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Category: KB

  • MIL-OSI United Kingdom: Isle of Wight the most successful area with Warmer Homes scheme 23 October 2024 Warmer Homes

    Source: Aisle of Wight

    A government funded scheme allowing eligible Island residents to apply for free upgrades to make their homes more energy efficient has been the most successful in our region.

    Upgrades are worth up to £38,000 per household and could include insulation, air source heat pumps and solar PV panels which can be installed for free, saving households thousands of pounds in the future. The eligibility criteria includes,

    • You use electric, oil or LPG to heat your home, not mains gas
    • Your Energy Performance Certificate (EPC) rating is D, E, F, or G (Warmer Homes can help you find out if you’re not sure).
    • You have a household income of £36,000 or under, or you or you receive a means-tested benefit.

    The Isle of Wight Council was among a group of 23 local authorities to successfully bid for £41.4 million in government funding. The money comes from the Home Upgrade Grant and aims to help lower income households whose home is not very energy efficient and not heated by mains gas.

    Councillor Phil Jordan, council leader, said: “We are really pleased that eligible Isle of Wight residents have taken up the Warmer Homes scheme more than anywhere else in the southern region. This is testament to the work we have done to ensure that those who can claim this help have been targeted. We have produced a campaign to included social media and radio ads as well as working closely with our partners to promote the scheme to those eligible residents.’’

    He continues ‘’Improving energy efficiency in homes is a key issue. Energy bills are a major concern for many households so anything that can be done to reduce these costs is vital. Making homes more energy efficient at the same time helps to reduce carbon emissions across the Island.”

    Katherine Shadwell, Project Manager, AgilityEco said: “We are proud to be supporting the Isle of Wight Council with their delivery of the Warmer Homes scheme. Since 2023, the Warmer Homes scheme has supported Isle of Wight residents with a range of fully funded energy-saving home improvements to help keep their homes warm and their energy bills low. Since the Warmer Homes scheme has been introduced to the Island, we have supported over 120 homes with over £2.5 million of fully funded energy-saving measures.”

    The scheme has now been extended by a further month and the application deadline for residents is now the end of November (31/11/2024).

    More information can be found on the Isle of Wight Council website by visiting The Warmer Homes programme

    You can also call the freephone number on 0800 038 5737 or email: retrofit@warmerhomes.org.uk for further information and guidance.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Libraries consultation proposes revised opening hours

    Source: City of Birmingham

    Published: Wednesday, 23rd October 2024

    Following feedback from the final phase of the libraries consultation, it was highlighted there was a need for more equitable hours. Therefore, we are now proposing a revision of option 4.

    The revision of option 4 is directly based on input from responses during the final phase consultation, which closed last month. We now want to hear your thoughts on this revised option 4 and the proposed hours for each library.

    We welcome everyone who lives, works and study in Birmingham to share your thoughts and comments on the revised option 4 model. Share your comments on the revised proposals here before 11.59pm 3 November 2024.

    The revised option 4 model will be presented to Cabinet for their decision in January 2025. Final decisions will not be made until after the Cabinet meeting and results will be shared in advance across the council’s channels.

    To find more information about the revised proposal visit the library consultation page.

    Paper forms will also be available at all Birmingham Libraries.

    Comment can also be sent via email to LibrariesPublicConsultation@birmingham.gov.uk

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Representatives of the Don youth gathered at the State University of Management

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 23, the Second Forum of Don Youth “Don Land – Your Future” was held at the State University of Management. It was organized by the ROO “Fellowship of Rostovites “Donskaya Stanitsa” in Moscow with the support of the State University of Management.

    The forum was opened by the honorary chairman of the Zemlyachestvo, adviser to the mayor of Moscow, professor of the department of state and municipal management of the State University of Management Vladimir Zotov, who congratulated those gathered on the new meeting:

    “You came here and gathered together – this is a holiday. We are all united by love for our small homeland. Special thanks to the State University of Management, which is hosting us within its walls for the second time. This is one of the best management universities in Russia. This year it turned 105 years old, it has a huge potential of scientific schools, a powerful base and a convenient campus. Today we will talk about the profession and education, share experiences, tell about our first steps and give advice.”

    State Duma Deputy from Rostov Oblast Larisa Tutova addressed the audience with a welcoming speech:

    “I understand that many people who come to Moscow see a career that is not connected to their native region. But I want us to think about our homeland even when we are here and perhaps return there. The authorities of the Rostov region do a lot for young people, provide favorable conditions to start a career, it is enough to remember the unique program “Mortgage for excellent students”, which operates in our native region. We are fellow countrymen, and we must help each other, wherever we are. Strength is in unity, and wealth is in diversity.”

    Advisor to the rector’s office of the State University of Management, member of the Rostov community Sergei Chuev noted the importance of love for one’s native land.

    “The State University of Management was chosen as the venue for our forum for a reason. There are employees from the Rostov Region here, many students, it was here that the Governor of the Rostov Region Vasily Golubev studied and it was here that he met his wife. Even now I have not become a Muscovite, I position myself as a Rostovite in Moscow. The State University of Management is ready to train and find future jobs in different regions of the country, and today the employers gathered here will show that there is life after the Moscow Ring Road,” shared Sergey Vladimirovich.

    Also on stage were veterans of the community, the president of the Moscow regional branch of the International Police Association, police lieutenant general Ivan Sardak and the general director of MP Svyaz, Volgodonsk Telecom LLC in 1993-2011 Nikolai Sungurov, who shared their experience of professional activity and once again emphasized that “the small homeland is the most sacred thing.”

    The meeting program continued with a plenary session entitled “Young Specialists – the Core of Regional Development” and a job and internship fair, where Rostov enterprises such as PJSC UAC, OJSC Pipe Metallurgical Company, JSC Doraerodorstroy, JSC Russian Helicopters, and PJSC KB Center-Invest were represented.

    At the end of the meeting, the participants were presented with certificates and a group photo was taken.

    Subscribe to the TG channel “Our GUU” Date of publication: 23.10.2024

    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.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Care home abuse concerning

    Source: Hong Kong Information Services

    The Social Welfare Department (SWD) today said it is highly concerned about a suspected abuse of service users by a staff member at a residential care home for persons with disabilities, and has taken follow-up action upon notification of the case. 

    The residential care home for persons with disabilities and the organisation concerned have been requested to conduct a thorough investigation and submit improvement plans to avoid similar incidents from happening again, and to protect service users’ well-being.

    In August, the care home in question submitted special incident reports to the SWD’s relevant licensing office stating that a male staff member was suspected of having abused two service users while on duty.

    The care home made a report to Police and terminated that staff member’s employment. The man was arrested by Police and legal proceedings are underway.

    The SWD took immediate follow-up action upon the notification, which involved an unannounced inspection at the care home, and a request for the operator to handle the incident seriously, as well as suitably follow up on the emotional and welfare needs of the two victims and their families.

    To express deep concern over the incident, the Labour & Welfare Bureau and the SWD met the operator’s Council of Management and managers to get a briefing on the handling of the incident.

    The SWD also issued a warning letter to the operator, requiring a detailed investigation report and the implementation of improvement measures to ensure proper care and protection for the service users.

    The measures include a manpower review, enhancement of management officers’ supervision on the care home’s operation, provision of strengthened guidance and training for frontline staff, and persistent supervision over staff members’ work ethics.

    The SWD noted that the operator has formed an independent review committee to look into its measures to protect service users.

    Additionally, the SWD hosted a sharing session on October 9 for management officers and staff of all care homes on protecting residents from being abused. It will keep providing relevant training to care home staff.

    It has also strengthened the requirement on care homes’ monitoring and review of CCTV to further safeguard the well-being of the service users.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Mitigation: Build Back Safer, Stronger

    Source: US Federal Emergency Management Agency

    Headline: Mitigation: Build Back Safer, Stronger

    Mitigation: Build Back Safer, Stronger

    HARRISBURG, Pa. – If you are eligible for disaster assistance under the Individuals and Households Program (IHP) you may receive additional FEMA funds within the grant to help you take specific mitigation measures to make your home stronger and more durable. Why the additional funds? Because mitigation works! Mitigation is an action taken to reduce or eliminate long-term risk to hazards. It is part of FEMA’s commitment to make communities more resilient to disaster.In addition, the U.S. Small Business Administration may increase an approved disaster loan by twenty percent of the verified loss for mitigation improvements.Homeowners who suffer losses from a presidentially-declared disaster and apply for FEMA assistance will be informed if they qualify for Home Repair Assistance that provides for: Elevating a water heater or furnace to avoid future flood damage. Elevating or moving an electrical panel to avoid flood damage. FEMA believes that incorporating proven techniques which make buildings more resistant to disaster can lessen the cost of restoring the property and shorten the time survivors are out of their homes.  If you are interested in learning more about mitigation techniques, you can refer to a FEMA brochure, “Mitigation Ideas: A Resource for Reducing Risk to Natural Hazards, Jan. 2013.” (https://www.fema.gov/sites/default/files/2020-06/fema-mitigation-ideas_02-13-2013.pdf ) The brochure covers hazards from drought and earthquake to flood and wildfire.Whatever technique you choose, remember to get the proper permits required in your locality, and to build back safely, up to local codes and professional standards.                                                                                          ###                                                                                             FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia. Follow us on X at x.com/FEMAregion3 and on LinkedIn at linkedin.com/company/femaregion3.Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).
    erika.osullivan
    Wed, 10/23/2024 – 12:02

    MIL OSI USA News –

  • MIL-OSI Security: In Estonia NATO Secretary General visits a multinational battlegroup protecting the Eastern Flank

    Source: NATO

    During his first trip to the Eastern Flank of the Alliance since taking office, NATO Secretary General Mark Rutte met with Estonian President Alar Karis, Prime Minister Kristen Michal, Foreign Minister Margus Tsahkna, and visited Allied troops at Tapa Army Base.

    After touring the military base with President Karis on Wednesday (October 23), the Secretary General thanked the personnel there – from Estonia and the UK, France and Iceland – for their service. “You are one of eight NATO battlegroups stretching from the Baltic to the Black Sea, backed by the full weight of NATO’s fighting forces in all domains. Land, air, sea, space and cyberspace. Every hour of your vigilance reinforces our collective defence,” he said.

    On Tuesday (October 22), during meetings with President Karis and Prime Minister Michal, the Secretary General praised Estonia for its significant investments in defence and its support for Ukraine.

    “By spending over 3% of your GDP on defence, Estonia is truly leading by example. And I know you intend to invest even more in our shared security in the coming years,” he said. Mr Rutte added that all Allies need to invest more “in order to meet our capability targets.” 

    Estonia is among Ukraine’s strongest supporters, having provided over 500 million euros of military aid since 2022.

    “Today we discussed how to bolster our support for Ukraine, now, through the difficult winter ahead, and also for the long-term,” said the Secretary General.  He emphasised that Allies are working hard to deliver on the commitments made at the Washington Summit in July, “including a new command to coordinate security assistance and training for Ukraine, and our financial pledge of at least 40 billion euros in 2024.”

    During his visit, the Secretary General also met with students from Tallinn University and paid his respects at the Memorial of the Victims of Communism.

    Since joining NATO in 2004, Estonia has made significant contributions to the collective defence of the Alliance. It hosts NATO’s UK-led multinational battlegroup in Tapa, NATO’s Baltic Air Policing at Ämari Air Base, a new regional hub for NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA), and NATO’s Cooperative Cyber Defence Centre of Excellence in Tallinn.

    MIL Security OSI –

  • MIL-OSI: Blue Foundry Bancorp Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    RUTHERFORD, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $4.0 million, or $0.19 per diluted common share, for the three months ended September 30, 2024, compared to net loss of $2.3 million, or $0.11 per diluted common share, for the three months ended June 30, 2024, and a net loss of $1.4 million, or $0.06 per diluted common share, for the three months ended September 30, 2023.

    James D. Nesci, President and Chief Executive Officer, commented, “The Company continues to maintain its strong capital position and access to liquidity. We executed on our share repurchase program and increased our tangible book value to $14.74 per share.”

    Mr. Nesci also noted, “Deposit growth continued in the third quarter. Increases in our construction and commercial and industrial portfolios drove loan growth during the third quarter as we remain focused on growing our commercial portfolio. Credit quality remained strong highlighted by a 17% improvement in non-performing loans. Our 84 basis point allowance for credit losses now covers non-performing loans by over 2.5 times.”

    Highlights for the third quarter of 2024:

    • Deposits increased $7.5 million to $1.32 billion compared to the prior quarter.
    • Uninsured deposits to third-party customers totaled approximately 12% of total deposits as of September 30, 2024.
    • Interest income for the quarter was $21.5 million, an increase of $240 thousand, or 1.1%, compared to the prior quarter.
    • Interest expense for the quarter was $12.4 million, an increase of $726 thousand, or 6.2%, compared to the prior quarter.
    • Net interest margin decreased 14 basis points from the prior quarter to 1.82%.
    • Provision for credit losses of $248 thousand was primarily due to the increase in unused lines of credit partially offset by releases of provision for loans of $5 thousand and for securities of $11 thousand.
    • Book value per share was $14.76 and tangible book value per share was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • 521,685 shares were repurchased under our share repurchase plans at a weighted average share price of $10.52 per share.

    Loans

    The Company continues to focus on diversifying its lending portfolio by growing its commercial portfolios. While total loans decreased by $9.7 million during the first nine months of 2024, our construction portfolio increased by $19.7 million and our commercial real estate portfolio increased by $9.2 million, of which $7.1 million was on owner-occupied properties. In addition, our consumer and other loans increased by $7.7 million as we took advantage of an opportunity to participate in a consumer loan participation at an attractive rate with credit enhancements. The residential and multifamily portfolios decreased by $34.2 million and $16.3 million, respectively.

    The details of the loan portfolio are below:

        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (In thousands)
    Residential   $ 516,754   $ 526,453   $ 540,427   $ 550,929   $ 567,384
    Multifamily     666,304     671,185     671,011     682,564     689,966
    Commercial real estate     241,711     241,867     244,207     232,505     236,325
    Construction     80,081     71,882     63,052     60,414     45,064
    Junior liens     24,174     23,653     22,052     22,503     22,297
    Commercial and industrial     14,228     12,261     13,372     11,768     9,904
    Consumer and other     7,731     83     56     47     50
    Total loans     1,550,983     1,547,384     1,554,177     1,560,730     1,570,990
    Less: Allowance for credit losses     13,012     13,027     13,749     14,154     13,872
    Loans receivable, net   $ 1,537,971   $ 1,534,357   $ 1,540,428   $ 1,546,576   $ 1,557,118
                                   

    Deposits

    As of September 30, 2024, deposits totaled $1.32 billion, an increase of $73.8 million, or 5.93%, from December 31, 2023, mostly due to the increases of $104.6 million in time deposits partially offset by decreases in savings, non-interest bearing deposits and NOW and demand accounts of $21.8 million, $5.5 million and $3.6 million, respectively. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products. While there is strong competition for deposits in the northern New Jersey market, we were able to increase customer deposits during the quarter. Brokered deposits remain unchanged since year end 2023.

    The details of deposits are below:

        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (In thousands)
    Non-interest bearing deposits   $ 22,254   $ 24,733   $ 25,342   $ 27,739   $ 23,787
    NOW and demand accounts     357,503     368,386     373,172     361,139     378,268
    Savings     237,651     246,559     250,298     259,402     278,665
    Core deposits     617,408     639,678     648,812     648,280     680,720
    Time deposits     701,262     671,478     642,372     596,624     572,384
    Total deposits   $ 1,318,670   $ 1,311,156   $ 1,291,184   $ 1,244,904   $ 1,253,104
                                   

    Financial Performance Overview:

    Third quarter of 2024 compared to the second quarter of 2024

    Net interest income compared to the second quarter of 2024:

    • Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.6 million for the second quarter of 2024 as the increase in interest paid on interest-bearing liabilities outpaced the increase in interest received on interest-earning assets.
    • Net interest margin decreased by 14 basis points to 1.82%.
    • The yield on average interest-earning assets decreased five basis points to 4.32%, while the cost of average interest-bearing liabilities increased nine basis points to 3.03%.
    • Average interest-earning assets increased by $20.9 million and average interest-bearing liabilities increased by $29.3 million.

    Non-interest income compared to the second quarter of 2024:

    • Non-interest income decreased $149 thousand primarily due the absence of the gain of $123 thousand on the sale of REO property, which was recorded in the second quarter.

    Non-interest expense compared to the second quarter of 2024:

    • Non-interest expense increased $52 thousand primarily driven by increases in professional fees, data processing expense and FDIC insurance premiums of $190 thousand, $77 thousand and $42 thousand, respectively, partially offset by decreases of $329 thousand in compensation and benefits expenses and $32 thousand in occupancy and equipment.

    Income tax expense compared to the second quarter of 2024:

    • The Company did not record a tax benefit for the losses incurred during the third quarter of 2024 and the second quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Third quarter of 2024 compared to the third quarter of 2023

    Net interest income compared to the third quarter of 2023:

    • Net interest income was $9.1 million for the three months ended September 30, 2024 compared to $9.9 million for the same period in 2023. The decrease was largely due to increases in rates paid on interest-bearing liabilities, which outpaced rates received on interest-earning assets.
    • Net interest margin decreased by 12 basis points to 1.82%.
    • The yield on average interest-earning assets increased 35 basis points to 4.32%, while the cost of average interest-bearing liabilities increased 54 basis points to 3.03%.
    • Average interest-earning assets decreased by $32.6 million and average interest-bearing liabilities decreased by $4.1 million. Average FHLB advances decreased by $48.3 million, while average interest-bearing deposits increased by $44.1 million.

    Non-interest expense compared to the third quarter of 2023:

    • Non-interest expense was $13.3 million, an increase of $873 thousand driven by increases of $666 thousand, $167 thousand and $126 thousand in compensation and benefits expenses, professional services and occupancy and equipment expenses, respectively, partially offset by decreases of $61 thousand in data processing and $27 thousand in FDIC insurance premiums.

    Income tax expense compared to the third quarter of 2023:

    • The Company did not record a tax benefit for the losses incurred during the third quarters of 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Nine Months Ended September 30, 2024 compared to the nine months ended September 30, 2023

    Net interest income compared to the nine months ended September 30, 2023:

    • Net interest income was $28.1 million, a decrease of $4.6 million.
    • Net interest margin decreased 28 basis points to 1.90%.
    • The yield on average interest-earning assets increased 39 basis points to 4.30% while the cost of average interest-bearing liabilities increased 78 basis points to 2.93%.
    • Average interest-earning assets decreased by $39.1 million and average interest-bearing deposits increased by $37.0 million.
    • Average borrowings decreased by $43.3 million.

    Non-interest income compared to the nine months ended September 30, 2023:

    • Non-interest income increased $141 thousand primarily due to the gain on the sale of REO property during the second quarter of 2024.

    Non-interest expense compared to the nine months ended September 30, 2023:

    • Non-interest expense was $39.7 million, an increase of $705 thousand.
    • Compensation and benefits expense increased by $938 thousand and occupancy and equipment costs increased by $474 thousand. These increases were partially offset by decreases of $475 thousand and $224 thousand for data processing expense and fees for professional services, respectively.

    Income tax expense compared to the nine months ended September 30, 2023:

    • The Company did not record a tax benefit for the losses incurred during the nine months ended September 30, 2024 and 2023 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At September 30, 2024, the valuation allowance on deferred tax assets was $22.2 million.

    Balance Sheet Summary:

    September 30, 2024 compared to December 31, 2023

    Cash and cash equivalents:

    • Cash and cash equivalents increased $30.1 million to $76.1 million.

    Securities available-for-sale:

    • Securities available-for-sale increased $7.0 million to $290.8 million due to the decrease in unrealized losses of $7.8 million. The favorable impact of the change in the unrealized loss position was partially offset as maturities, calls and paydowns outpaced purchases during the period.

    Other investments:

    • Other investments decreased $2.1 million due to a decrease in FHLB stock as a result of a reduction in FHLB borrowings.

    Total loans:

    • Total loans held for investment decreased $9.7 million to $1.55 billion.
    • Residential loans and multifamily loans decreased $34.2 million and $16.3 million, respectively, partially offset by increases in construction loans of $19.7 million, commercial real estate loans of $9.2 million and consumer loans of $7.7 million to further diversify our loan portfolio.
    • The Company purchased a consumer loan participation of $8.0 million and residential loans totaling $7.8 million during the third quarter.

    Deposits:

    • Deposits totaled $1.32 billion, an increase of $73.8 million from December 31, 2023. This was largely the result of a $104.6 million increase in certificate of deposits.
    • Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented 46.8% of total deposits, compared to 52.1% at December 31, 2023.
    • Brokered deposits totaled $125.0 million at both September 30, 2024 and December 31, 2023.
    • Uninsured and uncollateralized deposits to third-party customers were $159.6 million, or 12% of total deposits, at the end of the third quarter.

    Borrowings:

    • FHLB borrowings decreased $49.0 million to $348.5 million as deposit growth outpaced asset growth.
    • As of September 30, 2024, the Company had $255.7 million of additional borrowing capacity at the FHLB and $78.2 million of other unsecured lines of credit.

    Capital:

    • Shareholders’ equity decreased $16.3 million to $339.3 million. The decrease was primarily driven by the repurchase of shares, including net shares, at a cost of $14.4 million. Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, also contributed to the decrease.
    • Tangible equity to tangible assets was 16.50% and tangible common equity per share outstanding was $14.74. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.

    Asset quality:

    • As of September 30, 2024, the allowance for credit losses (“ACL”) on loans as a percentage of gross loans was 0.84%.
    • The Company recorded a provision for credit losses of $248 thousand for the third quarter of 2024 and a net release of provision for credit losses of $1.0 million for the nine months ended September 30, 2024. For the third quarter of 2024, there was a provision of $264 thousand in the ACL for off-balance-sheet commitments, offset by a release of $5 thousand in the ACL for loans and $11 thousand in the ACL for held-to-maturity securities. For the nine months ended September 30, 2024, there was a release of $1.1 million in the ACL for loans and $36 thousand in the ACL for held-to-maturity securities, offset by a provision of $94 thousand in the ACL for off-balance-sheet commitments. The release was driven by the impact of the economic forecasts for the key drivers of our loan segments partially offset by an increase in off-balance-sheet commitments.
    • Non-performing loans totaled $5.1 million, or 0.33% of total loans compared to $5.9 million, or 0.38% of total loans at December 31, 2023.
    • Net charge-offs were $11 thousand and $36 thousand for the three and nine months ended September 30, 2024, respectively.
    • Ratio of allowance for credit losses on loans to non-performing loans was 252.86% at September 30, 2024 compared to 239.98% at December 31, 2023.

    About Blue Foundry

    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

    Conference Call Information

    A conference call covering Blue Foundry’s third quarter 2024 earnings announcement will be held today, Wednesday, October 23, 2024 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 725750. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

    Contact:
    James D. Nesci
    President and Chief Executive Officer
    BlueFoundryBank.com
    jnesci@bluefoundrybank.com
    201-972-8900

    Forward Looking Statements

    Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

    Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related there to; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Financial Condition
                     
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023
        (unaudited)   (unaudited)   (unaudited)   (audited)
        (Dollars in Thousands)
    ASSETS                
    Cash and cash equivalents   $ 76,109   $ 60,262   $ 53,753   $ 46,025
    Securities available-for-sale, at fair value     290,806     297,790     265,191     283,766
    Securities held to maturity     33,119     33,169     33,217     33,254
    Other investments     18,203     17,942     17,908     20,346
    Loans, net     1,537,971     1,534,357     1,540,428     1,546,576
    Real estate owned, net     —     —     593     593
    Interest and dividends receivable     8,386     7,882     8,001     7,595
    Premises and equipment, net     30,161     30,858     31,696     32,475
    Right-of-use assets     24,190     24,596     24,454     25,172
    Bank owned life insurance     22,399     22,274     22,153     22,034
    Other assets     13,749     16,322     30,393     27,127
    Total assets   $ 2,055,093   $ 2,045,452   $ 2,027,787   $ 2,044,963
                     
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Liabilities                
    Deposits   $ 1,318,670   $ 1,311,156   $ 1,291,184   $ 1,244,904
    Advances from the Federal Home Loan Bank     348,500     342,500     342,500     397,500
    Advances by borrowers for taxes and insurance     9,909     9,875     9,368     8,929
    Lease liabilities     25,870     26,243     26,081     26,777
    Other liabilities     12,845     10,081     8,498     11,213
    Total liabilities     1,715,794     1,699,855     1,677,631     1,689,323
    Shareholders’ equity     339,299     345,597     350,156     355,640
    Total liabilities and shareholders’ equity   $ 2,055,093   $ 2,045,452   $ 2,027,787   $ 2,044,963
                             
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Operations
    (Dollars in Thousands Except Per Share Data) (Unaudited)
             
        Three months ended   Nine months ended
        September 30,
    2024    		   June 30, 2024   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
        (Dollars in thousands)
    Interest income:                    
    Loans   $ 17,646     $ 17,570     $ 16,728     $ 52,408     $ 48,778  
    Taxable investment income     3,850       3,686       3,339       11,150       9,663  
    Non-taxable investment income     36       36       106       108       329  
    Total interest income     21,532       21,292       20,173       63,666       58,770  
    Interest expense:                    
    Deposits     9,712       9,132       7,034       27,257       16,361  
    Borrowed funds     2,733       2,587       3,263       8,332       9,686  
    Total interest expense     12,445       11,719       10,297       35,589       26,047  
    Net interest income     9,087       9,573       9,876       28,077       32,723  
    Provision for (release of) credit losses     248       (762 )     (717 )     (1,049 )     (597 )
    Net interest income after provision for (release of) credit losses     8,839       10,335       10,593       29,126       33,320  
    Non-interest income:                    
    Fees and service charges     272       296       291       897       833  
    Gain on sale of loans     —       —       —       36       159  
    Other income     115       240       78       441       241  
    Total non-interest income     387       536       369       1,374       1,233  
    Non-interest expense:                    
    Compensation and employee benefits     7,306       7,635       6,640       22,490       21,552  
    Occupancy and equipment     2,230       2,262       2,104       6,684       6,210  
    Data processing     1,412       1,335       1,473       4,134       4,609  
    Advertising     87       52       85       211       234  
    Professional services     813       623       646       2,166       2,390  
    Federal deposit insurance     236       194       263       629       599  
    Other     1,183       1,114       1,183       3,410       3,425  
    Total non-interest expense     13,267       13,215       12,394       39,724       39,019  
    Loss before income tax expense     (4,041 )     (2,344 )     (1,432 )     (9,224 )     (4,466 )
    Income tax expense     —       —       —       —       —  
    Net loss   $ (4,041 )   $ (2,344 )   $ (1,432 )   $ (9,224 )   $ (4,466 )
    Basic loss per share   $ (0.19 )   $ (0.11 )   $ (0.06 )   $ (0.43 )   $ (0.18 )
    Diluted loss per share   $ (0.19 )   $ (0.11 )   $ (0.06 )   $ (0.43 )   $ (0.18 )
    Weighted average shares outstanding                    
    Basic     21,263,482       21,735,002       23,278,490       21,695,895       24,289,599  
    Diluted (1)     21,263,482       21,735,002       23,278,490       21,695,895       24,289,599  

    (1) The assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share due to the Company’s net loss for the 2024 and 2023 periods.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands Except Per Share Data) (Unaudited)
         
        Three months ended
        September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (Dollars in thousands)
    Performance Ratios (%):                    
    Return on average assets     (0.79 )     (0.47 )     (0.56 )     (0.57 )     (0.27 )
    Return on average equity     (4.68 )     (2.71 )     (3.23 )     (3.25 )     (1.55 )
    Interest rate spread (1)     1.29       1.43       1.40       1.33       1.48  
    Net interest margin (2)     1.82       1.96       1.92       1.84       1.94  
    Efficiency ratio (3) (4)     140.04       130.73       134.19       128.41       120.98  
    Average interest-earning assets to average interest-bearing liabilities     121.37       122.28       122.50       122.93       123.05  
    Tangible equity to tangible assets (4)     16.50       16.88       17.25       17.37       17.07  
    Book value per share (5)   $ 14.76     $ 14.70     $ 14.61     $ 14.51     $ 14.27  
    Tangible book value per share (4)(5)   $ 14.74     $ 14.69     $ 14.60     $ 14.49     $ 14.24  
                         
    Asset Quality:                    
    Non-performing loans   $ 5,146     $ 6,208     $ 6,691     $ 5,898     $ 6,139  
    Real estate owned, net     —       —       593       593       593  
    Non-performing assets   $ 5,146     $ 6,208     $ 7,284     $ 6,491     $ 6,732  
    Allowance for credit losses to total loans (%)     0.84       0.84       0.88       0.91       0.88  
    Allowance for credit losses to non-performing loans (%)     252.86       209.84       205.48       239.98       225.97  
    Non-performing loans to total loans (%)     0.33       0.40       0.43       0.38       0.39  
    Non-performing assets to total assets (%)     0.25       0.30       0.36       0.32       0.33  
    Net charge-offs to average outstanding loans during the period (%)     —       —       —       —       0.01  

    (1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average interest-earning assets.
    (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
    (4) See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    (5) September 30, 2024 per share metrics computed using 22,990,908 total shares outstanding.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
         
        Three Months Ended,
        September 30, 2024   June 30, 2024   September 30, 2023
        Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost
        (Dollars in thousands)
    Assets:                                    
    Loans (1)   $ 1,548,962   $ 17,646   4.53 %   $ 1,550,736   $ 17,570   4.56 %   $ 1,577,173   $ 16,728   4.21 %
    Mortgage-backed securities     181,596     1,186   2.60 %     167,219     960   2.31 %     170,326     840   1.96 %
    Other investment securities     173,008     1,527   3.51 %     175,394     1,688   3.87 %     194,953     1,507   3.07 %
    FHLB stock     17,666     406   9.15 %     17,223     447   10.44 %     21,047     456   8.60 %
    Cash and cash equivalents     61,507     767   4.96 %     51,290     627   4.92 %     51,884     642   4.91 %
    Total interest-earning assets     1,982,739     21,532   4.32 %     1,961,862     21,292   4.37 %     2,015,383     20,173   3.97 %
    Non-interest earning assets     61,787             56,826             58,042        
    Total assets   $ 2,044,526           $ 2,018,688           $ 2,073,425        
    Liabilities and shareholders’ equity:                                    
    NOW, savings, and money market deposits   $ 598,048     1,925   1.28 %   $ 611,931     1,955   1.28 %   $ 684,228     2,123   1.23 %
    Time deposits     688,570     7,787   4.50 %     655,755     7,177   4.40 %     558,252     4,911   3.49 %
    Interest-bearing deposits     1,286,618     9,712   3.00 %     1,267,686     9,132   2.90 %     1,242,480     7,034   2.25 %
    FHLB advances     347,076     2,733   3.13 %     336,742     2,587   3.09 %     395,359     3,263   3.27 %
    Total interest-bearing liabilities     1,633,694     12,445   3.03 %     1,604,428     11,719   2.94 %     1,637,839     10,297   2.49 %
    Non-interest bearing deposits     23,421             25,076             25,540        
    Non-interest bearing other     43,713             41,061             44,628        
    Total liabilities     1,700,828             1,670,565             1,708,007        
    Total shareholders’ equity     343,698             348,123             365,418        
    Total liabilities and shareholders’ equity   $ 2,044,526           $ 2,018,688           $ 2,073,425        
    Net interest income       $ 9,087           $ 9,573           $ 9,876    
    Net interest rate spread (2)           1.29 %           1.43 %           1.48 %
    Net interest margin (3)           1.82 %           1.96 %           1.94 %

    (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
         
        Nine Months Ended September 30,
        2024   2023
        Average
    Balance    		   Interest   Average
    Yield/Cost    		   Average
    Balance    		   Interest   Average
    Yield/Cost
        (Dollars in thousands)
    Assets:                        
    Loans (1)   $ 1,551,734   $ 52,408   4.50 %   $ 1,571,204   $ 48,778   4.15 %
    Mortgage-backed securities     169,765     3,022   2.37 %     174,742     2,789   2.13 %
    Other investment securities     177,455     4,867   3.65 %     197,522     4,523   3.06 %
    FHLB stock     18,335     1,345   9.77 %     21,343     1,106   6.93 %
    Cash and cash equivalents     54,810     2,024   4.92 %     46,363     1,574   4.54 %
    Total interest-earning assets     1,972,099     63,666   4.30 %     2,011,174     58,770   3.91 %
    Non-interest earning assets     59,245             56,762        
    Total assets   $ 2,031,344           $ 2,067,936        
    Liabilities and shareholders’ equity:                        
    NOW, savings, and money market deposits   $ 608,677   $ 5,816   1.27 %   $ 753,419   $ 6,350   1.13 %
    Time deposits     654,639     21,441   4.36 %     472,866     10,011   2.83 %
    Interest-bearing deposits     1,263,316     27,257   2.87 %     1,226,285     16,361   1.78 %
    FHLB advances     352,544     8,332   3.15 %     395,800     9,686   3.27 %
    Total interest-bearing liabilities     1,615,860     35,589   2.93 %     1,622,085     26,047   2.15 %
    Non-interest bearing deposits     24,992             23,092        
    Non-interest bearing other     42,120             44,572        
    Total liabilities     1,682,972             1,689,749        
    Total shareholders’ equity     348,372             378,187        
    Total liabilities and shareholders’ equity   $ 2,031,344           $ 2,067,936        
    Net interest income       $ 28,077           $ 32,723    
    Net interest rate spread (2)           1.37 %           1.76 %
    Net interest margin (3)           1.90 %           2.18 %

    (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Supplemental Information – Non-GAAP Financial Measures
    (Unaudited)

    This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Blue Foundry’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry’s financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Net income, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense, while pre-provision net revenue does not.

        Three months ended
        September 30,
    2024    		   June 30, 2024   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
        (Dollars in thousands, except per share data)
    Pre-provision net revenue and efficiency ratio:                
    Net interest income   $ 9,087     $ 9,573     $ 9,417     $ 9,196     $ 9,876  
    Other income     387       536       451       572       369  
    Total revenue     9,474       10,109       9,868       9,768       10,245  
    Operating expenses     13,267       13,215       13,242       12,543       12,394  
    Pre-provision net loss   $ (3,793 )   $ (3,106 )   $ (3,374 )   $ (2,775 )   $ (2,149 )
    Efficiency ratio     140.0 %     130.7 %     134.2 %     128.4 %     121.0 %
                         
    Core deposits:                    
    Total deposits   $ 1,318,670     $ 1,311,156     $ 1,291,184     $ 1,244,904     $ 1,253,104  
    Less: time deposits     701,262       671,478       642,372       596,624       572,384  
    Core deposits   $ 617,408     $ 639,678     $ 648,812     $ 648,280     $ 680,720  
    Core deposits to total deposits     46.8 %     48.8 %     50.2 %     52.1 %     54.3 %
                         
    Total assets   $ 2,055,093     $ 2,045,452     $ 2,027,787     $ 2,044,963     $ 2,101,055  
    Less: intangible assets     300       386       473       557       644  
    Tangible assets   $ 2,054,793     $ 2,045,066     $ 2,027,314     $ 2,044,406     $ 2,100,411  
                         
    Tangible equity:                    
    Shareholders’ equity   $ 339,299     $ 345,597     $ 350,156     $ 355,640     $ 359,149  
    Less: intangible assets     300       386       473       557       644  
    Tangible equity   $ 338,999     $ 345,211     $ 349,683     $ 355,083     $ 358,505  
                         
    Tangible equity to tangible assets     16.50 %     16.88 %     17.25 %     17.37 %     17.07 %
                         
    Tangible book value per share:                    
    Tangible equity   $ 338,999     $ 345,211     $ 349,683     $ 355,083     $ 358,505  
    Shares outstanding     22,990,908       23,505,357       23,958,888       24,509,950       25,174,412  
    Tangible book value per share   $ 14.74     $ 14.69     $ 14.60     $ 14.49       14.24  

    The MIL Network –

  • MIL-OSI Europe: Around 40,000 litres of illegal alcoholic beverages seized under OLAF’s lead

    Source: European Anti-Fraud Offfice

    The European Anti-Fraud Office coordinated an action that led the EU Member States’ and Norwegian customs authorities to seize around 40,000 litres of illicit alcoholic beverages. The targeted action is part of operation OPSON XIII, the global initiative coordinated alongside Europol to tackle food fraud and ensure the safety of food and beverages across Europe. 

    The operation, which ran from December 2023 to May 2024, focused on identifying and removing counterfeit and substandard food and drinks from markets while disturbing the criminal network behind these illicit products. 

    As in previous years, OLAF led a targeted action focused specifically on illicit alcoholic beverages. The operation revealed sophisticated schemes aimed at infiltrating the EU market with products of inferior quality – mostly beer, homemade alcohol and wine. Fraudsters used deceptive packaging, falsified documents and false labels to sell these products to consumers. 

    The OLAF coordinated action involved customs authorities from 15 Member States and one non-EU country: Austria, Belgium, Bulgaria, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Lithuania, Norway, Poland, Portugal, Spain and Slovakia. 

    More information on Operation OPSON XIII is available in Europol’s press release.

    MIL OSI Europe News –

  • MIL-OSI Russia: “We managed to hold a real hackathon, when there is no pre-defined pipeline on how to get a solution”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    From October 13 to 20, the HSE University held a hackathon “HSE AY Assistant Hakk: Pothon”, organized Faculty of Computer Science And Center for Artificial Intelligence HSE. 89 student teams from the country’s leading universities competed for prizes.

    The challenge asked participants to use LLM and other machine learning algorithms to create an AI assistant that would help student programmers and developers solve Python problems by understanding where an error was made in their code and offering step-by-step explanations and recommendations for fixing it without explicitly providing the corrected code.

    The competition lasted seven days, five of which were held online on the DS Works platform from the cloud technology provider Cloud.ru. The opening and final days were held in the HSE building on Pokrovsky Boulevard.

    16 teams that were among the top ranking teams based on the quantitative metrics obtained for their solution were allowed to defend their projects.

    The jury included experts from the Center for Artificial Intelligence,Sber’s basic department “Financial technologies and data analysis”, teachers of the Faculty of Computer Science and the projectDate Culture.

    The victory was won by the team “MISIS Computer” from the University of Science and Technology MISIS. The second place was taken by the team MMG from the Financial University under the Government of the Russian Federation. The bronze was won by the team Selling Pandas, consisting of first-year students of the program“Applied Mathematics and Computer Science” HSE Faculty of Computer Science. The winners received cash prizes of 250,000, 200,000 and 150,000 rubles, respectively.

    Vice-Rector of the National Research University Higher School of Economics Sergey Roshchin and Head of the Center for Artificial Intelligence Alexey Masyutin awarded the winners and shared their opinions on the hackathon.

    Sergey Roshchin

    — The Higher School of Economics is developing in order to respond to the challenges that occur in technology, business processes and various spheres of human life. The big digital world is a new reality in which we must learn to live and interact with artificial intelligence technologies. That is why we are actively building education so that absolutely all of our students, regardless of their field of study, master digital competencies. The Higher School of Economics is a recognized leader in training personnel in the field of AI. But we are going further and setting ourselves more ambitious goals, including automating routine tasks related to the development of AI technologies. We chose the hackathon format because it allows students to test and prove themselves by solving important and new problems. The competition participants spent a whole week developing a solution, and during this time, I am sure, they managed not only to find a worthy solution, but also to gain experience and develop their human capital. And the results obtained are a contribution to our digital future.

    Alexey Masyutin

    — “HSE AI Assistant Hack: Python” is unique in that it combines several important areas of HSE:teaching digital skills to students of all disciplines Andcreation of AI assistants, including in the educational process.

    This time we managed to hold a real hackathon, when there is no pre-defined pipeline on how to get a solution.

    Participants had the opportunity to adapt language models to help the student step-by-step understand the problem while writing code, rather than simply providing a ready-made solution.

    Based on the results of the defenses, variants were proposed with enrichment with synthetic data, and with advanced aroma engineering, and with RAG approaches, and even with additional LLM training. This exceeded our expectations.

    We intend to use the best solutions for implementation in HSE Smart LMS and provide an AI assistant for both students and teachers when learning Python.

    The teams that won prizes also shared their impressions.

    First place – the team “MISIS Computer”

    — The hackathon was really cool, our team has a lot of experience participating in hackathons, and we know firsthand what a quality organization is. This hackathon had a really great organization, a good leaderboard, clear metrics and, most importantly, active organizers and experts who promptly answered questions and were in touch. Special thanks to Maxim — for his openness and cool expertise on the task. The results of the hackathon will not pass by HSE, the organizers are going to implement the best solutions in the university systems. Thanks to the organizers, experts and participants for such an interesting competition! We will be back!

    Second place – MMG team

    — Our team took part in the hackathon with great pleasure. We were especially pleased that it was technical and research-based, without a business component, and that the task was very relevant and in demand. Despite the fact that for most of us such a deep dive into working with LLM was the first time, we successfully coped with it, mastered new technologies and gained valuable experience.

    It was an honor for us to represent the Financial University at this event. We would like to express special gratitude to the organizers for their constant support. They quickly resolved any difficulties that arose and were always in touch, which created comfortable conditions for work. We are glad that we were able to take part in this hackathon and take such a high place!

    Third place – Selling Pandas team

    — This was our first hackathon, which essentially consisted entirely of using fine-tuning LLMs (large language models). It was not easy, but it is precisely such competitions that bring the most pleasure, when you need to create a solution in a limited time in a practically new area for you.

    By the end of the hackathon, we didn’t even want it to end, as there were still ideas that we hadn’t managed to implement. We were also very pleased with the organization of the hackathon: they always provided clear information and promptly answered all questions. We are very happy that we managed to take the prize place.

    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.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/23/2024, 10:22 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0ZYFB8 (KrasYarKr14) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/23/2024

    10:22

    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 10/23/2024, 10:22 (Moscow time), the values of the upper limit of the price corridor (up to 104.98) and the range of market risk assessment (up to 549.12 rubles, equivalent to a rate of 7.5%) of the RU000A0ZYFB8 (KrasYarKr14) security 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/n74219

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Chernyshenko: National tourist routes unite 50 regions of the country

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Altai Krai. Turquoise Katun

    October 23, 2024

    Rostov Region. Ethnographic tourist route “Big Cossack Circle”

    October 23, 2024

    Helipad. Samara

    October 23, 2024

    Garibaldi Castle. Samara Region

    October 23, 2024

    Azov Historical, Archaeological and Paleontological Museum-Reserve

    October 23, 2024

    Altai Republic. Chemal. Hotel Clover

    October 23, 2024

    Previous news Next news

    Altai Krai. Turquoise Katun

    As part of the implementation of the national project “Tourism and Hospitality Industry”, the Government, together with the regions, is actively developing the tourism infrastructure, opening new national routes and making travel around the country even more exciting and comfortable. This was stated by Deputy Prime Minister Dmitry Chernyshenko.

    “Development of tourism infrastructure is a complex task that the Government is solving on the instructions of President Vladimir Putin. Thanks to the national project “Tourism and Hospitality Industry”, we are increasing the availability of recreation for Russians and creating new routes. Traveling around Russia is safe, accessible and comfortable. Today, 56 national routes unite 50 regions, allowing travelers to see interesting sights of our country. In this way, we are popularizing domestic tourism, revealing the potential of the regions,” the Deputy Prime Minister said.

    Dmitry Chernyshenko added that national routes run through all federal districts, and the leader in their number is the North-West, where 16 routes have received national status.

    Minister of Economic Development Maxim Reshetnikov spoke about the advantages of new national tourist routes.

    “National tourist routes are the result of the work of regional teams, a unique and ready-made tourist product. Each route is based on a verified set of tourist services that allow travelers to immerse themselves deeply in the history and culture of the territory in a short time, learn about its ethnographic and gastronomic features. For regions, this is not only an opportunity to declare themselves, but also an additional tool for promoting and attracting tourists, as well as an opportunity to receive funds from the national project for the development of infrastructure. For travelers, this is a guarantee of high quality, thoughtfulness and often greater accessibility of the trip,” said Maxim Reshetnikov.

    The Association of Tour Operators of Russia noted that the main goal of such routes is to ensure that tourists are absolutely confident in their comfort and the optimal price-quality ratio while traveling around the country.

    “Assigning the status of a national tourist route is a quality mark, a guarantee of its compliance with the highest requirements formulated in the decree of the Government of Russia. Each national tourist route has its own specifics, and a tourist can choose the most interesting destination for themselves. All NTMs are logistically thought out, have ready-made recommendations on where to stay and stay, are safe and comfortable. When choosing a trip along each route, a tourist can either use the services of tour operators or go independently. Descriptions and programs of national tourist routes can be found on a special page of the national tourism portal “Puteshestvoem.rf”, – clarified the executive director of the Association of Tour Operators of Russia Maya Lomidze.

    The leader in the number of national tourist routes is the Leningrad Region, where the routes “History and Secrets of Medieval Vyborg” have been developed, as well as interregional routes – “Gosudareva Doroga”, which unites the sights of the Moscow, Tver, Leningrad and Novgorod Regions, and “Energy of Ladoga”, which passes through the Leningrad Region and Karelia and received a new status in October.

    “Lake Ladoga is the largest lake in Europe, the cleanest, many rivers flow into it, and only one flows out. It was here that Russian statehood was born, famous monasteries are located, which are a stronghold of spirituality. The unique nature of Lake Ladoga – the Karelian Isthmus, kames and eskers, skerries and numerous bays – all this is united by one route. For the region, the emergence of another national tourist route is very important in terms of regulating the tourist flow, positioning in the tourist geography of Russia. Thanks to the emergence of another national tourist route, the tourist flow to the region can grow annually from 5 to 10%. The plans include the development and promotion of NTM in the Russian and foreign markets,” said Olga Golubeva, Deputy Chairperson of the Committee for Culture and Tourism of the Leningrad Region – Head of the Tourism Department.

    Among the routes that received a new status in October are “The Secret North: from Arkhangelsk to Solovki,” which allows travelers to get acquainted with the history and traditions of the Russian North and visit the Solovetsky Archipelago, as well as the ethnographic tourist route through the Rostov Region “The Great Cossack Circle,” which offers an immersion in the traditions of the Cossacks.

    According to a study by the Association of Tour Operators of Russia, the most popular routes among organized tourists were the Grand Tour “All of Karelia”, as well as “Stories and Secrets of Medieval Vyborg”, “Zhigulevskie Weekend”, “Hello, Altai” and “Arkhangelsk – the Arctic Begins Here”.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/23/2024, 10:26 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0ZYLQ4 (Gazpnf1P5R) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/23/2024

    10:26

    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 10/23/2024, 10:26 (Moscow time), the values of the upper limit of the price corridor (up to 103.01) and the range of market risk assessment (up to 1087.79 rubles, equivalent to a rate of 7.5%) of the RU000A0ZYLQ4 (Gazpnf1P5R) security 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/n74220

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/23/2024, 10:33 (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 –

    10/23/2024

    10:33

    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 10/23/2024, 10:33 (Moscow time), the values of the upper limit of the price corridor (up to 108.39) and the range of market risk assessment (up to 1134.03 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/n74221

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/23/2024, 10-41 the values of the lower limit of the repo price corridor, the rollover rate and the range of interest rate risk assessment of the CIAN security (CIAN-addr) were changed.

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10/23/2024

    10:41

    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 10/23/2024, 10:41 (Moscow time), the values of the lower limit of the repo price corridor with settlement code Y0/Y1Dt (up to -20.0%), the transfer rate and the range of interest rate risk assessment (up to -1.06 rubles, equivalent to a rate of 85.64%) of the CIAN security (CIAN-addr) 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/n74225

    MIL OSI Russia News –

  • MIL-OSI Russia: Moscow Metro Celebrates 3 Years of Biometric Payment and Sets New Cashless Payment Record

    Source: Moscow Metro

    Moscow’s Metro system is celebrating a milestone: three years of successful biometric payment

    Maksim Liksutov, the Deputy Mayor of Moscow for Transport and Industry, highlighted the convenience of this payment method, now available at turnstiles across:

    • Metro and Moscow Central Circle (MCC)

    • Aeroexpress

    • Regular river transport

    • Several Moscow Central Diameter (MCD) stations

    Here are some impressive figures:

    • Over 1,100 turnstiles equipped with biometric payment

    • Over 160,000 daily passes made using biometrics

    • Around 375,000 users registered for the service

    In 2021, we launched biometric payment in the metro. Passengers no longer need cards, phones, or wallets to pass through turnstiles. They simply look into the camera, and the gate opens. Users have already made over 125 million passes. Nowhere else in the world is this service as convenient as in the Russian capital. In these 3 years, it has proven itself to be maximally secure and reliable, – said Liksutov.

    Moscow Metro also sets a new record:

    Moscow’s Metro system has reached a new milestone: a record-breaking 91.2% of passengers are now using cashless payment methods. This is the highest rate since the launch of these services and this is a clear sign of a shift towards a more convenient and efficient transportation experience for our citizens. By implementing digital solutions, we’ve made user-friendly, fast, and environmentally friendly payment tools readily available, – added Maksim Liksutov.

    The most popular cashless payment methods include:

    • Biometric payment

    • Virtual Troika card

    • Fast Payment System (FPS)

    • Bank cards and payment stickers

    Moscow is becoming a global leader in the number of payment methods available for public transportation. Following the directives of Moscow Mayor Sergey Sobyanin, we will continue to develop modern, domestic services within our city’s transportation system, – concluded Liksutov.

    This achievement highlights Moscow’s commitment to modernizing its infrastructure and embracing innovative technologies to improve the lives of its citizens.

    MIL OSI Russia News –

  • MIL-OSI Security: U.S. Attorney’s Office, FBI Prepared to Handle Complaints of Voting Rights Concerns, Election Fraud

    Source: Office of United States Attorneys

    PROVIDENCE, RI – United States Attorney Zachary A. Cunha announced today that Assistant United States Attorney (AUSA) Amy R. Romero will lead the efforts of his Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Romero has been appointed to serve as the District Election Officer (DEO) for the District of Rhode Island, and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    United States Attorney Cunha said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

     The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur. The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).   

    United States Attorney Cunha stated that: “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice.  In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Romero will be on duty in this District while the polls are open. She can be reached by the public at the following telephone number: (401) 709-5068.”

    In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day.  The local FBI field office can be reached by the public at (401) 272-8310.

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    United States Attorney Cunha said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities.  State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency. 

    View United States Attorney Cunha’s Election Day Program public service announcement at https://www.youtube.com/watch?v=Lw02Lr2DyCA&t=16s

    ###

    MIL Security OSI –

  • MIL-OSI: Trio Petroleum Corp. Announces Appointment of James Blake to its Board of Directors, Strengthening Financial and Strategic Expertise

    Source: GlobeNewswire (MIL-OSI)

    Bakersfield, CA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trio Petroleum Corp. (NYSE American: “TPET”, “Trio” or the “Company”), a California-based oil and gas company, is pleased to announce the appointment of James Blake to its Board of Directors. James brings with him 30 years of experience in the financial industry and holds a Bachelor of Commerce degree from the University of Alberta. He is also a Chartered Financial Analyst (CFA), with a distinguished career, having recently retired from a major Canadian bank where he managed over $750 million in assets as a portfolio manager. His expertise in financial markets, investment strategies, and risk management will be an invaluable asset to Trio Petroleum.

    In addition to his extensive financial experience, James has been deeply involved in the startup ecosystem, both as an investor and in raising capital for early-stage companies across various sectors. His capacity to identify high-potential ventures, coupled with his financial acumen, equips him with a diverse perspective that will benefit Trio as the company looks to strengthen its position in the energy market.

    “James Blake’s wealth of knowledge in financial management and his entrepreneurial insights align perfectly with Trio’s strategic goals for growth and innovation,” said Robin Ross, Chairman of the Board and CEO of Trio Petroleum Corp. “His leadership and experience will be instrumental in supporting our drive for sustainable growth, operational efficiency, and long-term shareholder value. We are excited to welcome James to our board.”

    With his forward-thinking approach and a strong track record in both traditional finance and the startup space, James Blake’s appointment strengthens Trio Petroleum’s commitment to corporate governance, strategic direction, and the creation of sustainable value for its investors.

    About Trio Petroleum Corp.

    Trio Petroleum Corp. is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California, and Uintah County, Utah. In Monterey County, Trio owns an 85.75% working interest in 9,245 acres at the Presidents and Humpback oilfields in the South Salinas Project, and a 21.92% working interest in 800 acres in the McCool Ranch Field. In Uintah County, Trio owns a 2.25% working interest in 960 acres and options to acquire up to a 20% working interest in the 960 acres, in an adjacent 1,920 acres, and in the greater 30,000 acres of the Asphalt Ridge Project.

    Cautionary Statement Regarding Forward-Looking Statements

    All statements in this press release of Trio Petroleum Corp. (“Trio”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words “estimates,” “believes,” “hopes,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the Trio’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of Trio’s Annual Report on Form 10-K and Amendment No. 1 thereto, both filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, http://www.sec.gov. Trio undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

    Investor Relations Contact:
    Redwood Empire Financial Communications
    Michael Bayes
    (404) 809 4172
    michael@redwoodefc.com

    The MIL Network –

  • MIL-OSI: Acquia Releases New AI Capabilities for Digital Asset Management

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — Acquia, the leader in open digital experience software, today announced several AI-powered enhancements to the company’s digital asset management solution, Acquia DAM, that enable creatives and marketers to increase productivity and extract more value from their digital content.

    Acquia Video Creator, powered by Moovly, is now available as an add-on module to the Acquia DAM and PIM (product information management) solutions. An advanced AI-powered solution, Acquia Video Creator allows users to easily produce professional-quality, brand-compliant videos using a simple drag-and-drop interface, existing assets from their digital asset library, customizable templates, and a vast library of graphics, animations, and video clips. Start entirely new projects, edit existing videos, and use AI features to generate scripts, voiceover, subtitles, transcripts, and translations. Acquia Video Creator also offers collaboration tools for internal sharing and review, enabling organizations to quickly create videos that can be used across websites, e-commerce channels, social media, events, and more.

    In addition, Acquia has expanded the AI-driven features available directly within Acquia DAM that make it easier to manage, find, and share video and image assets. AI Video Transcription now enables users to add an AI-generated video transcript that is stored on the video’s asset digest page, eliminating the need to send videos to a separate transcription service. The transcripts are time-stamped and available via general and advanced searches within the DAM, and can also be downloaded. Also, Automated Color Filtering removes human error that can arise in manual tagging by using AI to analyze the color profile of an image and provide filtering and search of specific HEX values, without any administrator work required.

    “AI creates new opportunities for creatives, content authors, and marketers to drive efficiency and create immersive digital experiences that drive greater customer engagement,” said Jake Athey, Vice President of Go-To-Market and Sales for Acquia DAM & PIM. “Our latest innovations accelerate campaign delivery by empowering teams to create content more easily, organize assets more accurately, and find relevant assets more quickly. They are just the start of a steady stream of forthcoming innovations that distinguish Acquia DAM for its ability to consistently increase business value.”

    About Acquia
    Acquia empowers ambitious digital innovators to craft the most productive, frictionless digital experiences that make a difference to their customers, employees, and communities. We provide the world’s leading open digital experience platform (DXP), built on open source Drupal, as part of our commitment to shaping a digital future that is safe, accessible, and available to all. With Acquia Open DXP, you can unlock the potential of your customer data and content, accelerating time to market and increasing engagement, conversion, and revenue. Learn more at https://acquia.com.

    All logos, company, and product names are trademarks or registered trademarks of their respective owners.

    Contact:
    Matt Krebsbach
    SVP, Thought Leadership & Brand Awareness
    pr@acquia.com

    The MIL Network –

  • MIL-OSI: Trust Stamp Enhances Biometric Security with Palm-Enhanced Cryptographic Solution

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Trust Stamp (Nasdaq: IDAI), a global provider of advanced identity solutions, is pleased to announce the launch of a pioneering research initiative aimed at expanding its biometric cryptosystem, Stable IT2, to include contactless palm authentication. The Biometric Secure Module (BSM) project will further enhance security by integrating face and palm biometrics, providing a more resilient and privacy-centric authentication system.

    Cyber-crime is on the rise, with global costs projected to reach $10.5 trillion by 2025. Trust Stamp’s BSM project aims to address this growing concern by developing a biometric cryptosystem that offers high-entropy, secure authentication without the need to store sensitive biometric data. This ensures users’ data remains protected even in the event of a device breach, as no cryptographic keys are stored directly on the device.

    Project Biometric Secure Module (BSM) financed by Xjenza Malta, through the FUSION: R&I Technology Development Programme Lite, will span 18 months, with a start date of November 1, 2024. The funding covers 75% of the project cost, with the company contributing 25% from its own resources. By leveraging Trust Stamp’s proprietary Stable IT2 algorithm, the BSM will generate cryptographic keys directly from facial and palm biometric features. This innovative approach maintains high security while minimizing the risks associated with device compromises.

    Prof. Norman Poh, Chief Science Officer of Trust Stamp, emphasized the privacy advantages of this approach, stating, “By utilizing palm biometrics, we can generate secure keys from a biometric modality that is less publicly exposed than facial features. This provides an added layer of protection against unauthorized access.”

    Prof. Reuben Farrugia, Research Director at Trust Stamp, outlined the significance of the research, noting that this project aims to deliver a software development kit (SDK) for Android devices. This SDK will allow integration of the Stable IT2 process into mobile applications, enabling secure on-device authentication. Additionally, the development of Trust Stamp’s Orchestration Layer will provide seamless access to helper data, facilitating user-friendly biometric authentication.

    Trust Stamp’s BSM project represents a significant advancement in the field of biometrics, offering a robust solution that aligns with industry standards such as the FIDO Alliance’s recommendations. With the combination of face and palm recognition, Trust Stamp is poised to redefine digital identity security, particularly for financial institutions, digital wallets, and identity access management providers.

    About Trust Stamp: Trust Stamp is a global provider of AI-powered identity verification and authentication solutions. With a focus on privacy-first security, Trust Stamp offers innovative biometric technology to enhance digital identity management. For more information, visit http://www.truststamp.net.

    About Xjenza Malta: Xjenza Malta is the government agency responsible for promoting and coordinating scientific research, technological innovation, and science communication in Malta.

    Inquiries                                                                                                     Email: dgrima@truststamp.net
    Trust Stamp

    David Grima      
    Director of Product Innovation, Trust Stamp

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI: Disney and Magnite Announce Two-Year Deal Renewal

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, and Disney have announced a two-year deal extension. As the relationship grows into its sixth year, Magnite continues to be Disney’s preferred supply-side technology partner. Disney leverages Magnite’s technology to monetize its ad-supported inventory across the company’s entire portfolio. Magnite facilitates transactions for all 30+ DSPs that Disney works with.

    “Disney is committed to driving automation and executional ease for our clients. With all our streaming inventory available programmatically, Magnite remains a key technology partner supporting Disney’s advertising business,” stated Jamie Power, SVP of Addressable Sales at Disney. “Magnite plays a critical role in allowing buyers to access Disney’s inventory by connecting to more than 30 demand-side platforms in the US and starting to expand globally. In this rapidly evolving marketplace, Magnite consistently scales its capabilities to meet client needs, helping us stay ahead of emerging market trends.”

    With the expanded relationship, Disney will also leverage Magnite to:

    • Execute one-to-one deals with key buyers through Magnite’s ClearLine offering
    • Monetize College Football games on live streams on ESPN
    • Support LATAM expansion in Brazil, Chile, Colombia, Mexico, Peru, and Argentina
    • Offer podcast inventory via PMPs, including ESPN and ABC News podcasts

    “We appreciate Disney’s confidence in our long-standing relationship and look forward to working with their team to deliver exceptional advertising experiences across every consumer touchpoint,” said Sean Buckley, Chief Revenue Officer at Magnite. “In addition to our role in enabling Disney’s programmatic transactions, we’re actively innovating in new areas like live streaming to bring added value to our partnership.”

    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

    Investor Relations
    Nick Kormeluk
    nkormeluk@magnite.com
    949-500-0003

    The MIL Network –

  • MIL-OSI: Sunrun Builds and Operates New York’s Largest Residential Power Plant in Partnership with Orange and Rockland Utilities

    Source: GlobeNewswire (MIL-OSI)

    PEARL RIVER, N.Y. and SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, and Orange and Rockland Utilities, Inc. (O&R), a wholly owned subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation’s largest investor-owned energy companies, have successfully activated New York’s largest residential power plant using more than 300 solar-plus-storage systems. During dozens of peak electricity demand events this summer, the home batteries supplied stored solar energy to help stabilize the electric grid.

    The Sunrun-managed power plant was initiated by O&R and approved as a demonstration project by the New York State Public Service Commission. The year-round program supports New York’s transition to clean and reliable energy and helps the state reach its nation-leading storage and electrification goals. Under this program, Sunrun synchronizes the discharging of the participating batteries to deliver stored solar power to reduce stress on the electric grid during times of peak energy usage. The solar-plus-storage systems also provide a source of backup power to the homes of participating customers.

    “This is an important step toward the future of fortifying New York’s energy grid, utilizing innovation to build a more affordable and reliable way to deliver power. We are excited to see residents of New York benefit from the sharing of stored solar power and know this partnership with Orange and Rockland will show the path forward for the rest of the state,” said CEO of Sunrun, Mary Powell.

    “The creation of this virtual power plant unlocks incredible benefits to the electric grid that will provide our customers with the clean and reliable energy that they expect and deserve,” said Andre Wellington, O&R director of Distributed Resource Integration. “Home solar-plus-storage is an innovative, flexible resource that can be called upon during times of stress on our electric system and O&R is happy to be part of this opportunity to advance New York State’s clean energy goals.”

    Enrolled customers received a free or heavily discounted home battery in exchange for participating in the 10-year program to help the resiliency of the electric grid. Sunrun receives an upfront payment from O&R based on the battery capacity installed, which allows Sunrun to offer the battery for free or at a heavily discounted price to customers. Customers will also benefit from consuming their own stored solar power and from utility bill credits for the excess energy they supply to the electric grid. Even when O&R dispatches the batteries for load relief, customers’ batteries will still retain 20% or more of the stored solar power to provide their homes with backup power in the event of a local power outage.

    “We quickly signed up once we learned that a Sunrun solar and battery system could protect our home from outages while also bolstering the grid for our community,” said Joseph Ortiz, a Sunrun and O&R customer in Rockland County. “It’s gratifying to know that—without us even lifting a finger—our home is supplying clean solar energy back to the grid to benefit everyone.”

    With more than 1 million customers and 116,000 installed storage systems, Sunrun is the nation’s largest developer of residential clean energy systems. Sunrun is responsible for nearly half of all new home battery installations in the country. Sunrun operates more than a dozen power plants across the country, including the nation’s largest single-owner virtual power plant.

    About Sunrun
    Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at http://www.sunrun.com

    About O&R
    Orange and Rockland Utilities, Inc. (O&R), a wholly owned subsidiary of Consolidated Edison, Inc., one of the nation’s largest investor-owned energy companies, is a regulated utility. O&R provides electric service to approximately 300,000 customers in southeastern New York State and northern New Jersey (through its subsidiary Rockland Electric Company) and natural gas service to approximately 140,000 customers in New York State. Visit http://www.oru.com for more.

    Sunrun Media Contact
    Wyatt Semanek
    Director, Corporate Communications
    press@sunrun.com

    Sunrun Investor & Analyst Contact
    Patrick Jobin
    SVP, Deputy CFO & Investor Relations Officer
    investors@sunrun.com

    O&R Media Contact
    Vito Signorile
    Manager, Media Relations
    signorilev@oru.com

    The MIL Network –

  • MIL-OSI: Vimeo Delivers Spatial App Experience Built for Apple Vision Pro Enabling Users to View, Upload, and Share Spatial Videos

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 23, 2024 (GLOBE NEWSWIRE) — Vimeo (NASDAQ: VMEO), the world’s most innovative video experience platform, today announced the launch of its groundbreaking app for Apple Vision Pro. This immersive app brings viewers into the content and empowers Vision Pro users to view, upload, and share their spatial videos with others to enjoy. The free app is now available to download on the visionOS App Store.

    With its ability to add remarkable depth and dimension to a scene, spatial video delivers an innovative way to tell powerful stories, as it offers a more engaging and immersive experience for both personal and professional use cases. Spatial videos can be recorded on Apple Vision Pro, the iPhone 16 line, iPhone 15 Pro and iPhone 15 Pro Max. Canon has also announced the development of a new stereoscopic lens, the RF-S7.8mm F4 STM DUAL Lens, compatible with the popular EOS R7 camera body that will capture gorgeous spatial video.

    With the Vimeo app for Vision Pro, users can relive previous moments and experiences in ways never before possible, or explore the growing library of content from the Vimeo community. After capturing spatial video, users can upload their content and share it privately or with the Vimeo community. Users can upload and catalog their spatial videos to their Vimeo library from the Vimeo app for iOS, visionOS, or vimeo.com. Professional content creators and video pros also gain an innovative new way to tell stories and engage with their audiences. Businesses can leverage spatial videos to bring their customers to new places, provide immersive training experiences for their employees, and even showcase new products in a truly unique way. Apple has announced an update to Final Cut Pro later this year that will enable creators to edit spatial videos on their Mac and add dynamic titles and effects to their projects.

    “Vimeo has always been known for supporting video creators with the highest quality formats and most innovative technologies to tell their stories,” said Philip Moyer, CEO at Vimeo. “The launch of our Apple Vision Pro app marks a significant milestone in our ongoing mission to push the boundaries of video experiences. This kind of spatial content is the future of storytelling, and we’re proud to be at the forefront of this revolution.”

    To celebrate the launch of its Vision Pro app, Vimeo has partnered with award-winning filmmaker and Staff Pick winner Jake Oleson to create exclusive content that demonstrates the experiences made possible by spatial video, and to inspire others to experiment with it themselves.  

    For more information and to download the Vimeo App on the visionOS App Store, please click here.

    About Vimeo
    Vimeo (NASDAQ: VMEO) is the world’s most innovative video experience platform. We enable anyone to create high-quality video experiences to better connect and bring ideas to life. We proudly serve our community of millions of users – from creative storytellers to globally distributed teams at the world’s largest companies – whose videos receive billions of views each month. Learn more at http://www.vimeo.com.

    Contact:
    Frank Filiatrault
    Director of Communications
    frank.filiatrault@vimeo.com

    The MIL Network –

  • MIL-OSI: LM Funding America, Inc. Announces Ryan Duran Expands Leadership Role to President of its Bitcoin Mining Subsidiary – USDM

    Source: GlobeNewswire (MIL-OSI)

    Tampa, FL, Oct. 23, 2024 (GLOBE NEWSWIRE) — LM Funding America, Inc. (NASDAQ: LMFA) (“LM Funding” or the “Company”), a cryptocurrency mining and technology-based specialty finance company, is pleased to announce the promotion of Ryan Duran from Vice President of Operations to President of its digital mining subsidiary, US Digital Mining and Hosting Co LLC.

    Bruce Rodgers, Chairman and CEO of LM Funding, stated, “As we continue to focus and expand our Bitcoin mining operations, it is clear that strong, dedicated leadership is essential to drive our hosting and mining infrastructure. With his expertise and leadership skills, Ryan Duren is the perfect choice to accelerate our growth in the Bitcoin mining business.”

    With this promotion, Ryan Duran will play a pivotal role in shaping the strategic direction and enhancing the operational efficiency of the Company’s mining operations, ensuring that LM Funding remains at the forefront of the rapidly evolving cryptocurrency industry.

    Mr. Duran has worked with the Company since 2008 and has developed broad operational experience in the digital mining and hosting area and the specialty finance operations of the business. Mr. Duran has a Bachelor of Science in Real Estate and Finance from Florida State University.

    About LM Funding America
    LM Funding America, Inc. (Nasdaq: LMFA), together with its subsidiaries, is a cryptocurrency mining business that commenced Bitcoin mining operations in September 2022. The Company also operates a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado, and Illinois, by funding a certain portion of the Associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments.

    Forward-Looking Statements
    This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guaranties of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s most recent Annual Report on Form 10-K and its other filings with the SEC, which are available at http://www.sec.gov. These risks and uncertainties include, without limitation, uncertainty created by the risks of entering into and operating in the cryptocurrency mining business, uncertainty in the cryptocurrency mining business in general, problems with hosting vendors in the mining business, the capacity of our Bitcoin mining machines and our related ability to purchase power at reasonable prices, the ability to finance and grow our cryptocurrency mining operations, our ability to acquire new accounts in our specialty finance business at appropriate prices, the potential need for additional capital in the future, changes in governmental regulations that affect our ability to collected sufficient amounts on defaulted consumer receivables, changes in the credit or capital markets, changes in interest rates, and negative press regarding the debt collection industry.  The occurrence of any of these risks and uncertainties could have a material adverse effect on our business, financial condition, and results of operations.

    Contact:
    Crescendo Communications, LLC
    Tel: (212) 671-1021
    Email: LMFA@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: Global Manufacturer and Distributor Chooses Bridgeline’s AI-Powered HawkSearch

    Source: GlobeNewswire (MIL-OSI)

    WOBURN, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of AI-driven marketing technology, announced a leading manufacturer and distributor of life safety gear, equipment, and training for first responders and law enforcement selected HawkSearch to improve their on-site search and merchandising powered by Salesforce Commerce Cloud.

    The distributor will use HawkSearch to enhance website performance by delivering a more tailored search experience. They were particularly drawn to features like advanced merchandising for promoting or boosting specific products, burying out-of-stock items, and adjusting ranking and sort order. The scope also includes incorporating Instant Engage for surfacing trending items, categories, and content as soon as the user clicks on the search box.

    HawkSearch will also power product category landing pages for consistency between browsing and searching, along with natural language search capabilities. These enhancements will help deliver a more engaging customer experience, aligning with marketing goals and improving traffic, conversion rates, and order values.

    Ari Kahn, CEO of Bridgeline, said, “We’re excited to support this global leader in optimizing their search experience. HawkSearch will enhance their digital performance and help achieve key business outcomes.”

    About Bridgeline Digital

    Bridgeline helps companies grow online revenue by increasing traffic, conversion rates, and average order value. To learn more, please visit http://www.bridgeline.com.

    Contact:
    Danielle Colvin
    SVP of Marketing
    Bridgeline Digital
    press@bridgeline.com

    The MIL Network –

  • MIL-OSI: One Stop Systems to Report Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ESCONDIDO, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (“OSS” or the “Company”) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, announced today that the Company will release its third quarter 2024 financial results before the market opens on Wednesday, November 6, 2024. A webcast and conference call will be held that same day at 10:00 a.m. ET to review the Company’s results.

    Conference Call and Webcast

    Domestic: 1-800-717-1738
    International: 1-646-307-1865
    Conference ID: 13748 (required for entry)
    Webcast:  https://viavid.webcasts.com/starthere.jsp?ei=1692609&tp_key=bc360380ca

    Conference Call Replay

    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 1113748

    A replay of the call will be available after 1:00 p.m. ET on November 6, 2024, through November 20, 2024.

    About One Stop Systems
    One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

    OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

    OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

    As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require-and OSS delivers-the highest level of performance in the most challenging environments without compromise.

    OSS products are available directly or through global distributors. For more information, go to http://www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

    Forward-Looking Statements
    One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

    Media Contacts:
    Robert Kalebaugh
    One Stop Systems, Inc.
    Tel (858) 518-6154
    Email contact

    Investor Relations:
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    Email contact

    The MIL Network –

  • MIL-OSI: Publication of Prospectus

    Source: GlobeNewswire (MIL-OSI)

    Octopus Apollo VCT plc

    Publication of Prospectus

    Octopus Apollo VCT plc (the ‘Company’) has issued a prospectus, dated 23 October 2024, relating to a proposed offer for subscription for ordinary shares of 0.1p each in the Company (‘New Shares’) to raise up to £50 million with an over-allotment of up to a further £25 million (the ‘Offer’), following the approval of the prospectus from the Financial Conduct Authority.

    Pursuant to an agreement dated 23 October 2024 relating to the Offer between, inter alia, the Company and Octopus Investments Limited, the Company’s portfolio manager (the ‘Portfolio Manager’), which constitutes a related party transaction falling within UK Listing Rule 8.2.1R, the Portfolio Manager will receive:

    • an initial charge of 3 per cent. of the gross funds raised under the Offer by the Company; and
    • a further charge of up to 2.5 per cent of gross funds raised under the Offer by the Company from investors who have not invested their money through a financial intermediary (‘Direct Investors’); and
    • an additional ongoing charge of 0.5% of the net asset value of the investment amount received by the Company under the Offer from Direct Investors, payable for up to nine years, provided the Direct Investors continue to hold the New Shares.

    The Board of the Company believes that the above arrangements are fair and reasonable as far as the shareholders of the Company are concerned and have been so advised by Howard Kennedy Corporate Services LLP, as sponsor to the Company.

    The Offer is now open and will close on or before 5 April 2025 for the 2024/2025 tax year and on 22 October 2025 for the 2025/2026 tax year, or earlier if the Offer is fully subscribed. The Board of the Company reserves the right to close the Offer earlier.

    The prospectus will shortly be available for inspection at the National Storage Mechanism, which is located at:

    https://data.fca.org.uk/#/nsm/nationalstoragemechanism

    and on the Company’s website

    https://octopusinvestments.com/apollo-vct/

    For further information please contact:
    Rachel Peat
    Octopus Company Secretarial Services Limited
    Tel: +44 (0)80 0316 2067

    LEI: 213800Y3XEIQ18DP3O53

    The MIL Network –

  • MIL-OSI Economics: RN-Yuganskneftegaz Releases Over 9 Million Fry of Valuable Fish Species into Yugra’s Rivers

    Source: Rosneft

    Headline: RN-Yuganskneftegaz Releases Over 9 Million Fry of Valuable Fish Species into Yugra’s Rivers

    RN-Yuganskneftegaz, Rosneft’s largest oil production asset, continues to implement a large-scale programme to preserve biodiversity and restore aquatic bioresources. The enterprise released into the water bodies of the Khanty-Mansiysk Autonomous Okrug of  Yugra more than 9 million fry of valuable species of commercial fish, including more than 700 thousand fry of the red-listed Siberian sturgeon and sterlet.

    Conserving biodiversity and ecosystems in the regions of operation is one of the priorities of “Rosneft-2030” strategy. The release of young fish of valuable species is carried out annually.

    On the order of oil workers, the young fish are raised by special fish breeding organisations, which create the best environmental conditions for the fry: temperature regime, nutrition and water quality to ensure maximum survival of the young fish after release.

    The release of young fish was supervised by a commission, which includes representatives of the Ugra Nature Supervision Agency, the Nizhneobsk Territorial Department of the Federal Agency for Fishing and Conservation of Aquatic Bioresources, the Russian Federal Research Institute Of Fisheries and Oceanography, and the Environmental Protection Department of RN-Yuganskneftegaz.

    Release of young fish is an important step in the conservation and restoration of aquatic bioresources. It allows increasing the number of valuable fish species in the rivers of the Ob-Irtysh basin and ensuring sustainable population growth in the future.

    Reference:

    RN-Yuganskneftegaz is a key production asset of Rosneft Oil Company. The enterprise is conducting geological exploration and field development at 40 licence areas with a total area exceeding 21,000 km2 in the Khanty-Mansi Autonomous District—Yugra. The accumulated output of RN-Yuganskneftegaz has exceeded 2.7 billion tonnes of oil since the start of commercial operation.

    The company has been participating in the artificial reproduction of aquatic bioresources since 2019 and has released more than 288 million fry of valuable fish species into the water bodies of Ugra.

    Rosneft
    Information Division
    August 29, 2020

    Keywords: Environmental news 2024

    MIL OSI Economics –

  • MIL-OSI Global: Quality of life continues to slide in South Africa’s key economic province, Gauteng – new survey

    Source: The Conversation – Africa – By Christian Hamann, Researcher, Gauteng City-Region Observatory

    The Gauteng City-Region, which has long been South Africa’s economic engine, is in decline. The region contributes about 35% of the country’s total economic output, and is home to more than 15 million people, about 25% of the country’s population of 62 million people.

    Many in the province have come from far and wide hoping to “make it” in the land of opportunity. Yet both the media and the public raise critical questions about its future amid decaying infrastructure, poor delivery of basic government services, and a steady uptick in violent crime.

    New research from the Gauteng City-Region Observatory (GCRO) reveals that development outcomes in the province are declining. The GCRO is an independent institute that produces research and analysis to inform decision making and policy in the Gauteng City-Region. It is a partnership between the Gauteng provincial government, the University of the Witwatersrand, the University of Johannesburg, and organised local government (Salga-Gauteng).

    The GCRO constructs a multidimensional index of wellbeing that combines 33 variables into one measure, known as the Quality of Life Index, from survey data that has been collected every two to three years since 2009.

    This includes measures of health, safety, life satisfaction, socio-economic status, public services, satisfaction with government, and social and political participation. The latest index (2023/24) shows that quality of life in Gauteng has fallen to its lowest level ever since the survey began in 2009. This suggests that the wellbeing of many households has been compromised by the complex and interconnected global challenges, known as the polycrisis, that have emerged since the COVID-19 pandemic.

    Many of these challenges are linked to the local governance crisis, characterised by unstable political party coalitions. The interaction of complex crises amplifies harmful effects, profoundly affecting quality of life.

    A governance crisis emerged in South Africa in the wake of state capture, marked by a stark decline in the provision of quality public services. So, the government has struggled to shield citizens from the worst impacts of the polycrisis. Households face an acute convergence of global and local crises, reflected in health, economic instability, societal unrest, climate challenges, and rising safety concerns.

    The research

    The 7th Quality of Life Survey involved 13,795 adult residents of Gauteng. Respondents were randomly sampled in every ward of the province. Data was collected by a team of fieldworkers from 28 August 2023 to 16 April 2024. The data is made freely available, and is used by government, academics and civil society. The findings inform policy and strategic planning by government entities across the Gauteng City-Region.

    The latest survey results paint a complex picture about the quality of life in Gauteng. Some of the most significant findings which relate to the challenges that household face, and the ways people respond to challenges, are highlighted below. The list of crises includes concerns about public service delivery, satisfaction with government, safety, poverty, and overall quality of life.

    Unreliable service delivery

    Basic services in Gauteng are characterised by interruptions to supply, inadequate coverage and quality problems. While most residents have access to water, electricity, sanitation and refuse removal, satisfaction with these levels has declined substantially since the previous survey in 2020/21.

    The latest survey shows that only 61% of respondents were satisfied with their sanitation, only 60% perceived their water as always clean, and only 64% were satisfied with their refuse removal. These are all lower than in the past when satisfaction ranged between 70% and 75%. The impact, for example, is that those who do not have weekly refuse removal are more likely to dump their rubbish in public spaces or burn it – causing various environmental challenges.

    Gauteng households use various resources at their disposal to deal with the impacts of unreliable services. For instance, one in seven households (15%) are now generating some or all their own electricity, compared to 4% in 2017/18. This is partly related to the unreliability of electricity provision, and growing efforts to gain independence from the “grid”. But the unreliability and cost of electricity have varied impacts, depending on household income.

    Declining satisfaction with government

    Only a fifth (21%) of respondents were satisfied with the performance of the national government. A similar proportion (22%) of respondents were satisfied with the performance of provincial and local governments. Satisfaction for all these spheres has declined by between 15 and 20 percentage points since 2017/18.

    The effect of dissatisfaction with government is increasing disengagement. Just over half of respondents (54%) felt that politics was a waste of time, and 57% said that South Africa was a failed state. When the survey was conducted, before the 2024 provincial elections, 21% of respondents said they were not planning to vote. Thus, government dissatisfaction and disengagement helps to understand the low voter turnout during the elections.

    Poverty

    While poverty rates measured in 2023/24 have improved from their peak during the pandemic, the recovery is partial. Sixteen percent of respondents lived below the food poverty line of R760 per month (about US$43). This remains higher than pre-pandemic levels (it was 12% in 2017/18). It shows that a large portion of Gauteng’s households have struggled to meet their basic needs for a long time.

    South Africa’s welfare systems remain a lifeline for many households. The proportion of respondents that benefited from any kind of social grant (including child support and old age pensions has increased steadily from 30% in 2011 to just over 50% in 2023/24.

    Low-income households are also less likely to recover from shocks because they lack financial safety nets, and cannot afford to replace public services with costly private alternatives.

    Safety concerns

    Another kind of problem experienced by respondents is insecurity as a result of crime and violence. A fifth of respondents (21%) said that they had been the victim of crime in the last year. This was a two percentage point increase from 2020/21, when lockdowns reduced crime levels. The proportion of respondents who said that the crime situation had worsened was also higher (increasing from 43% in 2020/21 to 48% in 2023/24).

    Much larger proportions of respondents felt unsafe in their homes, and when walking in their neighbourhood in the daytime or at night. For example, in 2023/24, 81% of respondents felt unsafe walking in their area at night, compared to 75% in 2020/21. The effect is that 62% of respondents in 2023/24 were dissatisfied with the security services provided by the government, compared to 54% in 2020/21.

    Overall quality of life is lower

    Overall, in the latest index quality of life reached its lowest point yet since the index was first calculated. The 2023/24 value was calculated at 59.5 out of 100, compared to 61.4 in 2020/21 and a high of 63.9 in 2017/18.

    Most of the dimensions declined, suggesting that the wellbeing of many households has been adversely affected by the interplay between the governance crisis and the polycrisis. Households’ ability to navigate these challenges is strongly shaped by inequality, which remains very high.

    The 2023/24 quality of life report shows that the Gauteng City-Region grapples with a series of wicked problems. Public and private sector leaders, along with civil society, need to assess the current situation and collaborate on innovative solutions to enhance the quality of life of all residents in the City-Region.

    Shannon Arnold, a junior researcher at the Gauteng City-Region Observatory, contributed to the research and this article.

    Christian Hamann is employed by the Gauteng CIty-Region Observatory which receives funding from the Gauteng Provincial Government.

    Rashid Seedat is employed by the Gauteng CIty-Region Observatory which receives funding from the Gauteng Provincial Government. He is also a Board member of the Ahmed Kathrada Foundation.

    – ref. Quality of life continues to slide in South Africa’s key economic province, Gauteng – new survey – https://theconversation.com/quality-of-life-continues-to-slide-in-south-africas-key-economic-province-gauteng-new-survey-241714

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Rosneft Builds a New Educational Centre in Bashkiria

    Source: Rosneft

    Headline: Rosneft Builds a New Educational Centre in Bashkiria

    With the support of Bashneft (a subsidiary of Rosneft), a new multifunctional educational centre was opened in the village of Elan-Chishma in the Ermekeyevsky District of the Republic of Bashkortostan. The 2,000 square metre school was built under the cooperation agreement between Rosneft and the region.

    Rosneft implements social projects aimed at creating favourable living conditions in the regions where it operates. This includes supporting initiatives in the field of education and upbringing of the younger generation.

    The multifunctional educational centre was built on the site of an old rural school that was constructed 70 years ago. It was housed in five wooden rooms, which significantly complicated the learning process and created everyday difficulties for schoolchildren.

    The building accommodates three institutions at once: a kindergarten, a comprehensive school and an art school. The centre has spacious classrooms, a workshop, a large library, a canteen, and a multifunctional gym that can be easily transformed into an assembly hall.

    The new educational centre has become a real attraction spot for people of all ages of Yelan-Chishma village and other nearby settlements, where about 2 thousand people live. The centre is fully autonomous: it has its own modular boiler house and substation transformer. In addition, the surrounding territory has been landscaped – children’s and sports grounds have been equipped, gazebos have been installed, shrubs and large trees have been planted.

    In total, more than 40 projects on construction and reconstruction of educational institutions have been implemented over the last 5 years within the framework of the Cooperation Agreement between Bashkortostan and Rosneft. These include the construction of a 300-seat polylingual boarding school in Neftekamsk, kindergartens in the village of Kushnarenkovo, Kushnarenkovsky district, and in the village of Stary Kurdym, Tatyshlinsky district, an educational building in the children’s health camp ‘Orlyonok’ in Ilishevsky district, a school in the village of Raevsky, Alsheyevsky district, and a major overhaul of the Ufa forestry school, the oldest secondary specialised educational institution in the capital of Bashkortostan.

    Reference:

    Bashneft is one of the oldest oil and gas enterprises in the country engaged in oil extraction and processing. Bashneft’s main production facilities are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in Khanty-Mansi Autonomous Area–Yugra, Nenets Autonomous Area, Orenburg Region and the Republic of Tatarstan.

    Rosneft
    Information Division
    September 2, 2024

    Keywords: Social News 2024

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  • MIL-OSI Global: As more Americans go ‘no contact’ with their parents, they live out a dilemma at the heart of Shakespeare’s ‘King Lear’

    Source: The Conversation – USA – By Jeanette Tran, Associate Professor of English, Drake University

    Losing a connection to your family, intentionally or not, is tragic. catscandotcom/E+ via Getty Images

    Is blood thicker than water? Should family always come first?

    These clichés about the importance of family abound, despite the recognition that familial relations are oftentimes hard, if not downright dysfunctional.

    But over the past few years, a discussion has emerged about a somewhat taboo move: cutting ties altogether with family members deemed “toxic.”

    Called going “no contact,” this form of estrangement usually involves adult children cutting ties with their parents. It might happen after years of abuse or when a parent disapproves of a child who has come out as LGBTQ+. Or it might be spurred by political or religious differences. Even Vice President Kamala Harris has been mostly estranged from her father since her parents’ divorce.

    The “no contact” movement has its proponents and detractors.

    Those in favor say people should disentangle from unhealthy relationships without shame, and that family should be held to the same standards as friends and romantic partners.

    Those against say the bar for what constitutes familial trauma has become too low, and that some kids who cut off all contact are being selfish.

    At the heart of the debate over the ethics of estrangement is a cultural attachment to the idea of family. The field of family estrangement is still in its early stages, but discussions of the collapsed parent-child relationship – its sources, its ethics, its consequences – can be found in literature across history. As I’ve encountered more articles, forums and social media posts devoted to family estrangement, I can’t help but see connections to Shakespeare’s “King Lear,” which I teach to my students as a tragedy about dysfunctional families.

    The tragedy features characters who are cast out by their families, and while the work is over 400 years old, it offers uncanny insight into the logic of modern family estrangement.

    Early modern family

    In Shakespeare’s time – the English early modern era, which spanned from the beginning of the 16th century to the start of the 18th century – Protestantism reinforced the idea that people had special obligations to their kin.

    As the English Puritan preacher John Foxe wrote in “The Book of Martyrs,” “Among all the affections of nature, there is none that is so deeply graved in a father’s mind, as the love and tender affection towards his children.”

    In Foxe’s teaching, children were blessings from God who required nurturing, spiritual guidance and material support from their parents. Children, in turn, were obliged to honor and obey their parents who cared for them.

    While this sounds simple enough, the early modern family was no less prone to dysfunction than the modern family.

    Just like today, parent-child relationships were dynamic and evolved across the life span of the parents. As historian Ilana Krausman Ben-Amos argues, the family bond was not sustained by adhering to God’s commands, but through giving and reciprocation that was asymmetrical.

    Parents could invest a lot into their children and get very little in return, and vice versa. Due to shorter life expectancy, many parents did not live to see their children come of age, and if they did, children rarely earned enough to pay their parents back for the cost of raising them. Thus, children might reciprocate in less material forms, such as through offering affection.

    When a parent died, the children might receive some form of inheritance, but this was largely determined by class status, gender and the order of birth.

    Shakespeare’s characters go ‘no contact’

    “King Lear” features two storylines. Each relates to the disintegration of the family.

    In ‘King Lear,’ Edgar cuts his family off after his father, Gloucester, disavows him.
    Heritage Images/Hulton Archive via Getty Images

    The first plot involves Gloucester and his two sons, Edgar and Edmund. Edmund is a bastard, which means when Gloucester dies, his legitimate brother, Edgar, will inherit everything. To get his revenge, Edmund forges a letter in which Edgar reveals plans to murder Gloucester to expedite his inheritance. Once Gloucester sees the letter, he writes Edgar off as a villain. Feeling betrayed, Edgar assumes a new identity as a beggar and goes no-contact with his family.

    In the second plot, King Lear attempts to divide his kingdom among his daughters. Because it is impossible to equally divvy up cities, towns and villages, he invents a contest: Each daughter will give a speech articulating their love for their father. He’ll award the best parts of the kingdom to the daughter who does the finest job stroking his ego.

    Lear expects Cordelia, his favorite, to outshine her sisters. But she refuses to play along and instead calls him out for his vanity. Feeling disrespected, Lear disinherits Cordelia. With no money, she’s forced to marry the first man who will take her and moves to France.

    In these family dramas, the parents are unfair, even vindictive, toward their children. But the conflict is still compelling and relatable to readers today because so many families are characterized by inequality.

    The favorite child, the preferred parent and the inheritance dispute are as timeless to families as birthday parties and funerals.

    Right and wrong get muddied

    Deception inspires Gloucester’s disavowal and disinheritance of Edgar. And, yes, Edmund’s scheme to destroy Edgar and Gloucester’s relationship is diabolical. But at the same time, Gloucester’s decision to throw away his decades-long relationship with his son over a letter – phony or not – seems rash.

    Was Edgar right to flee from his father? Or could something have been done to save the relationship?

    Cordelia is correct that Lear is vain for expecting his daughters to compete for their inheritance. At the same time, complimenting her father seems like a small price to pay for an entire kingdom.

    Is Cordelia acting like a spoiled brat by refusing to honor and obey her father? Or is she doing him a favor by calling out his unbecoming behavior?

    Shakespeare doesn’t offer us any clear answers to these questions; he just asks readers to wade in the complexity of them and experience the unique grief that comes from watching a family fall apart over something that maybe could have been avoided.

    No envy for the estranged

    No one gets a happy ending in “King Lear” – not the children who reject their parents, and most certainly not the parents, who need their children to protect them and care for them in old age.

    Edmund’s grief over his bastard status begets the grief he brings to Gloucester and Edgar. For failing to see the truth of Edgar’s innocence, Gloucester is physically blinded by one of Edmund’s unwitting co-conspirators, a punishment he accepts. When Edgar reunites with Gloucester, his eyes fill with tears as he witnesses his father’s physical suffering. Before Gloucester dies, Edgar asks his father for a blessing.

    Even though Lear cut off contact with Cordelia, she still returns to England once she learns her sisters have thrown Lear out onto the streets with nothing but the clothes on his back. The sisters come off as villains, but one could also see their abandoning Lear as karmic retribution. When Lear reunites with Cordelia, he begs for her forgiveness, suggesting he recognizes his failures, and she begs for his, recognizing her enduring love for him despite his faults.

    Cordelia comforts her father, King Lear, after he’s been betrayed by his other daughters.
    Universal History Archive/Getty Images

    Then and now, family estrangement often leads to loneliness, along with social stigma.

    Parents can be ashamed to say their children no longer speak to them. People who are estranged from their parents speak of the impulse to share milestones with family, but fear eroding the boundaries they’ve worked so hard to maintain.

    Just like in “King Lear,” not having a family also means being economically vulnerable: It remains difficult to get a loan or lease as a young adult without a co-signer.

    The advantages of belonging to a family are so obvious that losing that affiliation, intentionally or not, is tragic. “King Lear” ends with almost all the characters dying, but because this is a play – a fiction, a fantasy – they get to ask for and receive forgiveness before the curtain closes.

    Real life doesn’t usually work like that, nor should it be expected to. If “King Lear” and Kamala Harris’ estrangement from her father make anything clear, it is that no amount of money, power or threat of bad publicity can fully protect a family from dysfunction and disintegration.

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

    – ref. As more Americans go ‘no contact’ with their parents, they live out a dilemma at the heart of Shakespeare’s ‘King Lear’ – https://theconversation.com/as-more-americans-go-no-contact-with-their-parents-they-live-out-a-dilemma-at-the-heart-of-shakespeares-king-lear-239916

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