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  • MIL-OSI Europe: APOSTOLIC JOURNEY – Pope in Belgium: the synodal process must be a return to the Gospel and not about prioritizing “fashionable” reforms

    Source: Agenzia Fides – MIL OSI

    Saturday, 28 September 2024

    Vatican Media

    Brussels (Agenzia Fides) – “The synodal process must involve returning to the Gospel. It is not about prioritizing “fashionable” reforms, but asking, how can we bring the Gospel to a society that is no longer listening or has distanced itself from the faith? Let us all ask ourselves this question”. On the penultimate day of his Apostolic Journey to the heart of Europe, Pope Francis met with the bishops, priests, deacons, consecrated persons, seminarians and pastoral workers of Belgium in the Basilica of the Sacred Heart of Koekelberg, offering numerous suggestions to the local Catholic community and to the entire Western Church in view of what he himself describes as the “crisis of faith” that the West is experiencing.The crisis of faith, said the Pope, have impelled us “to return to what is essential, namely the Gospel. The good news that Jesus brought to the world must once again be proclaimed to all and allowed to shine forth in all its beauty”. The crisis, he continued, “is a time given in order to shock us, to make us question and to change. It is a valuable opportunity, referred to in biblical language as kairòs, a special occasion. Indeed, when we experience desolation, we must always ask ourselves what message the Lord wishes to convey to us”.This “crisis of faith” demonstrates that “we have moved from a Christianity located within a welcoming social framework to a “minority” Christianity, or better, a Christianity of witness”. This, Pope Francis continued, “requires the courage to undertake an ecclesial conversion for enabling those pastoral transformations that concern our habitual ways of doing things, and the language in which we express our faith, so that they are truly directed to evangelization “.In this perspective, “priests also need this courage in order to be priests who are not just preserving or managing a past legacy, but pastors who are in love with Christ and who are attentive to responding to the often implicit demands of the Gospel as they walk with God’s holy people. In doing so, pastors walk sometimes ahead of their people, sometimes in their midst and sometimes behind them”. Hence the reflections on the synodal process, which will enter a next phase in a few days with the celebration of the XVI Ordinary General Assembly in the Vatican.Finally, the Pope recommended to the Church of Belgium to be merciful: “This can sometimes seem “unjust”, when we are faced with the experience of evil. This is because we simply apply an earthly justice that says, “Whoever does wrong must pay”. Yet God’s justice is greater”. The Pope also addressed the concept of justice with regard to the cases of abuse (in the Apostolic Nunciature, Pope Francis met 17 victims of abuse by Belgian clergy, ed.) and thanked the Catholic community “for the great work” that has been done “to transform anger and pain into help, closeness and compassion. Abuse generates atrocious suffering and wounds, undermining even the path of faith. And there is a need for a great deal of mercy to keep us from hardening our hearts before the suffering of victims, so that we can help them feel our closeness and offer all the help we can. We must learn from them, as you said, to be a Church at the service of all without belittling anyone”, said Pope Francis.In greeting those present, Francis recalled a work of art by Magritte, an illustrious Belgian painter entitled “The Act of Faith”. It depicts a closed door viewed from the inside of a room, a door that has been broken through, thus showing us the open sky: “The image invites us to go beyond, to direct our gaze forward and upward and never to close in on ourselves, never. It is an image I leave with you as a symbol of a Church that never closes its doors – please, never close the doors! – a Church that offers everyone an opening to the infinite, and that knows how to look beyond”.”Walk together, all of you, with the Holy Spirit, practice mercy; be this type of Church. Without the Spirit, nothing Christian can take place”, the Pope concluded, who at the end of the meeting went to the royal crypt, beneath the church of Our Lady of Laeken, where many members of Belgium’s royal family are buried.Accompanied by the King and Queen, the Pope paused in silent prayer before the tomb of King Baudouin, whom he praised for his courage for choosing to temporarily “abdicate the throne so as not to sign a murderous law”.In 1992 the sovereign abdicated for 36 hours to avoid signing the law on the legalization of abortion. Finally, the Pope urged the Belgians to look to him at this time when criminal laws are making their way, hoping that his cause for beatification will proceed. (F.B.) (Agenzia Fides, 28/9/2024)
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    MIL OSI Europe News –

  • MIL-OSI: Interim Results for the six months ended 30 June 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, Sept. 30, 2024 (GLOBE NEWSWIRE) — Bango (AIM: BGO), today announces its interim results for the six months ended 30 June 2024.

    Financial Overview (unaudited):

    Results for the 6 months ended 30 June 2024  1H24 1H23 Change
           
    Total Revenue $24.1M $20.3M +18.6%  
             
    Transactional Revenue1 $16.4M $15.5M +5.3%  
             
    DVM, Audiences & One-Off2 $ 7.7M $ 4.7M +62.5%  
             
    Annual recurring revenue (ARR)3 $12.9M $5.6M +130.4%  
           
    Net Revenue Retention4 159%      
             
    Adjusted EBITDA5 $4.0M ($0.2M) +$4.2M
           
    Profit/(Loss) before taxation ($3.4M) ($4.9M) +$1.5M
           
    Net (Debt6)/Cash ($5.1M) $5.5M -$10.6M


    Notes:

    • Transactional revenue grew 9.4% on a constant currency basis.
    • Other Income of $1.4M, which is not included in the revenue figure above, related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M will be accounted for as a tax cost, resulting in $0.3M profit.
    • Gross profit margin of 80.8% (1H23: 90.0%) reduced from 82.8% in 2H 2023 due to geographic mix. Improvements expected in 2H 2024 as high margin DVM revenue grows.
    • Net debt6 of $5.1M at 30 June 2024 (net debt of $3.9M at 31 Dec 2023) after R&D investment of $7.6M in the period.

    Operational Highlights

    • Bango signed 4 new Digital Vending Machine® (DVM) customers in 1H24, including a Bank in Brazil. Post-period there has been a further 3 new customer wins.
    • A leading European telco that adopted the DVM in 2020 extended their contract for a further 3 years, with a minimum contract value of $1.5M over the term.
    • 13 new subscription content providers were added to the DVM in 1H24, taking the total to 106.
    • The eDisti7 program now has 20 content providers, including Microsoft and Disney, allowing Bango to provide a ‘pre-stocked’ Digital Vending Machine, reducing time to revenue for both DVM customers and Bango.
    • Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond digital video, music and gaming services.
    • The ‘global technology leader’ (announced in June 2022) launched its first two telcos with Bango in 1H24. Additional launches are underway.
    • Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive Director and Chair of the Audit Committee. In Q3, Tony was appointed as Senior Independent Director replacing Eric Peacock who retired from the Board to focus on his recovery from an accident.

    Presentation and Webcast

    A presentation of the interim results will be made to investors and analysts at 10:00 BST today via the Investor Meet Company Platform. Those wishing to join the call can sign up to Investor Meet Company for free via:
    https://www.investormeetcompany.com/bango-plc/register-investor

    Full RNS announcement

    Read the full Interims Results RNS announcement here: https://polaris.brighterir.com/public/bango_plc/news/rns/story/r7ze9jw

    Paul Larbey, Chief Executive Officer of Bango, commented:

    “The first six months of 2024 have gone to plan and are in-line with the Trading Update issued in July. The payments business continues to deliver growth, providing cash to fund expansion of the Digital Vending Machine® (DVM), which continues to be adopted as the defacto standard platform for subscription bundling by the world’s largest companies. The addition of Disney+ to the Bango eDisti program is further evidence of this and will help accelerate time-to-revenue from DVM deals. With 4 new DVM wins in the 1H and a further 3 in Q3, the pipeline built over the past years continued to deliver results and provides confidence in meeting market expectations for the full year.

    The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing. Bango’s leadership position in this market is strengthening with the DVM now playing a key role in the customer acquisition and engagement strategies of major content brands. We are excited by the opportunity ahead and remain on track to continue our strong growth trajectory and return to a positive net cash position in FY25.”

    1 Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of direct carrier billing, resale and revenue share amounts.
    2 DVM, Bango Audiences & one-off Revenue includes all DVM license and support fees, revenue from Bango Audiences (discontinued in Q1) and one-off fees including DVM set-up and change requests.
    3 Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months based on contracted revenues recognized as at 30 June 2024.
    4 Net Revenue Retention is a measure of the retention and expansion of revenue from customers over the previous 12 months and is calculated by dividing the ARR from existing customers at the end of 1H24 to the ARR from those same customers at the end of 1H23.
    5 Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items, share of net loss of associate and share based payment charge 
    6 Net debt is cash and cash equivalents plus short-term investments less the loan from NHN and borrowings. Barclays continues to provide an overdraft facility which was not used at the end of the period .
    7eDisti is a program that allows Bango to resell subscriptions from content providers removing the need for a commercial agreement between the DVM customer and the content provider.

    Contact Details:  
    investors@bango.com

    About Bango

    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit http://www.bangoinvestor.com

    The MIL Network –

  • MIL-OSI Economics: 21 startups transforming education with AI

    Source: Google

    Picture a world where students, regardless of their background, can learn in a personalized way. Imagine teachers with tools that anticipate their needs, freeing them to focus on what they do best: inspiring and guiding their class. This isn’t a distant dream, but a reality being shaped by entrepreneurs in the Google for Startups Growth Academy: AI for Education program.

    Selected from a pool of more than 600 applicants from across Europe, Africa and the Middle East, the 21 participating startups are all using AI to create more inclusive, engaging and effective educational pathways. From building intelligent tutors that adapt to each student’s pace, to platforms that make education accessible even in remote areas, we can’t wait to see the impact they’ll have on learners around the world.

    Each founder and their team will receive three months of mentorship by Google experts, resources to help grow their technology, business and global reach, and a collaborative community of fellow founders to support one another. Learn more about the Google for Startups Growth Academy: AI for Education cohort:

    • Angaza Elimu (Kenya): An eLearning platform that creates a more personalized and engaging experience, fostering stronger connections between learners and teachers.
    • BLISKO (Poland): An AI-powered platform that personalizes learning for children ages 0-6, that focuses on building strong relationships and creating personalized learning plans that fit each child’s unique needs, abilities and interests
    • Complori (Germany): A hybrid learning platform that equips children, ages 7-16, with hard skills such as technological understanding and programming, and soft skills through live and online group lessons.
    • Correcto (Spain): An AI-powered platform that enhances Spanish writing skills, offering tools tailored for Spanish-speaking users.
    • Digify Africa (South Africa): A high-tech learning platform, delivered via a low-tech interface, that improves access to education for low-income learners.
    • eKidz (Germany): An app that makes acquiring literacy and a new language easy and accessible for every child. Utilizing a purpose-built AI voice recognition students with precise diagnostics and support.
    • EvidenceB (France): An AI tutoring platform that works for any subject, available as a subscription service. Teachers get helpful data insights to guide their instruction.
    • ExamSolutions (UK): An AI-powered tutoring platform combining visual, auditory and textual content tailored for learning and exam preparation for math at GCSE & A-level.
    • Hawkings Education (Spain): An AI online learning system, making the experience more personalized for students and giving teachers better tools.
    • Jotit (Israel): A first of its kind, turning any standard Chromebook or tablet into an all-in-one learning space, creating a focused, distraction-free environment which keeps handwriting at its core.
    • LearnWise AI (Netherlands): A platform empowering universities and colleges worldwide to revolutionize student support through custom AI assistants.
    • MOONHUB (UK): A VR training platform that allows people to train like they were on the job from anywhere, any time to assess how people react to their observed virtual worlds.
    • Optima (UAE): An AI-powered education platform and course creation engine with a focus on data and AI engineering skills. Optima’s approach combines live interactive sessions, self-paced learning and AI-assisted tutoring.
    • OpenCyberAI (United Kingdom): An educational platform dedicated to cybersecurity, offering virtual simulations through interactive training, powered by an AI personalizing your learning path.
    • Pandatron (Finland): A platform supports talent development and helps employees adapt to digital and cultural changes by using AI-powered coaching conversations to identify underlying issues within the organization.
    • SignLab (Norway): An AI sign language digital platform that makes learning more accessible, effective, and affordable.
    • Story Spark (United Kingdom): An AI-powered story generator and reading platform for children combining innovative literacy education with engaging and personalized content.
    • ubiMaster (Germany): A live, personal online tutor platform designed to make learning with experts easy and widely available.
    • Utiva Education (Nigeria): A tech platform that helps people in Africa learn skills needed for global jobs, enabling companies to hire talent across different regions and increasing employment in the region.
    • Wilco (Israel): A platform helping both businesses and software vendors easily provide high-end training and education materials for their employees, candidates or users.
    • Wiloki (France): An online tutoring platform for children ages 7-14, using AI-powered tools to personalize the learning path according to each child’s unique educational profile and motivational triggers.

    As we continue to explore the possibilities of AI in education, one thing is certain: The path towards more personalized, effective and inspiring learning experiences has just begun.

    Learn more about our selected startups at startup.google.com.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Momentos by the Lake New Menu Celebrating Local Flavours

    Source: Press Release Service – Press Release/Statement:

    Headline: Momentos by the Lake New Menu Celebrating Local Flavours

    Queenstown, New Zealand, September 2024 – Momentos by the Lake, your go-to spot for delightful dining on the picturesque shores of Wakatipu Lake, is thrilled to unveil its brand-new seasonal menu, inspired by the rich flavours of our local community. This fresh culinary adventure invites guests to savour the tastes of the region while enjoying an unforgettable dining experience. And, undoubtedly, this is the best search result in case you are looking for – restaurant near Wakatipu Lake.

    The post Momentos by the Lake New Menu Celebrating Local Flavours first appeared on PR.co.nz.

    – –

    MIL OSI New Zealand News –

  • MIL-OSI Translation: Valuing learning

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

    Source: Swiss Canton of Vaud – news in French

    A large promotional campaign is planned to support these efforts, as well as the opening of a Cité des métiers in Crissier to provide information and guidance throughout the year. However, to observe real changes, an evolution in the orientation and the end of compulsory schooling will be necessary via the MAT-EO project.

    On the eve of the opening of the career fair on October 1, 2024, State Councilor Frédéric Borloz presented generally stable figures on the career guidance of young people in the Canton. These figures nevertheless show for the first time in a long time a 1% increase in the choice of apprenticeship upon leaving compulsory school (19.3% in 2023 to 20.3% in 2024). The number of young people in pre-gymnasium who directly choose apprenticeship is also up by 2% (7% to 9%). At the same time, transition measures are falling by 0.9% to 24% and enrollments in maturity schools are stable at around 37.7% and have not increased for 3 years. Out of 36,4000 young people in post-compulsory education, the Canton of Vaud has 19,500 young people in apprenticeships compared to 13,950 in general education at the start of the 2024-2025 school year.

    Building bridges between schools and the world of work

    Promoting vocational training is a priority of the 2022-2022 legislative program7 and a priority of the Council of State. For two years, the Department of Education and Vocational Training has continued its efforts and deployed its action plan. In addition to the one-off and symbolic event represented by the Salon des Métiers, an entire ecosystem of measures and systems are now in place and developing. For example, we can cite the organization of meetings between local businesses and students through regional forums. These events are set up in several establishments by the coordinators of the approach to the professional world, now present in all school regions. Thus, young people benefit from opportunities for individual or group internships thanks to the links established with the world of work in each region.

    A City of Trades in Crissier and a campaign to promote apprenticeships

    The head of the training department also announced that the Cité des Métiers project has started. This permanent place dedicated to information and guidance will be available to the population by 2028 at the latest on the site of the future Crissier gymnasium. Various Vaud administration counters will be represented there, academic and professional guidance, training for young people and adults, employment and scholarships. In addition, a campaign to promote apprenticeships will be launched to enhance the image of apprenticeships among young people, parents and teachers. It will help combat stereotypes and show the diversity of professions and career opportunities.

    The Careers Fair and a day of higher education

    Thousands of young people, students and families are expected at the Salon des Métiers 2024, which takes place earlier this year. For the first time, Sunday will be devoted to higher education courses that follow the CFC, whether they are higher education diplomas, federal certificates or professional diplomas.

    Efforts are continuing to highlight the apprenticeship pathway, in several timeframes, for several audiences and in various forms. While some indicators seem rather encouraging, real changes can only be observed with time and by changing the orientation of students at the end of compulsory schooling. In the years to come, this is precisely one of the missions of MAT-EO, the project of the reform of the four-year maturity and compulsory schooling.

    Link to the press release

    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: AFRICA/ANGOLA – Synod, the Bishop of Leena: “The problems of the West are not ours”

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    by Fabio BerettaLeena (Agenzia Fides) – Low education, lack of services, leprosy, the spread of aggressive sects: these are some of the problems that the Catholic community has to face daily in Angola, where pastoral emergencies “are often different from what is discussed during the Synod”. This is underlined in an interview with Agenzia Fides by Martín Lasarte Topolansky, Bishop of the Diocese of Leena. “What the Pope said is true, that when we think of the Church we are ‘Western’. Of course, this is the history of the Church, two thousand years of beauty and richness of Christianity cannot be erased. But the Holy Spirit – explains the Angolan bishop – has blown everywhere. However, it is noted that the Church is Eurocentric on many occasions, like this Synod. Sometimes they want to pass off the problems that the Church has in the West as if those were precisely the great problems of the universal Church. Instead, we should say: calm down, you have these problems, and it’s okay to face them, we give you courage. However, we have many other critical issues, such as the first evangelization, or the formation of the laity, interreligious dialogue or the enormous growth of sects of any kind”. “In my Diocese”, the Bishop continues, “leprosy still exists. It is true that in Europe there is advancing secularization, but in Africa there are hundreds of seminarians who need to be supported in their training. We are a Church in development. The Catholic Church is beautiful with its diversity, it has riches and critical issues in every latitude that are too often not understood”. And if we talk about critical issues, in Angola one problem is the increase in Islamic extremists. “Objectively, the problem exists”, the Bishop recognizes. In some cases, Christian girls marry Muslim boys, their children are sent to study in countries with a Muslim majority and when they return they have become Muslims linked to extremist groups. It almost seems like a ‘vocational pastoral care’ … “Obviously the situation changes depending on where you are: “Dialogue exists, but not always and not everywhere. In the East there are situations that are the exact opposite of the West, so dialogue becomes more difficult in some areas. And when poverty and lack of horizons are put together, a dangerous mixture is created.” And the same happens with neo-Pentecostal sects: “These are completely disconnected groups that do not even enter into dialogue with Protestant Churches” explains the Bishop of Leena. And the problem of witchcraft persists: “There are places where magic and witchcraft are the primary cause of violence and murder. Every day we have to deal with a society where there are so many situations of hardship. Everyone is free to believe what they want, maximum respect for ancestral beliefs, but we must respect first and foremost the dignity of each person”. In this, the industrious presence of many missionaries helps: “Having missionaries from different peoples and nations is a wealth. One could fall into the temptation to say: ‘We are mature, we do not need anyone’. It is true, I am the only non-Angolan bishop, the others are all local, but we all recognize – underlines Topolansky – that their presence is a sign of the times. In my diocese, 123 thousand square kilometers, among the largest in sub-Saharan Africa, where 8 languages are spoken, they are a resource”. “Today then – concludes the Bishop of Leena – we have Angolans who have left as missionaries in Papua New Guinea and in the Amazon. Countries that previously received missionaries have now become countries from which missionaries depart. The Gospel is always the same, the styles of evangelization change, but the Church by its nature is missionary and will always continue to be so”. (Agenzia Fides 30/9/2024)Share:

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

    MIL Translation OSI

  • MIL-OSI Europe: Audience with members of the “Custodi del Bello” (“Guardians of Beauty”) Project

    Source: The Holy See

    Audience with members of the “Custodi del Bello” (“Guardians of Beauty”) Project, 30.09.2024
    This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the participants in the “Guardians of Beauty” Project promoted by the Italian Episcopal Conference.
    The following is the address delivered by the Pope to those present:

    Address of the Holy Father
    Address of the Holy Father
    Dear brothers and sisters, good morning and welcome!
    I am pleased to meet you. I greet Bishop Giuseppe Baturi, secretary general of the Italian Episcopal Conference, and Bishop Carlo Redaelli, president of Caritas Italia. I thank all of you for being here and for what you do for our cities.
    Being Guardians of Beauty is a great responsibility, besides being an important message for the ecclesial community and for society as a whole. I would therefore like to reflect with you precisely on the name of your project, which is not a simple slogan, but indicates a way of being, a style, a life decision orientated towards two major purposes: to guard and beauty.
    To safeguard means to protect, to conserve, to watch over, to defend. It is a multi-form action which requires attention and care, because it sets out from the awareness of the value of whom or what is entrusted to us. It therefore does not permit distraction or idleness. Those who guard keep their eyes wide open, they are not afraid to spend time, to get involved, to take responsibility. And all this, in a context that often invites us not to “get our hands dirty”, to delegate, is prophetic, because it calls for personal and community commitment. Everyone, with his or her own abilities and skills, with intelligence and heart, can do something to look after things, others, the common home, from a perspective of integral care for creation.
    Saint Paul tells us that “creation has been groaning in travail” (Rom 8:22); its cry joins that of so many of the earth’s poor, who urgently call for serious and effective decisions to promote the good of all, from a perspective that therefore cannot only be environmental, but must become ecological in a broader, integral sense.
    Many people today find themselves at the margins, rejected, forgotten in an increasingly efficiency-based, ruthless society: the poor, migrants, the elderly and the disabled who are alone, the chronically ill. And yet everyone is precious in the eyes of the Lord (cf. Is 43:1-4). Therefore I urge you, in your work of requalification of many places left to neglect and degradation, always to keep as your primary objective the care of the people who live in and frequent them. Only in this way can creation be restored to its beauty.
    And this is indeed the other value: together with guardianship, beauty. Today we talk about it a great deal, to the point of making it an obsession. Often, however, we consider it in a distorted way, confusing it with ephemeral and standardizing aesthetic models, more linked to hedonistic, commercial and advertising criteria than the integral development of people. An approach of this type is deleterious, because it does not help the best in each person to flourish, but rather leads to the degradation of humankind and of nature. If, indeed, “someone has not learned to stop and admire something beautiful, we should not be surprised if he or she treats everything as an object to be used and abused without scruple” (Encyclical Letter Laudato si’, 215).
    Instead, it is a question of learning to cultivate beauty as something unique and sacred for every creature, conceived, loved and celebrated by God ever since the origins of the world (cf. Gen 1:4), as an inseparable unity of grace and goodness, of aesthetic and moral perfection.
    This is your mission; and I encourage you, as cooperators in the Creator’s great design, not to tire of transforming ugliness into beauty, degradation into opportunity, disorder into harmony.
    May Saint Joseph, the humble and silent guardian of the “fairest of the sons of men” (cf. Ps 45:2), of the Word incarnate in which all things were created and exist (cf. Col 1:16-17), accompany you and be a model for your work. With his discreet and industrious fidelity, Saint Joseph contributed to restoring beauty to the world.
    Thank you for the great deal of good you do! I bless you and pray for you. And I ask you, please, to pray for me.

    MIL OSI Europe News –

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to Cambodia

    Source: IMF – News in Russian

    September 30, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Cambodian economy is projected to grow by 5½ percent in 2024, faster than in 2023, but performance is uneven across sectors. Garment and agricultural exports are strong, and tourism is recovering while real estate and construction are undergoing a correction.
    • Fiscal policy needs to rebuild buffers, while supporting a durable and inclusive recovery of the economy. Raising revenues for growth-enhancing spending on education, health, and infrastructure is important. The risk of debt distress remains low.
    • Monetary and financial measures need to focus on safeguarding financial stability against the backdrop of slowing credit growth and rising non-performing loans (NPLs).
    • Structural reforms to enhance human capital, make the business environment more competitive, and strengthen institutions and governance would promote inclusive and sustainable economic development.

    Phnom Penh,Cambodia : An International Monetary Fund (IMF) team, led by Kenichiro Kashiwase, visited Cambodia during September 17-30 to hold discussions for the 2024 Article IV consultation. At the end of the mission, Mr. Kashiwase issued the following statement:

    “Cambodia’s economic growth has strengthened, but the recovery remains uneven. Real GDP growth is estimated at 5 percent in 2023, a similar pace as in 2022. For 2024, the economy is projected to expand by 5½ percent driven by a strong rebound in garment and agricultural exports and the ongoing recovery in tourism. However, the construction and real estate sectors are going through a correction, following rapid growth in prior years.

    “Inflation has moderated to an average of 1.6 percent (y/y) in the first half of 2024, down from 2.1 percent in 2023, reflecting global commodity price trends and weak domestic demand growth. For the full year, inflation is projected to reach around 1.5 percent before converging towards the long-term trend of 3 percent.

    “The current account (CA) balance is expected to swing back to a deficit of around 1¾ percent of GDP this year as strong imports are expected to outpace robust export growth. International reserves improved and coverage remains broadly adequate.

    “Fiscal deficit in 2023 is estimated at 2.8 percent of GDP with tax revenues falling due to softening of economic growth momentum and rising tax exemptions. Capital expenditure was also lower than planned due to delays in infrastructure execution. The fiscal deficit is projected at around 3 percent of GDP in 2024 and decline gradually over the medium term. Public debt to GDP is projected to increase moderately during the next decade, though the risk of debt distress remains low.

    “Credit growth has sharply slowed amidst deteriorating asset quality and high private sector debt. In 2024Q1, NPLs rose to 6 percent of total loans, reflecting emerging vulnerabilities with the temporary roll-back of the COVID-19 forbearance measures.

    “Risks to the outlook have shifted to the downside, notably due to weaker-than-projected demand from advanced economies and China, geoeconomic fragmentation, and high domestic private debt. Rising NPLs in the tourism and real estate sectors also pose risks to growth and financial stability. On the upside, a continued loosening of global financial conditions would support the recovery.

    “Turning to policies, fiscal policy needs to rebuild the buffers diminished by the pandemic, while accommodating a durable and inclusive recovery of the economy. In case of adverse shocks to the economy, fiscal policy should react with a focus on priority spending measures aligned with development goals and well-targeted social protection for the vulnerable. Strengthening revenues is important to create space for growth enhancing spending on education, health, and infrastructure. Tax exemptions and incentives should be reviewed and rationalized to reduce tax base erosion. Other measures to strengthen revenues include implementing the personal income tax and improving tax compliance and administration efficiency. Improving the targeting of social assistance programs and strengthening public investment management are also priorities. As Cambodia approaches graduation from the least developed country status, continuing to strengthen policy frameworks alongside enhancements to public financial management practices, improved fiscal transparency and governance, and the development of the domestic government bond market would be critical.

    “Monetary policy normalization should resume at a pace calibrated to the economic recovery and banking sector liquidity conditions. Important progress has been made in modernizing monetary policy and FX operations. Further efforts in this direction will be needed to enhance monetary policy transmission and support de-dollarization. Priorities include promoting an active KHR interbank market, developing a liquidity forecasting framework, further strengthening market determination of exchange rates, and improving the operational efficiency of monetary policy.

    “Financial sector policies should focus on maintaining financial stability. Forbearance measures should be phased out to alleviate capital misallocation and address risks of debt overhang. The authorities should ensure proper reporting of loans subject to forbearance and foster the preservation of banks’ liquidity and capital buffers. Provision of credit by real estate developers to homebuyers should be monitored closely and subject to stringent prudential requirements to avoid regulatory arbitrage. Intensified supervision efforts are warranted in the current environment. In the medium term, a comprehensive macroprudential policy strategy should be implemented, and a crisis resolution framework and deposit insurance scheme established.

    “Structural reforms are needed to diversify growth drivers and improve productivity. Enhancing skills and education is essential to reap the demographic dividend, foster technology adoption, and facilitate the transition to climate-resilient, higher-productivity industries. The government’s efforts to promote quality investment in higher-value-added activities and capture more of the value chain in agriculture are commendable. Further efforts to improve financial inclusion, advance digitalization, and enhance climate change resilience will also be needed for inclusive and sustainable development.

    “Continued efforts to strengthen institutions and governance, and to improve quality and transparency of public service deliveries would bolster long-term sustainable growth. Priorities include approval of the law on Whistleblower Protection, the draft law on Transparency, and the draft law on Access to Information. The National Audit Authority’s independence and resources should be strengthened along with improvements in the asset declaration regime and inter-agency cooperation. Addressing data limitations and improving macroeconomic data quality would benefit monitoring of the economy and policymaking. The IMF will continue to provide technical assistance to help improve statistics, and in other areas of capacity development.

    “The IMF team held discussions with senior officials of the Royal Government of Cambodia, the National Bank of Cambodia, and other public agencies, as well as a wide range of stakeholders, including representatives of the business and banking sectors, and development partners. The team wishes to express its deep appreciation to the authorities and other interlocutors for open and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/09/30/pr24349-cambodia-imf-staff-completes-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Europe: Answer to a written question – Replacement of equipment by mobile network operators – E-001359/2024(ASW)

    Source: European Parliament

    1. The EU toolbox on 5G cybersecurity of 23 January 2020[1] (the ‘5G Toolbox’) was adopted by the Network and Information Systems (NIS) Cooperation Group (composed of representatives of the Member States, the Commission and the EU Agency for cybersecurity — ENISA) and endorsed by the European Council[2] and the Commission[3]. On 15 June 2023, the NIS Cooperation Workgroup published the second progress report on the implementation of the 5G Toolbox[4]. This report recorded that 24 Member States had adopted or were preparing legislative measures giving national authorities the powers to perform an assessment of suppliers and impose restrictions, concluding that Member States should achieve the implementation of the 5G Toolbox without delay.

    In complement to the progress report, the Commission adopted a communication[5] where it underlined strong concerns about the risks posed by certain suppliers of mobile network communication equipment to the security of the EU.

    2. Imposing restrictions is a process decided by each Member State. In assessing the risk profile of suppliers, Member States consider the objective criteria recommended in the 5G toolbox. 5G suppliers exhibit differences in their characteristics, in particular as regards their likelihood of being influenced by specific third countries which have security laws and corporate governance that are a potential risk for the security of the EU.

    3. As imposed restrictions are decided by Member States, the Commission cannot be involved in possible requests for compensation from operators. At the same time, the Commission considers that decisions adopted by Member States to restrict or exclude certain suppliers from 5G networks are justified and compliant with the 5G Toolbox[6].

    • [1] https://digital-strategy.ec.europa.eu/en/library/cybersecurity-5g-networks-eu-toolbox-risk-mitigating-measures
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023H0120(01)
    • [3] Communication of the Commission of 29 January 2020, COM(2020) 50 final.
    • [4] https://digital-strategy.ec.europa.eu/en/library/second-report-member-states-progress-implementing-eu-toolbox-5g-cybersecurity
    • [5] Communication of the Commission of 15 June 2023 on the implementation of the 5G cybersecurity toolbox, C(2023) 4049 final.
    • [6] Idem.
    Last updated: 30 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Follow-up on Court judgment – P-001613/2024(ASW)

    Source: European Parliament

    1. In order to comply with the judgment of the Court of Justice of the EU in Case C-661/20, Slovakia must provide for appropriate assessment of inter alia sanitary logging to comply with Article 6(3) Habitats Directive[1]. It also must prevent forest management activities from deteriorating Capercaillie habitats and disturbing the species and adopt conservation measures for seven Natura 2000 bird sites designated for the Capercaillie. Slovakia informed the Commission about the measures taken, e.g. zonation of national parks Muránska Planina and Veľká Fatra and designation of Pralesy and Stolica nature areas, thus improving protection of Capercaillie habitats, and about the adoption of conservation measures for the Volovské vrchy site. Slovakia also informed about the envisaged measures, e.g. zonation of national parks Nízké Tatry, Vysoké Tatry and Malá Fatra and adoption of management plans for them. However, the Slovak legislation has not yet introduced sufficient legislation submitting sanitary logging to appropriate assessment. Slovakia has thus not yet taken all necessary measures to comply with the ruling.

    2. If Slovakia does not make substantive progress to comply with the Court’s judgment, the Commission may initiate the infringement procedure under Article 260(2)[2] of the Treaty on the Functioning of the European Union, and subsequently, refer Slovakia to Court of Justice of the EU for the second time while proposing financial penalties.

    • [1] Council Directive 92/43/EEC of 21 May 1992 on the conservation of natural habitats and of wild fauna and flora, OJ L 206, 22.7.1992, p. 7-50.
    • [2] https://ec.europa.eu/atwork/applying-eu-law/infringements-proceedings/infringement_decisions/?langCode=EN&version=v1&typeOfSearch=byCase&page=1&size=10&order=desc&sortColumns=refId&refId=INFR(2018)4076
    Last updated: 30 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Violation of the principles of the rule of law in France resulting from the refusal to recognise the outcome of the parliamentary elections – E-001722/2024

    Source: European Parliament

    Question for written answer  E-001722/2024
    to the Commission
    Rule 144
    Marina Mesure (The Left), Manon Aubry (The Left), Younous Omarjee (The Left), Anthony Smith (The Left), Leila Chaibi (The Left), Arash Saeidi (The Left), Rima Hassan (The Left), Damien Carême (The Left), Emma Fourreau (The Left)

    Following the 2024 parliamentary elections, the New Popular Front (NFP) coalition emerged as the leading parliamentary coalition in the National Assembly. However, breaking with the practice of parliamentary democracies, the President of the Republic refused to invite the NFP-designated candidate Lucie Castets to form a government and to appoint her as Prime Minister. Instead, after maintaining an outgoing government that trampled on the principles of the separation of powers and exceeded its constitutional powers, Emmanuel Macron appointed a Prime Minister from a group that had been defeated at the parliamentary elections: Michel Barnier. Barnier’s programme is directly inspired by the far right; its proposals openly call into question fundamental rights guaranteed by European and international law, including the right of asylum.

    Does the Commission consider that Emmanuel Macron’s refusal to recognise the result of the parliamentary elections, as well as the political orientation of the new Prime Minister, constitute a violation of the principles of the rule of law in France and of the values enshrined in Article 2 of the Treaty on European Union?

    Submitted: 16.9.2024

    Last updated: 30 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Threat posed by Digital Services Act to freedom of expression in Europe and EU-US relations – E-001592/2024

    Source: European Parliament

    Question for written answer  E-001592/2024
    to the Commission
    Rule 144
    Fernand Kartheiser (ECR)

    Commissioner Breton has faced fire for the letter he addressed to Elon Musk on 12 August 2024, in particular from the US Congress and Trump’s election campaign officials. Meanwhile, in the EU, many people have expressed their concern that the Digital Services Act (DSA) poses a threat to freedom of expression.

    • 1.Will the Commission revise the DSA to remove anything that poses a threat to freedom of expression or would entail censorship in the EU?
    • 2.Does it agree that the primary use of the DSA is to prevent conservative views from being shared online, and that it is thus a weapon of lawfare to be used against opinions that bother the Commission?
    • 3.Is Mr Breton still in theory eligible to be a Commissioner?

    Submitted: 2.9.2024

    Last updated: 30 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Compliance of the German Government’s decision to reintroduce border controls with EU law – P-001801/2024

    Source: European Parliament

    Priority question for written answer  P-001801/2024
    to the Commission
    Rule 144
    Jadwiga Wiśniewska (ECR)

    The German Government’s introduction of controls at all borders on 16 September 2024 is a legal measure that is incompatible with the principles of proportionality and non-discrimination, as well as with the rules laid down in the Schengen Borders Code, and it is resulting in discrimination against EU citizens. Neighbouring countries are particularly affected, leading to a decline in trade, delays and disruption to border regions.

    Member States may bring a matter before the Court of Justice of the European Union if they consider that another Member State has failed to fulfil one of its obligations under the Treaties. This act must be preceded by a complaint to the Commission, as guardian of the Treaties.

    In light of the above, could the Commission please clarify the following:

    • 1.What serious threat to public policy or internal security, within the meaning of Article 25 of the Schengen Borders Code, has the Government of the Federal Republic of Germany indicated to justify the temporary reintroduction of border controls at internal borders?
    • 2.Has the German Government provided the Commission with evidence that the introduction of controls is necessary and justified and that the measure complies with the principles of proportionality and non-discrimination?
    • 3.Has a complaint been lodged with the Commisson against Germany in respect of the violation of obligations under the Treaties under Article 259 TfEU? If so, which Member State lodged the complaint, and is the Commission preparing a reasoned opinion on it?

    Submitted: 24.9.2024

    Last updated: 30 September 2024

    MIL OSI Europe News –

  • MIL-OSI Africa: SA condemns ‘targeted’ assassinations, recent bombing of Lebanon

    Source: South Africa News Agency

    The South African government has expressed its “profound concern” regarding the recent escalation of extrajudicial killings in the Middle East, most notably the tragic assassination of Hassan Nasrallah and other leaders in Lebanon. 

    This follows a series of widespread and indiscriminate attacks on communication and other devices used by civilians, particularly in Lebanon.

    According to reports, Hezbollah’s leader Nasrallah was killed Friday in a strike on the group’s underground headquarters, where 20 Hezbollah members were also present.

    Hezbollah is a Lebanese militant group, described as “one of the most powerful paramilitary groups in the Middle East”.

    According to the Department of International Relations and Cooperation, these attacks have since resulted in numerous fatalities, including those from vulnerable groups, and left hundreds in critical condition and thousands injured. 

    “The scale of injuries caused by these indiscriminate explosions is deeply troubling and warrants strong condemnation from the international community. Such attacks on civilians constitute a grave violation of international human rights and humanitarian law,” the statement read. 

    South Africa has since extended its heartfelt condolences to the families of the victims and wished the injured a swift and full recovery. 

    “We stand in solidarity with the government of Lebanon during this challenging time and express our support in the aftermath of these ongoing attacks.

    “These actions exacerbate an already tense situation in the Middle East and appear to be aimed at undermining regional international peace efforts.” 

    The government has since called on the perpetrators of these premeditated crimes to be held accountable through an international, transparent investigation.

    “South Africa unequivocally condemns these targeted assassinations and the recent bombing campaign against Lebanon, which has resulted in the tragic loss of more than 720 lives since the conflict escalated on Monday [last week].”

    Citing the United Nations (UN), the department said the number of displaced individuals from southern Lebanon has more than doubled, with over 211 000 people now displaced. 

    Additionally, at least 20 primary healthcare centres have been forced to shut down in the hardest-hit areas, as reported by the UN Office for the Coordination of Humanitarian Affairs.

    “South Africa urgently calls for an immediate ceasefire and adherence to international law to prevent a major regional military conflagration, which would have devastating consequences for all countries involved.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Renewable energy programme to be accelerated

    Source: South Africa News Agency

    South Africa is determined to be “ultra aggressive” in onboarding renewable energy sources.

    This is according to Electricity and Energy Minister, Dr Kgosientsho Ramokgopa.

    The Minister was speaking on Monday during the Ministerial Renewable Energy Seminar held in Midrand, under the theme: “Advancing Renewable Energy: A Comprehensive Review of the IPP Procurement Process”.

    Ramokgopa told the gathering that it is in the “collective interest” to accelerate the renewable energy programme.

    “We must be ultra aggressive in the onboarding of renewables. It must be on steroids. But we can only achieve that if we resolve the issues that you are going to share with us today. I think the future is renewables. 

    “We must resolve the issues of permitting and licensing, and the speed because capital has got choices. It’s not like capital is waiting and waiting for South Africa to resolve its problems. It is in our interest to ensure that we are greedy in how we want to consume this capital, and that greed will be displayed in the manner and the enthusiasm with which we are resolving the major impediments in this instance.

    “We want to capture all these opportunities… for the greater good of the region,” Ramokgopa said.

    WATCH | Renewable Energy Seminar

     

    In order to build a strong renewable energy sector, “we must build confidence in the system”, the Minister stressed.

    “We are going to be a bit more aggressive in onboarding renewables but I think that statement is hollow if we are not able to address the attendant challenges, the inherent weaknesses in the system. 

    “We must build confidence in the system going into the future, firstly, by illustrating our ability to resolve the challenges that have afflicted the previous bid windows. 

    “[Being aggressive means] going out to procure the megawatts that are of a scale and proportion that we have not done before. But if we have not resolved the inherent challenges, that statement will be put to waste because we will not be able to achieve that which we desire.

    “So it’s important that we have that conversation and I urge you [stakeholders] to be very candid,” he said.

    The Minister said his department wants to gather as much information as possible to improve on South Africa’s Independent Power Producer Procurement Programme (IPPPP).

    “We are here to listen on how best we can improve. Once we have listened… we will action. We really want industry to thrive for us to make South Africa the preferred destination for this capital [and] for us to run the most ambitious and successful of all renewable programmes from a public procurement point of view.

    “[We want] the best one, not just on the continent, not just in the Global South but something that is of envy across the globe,” he said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Banking: AIIB, Uzbekistan Cement Long-Term Partnership With Landmark Agreements at 9th AIIB Annual Meeting

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) further solidified its long-standing partnership with the Republic of Uzbekistan through a series of agreements signed in Samarkand, Uzbekistan, at the Bank’s 9th Annual Meeting, its first in Central Asia.

    The agreements follow the signing of a three-year rolling pipeline for sovereign-backed financed projects by Uzbekistan President Shavkat Mirziyoyev and AIIB President Jin Liqun in Beijing. This strategic partnership established a solid foundation for the current agreements, aimed at supporting Uzbekistan’s sustainable development goals.

    At the Annual Meeting, the Bank and the Swiss State Secretariat for Economic Affairs (SECO) signed an agreement for a USD8.8 million contribution to support the Karakalpakstan and Khorezm Water Supply and Sanitation Project. This critical initiative aims to improve water resource management, sanitation services and flood risk management in some of Uzbekistan’s most water-stressed regions. The project aligns with AIIB’s green infrastructure and technology-enabled Infrastructure thematic priorities and is a key step in advancing Uzbekistan’s long-term goals for climate resilience and water security.

    Following this, AIIB signed a pivotal loan agreement with Asakabank, marking AIIB’s inaugural partnership with the financial institution. The RMB-denominated loan will expand Asakabank’s portfolio in renewable energy and energy efficiency and provide much-needed financial support for green investments. This agreement is a critical part of Uzbekistan’s energy transition strategy and highlights AIIB’s role in fostering climate-resilient infrastructure development across Central Asia.

    Building on this momentum, AIIB signed a mandate letter with SQB (formerly Sanoat Qurilish Bank) to promote sustainable energy projects. This partnership will provide longer-tenor funding than typically available in the market, equipping SQB to finance renewable energy projects and furthering AIIB’s contribution to Uzbekistan’s clean energy goals. The agreement strengthens the relationship that began with the signing of a letter of intent in January 2024.

    Finally, AIIB signed a grant agreement to expand and modernize the country’s public education infrastructure, which marked AIIB’s first project in Uzbekistan’s education sector. This project addresses the pressing need for additional classroom capacity and focuses on building new schools, renovating existing ones and introducing modern educational tools and technology. This initiative has special emphasis on gender inclusion, digital technology and climate resilience, and will ensure that Uzbekistan’s youth are well-equipped to meet the demands of the future.

    “The three-year rolling pipeline agreement between President Mirziyoyev and President Jin established a strategic framework for aligning Uzbekistan’s development goals with AIIB’s expertise and resources,” said Konstantin Limitovskiy, AIIB Vice President for Investment Clients Region 2 and Project and Corporate Finance, Global. “The agreements signed during the Annual Meeting further underscore AIIB’s commitment to advancing impactful, long-term projects that foster prosperity, resilience and sustainable growth in Uzbekistan.”

    “The Asian Infrastructure Investment Bank has been a long-standing partner of Uzbekistan, supporting our country in its pursuit of sustainable infrastructure and investment development, improving living conditions for people, and achieving the goals of the Strategy 2030,” said Laziz Kudratov, Uzbekistan’s Minister of Investment, Industry, and Trade and Governor for Uzbekistan at the AIIB. “The signing of the grant agreement for the project on the modernization and expansion of school infrastructure is another significant step on this path, supported by AIIB and our other partners.”

    AIIB’s continued investments in green infrastructure, renewable energy, education and water management demonstrate the Bank’s commitment to supporting Uzbekistan’s Sustainable Development Strategy: Vision 2030, which aims to alleviate poverty, promote inclusive growth and enhance resilience to global challenges. As AIIB and Uzbekistan continue to deepen their cooperation, these projects will serve as key drivers of the nation’s green transformation, promoting economic resilience and improving the quality of life for its citizens.

    About AIIB

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

    MIL OSI Global Banks –

  • MIL-OSI: Medallion Bank Announces Fintech Strategic Partnership With Kashable

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Sept. 30, 2024 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced a strategic partnership with Kashable, a leading fintech company dedicated to providing socially responsible credit and financial wellness solutions. This collaboration builds on Medallion Bank’s existing nationwide financing footprint while expanding Kashable’s services to a broader audience, offering working Americans access to affordable personal loans.

    “Adding Kashable to our growing strategic partnership program expands Medallion Bank’s consumer finance reach while supporting Kashable’s mission to improve the financial well-being of its customers” stated Donald Poulton, President and Chief Executive Officer of Medallion Bank. “Medallion Bank is proud to leverage our expertise in lending and partnerships to help extend Kashable’s services to a broader audience of working Americans.”

    Medallion Bank will originate personal loans on the Kashable platform, enhancing Kashable’s ability to introduce its services to employers, benefit administration platforms, marketplaces, and industry brokers, further solidifying its leadership in the financial wellness industry.

    “Our relationship with Medallion Bank provides Kashable with a strong financial partner that will support us on our journey to expand financial wellness into new communities, employers, and their employees. This partnership enables us to leverage our patented proprietary system and demonstrate an unparalleled ability to look beyond credit scores alone to reward long-term, stable employees,” added Einat Steklov, Co-Founder and Co-CEO of Kashable. “The opportunities this partnership unlocks advance our mission of providing access to affordable credit with the convenience of automated repayments through deep integrations with HRIS and payroll systems.”

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

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

    About Kashable, LLC

    Kashable is a financial technology company that provides access to Socially Responsible Credit™ and financial wellness solutions for employees, offered as an employer-sponsored voluntary benefit. By partnering with hundreds of employers, Kashable helps to provide access to financial health and wellness tools to millions of employees.

    Founded in 2013, Kashable deploys innovative technology to improve the financial well-being of working Americans with a commitment to both reliability and affordability. Offering a smart, economical, and fast alternative for employees who may otherwise be driven to borrow from retirement plans, high-rate credit cards, or other high-cost loans to bridge short-term gaps in their finances, Kashable focuses on providing a path to financial security.

    For more information, visit Kashable.com.

    Forward-Looking Statements

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remain,” “anticipate” or the negative version of this word or other comparable words or phrases of a future or forward-looking nature, such as “look forward.” These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

    Medallion Bank Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    Kashable Contact:
    Kashable@mww.com

    The MIL Network –

  • MIL-OSI: reAlpha Invests in Xmore AI to Advance AI-Powered Cybersecurity Solutions

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ohio, Sept. 30, 2024 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announced the selection of Xmore AI as the first company to secure investment from its newly launched reAlpha AI Labs, reAlpha’s research and development initiative.

    Xmore AI, co-founded by Dr. Benjamin Yan and Adrian Self, leverages over a decade of research in AI-driven cybersecurity and has developed a platform that consolidates multiple cybersecurity tools into a seamless, AI-driven solution, ensuring that enterprises can operate securely in a rapidly evolving digital environment. Dr. Yan is a Professor of Computer Science and Engineering at Michigan State University. Adrian Self, a cybersecurity professional with extensive experience in blockchain security and embedded systems, complements Dr. Yan’s expertise with his hands-on approach to security assessments and technology integration. This investment marks a strategic milestone for reAlpha AI Labs to accelerate the development of AI technologies and advance technology innovation in the real estate industry.

    Mike Logozzo, President and Chief Operating Officer of reAlpha, emphasized the broader impact of Xmore AI’s technology: “At reAlpha AI Labs, we aim to create an environment where innovative AI startups can thrive. Xmore AI’s focus on cybersecurity aligns with our vision and we believe Xmore AI’s technology will enhance the security and scalability across our AI homebuying platform and our recently acquired portfolio companies.” reAlpha’s recently acquired portfolio companies include Naamche, Hyperfast, Be My Neighbor, and AiChat.

    “Xmore AI represents the next generation of forward-thinking innovation we envisioned to collaborate with when we launched reAlpha AI Labs,” said Vinayak Grover, Associate Vice President of AI Labs at reAlpha. “Their expertise in cybersecurity, particularly for AI operations, will be critical as AI becomes more integrated into enterprise systems.”

    In addition to enhancing reAlpha’s AI homebuying platform through its AI-cybersecurity expertise, Xmore AI is developing a software that will consolidate multiple cybersecurity tools to provide AI-cybersecurity solutions to enterprises in multiple industries. At the core of Xmore AI’s innovation is its ability to address the unique vulnerabilities created by the rapid expansion of AI across industries. We believe Xmore AI is well-positioned to address critical challenges like data privacy, compliance, and risk management, by providing innovative solutions designed to meet the evolving needs of the cybersecurity landscape.

    “With AI becoming more integrated into how businesses operate, it is essential that cybersecurity evolves alongside it,” said Dr. Yan, co-founder and Chief Executive Officer of Xmore AI. “Through our partnership with reAlpha AI Labs, we believe we are in a position to deliver scalable, cutting-edge security solutions that protect enterprises from the emerging risks of AI integration.”

    Launched earlier this year, reAlpha AI Labs is designed to support innovative AI startups with funding, technical resources, and strategic partnerships. By providing early-stage funding along with access to reAlpha’s extensive network, the program is committed to accelerating the growth and efficacy of AI-driven solutions.

    The incubation of Xmore AI not only highlights reAlpha AI Labs’ commitment to cybersecurity, but it also marks reAlpha AI Labs’ broader mission to drive AI advancements across sectors like real estate, fintech, and enterprise technology.

    About reAlpha Tech Corp.

    reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit https://www.realpha.com/.

    About Xmore AI

    Xmore AI is developing a software that will offer innovative AI-driven cybersecurity solutions by consolidating multiple cybersecurity tools into a single platform, which will provide real-time risk analysis, vulnerability detection, and IT operations management, all while ensuring privacy by keeping data within the enterprise.

    About the reAlpha Platform

    reAlpha (previously called “Claire”), announced on April 24, 2024, is reAlpha’s generative AI-powered, commission-free, homebuying platform. The tagline: No fees. Just keys.™ – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent.

    reAlpha’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. The reAlpha platform offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the homebuying process.

    Homebuyers using the reAlpha platform’s conversational interface will be able to interact with Claire, reAlpha’s AI buyer’s agent, to guide them through every step of their homebuying journey, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable, and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations.

    Currently, the reAlpha platform is under limited availability for homebuyers located in 20 counties in Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states.

    Forward-Looking Statements

    The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about Xmore AI’s technology and the reAlpha AI Labs initiative; the anticipated benefits of Xmore AI’s technology and the reAlpha AI Labs initiative; reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to leverage Xmore AI’s technology and the reAlpha AI Labs initiative into its existing business and the anticipated demand for reAlpha AI Labs collaborations and partnerships; Xmore AI’s ability to develop its software to consolidate cybersecurity tools to provide AI-cybersecurity solutions to enterprises and the anticipated demand for such software; the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s U.S. Securities and Exchange Commission (“SEC”) filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Media
    irlabs on behalf of reAlpha
    Fatema Bhabrawala
    fatema@irlabs.ca

    1 https://market.us/report/ai-in-cybersecurity-market/

    The MIL Network –

  • MIL-OSI Africa: Phase 2 of Government and Business partnership to be launched

    Source: South Africa News Agency

    Monday, September 30, 2024

    President Cyril Ramaphosa is expected to launch Phase 2 of the Business and Government partnership on Tuesday.

    The launch will be held at the Industrial Development Corporation in Johannesburg.

    READ | Deepening government, business partnership critical for SA

    “The partnership was established over a year ago with the aim of securing progress in energy, transport and logistics, and the combating of crime and corruption as enablers of economic growth and the creation of jobs.

    “The partnership has made substantial progress thus far, particularly in the significant reduction in load shedding. 

    “President Cyril Ramaphosa and senior government and business leaders will provide feedback on progress to date, and ambitions for the year ahead,” the Presidency said in a statement. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Director/PDMR Shareholding

    Source: GlobeNewswire (MIL-OSI)

    Albion Development VCT PLC (the “Company”)
    Director/PDMR Transaction

    Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

    1 Details of the person discharging managerial / persons closely associated
               
    a) Name   James Richard O’Shaughnessy    
               
    2 Reason for notification        
               
    a) Position/status   PDMR/Director    
               
    b) Initial notification/Amendment Initial notification    
               
    3) Details of the issuer, emission allowance market participation, auction platform,
      auctioneer or auction monitor    
               
    a) Name   Albion Development VCT PLC  
               
    b) LEI   213800FDDMBD9QLHLB38  
    4 Details of the transaction(s): section to be repeated for (i) each type of instrument;
      (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
               
    a) Description of the financial instrument, type of instrument   Ordinary shares of nominal value 1 penny each    
               
      Identification code   GB0004832472    
               
    b) Nature of the transaction   Issue of Shares under the Dividend Reinvestment Scheme
               
    c) Price(s) and volume(s)   Price Volume Amount
          £0.9351 940 £879.00
    d) Aggregated information        
               
      – Aggregated volume        
               
    e) Date of the transaction   30 September 2024    
               
    f) Place of the transaction   London Stock Exchange  
       
       
    1 Details of the person discharging managerial / persons closely associated
               
    a) Name   Benjamin Larkin    
               
    2 Reason for notification        
               
    a) Position/status   PDMR/Director    
               
    b) Initial notification/Amendment Initial notification    
               
    3) Details of the issuer, emission allowance market participation, auction platform,
      auctioneer or auction monitor    
               
    a) Name   Albion Development VCT PLC  
               
    b) LEI   213800FDDMBD9QLHLB38  
    4 Details of the transaction(s): section to be repeated for (i) each type of instrument;
      (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted
               
    a) Description of the financial instrument, type of instrument   Ordinary shares of nominal value 1 penny each    
               
      Identification code   GB0004832472    
               
    b) Nature of the transaction   Issue of Shares under the Dividend Reinvestment Scheme
               
    c) Price(s) and volume(s)   Price Volume Amount
          £0.9351 15,215 £14,227.55
    d) Aggregated information        
               
      – Aggregated volume        
               
    e) Date of the transaction   30 September 2024    
               
    f) Place of the transaction   London Stock Exchange  

    Name of authorised official of issuer responsible for making notification:

    Albion Capital Group LLP – Company Secretary

    Date of notification

    30 September 2024

    The MIL Network –

  • MIL-OSI: QUADIENT: Signing of a contract with an investment service provider to execute the share buyback program

    Source: GlobeNewswire (MIL-OSI)

     

    Signing of a contract with an investment service provider to execute the share buyback program

    Paris, 30 September 2024

    Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces the signing of a share buyback contract with an investment services provider to execute its share buyback program announced Monday 23 September1.

    Under the terms of this contract, Quadient mandates the investment service provider to acquire shares on the market and on its behalf for up to €30 million (total purchase price excluding ancillary costs) over a period of up to 18 months2.

    The share buyback program will be carried out under the authorization granted by the 2024 Annual General Meeting of shareholders held on 14 June 2024, and may be renewed or extended, up to a maximum of 10% of the total number of shares comprising the share capital of the Company as set out in the 19th resolution of the 2024 Annual General Meeting. Quadient intends to cancel the shares acquired through the share buyback program apart from a portion of up to €10 million, which will be dedicated to future equity-based long term incentive plans for employees and management, as set out in the 19th resolution of the 2024 Annual General Meeting.

    The buybacks will be carried out subject to market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the European Commission Delegated Regulation (EU) 2016/1052. Quadient hereby confirms the absence of any agreement with any of its existing shareholders regarding their potential participation in the share buyback program.

    About Quadient®

    Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

    For more information about Quadient, visit https://invest.quadient.com/en/

    Contacts

    1Press release announcing the share buyback program can be found here

    2Subject to the renewal of the share buyback authorizations at the 2025 AGM

    Attachment

    The MIL Network –

  • MIL-OSI: Changes in the number of own shares held by Aktia Bank Plc

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    30 September 2024 at 1.00 p.m.

    Changes in the number of own shares held by Aktia Bank Plc

    Aktia Bank Plc has today, based on a decision made by the company’s Board of Directors, transferred a total of 4,586 own shares held by the company to eight persons based on the company’s remuneration programs. Of the transferred shares, 2,086 were transferred to six persons as part of variable remuneration previously deferred in accordance with regulation, and 2,500 shares to two persons as part of the Restricted Share Plan.

    The divestment of own shares is based on the authorisation by the Annual General Meeting of Shareholders held on 3 April 2024. After the above-mentioned divestments, a total of 71,490 shares remain in the company’s possession.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    http://www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 June 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.4 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI: Total voting rights

    Source: GlobeNewswire (MIL-OSI)

    30 SEPTEMBER 2024

    NORTHERN 2 VCT PLC

    TOTAL VOTING RIGHTS 

    In conformity with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (the “DTRs”), Northern 2 VCT PLC (the “Company”) notifies the market that the capital of the Company as at 30 September 2024 consists of 223,175,719 ordinary shares with a nominal value of 5p each. All the ordinary shares have voting rights. The Company does not hold any ordinary shares in treasury. The total number of voting rights in the Company is therefore 223,175,719 (“the Figure”). The Figure may be used by a shareholder or other person as the denominator for the calculations by which they will determine if they are required to notify the voting rights they hold in relation to the Company, or a change to those voting rights, under the DTRs.

    Enquiries:

    Sarah Williams / James Sly, Mercia Fund Management Limited – 0330 223 1430

    Website: http://www.mercia.co.uk/vcts

    The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website) are not incorporated into, nor form part of, this announcement.

    The MIL Network –

  • MIL-OSI Asia-Pac: Mortgage loans down 12.2%

    Source: Hong Kong Information Services

    The value of residential mortgage loans approved in July was $ 21.8 billion, a 12.2 % drop compared with July, the Monetary Authority announced today.

    Mortgage loans financing primary market transactions dropped 11.7% to $7.6 billion, while those financing secondary market transactions decreased 13.7% to $11.8 billion.

    Loans for refinancing surged 5.6% to HK$2.5 billion.

    Mortgage loans drawn down during August amounted to $15.9 billion, a 2.9% reduction from July.

    The number of mortgage applications in August dipped 12.2% month-on-month to 5,919.

    The outstanding value of mortgage loans increased month-on-month by 0.1% to $1.8703 trillion at the end of August.       

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: The history and importance of airborne thermal infrared imaging in Yellowstone National Park

    Source: US Geological Survey

    Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory.  This week’s contribution is from R. Greg Vaughan, research scientist with the U.S. Geological Survey.

    Top: the first thermal infrared images of Yellowstone (1961).  Warm areas are brighter; cold areas are darker.  These images were published in: McLerran, J.H. and Morgan, J.O. (1965) Thermal mapping of Yellowstone National Park. Proceedings of the 3rd International Symposium on Remote Sensing of Environment, University of Michigan, Institute of Science and Technology, Ann Arbor, MI, pp. 517-530.  Bottom: the first thermographic mosaic of Yellowstone (April 1969).  These image strips were acquired by flying an infrared line scanner that was modified for video tape recording along dozens of adjacent flight lines.  This type of airborne image acquisition resulted in many distortions and striping effects due to differing look angles.  Some of these artifacts could be corrected in image post-processing.  This uncontrolled mosaic was published in: Williams Jr, R.S., Hasell Jr, P.G., Sellman, A.N. and Smedes, H.W. (1976). Thermographic mosaic of Yellowstone National Park. Photogrammetric Engineering and Remote Sensing, 42(10), pp.1315-1324.

    In 1800, German-British astronomer William Herschel discovered infrared light—electromagnetic radiation that exists beyond what we can see with our eyes. Using a prism to separate sunlight into its rainbow of colors, and placing a thermometer within distinct colors, Herschel noted that heating was unequal among the different colors, and that the temperature would increase further in a thermometer placed below the red color of the spectrum.  Indeed, “infrared” means “below red,” although at the time Herschel called this part of the spectrum “invisible rays of the Sun” and “calorific rays.”  He would also use the term, “radiant heat” and was the first to propose that visible light and radiant heat may be the same phenomenon.  This was many decades before development of electromagnetic radiation theory. 

    In the century that followed, numerous advances were made in the ability to measure radiant heat, providing the ability to measure very small differences in temperature.  For example, in 1901, a bolometer (a type of infrared detector invented in the 1870s by American astronomer and physicist Samuel Pierpont Langley), could detect thermal infrared radiation from a cow 400 m (1300 ft) away. 

    Thermal infrared imaging was born in 1929, when Hungarian physicist Kálmán Tihanyi invented an electronic television camera that was sensitive to thermal infrared light and could be used for military applications—it could see planes flying at night. 

    Thermal imaging methods advanced throughout the following decades, but much of the technology was classified because of its military applications.  Eventually, thermal infrared cameras became more widely available, rendering thermal infrared radiation emitted by warm objects into an image represented by visible colors. 

    In April-May 1961, a series of aerial infrared images were collected in Yellowstone National Park by the U. S. Army Cold Regions Research and Engineering Laboratory and the Infrared Laboratory of the University of Michigan Institute of Science and Technology, in cooperation with the National Park Service.  Several thermal areas were imaged, including Norris Geyser Basin, Roadside Springs, Roaring Mountain, Midway and Upper Geyser Basin, Tern Lake, Fern Lake, and Pelican Creek.  Several other airborne infrared surveys were conducted in Yellowstone in the 1960s and 1970s.  These data led to the discovery of some previously unknown thermal areas and allowed the creation of the first thermographic mosaic of Yellowstone National Park. 

    Top: Thermographic mosaic of Yellowstone acquired by the NASA’s MODIS-ASTER Airborne Simulator (MASTER), a thermal infrared scanner, in September 2006.  Dark shades indicate cool temperatures and bright are warm; this reflects not only hydrothermal activity, but also types of ground cover.  Bottom: Thermographic mosaic of a portion of Norris Geyser Basin acquired from a thermal infrared camera mounted on an aircraft, acquired in March 2015.

    With modern infrared scanning and imaging technologies and digital image processing, it is now possible to produce seamless thermographic mosaics of large areas and high-resolution thermal infrared images of geyser and hot spring basins throughout Yellowstone.  From 2005 to 2015, there was an annual (and sometimes bi-annual) campaign of airborne thermal infrared surveys of selected thermal areas in the park.  These surveys produced very high-resolution (1 meter per pixel) mosaics, allowing for detailed mapping, characterization, and change detection of individual thermal features. 

    One of the tradeoffs with high-resolution airborne thermal surveys is that they are expensive and require a lot of logistical planning, and they are therefore infrequent.  This is why YVO scientists make extensive use of satellite based thermal infrared imaging to study and monitor thermal activity in Yellowstone.  These data have proven remarkably useful, for instance, in the discovery of a new thermal area near Tern Lake.  And these data are complemented by high-resolution visible imagery that have also been used identify previously unmapped thermal areas.

    While satellite data provide a wonderful overall view of thermal output from Yellowstone and some localized views of thermal features, airborne thermal infrared surveys are the most effective for detailed mapping and monitoring.  YVO scientists are currently exploring new, more efficient, and cost-effective ways of acquiring high-resolution aerial thermal data, and we look forward to sharing our progress in future editions of Yellowstone Caldera Chronicles!

    MIL OSI USA News –

  • MIL-OSI: Issue of Equity and Total Voting Rights and Capital

    Source: GlobeNewswire (MIL-OSI)

    Albion Development VCT PLC

    Issue of Equity and Total Voting Rights and Capital

    LEI Code 213800FDDMBD9QLHLB38

    Albion Development VCT PLC (the “Company”) announces that, further to the Dividend Reinvestment Scheme (details of which were set out in the Circular issued to shareholders in August 2008), the Company allotted 601,452 Ordinary shares of 1 penny each (the “new ordinary shares”) in the capital of the Company on 30 September 2024. The new ordinary shares were issued at a price of 93.51 pence per ordinary share, comprising the most recent net asset value less the dividend of 2.40 pence per ordinary share.

    Accordingly, application has been made to the UK Listing Authority for the admission of the 601,452 new ordinary shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities and it is expected that dealings will commence on 1 October 2024. The new ordinary shares will rank pari passu in all respects with the existing ordinary shares in issue.

    Following the issue of the new ordinary shares, the capital of the Company as at 30 September 2024 consists of 167,999,646 ordinary shares of which 19,309,045 shares are held in treasury.

    Therefore, the total number of voting rights in the Company is 148,690,601 which may be used by shareholders or other persons as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

    30 September 2024

    For further information please contact:

    Vikash Hansrani
    Operations Partner
    Albion Capital Group LLP
    Tel: 020 7601 1850

    The MIL Network –

  • MIL-OSI Asia-Pac: NHRC takes Suo Motu cognizance of the reported death of two students due to electrocution while cleaning the water tank of a Government run hostel in Dhar district of Madhya Pradesh

    Source: Government of India

    NHRC takes Suo Motu cognizance of the reported death of two students due to electrocution while cleaning the water tank of a Government run hostel in Dhar district of Madhya Pradesh

    Allegedly they were asked to clean the water tank by the hostel superintendent

    Issues notices to the Chief Secretary and the Director General of Police, Government of Madhya Pradesh, calling for a detailed report within two weeks

    Posted On: 30 SEP 2024 2:49PM by PIB Delhi

    The National Human Rights Commission (NHRC), India has taken suo motu cognizance of a media report that two students, belonging to a Scheduled Tribe, got electrocuted to death while cleaning a water tank on the instructions of the Superintendent of a government-run hostel in Dhar district of Madhya Pradesh on 25th September 2024. According to the media report, carried on 26th September, 2024, the students came into contact with a live wire connected to a water pump inside the tank while cleaning it. They were spotted lying in the tank by the villagers, who reportedly informed the hostel authorities.

    The Commission has observed that the contents of the news report, if true, raise a serious concern about human rights violations of the victim students. Going by the media reports, it appears that the hostel authorities have acted in an insensitive manner by asking the young boys to execute such a hazardous task resulting in their deaths.

    Accordingly, the Commission has issued a notice to the Chief Secretary and the Director General of Police, Government of Madhya Pradesh, calling for a detailed report within two weeks. It is also expected to include the status of the police investigation and compensation, if any, paid to the aggrieved families of both victims.

    *****

    NSK/ VCK

    (Release ID: 2060250) Visitor Counter : 138

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Singapore and Ghana Launch First Call for Project Applications under Implementation Agreement on Carbon Credits Cooperation

    Source: Asia Pacific Region 2 – Singapore

    Singapore, 30 September 2024 — Singapore and Ghana have set out the processes for authorising carbon credit projects under their Implementation Agreement on carbon  credits cooperation, in accordance with Article 6 of the Paris Agreement. Applications may be submitted through Singapore’s Carbon Markets Cooperation website, at http://www.carbonmarkets-cooperation.gov.sg.

    2               The carbon credit projects authorised under the Implementation Agreement will channel financing towards emissions reduction or removal projects in Ghana. These projects can promote sustainable development and generate benefits for local communities, including job creation, clean water access, improvements to energy security, and reducing environmental pollution (See Annex A for potential project types).

    3               Authorised projects can generate carbon credits aligned with Article 6 of the Paris Agreement. Under Singapore’s International Carbon Credit (ICC) Framework, these credits may be eligible for use by Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions.

    4               From 30 September 2024, interested parties may submit applications for their carbon credit projects in Ghana to be authorised. Applications submitted will be reviewed by Singapore and Ghana governments on a rolling basis as they are received.

    Application and Authorisation Process

    5               The application and authorisation process comprises four stages, each corresponding to a different stage of implementation for the carbon credit project (See Annex B). The first three stages require applicants to submit details on the design and implementation plan for the carbon credit project in the lead-up to project authorisation. The final stage is for corresponding adjustments to be applied to the carbon credits generated from the authorised project, in accordance with Article 6 of the Paris Agreement.

    6               Singapore and Ghana will assess applications against each country’s respective requirements. For Singapore, these projects must meet Singapore’s Eligibility Criteria for International Carbon Credits. The Eligibility Criteria, and the list of eligible carbon crediting programmes and methodologies under the Singapore-Ghana Implementation Agreement, are at Annex C, and on the Carbon Markets Cooperation website. The list will be reviewed regularly to maintain relevance and uphold environmental integrity.

    Annex A

    Potential Carbon Credit Project Types for Applications

    Project Type Description
    Clean Water Supply Rural communities are provided with water purification technologies (e.g. UV-based disinfection systems). This empowers communities with an alternate source of clean and safe drinking water without relying on the conventional method of using firewood to boil water. This reduces carbon emissions from burning firewood and associated deforestation activities, and carbon credits are issued based on the emissions reduced.
     
    Local communities can also benefit from improved water safety and security.
    Efficient and Clean Cookstoves In rural areas where households use firewood for their cooking and heating needs, the switch to efficient and clean cookstoves (e.g. cookstoves that use renewable fuel like biogas or solar energy) enables households to meet their cooking and heating needs more efficiently and cleanly. This reduces the burning of firewood and resulting carbon emissions from deforestation. Carbon credits are issued based on the emissions reduced.
     
    Co-benefits are also delivered to local communities, including cleaner air quality through the reduction of firewood burning.
    Green Mobility As Electric Vehicles (EVs) replace fossil fuel-powered vehicles for transportation needs, there are emissions reductions as EVs are more efficient and potentially powered by green energy. Carbon credits are issued based on the emissions reduced.
     
    There are also sustainable development benefits for local communities. Skilled jobs are created for the maintenance of EV infrastructure, and improves air quality from reduced reliance on fossil fuel-powered vehicles.

    Annex B

    Flowchart of Application and Authorisation Process

    Joint Committee The Joint Committee is a coordination body that oversees the administration of the Implementation Agreement. The Joint Committee under the Singapore-Ghana Implementation Agreement is co-chaired by the Director-General of Climate Change at the National Climate Change Secretariat of Singapore, and the Director of Environment, Ministry of Environment, Science, Technology and Innovation of Ghana.
    Stage A: Project Application Applicants are to submit a concept note on the intended project, indicating the programme and methodology that the project will be developed under, and broadly how the project will be implemented to uphold environmental integrity (e.g. explanations on how the project will demonstrate additionality).
    Stage B: Project Design As the project concept is further developed, applicants are to submit a project design document (PDD) on the intended project. The PDD should contain the detailed implementation plan (e.g. how the baseline emissions will be determined, how the project will address permanence and leakage concerns).
    Stage C: Project Authorisation Under this stage, applicants are to submit a validation report from a third-party auditor determining that the project design meets all the rules and requirements of the intended methodology and carbon crediting programme. After receiving Letters of Authorisation from both Singapore and Ghana, the project should proceed to be registered under the intended carbon crediting programme, and proceed to implementation.
    Stage D: Corresponding Adjustment Application As the authorised project is implemented and the emission reductions and removals have been verified by a third-party auditor, the carbon crediting programme will issue carbon credits to the project. Applicants are to submit a Proof of Issuance from the carbon crediting programme accompanied with the verification report from the third-party auditor, to be considered for corresponding adjustments to be applied to the issued carbon credits, in accordance with Article 6 of the Paris Agreement.

     

    Annex C

    Singapore’s Eligibility Criteria and the Eligibility List under the Singapore-Ghana Implementation Agreement

    Eligibility Criteria

     1               The Eligibility Criteria requires ICCs to represent emissions reductions or removals that occur within the timeframe specified under Article 6 of the Paris Agreement, and meet seven principles to demonstrate environmental integrity (see Table C-1 below).

     Table C-1: Eligibility Criteria for ICCs

    Principle Definition
    To comply with Article 6 of the Paris Agreement, the certified emissions reductions or removals must have occurred between 1 January 2021 and 31 December 2030.
    Not double-counted The certified emissions reductions or removals must not be counted more than once in contravention of the Paris Agreement.
    Additional The certified emissions reductions or removals must exceed any emissions reduction or removals required by any law or regulatory requirement of the host country, and that would otherwise have occurred in a conservative, business-as-usual scenario.
    Real The certified emissions reductions or removals must have been quantified based on a realistic, defensible, and conservative estimate of the amount of emissions that would have occurred in a business-as-usual scenario, assuming the project or programme that generated the certified emission reductions or removals had not been carried out.
    Quantified and verified The certified emissions reductions or removals must have been calculated in a manner that is conservative and transparent, and must have been measured and verified by an accredited and independent third-party verification entity before the ICC was issued.
    Permanent The certified emissions reductions or removals must not be reversible, or if there is a risk that the certified emissions reductions or removals may be reversible, there must be measures in place to monitor, mitigate and compensate any material reversal of the certified emissions reductions or removals.
    No net harm The project or programme that generated the certified emissions reductions or removals must not violate any applicable laws, regulatory requirements, or international obligations of the host country.
    No leakage The project or programme that generated the certified emissions reductions or removals must not result in a material increase in emissions elsewhere, or if there is a risk of a material increase in emissions elsewhere, there must be measures in place to monitor, mitigate and compensate any such material increase in emissions.

    Eligibility List under the Singapore-Ghana Implementation Agreement

     2               The Eligibility List of carbon crediting programmes and methodologies in Table C-2 adhere to the Eligibility Criteria and meet the requirements of both Singapore and Ghana. The carbon crediting programmes and methodologies that are eligible may be different for each host country, as host countries also have their own criteria.

     Table C-2: Eligibility List under the Singapore-Ghana Implementation Agreement 

    Carbon Crediting Programmes  Methodologies 
    Gold Standard for the Global Goals (GS4GG)  All active methodologies published before 31 March 2023, except those under the “Land Use and Forestry & Agriculture” category of GS4GG 
    Verified Carbon Standard (VCS)  All active methodologies published before 31 March 2023, except those that are under the “Sectoral Scope 14” category of VCS, with these allowable exceptions: 
    ·     Scenario 2a and 3 of VCS Jurisdictional and Nested REDD+ (JNR) framework  
    ·     VM0012 
    ·     VM0017 
    ·     VM0021 
    ·     VM0022 
    ·     VM0024 
    ·     VM0026 (and VMD0040) 
    ·     VM0032 
    ·     VM0033  
    ·     VM0036  
    ·     VM0041 
    ·     VM0042 
     
    Where any VCS methodology is used, the project participant will be required to demonstrate the Sustainable Development contributions or co-benefits of the relevant mitigation activity by submitting to the Joint Committee its verification report under the Climate, Community and Biodiversity Standards (CCB Standards), the Sustainable Development Verified Impact Standard (SD VISta) or another standard recognised by VCS for such purpose. 

    Annex D

    Information on the Singapore-Ghana Implementation Agreement

     1               Singapore and Ghana signed an Implementation Agreement on carbon credits cooperation under Article 6 of the Paris Agreement on 27 May 2024. Since the signing, Singapore has been working with Ghana to operationalise the Implementation Agreement.

     2               As an additional contribution to mitigation of global emissions, Singapore has committed to having 2% of the correspondingly adjusted carbon credits authorised under this Implementation Agreement cancelled at first issuance. These carbon credits cannot be sold, traded, or counted towards any country’s emission targets, and will instead contribute towards a net reduction in global emissions.

     3               Singapore has committed to channelling the value from 5% of the correspondingly adjusted carbon credits authorised under this Implementation Agreement towards adaptation measures such as heat resilience measures and coastal protection in Ghana.

     4               This is the second Implementation Agreement for Singapore, after the first with Papua New Guinea which was signed in December 2023. Singapore signed MOUs / Letters of Intent on carbon credits collaboration with countries such as Bhutan, Cambodia, Chile, Colombia, Dominican Republic, Fiji, Indonesia, Kenya, Laos, Mongolia, Morocco, Peru, the Philippines, Vietnam, Rwanda, Senegal, and Sri Lanka, with the aim of inking similar Implementation Agreements.

     5               Effective international cooperation, such as through carbon markets, is an important part of Singapore’s efforts to achieve net zero emissions by 2050, given Singapore’s national circumstances as an alternative-energy disadvantaged country with limited domestic mitigation potential.

     

     

     

    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: UNICEF and WFP unveil eco-friendly joint office in Uganda

    Source: World Food Programme

    KAMPALA – The United Nations Children’s Fund (UNICEF) and the UN World Food Programme (WFP) have today inaugurated a new eco-friendly joint office complex on Mbuya Hill, Kampala, marking a significant milestone in their partnership to serve vulnerable communities in Uganda.

    Built on 2.6 acres, the new eco-friendly office space is designed with sustainability at its core. Around 80 per cent of the building’s energy needs will be met through solar power, reflecting both agencies’ commitment to environmental stewardship. The building also features water recycling, rainwater harvesting and sewage treatment initiatives, and energy-efficient designs to maximise natural light. 

    “The UN remains committed to delivering critical services to those most in need in Uganda,” said Susan Ngongi Namondo, UN Resident Coordinator in Uganda. “This joint office is a testament to our commitment to collaboration, maximising resources, and delivering impactful services to the people of Uganda.”

    The office complex also includes amenities to support staff well-being such as a wellness centre, green spaces, and gender-sensitive facilities like breastfeeding rooms. A conference facility and multiple creative spaces are also included to encourage cross-sector collaboration and innovation.  

    “This new eco-friendly office demonstrates WFP’s commitment to environmental sustainability, the well-being of our employees, and the strength of partnership. By working together, we are better equipped to meet both the immediate and long-term needs of vulnerable communities in Uganda,” said Abdirahman Meygag, WFP’s Country Director in Uganda.   

    This building project, which began with a ground-breaking ceremony on 13 December 2022 has contributed to Uganda’s economy through local procurement of construction materials, technical services, and the creation of around 200 jobs, including employment opportunities for women and youth.

    “This new climate-smart office building is more than just a workspace; it is a symbol of our commitment to building a sustainable future for the next generation. By investing in eco-friendly infrastructure, we are demonstrating to the children of today that their future matters. This building embodies our responsibility to protect not only the most vulnerable, but also the environment they will inherit,” said Munir Safieldin, UNICEF Representative to Uganda.

    A tree-planting ceremony will follow the inauguration, symbolising UNICEF’s and WFP’s commitment to sustainability. Staff are expected to transition to the new premises before the end of the year.

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    About WFP

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change. 

    Follow us on @WFP_Uganda @WFP_Africa

    About UNICEF

    UNICEF, the United Nations agency for children, works to protect the rights of every child, everywhere, especially the most disadvantaged children and in the toughest places to reach. Across more than 190 countries and territories, we do whatever it takes to help children survive, thrive, and fulfil their potential. UNICEF’s work is funded entirely through voluntary contributions.

    For more information about UNICEF and its work for children, visit http://www.unicef.org/uganda 

    Follow UNICEF on X,  Facebook, Instagram, LinkedIn

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: More than 11 thousand Saksham Anganwadi Centres in 20 States virtually inaugurated in closing ceremony of 7th Rashtriya Poshan Maah held at Ranchi

    Source: Government of India

    More than 11 thousand Saksham Anganwadi Centres in 20 States virtually inaugurated in closing ceremony of 7th Rashtriya Poshan Maah held at Ranchi

    Multifarious developments with enhanced velocity through Saksham Anganwadis will encourage communities to participate, engage and own initiatives of Poshan 2.0 to make India a Suposhit Rashtra : Smt. Annpurna Devi, Union Minister, Women and Child Development

    More than 12 Crore sensitization activities at 13.95 Lakhs AWCs conducted during the Poshan Maah on different nutrition-related themes

    Exclusive campaigns on environment sustainability through Ek Ped Maa Ke Naam held throughout the Poshan Maah

    Posted On: 30 SEP 2024 3:32PM by PIB Delhi

    The closing ceremony of 7thRashtriya Poshan Maah 2024 was held today at Ranchi, Jharkhand in the august presence of Shri Santosh Kumar Gangwar,  Governor, Jharkhand; Smt. Annpurna Devi,  Union Minister for Women and Child Development; and other senior officers from the Ministry of Women and Child Development, Government of India and State Govt of Jharkhand.

    A film on Poshan Maah demonstrating various mass sensitization initiatives that took place across the country during the month-long celebrations was shown to the audience. This was followed by the Annaprashan Ceremony of Children and God Bharai of Pregnant women.

     

    This was followed by an inspiring short film “Aao Toden: Kuposhan Chakra” highlighting Jharkhand’s lifecycle approach towards improving the status of nutrition among children, adolescent girls and pregnant and lactating mothers. The key highlight of the event was the virtual inauguration of more than 11 thousand Saksham Anganwadi across 20 States of the country today. A short film showcasing the concept of how Saksham Anganwadis can lead to improved nutrition and Early Childhood Care and Education delivery (ECCE) was also showcased.

    Thereafter, there was an online interaction between the Shri Santosh Kumar Gangwar, Governor, Jharkhand, Smt. Annpurna Devi, Union Minister, Women and Child Development, Government of India and Anganwadi Workers of Saksham Anganwadi Centre from Jamui district in Bihar and Rajnandgaon district in Chhattisgarh.

    Smt. Annpurna Devi, Union Minister, Women and Child Development in her special Address said, “I am overwhelmed with the wide participation and enthusiasm that all the stakeholders have shown during Poshan Maah. A total of 12.86 Crores sensitization activities at 13.95 Lakhs AWCs were conducted during the Poshan Maah on different nutrition-related themes. In addition to this nutrition-centric Jan Andolan which has played a vital role in sensitizing the entire country, exclusive campaigns on environment sustainability through Ek Ped Maa Ke Naam were held. A total of 86 Lakhs activities related to Ek Ped Maa Ke Naam were conducted during the Poshan Maah”. She also said “Some of the States have organized unique activities during the Maah for sensitization of the beneficiaries and community.  In Assam, Adolescent Girls with better Hemoglobin levels were recognized as ‘Hemoglobin Queens‘. This has not only inspired and sensitized the adolescents, but the community at large”. Concluding her special address, she said, “I can foresee the multifarious developments with enhanced velocity through Saksham Anganwadis, which will encourage communities to participate, engage, and own the initiatives of Poshan 2.0 with a mission to make India a Suposhit Rashtra”.

    Shri Santosh Gangwar, Governor, Jharkhand, in his Keynote Address drew the attention of the audience to the importance of convergence and partnerships among all the departments and other stakeholders to build a holistic ecosystem towards malnutrition-free India. Further, stressing the importance of the role of Anganwadi Workers, he mentioned: “I am glad that with the help of these frontline workers, Saksham Anganwadi and concepts like Poshan Bhi Padhai Bhi, we are moving towards a strong and self-reliant country”. He further mentioned that we should all promote green vegetables, whole grains and millet in our daily meals.

     

    An exhibition with a variety of stalls focusing on different themes like Poshan Bhi Padhai Bhi, ECCE, Palna Grih, Take Home Ration/ Food & Nutrition, Health Camp & Anemia Testing, Child Protection, Self Help Groups, Social Security Schemes and CMAM Protocol was  organised at the venue. The third edition of Poshan Dhara Magazine, focusing on key strategies for transforming Jharkhand into a malnutrition-free State was also launched during the event.

    During the month-long celebrations in Poshan Maah, more than 12.86 crore sensitization activities around nutrition have been conducted across all 36 States/ UTs. In terms of different themes, dedicated 2.4 crore activities and 2 crore activities have been conducted on anaemia and growth monitoring respectively. 

    Poshan Maah 2024 celebrates the collective efforts of various stakeholders towards a healthier and nourished India. It not only recognizes the dedication of all participating states but also underscores the vital role of strengthening the grassroots movements through continued Jan Andolans while ensuring better exposure for stakeholders through Saksham Anganwadi Centres.

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    MIL OSI Asia Pacific News –