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  • MIL-OSI Economics: Fannie Mae Forgoes Issuing Benchmark Notes on October 2, 2024 Announcement Date

    Source: Fannie Mae

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    This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae’s applicable Offering Circular, and no reliance may be placed on the completeness or accuracy of the information contained in this press release.

    You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

    Benchmark Notes and Benchmark Securities are registered trademarks of Fannie Mae. Unauthorized use of these trademarks is prohibited.

    MIL OSI Economics –

  • MIL-OSI Economics: Isabel Schnabel: Escaping stagnation: towards a stronger euro area

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a lecture in memory of Walter Eucken

    Freiburg, 2 October 2024

    The euro area economy is stagnating. Over the past two years, real GDP has expanded, on average, by only 0.1% per quarter. Surveys among firms indicate that growth is likely to remain subdued during the second half of this year.

    Weak growth reflects, to a large extent, the exceptional shocks that hit the euro area economy in recent years, most notably the pandemic and Russia’s invasion of Ukraine.[1]

    Another reason is the tightening of monetary policy. From late 2021 to the end of 2023, bank lending rates for house purchases by households increased from 1.3% to 4%, and those for corporate loans from 1.4% to 5.3%. Such levels had not been seen in more than a decade.

    Dampening growth in aggregate demand was needed to restore price stability.

    In 2021, when the euro area economy reopened in the pandemic and the economy’s supply capacity was still severely constrained, real private consumption rose by more than 8% in just two quarters. When we began to raise our key policy rates in July 2022, households and firms started to spend less and save more, thereby bringing supply and demand closer into balance.

    Yet, although the peak impact of monetary tightening is likely to be behind us and real incomes are rising as inflation falls and wages increase, growth remains shallow. Over the past 18 months, the recovery has repeatedly been weaker than anticipated.

    Aggregate growth figures mask, however, significant heterogeneity across euro area economies. Since interest rates started to rise, growth has become increasingly uneven (Slide 2).

    In some Member States, such as Malta, Spain and Portugal, output has expanded measurably. In Malta, for example, annual real GDP growth has averaged 6% since 2022. In Spain and Portugal, real activity has grown by nearly 4% annually.

    In fact, much of the euro area’s dismal growth performance since we started raising our key policy rates can be attributed to a small group of countries, including Germany, Finland and Estonia.

    If one were to plot growth in the euro area excluding Germany, for example, activity in the currency area would have been remarkably resilient in the face of the sharpest monetary policy tightening in decades and a war raging at the EU’s doorstep. Only a few advanced economies, most notably the United States, have expanded at a faster pace during this period (Slide 3).

    Monetary policy unlikely to be the key driver of heterogeneity

    Monetary policy has probably been one factor contributing to heterogeneity in the euro area. An economy such as Germany’s, which is centred around a strong manufacturing base, is likely to be more sensitive to changes in interest rates than more service-oriented economies.

    Three observations suggest, however, that monetary policy is unlikely to be the key driver of heterogeneity.

    First, output in Germany had started to stagnate well before the rise in interest rates. At the end of 2021, real GDP was only 1% above its level four years earlier, against increases of 4.9% for the euro area excluding Germany and even 10% in the United States over the same period.

    In other words, the growth gap was widening already well before we started tightening monetary policy.

    Second, we observe significant heterogeneity even in parts of economic activity that are more sensitive to changes in interest rates. In Germany, industrial production (excluding construction) is 10% lower today than it was before market interest rates started to rise in late 2021 – a considerably larger loss than that seen in most other economies (Slide 4, left-hand side).

    This contrast becomes even starker when one considers the production of capital goods, which tend to be the most interest-rate sensitive.

    Over the past two and a half years, the slowdown in the production of capital goods started earlier and was more pronounced in Germany than in other major euro area economies. Today, capital goods production in Germany is 3% lower than at the end of 2021. By contrast, it remained nearly 17% higher in the Netherlands over the same period (Slide 4, right-hand side).

    Third, German households have, on aggregate, so far benefited from the rise in interest rates.

    Since the end of 2021, their net interest income has increased sharply, as they shifted their savings into time deposits offering higher returns, while interest rates on long-running, fixed-rate mortgages remained low (Slide 5).

    By contrast, the widespread prevalence of flexible-rate mortgages in Spain has led to a notable increase in interest payments that has more than offset the rise in income gained from higher interest rates on savings.

    That is, the transmission of monetary policy through some channels, such as the mortgage channel, is likely to have been weaker, not stronger, in Germany than in other countries.

    Resilient growth in the south of the euro area

    To understand the main drivers behind the heterogeneity, it is necessary to look at both the countries that have grown faster than what might have been expected considering tight policy and those that have been underperforming.

    Let me focus first on the more dynamic regions of the euro area.

    In many cases, trade played an important role. In Spain, for example, net exports contributed, on average, around 0.4 percentage points to growth every quarter over the past two and a half years.

    This is a notable increase from the period preceding the pandemic (Slide 6, left-hand side). The same broad pattern can be observed in Italy and Portugal.

    A strong recovery in tourism after the pandemic has been a key factor supporting the rise in exports in these economies. But trade is not the whole story.

    Labour market developments played an equally important role. Greece is the most remarkable case. Unemployment fell from 13.7% in early 2022 to 9.9% in July this year, a level not seen since the global financial crisis (Slide 6, right-hand side).

    We observe similar improvements in labour markets across the south of the euro area. In Italy, for example, the number of people in employment has expanded by more than one million since 2022, measurably supporting private consumption and confidence.

    Finally, in some countries fiscal policy remained more accommodative than in others. In Italy, the government deficit last year was 7.2%, compared with 2.6% in Germany.

    Funds allocated under the Next Generation EU programme provided further impetus to growth and employment. In 2022 and 2023, 37% of the funds were allocated to the five fastest-growing countries although their share in the euro area’s economy accounted for only 13%.

    All in all, in large parts of the single currency area, the impact of tighter monetary policy was weakened by a combination of looser fiscal policy and a shift in consumption towards services. In addition, some of these economies have gone some way towards becoming more resilient through structural reforms after the sovereign debt crisis, which helps explain their overperformance.

    While some countries will need to adjust government spending to be in line with the new European fiscal rules, the gradual dialling back of monetary policy restraint since June, together with the continued rise in real incomes, is likely to support growth further over the medium term.

    Structural headwinds in export-oriented countries

    The gradual moderation in the degree of monetary policy restriction will also support growth in those parts of the euro area that have stagnated in recent years. Construction activity, for example, has contracted by 12% since 2022 in Finland and by nearly 7% in Germany.

    While rising costs for equipment and raw materials contributed measurably to the drag in construction, the recent decline in mortgage rates is already translating into rising demand for housing.

    A less restrictive policy stance may help reduce risks of negative growth spillovers from the core to the periphery. However, monetary policy is no panacea.

    Germany, in particular, is currently facing strong headwinds that will not be resolved by lower interest rates alone. Its business model is built on export-driven growth, focusing on the high-end segment of traditional manufacturing industries.

    From 2000 to 2015, Germany’s current account turned from a deficit of 1.8% of GDP to a surplus of 8.6% – an unparalleled surge among advanced economies (Slide 7, left-hand side). As a result, net exports accounted for almost one-third of growth over this period.

    But on average since 2016, net exports have no longer been contributing to growth, with Germany losing export market shares at a concerning pace (Slide 7, right-hand side). And with domestic demand not stepping up, the German economy has been growing by just 1% on average per year over this period.

    Of course, this needs to be seen in the context of the series of shocks in recent years. Germany’s growth outcomes were better than feared considering the sheer size of the energy shock. The swift reduction in gas consumption and the rapid switch to alternative energy sources in response to the sudden loss of access to Russian gas have demonstrated the adaptability of the German economy.[2]

    And yet, Germany is facing deep-seated challenges.

    In fact, the perils of relying on exports as a primary source of growth have long been known.

    In the two decades up to the pandemic, euro area exporters – and German firms in particular – benefited from exceptionally strong growth in some key markets, especially in China, where a real estate boom fuelled demand for goods exports from the euro area, particularly for capital goods.[3]

    ECB staff analysis shows that euro area firms would have lost export market shares at a much faster pace if it had not been for such geographical and sectoral effects, which largely offset parallel losses in price competitiveness related to higher energy and labour costs as well as weaker productivity growth (Slide 8, panel a).

    But since the pandemic, competitiveness effects have started to dominate as the special factors boosting euro area exports have slowed, explaining the sizeable drop in export market shares (Slide 8, panel b).[4]

    Export-led growth model may need adjustment

    Part of the weakness in exports is likely to be cyclical, reflecting the lagged effects of global monetary policy tightening and the weakness in China.

    But there is a risk that the pre-pandemic export-oriented growth model will face more permanent headwinds and require adjustment, for three main reasons.

    First, the nature of globalisation is changing. Geoeconomic fragmentation is intensifying, with global trade measures increasing sharply, especially for critical raw materials – the production of which is often concentrated in just a few countries.

    As such, the times when globalisation was boosting trade and growth may be behind us. There is evidence that geopolitics is increasingly hampering trade and that firms progressively seek to diversify their supply of strategic goods by sourcing them from producers in geopolitically aligned countries.[5]

    Given that euro area firms are more deeply integrated into global value chains than many of their competitors, fragmentation could hurt the euro area economy more than others.[6]

    Second, the energy shock was a major driver behind the decline in euro area market shares.

    Unlike past oil price shocks, which affected firms across the globe, Russia’s invasion of Ukraine and the resulting sharp spike in gas prices, was a massive competitiveness shock for the euro area, as the input costs of domestic exporters rose sharply relative to those of their competitors.

    As a result, the exports of energy-intensive sectors decreased strongly, accounting for almost the entire decline in total exports in 2023 (Slide 9, left-hand side).[7]

    ECB staff analysis shows that, at the peak of the European gas crisis, the average impact on euro area export market shares was a decline of 7%, with energy-intensive industries experiencing losses of more than 15% in export market shares (Slide 9, right-hand side).

    Although energy costs have fallen from their peak, they remain almost four times as high as in the United States (Slide 10, left-hand side). Energy will therefore likely remain a drag on euro area price competitiveness.

    Third, competition is changing.

    Two decades ago, Chinese firms specialised mainly in the production of low-value goods, such as clothing, footwear or plastic. Today, China is increasingly building up large production capacities in high-value-added industries, such as the automotive and specialised machinery sectors.

    China moving up in the value chain is not only directly dampening demand for euro area goods – it is also turning China into a fierce competitor in third markets.

    This is particularly visible in Germany and Italy, which over the past two decades have seen a steady increase in the number of sectors in which these economies and China have a revealed comparative advantage – meaning they export more in these sectors than the global average (Slide 10, right-hand side).

    With Chinese and euro area firms increasingly competing in similar export markets, China’s significant gains in price competitiveness vis-à-vis the euro area are weighing on euro area exports.

    Since 2021, China has accounted for the entire appreciation in real effective exchange rate of the euro based on producer prices (Slide 11, left-hand side). While euro area producer prices have increased significantly, Chinese producer prices have remained remarkably stable over the past four years (Slide 11, right-hand side).

    On the one hand, this is the result of generous state subsidies that are significantly higher than in most other advanced and major emerging market economies (Slide 12, left-hand side).[8]

    On the other hand, rising overcapacities are weighing on Chinese export prices.[9] The automotive sector is a case in point. China is making significant upfront investments in production and transport to boost its export capacity.

    Orders for new shipping vessels are projected to raise the number of electric vehicles available for exports by 1.7 million annually by 2026 (Slide 12, right-hand side). To put this in perspective, the total number of electric vehicles sold across the EU in 2023 was 2.5 million.

    Need for a reform agenda putting innovation and entrepreneurship first

    Europe, and Germany in particular, needs to adapt to this new environment. At a time when global economic relationships are becoming more uncertain, Europe needs to regain its competitiveness to protect its standard of living and social values.

    Past efforts to regain competitiveness were not without shortcomings. Policies aimed at reducing wage costs, for example, often came with significant economic hardship and social costs.

    Today, the focus needs to be a different one. Europe should put innovation and entrepreneurship at the heart of its agenda.

    In his recent report, Mario Draghi presents a candid and unsparing diagnosis of the state of the euro area economy and makes many useful proposals.[10]

    Some of those proposals are unlikely to find broad support among political leaders. But it would be wrong to reduce the report to a call for more joint borrowing, which in any case should only be discussed after evaluating the experience with the Recovery and Resilience Facility.

    In fact, many reforms that can foster European competitiveness do not need significant upfront investment, nor do they require changes to the EU Treaty.

    Let me highlight three areas that I consider most promising.

    Creating a European Silicon Valley

    First, Europe needs to facilitate the birth and growth of innovative start-ups.

    Since 2000, productivity per hour worked has increased by just 0.8% per year on average – only half the growth seen in the United States (Slide 13). European firms’ failure to reap the efficiency gains brought about by information and communication technologies is one of the root causes.[11]

    Europe is not short on innovation potential. But its regulatory framework and the lack of deep capital markets make it difficult for young firms to thrive.

    Over the past decade, European start-ups have raised funds equivalent to just 0.3% of GDP from venture capital investments, less than a third of the figure for the United States.[12] Banks do not have the risk-bearing capacity to fill this void, and this would not change even if we managed to revive securitisation in the euro area.

    Today, many promising start-ups shift their operations overseas because of a lack of risk capital. In 2022, 58 founders of “unicorns” in the United States – start-ups that went on to be valued over USD 1 billion – had been born in the euro area.

    If Europe wants to retain such potential, it needs to make private equity investments more attractive, including by removing the “debt bias” in national tax systems.

    Better mobilisation of capital is one way to foster innovation. Strengthening the Single Market, fostering competition and cutting red tape is another.

    The European economy remains segmented along national borders, torn between different rules and legal systems. This makes it difficult for young firms to grow into sufficient size and form innovation clusters, so that new ideas and technologies can spread faster and allow them to compete in an environment where “the winner takes most”.

    The Single Market is Europe’s most effective tool to mobilise economies of scale and to enable the creation of a European Silicon Valley. However, the level of European integration remains disappointingly low – especially in services, which amount to around 67% of the EU’s GDP. Intra-EU trade in services accounts for only about 15% of GDP, compared with close to 50% for goods.

    To a significant extent, this reflects regulatory and administrative barriers to doing business in the euro area that hold back competition and thus innovation.

    Green innovation as an engine of growth

    Second, Europe needs to leverage the green transition.

    Making the European economies more sustainable is not a choice. Weather-related disasters are becoming more frequent and more severe, which requires urgent action to reduce carbon emissions and adapt to the growing impact of climate change.

    Embracing the green transition comes with costs for society. Relative price changes are often most painful for those who can least afford it. But the green transition also offers the potential to unlock economic opportunities, especially for those moving first.

    This is the spirit of the Porter hypothesis – the view that environmental measures can be an important driver of innovation.[13] Although controversial, there is ample evidence in favour of the Porter hypothesis.

    Consider the automotive industry.

    Euro area car producers have lost export market share over the past few years (Slide 14, left-hand side). But these losses were largely confined to the combustion engine segment – in the electric car industry, euro area firms made considerable gains, also by developing hybrid technologies early.

    These gains were made possible by significant investments in research and development. According to the most recent data, automotive companies in the euro area still boasted the world’s largest investments in research and development in 2022, about twice as much as the United States and China.

    The green industry, including low-emission car production, is the only innovative sector where the EU is currently leading in terms of the number of patents (Slide 14, right-hand side).

    Technological leadership also allowed euro area firms to raise their export prices on motor vehicles more than others, benefiting from a relatively price-inelastic demand (Slide 15, left-hand side).[14] As a result, gross value added was typically more resilient than industrial production, as firms moved into higher-margin activities (Slide 15, right-hand side).

    In other words, Europe has invested more than other countries in being a frontrunner in the green transition. Now is not the time to backtrack. Europe needs to continue investing in green technologies and innovations to turn the green transition into an engine of growth.

    The sooner Europe decarbonises its energy consumption, the faster it will reduce its dependency on foreign suppliers and regain price competitiveness, because the marginal cost of renewable energies is practically zero.

    This is all the more important in times of the artificial intelligence revolution, which will significantly increase the demand for energy. At the same time, the adoption of new energy sources, such as hydrogen, may require a transition phase during which not all hydrogen can be generated from renewable energies.

    Managing the green transition requires both private and public investments. To foster this process, a mission-oriented industrial policy may be needed that strategically focuses on achieving the green transition through coordinated efforts and thus reduces uncertainty.[15]

    For example, last year France introduced new criteria for granting subsidies to purchase electric vehicles, which privilege supply chains that are entirely green. As China’s electric vehicle industry relies heavily on coal-generated electricity, these criteria implicitly favour European production.[16]

    Significant private and public investments are also needed to upgrade Europe’s electricity grid and to build new infrastructure, such as pipelines or networks of fuel stations for hydrogen, and these investments need to happen soon if Europe wants to be a leader in new technologies.

    The scale of these investments may require new financing ideas. Their costs, and the uncertainty about future payoffs, are often so large that they may not break even over conventional investment horizons.

    So, in some cases the resulting risks cannot be borne by entrepreneurs alone, making public-private partnerships a viable option to internalise the externalities arising from climate change. In some cases, this could include exploring options of granting state guarantees as a way for governments to incentivise private firms to invest in green infrastructure and technologies.

    Higher labour participation and immigration are indispensable to address labour scarcity

    Third, Europe needs to address labour scarcity.

    Longer life expectancy and declining fertility will lead to a sharp drop in the euro area’s working-age population and a significant increase in the old-age dependency ratio. These developments are most concerning in Italy, where the share in the total population of those aged between 15 and 64 is projected to fall from about 63% today to 55% by 2050 (Slide 16, left-hand side).

    Over the past ten years, these strains have partly been cushioned by immigration. But as the baby boomer generation is retiring and migration is expected to moderate, the drag on growth coming from an ageing population is likely to be significant.

    New research suggests that, over the next two decades, demographic change may lower annual per capita output growth by more than one percentage point in Italy and by 0.8 percentage points in Germany.[17]

    This comes at a time when a considerable share of firms across the euro area are already reporting acute shortages of labour limiting their business (Slide 16, right-hand side). Despite declining somewhat recently, this share has never been higher than in recent years.

    Labour scarcity cuts across society. In many countries, thousands of teacher vacancies are not filled, especially for STEM subjects. There are chronic staff shortages in hospitals and nursing homes.

    And all countries are facing a lack of skilled workers in specialised industries. These shortages are likely to dramatically increase as demographic change proceeds and cannot be offset by rising productivity alone.

    Europe should therefore do four things to address labour scarcity.

    First, it should further increase labour force participation. Significant progress has been made in recent decades, especially by bringing more women and older workers into the labour force. But participation rates remain below those in some other advanced economies.

    Second, resources need to be allocated more efficiently. The public sector has played an important role in explaining total employment growth over the past few years.[18] The health crisis in particular has made some of these developments necessary. But the larger the public sector becomes, the less human capital is available for private firms to expand their productive businesses.

    Third, Europe needs to strengthen education. In many euro area countries, a significant share of adults – in some cases more than a third – have not completed upper secondary school. Supporting education will not only unlock the benefits of new technologies. It will also work against demographic headwinds, as higher levels of education tend to lead to higher labour market participation.[19]

    Last, Europe needs to attract foreign workers. Solutions are needed for how to make immigration socially acceptable and how to promote the flow of workers across the single currency area.

    Conclusion

    Let me conclude.

    In recent years, growth in the euro area has become increasingly uneven. While monetary policy may have contributed to rising heterogeneity, it is not the main driver. Rather, structural headwinds are holding back growth in some countries more than in others.

    We cannot ignore the headwinds to growth. With signs of softening labour demand and further progress in disinflation, a sustainable fall of inflation back to our 2% target in a timely manner is becoming more likely, despite still elevated services inflation and strong wage growth.

    At the same time, monetary policy cannot resolve structural issues.

    European governments have a historic responsibility to turn the current challenges into opportunities. Europe has demonstrated in the past that it can adjust and rebound when faced with adversity.

    Escaping stagnation requires forceful action at both national and European level. It requires putting innovation and entrepreneurship first by promoting competition and business dynamism.

    This means strengthening the Single Market, improving access to private equity capital and reducing burdensome bureaucracy. It means leveraging the green transition to advance innovation and regain price competitiveness. And it means putting in place policies that incentivise labour participation and preserve a skilled workforce through immigration and education.

    In all these ways, we can make the euro area stronger.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI USA: RELEASE: CONGRESSIONAL HOSTAGE TASK FORCE CO-CHAIRS HILL AND STEVENS LEAD LETTER TO STATE DEPARTMENT TO DISINCENTIVIZE HOSTAGE TAKING

    Source: United States House of Representatives – Congressman French Hill (AR-02)

    WASHINGTON, D.C. – Rep. French Hill (R-AR) and Rep. Haley Stevens (D-MI), Co-Chairs of the Hostage Task Force in the House, led a letter together to Secretary of State Antony Blinken urging the State Department to develop additional tools to disincentivize wrongful detention, hostage taking, and discourage Americans from traveling to hostile nations.

    In their letter, Rep. Hill and Rep. Stevens summarize four policy suggestions, which include forming joint penalties with allies against states that take hostages, developing a formal determination and designation of hostage-taking nations, using existing authority to restrict travel by U.S. citizens to nations that routinely take Americans, and strongly encouraging travelers to countries with a Level 4 Travel Warning to register with their local embassy and work with TSA to develop informational materials at airports.

    To read the lawmakers’ full letter, please visit HERE:

    Dear Secretary Blinken, We write to commend your work in helping to accomplish the largest prisoner exchange with Russia since the Cold War and bringing home Evan Gershkovich, Paul Whelan, and fourteen other Americans, Russians and Europeans imprisoned in Russia to their families. This deal underscores that too many of our fellow Americans are increasingly being wrongfully detained and held hostage by hostile governments and terror groups which treat our citizens as disposable geopolitical bargaining chips.

    We recognize and applaud the important and difficult advances made across the Obama, Trump, and Biden administrations through the issuance of PPD-30 in 2015 and the passage of the Robert Levinson Hostage Recover and Hostage-Taking Accountability Act in 2020. The success of a multinational approach with Russia in this particular instance should be formalized more broadly to disincentivize wrongful detention and hostage taking. We were pleased to see the initial progress made with the signing of the 2021 Declaration Against Arbitrary Detention in State-toState Relations to disincentivize wrongful detention and hostage taking. Sharing of data and best practices amongst like-minded nations is an important first step.

    Even so, the United States Government must do more. The taking of Americans as hostages continues despite significant action taken by the last three administrations to prevent this. In addition, we fear an increasing number of Americans will be taken abroad in future years unless the State Department develops additional tools to disincentivize these practices and more effectively discourages Americans from placing themselves in harms way in the first place.

    We must build on our progress to disincentivize wrongful detention and hostage taking. As such, we urge you to:

    1. Promote and coordinate ways to impose joint penalties with our allies and partners against states and individuals involved in hostage taking and wrongful detention, with the goal of concluding a declaration to urge multilateral sanctions against those credibly shown to have wrongfully detained a person.

    2. Develop a formal rubric to determine and designate states as Hostage-Taking Nations. The United States should impose countermeasures against those states’ officials and diplomats (and their immediate family members), including restricting the travel radius for any officials visiting the United States on diplomatic visas. These restrictions could be tightened or loosened as Americans are either wrongfully detained or released from the custody of such nations, creating a carrot along with a stick.

    3. Utilize the Secretary of State’s existing authority to restrict travel of U.S. citizens in the event of severe risks to their health and safety, recognizing that the existing waiver process provides for flexibility in this process. We are concerned by the growing number of Americans who require the assistance of the U.S. government to be evacuated or released from detention in countries already on the State Department’s Level 4 Travel Warning list. Unfortunately, many U.S. travelers either ignore these warnings or perhaps do not see them in the first place. We applaud the Department’s continued use of this authority since 2018 to restrict U.S. travel to the Democratic People’s Republic of Korea after the horrific detention and abuse of Otto Warmbier which resulted in his death. Such an added burden to travel would help discourage our citizens from taking unnecessary risks traveling to other known dangerous countries.

    4. Strongly discourage American travelers whose final destination is a country with a Level 4 Travel Warning from traveling during their flight booking process and strongly encourage such travelers to register with the local embassy. Specifically, the State Department should consider partnering with the Transportation Security Administration to develop a system that could include elements such as posters in airports or informational briefings and acknowledgements of risks. The Department should also collect, analyze, and learn from U.S. visa data to better develop strategies to discourage Americans from traveling to the countries we warn them against visiting. This data should inform us whether our efforts to prevent such travel are succeeding or failing.

    We cannot only be reactive to the growing plight of Americans taken abroad – the United States must take strong and decisive action now to prevent this stream of wrongful detentions and hostage-takings from turning into a flood. We stand ready to work with you to implement any of these initiatives.

    We request a briefing on the Department’s plans to address these recommendations by 45 days from October 2, 2024.

    MIL OSI USA News –

  • MIL-OSI: BigCommerce Appoints Travis Hess as CEO

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Oct. 02, 2024 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), an open SaaS, composable ecommerce platform for fast-growing and established B2C and B2B brands and retailers, today announced the appointment of Travis Hess as CEO. Brent Bellm will no longer serve as CEO of the Company or as Chairman of the Board. The Board elected Hess as a director of the Company, to fill the vacancy created by Bellm’s departure. Current board member Ellen Siminoff will assume the role of Executive Chair of the Board, effective immediately.

    Hess has a proven track record of helping businesses drive top-line growth and profitability. He joined BigCommerce as President in May 2024 and previously held senior leadership roles at leading global commerce agencies and consultancies such as Accenture where he led the firm’s direct-to-consumer commerce offering and go-to-market strategy. While at Accenture, Travis also managed Accenture’s Shopify partnership globally. He has served on partner advisory boards for Shopify, Klaviyo, SAP/Hybris, and Rackspace and was recognized as one the 30 Most Influential in Ecommerce by Signifyd in 2022.

    Prior to his time at Accenture, Hess was the executive vice president at The Stable, a leading omnichannel commerce agency that was acquired by Accenture, as well as the chief commercial officer and then chief executive officer of BVA, one of the most recognized global DTC and Shopify agencies, which was acquired by The Stable in December 2021.

    Travis is now responsible for leading BigCommerce’s global operations and for the overall success and growth of the business.

    “It’s been an amazing journey at the helm of BigCommerce, and I’m incredibly proud of everything that we have accomplished as a company over the past nine plus years,” said Brent Bellm. “There is a tremendous opportunity ahead for BigCommerce, and Travis is the perfect leader to take the company through its next phase of growth. I look forward to helping the team as we make this transition.”

    “Brent has been a critical part of BigCommerce’s success and we are forever grateful for his leadership and all that he has done to push the company to where it is today,” said Ellen Siminoff. “The market has evolved tremendously over the past decade, and under Travis’ leadership, we are perfectly positioned to stay a step ahead of the competition and continuously drive value for our vast and growing customer base.”

    “Brent and the entire BigCommerce team have done an incredible job building the business for nearly a decade, and I am honored to take on this new role at one of the most exciting companies in ecommerce today,” said Travis Hess. “At BigCommerce, we have an incredible base of customers, employees and partners coupled with a robust and differentiating suite of capabilities. The opportunity ahead of us is huge and nothing short of exciting. I look forward to working side-by-side with our team to help our customers get the most out of our offerings, and bring our business through its next phase of growth.”

    As part of today’s release, BigCommerce reaffirms its financial guidance for the third quarter of fiscal 2024 as previously provided on August 1, 2024.

    About BigCommerce

    BigCommerce (Nasdaq: BIGC) is a leading open SaaS and composable ecommerce platform that empowers brands and retailers of all sizes to build, innovate and grow their businesses online. BigCommerce provides its customers sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries rely on BigCommerce, including Burrow, Coldwater Creek, Francesca’s, Harvey Nichols, King Arthur Baking Co., MKM Building Supplies, United Aqua Group and Uplift Desk. For more information, please visit http://www.bigcommerce.com or follow us on X and LinkedIn.

    Forward-Looking Statements

    This press release contains “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. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,”“potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2023 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

    Media Relations Contact
    BigCommerceICRPR@icrinc.com  

    The MIL Network –

  • MIL-OSI: Range Announces Conference Call to Discuss Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Oct. 02, 2024 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its third quarter 2024 financial results news release will be issued Tuesday, October 22 after the close of trading on the New York Stock Exchange.

    A conference call to review the financial results is scheduled on Wednesday, October 23 at 9:00 a.m. ET (8:00 a.m. CT). A webcast of the call may be accessed at http://www.rangeresources.com. The webcast will be archived for replay on the Company’s website until November 22, 2024.

    RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at http://www.rangeresources.com.

    SOURCE: Range Resources Corporation

    Range Investor Contacts:

    Laith Sando, Vice President – Investor Relations
    817-869-4267
    lsando@rangeresources.com

    The MIL Network –

  • MIL-OSI: Enhanced Community Development Awarded $65 Million in New Markets Tax Credits

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX), a leading private markets solutions provider, today announced Enhanced Community Development, a part of P10 subsidiary Enhanced Capital Group LLC, was awarded a $65 million allocation from the New Markets Tax Credits (NMTC) program administered by the U.S. Treasury Department’s Community Development Financial Institutions Fund. Under the program, the U.S. Treasury Department allocated a total of $5 billion to 104 Community Development Entities for the 2023 round.

    “Enhanced Community Development is continuing to meet the needs of underserved communities around the country,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Enhanced Capital’s team brings a mission-driven focus to their investments, providing financing solutions that generate positive social outcomes in the lower-middle market. This federal NMTC allocation further strengthens their ability to create opportunities that have a lasting impact.”

    Enhanced Community Development has deployed $750 million in federal and state NMTC investments across the United States, supporting over 130 projects and fostering economic activity in low-income communities. Previous NMTC-funded projects include manufacturing companies, healthcare facilities, educational institutions, and community centers that serve the needs of economically disadvantaged populations.

    “We are incredibly honored to receive this $65 million allocation, which enables us to significantly increase the impact on the communities that need it most,” said Richard Montgomery, Managing Partner at Enhanced Capital. “The New Markets Tax Credit program is a powerful tool for creating meaningful change in areas often overlooked by many investors and traditional sources of capital.”

    The NMTC program, created by Congress in 2000, is designed to drive economic revitalization in underserved communities by attracting private capital investment through federal tax credit incentives. The program has facilitated the deployment of more than $63 billion in low-income communities across the U.S., resulting in the creation or retention of over 894,000 jobs and the construction or rehabilitation of nearly 260 million square feet of commercial real estate.1

    For more information on Enhanced Community Development and its work in revitalizing underserved communities, please visit http://www.enhancedcapital.com.

    About P10
    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of June 30, 2024, P10 has a global investor base of more than 3,700 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit http://www.p10alts.com.

    About Enhanced Community Development:
    Enhanced Community Development (ECD), a subsidiary of Enhanced Capital, is a federally designated Community Development Entity focused on the financing needs of businesses and developments located in or serving low-income communities. ECD proudly participates in the federal New Markets Tax Credit (NMTC) Program and a variety of state NMTC Programs. ECD is an Equal Opportunity Provider. Since 2006, ECD has deployed $750 million in federal and state NMTC allocation to job-creating businesses and organizations in economically distressed communities.

    About Enhanced Capital:
    Enhanced Capital Group, LLC is a leading impact investment firm with over 24 years of experience investing in Climate Finance, Impact Real Estate, and Small Business Lending. From inception in 1999 through June 30th, 2024, inclusive of proprietary assets and assets managed by affiliates, Enhanced Capital has raised a total of $6.0 billion. Of the total assets under management, impact assets represent $3.8 billion invested in over 950 projects and businesses throughout 40 states, Washington DC, and Puerto Rico and does not include investments made by non-impact affiliates.

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

    Forward-Looking Statements
    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2024, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

    Ownership Limitations
    P10’s Certificate of Incorporation contains certain provisions for the protection of tax benefits relating to P10’s net operating losses. Such provisions generally void transfers of shares that would result in the creation of a new 4.99% shareholder or result in an existing 4.99% shareholder acquiring additional shares of P10, and it expires at the third anniversary of the IPO, October 2024.

    Disclaimer:
    Enhanced Capital Group, LLC, and its affiliates, is an Equal Opportunity Provider. The information presented is for discussion purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product, or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Taylor Donahue
    pro-p10@prosek.com

    1 “The U.S. Department of the Treasury Announces $5 Billion in New Markets Tax Credits,” Department of the Treasury, September 19, 2024. https://www.cdfifund.gov/news/603

    The MIL Network –

  • MIL-OSI: Silynxcom Announces Results for First Half of 2024; Significant Revenue Growth and Improvement in Gross Margin

    Source: GlobeNewswire (MIL-OSI)

    NETANYA, Israel, Oct. 02, 2024 (GLOBE NEWSWIRE) — Silynxcom Ltd. (NYSE American: SYNX) (“Silynxcom” or the “Company”), a manufacturer and developer of ruggedized tactical communication headset devices as well as other communication accessories, reported its consolidated financial results as of and for the six months ended June 30, 2024.

    Key Financial Highlights for the First Half of 2024:

    • Revenues – for the six months ended June 30, 2024 were $5,356 thousand, an increase of 73% from the equivalent period in 2023.
    • Gross profit – for the six months ended June 30, 2024 was $2,650 thousand, an increase of 121% from the equivalent period in 2023.
    • Gross margin for the six months ended June 30, 2024 was 49.47%, compared to 38.59% in the equivalent period in 2023.
    • Cash and Cash Equivalents – On January 17, 2024, Silynxcom successfully completed its initial public offering (the “IPO”), raising $5 million in gross proceeds by issuing 1.25 million ordinary shares, adding to a cash and cash equivalents and marketable securities balance of $3,659 thousand as of June 30, 2024, up from $568 thousand as of December 31, 2023, demonstrating strong liquidity to support ongoing investments and operations.
    • Operating profit – Operating profit was $267 thousand for the six months ended June 30, 2024, compared to an operating loss of $2,328 thousand for the equivalent period in 2023, reflecting a decrease in share-based compensation expenses. Non-IFRS operating profit amounted to $695 thousand for the six months ended June 30, 2024, representing an increase of more than 46% compared to $476 thousand for the equivalent period in 2023. A reconciliation between operating profit (loss) and non-IFRS operating profit (loss) is provided in Appendix A of this press release.
    • Net loss – Net loss was $696 thousand for the six months ended June 30, 2024, including $879 thousand in listing expenses, compared to a net loss of $2,326 thousand for the equivalent period in 2023. Non-IFRS net income for the six months ended June 30, 2024 totaled $611 thousand, representing an increase of more than 27% compared to $478 thousand for the equivalent period in 2023. A reconciliation between net income (loss) and non-IFRS net income is provided in Appendix A of this press release.

    “The first half of 2024 was a period of business expansion, growth and strategic investment for Silynxcom, as highlighted by our public listing on the NYSE American following a successful IPO in January 2024,” said Nir Klein, Chief Executive Officer of Silynxcom. “Our revenue increased during the first half of 2024 and we became cashflow positive, which we believe underscores our successful market expansion and enhanced financial stability.”

    “In 2023, we laid the foundation for new and advanced products and increased compatibility for leading systems in our target markets. In addition, we forged new relationships with key players in the global defense and law enforcement sectors, which have already led to purchase orders in 2024,” added Mr. Klein.

    Recent Corporate Highlights:

    • In April 2024, the Company announced the strengthening of its collaboration with 3M PELTOR to deliver next generation headset solutions.
    • The Company expanded sales in the Asia Pacific region.
    • Since October 2023, the Company has secured orders amounting to $4.85 million from the Israel Defense Forces and Israeli police forces.
    • In February 2024, the Company announced a third order from a leading global defense firm, bringing its total orders from this client to over $4.5 million.
    • The Company received its first order for the newly designed in-ear headset with an encrypted security system intended for use by law enforcement.
    • In March 2024, the Company launched a new system for law enforcement, compatible with commonly used terrestrial trunked radio and P25 systems.

    Use of Non-IFRS Financial Results

    In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, this press release contains certain financial measures that are not prepared under IFRS.  These measures may be different from non-IFRS financial measures used by other companies. The Company defines non-IFRS operating profit (loss) as operating profit (loss) excluding the effect of share-based compensation expenses. The Company defines non-IFRS net income as net income (loss) excluding the effect of share-based compensation expenses and listing expenses. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations because it provides management and investors with measurements of the Company’s operations and profitability excluding the impact of share-based compensation, an item that the Company does not consider to be indicative of its core operating performance, and listing expenses that are non-recurring and expensed in connection with the Company’s IPO. Management also uses both IFRS and non-IFRS information in evaluating and operating business internally and as such deemed it important to provide all this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation or as a substitute for, or superior to, financial measures calculated in accordance with IFRS and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Reconciliations between IFRS measures and non-IFRS measures are provided in Appendix A to this press release.

    About Silynxcom Ltd.

    For over a decade, the Company been developing, manufacturing, marketing, and selling ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat-proven. The Company’s in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations and weapons training courses. The In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or by police officers. The Company’s In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. The sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving their customers 360° situational awareness. The Company works closely with its customers and seek to improve the functionality and quality of the Company’s products based on actual feedback from soldiers and police officers “in the field.” The Company’s headset devices are compatible and easily integrate with various communication equipment devices currently being used by tens of thousands of military and law enforcement personnel in leading military and law enforcement units around the globe. The Company sells its In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units around the world. The Company also deals with specialized networks of local distributors in each locale in which it operates and has developed key strategic partnerships with radio equipment manufacturers.

    Forward Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. For example, the Company uses forward-looking statements when it discusses its belief that its revenue increase and cashflow positive status underscores the Company’s successful market expansion and enhanced financial stability. Forward-looking statements are based on Silynxcom’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report for the year ended December 31, 2023, filed with the SEC on April 30, 2024. Forward-looking statements contained in this announcement are made as of the date of this press release and Silynxcom undertakes no duty to update such information except as required under applicable law.

    Investor Relations Contact:
    Silynxcom Ltd.
    ir@silynxcom.com

     
    Silynxcom Ltd.

    Consolidated Statements of Financial Position
    U.S dollars in thousands
     
            June 30, December 31,  
            2024     2023  
    Current assets                    
    Cash and cash equivalents         668       568  
    Marketable securities         2,991       –  
    Deposits with banking corporations         39       29  
    Trade receivables, net         2,060       2,452  
    Other current assets         347       430  
    Inventory         2,577       2,482  
              8,682       5,961  
                         
    Non-current assets                    
    Property, plant & equipment, net         114       94  
    Long-term deposits         66       16  
    Right of use assets         64       95  
              244       205  
                         
    Total assets         8,926       6,166  
                     
    Current liabilities                
    Current maturities of loans from banking corporations         60       73  
    Lease liabilities – current         49       60  
    Loans from related parties         11       43  
    Trade payable         947       1,315  
    Warrants at fair value         –       165  
    SAFE         –       409  
    Other accounts payables         1,053       1,791  
              2,120       3,856  
                         
    Non-current liabilities                    
    Loans from banking corporations         –       26  
    Commitment to issue shares         148       –  
    Lease liabilities         13       33  
    Liabilities for employee benefits, net         29       30  
              190       89  
                         
    Shareholders’ equity                    
    Share capital         –       52  
    Premium and other capital reserves         26,043       20,900  
    Capital reserve for transactions with controlling shareholders         1,542       1,542  
    Accumulated loss         (20,969 )     (20,273 )
              6,616       2,221  
                         
    Total liabilities and shareholders’ equity         8,926       6,166  
                         
     
    Silynxcom Ltd.

    Consolidated Statements of Comprehensive Loss
    U.S dollars in thousands
     
          For the six month period
    ended June 30    		  
          2024     2023  
                   
    Revenue     5,356     3,096  
                   
    Cost of revenue     2,706     1,901  
                   
    Gross profit     2,650     1,195  
                   
    Research and development expenses     259     569  
                   
    Selling and marketing expenses     699     1,989  
                   
    General and administrative expenses     1,425     965  
                   
    Operating profit (loss)     267     (2,328 ) 
                   
    Listing expenses     879     –  
                   
    Finance expenses     232     35  
                   
    Finance income     148     37  
                   
    Income (loss) before income tax     (696 )    (2,326 ) 
                   
    Income tax expenses     –     –  
                   
    Net income (loss)     (696 )    (2,326 )
                   
     
    Silynxcom Ltd.

    Consolidated Statements of Cash Flows
    U.S dollars in thousands
     
            For the six month
    period ended
    June 30    		  
            2024     2023  
    Cash flows from operating activities                    
    Net income (loss)         (696 )      (2,326 )
                         
    Adjustments Required to Present Cash Flows from Operating Activities                    
                         
    Income and expenses not involving cash flows                    
                         
    Depreciation and amortization         54       67  
    Increase (decrease) in liability for employee benefits, net         (1 )     (1 ) 
    Revaluation of derivatives measured at fair value through profit and loss         –       (31 ) 
    Other finance expenses                 11  
    20
    Share-based compensation         428       2,804  
              501       2,850  
    Changes in asset and liability line items:                    
                         
    Decrease (increase) in trade receivable         392       1,993  
    Decrease (increase) in other current assets         114       (227 ) 
    Decrease (increase) in inventory         (95 )     (231 )
    Increase (decrease) in trade payables         (368 )     (1,021 ) 
    Increase (decrease) in other accounts payables         (488 )     (635 ) 
              (445 )     (121 ) 
                         
    Net cash provided by (used in) operating activities         (640 )      403  
                         
    Cash flows from investing activities                    
    Increase in long-term bank deposit         (10 )     (11 )
    Increase in long-term deposit others         (50 )     –  
    Purchase of marketable securities, net         (2,961 )     –  
    Purchase of property, plant and equipment         (42 )     (4 )
                         
    Net cash used in investing activities         (3,063 )     (15 )
                         
    Cash flows from financing activities                    
    Repayment of loans from related parties         (32 )      (17 ) 
    Repayment of warrants         (165 )      –  
    Repayment of loans from banking corporations         (39 )      (40 ) 
    Repayment to former share holders         (250 )      –  
    Issuance of Ordinary Shares in the IPO, net         4,324       –  
    Repayment of lease liabilities         (33 )      (44 ) 
                         
    Net cash provided by (used in) financing activities         3,805       (101 ) 
    Exchange rate differentials for cash and cash equivalent balances         (2 )      (5 ) 
                         
    Increase (decrease) in cash and cash equivalents         100       282  
                         
    Balance of cash and cash equivalents at beginning of year         568       69  
                         
    Balance of cash and cash equivalents as at end of year         668       351  
                         
     
    Appendix A

    RECONCILIATION OF IFRS TO NON-IFRS MEASURES
    (Unaudited) U.S. dollars in thousands
     
              For the six month
    period ended June 30
    		    
              2024     2023    
                         
    IFRS Operating profit (loss)           267       (2,328 )   
                             
    Share-based compensation in Selling and marketing expenses           142       1,623    
                             
    Share-based compensation in General and administrative expenses           138       546    
                             
    Share-based compensation in Research and development expenses           84       355    
                             
    Share-based compensation in Cost of revenue           64       280    
                             
    Non-IFRS Operating profit           695       476    
                             
                             
                             
    IFRS Net income (loss)           (696 )      (2,326 )   
                             
    Listing expenses           879       –    
                             
    Share-based compensation expenses           428       2,804    
                             
    Non-IFRS Net income           611       478    

    The MIL Network –

  • MIL-OSI Translation: Alexis Nakota Sioux Nation School Officially Opens

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – MIL OSI Regional News in French

    will celebrate the official opening of a new school located on the territory of Alexis Nakota.

    Alexis Nakota Sioux Nation, Treaty 6 Territory, Alberta — Please be advised that Chief Tony Alexis and the Alexis Nakota Sioux Nation Council, along with Patty Hajdu, Minister of Indigenous Services, will celebrate the official opening of a new school on Alexis Nakota territory. Transformative for Alexis Nakota, this school provides traditional and contemporary education to students in grades five to twelve.

    Date: Wednesday, January 17, 2024Time: 10:15 a.m. (MT)

    Place : Chief Aranazhi SchoolAlexis Nakota Sioux Nation

    Reem SheetPress SecretaryOffice of the Honourable Patty HajduMinister of Indigenous Services and Minister responsible for FedNorReem.Sheet@sac-isc.gc.ca

    Shauna MacDonaldBrookline Public Relations, on behalf of the Alexis Nakota Sioux Nation403-585-4570smacdonald@brooklinepr.com

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

    MIL Translation OSI

  • MIL-Evening Report: Joker: Folie à Deux as ‘ruin porn’ – how the new sequel plays with duplication and disintegration

    Source: The Conversation (Au and NZ) – By Anna-Sophie Jürgens, Senior Lecturer in Science Communication (Pop Culture Studies), Australian National University

    Warner

    Like two-headed playing cards, Joker stories are about dual identity, doubles and duplicity.

    Throughout DC comics and films, the Joker turns others into facsimiles of himself, grinning widely. He shares his state of mind through infectious laughter and mass “clownification”, creating copies as he goes.

    Film sequel Joker: Folie à Deux, directed by Todd Phillips and released in cinemas today, participates in this rich tradition. It also challenges it by introducing a Joker haunted by his own lost futures – the glam clown, homicidal entertainer and irresistible lover he could have become.

    What can we learn from the Joker character about our cultural fascination with duplication and disintegration?

    Madness by imitation

    Doubling, split consciousness and double meanings have been ingredients in Joker stories since the character’s creation in the 1940s.

    He offers different origin stories himself in the 2008 movie blockbuster The Dark Knight (with Heath Ledger as the Joker). He is presented as many in the recent comic series Three Jokers. The Joker shuffles his own “selves like a croupier deals cards” in the 2007 Batman comic The Clown at Midnight.

    Within the DC clowniverse, the Joker turns others into Joker copies and clowns, usually through the use of biological or chemical weapons or poisons, virology, hypnotism or sheer charisma. Joker copies include Joker fans and followers in clown costumes and masks, as in the 2019 film starring Joaquin Phoenix. In comics he is described as having an influence that

    […] affects people, on an almost subconscious, primal level. For most people – regular people – he inspires fear. For the less stable people – he simply inspires.

    For more than 80 years, his laughter has spread like a virus and caused mass-clownification countless times.

    ‘The whole world smiles with you.’ The new Joker sequel plays with dual identity and shadow selves.

    Multiplying his potency

    Joker stories tend to revolve around three scenarios of imitation, doubling and multiplication: several people acting as one (that is, the Joker), one person acting as many (as in Batman: R.I.P. when Batman tries to understand the Joker by experiencing his state of mind like a second consciousness), and a number of personalities nestled within the Joker wreaking havoc. All of these scenarios are powerful reminders clown laughter and humour need not be funny.

    The Joker character was inspired by famous films from the 1920s and ’30s, including Robert Wiene’s The Cabinet of Dr Caligari (1920), F.W. Murnau’s Nosferatu (1922), Fritz Lang’s Metropolis (1926), Roland West’s The Bat (1926) and Paul Leni’s The Man Who Laughs (1928). Many of these works feature hapless or unhappy (comic) performers, who all struggle with identity.

    The cultural mould to which the Joker belongs is linked with the more than century-old fascination with doppelgangers, male nervousness, violent and involuntary laughter and the loss of agency and sense of the self.

    The Joker has long played with ideas of duality.
    IMDB/Warner

    Haunting through absence

    The new sequel, Joker: Folie à Deux, draws on all these very Joker traditions. Arthur Fleck and his Joker (Phoenix again) struggles with his split identities.

    Set two years after the events of the previous film, Fleck is a patient at Arkham State Hospital, where he meets the dual character Lee Quinzel/Harley Quinn (played by Lady Gaga). She wants him to lean into his Joker self.

    Although she is neither the clown nor a scientist as she’s portrayed in other stories, she also wants to be a Joker version. Arthur himself wants to be the Joker, but for reasons both external and internal he ends up not really becoming the Joker we recognise from the first film.

    The sequel is ultimately a trick played on the audience. “There is no Joker,” Arthur confirms at the end, just Arthur. Folie à Deux is about a broken dream’s loveliness.

    The Joker is a collective dream that fails to come true. He appears in the form of fantasies. He is the past, but at the same time present and absent. This is how the concept of hauntology has been defined – a split between realities. The film glamorises and exploits disillusion as we watch the Joker and his future possibilities disintegrate.

    In this way, Joker: Folie à Deux is a clown version of ruin porn, inviting us to enjoy the “decay” of a character. It gives us glimpses of a post-double version of the Joker, a non-Joker, left in pieces.

    Joker: Folie à Deux is in cinemas now.

    Anna-Sophie Jürgens does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Joker: Folie à Deux as ‘ruin porn’ – how the new sequel plays with duplication and disintegration – https://theconversation.com/joker-folie-a-deux-as-ruin-porn-how-the-new-sequel-plays-with-duplication-and-disintegration-240311

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA News: Remarks by Vice President Harris at the Augusta Emergency Operations Center | Augusta,  GA

    Source: The White House

    Augusta Utilities
    Augusta, Georgia

    3:13 P.M. EDT

    THE VICE PRESIDENT:  Thank you, Mayor. 

    And I am here in Augusta to — to thank all of the folks who are here on the ground doing this extraordinary work.  And, you know, I’ve been reading and hearing about the work you’ve been doing over the last few days.  And I think it really does represent some of the best of what we each know can be done, especially when we coordinate around local, state, and federal resources to meet the — the needs of people who must be seen and must be heard. 

    These are very difficult times.  And in a moment of crisis, I think that really does bring out the best of who we are, and you each epitomize that important and good work.

    So, I’m here to thank you and to listen.

    And — and, Senator, I want to thank you for the work that you’ve been doing on behalf of the state, because I know you’ve been talking to me and the president and many others about making sure that the federal resources get to this beautiful state.

     So, thank you all.

     And, Mayor, I am now listening. 

                                     END               3:14 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI USA: MATSUI STATEMENT ON IRANIAN MISSILE ATTACK AGAINST ISRAEL

    Source: United States House of Representatives – Congresswoman Doris Matsui (D-CA)

    SACRAMENTO, CA – Today, Congresswoman Doris Matsui (CA-07) issued the following statement on today’s Iranian missile attack against Israel.   

    “I condemn Iran’s ballistic missile attack and continue to stand with the Israeli people,” said Congresswoman Matsui. “My priority continues to be finding a path towards lasting peace in the region. Despite the sharp escalation in violence over recent days, we must continue to push for a diplomatic solution. While Iran must be held accountable for their actions, we must also do all we can to avoid a wider regional war and more senseless loss of life.”

    # # #

    MIL OSI USA News –

  • MIL-OSI New Zealand: Second notice of an application for a mātaitai reserve around the Ruapuke Island Group, Foveaux Strait, Southland

    Source: Ministry for Primary Industries

    Your views sought

    Topi Whānau, Whaitiri Whānau, and Te Rūnaka o Awarua have applied for a mātaitai reserve around the Ruapuke Island Group, Foveaux Strait. This application is made on behalf of landowners of the Ruapuke Island Group.

    Fisheries New Zealand invites submissions from people who take fish, aquatic life, or seaweed or own quota, and whose ability to take fish, aquatic life, or seaweed or whose ownership interest in quota may be affected by the proposed mātaitai reserve.

    Topi Whānau, Whaitiri Whānau, Te Rūnaka o Awarua and Fisheries New Zealand have previously consulted with the local community on the application. The application proposes a number of conditions to allow specified commercial fishing activities to continue.

    Find out more about the first consultation with the local community (closed 19 August 2024)

    What’s being proposed?

    The approximate area of the proposed mātaitai reserve includes the South Island fisheries waters around the Ruapuke Island Group, Katiapā (Seal Rocks), Papatea / Kauati-a-Tamatea (Green Island), Hinewaikārara (the Hazelburgh Group), Motuharo / Motuhara (Bird Island), Pōhutuwai (White Island), and includes the nearby named and unnamed rocks and islets. 

    Consultation documents

    Map of the proposed Ruapuke mātaitai reserve [PDF, 572 KB]

    Application for Ruapuke mātaitai reserve [PDF, 253 KB]

    Making your submission

    Submissions close at 5pm on Monday 18 November 2024.

    Email your submission to FMSubmissions@mpi.govt.nz

    While we prefer email, you can post your submission to:

    Fisheries Management – Spatial Allocations
    Fisheries New Zealand
    PO Box 2526
    Wellington 6140.

    Public notices about this consultation

    Public notices about the call for submissions are scheduled to appear in the Otago Daily Times, the Southland Times and the Southland Express on Thursday 3 October 2024.

    About mātaitai reserves

    A mātaitai reserve is an identified traditional fishing ground which tangata whenua have a special relationship with. Mātaitai reserves are limited to fisheries waters and do not include any land area. Mātaitai reserves do not change any existing arrangements for access to private land.

    Mātaitai reserves also do not affect private landowners’ land titles, or their ability to exercise resource consents for such things as taking water or extracting gravel or sand. Resource consents are managed under the Resource Management Act 1991.

    Mātaitai reserves do not have an impact on whitebait or trout fishing.

    Find out more about mātaitai reserves

    Fisheries (South Island Customary Fishing) Regulations 1999 – NZ Legislation

    Recreational fishing

    When a mātaitai reserve is established, the recreational fishing rules do not change. However, the Tangata Tiaki for a mātaitai reserve may propose changes to the rules at a later date.

    Commercial fishing

    Commercial fishing is generally banned in a mātaitai reserve, however, the application proposes a number of conditions to allow some commercial fishing activities to continue. The proposed conditions are set out in section 6 of the application [PDF, 253 KB]

    Submissions are public information

    Note that all, part, or a summary of your submission may be published on this website. Most often this happens when we issue a document that reviews the submissions received.

    People can also ask for copies of submissions under the Official Information Act 1982 (OIA). The OIA says we must make the content of submissions available unless we have good reason for withholding it. Those reasons are detailed in sections 6 and 9 of the OIA.

    If you think there are grounds to withhold specific information from publication, make this clear in your submission or contact us. Reasons may include that it discloses commercially sensitive or personal information. However, any decision MPI makes to withhold details can be reviewed by the Ombudsman, who may direct us to release it.

    Official Information Act 1982 – NZ Legislation

    MIL OSI New Zealand News –

  • MIL-OSI Russia: Cinema weekend at the Moskino cinema park (two-day ticket)

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    On October 5 and 6, the Moskino Cinema Park will host an entertainment program. Adults and children will be able to act in scenes from iconic Soviet films, attend dance, music and creative workshops, and take part in costumed photo sessions. Immersive shows, quests and a concert program will be held in natural settings. At the Moskino Cinema Park, guests will see both classics and the latest releases from Russian cinema. Of course, cartoons await children.

    The Moskino Cinema Park is part of the Moscow Mayor’s project “Moscow — City of Cinema” and a facility of the Moscow Cinema Cluster. The first stage of development has been completed — 18 natural sites, four pavilions and six infrastructure facilities have been built, including the sets “Center of Moscow”, “Vitebsk Railway Station”, “Partisan Village”, “County Town”, “Cowboy Town”, “Pitersky Bar”, “Streets of Berlin”, “City Yard”, as well as the Fairy Tale Park for children.

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

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

    http://vvv.mos.ru/poster/event/319851257/

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

    MIL OSI Russia News –

  • MIL-OSI USA News: Bill Signed: S.  2228

    Source: The White House

    On Wednesday, October 2, 2024, the President signed into law:

    S. 2228, the “Building Chips in America Act of 2023,” which exempts certain projects relating to the production of semiconductors from environmental reviews under the National Environmental Policy Act of 1969.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Announces Grant for Small Business Incubator in Jefferson Parish

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    BATON ROUGE – This morning, U.S. Senator Bill Cassidy, M.D. (R-LA) joined officials from JEDCO (Jefferson Parish Economic Development Commission), Greater New Orleans, Inc., and the Louisiana Department of Economic Development to announce the launch of the GNO Food and Beverage Incubator at the Churchill Technology and Business Park. Nearly half of the incubator’s start-up costs were provided by a U.S. Economic Development Administration (EDA) grant.
    “Louisiana’s food is the best in the world and this incubator will help keep it that way,” said Dr. Cassidy. “Chefs and caterers will use its kitchen space to serve new clients. They’ll grow their businesses and add to our culinary legacy.”
    JEDCO recently was awarded $4.2 million from various agencies to launch the GNO Food and Beverage Incubator, including $2 million from the EDA. This incubator was made necessary after the closing of Edible Enterprises, the only food and beverage incubator in the Greater New Orleans area, which sustained severe damage from Hurricane Ida.
    The food and beverage industry already has an enormous impact on Louisiana’s economy, especially via tourism. According to Oxford Economics in 2022, over $4.7 billion in direct, indirect, and induced food and beverage sales were generated by visitors to Louisiana. Additionally, the National Restaurant Association says there were 11,275 restaurants last year in Louisiana, supporting over 200,000 jobs.
    The incubator will provide small food and beverage businesses and start-ups with commercial kitchen space and technical assistance, in order for them to grow and service their clients. It will include three commercial kitchens and training and demonstration space, totaling 15,000 square feet.
    Cassidy praised everyone involved with the incubator for their efforts and was thanked for his support in a statement by JEDCO President and CEO Jerry Bologna.
    “It was an honor to welcome Senator Cassidy to Churchill Technology and Business Park today to announce the development of the Greater New Orleans Food + Beverage Incubator,” said Mr. Bologna. “JEDCO received a $2 million EDA grant and matching state and local dollars that will fund the design, engineering and construction of the facility, which fulfills a critical regional need. This incubator will be the only facility of its kind in the area, further solidifying Jefferson Parish and all of Greater New Orleans as a destination for culinary manufacturing and innovation. This project would not be possible without the support of our federal delegation. We are tremendously grateful for Senator Cassidy’s support.” 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: UN and African Union collaboration is vital for tackling conflicts in Africa: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on cooperation between the UN and the African Union.

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

    I will make three points.

    First, the UK welcomes the African Union’s leadership in championing multilateralism and supporting stability and prosperity across Africa. We praise the AU’s work driving and sustaining peace and security on the continent and its focus on putting women and youth at the centre of peace-making, peacekeeping and peacebuilding. 

    We welcome African leadership in this council and have long supported permanent African representation.

    Second, we reaffirm our support for the deepening cooperation and partnership between the UN and the AU to advance our shared objectives. This is especially evident in Somalia.

    We express our gratitude to the AU and troop contributing countries who, with the coordination and input of the UN Support Office for Somalia, have worked tirelessly to improve security in Somalia through the ATMIS mission.

    We look forward to receiving the proposals by the UN and AU, in consultation with Somalia and international stakeholders, finalising the mission design for ATMIS’ successor, in line with Resolution 2748.

    It is imperative that the final mission is financially viable and deliverable, and that it supports Somalia’s efforts to eventually assume full responsibility for, and ownership of, its security.

    Third, we welcome the work of the joint UN-AU taskforce to prepare implementation of Resolution 2719, including in the critical areas of joint planning and decision making, financing and budgeting, human rights compliance, and protection of civilians. Sustained close collaboration between the UN and the AU will be essential to ensure 2719’s success. 

    We encourage member states to continue to support the AU in developing their frameworks. We look forward to receiving the joint roadmap, including a realistic assessment of needs and timeframes, and welcome this Council being kept updated on progress.

    President, in conclusion, the UK looks forward to further collaboration, cooperation and partnership between the UN and the AU. This will be vital to help silence the guns and tackle the greatest challenges and conflicts on the continent.

    We look forward to the consultations between the UN Security Council and the AU Peace and Security Council later this month.

    Updates to this page

    Published 2 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial News: The Financial Navigator Program Will Start on October 3

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The Bank of Russia webinars on personal finance and investments are designed for young people and adult listeners. The knowledge gained from them will help you competently build a personal strategy to achieve your financial goals and learn how to avoid possible financial traps.

    The program has two thematic blocks. The first is devoted to the basics and principles of investing. The classes will cover the nuances of various investment products, the rules for forming an investment portfolio taking into account the acceptable level of risk, safe financial transactions, and choosing an intermediary. The second block focuses on financial planning and reasonable savings. Participants will also discuss how to get out of a difficult financial situation and learn about the rules of responsible borrowing.

    The webinars provide the opportunity for live communication. The lecturers will be experts from the Bank of Russia, and everyone will be able to ask questions about finances live.

    To participate in the program, simply register on the website projectYou can join webinars individually or as part of a group.

    The program will end on December 13, 2024.

    Preview photo: maxbelchenko / Shutterstock / Fotodom

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

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

    http://vvv.kbr.ru/press/event/?id=21056

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

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Murray Delivers $5 Million in Workforce Training Funds for Central Washington

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Senator Murray advocates for the reauthorization of the Workforce Innovation and Opportunity Act (WIOA)
    Murray authored the bill that established the grant program providing OIC with $5 million in 2014 and has funded it ever since
    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor and Pensions (HELP) Committee, announced a $5,048,619  million grant for the Opportunities Industrialization Center (OIC) of Washington to provide training, support, and career services to help migrant and seasonal farmworkers and their dependents develop skills to pursue careers in agriculture or non-agriculture sectors.
    “I hear all the time from businesses across our state who need more skilled workers, and workers who want to set themselves and their families up for success,” said Senator Murray. “With this grant the OIC will be able to provide comprehensive workforce and educational training for our farmworkers and their families in Central Washington. Investing in this kind of workforce training not only helps us build a strong economy for our state and nation, but helps make life better for people in Washington state.” 
    The OIC is an economic development and career training agency in Yakima, Washington that educates, trains, and provides supportive services to low-income and rural communities. The Center has hosted programs on job skills training, high school completion, energy assistance, emergency food assistance, energy conservation, and youth and seniors in the region for over 50 years. 
    Murray secured funding to the OIC from the National Farmworker and Jobs Program within the U.S. Department of Labor’s Employment and Training Administration. The grant delivered is authorized through the bipartisan Workforce Innovation and Opportunity Act(WIOA)—landmark legislation Murray authored and led passage of in 2014 to strengthen the nation’s workforce development programs, help Americans–including youth and those facing significant barriers to employment–acquire high-quality jobs and careers, and assist employers in hiring and retaining skilled workers. 
    Senator Murray has been a consistent advocate for federal investments to strengthen our workforce and support workers and employers across Washington state. In Congress, Murray is advocating for the reauthorization of WIOA. As Senate Appropriations Chair, Murray prioritizes protecting investments in workforce training and development, securing $2.9 billion in FY 2024 for WIOA formula grants and $285 million for Registered Apprenticeships. In the Senate FY 2025 funding bill she passed out of committee, Murray protected essential investments made in recent years by providing $2.9 billion for WIOA formula grants, $290 million for Registered Apprenticeships, and $110 million for YouthBuild while she sustained funding for other programs—such as Reentry Employment Opportunities.

    MIL OSI USA News –

  • MIL-OSI USA: Casey, Fetterman, Boyle, Evans Secure More Than $15.4 Million to Retrofit Housing in Philadelphia, Lower Energy Costs for Seniors, Families, People with Disabilities

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey
    Funding will support more resilient and energy efficient housing for lower income Philadelphians
    St. George Athenagoras Manor, Cobbs Creek, and Inglis Gardens will receive funding
    Awards, made possible by the Inflation Reduction Act, will bring down energy and housing costs for seniors, working families, people with disabilities
    Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) and U.S. Representatives Brendan Boyle (D-PA-2) and Dwight Evans (D-PA-3) secured $15,440,000 in federal funds to improve units in three housing developments in Philadelphia: St. George Athenagoras Manor, Cobbs Creek, and Inglis Gardens. The funds come from grants and loans under the Green and Resilient Retrofit Program (GRRP) which was made possible by the Inflation Reduction Act.
    “Every family deserves a safe, reliable, and affordable home,” said Senator Casey. “This funding will upgrade communities to ensure safer and more resilient and energy efficient housing in Philadelphia that will bring down costs for our families, seniors, and people with disabilities. I will always fight for investments that lower costs and expand the stock of reliable, affordable housing in our Commonwealth.”
    “With this funding, the Biden-Harris administration is again making clear that it understands the need to invest in housing in the Commonwealth,” said Senator Fetterman. “These funds will improve utility efficiency and make housing more resilient for working families across Philadelphia. I’m proud to have helped bring these federal dollars to the commonwealth.”
    The Inflation Reduction Act, that I voted for, will support the Green and Resilient Retrofit Program—a truly forward-thinking initiative that modernizes buildings while prioritizes sustainability and energy efficiency,” said Congressman Boyle. “By integrating green technology and resilient infrastructure, it ensures long-term benefits for both the environment and residents. This program sets a strong example of how we can work together to create healthier, more durable communities while reducing our collective carbon footprint.”
    “I was proud to vote for the Biden-Harris administration’s historic investment in our environment, also known as the Inflation Reduction Act, which is delivering this more than $15 million in federal funding for more sustainable housing in Philadelphia,” said Representative Evans.
    The Green and Resilient Retrofit Program (GRRP), awarded by the U.S. Department of Housing and Urban Development (HUD), provides grant or loan funding to support housing development projects that reduce carbon emissions, improve energy efficiency, implement renewable energy generation, enhance indoor air quality, or improve the climate resilience of HUD-assisted multifamily properties. St. George Athenagoras Manor, an assisted living facility for seniors, will receive $7,520,000 to improve 94 housing units, Cobbs Creek will receive $6,800,000 to make improvements in 85 housing units for working families, and Inglis Gardens will receive $1,120,000 to improve 14 units for residents with disabilities.

    MIL OSI USA News –

  • MIL-OSI USA: Reed Delivers $250,000 for Saint Antoine Alzheimer’s Disease & Dementia Care

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    NORTH SMITHFIELD, RI – In an effort to ensure more Rhode Islanders who need memory care can access the support they need and comfortably ‘age in place’ while receiving top-notch services, U.S. Senator Jack Reed has teamed up with the Saint Antoine Community to deliver a $250,000 federal earmark for a new, state-of-the-art Assisted Living Memory Care Unit.
    Saint Antoine’s newly renovated memory care unit features 24 home-like suites for patients with Alzheimer’s disease and other forms of dementia and has helped develop a new model of care for seniors with cognitive needs. The memory care unit brings together elements of more skilled health care, rehab, and behavioral support services to residents on the same campus, rather than transferring the resident to a different environment.
    Senator Reed hopes that Saint Antoine’s new model of care can be applied elsewhere to help aging Americans across the country safely and comfortably ‘age in place’ and create a better model to advance treatment and improve care for seniors with Alzheimer’s disease and other forms of dementia.
    “Alzheimer’s is a devastating disease that impacts millions of Americans and their families. This federal earmark for the Saint Antoine Community is helping to create a new environment of compassion and support for Rhode Islanders with developing cognitive needs and will pioneer a new model of care that hopefully can assist other seniors across the country,” said Senator Reed, who recently helped pass major legislation to combat Alzheimer’s disease and invest in finding new treatments and a cure.  “I’m grateful for the team and service providers at Saint Antoine who are working every day to support Rhode Islanders with Alzheimer’s and helping them age with dignity and comfort.”
    Saint Antoine’s new model being employed at the Assisted Living Memory Care Unit allows for greater flexibility in the use of its facility, improved cost-effectiveness, and the ability for residents to ‘age in place.’ The new care unit has transformed two wings in an existing part of Saint Antoine Residence into a supportive community of hope and care for seniors.
    “Saint Antoine Community stands out above all else when it comes to our continuum of care,” said Tammy Summiel, Executive Director of Primrose Lane Memory Care Assisted Living & The Villa Assisted Living.  “Our population is living longer and memory care can place such an added burden on families who cannot manage all their needs at home. With the addition of Primrose Lane, Saint Antoine Community can further emphasize the importance of family above all else, and allow residents and their families to enjoy each other’s company without extra stress. We have further strengthened our continuum, while addressing a growing need for affordable memory care in Northern Rhode Island.”
    Founded in 1913, Saint Antoine Community remains the largest long-term care facility in northern Rhode Island. All located on one campus, Saint Antoine Community provides access to rehabilitative services, assisted living, short/long term skilled care, and two tiers of residential memory care. Saint Antoine Community is located at 10 Rhodes Avenue, North Smithfield.

    MIL OSI USA News –

  • MIL-OSI: Innventure LLC and Learn CW Investment Corporation Announce Closing of Business Combination

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., Oct. 02, 2024 (GLOBE NEWSWIRE) — Innventure, Inc. (Nasdaq: INV) and Learn CW Investment Corporation (NASDAQ: LCW) (“Learn CW”), a special purpose acquisition company, today announced the completion of their previously announced business combination (“Business Combination”). The Business Combination was approved at an extraordinary general meeting of Learn CW’s shareholders on September 30, 2024. Upon the completion of the Business Combination, the combined company changed its name to Innventure, Inc. and its common stock is expected to begin trading on the Nasdaq Stock Market under the new ticker symbol “INV” beginning on October 3, 2024.

    In connection with the closing of the Business Combination, Innventure is expected to ring the Closing Bell at 4 p.m. EST on October 3, 2024 at the Nasdaq Marketsite.

    “We’re thrilled to reach this milestone, which supports our goal to found, fund and operate companies that offer transformative technology solutions,” said Bill Haskell, CEO of Innventure. “We believe becoming a public company creates a unique opportunity to offer investors access to technologies with early-stage economics and late-stage risk. I’m grateful to our partners at Learn CW for recognizing the value of our unique business model and supporting our vision to be a conglomerate of majority-owned companies. I’d also like to thank our multinational corporation partners for their engagement and collaboration, and the trust they put in us to commercialize their breakthrough technologies. We look forward to growing Innventure and maximizing shareholder value over the long term.”

    Rob Hutter, CEO of Learn CW, added, “As someone who has spent my career in venture creation, I am thrilled to help bring Innventure to the public market. I believe this public listing will further accelerate Innventure’s credibility and standing as the innovation launch partner of choice for the world’s largest companies, giving Innventure, in my opinion, the pick of the best opportunities for years to come and enabling investors to share in a remarkable stream of innovative companies that could compound over time and that are available few other places.”

    Innventure uses operational expertise to take what it believes to be breakthrough technologies sourced from multinational corporations to market. In the process, Innventure builds and scales companies around these technologies using a systematic, quantitative and repeatable analysis. Innventure has launched three such companies since its inception: PureCycle Technologies, Inc., AeroFlexx and Accelsius. PureCycle became a publicly traded company in 2021.

    Advisors
    Jones Day acted as legal advisor to Innventure, and Sidley Austin LLP acted as legal advisor to Learn CW. The Maples Group acted as Cayman legal advisor to Learn CW.

    About Innventure
    Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

    About Learn CW Investment Corporation
    Learn CW Investment Corporation (“Learn CW”) was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses. Learn CW is sponsored by CWAM LC Sponsor LLC, an affiliate of Learn Capital, LLC (“Learn Capital”) and Commonwealth Asset Management. Learn Capital is a leading venture capital firm focused on early- and mid-stage investments in the $5.4 trillion global education sector. Learn Capital was founded in 2008 by Rob Hutter and Greg Mauro, who formerly managed an affiliate of Founders Fund. The firm possesses decades of founding, operating, and investing experience in the education, consumer, hard tech, and enterprise technology sectors. Commonwealth Asset Management is a Los Angeles-based asset management platform founded in June 2019 and led by Adam Fisher, who is the former Head of Global Macro and Real Estate at Soros Fund Management LLC and the former founder and Chief Investment Officer of Commonwealth Opportunity Capital, GP LLC.

    Cautionary Statement Regarding Forward-Looking Statements
    This press release contains 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, including statements regarding the parties or the parties’ respective management team’s expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future, including the anticipated benefits of the Business Combination, including revenue growth and financial performance, product expansion and services, and the financial condition, results of operations, earnings outlook and prospects of Innventure and/or Learn CW, including, in all cases, statements for the period following the consummation of the Business Combination. Any statements contained herein that are not statements of historical fact are forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on the current expectations and beliefs of the management of Learn CW and Innventure in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on Learn CW and Innventure as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Learn CW or Innventure will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including those discussed and identified in the public filings made or to be made with the U.S. Securities and Exchange Commission (the “SEC”) by Learn CW, including in the final prospectus relating to Learn CW’s initial public offering, which was filed with the SEC on October 12, 2021 under the heading “Risk Factors,” or made or to be made by Learn SPAC Holdco, Inc., including in the registration statement on Form S-4, which was filed in connection with the Business Combination and has been declared effective by the SEC, and the definitive proxy statement/consent solicitation statement/prospectus relating to the Business Combination which was mailed to the Learn CW shareholders and sent to the unitholders of Innventure LLC. These risks and uncertainties include: expectations regarding Innventure’s strategies and future financial performance, including its future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, product and service acceptance, market trends, liquidity, cash flows and uses of cash, capital expenditures, and Innventure’s ability to invest in growth initiatives; the implementation, market acceptance and success of Innventure’s business model and growth strategy; Innventure’s future capital requirements and sources and uses of cash; that Innventure will have sufficient capital upon the approval of the Business Combination to operate as anticipated; Innventure’s ability to obtain funding for its operations and future growth; developments and projections relating to Innventure’s competitors and industry; the outcome of any legal proceedings that may be instituted against Learn SPAC Holdco, Inc., Learn CW or Innventure following the closing of the Business Combination; the risk that the announcement and consummation of the proposed Business Combination disrupts Innventure’s current plans; the ability to recognize the anticipated benefits of the Business Combination; unexpected costs related to the proposed Business Combination; limited liquidity and trading of Learn CW’s securities; geopolitical risk and changes in applicable laws or regulations; the possibility that Learn CW and/or Innventure may be adversely affected by other economic, business, and/or competitive factors; the potential characterization of Innventure as an investment company subject to the Investment Company Act of 1940; and operational risk. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. All forward-looking statements in this press release are made as of the date hereof, based on information available to Learn CW and Innventure as of the date hereof, and Learn CW and Innventure assume no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

    Media Contact: Laurie Steinberg, Solebury Strategic Communications
    press@innventure.com

    Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
    investorrelations@innventure.com

    The MIL Network –

  • MIL-OSI USA: Law Enforcement Endorses Casey’s Stop Fentanyl at the Border Act

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey
    The Stop Fentanyl at the Border Act will increase staffing and technology to detect and stop the flow of fentanyl coming across the border
    Bill has now been endorsed by the Fraternal Order of Police, National Association of Police Organizations, and other law enforcement organizations
    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) announced growing support from law enforcement organizations for his Stop Fentanyl at the Border Act, which would reduce the flow of fentanyl by providing much-needed resources to secure the southwest border. The bill, which would increase staffing capacity and technology to detect illicit drugs and other contraband being smuggled through ports of entry along the border, has now been endorsed by four major police organizations: the Fraternal Order of Police, the National Association of Police Organizations, Major County Sheriffs of America, and the National Narcotic Officers’ Associations’ Coalition. The bill is also now backed by the National Treasury Employees Union, which represents U.S. Customs and Border Protection (CBP) employees.
    “Pennsylvania law enforcement can’t tackle the fentanyl crisis when so much of the fentanyl devastating our families and communities is being smuggled across our southwest border,” said Senator Casey. “This bill will help provide the hardworking law enforcement officers at the border with the resources, technology, and support they need to stop the flow of fentanyl into Pennsylvania communities. I’m proud to have law enforcement support and I won’t stop until we’ve passed this commonsense legislation.”   
    “Our law enforcement members are the first line of defense against the scourge of fentanyl that comes across the American border each day,” said Patrick Yoes, National President of the Fraternal Order of Police. “Now more than ever, our country must invest in methods to stem the flow of fentanyl into our communities. This legislation will support our members by giving them the tools they need to support border operations and drug interdiction efforts.”
    “Fentanyl is now the drug most associated with overdoses in the United States,” said Bill Johnson, the Executive Director of the National Association of Police Organizations. “This deadly poison is being mixed with other illicit drugs, hidden in counterfeit drugs, and being peddled at alarmingly high rates to our nation’s youth. The Stop Fentanyl at the Border Act provides much needed support, resources, and funding to the southwest border to help federal, state, and local law enforcement fight the trafficking of fentanyl and other illicit drugs into the country. Law enforcement at all levels of government have long been asking for these resources to support their efforts to prevent and detect fentanyl coming into this country and our communities. NAPO stands with Senator Casey in support of this important bill.”
    The Stop Fentanyl at the Border Act would enable CBP to hire more officers and border patrol agents to increase capacity to stop illicit smuggling over the border. The bill also provides funding to purchase Non-Intrusive Inspection systems, which scan vehicles and cargo at the border to provide detailed images of their interiors, which leads to the detection of fentanyl and other illicit drugs. Additionally, the bill would create an inspection program to increase seizure of firearms, which Mexican cartels frequently purchase in the United States and smuggle into Mexico to support their fentanyl production operations and other violent criminal enterprises.   
    Senator Casey has been a leader in the Senate on efforts to prevent the spread of fentanyl into the United States. He has traveled around Pennsylvania meeting with law enforcement and families of victims of fentanyl overdoses as he pushed for passage of the FEND Off Fentanyl Act. In July, Senator Casey applauded the Senate passage of the Preventing the Financing of Illegal Synthetic Drugs Act, a bill that will direct the U.S. Government Accountability Office (GAO) to investigate how transnational criminal organizations finance synthetic drug trafficking and help the federal government target them more effectively. In August, Casey led his colleagues in introducing the bipartisan Fighting Illicit Goods, Helping Trustworthy Importers, and Netting Gains (FIGHTING) for America Act to help CBP prevent fentanyl from entering the country undetected. In September, Casey introduced the Interdiction of Fentanyl at Federal Prisons Act, which would protect prison officers, staff, and inmates from fentanyl and other illicit substances entering the Federal Prison System through inmate mail.
    Read more about the Stop Fentanyl at the Border Act here.

    MIL OSI USA News –

  • MIL-OSI Translation: National Defense and Security Council on the situation in Lebanon and recent developments in the Middle East crisis.

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

    The Head of State chaired a National Defense and Security Council on the situation in Lebanon and recent developments in the Middle East crisis, on Tuesday, October 1, 2024, at the Elysée Palace, in the presence of the Prime Minister, the Minister of the Interior, the Minister for Europe and Foreign Affairs and the Minister of the Armed Forces.

    Faced with the dangerous escalation of tensions in the Middle East, the President of the Republic reaffirmed France’s commitment to peace and security for all in the region. In this regard, he condemned in the strongest possible terms Iran’s new attacks against Israel. Committed to Israel’s security, France today mobilized its military resources in the Middle East to counter the Iranian threat. The Head of State also reiterated France’s demand that Hezbollah cease its terrorist actions against Israel and its population.

    The President of the Republic also expressed France’s willingness to act for Lebanon. He called for Israel to end its military operations as soon as possible. He considered that too many civilians are already victims. He hoped that Lebanon’s sovereignty and territorial integrity would be restored in strict compliance with United Nations Security Council Resolution 1701. In this regard, he reaffirmed France’s commitment to UNIFIL. He noted that it is also up to the Lebanese to come together at this critical moment. France will stand alongside all those who act in this direction and will very soon organize a conference in support of the Lebanese people and their institutions.

    The President of the Republic reiterated his determination to obtain a long-term settlement that ensures the security of the populations on both sides of the Blue Line. The displaced must be able to return home in complete safety, in Israel as well as in Lebanon. The United Nations Security Council must be notified and be able to express its views on the current situation.

    The President of the Republic has instructed the Minister for Europe and Foreign Affairs to travel to the Middle East again. There he will consult with all those who have a role to play in initiating de-escalation and finding lasting solutions to the current crisis in all its aspects, particularly the situation in Lebanon and Gaza.

    Attentive to the security and protection of our compatriots in Lebanon and the Middle East, the Head of State requested that all necessary measures be taken to assist them and, if necessary, help them. He also requested that the greatest vigilance be observed and that adequate measures be taken to prevent the possible repercussions of these latest developments in the Middle East on the national territory and ensure the security of everyone.

    The President of the Republic concluded that it was necessary for all actors involved in the crisis in the Middle East to exercise the greatest restraint.

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

    MIL Translation OSI

  • MIL-OSI Translation: Proposal for the renewal of Philippe Mauguin as Chairman and CEO of INRAE.

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

    The President of the Republic is considering, on the proposal of the Prime Minister, renewing Philippe Mauguin as Chairman and CEO of INRAE.

    The President of the National Assembly and the President of the Senate are notified of this draft appointment, so that the relevant committee of each of the assemblies can decide under the conditions provided for in the fifth paragraph of Article 13 of the Constitution.

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

    MIL Translation OSI

  • MIL-OSI Translation: Interview with Olaf Scholz, Chancellor of the Federal Republic of Germany.

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

    The President of the Republic met with Olaf Scholz, Chancellor of the Federal Republic of Germany, on Wednesday 2 October 2024, during his trip to Germany to participate in the Berlin Global Dialogue. The two leaders prepared the main issues of the next European Council on 17 and 18 October:

    – European competitiveness, based on the findings made by Mr Mario Draghi in his recent report and in line with the joint Franco-German contribution adopted in Meseberg last May;

    – effective protection of the EU’s external borders, in particular through the implementation of the European Pact on Asylum and Migration and the strengthening of cooperation with third countries to improve returns and readmissions;

    – continued European Union support for Ukraine in the face of Russian military aggression, for as long and as intensely as necessary, as Russian strikes on civilian infrastructure intensify and winter approaches;

    – the call for military de-escalation in the Middle East, condemning in the strongest terms Iran’s strikes against Israel on 1 October, and asking all parties to exercise the greatest restraint to avoid a regional conflagration. The President of the Republic and the German Chancellor agreed to remain in close contact to work towards peace and security for all in the Middle East.

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

    MIL Translation OSI

  • MIL-OSI Translation: Federal government and Boyle Street Community Services invest in vital community building in downtown Edmonton

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – MIL OSI Regional News in French

    Press release

    Edmonton, Alberta, May 3, 2024 — Edmonton’s downtown core will have a renovated facility to deliver a vital range of programs and services thanks to a joint investment of more than $45 million from the federal government and Boyle Street Community Services.

    Announced by Minister Randy Boissonnault and Jordan Reiniger, Executive Director, Boyle Street Community Services, this new building will be better suited to provide health and support services to people experiencing homelessness and poverty in Edmonton’s growing downtown core.

    The new Okimaw Peyesew Kamik (King Thunderbird Centre) will be an accessible, energy-efficient building that will replace the former community centre. It will provide essential health and housing services, while supporting Edmonton’s vulnerable community, all under one roof. Located two blocks north of the former location, the centre will feature a private outdoor space for ceremony and land-based healing, as well as 75,000 square feet of indoor space, including a triage area for those waiting for health supports and services. Improvements to this innovative, solution-focused space include improved accessibility to services on the ground floor and the integration of important aspects of Indigenous culture and ceremony throughout the building. The renovated building, which will be carbon neutral, will serve as the headquarters for Boyle Street Community Services.

    For over 50 years, Boyle Street Community Services has been working to help people experiencing homelessness and poverty. The new facility will allow Boyle Street Community Services to continue its long-standing work in the community, providing vital programs such as basic needs support, health services, addictions assistance, identification and financial services, cultural healing and essential services.

    Quotes

    “Through this significant investment in the new Okimaw Peyesew Kamik (King Thunderbird Centre) in Edmonton, the federal government is helping to improve Edmonton’s downtown core. By ensuring Boyle Street Community Services continues to operate in a centralized location that provides a safe and reliable space for the community, we will make our downtown core a safer and more vibrant place to work and live. This world-class facility, which is being built to better meet the unique needs of a vulnerable population, will provide dignified support to those who need it most in our city.”

    The Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

    “Today’s transformative $21 million contribution to Okimaw Peyesew Kamik (King Thunderbird Centre) through the BCVI grant from the Government of Canada is ensuring that the people our organization serves receive the health and community services they need in a welcoming, accessible and beautiful building. It is also enabling us to build a carbon neutral and climate resilient building that will enable our organization to sustainably support our community for decades to come. The success of this project is yet another testament to the care and compassion that exists in Edmonton and Canada. It reminds us of what can be accomplished when we come together and put the dignity of our most vulnerable neighbours at the heart of our efforts.” On behalf of everyone who works at Boyle Street, I want to thank Ministers Boissonnault and Fraser, and their teams, for their dedication and commitment to our organization, and for their role in making okimaw peyesew kamik a reality.”

    Jordan Reiniger, Executive Director, Boyle Street Community Services

    Quick Facts

    The federal government is investing $21,000,000 in this project through the Green and Inclusive Community Buildings (GICB) Program, and Boyle Street Service Society is investing $24,023,383.

    These improvements are expected to result in annual fuel savings of approximately 99% for the facility and a reduction in greenhouse gas emissions of 709 tonnes.

    The Green and Inclusive Community Buildings (GICB) program was created to support Canada’s Strengthened Climate Plan: A Healthy Environment and a Healthy Economy. It supports the first pillar of the Plan by reducing greenhouse gas emissions and increasing energy efficiency, and by helping to build resilience to climate change.

    The program provides $1.5 billion over five years for modernization, repair or improvement work that promotes the environment and accessibility.

    At least 10 percent of the funds are allocated to projects for First Nations, Inuit and Métis communities, which includes Indigenous populations in urban centres.

    The application period for the Green and Inclusive Community Buildings program is now closed.

    On December 18, 2023, the federal government launched the Prairie Green Economy Framework, which highlights the need for a collaborative, regional approach to sustainability, focused on strengthening the coordination of federal programs and initiatives with significant investments. The Framework is the first step in a journey that will bring together many stakeholders. PrairiesCan, the federal department working to diversify Canada’s Prairie economy, has committed $100 million over three years to support projects aligned with priority areas identified by Prairie stakeholders to create a stronger, more sustainable and inclusive economy for the Prairie provinces and Canada.

    Infrastructure Canada supports the Prairie Green Economy Framework to encourage greater collaboration on investment opportunities, leverage additional funding and attract new investment to the Prairies to better meet needs.

    Related links

    Contact persons

    For further information (media only), please contact:

    Mathis DenisPress OfficerOffice of the Minister of Employment, Workforce Development and Official Languages343-573-1846mathis.denis@hrsdc-rhdcc.gc.ca

    Media RelationsInfrastructure Canada613-960-9251Toll Free: 1-877-250-7154Email: media-medias@infc.gc.caFollow us on Twitter, Facebook, Instagram And LinkedInWebsite: Infrastructure Canada

    Elliott TantiDirector, Communications and EngagementBoyle Street Community Services587-338-4025etanti@boylestreet.org

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

    MIL Translation OSI

  • MIL-OSI Translation: Minutes of the Council of Ministers of October 1, 2024.

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

    BILL

    MODERNIZATION OF THE ALTERNATIVE INVESTMENT FUNDS REGIME

    The Minister of Economy, Finance and Industry presented a bill ratifying Ordinance No. 2024-662 of July 3, 2024, modernizing the alternative investment fund regime.

    This order was adopted on the basis of Article 40 of Law No. 2023-973 of October 23, 2023 relating to the green industry.

    It introduces numerous measures to modernise and simplify the alternative investment fund (AIF) regime in order to make our asset management law more attractive and competitive, to take maximum advantage of the entry into force of Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023, known as “ELTIF 2.0” on 10 January 2024 and thus increase long-term financing of the European economy, necessary in particular to finance the transition to carbon neutrality.

    In this respect, the order modifies several provisions of the Monetary and Financial Code:

    – it modernises the regime of so-called “professional” FIAs, in particular by simplifying the rules for the composition of this type of FIA and creating a new corporate form without legal personality for specialised professional funds;

    – it adapts the rules applicable to so-called “non-professional” FIAs, in order to ensure their complementarity with ELTIF 2.0 funds;

    – it allows corporate mutual funds (FCPE) to invest in ELTIF 2.0 funds.

    DECREE

    REQUIREMENTS FOR THE NEEDS OF DEFENSE AND NATIONAL SECURITY AND THEIR ARTICULATION WITH THE DIFFERENT LEGAL REGIMES RELATING TO CRISIS PREPARATION AND MANAGEMENT

    The Minister of the Armed Forces and Veterans presented a draft decree relating to requisitions for the needs of defence and national security and their articulation with the various legal regimes relating to the preparation and management of crises.

    This decree is issued for the application of Article 47 of Law No. 2023-703 of August 1, 2023 relating to military programming (LPM) for the years 2024 to 2030 and containing various provisions relating to defense. This article carried out a complete renovation of the requisition system under the Defense Code, which appeared obsolete, complex to implement and based on criteria whose scope was uncertain.

    Article 47 of the LPM now distinguishes:

    – on the one hand, requisitions aimed at dealing with threats to the life of the Nation, decided by presidential decree deliberated in the Council of Ministers to respond to situations whose territorial scope exceeds that which the prefectural authorities can deal with on the basis of the general code of local authorities in the event of a threat to public order (article L. 2212 1, defense code);

    – on the other hand, requisitions aimed at dealing with emergency situations involving the safeguarding of national defence interests, decided by decree of the Prime Minister, in the absence of any other means available in good time, to enable the State to conduct the operations necessary for its defence (article L. 2212-2, defence code).

    This decree is intended to define the procedural arrangements for implementing this new requisition regime and the prior constraints which constitute its corollary, by considerably simplifying the legal framework previously applicable, which did not allow the public authorities to mobilise it effectively to respond to crisis circumstances.

    The dedicated book of the defense code is thus reduced from 182 to 30 articles, while clarifying the procedure for ordering the census of people, goods and services likely to be subject to a requisition measure as well as the conditions under which they can be subject to tests and exercises, thus contributing to the construction of a global policy of resilience of the Nation in the face of the risks and threats it faces.

    To meet this same purpose, this decree also proceeds, in a continuum logic, to the articulation between, on the one hand, the requisition measures and the prior constraints which constitute their corollary and, on the other hand, the different legal regimes relating to the preparation and management of crises linked to national defence, in connection with the prerogatives devolved to the public authorities by the defence code in matters of military defence and civil defence.

    Finally, taking into account the specific issues raised by the potential use of the requisition system, the decree defines a legal framework adapted to the specificities of all overseas communities, in particular to take into account their geographical isolation and their distance from mainland France.

    INDIVIDUAL MEASURES

    The Council of Ministers adopted the following individual measures:

    On the proposal of the Keeper of the Seals, Minister of Justice:

    – Ms Christine MAUGÜÉ, State Councilor, is appointed President of the Administration Section of the Council of State, effective October 8, 2024.

    On the proposal of the Minister of the Interior:

    – Mr. Laurent BUCHAILLAT, State administrator, is appointed prefect of Tarn;

    – the functions of prefect of the Bourgogne-Franche-Comté region and prefect of the Côte d’Or exercised by Mr. Franck ROBINE are terminated, as of September 21, 2024;

    – the functions of prefect of the Brittany region, prefect of the West defense and security zone, prefect of Ille-et-Vilaine exercised by Mr. Philippe GUSTIN are terminated;

    – the functions of delegated prefect for defense and security with the prefect of the Hauts-de-France region, prefect of the North defense and security zone, prefect of the North exercised by Mr. Louis-Xavier THIRODE are terminated, as of September 26, 2024;

    – the functions of delegated prefect for equal opportunities with the prefect of the Hauts-de-France region, prefect of the North defense and security zone, prefect of the North exercised by Ms Virginie LASSERRE are terminated;

    – the functions of Prefect of Nièvre exercised by Mr. Michaël GALY are terminated;

    – the functions of Prefect of Aube exercised by Ms. Cécile DINDAR are terminated.

    On the proposal of the Minister of National Education and the Minister of Higher Education and Research:

    – the functions of rector of the Limoges academy exercised by Ms Carole DRUCKER-GODARD are terminated.

    On the proposal of the Minister for Europe and Foreign Affairs:

    – the functions of Director General of Globalization, Culture, Education and International Development exercised by Mr. Aurélien LECHEVALLIER are terminated, effective September 22, 2024.

    On the proposal of the Minister of the Armed Forces and Veterans:

    – various individual measures were adopted concerning general officers of the army, the navy, the air and space force, the general directorate of armaments and the army commissariat service;

    – the functions of Director General of Digital and Information and Communication Systems exercised by Mr. Vincent TEJEDOR are terminated.

    On the proposal of the Minister of National Education and the Minister of Labor and Employment:

    – the functions of High Commissioner for Vocational Education and Training exercised by Mr. Geoffroy de VITRY are terminated.

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

    MIL Translation OSI

  • MIL-OSI Asia-Pac: SPEECH BY MDM RAHAYU MAHZAM, MINISTER OF STATE, MINISTRY OF HEALTH, AT THE COMMUNITY CARE MANPOWER DEVELOPMENT AND COMMUNITY CARE EXCELLENCE AWARDS CEREMONY, 2 OCTOBER 2024

    Source: Asia Pacific Region 2 – Singapore

    Dr Gerard Ee, Chairman, Agency for Integrated Care (AIC)
    Mr Dinesh Vasu Dash, Chief Executive Officer, AIC
    Distinguished guests, award recipients
    Ladies and gentlemen
    1. A very good morning. I am delighted to be here at the Community Care Manpower Development Awards (CCMDA) and Community Care Excellence Awards (CCEA), as we recognise and celebrate the accomplishments of our dedicated and inspiring staff. I am pleased to be among passionate individuals who are dedicated to improving the wellbeing of our community and advancing the community care sector.
    Community Care Manpower Development Awards 
    2. The CCMDA is a study award first introduced in 2017 and provides important training support and opportunities for both new and in-service staff in the community care sector. Since its inception, CCMDA has supported the professional development of over 980 individuals, with 118 receiving the award this year.
    3. Growing our workforce is essential to meet the growing needs of our community. For instance, as palliative care services expand in the coming years, there will be growing demand for community care staff to acquire the relevant skills and knowledge to support the needs of this group. 
    4. Acquiring new skills is never easy, especially if we may already have many things on our plate, such as taking care of our families, and managing our careers. Ms Liu Maoxiang, from Singapore Anglican Community Services (SACS), has inspired us with her journey to grow professionally. With the support of her SACS colleagues and the CCMDA, she embraced the opportunity to further develop her professional skills as a social worker focusing on palliative and community care. Her journey saw her taking up a Professional Certificate in Palliative Care for Social Workers in 2024. She subsequently completed her training and continued on her journey as a social worker with SACS specialising in palliative and community care. Her dedication to lifelong learning and passion for serving others exemplify the values that we see in our awardees today. We wish her a long and fulfilling career. 
    Community Care Nursing Leadership Programme 
    5. Alongside individual growth, it is crucial to cultivate nursing talents for leadership roles, to ensure a robust pipeline of nursing leaders for the future. The Community Care Nursing Leadership Programme (CCNLP) aims to achieve this by preparing nurses to take on leadership roles. Nominated nursing talents will undergo a three- or five-year developmental programme that includes leadership coaching, clinical training both at home and abroad, and more.
    6. Since its launch in 2021, CCNLP has supported 25 nursing leaders from various settings, such as nursing homes, community hospitals, palliative care, and centre-based care. Today, we proudly celebrate the graduation of six nurses who completed the programme this year.
    Community Care Excellence Awards
    7. As we continue to nurture the skills and leadership capabilities of our staff, it’s also essential to recognise that these efforts ultimately serve a greater purpose to improve the quality of service that we provide. The CCEA celebrates the dedication of individuals and teams who have shown outstanding service and commitment to delivering quality care to their seniors. Since the CCEA was introduced in 2014, nearly 2,000 individuals and teams have received the award. This year, we are honouring 229 recipients, including 209 individual awards. 
    8. One such individual is Ms Ng Ling Ling, an executive from Ren Ci Community Hospital who took the initiative to streamline manual data work by picking up Robotic Process Automation. By automating repetitive tasks needed for financial counselling forms, she not only improved the quality of financial counselling at Ren Ci Community Hospital but, more importantly, freed up her team’s bandwidth to offer more meaningful interactions with patients and their families.
    9. The CCEA also acknowledges team achievements in areas such as clinical quality, client experience, and improvements in productivity and digitalisation. This year, Lentor Health Nursing Home at Macpherson embarked on the Chef Partnership Programme, where it worked with professional chefs to optimise kitchen workflows, train staff in modern cooking techniques, and of course, develop tasty and nutritious meal plans for their residents. From this programme, Lentor Health achieved a 47% improvement in resident satisfaction. This is testament to the sector’s dedication to innovate and improve the everyday experiences of our seniors. 
    10. As part of our ongoing effort to recognise the exceptional contributions of healthcare leaders in preventive health and community care, I am pleased to announce the introduction of a new Platinum Leadership Award category for next year’s CCEA. This prestigious award will honour Community Care Leaders who have made outstanding contributions to advance and enhance community care. It celebrates those who exemplify remarkable leadership, driving excellence and pioneering practices that strengthen the sector and ensure that all Singaporeans have the support they need to live and age well within their communities.
    Strengthening Manpower Capabilities
    11. As we recognise our healthcare workers’ efforts to upskill and bring greater impact to their roles, the Ministry of Health (MOH) and AIC are committed to supporting these aspirations by creating clear career progression pathways that align with the evolving needs of the community. I am pleased to share that the Community Care Career Track for support care staff, initially piloted in 2021, is now ready for adoption across the sector. The new track provides new opportunities for support care staff progression, by broadening their roles and enabling cross-deployment across various care settings. 
    12. Ms Kelly Kait from Ren Ci Nursing Home exemplifies this progression. After completing her training, she was promoted from Community Care Associate to Senior Community Care Associate, where her role was expanded to include responsibilities such as assisting with mobility training.  Over time, with greater experience gained, she will be able to advance further along the Care Track at Ren Ci.
    13. To prepare our support care staff for these new roles, AIC, in partnership with MOH, SkillsFuture Singapore, and industry stakeholders, have accredited the training and development of Community Care Associates as part of the national Skills Framework for Healthcare. I am pleased to share that the first group of 12 staff have started this training back in July. Upon completion, they will be awarded the WSQ Higher Certificate in Healthcare for Community Care. With this certification, and continuous training, this group can move on to assume roles where they will work closely together with clinicians and therapists to provide holistic care to support the physical and clinical wellbeing of clients. 
    14. We look forward to having all community care organisations and support care staff join us in this transformative journey as we roll out the Community Care Track across care settings. This will contribute to our collective effort to provide even better care and support for our communities.
    15. In closing, I would like to wish all awardees continued success in your learning journeys. I commend you for your dedication and exceptional contributions to the community care sector. Your efforts continue to make a significant impact, and I am certain you will continue to inspire and lead.
    16. Congratulations to all our awardees and thank you for your commitment to advance community care.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Disaster Recovery Centers Open in Pinellas and Taylor Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Pinellas and Taylor Counties

    Disaster Recovery Centers Open in Pinellas and Taylor Counties

    TALLAHASSEE, Fla. — Disaster Recovery Centers are operating in Pinellas and Taylor counties to provide one-on-one help to Floridians affected by Hurricane Debby and Hurricane Helene.

    Center locations:

    Pinellas County

    Largo Public Library
    120 Central Park Drive
    Largo, FL 33771
    Open 9 a.m.-7 p.m. Monday-Wednesday, 10 a.m.-6 p.m. Thursday-Friday, 10 a.m.-5 p.m. Saturday

    Taylor County

    Loughridge Park
    1100 W. Hampton Springs Ave.
    Perry, FL 32347
    Open 9 a.m.-7 p.m. Monday-Friday

    Florida Division of Emergency Management and FEMA are urgently reopening centers that were in place for Debby prior to Helene and these centers can serve people affected by both storms. New locations are being assessed to meet the needs in areas heavily impacted by Helene. 

    To find other center locations go to fema.gov/drc or text “DRC” and a Zip Code to 43362. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology. 

    Floridians can apply for either storm online at DisasterAssistance.gov. They can also apply using the FEMA mobile app or by calling FEMA’s helpline toll-free at 800-621-3362. Lines are open every day and help is available in most languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. To view an accessible video on how to apply visit Three Ways to Apply for FEMA Disaster Assistance – YouTube. 

    If you applied to FEMA after Hurricane Debby and have additional damage from Hurricane Helene, you will need to apply separately for Helene and provide the dates of your most recent damage.

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4828. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –

  • MIL-OSI USA: Alachua County Disaster Recovery Center Reopens

    Source: US Federal Emergency Management Agency

    Headline: Alachua County Disaster Recovery Center Reopens

    Alachua County Disaster Recovery Center Reopens

    TALLAHASSEE, Fla.– The Disaster Recovery Center in Alachua County has reopened to help people affected by Hurricane Debby.

    Center location:

    Alachua County 
    Millhopper Branch Library
    3145 NW 43rd St.
    Gainesville, FL 32606
    Open 10 a.m.-6 p.m. Monday-Friday, 10 a.m.-5 p.m. Saturday

    For other Disaster Recovery Center locations, go online to fema.gov/drc.

    For the latest information about Florida’s recovery, visit fema.gov/disaster/4806. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    kirsten.chambers

    MIL OSI USA News –