabilities     2,462,779     2,163,417
             
    Redeemable preferred stock ($0.01 par value)     63,053     49,964
             
    Shareholders’ equity:        
    Common stock ($0.01 par value)     72     68
    Paid-in capital in excess of par     41,035     29,667
    Retained earnings     473,609     397,781
    Accumulated other comprehensive income, net of tax     3,045     11,447
    Total shareholders’ equity     517,761     438,963
    Total liabilities, redeemable preferred stock and shareholders’ equity   $ 3,043,593   $ 2,652,344
    CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      (561) 413-0112

    The MIL Network –

  • MIL-OSI: CMG Targets Faster Simulation Solutions with NVIDIA Accelerated Computing

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG) today announced it is collaborating with NVIDIA to further develop and optimize CMG subsurface simulation solutions for increased speed, performance, and energy efficiency.  

    CMG is continuing the evolution of its simulation solutions to fully leverage the potential of NVIDIA’s full-stack accelerated computing platform, including NVIDIA H100 Tensor Core GPUs, NVIDIA GH200 Grace Hopper™ Superchips, and the NVIDIA high-performance computing software stack, as well as the high-performance computing software development kit. By leveraging NVIDIA’s platform, CMG aims to unlock improvements to computational speed while maintaining the high degree of technical accuracy that the company is known for.  

    A large focus for CMG is also energy transition. Not only is CMG a leader in reservoir simulation solutions but is also at the forefront driving new solutions for carbon capture and storage (CCS) simulation, which are key to the energy transition. Additionally, running on the NVIDIA GH200 platform can allow for less energy consumption when running CMG’s solutions. 

    “Leveraging NVIDIA accelerated computing offers CMG a platform to innovate at the intersection of numerical simulation, AI, and high-performance computing,” said Pramod Jain, CEO of CMG. “Our work with NVIDIA underscores CMG’s ongoing dedication to technological excellence, demonstrating our commitment to advancing industry-leading simulation solutions and delivering greater value to our clients by prioritizing speed and efficiency.” 

    By integrating NVIDIA’s full-stack accelerated computing platform, CMG can continue to empower energy companies to make faster, more informed decisions, helping them optimize both oil and gas production and energy transition projects like CCS. 

    “Among the world’s most complex problems to tackle are subsurface simulations,” said Marc Spieler, senior managing director of energy at NVIDIA. “CMG’s adoption of NVIDIA AI and accelerated computing provides an energy-efficient, high-performance computing platform to drive meaningful change in conventional energy applications and support a wide range of energy transition initiatives.” 

    About CMG

    CMG (TSX: CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. CMG is headquartered in Calgary, AB, with offices in Houston, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, Kuala Lumpur, and Oslo. For more information, please visit www.cmgl.ca.

    Cautionary Note Regarding Forward Looking Information

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “aims”, “target”, “optimize”, “benefit”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on CMG’s assumptions or beliefs as to the outcome or timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the expected benefits of the partnership, and the optimization of solutions for speed, performance and energy efficiency, and the expected impact on client operations and decision-making processes. Various assumptions are applied in setting such expectations, including, but without limitation, market acceptance and demand for the products, the operational benefits and the potential time and cost savings relating to the integration and use of these products. Although such statements are based on the reasonable assumptions of CMG’s management, there can be no assurance that any conclusions will prove to be accurate. The forward-looking information contained in this press release is made as of the date hereof. Except as required by applicable securities laws, CMG is not obligated to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. Because of the risks and assumptions contained herein, investors should not place undue reliance on forward-looking information.

    The MIL Network –

  • MIL-OSI: MARA Announces Bitcoin Production and Mining Operation Updates for October 2024

    Source: GlobeNewswire (MIL-OSI)

    Energized Hash Rate Increased 14% to 40.2 EH/s
    717 Bitcoin Produced in October, 2% Increase M/M
    Transaction Fees Accounted for 5% of Total Bitcoin Produced

    Fort Lauderdale, FL, Nov. 04, 2024 (GLOBE NEWSWIRE) — MARA (NASDAQ: MARA) (“MARA” or the “Company”), one of the world’s largest publicly traded bitcoin (“BTC”) miners and a leader in supporting and securing the Bitcoin ecosystem, today published unaudited BTC production update for October 2024.

    Management Commentary
    “October was our best month of bitcoin production since April’s halving event as uptime remained strong and we grew our energized hash rate to 40.2 EH/s, a 14% increase over September,” said Fred Thiel, MARA’s chairman and CEO. “Despite a slight month-over-month decrease in block wins, driven by the growth in global hash rate and the resulting rise in difficulty level, BTC production increased by 2% to 717 BTC.

    “Transaction fees accounted for approximately 5% of the total, with one particular transaction generating a fee of 3.217 BTC and another generating a fee of 2.665 BTC. We believe that our proprietary technology platforms such as Slipstream and MARAPool, our proprietary mining pool, allow us to capture all potential benefits and take advantage of higher transaction fees as they arise.

    “Our 50 EH/s target by the end of 2024 is within sight as we steadily increase our hash rate by installing new miners, improving infrastructure and energizing additional immersion containers.”

    Operational Highlights and Updates
    Figure 1: Operational Highlights

        Prior Month Comparison
    Metric   10/31/2024   9/30/2024   % Δ
    Number of Blocks Won 1   200     207     (3)%
    BTC Produced   717     705     2%
    Average BTC Produced per Day   23.1     23.5     (2)%
    Share of available miner rewards 2   4.6 %   5.2 %   NM
    Transaction Fees as % of Total 1   4.8 %   1.7 %   NM
    Energized Hash Rate (EH/s) 1   40.2     35.2     14%
                     
    1. These metrics are MARAPool only and do not include blocks won from joint ventures.
    2. Defined as the total amount of block rewards including transaction fees that MARA earned during the period divided by the total amount of block rewards and transaction fees awarded by the Bitcoin network during the period.

    NM – Not Meaningful

    As of October 31, 2024, the Company held a total of 27,562 BTC, which includes 4,499 restricted BTC.

    Investor Notice
    Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under the heading “Risk Factors” in our most recent annual report on Form 10-K and any other periodic reports that we may file with the U.S. Securities and Exchange Commission (the “SEC”). If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. See “Forward-Looking Statements” below.

    The operational highlights and updates presented in this press release pertain solely to our BTC mining operations. Detailed information regarding our other operations can be found in our periodic reports filed with the SEC.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the expected timing and achievement of our growth targets, specifically relating to our anticipated hash rate and exahash growth, the transition to immersion coolers at the Granbury site and our BTC treasury policy. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the factors set forth under the heading “Risk Factors” in our most recent annual report on Form 10-K, and any other periodic reports that we may file with the SEC.

    About MARA
    MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    For more information, visit www.mara.com, or follow us on:

    Twitter: @MarathonDH
    LinkedIn: www.linkedin.com/company/marathon-digital-holdings
    Facebook: www.facebook.com/MarathonDigitalHoldings
    Instagram: @marathondigitalholdings

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: marathon@wachsman.com

    The MIL Network –

  • MIL-OSI Economics: Shaktikanta Das: Remarks – Macro Week 2024

    Source: Bank for International Settlements

    I am happy to be here today at the Macro Week 2024 organised by the Peterson Institute for International Economics (PIIE). The Institute has established itself as a leading forum, bringing together public policy practitioners, central bankers, industry leaders, research professionals and scholars to brainstorm on emerging macroeconomic issues. Such discussions, especially on the sidelines of the International Monetary Fund and World Bank meetings, provide fertile ground for rigorous and meaningful interactions on matters of contemporary policy relevance.

    In my remarks today, I propose to share some of my thoughts on the international monetary agenda and its relevance in a world confronted with economic and financial fragmentation. I shall also touch upon why and how climate change needs to be part of central bank narratives.

    I. International monetary agenda

    Global economic dynamics is shifting rapidly, driven by forces such as technological transformation, geoeconomic realignments, environmental challenges, and the ongoing global geopolitical disruptions. In this rapidly changing context, it is incumbent upon the G20 and international monetary institutions to adapt swiftly and act decisively to foster global stability and sustainable growth. I would like to highlight six areas of priority in this context, not in any order of importance.

    The first and foremost priority should be accorded to reforming the international financial architecture. This involves prioritising inclusive global governance frameworks that better reflect the realities of today’s global economy. The current system, while foundational, needs to reform itself to ensure equitable voice and representation for the emerging economies. Enhanced access to resources and a stronger role in the governance of institutions such as the International Monetary Fund (IMF) and the World Bank will not only enhance the legitimacy of these institutions but also foster more serious global cooperation in addressing macro-financial challenges.

    MIL OSI Economics –

  • MIL-OSI Economics: Caroline Abel: Opening remarks – Central Bank of Seychelles’ Board Retreat

    Source: Bank for International Settlements

    Fellow Board Directors,
    Consultant from ‘It’s A Learning Curve’
    CBS Colleagues,

    Good morning.

    It gives me great pleasure to welcome you all to this year’s CBS Board Retreat.

    Before I proceed further, I would like us to acknowledge one of our own, who unfortunately left us unexpectedly yesterday. Graham Adeline was a vibrant young man with a promising future in the Research and Statistics Division. He will surely leave a void in the lives of all of us who have known and interacted with him. My heart is heavy, and I would like us to observe a minute of silence to honour his memory.

    Since our last retreat held in November of last year, we have seen some changes in the composition of our Board. We bade farewell to three Board Directors – two having arrived at the end of their tenure, and one following amendments to the CBS Act; I was re-appointed in the post of Governor and Chairperson of the Board; and we welcomed two new members amongst our ranks, notably Second Deputy Governor Mike Tirant and Board Director Jean-Paul Barbier, both formerly members of the CBS team.

    Our deliberations over the next two days will provide a unique opportunity for us to step back from our routine responsibilities, reflect on our strategic direction, and engage in thoughtful discussions that will shape the future of our institution.

    We find ourselves in a world where uncertainty is not just a phase but a constant. Being a forward-looking institution, it is essential that the Central Bank adopts a long-term view in navigating this evolving environment with a sense of purpose and resilience. Managing through uncertainty requires us to anticipate changes, both seen and unforeseen, and prepare to respond swiftly and effectively.

    Our people, our human capital, remain our most valuable asset. We acknowledge the key role that our employees play in upholding the vision and achieving the mission of CBS, ensuring that, as an institution, we maintain a leading role in the economy and the country as a whole. With the move towards implementing a ‘People Function’ approach, we’re putting each and every individual at the core of what we do and ensuring that we have policies in place that recognise the value that they bring to the organisation, celebrate their achievements and support their wellbeing.

    As we continue to invest in our teams, we must also recognise that technological advancement is accelerating rapidly. It is crucial that we embrace these advancements not just as enhancements to our operations but as tools to drive greater efficiency and effectiveness across the Bank. From artificial intelligence to digital transformation, we will continue to harness technology to stay ahead of the curve, ensuring that our workforce is empowered, skilled, and adaptable.

    In addition to our focus on technology, we must also reflect on the strategic positioning of our institution as we face new realities in central banking. Issues like sustainability and climate change are not just peripheral concerns – they are becoming central to our mission. As you are aware, we are currently undergoing an exercise to integrate sustainability-related risks and opportunities into our decision-making framework, ensuring that our strategies are aligned with global trends and regulatory expectations.

    The landscape of payments is also shifting beneath our feet. From sunsetting legacy systems to the rise of cryptocurrencies and digital assets, the infrastructure challenges we face are complex but surmountable. We must be prepared to lead in this area, ensuring that our payment systems remain secure, resilient, and future-proof. Furthermore, with our ongoing building projects, business continuity will be a central theme, ensuring that we remain operationally sound as we modernise our physical and technological infrastructure.

    At the core of these discussions is the need to bring more efficiency into our operations and streamline our decision-making processes. Efficiency will not only improve our internal performance, but also enable us to respond to external pressures with greater agility and foresight.

    Over the course of this retreat, we will dive into several key areas that are critical to the Bank’s success. First, we will review our organisational performance, assessing where we stand today and identifying areas for improvement. Second, succession planning will take centre stage. As we move forward, ensuring a smooth and thoughtful leadership transition is essential for maintaining stability and continuity within the Bank.

    In closing, I encourage each of you to participate openly and candidly. This retreat is not only about the challenges we face, but also about envisioning a future where we continue to thrive as an institution.

    Thank you, and I look forward to our discussions.

    Thank You.

    MIL OSI Economics –

  • MIL-OSI Economics: Leong Sing Chiong: Tokenisation in financial services – pathways to scale

    Source: Bank for International Settlements

    Ladies and Gentlemen, Good Morning.

    Introduction

    It gives me great pleasure to join you at the inaugural Layer One Summit. 

    In 2023, at the Singapore FinTech Festival, MAS held up a possible future state of financial services, where financial assets can be transacted seamlessly across multiple trading venues through digital assets, digital money and interoperable digital networks.  

    Benefits of tokenisation 

    We saw the potential for tokenisation in financial services, where tokenised financial assets, can be exchanged directly on a programmable platform without the need for intermediaries.

    In allowing for the simultaneous exchange of two assets in real-time, and enabling the exchange of information and value to happen in a single step, this can help eliminate settlement risk, duplicative reconciliation, and increase the efficiency of transaction processing. 

    With a programmable platform that allows for pre-determined conditions to be encoded with the tokenised asset(s), this can also facilitate greater straight-through processing in capital market transactions, and greater efficiency in asset servicing.  

    Industry showcase of benefits of asset tokenisation

    We are seeing greater momentum towards tokenisation in financial services. Let me provide some examples of industry pilots which have been progressing well under MAS’ asset tokenisation initiative, or Project Guardian. 

    First, on FX, 

    • Imagine a scenario where a corporate treasury can initiate and receive payments around the clock (24/7), seamlessly bridging across multiple locations in an increasingly global business landscape. This is precisely what Ant International is striving to achieve through tokenisation to serve their 1.2 billion buyers and 2 million sellers across 200 countries.
    • Ant International is leveraging tokenised deposits of its partner banks such as HSBC and DBS, for real-time payments, across various currencies.
    • The beneficiary within Ant International’s network can receive its funds in its domiciled currency, for instance US Dollar, in the form of a tokenised deposit.
    • This is made possible through an FX provider which provides a price quote and liquidity for the currency pair.
    • The originating currency, for instance Singapore dollar, is then swapped instantaneously through a smart contract to US Dollar. The smart contract also incorporates an automatic anti-money laundering check to meet regulatory compliance requirements.
    • This illustrates how tokenisation can transform how corporate treasuries manage multi-currency assets while offering the promise of faster, more seamless treasury position management, eliminating delays and significantly enhancing overall operational efficiency.

    For Funds, 

    • UBS and Swift, in partnership with Chainlink, are collaborating on an end-to-end payment orchestration capability to automate fund subscription and redemption processes.
    • This industry trial showcases that tokenisation can automate payment initiation and confirmation processes, provide real-time update on payment status, while riding on existing processes and standards for Fund Distributors and Fund Administrators. This can greatly reduce operational risks and costs. 

    Bringing both Funds and FX together, 

    • A solution developed by Citi and Fidelity International combined the properties of two distinct asset classes –  tokenised Money Market Funds (MMFs) and FX swaps. 
    • This solution seamlessly combined yield generation of tokenised MMF tokens with real-time digital currency risk hedging. Today, FX hedging is generally carried out separately from the money market fund investments. 

    Central banks have also been particularly active in exploring the use and development of central bank digital currencies (CBDCs). Central bank pilots have ranged from multi-CBDC arrangements, programming compliance for cross-border use cases, and the use of wholesale CBDCs in the settlement of tokenised securities.

    All these efforts point to the fact that interest and investment in asset tokenisation is deepening across asset classes, jurisdictions and currencies. 

    However, my sense is that we have reached an inflexion point.  Notwithstanding the significant efforts of various players to push the boundaries of tokenisation in financial services, no one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.

    Pathways to scale

    For tokenisation to scale and achieve industry wide adoption, we need to see tokenised activity span across assets, across key currencies, across networks, and also to interoperate with existing systems. 

    We think there are four jigsaw puzzle pieces that need to come together to support industry-wide deployment of tokenised assets: 1) Liquidity, 2) Foundational Infrastructure 3) Standardised Frameworks and Protocols 4) Common Settlement Assets.

    First, enhancing liquidity.

    When we survey the current digital and tokenisation landscape, we see a real dichotomy. On the one hand, there are good reasons to believe in the potential for leveraging this technology to reap efficiency benefits for wholesale markets. On the other hand, the proliferation of disparate tokenisation efforts has resulted in market fragmentation, and increased funding and opportunity costs. To ensure that tokenisation is viable, we need deeper liquidity across primary and secondary markets.

    To address this, MAS is facilitating industry’s efforts to establish commercial networks for payments, capital raising, and secondary trading of tokenised assets. 

    • An example of this is the formation of the Guardian Wholesale Network Industry Group by Citi, HSBC, Schroders, Standard Chartered and UOB. They are collaborating on the development of a multi-member network to scale their respective asset tokenisation trials. 
    • The involvement of multiple participants, support for multi-asset and multi-currency transactions can engender deeper liquidity across primary and secondary markets for tokenised asset transactions.

    We welcome more commercial networks to be set up to drive greater activity in tokenised assets and payments. 

    Second, developing foundational digital infrastructure.

    To support the formation of commercial networks, and to enable seamless transactions of tokenised assets across such networks, there is a need for a base layer foundational digital infrastructure that can meet the needs of regulated financial institutions. Today, such foundational digital infrastructures lie on a spectrum:

    • At one end, public permissionless blockchains have attracted many types of users and applications.  But the overall governance of such structures suffers from the lack of accountability, anonymity of service providers, and legal uncertainty over who’s responsible for the blockchain performance and resiliency. 
    • Some financial institutions have developed their own private permissioned blockchains to offer digital asset services to their customers. These set-ups are generally designed to meet the applicable legal and regulatory frameworks. But they suffer from a lack of interoperability, leading to fragmentation.
    • So, if not public blockchain, nor private permissioned networks, then what? We think the answer perhaps lies in between: public, permissioned networks. 
      • Public permissioned networks are built on similar principles of openness and accessibility as the public internet, but with robust built-in safeguards for its use as a network for value exchange. 
      • For example, while the network may be accessible to financial institutions that meet eligible criteria, the governing rule may restrict membership to regulated financial institutions only.  This means developing a public blockchain equivalent infrastructure, but serving regulated wholesale financial markets.

    With this objective in mind, MAS launched the Global Layer One (GL1) initiative last year, to foster the development of a public permissioned foundational digital infrastructure, upon which commercial networks could be deployed. 

    Since the launch, MAS and a core group of global banks, namely BNY, Citi, J.P. Morgan, MUFG and Societe Generale-FORGE, have been leading efforts to define the business, governance, risk, legal and technology requirements of the GL1 Platform. These 5 banks represent participation from the G3 currencies, for a start.  

    Beyond global banks, foundational digital infrastructures can also support today’s global market infrastructure players, including global exchanges and custodians, on which high volumes of financial assets are traded, settled and custodised.  This will enable a larger universe of tokenised assets to be traded seamlessly across borders.

    • In this regard, I would like to welcome Euroclear and HSBC as new industry participants to the GL1 initiative.  

    With these new participants, GL1 will also expand its scope of work in the coming year to encompass the following areas: 

    • Developing platform requirements to deploy financial applications such as cross-border payments and collateral management.  It will also design an appropriate business model to ensure that the GL1 platform can be financially sustainable. 
    • Ecosystem development, which includes (i) the development of risk and governance principles, and settlement arrangements on market infrastructures and (ii), asset lifecycle specifications and programmable compliance templates for tokenised assets. 

    As we make further progress on advancing the GL1, we welcome broader participation from other banks, custodians, financial market infrastructure service providers and policymakers who are able and keen to contribute to this endeavour.

    Third, there is a need for common industry standards to facilitate broad based industry adoption of tokenised assets. 

    The absence of globally accepted taxonomies and standards in relation to digital assets, increases the costs of adoption as financial institutions would need to invest and support different types of technologies.

    This can be addressed through industry frameworks.

    • For instance, in fixed Income, MAS has worked with global industry associations such as International Capital Market Association (ICMA), Capital Market and Technology Association (CMTA) and the Global Financial Markets Association (GFMA), to develop a Guardian Fixed Income Framework which we are publishing today.
      • The framework integrates the bond data taxonomy, token standards and design principles for tokenised securities, allowing for a standardised approach towards tokenisation in the fixed income market. 
    • In Asset and Wealth Management, MAS is also publishing today a non-prescriptive set of standards and industry best practices for tokenised funds, or the Guardian Funds Framework. 
      • The report provides recommendations for establishing a framework for the tokenisation of the fund lifecycle and activities, including asset servicing, and on-chain share register archetypes and data. 
      • The framework also proposes a composable technical standard, which demonstrates how new tokenised assets, which are a composite of multiple asset classes, can be readily created. This gives fund managers the ability to provide investors with more customised investment options at lower cost and greater flexibility.

    The final piece of the jigsaw puzzle is developing common settlement assets. 

    To ensure settlement of tokenised assets in financial markets, regulated and credible forms of tokenised money is needed.

    • The cash leg of most tokenised asset transactions generally involves tokenised commercial bank money, or tokenised bank liabilities. These are issued by commercial banks and carry the credit risks of the issuing bank. 
    • Apart from tokenised bank liabilities, common settlement assets can also be used to settle tokenised asset transactions. A common settlement asset is one that is agreed by transacting parties, and can be credit-risk free such as a wholesale CBDC. The use of such common settlement assets can help to reduce settlement risk and market fragmentation.
    • Our view is that when asset tokenisation activity grows and eventually hits critical mass in key asset classes, this will drive demand for wholesale CBDCs as a common settlement asset.

    Hence, MAS will be launching a Singapore Dollar (SGD) Testnet, to enable financial institutions’ access to common settlement assets for market testing purposes.

    • The SGD Testnet will offer three features, namely 
      • A Settlement facility where wholesale CBDC can be issued, transferred and redeemed by financial institutions
      • Programmability to automate and programme conditional triggers for transactions involving tokenised assets 
      • Interoperability which facilitates linkages with existing financial market infrastructures 
    • The SGD Testnet will be made available to eligible financial institutions participating in MAS’ digital asset and digital money initiatives, including Project Guardian and Project Orchid. 
    • The first set of participating FIs to access the SGD Testnet includes DBS, OCBC, Standard Chartered and UOB.
    • We welcome more FIs to come forward with interesting use cases and utilise the SGD Testnet.

    Conclusion

    In conclusion, asset tokenisation can deliver significant efficiency gains to be reaped in the financial services industry, particularly in wholesale financial markets. 

    Increasingly, we are seeing more FIs which are keen to deploy asset tokenisation solutions commercially. This augurs well for future growth. 

    Given this growing interest, it is imperative that we develop pathways and tools to scale the adoption of asset tokenisation to reap network effects. 

    The initiatives that I have mentioned today are important steps that we see in helping the industry to achieve scale, namely 

    • Wholesale commercial networks 
    • Foundational digital infrastructure 
    • Common industry tokenisation standards and taxonomies 
    • Common settlement assets 

    These initiatives represent pathways to help to scale vertically, from an asset class perspective, as well as horizontally, at a digital foundational infrastructure level. 

    Viewed holistically, we see a possible future architecture of a globally scalable tokenised asset infrastructure that can enable interoperability across commercial networks, while powering tokenised asset transactions seamlessly across borders and markets. 

    This will not be an overnight phenomenon, and will require a whole-of-industry effort and commitment. It will also require close collaboration with policymakers: 

    • Through Guardian and GL1, we engaged early on central banks, regulatory bodies, international standards setting bodies, including the Banque de France, European Central Bank, Japan Financial Services Agency (FSA), Swiss Financial Market Supervisory Authority (FINMA), the UK Financial Conduct Authority (FCA), and staff of the IMF early on to incorporate their insights and experience in this space. 
    • Today, I would like to take the opportunity to also welcome staff of the World Bank and Deutsche Bundesbank to the Project Guardian Policymaker Group.
    • The role of this policymaker group is important as they help provide inputs on governance arrangements, guidance on how GL1 infrastructures can be developed in line with global standards, and advice on appropriate regulatory guardrails for tokenised asset transactions. 

    While this conference is called the Layer One Summit, we are in some ways only really at Everest base camp. There is still some way to go before we get from base camp to the Summit.  But with these building blocks in place, we hope that they serve as the necessary tools for the industry achieve tokenisation at scale, and scale the Summit.

    I look forward to the sharing of great insights these two days, and wish you all a fantastic Singapore FinTech Festival week. Thanks very much!

    MIL OSI Economics –

  • MIL-OSI Economics: Tuomas Välimäki: Opening remarks – Nordic Cyber in Finance Conference

    Source: Bank for International Settlements

    Dear colleagues, dear friends,

    A very warm welcome to the seventh Nordic Cyber in Finance conference, hosted by Suomen Pankki, the Bank of Finland. In Finland, we hold resilience and preparedness in high regard, and I am no exception to this. It is a privilege and an honor to open this highly topical event today.

    Over the course of the day, we will explore different themes centered on resilience and preparedness. We will deal with hybrid threats in cyber space – critical infrastructure protection, information manipulation and cyber defense tools. These topics will be covered by a distinguished line-up of speakers ranging from cyber security industry to financial institutions as well as authorities. I will now provide you with an overview of what lies ahead and, more importantly, emphasize why these topics matter.

    Network Effects, Interconnectedness, and Collaboration

    The financial industry prospers on increasing network effects. This creates an inherent drive for growth, where often the largest players dominate the market. As businesses scale, the dependency within the industry deepens, making individual entities critical to the overall network. While this growth may benefit business, it also magnifies the importance of preparedness, as failures can become too large to bear.

    This is true not only for payment systems and commercial banks but also for central banks. For instance, over the last two decades, TARGET services have evolved into one of the most efficient settlement systems globally, a testament to the power of scale. Today we will learn how Eurosystem secures Europe’s financial backbone, i.e. the TARGET services. Ensuring the security of such a critical infrastructure is a mission that demands relentless efforts. We must maintain and strengthen community wide partnerships to safeguard this backbone.

    Critical Infrastructure and Path Dependency

    The interdependencies within critical infrastructure extend beyond finance. Consider the electrical grid, which the financial sector heavily relies on. If a major electricity producer or distributor fails, the consequences can be swift and severe for the whole electric system – much like the systemic impact that we’ve witnessed also in financial crises. These interconnected systems highlight that path dependencies are not industry-specific; they are intertwined across multiple sectors, systems, agreements and customers. 

    While banks are generally well-prepared for major disruptions, the same cannot always be said for the average citizen or business. For example, large banking institutions are likely to sustain operations during a power outage, but the same cannot be expected for the average citizen or a small firm. The combination of systemic risk and contagion is a central concern for central banks. It underscores the need for a holistic approach to resilience – one that draws lessons also from other sectors. Today, we will hear from a power system network operator on how they as a critical service providers approach disruptions like geopolitics and green transition. 

    Hearts and Minds

    Hybrid warfare isn’t limited to physical infrastructure; it also targets our hearts and minds. Some might argue – and I expect some of today’s speakers will – that safeguarding our mental processes is even more crucial than securing infrastructure. While I won’t take sides, I do believe both are essential. 

    The way people think and form opinions can have profound impact on societal order. There is ample evidence throughout the history, how minds have been influenced and opinions shaped. Without listing historical nor recent examples, I trust we can all agree on this point. I also believe social media and new technologies have evidenced their capabilities for spreading misinformation at hyper speed and sowing widespread distrust.

    The importance of this issue is especially true in the financial sector, where trust is paramount. Lose trust, and customers will leave. Lose trust at the systemic level, and civil order can quickly unravel.

    Loss of confidence is central to all systemic crises. Even if not the initial cause, it accelerates crises to new levels. Financial crises have demonstrated how liquidity position of an institution is not only depending on the institution in question but also on the confidence of others. Trust can deteriorate through contagion – even if the crisis begins with another institution.

    While technical problems can often be resolved, a coordinated attack on both technology and public trust poses a far greater threat.

    Now, imagine a hybrid scenario where critical infrastructure is compromised or even damaged. For this example, the exact location of the damage is irrelevant, as we normally have robust measures in place across sectors to compensate for lost capabilities. We can re-route telecommunications, implement temporary solutions within the power grid, and even deploy backup clearing systems if necessary. Next, imagine that a second or third element in this scenario involves eroding overall trust in the financial system. Suddenly, the issue becomes contagious, escalates rapidly, and becomes much harder to contain – a textbook example of how systemic risks emerge. This is a fascinating topic, and fortunately, we have an entire session dedicated to it today.

    Facilitating the Discussion

    The financial industry is well-positioned to lead discussions on hybrid threats. Our existence depends on trust, and our interconnectedness means that threats can have a clear and wide-reaching impact. We engage in these conversations not to seek trouble but to emphasize the importance of proactive, coordinated responses in a highly networked world.

    While time may be on the attacker’s side, we must remain vigilant and learn when and how to respond effectively. In this learning process acting together is vital. Cyber threats don’t follow a zero-sum game. If one institution’s trust is compromised, the effects ripple industry wide. Indeed, when it comes to fighting cyber-crime or hybrid warfare, two plus two definitely equals much more than four. I am confident that today’s event is a step toward building a stronger, more resilient industry and society.

    I sincerely hope you find the topics we discuss today both engaging and thought-provoking. With ten presentations and two panel discussions ahead, let’s make the most of this opportunity to collaborate and learn from one another.

    Thank you for your attention and once again, a warm welcome to this year’s Nordic Cyber in Finance conference! 

    MIL OSI Economics –

  • MIL-OSI Economics: Martin Schlegel, Sébastien Kraenzlin: Swiss National Bank to develop new banknote series. Theme of new series: Switzerland and its altitudes

    Source: Bank for International Settlements

    Ladies and gentlemen

    I would like to welcome you to the Swiss National Bank’s news conference today.

    Development of new banknote series

    I am particularly pleased to be able to inform you that the SNB is to begin developing a new series of banknotes. Since a new banknote series is introduced every 15 to 20 years, it’s not every Chairman of the Governing Board that has the privilege of making such an announcement. This is therefore a rather special moment not only for the SNB, but also for me.

    We introduced the current banknote series, so familiar to us all by now, between 2016 and 2019. At present, there are around 425 million of these banknotes in circulation. They are of high quality and are attractively designed; they are also available in practical denominations and formats, and offer good protection against counterfeiting. You may be asking yourselves, if this is so, why then is the SNB launching a new series? The answer is simple: to ensure that this remains the case in future.

    It is impossible to imagine Switzerland without cash. Cash is and will remain a popular method of payment. While cards and apps are being used ever more frequently for payments, there is no question that the Swiss population continues to hold cash in high regard. This is borne out by our surveys of private individuals and companies. Today, around one in three payments in Switzerland is made with cash. We are convinced that cash will remain a widely used means of payment in the future. This comes as no surprise given the advantages it has to offer. Cash is available to everyone and is simple to use. If you pay by cash, you need neither a device nor electricity. With cash, payments can thus be made reliably even in situations where, for example, the power fails or IT outages paralyse cashless payment systems. Cash also helps you keep better track of your spending. We are therefore pleased and proud to fulfil our statutory mandate and announce the launch of a new banknotes series.

    Our banknotes have to meet high standards in terms of security, functionality and graphic design.

    First, the banknotes must be secure. If you receive a banknote, you must be able to check quickly and easily whether it is genuine. Banknotes therefore need security features that are simple to identify and difficult to counterfeit.

    Second, the banknotes have to be practical. It must be possible to quickly distinguish the various denominations – both for people and for machines, such as ATMs. We ensure this with different colours and lengths, as well as with blocks of raised lines for people who are visually impaired. The banknotes have to be divided up into denominations that allow you to pay as closely as possible to the desired amount. Furthermore, they have to endure the rigours of everyday use, including, for example, repeated folding or even washing.

    Third, the banknotes must be appealing. Switzerland’s banknotes are calling cards for our country; they represent Swiss values. We want this to be the case with the next series, too. The design must not only meet requirements with regard to security and functionality, but it must also weave these elements into a cohesive and aesthetically pleasing whole.

    In our experience, the lifespan of a banknote series is around 15 years, which means our current notes are already half way through. Developing new banknotes takes several years, which is why we are beginning work on the new series now. We are starting this process with a design competition in which graphic designers will have around six months to create draft banknote designs.

    Theme

    The theme of the new banknote series is ‘Switzerland and its altitudes’. In choosing this theme, we wish to pay homage to our country’s unique topography, from the Jura and the Central Plateau to the Alps; from the deepest valleys to the highest peaks. The theme aims to reflect the diversity of life at the various altitudes.

    Each of the denominations – 10, 20, 50, 100, 200 and 1000 francs – will be dedicated to one of six different altitudes: the lowlands, the Central Plateau, the Jura, the alpine foothills, the Alps and the High Alps.
    The various notes should show how people live together with nature in the different altitudinal zones. Depictions might include typical buildings, industries and customs, but also indigenous animals and plants.

    The following short film illustrates the theme.

    The theme was chosen by the Bank Council and the Governing Board of the SNB. Their decision was guided by the fact that the different altitudes are particularly characteristic attributes of Switzerland. This theme will allow the designers to create true-to-life images that encapsulate the diversity of our country: plants, animals and people in the midst of an impressive and varied landscape. The altitudes are where we live. They are the places in which we meet and engage with one another, and to which we can retreat. They can both pose challenges and give us a sense of identity. In short, with its different facets, the theme allows plenty of scope for creative design.
    Let me now hand you over to Sébastien Kraenzlin.

    I will now explain how we will be proceeding with the development of the new banknote series – the SNB’s tenth, incidentally – in the coming months.

    Design competition

    In order to generate a broad selection of ideas on the theme of ‘Switzerland and its altitudes’, we will be holding a design competition. The conditions for participation in this competition and its format can be found in a set of regulations, which is available on the SNB website.

    The design competition will help ensure that we can once again present Switzerland with an attractive and compelling series of banknotes. Allow me to take you through the key points.

    Competition assignment

    The competition assignment is to create draft designs for a new series of Swiss banknotes in the customary six denominations. The inspiration for the designs is to be taken from the six altitudes. Specifically, the lowlands for the 10-franc note, the Central Plateau for the 20-franc note, the Jura for the 50-franc note, the alpine foothills for the 100-franc note, the Alps for the 200-franc note, and the High Alps for the 1000-franc note.

    The colours of the notes will remain the same as in the current series. This makes it easy to recognise the denominations in everyday use. This is why most of our banknotes have kept the same colour since they were first issued in 1907: purple for the 1000-franc note, blue for the 100-franc note and green for the 50-franc note. The last change in colour was in the mid-1990s, when we made the 20-franc note red instead of light blue and the 10-franc note yellow instead of red, to make it easier to tell them apart.

    Application and selection procedure

    We trust there will be keen interest in participating in the design competition. The eligibility criteria are to be found in our competition regulations.

    We will select twelve of the applicants to go forward and take part in the design competition. In doing so, we will take into account the designers’ qualifications and the creativity and quality of their portfolio to date.

    Design competition process

    We will give the selected participants a detailed briefing on the assignment. They will then have from February to July 2025 to produce their draft banknote designs. This will be followed by an evaluation of the entries, with a view to giving the winner of the competition the commission to develop the banknote designs further.

    Advisory board

    In the evaluation of the designs, we will be involving an advisory board made up of recognised experts. The members of this board will be announced next year.

    Public opinion

    Banknotes are not just a means of payment for the public. They are much more. They are calling cards for our country and part of our Swiss identity. People in Switzerland are emotionally attached to our banknotes, and many take pride in their beauty. For this reason, we have decided to involve the public in the design of the new banknotes. The SNB will carry out an online survey to gauge public opinion on the new banknote designs, and the results will flow into the evaluation. We look forward to a lively participation, and will provide more information in due course.

    Deadlines and next steps

    What happens next? Two important milestones in the design competition are the presentation of the draft banknote designs in autumn 2025 and the announcement of the competition result in 2026. We are already looking forward to these two milestones. At this early stage of the project, there are still no definitive plans regarding when the new banknotes will be introduced. Our assumption is the beginning of the 2030s, at the earliest.

    Closing remarks

    Ladies and gentlemen, it will be quite some time before we can hold the new banknotes in our hands. But the anticipation is already high, and rightly so. The SNB is convinced that cash will continue to play an important role as a payment method and store of value in the future. Therefore ongoing development in terms of security technology and the redesign of the banknotes is of pivotal importance; it is also self-evident given the SNB’s statutory task of ensuring the supply and distribution of cash. In this undertaking, we will be supported by our partners in the security printing industry and in cash logistics. We are pleased to launch the development of the new banknote series with the design competition centred on the theme ‘Switzerland and its altitudes’. We invite designers in Switzerland to apply to take part in this competition.

    It is also important for us to have the Swiss population on board for this journey. We will therefore be providing updates on the work at regular intervals.

    Thank you for your attention. We will be happy to take your questions.

    MIL OSI Economics –