NewzIntel.com

Category: Machine Learning

  • MIL-OSI: Diversified Royalty Corp. Announces November 2024 Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of November 1, 2024 to November 30, 2024, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on November 29, 2024 to shareholders of record as of the close of business on November 15, 2024.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” ”project,” “should,” “believe,” “confident,” “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the November 2024 dividend to be paid to DIV’s shareholders; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 21, 2024 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that, among other things, DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI Video: The Department of Education’s Response to Natural Disasters

    Source: United States of America – Federal Government Departments (video statements)

    Schools and institutions of higher education are vital cornerstones in communities and critical components of whole community recovery. As educational entities recover from natural disasters, the U.S. Department of Education can provide support. For more information go to–
    • Disaster Recovery Unit (DRU) webpage: https://oese.ed.gov/offices/disaster-recovery-unit/
    • DRU email address: DisasterRecoveryUnit@ed.gov
    • Natural disaster resources: www.ed.gov/disasterrelief
    • Natural disaster resources for colleges, universities and students: https://fsapartners.ed.gov/knowledge-center/topics/natural-disaster-information
    For Information about relief options for higher education students and borrowers, visit: https://studentaid.gov/naturaldisaster or call 1-800-4FED-AID (1-800-433-3243).

    https://www.youtube.com/watch?v=IRggxX_ZmYE

    MIL OSI Video –

  • MIL-OSI New Zealand: Tech and Security – Liverton Security Launches New Cyber Security Consulting Division in Wellington

    Source: Liverton Security

    Liverton Security is proud to announce the launch of its new Cyber Security Consulting Division in Wellington, a strategic move to enhance its comprehensive suite of security solutions for businesses and organisations across New Zealand and beyond. 
    This new division will be spearheaded by General Manager Murray Wills, who brings a wealth of experience and expertise to the role. Skilled in providing innovative solutions for complex challenges within the global cyber security industry, Murray will provide top-tier consulting solutions for the organisations’ clients. 
    Key services that Liverton Security will provide for its clients include: risk and security testing and assurance, vulnerability assessments and penetration testing, security governance, risk and compliance advice, privacy guidance, and cyber security education and guidance. 
    Founded over 20 years ago, Liverton Security has grown to become a respected leader in the global cyber security community thanks to its proven track record of delivering complex, high-quality security solutions for its clients. Liverton Security has a wide offering of innovative products, including SHIFT, MailAdviser, SEEMail, SmartGate, and DNS services. 
    With offices in Wellington and London, the company is well poised to meet the needs of its clients locally in New Zealand and internationally in the UK.   
    Richard Bourne, CEO of Liverton Security, expressed his enthusiasm for this latest expansion: “The establishment of our Cyber Security Consulting Division marks a significant milestone for Liverton Security. Under Murray’s leadership, we are confident that this division will provide unparalleled security consulting services to our clients.” 
    Murray Wills, General Manager of Liverton Security, shared his vision for the new division: “I am thrilled to lead this new initiative at Liverton Security. Our goal is to provide top-tier consulting services that address the ever-evolving cyber threats faced by organisations today. The new division will undertake risk and security assignments on behalf of clients. By leveraging our extensive expertise, we aim to provide our clients with robust and resilient security solutions.”
    Murray has identified three challenges that clients are most likely to face this year, which include meeting requirements for privacy compliance, increased threats from cyber security and AI driven attacks, all of which Liverton Security is well placed to assist with. By helping their customers to better understand their current and evolving risks they help to ensure that their security systems are as robust as possible. 
    Liverton Security’s success is driven by a dedicated team of security-focused developers, systems engineers, consultants, and support staff. This hand-picked team is committed to developing world-class cyber security solutions and providing exceptional service to clients. Their collective expertise and relentless pursuit of innovation ensure that Liverton Security remains at the forefront of the industry.
    About Liverton Security: Liverton Security is a leading provider of advanced security solutions, dedicated to protecting organisations from evolving cyber threats. With a strong presence in New Zealand and the UK, Liverton Security offers a range of products and services designed to meet the highest standards of security and reliability.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Surveys – 96% believe soft skills are hiring priority with AI on track to replace hard skills – Robert Walters

    Source: Robert Walters

    • 96% believe that soft skills are either equal to or more important than hard skills
    • 92% of employers admitted to rejecting candidates due to insufficient soft skills
    • 90% of recruiters say lack of soft skills often underpins failures in the workplace
    • research from Indeed names communication as most important skill
    • recruitment CEO states AI will inevitably replace hard skills in white-collar industries.

    In a recent study, recruitment specialists Robert Walters have unveiled the increasing significance of soft skills in today’s workplace. The research, which surveyed over 2,000 white collar professionals, found that 96% believe that soft skills are either equal to or more important than hard skills. Furthermore, an overwhelming 92% of employers admitted to rejecting candidates due to insufficient soft skills.

    The Rise of AI: A Game-Changer for Hard Skills

    Robert Walters CEO for Australia and New Zealand, Shay Peters, attributes this paradigm shift to the rapid emergence of AI. Peters stated, “The growth of AI has been remarkable in recent years, and I predict that it will eventually replace almost all hard skills in white collar industries. This means that soft skills will take centre stage in talent acquisition, as the human touch becomes the distinguishing factor.”

    The Crucial Role of Soft Skills

    According to 90% of recruiters, a lack of soft skills often underpins failures in the workplace. Consequently, hiring managers are increasingly willing to pay a premium for candidates who possess exceptional soft skills.

    Peters further highlighted the growing emphasis on soft skills in client conversations, stating, “Clients are now placing greater importance on qualities such as effective communication, negotiation, and problem-solving. These attributes will set candidates apart from their peers as we continue to see AI replace hard skills. Additionally, clients are expressing the need for candidates to not only utilise AI but also collaborate with it effectively.”

    Gen Z: Leveraging the AI Advantage

    Peters also noted that Gen Z individuals have a distinct advantage, given their innate ability to adapt seamlessly to technology and incorporate it into their work practices. The ability to work harmoniously with AI is becoming an increasingly sought-after skill.

    Understanding Soft Skills

    Soft skills encompass personal attributes and interpersonal abilities that enable individuals to interact effectively with others. Unlike technical skills, which are specific and measurable, soft skills are broader and encompass traits such as communication, teamwork, and problem-solving. These skills are indispensable for fostering a positive work environment and facilitating professional growth.

    According to new research released by Indeed which asked employers what the most important skills for the future of work are, communication came out as most important skill in the future, with 55% of employers citing this. This is followed by teamwork and collaboration (52%), adaptability (48%), problem solving (48%) and tech savviness (40%).

    Investing in Soft Skills Development

    CEO Shay Peters stressed the urgency for employees and candidates to prioritise the development of their soft skills. Peters remarked, “In today’s highly competitive job market, where countless highly skilled individuals are vying for positions, your soft skills will be the ultimate differentiator. As AI inevitably replaces hard skills in white-collar industries, your soft skills will be all you have left. Investing time in improving these skills will ensure you stand out when the time comes.”

    AI can never replace human interaction and face to face communication which is why this is becoming a priority for employers. This balance between AI’s capabilities and human strengths is shaping the future of work, making soft skills a key differentiator in career success.

    MIL OSI New Zealand News –

  • MIL-OSI USA: DLNR News Release-Weeklong Kaua’i Art Exhibit Celebrates Native Birds and Forests, Nov. 2, 2024

    Source: US State of Hawaii

    DLNR News Release-Weeklong Kaua’i Art Exhibit Celebrates Native Birds and Forests, Nov. 2, 2024

    Posted on Nov 2, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF LAND AND NATURAL RESOURCES

     

    JOSH GREEN, M.D.
    GOVERNOR

    DAWN CHANG
    CHAIR

    NEWS RELEASE

      

    FOR IMMEDIATE RELEASE

    Nov. 2, 2024

    WEEKLONG ART EXHIBIT CELEBRATES KAUA‘I FOREST BIRDS

     

    (LĪHUʻE, KAUA‘I) – “Wings and Woodlands: A Tribute to Native Birds and Forests,” is the latest Makahiki o Nā Manu Nahele event, a year-long celebration of these jewels of Hawai‘i’s forests.

    Kaua‘i is home to eight species of forest birds, six of which are endemic to the island, meaning they are found nowhere else on the planet. Four of those species are endangered or threatened. Unfortunately, due to the impacts of mosquito-born avian malaria, several of these honeycreepers are on the verge of extinction, or in the case of the ‘akikiki, already “functionally extinct.”

    All this week, the Wings and Woodlands art exhibit is showing at the Kaua‘i Society of Artists (KSA) Gallery at Kukui Grove Center. The free exhibit features paintings and photographs contributed by artists from around Hawai‘i, as well as from New York and California.

    “We are closing out the Year of the Forest Birds by hosting this wonderful art exhibit. First and foremost, we are trying to celebrate our birds. We are trying to celebrate their beauty and when you look at all the beautiful art pieces here, you can see that they are inspiring,” said Dr. Julia Diegmann of the Kaua‘i Forest Bird Recovery Project (KFBRP) during a Friday night opening of the exhibit.

    Diegmann said she is particularly thrilled with the amount of student produced artwork in the exhibit. In addition to open hours at the KSA Gallery through Friday, Nov. 8, there are showings of a recently released documentary on Hawaiian forest birds, and workshops on painting, native plants and learning mele.

    The KFBRP has been in existence for 21 years and most people who are or have worked to help save forest birds can rattle their names off, like Diegmann did on Friday.

    “We have ‘akeke‘e, ‘i‘iwi, puaiohi, ‘apapane, ‘anianiau, Kaua‘i ‘elepaio, Kaua‘i ‘amakihi, and ‘akikiki,” Diegmann listed. The ‘akikiki is the species now considered functionally extinct in the mountains of Kaua‘i. Many of the events this year have focused on capturing the individual stories of each and every bird.

    Justin Hite estimates he spent 1,000 nights over the course of eight years camping in the bird’s habitat as the field coordinator for KFBRP. He is now a planner with the DLNR Division of Forestry and Wildlife (DOFAW). Hite told exhibit guests the story of  , a female and one of only two ‘akikiki believed to be still alive in the wild. The second bird is a juvenile.

    “I watched the forest empty out of ‘akikiki. I watched them all disappear. When I first got here, the valley (where Pakele lives) was fully occupied with ‘akikiki everywhere,” Hite remarked.

    He added, “I just really want to acknowledge the two of them as the ones that are going to move forward with us and a really important role for a lot of us is having hope and working really hard and believing that what we’re doing is helping and kind of keeping us going forward.”

    Diegmann is particularly appreciative of the artists, young and old, who contributed their works and the many volunteers who spent all day Friday setting up the exhibit.

    “I want people to come here and to enjoy the beautiful art and to learn about the different species that we have here on Kaua‘i,” she said.

    Efforts to control mosquitoes, which have moved into the higher elevations where honeycreepers live, are focused on Kaua‘i and Maui. Many birds have been caught and moved into bird conservation centers with the hope, that once avian malaria is under control, there are large enough breeding populations to return the songs of the Hawai‘i forest birds to their rightful homes.

    # # #

     

    RESOURCES

    (All images and video courtesy: DLNR)

    HD video – “Wings and Woodlands: A Tribute to Native Birds and Forest” (web feature):

    HD video – Kaua‘i forest bird art exhibit (Nov. 1, 2024):

    (Shot sheet/transcriptions attached)

    Photographs – Kaua‘i forest bird art exhibit (Nov. 1, 2024):

    Learn more about Makahiki o Nā Manu Nahele:

    Learn more about Kaua‘i’s forest birds:

     

    Media Contact:

    Dan Dennison

    Communications Director

    808-587-0396

    MIL OSI USA News –

  • MIL-OSI USA: DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

    Source: US State of Hawaii

    DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

    Posted on Nov 4, 2024 in Latest Department News, Newsroom

     

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

     

    PROFESSIONAL AND VOCATIONAL LICENSING DIVISION

     

    JOSH GREEN, M.D.
    GOVERNOR | KE KIAʻĀINA

    NADINE Y. ANDO
    DIRECTOR | KA LUNA HOʻOKELE

    AHLANI K. QUIOGUE

    LICENSING ADMINISTRATOR

    FOR IMMEDIATE RELEASE

    November 4, 2024

    REAL ESTATE COMMISSION TO HOST A FREE VIRTUAL “CONDORAMA” EDUCATION EVENT

     

    HONOLULU — The Real Estate Commission, together with Community Associations Institute Hawaii Chapter will conduct a free “Condorama XIII” event via webinar, on Saturday, November 9, 2024. The event runs from 9:00 a.m. to 11:00 a.m. and will feature speakers highlighting topics relating to the condominium community.

     

    The event is geared toward condominium owners and is open to the public. Registration is available online at https://www.caihawaii.org/. Following the presentation, a recording of the event will be made available on the CAI Hawaii and the Real Estate Branch Condorama websites.

    TOPICS INCLUDE:

    • The Hawai‘i Civil Rights Commission

     

    Marcus Kawatachi, Deputy Executive Director of the Hawai‘i Civil Rights Commission (“HCRC”) will provide information on the HCRC and its function, how complaints are processed, types of claims received and tips to avoid complaints.

     

    • Dealing with Violence in Associations

     

    Jeffrey Owens, CSP, CTM, CVP, Major-HPD Ret., will provide an overview on dealing with violence in associations, including strategies on managing events to safety, productive communications, reducing personal risk during encounters and regaining control when people are out of control.

    For more information regarding Condorama XIII, please visit the Real Estate Branch Condorama website at https://cca.hawaii.gov/condorama/, or call the Real Estate Branch at 808-586-2644.

    # # #

    The Real Estate Commission is one of 52 boards, commissions and programs administratively attached to the Department of Commerce and Consumer Affairs’ Professional and Vocational Licensing Division. It is responsible for the licensure, education and discipline of real estate agents; registration of prelicense schools, continuing education providers, condominium projects, condominium associations, condominium managing agents and condominium hotel operators; and certification of prelicense and continuing education courses and prelicense instructors.

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI China: Chinese premier pledges broader opening-up for foreign-funded firms

    Source: People’s Republic of China – State Council News

    Chinese Premier Li Qiang holds a symposium with select exhibitors and buyers attending the seventh China International Import Expo (CIIE) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 4 — Chinese Premier Li Qiang on Monday said that China will open its doors wider to the outside world, regardless of how the international environment changes.

    Li made the remarks during a meeting with select exhibitors and buyers attending the seventh China International Import Expo (CIIE), including Synopsys, General Electric Company, MSD and China FAW Group Co., Ltd.

    The foreign-funded enterprises at the meeting expressed optimism about the Chinese market, saying that they will deepen their presence and increase investment in the country.

    Despite a sluggish global economic recovery, China’s overall economic operations have remained generally stable and seen progress, Li said, stressing that the Chinese market is still one of the best choices for global enterprises.

    China will continue easing market access and push for the orderly expansion of opening-up in sectors like telecommunication, education, culture and medical care, the premier said.

    He pledged to continue improving the business environment and provide equal opportunities in accessing production factors, qualification licensing and participation in government procurement, among other areas.

    Li expressed the hope that China will become not only an export destination for foreign enterprises, but also a land of investment and entrepreneurship, facilitating closer links between China and the global market.

    He noted his expectation that Chinese and foreign entrepreneurs will continue to support economic globalization firmly, work together to promote technological advancement and industrial upgrading, and foster new growth engines for the world economy.

    Chinese Premier Li Qiang holds a symposium with select exhibitors and buyers attending the seventh China International Import Expo (CIIE) in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA: SPC Tornado Watch 706

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL6

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 706
    NWS Storm Prediction Center Norman OK
    525 PM CST Mon Nov 4 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Southwest Arkansas
    Southeast Oklahoma
    Northeast Texas

    * Effective this Monday afternoon from 525 PM until Midnight CST.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging wind gusts to 70 mph possible
    Isolated large hail events to 1.5 inches in diameter possible

    SUMMARY…Thunderstorms occurring ahead of a cold front will
    continue to pose a threat for a few tornadoes this evening, with a
    strong tornado remaining possible. Otherwise, strong to damaging
    winds up to 60-70 mph will also be possible with thunderstorms
    occurring along a cold front.

    The tornado watch area is approximately along and 45 statute miles
    east and west of a line from 25 miles north northeast of De Queen AR
    to 20 miles southwest of Longview TX. For a complete depiction of
    the watch see the associated watch outline update (WOUS64 KWNS
    WOU6).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 704…WW 705…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 1.5 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 22030.

    …Gleason

    SEL6

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 706
    NWS Storm Prediction Center Norman OK
    525 PM CST Mon Nov 4 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    Southwest Arkansas
    Southeast Oklahoma
    Northeast Texas

    * Effective this Monday afternoon from 525 PM until Midnight CST.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging wind gusts to 70 mph possible
    Isolated large hail events to 1.5 inches in diameter possible

    SUMMARY…Thunderstorms occurring ahead of a cold front will
    continue to pose a threat for a few tornadoes this evening, with a
    strong tornado remaining possible. Otherwise, strong to damaging
    winds up to 60-70 mph will also be possible with thunderstorms
    occurring along a cold front.

    The tornado watch area is approximately along and 45 statute miles
    east and west of a line from 25 miles north northeast of De Queen AR
    to 20 miles southwest of Longview TX. For a complete depiction of
    the watch see the associated watch outline update (WOUS64 KWNS
    WOU6).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 704…WW 705…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 1.5 inches. Extreme turbulence and surface wind
    gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 22030.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW6
    WW 706 TORNADO AR OK TX 042325Z – 050600Z
    AXIS..45 STATUTE MILES EAST AND WEST OF LINE..
    25NNE DEQ/DE QUEEN AR/ – 20SW GGG/LONGVIEW TX/
    ..AVIATION COORDS.. 40NM E/W /53N TXK – 18SW GGG/
    HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 22030.

    LAT…LON 34389344 32169419 32169573 34389502

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU6.

    Watch 706 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (60%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Mod (40%)

    Wind

    Probability of 10 or more severe wind events

    Mod (50%)

    Probability of 1 or more wind events > 65 knots

    Low (20%)

    Hail

    Probability of 10 or more severe hail events

    Mod (30%)

    Probability of 1 or more hailstones > 2 inches

    Low (10%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (80%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News –

  • MIL-OSI China: Chinese premier meets Uzbek PM in Shanghai

    Source: People’s Republic of China – State Council News

    Chinese Premier Li Qiang meets with Uzbek Prime Minister Abdulla Aripov, who is here for the 7th China International Import Expo, in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    SHANGHAI, Nov. 4 — Chinese Premier Li Qiang on Monday met with Uzbek Prime Minister Abdulla Aripov, who is in Shanghai for the 7th China International Import Expo.

    On China-Uzbekistan ties, Li noted that the two heads of state have met twice this year, reaching important common understandings on developing an all-weather comprehensive strategic partnership for a new era, and on building a China-Uzbekistan community with a shared future from a higher starting point.

    China will work with Uzbekistan to transform those common understandings into concrete actions and cooperation results so as to bring more benefits to the people of the two countries, Li said.

    China and Uzbekistan should always view their relations from a strategic, long-term perspective, provide firm mutual support on issues concerning each other’s core interests and major concerns, and be trustworthy friends and partners, Li said.

    The two countries should further align their development strategies, expand economic and trade cooperation, strengthen connectivity infrastructure construction, and build the China-Kyrgyzstan-Uzbekistan railway into a flagship project of the Belt and Road cooperation, he said.

    Li also stressed tapping into cooperation potential in emerging industries such as new energy, the digital economy, artificial intelligence, cross-border e-commerce, 5G and green mining.

    China stands ready to strengthen cooperation with Uzbekistan in areas such as culture, education, tourism and poverty reduction, and to facilitate the people-to-people exchange, Li said.

    The two countries should continue to strengthen their coordination and cooperation within multilateral mechanisms such as the United Nations, the Shanghai Cooperation Organization (SCO) and the China-Central Asia Mechanism, and safeguard the legitimate rights and interests of the two countries and all other developing countries, he added.

    Aripov spoke highly of China’s development achievements and its increasing global influence, saying China has been sharing its development opportunities and achievements with the world.

    Uzbekistan firmly abides by the one-China principle and supports the Belt and Road Initiative, Aripov said, expressing the willingness to expand practical cooperation on trade, investment, energy, manufacturing, connectivity, people-to-people exchange, and transportation and logistics.

    He also stressed jointly combating the “three evil forces” of terrorism, extremism and separatism.

    Uzbekistan is ready to strengthen coordination and cooperation with China within the framework of the SCO and the China-Central Asia Mechanism to promote the greater development of Uzbekistan-China relations, he said.

    Chinese Premier Li Qiang meets with Uzbek Prime Minister Abdulla Aripov, who is here for the 7th China International Import Expo, in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Australia: ABC Radio Breakfast with Ross Solly

    Source: Australian Ministers 1

    ROSS SOLLY: The National Capital Authority recently released – or just in the last couple of weeks, released its annual report, and buried inside that report was the news that a couple of key infrastructure projects, including work it was doing on Scrivener Dam and on Commonwealth Bridge, have sort of become stuck in a bit of a quagmire. They’re going nowhere, and nobody can actually explain why. We have put in a request to the National Capital Authority on several occasions. I don’t think we’ve even got a reply to be honest. I don’t think they’ve even acknowledged our request, so it’s a bit difficult to get a response from the National Capital Authority though. Somebody who has managed to sit down and have a chat with them though is Kristy McBain, the Federal Minister for Regional Development and Member for Eden-Monaro. Good morning to you, Kristy McBain. 

    KRISTY MCBAIN: Good morning Ross. How are you going?

    SOLLY: Yeah, not too bad. I understand you had a meeting with the NCA yesterday. Did you raise with them the concerns about what’s happening with these infrastructure projects?

    MCBAIN: I meet with the NCA pretty regularly about a range of their work and their program in front of them. Obviously, we spoke about Scrivener Dam and the Commonwealth Avenue Bridge Renewal projects. Both of those projects are finalising their tender stage at the moment, and I’m really looking forward to those successful tenderers being announced in the coming weeks.

    SOLLY: I understand there have been significant delays? Did they explain why we’re well behind schedule on those projects?

    MCBAIN: When we talk about the Scrivener Dam project, it holds back 33 million cubic metres of water. It’s a pretty big project. This will be the most significant strengthening works completed on the dam since it was built in 1963. What is happening is some work on the dissipator there, so that when water spills over the damn it doesn’t erode the banks down the river. There are 700 new anchor points going into the foundation rock, 10 to 20 metres deep. So a pretty complex engineering project. Whilst the procurement has taken longer than we would have liked, it’s in the process of being finalised now. We’re six months behind where we would have wanted to be, but work will commence before Christmas, which is the most important thing.

    SOLLY: Yeah, for sure. But can I also say this is taxpayers’ money that’s been spent here and there has been a delay. Why has there been a delay? Are you satisfied with the reasons that have been put forward to you for why everything has been put back, and that we are now running behind schedule?

    MCBAIN: As I said, we’re six months behind schedule, but the project will commence before Christmas. The project is still on budget which is the most important thing for taxpayers to understand. It’s a pretty complex engineering job that is required on the Scrivener Dam. We look forward to work starting, that’s what Canberrans want to see. Obviously, the Commonwealth Avenue Bridge is another significant piece of work. It’ll be the first time major works have happened on that bridge apart from maintenance, since it was built as well. It’s really important that we get that right as well.

    SOLLY: Is that still on budget or are we now over budget for that?

    MCBAIN: No, that’s still on budget. That includes works that will strengthen and widen the bridge, making sure that those passenger and bicycle lanes are also there. It’s probably one of the most utilised assets across Canberra for both passenger vehicles, trucks and pedestrians. It’s really important that project is done well, and there’s been a range of works that have had to take place to get to the tender stage, which is important.

    SOLLY: And of course, it is also integral, isn’t it, to the whole light rail plan?

    MCBAIN: That’s right. Before this one went to tender, there was obviously some quite detailed design work, statutory, environmental and heritage assessments. A pretty big public and stakeholder consultation. Obviously, it’s one of the most utilised assets across Canberra, but it is vital for light rail. Although, the works that are being done on Commonwealth Bridge themselves are not done for light rail. Lights rail’s project is separate to what we’re doing on the bridge.

    SOLLY: That’s true. Are you still confident in the capacity of the NCA to handle these big projects? I notice that there’s some critics suggesting that maybe this is all a bit much, and there needs to be a bigger authority come in and run big projects like this. Are you confident in the abilities of the NCA to do this work, Kristy McBain?

    MCBAIN: Absolutely. Again, this nationally significant project remains on budget, which is extraordinary in the current environment, particularly the current construction environment that we see. The NCA have been doing a fantastic job on this, and the work that they’ve been doing in the lead up to this tender process shows how prepared they are, by making sure that all of the design elements are sorted before they go to tender.

    SOLLY: All right. 7:27. While I’ve got you here. Kristy McBain, I have to ask you, are you still, are you a member of the Chairman’s Lounge?

    MCBAIN: I am, I’m a member of the Chairman’s Lounge.

    SOLLY: Are you going to retain your membership?

    MCBAIN: I pay for a Rex Lounge membership. Yes. One of the reasons it’s incredibly important is a lot of times when we are travelling you’re required to have some last-minute briefings or meetings that come up, and you need to do that in an environment that you can shut a door and have an office space. I’ve done a range of media interviews in those lounges. I’ve recorded a bunch of things in those lounges. There is a lot of travel required, although most of my travel is usually in the car around the electorate. But in my ministerial role when I am travelling, it’s important to have a space sometimes to be able to get some work done in between flights.

    SOLLY: Have you ever asked for an upgrade?

    MCBAIN: No.

    SOLLY: Why not? Everyone else does, seems to be anyway.

    MCBAIN: A lot of my flights are into regional areas, and I’m travelling with Rex or Qantas into regional areas. A lot of those planes don’t have a business class for obvious reasons. You’re on smaller planes and it’s just not something that has ever happened.

    SOLLY: Just quickly on the TAFE and the HECS changes in about a minute or so, do you think that’s going to have some significant bearing in the Canberra and surrounding districts?

    MCBAIN: It’s going to be incredibly important for communities right across the country. It’s a great announcement. We know that HECS debt has been piling up. It’s a way to make it fairer for people now and into the future. Fee-Free TAFE locks in those fee-free TAFE places in critical shortage areas like our trades. We know we need more houses built across this country and it’s incredibly important that we’ve got the plumbers, the chippies, the sparkies able to do that for us and this helps those people complete apprenticeships.

    SOLLY: Good to speak to you this morning, Kristy McBain. Appreciate your time, thank you.

    MCBAIN: Thanks, Ross.

    MIL OSI News –

  • MIL-OSI Security: Keen Sword 25: Supporting the Joint-Bilateral Air Defense Kill Chain Across Japan

    Source: United States INDO PACIFIC COMMAND

    MISAWA AIR BASE, Japan  –  

    38th Air Defense Artillery (ADA) Brigade deployed several units to strategic air defense positions across Honshu, Japan in support of Keen Sword 25 (KS25), demonstrating the capability to help create and support a joint and bilateral Air Defense network between U.S. joint forces and allies.

    KS25 was a joint-bilateral field training exercise held Oct. 23-Nov. 1 at multiple bases across Japan, demonstrating and strengthening the U.S.-Japan alliance during the largest iteration of the exercise since its inception in 1986; it included participants from the Japan Self-Defense Force (JSDF), Australian Defence Force (ADF), Canadian Armed Forces (CAF) and U.S. service members from each of the joint services.

    To support KS25, Delta Battery, 1st Battalion, 1st ADA Regiment (1-1 ADA) 38th ADA Brigade deployed to Misawa Air Base, equipped with a Patriot Minimum Engagement Package (MEP) – everything needed for a MIM-104 Patriot air defense system to successfully engage an air defense threat.

    “The expeditionary deployment of a Patriot MEP to Misawa Air Base, and the validation of our ability to integrate into the joint kill chain for air defense,” said Maj. Robert Knaibel, the 1-1 ADA Battalion Operations Officer, “is a key part of (1-1 ADA’s)  mission – even if that mission takes us all the way across Japan, we’re still able to support rapid deployment and emplacement through our batteries… Testing those capabilities regularly, in real conditions, is key.”

    While Delta Battery was emplacing their Patriot MEP at Misawa Air Base for the start of KS25 on Oct. 23, senior Air Defense Artillery Fire Control Officer (ADAFCO) teams had already integrated at key Air Defense Commands, including Yokota and Misawa Air Bases. There, the ADAFCO teams use their knowledge of tactics procedures to integrate Army Air Defense assets in joint and bilateral Air and Missile Defense engagement operations.

    “The great thing with these exercises is training with both a joint and combined force,” said Capt. Frederick Breslow, who was serving in the exercise as the U.S. Army’s Regional Air Defense Commander (RADC) on Yokota Air Base. “Coordinating with our allies, despite the challenges… that’s where we learn the most in these exercises.” Breslow added that, thanks to lessons learned during KS25, the RADC are already working to improve their procedures in preparation for future exercises.

    Another team of ADAFCO Soldiers worked on-location with the Japan Air Self-Defense Force. “On Misawa Air Base, we coordinated with the Misawa Direction Center to plan and carry out joint and bilateral air defense engagements,” said Staff Sgt. Thomas Zmyewski, an ADA Fire Control Assistant (FCA) with 38th ADA Brigade. “That’s when we bring each force’s tactics, techniques, procedures and capabilities to maximize their effectiveness – for example, which force has the best engagement odds for an incoming air threat.”

    Zmyewski believes testing this team-based planning and communication is the best way to strengthen partnerships and prepare for real-world application. “Our ADA FCAs always benefit from these exercises, because we learn how to work with our partners under those realistic conditions, learn from each other’s strengths,” Zmyewski stated.

    While deployed to Misawa Air Base, the Soldiers of Delta Battery conducted validation training and Table VIII Gunnery evaluations, improving their proficiency with their systems, including rapid Patriot emplacement, rapid reloading of interceptors, operation of missile-defense radar systems and other core competencies; each crew’s proficiency in these tasks are tested during annual Table VIII gunnery certifications. These evaluations proved both the battery’s equipment and crews could operate effectively under field conditions immediately following a rapid deployment, while simultaneously integrating with ongoing joint and bilateral operations between all U.S. services and our allies.

    “Delta Battery – in Okinawa – is my first duty station, and this is my third exercise,” said Spc. Alexander Noel, a Patriot Launching Station Enhanced Operator/Maintainer with Delta Battery, “and so far it’s been the best – we’ve gotten so much accomplished, a lot of good hands-on training; it’s been a really good experience.”

    “Everything is muscle memory,” explained Spc. Malek James, a Patriot Launching Station Enhanced Operator/Maintainer with Delta Battery. “This is my first exercise, with my first unit, and it started stressful, having to certify on every single task at once, but… that’s what’s good about doing (these tasks) in the field – you build that muscle memory, you don’t have to think about what to do next, you just do it. Then it’s all just muscle memory.”

    Keen Sword 25 is a significant initiative that helps build warfighting readiness, enhances tactics, techniques, and procedures across a wide range of military operations, and strengthens national sovereignty and a free and open Indo-Pacific.

    (U.S. Army story by Sgt. Connor Davis)

    MIL Security OSI –

  • MIL-OSI China: Cambodia, China eye stronger digital economy cooperation

    Source: People’s Republic of China – State Council News

    PHNOM PENH, Nov. 4 — The 2024 China-Cambodia Digital Economy Cooperation Forum was convened here in Phnom Penh, capital of Cambodia, on Monday, exploring ways to boost stronger digital economy cooperation between the two countries.

    In an opening speech, Cambodian Minister of Economy and Finance Aun Pornmoniroth said the forum was vital to further promoting cooperation between Cambodia and China, especially in the fields of technology, innovation, and digital economy.

    “For Cambodia, the development of the digital economy is considered an important driver in the process of economic development,” he told the forum with approximately 250 participants.

    Pornmoniroth, who is also a Cambodian deputy prime minister, said the development of digital technology is one of the top priorities in the Cambodian government’s Pentagonal Strategy Phase 1 and that digital technology will help Cambodia achieve its vision of becoming a high-income country by 2050.

    “In recent years, digital technology has been rapidly developed, becoming a new stand for supporting and ensuring economic resilience,” he said.

    “The digital technology has spurred new innovations that contribute to value added creation, productivity increase, and work efficiency, as well as become a catalyst for global trade and economic connectivity,” he added.

    Pornmoniroth said Cambodia and China have been working closely to promote digital economy and that the Southeast Asian country has collaborated with Alibaba to boost e-commerce and with UnionPay International and Ant International’s Alipay+ to bolster cross-border QR code payments.

    At the event, the Digital Economy Professional Association of the Chinese Chamber of Commerce in Cambodia was launched.

    Pornmoniroth hopes that the association will play a leading role in promoting digital innovations, producing digital talents, and enhancing the use of digital technology.

    Chinese Ambassador to Cambodia Wang Wenbin praised Cambodia for its rapid development of digital economy, and was amazed by the significant rise of mobile payments with smartphones.

    He was pleased to see that China-Cambodia digital economy cooperation has progressed well, saying that China will continue to help Cambodia achieve the goal of 100 percent high-speed Internet coverage in urban areas and 70 percent coverage in rural areas by 2025.

    “Chinese companies in Cambodia have fully utilized their own technological advantages to promote emerging technologies such as artificial intelligence, cloud technology, and mobile payments in Cambodia, helping the kingdom improve its digital level and promote digital transformation,” he said.

    Lin Shiqiang, president of the China Chamber of Commerce in Cambodia, said China Unicom, Huawei and other companies have played a crucial role in constructing Cambodia-China submarine cable, providing strong support for the deep integration and connectivity of the digital economy of the two countries.

    Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, said China has been a great supporter of digitalization of Cambodia, gradually transforming Cambodia’s present system into digitalization.

    “China has a policy. They are sharing their wealth and their technology with countries and with their friends like Cambodia,” he told Xinhua.

    MIL OSI China News –

  • MIL-OSI Economics: Gartner Says CIOs Need to Overcome Four Emerging Challenges to Deliver Value With AI

    Source: Gartner – IT Research

    Headline: Gartner Says CIOs Need to Overcome Four Emerging Challenges to Deliver Value With AI

    A Gartner, Inc. survey of 451 senior technology leaders in the second quarter of 2024, found that 45% of CIOs in Europe, Middle East and Africa (EMEA) said they are tasked with leading an AI strategy in their enterprise. However, four emerging challenges are making it difficult for CIOs to deliver value with AI.

    MIL OSI Economics –

  • MIL-OSI China: Int’l petroleum expo opens in UAE

    Source: China State Council Information Office

    The 2024 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), a premier oil and gas industry event, kicked off on Monday, highlighting the themes of artificial intelligence (AI) and sustainable energy transition.

    In his keynote address, United Arab Emirates (UAE)’s Minister of Industry and Advanced Technology, Sultan Al Jaber, emphasized the transformative impact of AI, describing it as an “era-defining innovation” reshaping productivity and accelerating energy transition.

    The ADIPEC 2024 has introduced a new “AI Zone” featuring top tech companies, including Microsoft and Accenture, to showcase solutions for sustainable energy management.

    Sharif Al Olama, undersecretary for energy and petroleum affairs at UAE’s Ministry of Energy and Infrastructure, added that despite the growth of renewable energy, traditional oil resources continue to play a critical role in ensuring global energy stability.

    “Even as renewables grow, oil remains the largest fuel source,” Al Olama said, highlighting UAE’s approach to maintaining a balanced energy mix.

    The four-day event is anticipated to attract 184,000 participants from 164 countries, including ministers, more than 200 industry leaders, and over 2,200 exhibitors representing key energy players.

    Hundreds of Chinese companies, including PetroChina, China National Offshore Oil Corporation, are participating the exhibition, showcasing technological advancements in digitalization, decarbonization, and renewables in the evolving landscape of the global energy industry.

    Key topics at the ADIPEC this year also cover decarbonization, digital innovation, and mobilizing capital for clean energy projects, with an emphasis on bridging financing gaps in emerging markets to support a sustainable and equitable energy future.

    MIL OSI China News –

  • MIL-OSI China: WIOTC 2024 focuses on interconnected digital future

    Source: China State Council Information Office

    The launch ceremony of the White Paper on the Intelligently Interconnected Digital Economy is held in Beijing, Nov. 3, 2024. [Photo courtesy of WIOTC]

    The ninth annual World Internet of Things Convention (WIOTC 2024) commenced on Nov. 3, in Beijing, bringing together leaders of government agencies, enterprises, industrial associations and standards organizations worldwide to discuss the future of the Internet of Things (IoT) under the theme, “Towards a New Future for Digital Economy: An Intelligently Interconnected New World.”

    The aim of the event was to support the U.N. sustainable development agenda, bridge the global digital divide, create an international model of an intelligently interconnected digital economy in China, and explore new pathways for digital economic collaboration.

    In his message to the convention, U.N. Secretary-General Antonio Guterres addressed the transformative impact of digital technology on business and economic growth. He emphasized that “real-time data sharing, IoT applications, information networking, and artificial intelligence are empowering the development of smart grids, smart homes and smart cities.”

    However, he noted the digital divide, saying: “Not all countries or communities are benefiting equally. For those without capacity or connectivity, the digital divide is also an opportunity divide.”

    “Digital technology is about bridging divides,” he added, calling for efforts to ensure evolving technologies benefit all people equally.

    During the convention, speakers noted China’s significant strides in IoT and digital economy innovation, underscoring the country’s investments in digital infrastructure and supportive government initiatives that have positioned it as a global leader in these fields.

    According to He Xuming, chairman of the WIOTC executive committee, the number of global IoT connections is expected to surpass 25 billion this year, with China playing a crucial role. The country’s digital infrastructure is expanding significantly. It is on track to build over 4.3 million 5G base stations to support IoT this year and surpass 3 billion IoT connections, he said.

    Yu Hongjun, former vice minister of the International Department of the Central Committee of the Communist Party of China (CPC), added that in recent years, China has actively promoted the innovation and development of the internet and digital economy. He said, “The establishment of foundational communication networks, the widespread application of 5G, and the development of 6G have laid a solid foundation for digital economic transformation and upgrading.”

    The country’s strategic initiatives proposed during the 20th CPC National Congress, focusing on building a strong digital China and a smart society, were further reinforced by the third plenary session of the 20th CPC Central Committee. The resolution emphasized “improving the commodity distribution system, and speeding up the development of the Internet of Things.”

    “China’s leadership in advancing digital innovation and IoT continues to serve as a powerful model, inspiring nations worldwide to embrace the possibilities of digital technologies,” said Sinisa Berjan, ambassador of the Embassy of Bosnia and Herzegovina to China.

    The ambassador also stressed the shared responsibility to ensure that the advantages of digital transformation are distributed equally, calling for a world where technology can support an inclusive digital landscape that benefits all.

    Berjan called IoT a “critical driver of digital development,” explaining it has the potential to revolutionize key sectors like health care, agriculture, energy and transportation. “IoT enhances productivity, optimizes resource use and empowers communities, ensuring that economic progress aligns with environmental stewardship,” he added.

    However, Berjan stressed the need for strong international cooperation to fully unlock these benefits. He called for the sharing of best practices, the development of unified standards, and mutual support among countries to help every nation tap into the potential of IoT.

    Platforms like the WIOTC provide invaluable opportunities for such exchanges, fostering a spirit of collaboration that fuels progress, innovation and economic development, he said, adding that “together, we can lay the foundation for a future where the benefits of digital transformation reach every community and individual.”

    Leaders from major standardization bodies also underscored the importance of collaboration. Jo Cops, president of the International Electrotechnical Commission (IEC), emphasized that, given the current environmental challenges, “IoT supports the energy transition and the deployment of renewables through smart grid applications.” He added, “To meet our common challenges and goals, we need to collaborate.”

    Similarly, Sung Hwan Cho, president of the International Organization for Standardization (ISO), advocated for an inclusive digital future, saying, “It is crucial that this progress actually supports the U.N. Sustainable Development Goals and bridges the digital divide.”

    At the convention, the WIOTC released the White Paper on the Intelligently Interconnected Digital Economy. Zhang Hua, vice chairman of the WIOTC executive committee, explained that the white paper outlines the innovative development direction and theoretical foundation of the global IoT digital economy, including concepts, advanced digital economy models, global market structures, and sustainable development pathways. 

    The white paper provides expert guidance for global governments on internet development and digital economy upgrades, and serves as a reference for enterprises aiming to transform and enhance their data applications, Zhang said.

    MIL OSI China News –

  • MIL-OSI China: 7th China International Import Expo opens in Shanghai

    Source: People’s Republic of China – State Council News

    SHANGHAI, Nov. 5 — The newest edition of the China International Import Expo (CIIE), the world’s first national-level exposition dedicated to imports, opened on Tuesday in Shanghai.

    Chinese Premier Li Qiang delivered a keynote speech at the opening ceremony of the 7th CIIE and the Hongqiao International Economic Forum.

    Running from Nov. 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

    More than 400 new products, new technologies and new services are set to be unveiled during the expo, which experts believe is a strong indication of global companies’ confidence in the Chinese market and their commitment to further development in China despite a sluggish global economic recovery.

    MIL OSI China News –

  • MIL-OSI: Global Strategy: Fergus Kane Leads DIGZAX in Shaping the Future of Crypto Finance

    Source: GlobeNewswire (MIL-OSI)

    ARVADA, Colo., Nov. 04, 2024 (GLOBE NEWSWIRE) — Recently, the internationally renowned cryptocurrency exchange DIGZAX announced its global expansion strategy aimed at penetrating emerging markets and enhancing its business coverage and international influence. This initiative marks the further commitment of DIGZAX to the international market while showcasing its success in strategic positioning and market operations. As the heart of this expansion strategy, Fergus Kane, the founder and CEO of DIGZAX, has once again become a focal point in the industry.

    Fergus not only possesses a robust financial background but is also a pioneer in the realm of cryptocurrency. He graduated from Harvard University, and later achieved significant success at top financial institutions such as Goldman Sachs and JPMorgan on Wall Street. However, he did not confine himself to traditional finance; instead, he keenly recognized the vast potential within crypto finance.

    After extensive research into the blockchain and cryptocurrency sectors, Fergus identified numerous pressing issues facing cryptocurrency exchanges. In response, he decided to establish DIGZAX, a user-centric trading platform that emphasizes security and compliance. Since its inception in 2019, DIGZAX has rapidly secured a significant position in the global market, thanks to its innovative technology applications and high-quality user experience.

    According to the recently announced global expansion plan of DIGZAX, the platform will first solidify its leadership in the Asia-Pacific market before gradually extending its reach into Latin America. Fergus stated that both regions are experiencing rapid growth in their cryptocurrency user bases, presenting immense market potential. DIGZAX intends to establish a solid business foundation in these markets through stringent compliance measures and flexible operational strategies.

    This strategy not only reflects the global vision of DIGZAX but also underscores its keen attention to emerging markets. By deeply exploring these regional markets, DIGZAX aims to provide users with a more diversified range of services, ensuring it maintains a leading position in the fiercely competitive cryptocurrency landscape.

    For Fergus Kane, DIGZAX is not merely a cryptocurrency trading platform; it is a bridge that helps more people safely and conveniently enter the world of crypto finance. Throughout its global expansion, DIGZAX has consistently prioritized user experience as its core objective. Whether it involves the continuous optimization of platform features, the promotion of user education, or rigorous compliance management, Fergus and his team are dedicated to creating an efficient and secure trading environment, ensuring that more potential investors can confidently engage with the crypto market and fully enjoy the growth dividends of the industry.

    In addition to business expansion, Fergus particularly emphasized the importance of industry knowledge dissemination. He believes that users can only better participate and benefit from crypto finance when they truly understand its operational mechanisms and underlying values. Consequently, DIGZAX plans to further strengthen market education in the future, helping more investors grasp the relevant knowledge of cryptocurrencies. Through this initiative, DIGZAX aims to provide users with a safe and robust path to market participation, maximizing their potential returns.

    With the rapid development of the cryptocurrency market, Fergus Kane and the DIGZAX exchange have emerged as industry leaders. Through precise market insights, cutting-edge technology applications, and a user-centered service philosophy, DIGZAX is swiftly rising to become a frontrunner in the global crypto finance sector. With its global expansion plan, DIGZAX will continue to drive industry innovation, creating greater value and opportunities for users.

    Media Contact:

    Full company name: DIGZAX BLOCKCHAIN DEVELOPMENT INC

    Company website: https://www.digzax.co

    Contact Person: Darma

    Email id: support@DIGZAX.co

    Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/645f4f0f-608a-424c-9d2e-50837f5090e2

    The MIL Network –

  • MIL-OSI China: Foxconn’s planned business headquarters a vote of confidence in mainland market

    Source: China State Council Information Office

    Foxconn, the world’s leading electronics manufacturer, is set to build a new business headquarters in Zhengzhou, central China, in a move the Taiwan company described as “a crucial step” in expanding its presence on the mainland market.

    Analysts say the decision highlights Foxconn’s commitment to investing in the mainland, despite rising global trade protectionism and “decoupling” and “de-risking” rhetoric ratcheted up by certain Western politicians.

    The tech giant recently won a bid for a 2.84-hectare plot at 150 million yuan (about 21.07 million U.S. dollars) in the Zhengdong new district in Zhengzhou, capital of Henan Province, where it plans to build a headquarters focusing on key technology sectors, according to the Zhengzhou Public Resources Trading Center in a recent statement.

    This initiative aligns with Foxconn’s “3+3” strategy targeting electric vehicles, digital health and robotics, along with advancements in artificial intelligence (AI), semiconductors and next-generation communication, the company said.

    Foxconn’s planned headquarters will feature a construction area of approximately 70,000 square meters in its first phase, with an investment of 1 billion yuan. The company has not yet provided a groundbreaking date.

    In a speech at the unveiling ceremony for the new business headquarters in April 2023, Chairman Young Liu emphasized that the headquarters will mark the beginning of a new journey for Foxconn’s strategic industry development on the mainland, and the company’s new businesses are both a response to global market trends and an embrace of the latest wave in technological advancement.

    Henan’s favorable infrastructure and business environment, as well as the collaborative relationship between Foxconn and the local governments, were pivotal factors in the decision to locate the headquarters there, Liu noted.

    Between February and April 2023, Liu visited Henan three times, pledging to “build a new Foxconn” in the province. In July this year, the company signed a strategic cooperation agreement with the Henan provincial government to accelerate projects related to new business ventures.

    Per the deal, Foxconn plans to leverage its expertise in smart manufacturing, along with its global technological capabilities and supply chain resources, to advance projects in the new energy vehicle, energy storage battery, digital healthcare and robotics industries.

    Construction of a trial manufacturing center for new energy vehicles has started at Zhengzhou Airport Economy Zone, with operations expected to commence by the end of the year.

    Foxconn’s increased investment in Henan and its focus on future industries represent a win-win approach, said He Liang, an official with Zhengzhou Airport Economy Zone.

    “We will continue to provide quality service and foster a first-rate business environment that is market-oriented, law-based and internationalized,” He added.

    Henan and Foxconn share a deep bond.

    Foxconn, the principal assembler of Apple iPhones, established operations in the inland province in 2010. By the end of 2023, its Zhengzhou factory spanned around 2.8 million square meters and had recorded 12 consecutive years of growth in industrial output. Over the years, Foxconn has further expanded its footprint across Henan, setting up facilities in cities such as Jiyuan, Hebi and Zhoukou.

    The cooperation has also transformed Henan’s economy, turning the province into a global hub for intelligent terminal manufacturing. From 2016 to 2020 alone, the Zhengzhou factory attracted over 200 related supply chain enterprises to the Zhengzhou Airport Economy Zone, with total investments exceeding 300 billion yuan, according to the zone administration.

    Analysts view Foxconn’s moves as part of a broader bet on emerging industries, such as new energy vehicles, solid-state batteries, robotics, AI and semiconductors — sectors that are likely to shape the future of global manufacturing.

    Song Xiangqing, deputy head of the Commerce Economy Association of China, noted that the company’s increased investment in Henan underscores the opportunities created by the digital economy and technological progress on the mainland, as well as the resilience of its industrial chain and its shift toward high-quality manufacturing.

    The world’s second-largest economy has been steadfastly expanding its institutional opening-up in recent decades, rolling out various policies aimed at achieving high-quality development and offering the rest of the world new growth momentum and opportunities.

    At its third plenum, the 20th Central Committee of the Communist Party of China renewed the country’s commitment to the basic state policy of opening to the outside world and continuing to promote reform through opening-up.

    The commitment to an open economy, paired with its massive domestic market, presents significant opportunities for companies that are aiming to scale up operations in China despite global headwinds.

    In May, U.S. carmaker Tesla began construction on a mega factory in Shanghai to manufacture its energy-storage batteries. In his recent visit to China, Apple CEO Tim Cook also reaffirmed the company’s investment commitment in the country.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: SITI commences visit to Canada (with photos)

    Source: Hong Kong Government special administrative region

         The Secretary for Innovation, Technology and Industry, Professor Sun Dong, began his visit to Toronto, Canada, on November 4 (Toronto time).

         In the morning, Professor Sun visited MaRS Discovery District, an innovation hub, and met with its Chief Executive Officer, Mrs Alison Nankivell, to receive a briefing on the hub’s successful experience in nurturing an innovation and technology (I&T) ecosystem. Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science. As the largest urban innovation centre in North America, MaRS Discovery District supports 1 200 enterprises and renders direct assistance to enterprises in the hub with a view to building communities of innovators and promoting the adoption of new solutions.

         Professor Sun then visited the University of Toronto, and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science and Engineering of the University. Professor Sun met with the Dean of the Faculty, Professor Christopher Yip, and the Acting Associate Vice-President International Partnerships, Professor David Wolfe, and was briefed on the latest developments and research and development (R&D) achievements of the Centre. The Centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health. Its team also delivers ongoing guidance for advanced analytics projects in industry settings. Professor Sun encouraged the University to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

         In the afternoon, Professor Sun visited a start-up that provides storage and delivery services in North America. The start-up adopts a smart platform that automatically processes orders and updates inventory levels in real time. It also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

         Professor Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter) in the evening, and had an exchange with Hong Kong young people studying and working in Toronto to learn more about their study and work lives in Canada. Professor Sun shared with them Hong Kong’s efforts to develop as an international I&T centre and build an international hub for high-calibre talent. He noted that it is of paramount importance to enlarge the talent pool for the I&T development in Hong Kong, adding that the city is an ideal destination for young people to develop their careers and that Hong Kong youngsters are encouraged to seize the myriad opportunities there.

         Professor Sun will proceed to Ottawa and continue his visit on November 5 (Ottawa time).                  

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: New drowning prevention technology to help save lives

    Source: Government of Western Australia

    Drowning prevention technology is set to help accelerate lifeguard response times at Wanneroo Aquamotion.

    The Lynxight system uses artificial intelligence to monitor movement in the water through CCTV cameras, enabling lifeguards to respond more quickly to potential drownings thanks to alerts sent to their smartwatches.

    Aquamotion will be the second facility in WA to use the cutting-edge technology to combat blind spots caused by water glare, crowds, water surface disturbance and line of sight issues.

    Mayor Linda Aitken said the technology would arm our hardworking lifeguards with new tools to keep pool users safe.

    “Last year, Aquamotion attracted 371,000 visits, and with 2024 on track to be even busier, we are always looking for innovations in safety management,” she said.

    “This technology will be extra eyes in the water at Aquamotion’s four pools, helping prevent drowning incidents and reduce the risk of serious injuries.

    “It’s exciting to take another step forward in our Smart City journey and harness this technology to enhance safety for our community.”

    Royal Life Saving Australia’s General Manager Capability and Industry, RJ Houston, said data from AI-enhanced safety technologies could be applied to elevate existing practices and address challenges, making Australian aquatic facilities safer for everyone.

    “While lifeguards play critical prevention and rescue roles, supervision in public swimming pools can be challenging,” he said.

    “The potential of combining lifeguard expertise with enhanced technological approaches in coming years is exciting.”

    According to Royal Life Saving Australia, in 2023 there were six drowning deaths, 18 non-fatal drowning incidents and more than 7,800 rescues in public swimming pools across the country.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Speech by SJ at Second Legal Forum on Interconnectivity and Development (English only)

    Source: Hong Kong Government special administrative region

         Following are the closing remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Second Legal Forum on Interconnectivity and Development under the Hong Kong Legal Week 2024 today (November 5):

    Your excellencies, distinguished guests, ladies and gentlemen,

         Thank you very much again for participating in this year’s Second Legal Forum on Interconnectivity and Development. I would first like to express my gratitude to the Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR (OCMFA) for co-organising this forum with the Department of Justice (DoJ) of the Hong Kong SAR. OCMFA’s support and contribution are invaluable to the success of this event.

         I would also like to extend my sincere thanks to the Asian Infrastructure Investment Bank (AIIB) and especially to their General Counsel, Mr Alberto Ninio, who delivered an impactful keynote address on promotion of good governance and high-quality development under international law earlier this morning. Hong Kong, China became a member of AIIB in 2017. Our arrangement for secondment of DoJ counsel to the legal department of AIIB in the past few years has been conducive to enhancing our collaboration with AIIB and strengthening the development of Hong Kong international legal and dispute resolution services, especially in the financial fields.

         Following the keynote address from AIIB, the two Panel Sessions examined the critical importance of legal connectivity in our increasingly globalised landscape, as well as its impact across various fields, from international trade and commerce, dispute resolution, sanctions to emerging domains such as the governance of artificial intelligence (AI). The experience and practice of Hong Kong in connecting with high-standard international legal rules provide a good illustration for our discussion. Allow me to reflect briefly on today’s discussions and Hong Kong’s role in these vital developments.

    Cross-border legal connectivity and China’s foreign-related rule of law

         Legal connectivity transcends borders, bringing jurisdictions closer and promoting shared prosperity. As President Xi Jinping has noted, the fundamental purpose of advancing foreign-related rule of law is to better safeguard the interests of the country and the people, promote the progress of international rule of law and the development of a community with a shared future for mankind. China’s institutional opening-up progresses alongside its development of foreign-related legal frameworks. The rule of law forms the foundation of a favourable business environment.

         The first session explored Hong Kong’s evolving legal landscape, where, under the “one country, two systems” framework, it serves as a strategic nexus for trade and commerce and dispute resolution, regionally in the Guangdong-Hong Kong-Macao Greater Bay Area, as well as internationally. In this era of ever-changing global business norms, as China’s institutional opening-up progresses, Hong Kong serves not only as a “super-connector” but also provides unique legal services under its legal and international arbitration framework.

    Rule of law to safeguard sustainable development

         On the importance of the rule of law to mitigate risks and to safeguard Hong Kong’s and national sustainable development, the learned speakers have shared their insights into the global developments in financial sanctions and anti-sanctions, as well as legislative trends on anti-interference in major western countries.

         As AI rapidly advances, it transforms industries and economies in a revolutionary way. This also brings with it complex global regulation and governance issues and related risks. As the final report on this subject by the United Nations Secretary-General appointed panel concludes, “the very nature of the technology itself – transboundary in structure and application – necessitates a global approach”. The discussions on this topic today are timely and relevant as we consider how to safeguard sustainable development in an increasingly inter-connected world with AI.

         As President Xi stressed during the 16th BRICS Summit, “as the world becomes more turbulent, it is even more important to uphold the banner of peace, development, co-operation and win-win outcomes”. It is my sincere hope that the discussions in today’s forum could bring out a spirit of co-operation and collaboration in traditional fields like economy and trade, as well as emerging areas like artificial intelligence, with our sustainable development safeguarded by the rule of law.

    Hong Kong as a global legal and dispute resolution hub

         On co-operation and development, aligned with Hong Kong’s development of “eight centres” as outlined in the National 14th Five-Year Plan, the Department of Justice has taken forward policies to strengthen Hong Kong’s role as a leading legal and dispute resolution hub.

         The staunch support of the Central People’s Government in strengthening the city as a centre for international legal and dispute resolution services in the Asia-Pacific region under the National 14th Five-Year Plan can be demonstrated by the establishment of the International Organization for Mediation (IOMed) Preparatory Office last year. The IOMed Preparatory Office has successfully facilitated the conclusion of negotiations on the Convention on Establishment of the IOMed last month. A decision has also been made by all the negotiating parties that a signing ceremony of the Convention will be held in Hong Kong next year and the IOMed headquarters will also be situated in Hong Kong once the Convention has entered into force.

         As the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation, IOMed is important for the implementation of settling international disputes by peaceful means as set out in the United Nations Charter. Upon its establishment, the IOMed will provide friendly, flexible, economical and efficient mediation services, thereby building Hong Kong as a capital for international mediation.

         Apart from exciting development on IOMed, we also continue to enhance our collaboration with prominent law-related international organisations, such as the International Institute for the Unification of Private Law (UNIDROIT), with which we co-organised this year’s Asia-Pacific International Private Law Summit yesterday. We are also in active discussion with UNIDROIT for the possible establishment of its liaison office in Hong Kong in the near future. These forms of collaborations enable Hong Kong to contribute to and align with international standards, thus enhancing its appeal as a global hub for dispute resolution.

         In addition, with the support of the Central People’s Government and the assistance of the OCMFA, the Department of Justice has put in place programmes to second local legal talents to several law-related international organisations including the UNIDROIT. Through participating in the work of such international organisations, local legal professionals can enhance their knowledge of international legal matters and develop global vision. Nurturing Hong Kong’s legal talents is crucial for the sustainable development of the legal community, for consolidating our position as a leading international legal and dispute resolution services centre and for the long-term development of the rule of law, matters to which the Central Authorities and the HKSAR Government have attached great importance.

    Fostering legal talent: Hong Kong International Legal Talents Training Academy

         Following the announcement in the Chief Executive’s 2024 Policy Address, the Hong Kong International Legal Talents Training Academy will be officially launched on this Friday, Day five of Hong Kong Legal Week. To make good use of Hong Kong’s bilingual common law system and international legal status, the Training Academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talents in regions along the Belt and Road region. It will also provide training for talents in the practice of foreign-related legal affairs for the country, and cultivate legal talents to be familiar with international law, common law, civil law, national legal systems and other legal areas. In future, our Department will make use of this capacity building platform to enable practitioners from different jurisdictions to exchange ideas on promoting the culture of harmony.

    Looking ahead: Hong Kong’s future role as an international legal hub

         Looking to the future, we are reminded of the traditional Chinese saying by Confucius, in Chinese is “å�›å­�和而ä¸�å�Œ and in English “a gentleman seeks harmony, not uniformity”. This philosophy encourages us to pursue a shared vision despite our differences, and is crucial for enhancing interconnectivity and development in building a community of shared future for mankind. In our interconnected world, such harmony through diversity is essential for achieving lasting success and mutual respect across boundaries. Hong Kong’s dedicated efforts in aligning with and contributing to international legal standards, its experience in international dispute resolution, as well as its commitment to legal capacity-building could leave a positive impact as the world navigates through complex challenges. As China moves towards deeper institutional opening-up, Hong Kong has a significant role to play in facilitating international engagement and promoting the progress of international rule of law.

         In closing, my sincere thanks to all speakers, participants, supporting organisations, colleagues at the OCMFA and the DoJ for making this forum a success. I look forward to your support for the Third Legal Forum on Interconnectivity and Development next year. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI: VTR Biotech Unveils Upgraded National Technology and Innovation Center：A Leap Forward in Biotech Innovation

    Source: GlobeNewswire (MIL-OSI)

    CHINA, ZHUHAI, Nov. 05, 2024 (GLOBE NEWSWIRE) — Recently, VTR Biotech proudly announces the comprehensive upgrade of its National Enterprise Technology Center, a landmark achievement reflecting its commitment to advancing the biotechnology sector. The history of VTR Biotech began in the early 1990s when the company was founded with a vision to revolutionize the biotechnology landscape in China. From its inception, VTR Biotech has prioritized innovation and scientific excellence, rapidly establishing itself as a leader in the field. In the years that followed, the company made significant strides in research and development, resulting in groundbreaking advancements in biotechnology solutions.

    The upgraded center features five state-of-the-art technology platforms: the Genetic Engineering Platform, High-Throughput Screening Platform, Biosynthesis Platform, Technology Transfer Platform, and Technical Support Platform. These platforms are designed to enhance VTR Biotech’s R&D capabilities, paving the way for groundbreaking advancements in biotechnology.

    Key investments in high-performance artificial intelligence computing servers, advanced microbial selection robots, liquid handling workstations, and an expanded fully automated fermentation tank system are poised to enhance VTR Biotech’s independent R&D capabilities. These improvements aim to increase research efficiency and facilitate the practical application of research outcomes, ensuring that VTR Biotech remains at the forefront of biotechnological innovation.

    “The upgrade of our National R&D Center is a monumental achievement for VTR Biotech,” said Mr. Chen, Chairman of the company. “We are proud to lead a global team of scientists and engineers working on transformative biotechnology solutions in life sciences, including genetic modification, microbiology, biosynthesis technology, and enzyme engineering. This upgrade elevates our R&D capabilities and strengthens our ability to provide innovative solutions to the global market.”

    VTR Biotech’s National Enterprise Technology Center is recognized as one of China’s most prestigious enterprise technology innovation platforms, evaluated jointly by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration. This recognition underscores VTR Biotech’s significant contribution to technological advancement in China.

    In recent years, VTR Biotech has demonstrated its dedication to research and development by employing over 200 professional R&D personnel, more than 30% of whom hold postgraduate degrees. The center also boasts a team that includes 15 PhDs and 10 senior engineers. Collaborative projects with leading research institutions such as the University of Sydney, South China University of Technology, and South China Agricultural University further emphasize VTR Biotech’s commitment to transforming scientific discoveries into practical applications for the global market.

    The company has undertaken four national key R&D program projects and four key R&D projects in Guangdong Province, in addition to establishing 15 national, industry, and group standards. VTR Biotech has been recognized for its innovative efforts, receiving the China Patent Excellence Award for five consecutive years.

    As VTR Biotech embarks on this new chapter with the upgraded National Enterprise Technology Center, the company is poised to set new standards in the biotechnology industry, driving innovation and delivering cutting-edge solutions that meet the evolving needs of its customers. For more information about VTR Biotech and its upgraded National Enterprise Technology Center, please visit www.vtrbiotech.com

    About VTR Biotech

    VTR Biotech is a leading biotechnology company dedicated to advancing the field through innovative research and development. With a commitment to scientific excellence and sustainability, VTR Biotech aims to deliver high standard biosolutions that address the challenges faced by the biotechnology industry.

    Media Contact

    Brand Name: VTR Biotech

    Contact Person: Marketing Team

    Email: vtrbiotech@vtrbio.com

    Tele: +86-756-8676888

    Website: www.vtrbiotech.com

    SOURCE: VTR Biotech

    The MIL Network –

  • MIL-OSI: CoinShares Announces Q3 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    5thNovember 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, has today published its results for the quarter ending 30th September 2024.

    Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

    “In Q3 2024, we concentrated on executing our strategy and preparing for a promising Q4 and the upcoming year. A key achievement was the change in our accounting policy for digital assets. We now record movements on digital assets at fair value through profit and loss, enhancing the transparency of our financial statements. This change enables a wide range of investors to have a better understanding of CoinShares’ financial performance and health.

    We have concurrently implemented bitcoin as a treasury management instrument, thus demonstrating our commitment to our investment thesis. Consequently, we now rank among the select few publicly traded companies globally that have opted to maintain bitcoin holdings (78 BTC at the end of Q3) on our balance sheet.”

    Q3 2024 financial highlights

    • Total Revenue, Gains & Other Income for Q3 2024 of £25.8 million (Q3 2023: £15.2 million)
    • EBITDA for Q3 2024 of £15.4 million (Q3 2023: £8.3 million)
    • Net profit for Q3 2024 of £14.2 million (Q3 2023: £6.7 million)

    Q3 2024 operational highlights

    • Asset Management: The CoinShares Physical ETP platform closed the quarter with nearly $80 million in net flows, marking its second-largest quarterly inflow since 2021. We launched a new multi-asset ETP in partnership with finanzen.net to enhance our visibility in the German retail market. In the United States, the CoinShares-Valkyrie business line had its second-best quarter, achieving $61 million in net inflows, mainly from BRRR and WGMI products. Integration of this business line into the wider CoinShares Group is largely complete, and we anticipate it becoming a meaningful contributor to overall Group value, with full stride expected in 2025.
    • Capital Markets & Hedge Fund Solutions: Following the successful rollout of our algorithmic trading platform, MATRIX, our development team is optimising its performance and connectivity, enabling signal ingestion from multiple sources and opening doors to new collaborations. This allows our quantitative research team to focus on new alpha generation strategies to drive future performance for our Capital Markets and Funds divisions. Concurrently, our Hedge Fund Solutions division is preparing to launch an equity long-short fund focused on crypto equities, leveraging our BLOCK Index expertise; the product is ready to launch pending market demand, currently being assessed by our sales teams in the United States and Europe. 
    • Principal Investments: Despite a decrease of approximately £1.9 million in the Group’s Principal Investment portfolio during Q3—primarily due to an extension of the CS2 fund’s life that delays the receipt of our recognized carried interest and results in a corresponding discount—we have observed positive developments in some of our smaller investments. These include the conversion of one of our SAFEs (Station 70) and the change in status of GTSA to that of an Electronic Money Institution.
    • Accounting Policy Change: An important development this quarter concerns our accounting policies for digital asset holdings; historically, our financial statements were distorted by classifying digital assets as intangibles under IFRS, resulting in profit or loss after tax figures that differed markedly from our total comprehensive income and impacting the readability of our accounts. As our organisation has evolved and our activities have diversified significantly, we are now able to classify our digital assets so that their fair value movements are taken through profit and loss, allowing us to present financial statements that provide a more understandable view of our financial performance—easily reconciled to our EBITDA—a transition we’ve been eager to make and are pleased to have finally achieved.

    Full details of the Q3 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

    Download the Swedish Executive Summary here.

    ABOUT COINSHARES

    CoinShares is the leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    This information is information that CoinShares International Limited (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act.

    The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on November 5, 2024.

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    press@coinshares.com

    Attachment

    The MIL Network –

  • MIL-OSI China: New virtual project introduces a bee’s perspective

    Source: China State Council Information Office 3

    X Virtual Gathering: Honey, a new project of X Museum’s digital art platform X Virtual, was launched on Thursday in Beijing with an exhibition and a video game featuring commissions of multiple creatives from home and abroad.

    Upon entering the exhibition, visitors are first grabbed by the electronic music laced with a buzzing noise playing in the game, the interface of which is projected on the wall. They are invited to pick up the controller to start the game, becoming a bee busy gathering honey.

    As the worker bee, depicted in a futuristic, robotic and metallic style, flies through various apocalyptic landscapes, including a mysterious jungle and an erupting volcano, eight music pieces, which each represents a specific event, are triggered as it moves through different levels within the game, immersing the player in an adventure with a bee’s perspective.

    On view is also an installation by London-based artist Zhang Ling, better known as 00 Zhang, who designed the video game and its visual art. The audience can also enjoy the eight music works, individually displayed and each paired with a music video. Ranging from experimental electronic and dance music to free jazz and ambient, the intentionally diverse music tracks were composed by eight musicians, including 33EMYBW, Gooooose, Jana Rush, and Hyph11E.

    “As an abstract medium, music alters and challenges the participant’s senses, urging them to rethink ecological justice and species justice,” said Wu Dongxue, X Museum’s chief curator, who co-curated the show with 33EMYBW, a Shanghai-based producer and artist.

    According to the curators, this project explores the vast, interconnected world of bees and how it influences ideas around ecology, human civilization, and capitalism. It is an urgent response to crises such as resource depletion and a net loss of biodiversity that we humans are faced with, as well as the slowly widening division between civilization and nature through technological revolutions.

    “Once viewed with reverence, nature is now often exploited, stripped of its mystery and spirituality. Inorganic structures replace organic ones, pushing a capitalist narrative that centers on consumption and production,” Wu said.

    The game Honey will be available for download through X Museum’s online platform. At the end of 2024, the project will also release an eponymous vinyl record, which will be distributed globally.

    Launched by X Museum in 2019, X Virtual fosters new artistic 3D spaces within virtual worlds by commissioning artists to create new digital works and organizing online and offline exhibitions, workshops, and talks. X Virtual aims to promote new thoughts, discussions, and interdisciplinary practices in relation to emerging Web3-centered technologies, including XR, AI, and game engines.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Sun Dong begins Canada visit

    Source: Hong Kong Information Services

    Secretary for Innovation, Technology & Industry Prof Sun Dong began his visit to Toronto, Canada, by touring an innovation hub, the University of Toronto and a startup.

    In the morning of November 4, Prof Sun visited MaRS Discovery District and met its Chief Executive Officer Alison Nankivell to receive a briefing on the innovation hub’s successful experience in nurturing an innovation and technology (I&T) ecosystem.

    Located close to major universities and hospitals in downtown Toronto, MaRS focuses on nourishing deep technology industries including clean technology and life science.

    It is also the largest urban innovation centre in North America, which supports 1,200 enterprises and renders direct assistance to enterprises, with a view to building communities of innovators and promoting the adoption of new solutions.

    Prof Sun then visited the University of Toronto and toured the Centre for Analytics & Artificial Intelligence Engineering of the Faculty of Applied Science & Engineering.

    He met Faculty Dean Prof Christopher Yip and Acting Associate Vice-President International Partnerships Prof David Wolfe, and was briefed on the centre’s latest developments and research and development (R&D) achievements.

    The centre brings together universities and industries to translate the latest advances of artificial intelligence and data analytics into technologies in areas ranging from advanced manufacturing to human health.

    Its team also delivers ongoing guidance for advanced analytics projects in industry settings.

    Prof Sun encouraged the university to co-operate with universities in Hong Kong to participate in the InnoHK research clusters to strengthen global R&D collaboration.

    In the afternoon, the technology chief visited a startup that provides storage and delivery services in North America.

    Apart from adopting a smart platform that automatically processes orders and updates inventory levels in real time, the startup also utilises robotic shuttles to manage inventories automatically, thereby reducing the overall cost for logistics and delivery services.

    In the evening, Prof Sun attended a networking dinner organised by the Hong Kong-Canada Business Association (Toronto Chapter), where he had an exchange with Hong Kong young people studying and working in Toronto to learn more about their studies and work life.

    Prof Sun shared with them Hong Kong’s efforts to develop as an international I&T centre and build an international hub for high-calibre talent.

    He noted that it is of paramount importance to enlarge the talent pool for Hong Kong’s I&T development, adding that the city is an ideal destination for young people to develop their careers.

    He also encouraged Hong Kong youngsters to seize the myriad opportunities.

    Prof Sun will proceed to Ottawa and continue his visit.

    MIL OSI Asia Pacific News –

  • MIL-OSI: International Petroleum Corporation Announces Third Quarter 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024.

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are pleased to announce another positive quarter of operational performance. IPC achieved average net daily production during the third quarter of 45,000 barrels of oil equivalent per day (boepd), following planned maintenance shutdowns during the quarter. We also continue to purchase IPC common shares under the normal course issuer bid (NCIB). We have now almost completed the 2023/2024 NCIB, reducing the outstanding number of common shares by over 6% since the beginning of December 2023. We intend to seek Toronto Stock Exchange approval to renew the NCIB in December 2024. We are also pleased to report on the progress achieved at the Blackrod Phase 1 development in Canada, which remains on schedule and on budget.”

    Q3 2024 Business Highlights

    • Average net production of approximately 45,000 boepd for Q3 2024, in line with guidance (49% heavy crude oil, 17% light and medium crude oil and 34% natural gas).(1)
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia.
    • Drilling activity at the Suffield area in Canada continued with four wells drilled in Q3 2024 and completed by October 2024.
    • Development activities on Phase 1 of the Blackrod project continue to progress on schedule and on budget, with forecast first oil in late 2026.
    • 2.6 million IPC common shares purchased and cancelled during Q3 2024 under IPC’s normal course issuer bid (NCIB), on track to complete the 2023/2024 NCIB during November 2024.
    • IPC plans to seek Toronto Stock Exchange approval for the renewal of the NCIB in December 2024.

    Q3 2024 Financial Highlights

    • Operating costs per boe of USD 17.9 for Q3 2024, below guidance.(3)
    • Operating cash flow (OCF) and Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of MUSD 73 and MUSD 68 respectively in line with guidance for Q3 2024.(3)
    • Capital and decommissioning expenditures of MUSD 102 for Q3 2024, in line with guidance.
    • Free cash flow (FCF) for Q3 2024 amounted to MUSD -38 (MUSD 44 pre-Blackrod Phase 1 project funding).(3)
    • Gross cash of MUSD 299 and net debt of MUSD 157 as at September 30, 2024.(3)
    • Net result of MUSD 23 for Q3 2024.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2023 of 468 MMboe, with a reserves life index (RLI) of 27 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2023 of 1,145 MMboe.(1)(2)

    2024 Annual Guidance

    • Full year 2024 average net production guidance range maintained at 46,000 to 48,000 boepd.(1)
    • Full year 2024 operating costs guidance revised to below USD 18 per boe.(3)
    • Full year 2024 OCF guidance estimated at between MUSD 335 and 342, assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
    • Full year 2024 capital and decommissioning expenditures guidance forecast maintained at MUSD 437.
    • Full year 2024 FCF guidance estimated at between MUSD -140 and -133 (between MUSD 222 and 229 pre-Blackrod Phase 1 project funding), assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
      Three months ended
    September 30    		   Nine months ended
    September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Gross profit 39,505   93,429     167,397   210,559  
    Net result 22,875   71,681     101,804   143,269  
    Operating cash flow (3) 72,589   119,142     263,831   279,414  
    Free cash flow (3) (38,269 ) 34,703     (74,021 ) 67,379  
    EBITDA (3) 68,313   123,054     259,304   284,334  
    Net cash/(debt) (3) (157,228 ) 83,097     (157,228 ) 83,097  
                       

    Oil prices softened in the third quarter with Brent prices averaging USD 80 per barrel compared with USD 85 per barrel in the second quarter. Volatility during the quarter was high with Brent prices ranging from USD 89 per barrel in July to USD 70 per barrel in September. Notwithstanding the volatility in prices, the crude market was in a deficit through the third quarter, aided by the proactive supply management by the OPEC+ group. The continued conflicts in the Middle East and Ukraine led to increased oil prices, though these were partially offset by concerns over global oil demand growth, in particular consumer and industrial demand in China. Despite some of these negative factors, the physical market remains tight with OECD crude stock levels below the five-year average, with oil demand expected to be at an all-time high in 2024 and continue to grow in 2025. Approximately 50% of IPC’s forecast 2024 oil production is hedged at USD 80 per barrel WTI or USD 85 per barrel Dated Brent through to the end of 2024.

    The third quarter 2024 WTI to Western Canadian Select (WCS) price differentials averaged just under USD 14 per barrel, in line with the second quarter and approximately USD 5 per barrel lower than the first quarter differential average of USD 19 per barrel. The Trans Mountain expansion (TMX) pipeline continues to support tighter differentials with the Western Canadian Sedimentary Basin (WCSB) now having excess spare pipeline capacity for the first time in more than a decade. Crude exports from the new TMX pipeline are flowing off the coast of British Columbia, with deliveries to the US West Coast and Asia creating new end destinations for Canadian heavy oil. Around 70% of our forecast 2024 Canadian WCS production volumes are hedged at a WTI/WCS differential of USD 15 per barrel.

    Natural gas prices in Canada remained suppressed in the third quarter, with AECO pricing averaging CAD 0.67 per Mcf during the period, compared to CAD 1.17 per Mcf average for the second quarter. This has led to some Canadian natural gas producers curtailing production as western Canada gas storage levels continue to sit above the five-year range. IPC implemented hedges during the third quarter for approximately 14,500 Mcf per day at CAD 1.57 per Mcf from August to year end 2024.

    Third Quarter 2024 Highlights and Full Year 2024 Guidance

    IPC delivered average daily production rates of 45,000 boepd for the third quarter. The average daily production for the first nine months of 2024 was 47,400 boepd and the full year Capital Markets Day (CMD) production guidance of 46,000 to 48,000 boepd is maintained. During the third quarter, planned maintenance shutdowns at the Onion Lake Thermal (OLT) asset in Canada and at the Bertam field in Malaysia were successfully completed. High uptimes were achieved across all major producing assets in our portfolio during the quarter and the business benefited from the oil wells drilled within our Southern Alberta assets and the new wells brought on stream from sustaining Pad L at the OLT asset.(1)

    Operating costs in the third quarter of 2024 were below forecast at USD 17.9 per boe. The lower costs were largely driven by lower energy input costs within our Canadian asset base. Full year 2024 operating costs guidance is revised to less than USD 18 per boe, below the CMD guidance range of USD 18 to 19 per boe.(3)

    Operating cash flow (OCF) for the third quarter of 2024 was USD 73 million in line with forecast. Full year 2024 OCF guidance is revised to USD 335 to 342 million (assuming Brent USD 70 to 80 per barrel for the remainder of 2024).(3)

    Capital and decommissioning expenditure for the third quarter was in line with plan at USD 102 million. Our full year 2024 capital and decommissioning expenditure guidance is unchanged at USD 437 million.

    Free cash flow (FCF) was USD -38 million (or USD 44 million pre-Blackrod Phase 1 development funding) during the third quarter of 2024. Full year 2024 FCF guidance is revised to USD -140 to -133 million (or USD 222 to 229 million pre-Blackrod Phase 1 development funding) assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)

    Net debt was increased during the third quarter of 2024 by approximately USD 69 million to USD 157 million.(3) This is due to the growth capital expenditure at the Blackrod Phase 1 project and continued funding of the normal course issuer bid (NCIB) share repurchase program. The gross cash position as at September 30, 2024 was USD 299 million. In the third quarter, IPC enhanced its financing position by entering into a letter of credit facility in Canada to cover all of its existing operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    With a robust balance sheet and strong cashflow generation from the producing assets, IPC is strongly positioned to deliver on our three strategic pillars of organic growth, shareholder returns and pursue value-adding M&A.

    Blackrod Phase 1 Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 development in the first quarter of 2023. The Phase 1 development targets 218 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    2024 marks a peak investment year at the Blackrod Phase 1 project for IPC, with USD 362 million planned to be spent in the year. Project progress has advanced according to plan, with approximately USD 245 million spent through the first nine months of 2024. All major third-party contracts have been executed, including but not limited to, the engineering, procurement and construction (EPC) agreements for the central processing facility (CPF) and well pad facilities, midstream agreements for the input fuel gas, diluent and oil blend pipelines, and drilling rig and stakeholder agreements. All major long lead items have been procured and pre-operations onboarding continues as the asset undergoes rapid change from a pilot steam assisted gravity drainage (SAGD) operation to a commercial SAGD operation. IPC’s core operational philosophy is to responsibly develop and commission projects with the staff that are going to manage and operate the asset to ensure the seamless transition from development to operations.

    As at the end of the third quarter of 2024, over half of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    Under the current 2023/2024 NCIB, IPC has the ability to repurchase up to approximately 8.3 million common shares over the period of December 5, 2023 to December 4, 2024. IPC repurchased and cancelled approximately 7.5 million common shares up to the end of September 2024. The average price of common shares purchased under the 2023/2024 NCIB was SEK 132 / CAD 17 per share. IPC expects to complete the 2023/2024 NCIB during November 2024, resulting in the cancellation of 6.5% of the total number of common shares outstanding as at the beginning of December 2023.

    As at September 30, 2024, IPC had a total of 120,751,038 common shares issued and outstanding and IPC held 30,000 common shares in treasury. As at October 31, 2024, IPC had a total of 120,244,638 common shares issued and outstanding and IPC held 44,400 common shares in treasury.

    The IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC’s NCIB for a further twelve months from December 2024 to December 2025. We expect that the 2024/2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (or 10% of IPC’s “public float” under applicable TSX rules) following completion of the current 2023/2024 NCIB. IPC continues to believe that reducing the number of common shares outstanding while in parallel investing in material production growth at the Blackrod project will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, its objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the third quarter of 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During the first quarter of 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the annual information form for the year ended December 31, 2023 (AIF) available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the AIF.
    (3) Non-IFRS measures, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on November 5, 2024. The Corporation’s unaudited interim condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2024 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to continue to react to recent events and navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven prices and net present value;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability to maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The ability of IPC to renew the NCIB and the number of common shares which may be purchased under a renewed NCIB;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • The ability of IPC to implement further shareholder distributions in addition to the NCIB;
    • IPC’s ability to implement its greenhouse gas (GHG) emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to maintain operations, production and business in light of any future pandemics and the restrictions and disruptions related thereto, including risks related to production delays and interruptions, changes in laws and regulations and reliance on third-party operators and infrastructure;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Production costs (100,984 ) (130,765 )   (328,110 ) (364,889 )
    Current tax 373   (7,459 )   (6,718 ) (16,045 )
    Operating cash flow 72,589   119,142     263,831   274,512  
                       

    The operating cash flow for the nine months ended September 30, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 279,414 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 72,589   119,142     263,831   274,512  
    Capital expenditures (99,100 ) (76,844 )   (308,457 ) (183,904 )
    Abandonment and farm-in expenditures1 (2,575 ) (2,755 )   (4,938 ) (7,683 )
    General, administration and depreciation expenses before depreciation2 (3,903 ) (3,547 )   (11,245 ) (11,124 )
    Cash financial items3 (5,280 ) (1,293 )   (13,212 ) (3,593 )
    Free cash flow (38,269 ) 34,703     (74,021 ) 68,208  

    1 See note 16 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 4 and 5 to the Financial Statements

    The free cash flow for the nine months ended September 30, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 67,379 thousand.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Net result 22,875   71,681     101,804   143,269  
    Net financial items 4,124   4,257     23,942   16,227  
    Income tax 8,257   25,451     29,473   50,671  
    Depletion and decommissioning costs 30,491   31,687     96,305   71,488  
    Depreciation of other tangible fixed assets 2,023   1,509     6,503   6,503  
    Exploration and business development costs 197   (24 )   344   2,007  
    Depreciation included in general, administration and depreciation expenses 1 346   405     933   1,180  
    Sale of Assets –   (11,912 )   –   (11,912 )
    EBITDA 68,313   123,054     259,304   279,433  

    1 Item is not shown in the Financial Statements

    The EBITDA for the nine months ended September 30, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 284,334 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Production costs 100,984   130,765     328,110   364,889  
    Cost of blending (29,818 ) (39,836 )   (116,699 ) (128,523 )
    Change in inventory position 2,755   (8,067 )   3,160   2,228  
    Operating costs 73,921   82,862     214,571   238,594  

    The operating costs for the nine months ended September 30, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 245,395 thousand.

    Net cash/(debt)
    The following table sets out how net cash/(debt) is calculated:

    USD Thousands September 30, 2024   December 31, 2023  
    Bank loans (6,431 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 299,203   517,074  
    Net cash/(debt) (157,228 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2023, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2023 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2023, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2023 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the AIF. These price forecasts are as at December 31, 2023 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 468 MMboe as at December 31, 2023 by the mid-point of the 2024 CMD production guidance of 46,000 to 48,000 boepd.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    September 30, 2024 21.9 7.8 91.9 MMcf
    (15.3 Mboe)    		 45.0
    September 30, 2023 25.8 7.1 103.4 MMcf
    (17.3 Mboe)    		 50.2
    Nine months ended        
    September 30, 2024 23.7 7.9 94.8 MMcf
    (15.8 Mboe)    		 47.4
    September 30, 2023 25.9 8.6 102.4 MMcf
    (17.1 Mboe)    		 51.6
    Year ended        
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 46,000 to 48,000 boepd for 2024. IPC estimates that approximately 50% of that production will be comprised of heavy oil, approximately 16% will be comprised of light and medium crude oil and approximately 34% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars and to MUSD mean millions of United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI: Progress on share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Progress on share buyback programme

    ING announced today that, as part of our €2.0 billion share buyback programme announced on 31 October 2024, in total 4,016,274 shares were repurchased during the week of 31 October 2024 up to and including 1 November 2024.

    In line with the purpose of the programme to reduce the share capital of ING, the ordinary shares were repurchased at an average price of €15.64 for a total consideration of €62,798,086.93. To date approximately 3.14% of the maximum total value of the share buyback programme has been completed.

    For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/investorrelations.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

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  • MIL-OSI: Karolinska Development’s portfolio company BOOST Pharma successfully completes pre-IND meeting with FDA and receives second tranche of investment

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, November 5 2024. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company BOOST Pharma has succesfully completed a pre-IND meeting with the U.S. Food and Drug Administration, FDA, for its cell therapy aiming to treat children with the rare bone disease Osteogenesis Imperfecta (OI). The positive outcome from the meeting will trigger the second tranche of Karolinska Development’s investment in BOOST Pharma.

    BOOST Pharma has completed a pre-IND meeting with the FDA where the company received positive response of the proposed clinical development plan for its allogeneic cell therapy as a treatment of the rare bone disease Osteogenesis Imperfecta (OI). The primary objective of the meeting was to present results from the phase 1/2 clinical trial BOOSTB4 and to seek concurrence on the development plan and the design of a phase 3 clinical trial to be qualified as a registration trial. BOOST Pharma received positive and constructive feedback from the FDA and will now start preparations for the phase 3 clinical program to be executed in U.S. and Europe, which includes submission of an IND containing the full phase 3 trial protocol to the FDA.

    The positive outcome from the pre-IND meeting will trigger the second tranche of Karolinska Developments investment in BOOST Pharma according to the agreement concluded earlier this year.

    “The successful pre-IND meeting marks an important milestone for our portfolio company BOOST Pharma in the ongoing development of a potentially groundbreaking treatment for an agonizing disease. Following this important advancement, Karolinska Development is delighted to increase its ownership in this exciting and mature project, which is rapidly approaching phase 3.” says Viktor Drvota, CEO of Karolinska Development.

    BOOST Pharma is developing a first-in-class and potentially groundbreaking cell-based treatment for the congenital disease osteogenesis imperfecta (OI), a condition characterized by fragile bones, constant fractures and deformities of bones. The treatment is based on novel cell therapy, using human stem cells, with especially high bone-forming capabilities. The company is the first to develop a treatment to be administered directly upon diagnosis, either before or right after birth, providing a possible treatment advantage in the early years of life, when most fractures occur.

    BOOST Pharma’s cell therapy has received Rare Pediatric Disease designation in the U.S. and Orphan Drug Designation in the U.S. and EU.

    Karolinska Development’s ownership in BOOST Pharma will amount to 10% following this second tranche.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About BOOST Pharma ApS
    BOOST Pharma ApS is a Danish company founded based on research from Karolinska Institutet, focusing on novel cell therapy treatments for osteogenesis imperfecta, OI. The company’s treatment has a unique position on the market since it targets the underlying condition causing fractures and bone deformities, unlike any other product under development.

    About Karolinska Development AB
    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com

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    The MIL Network –

  • MIL-OSI Russia: Citywide contact center begins testing new AI-powered tool

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The citywide contact center (CCC) has begun using new domestically developed large language models (LLM) in pilot mode. This is a type of artificial intelligence that enables a voice assistant to quickly find the right option in the knowledge base, answer several questions from subscribers at once, and learn independently. Its use will help improve the quality and speed of providing consultations on hotlines, and will also give operators time to resolve more complex requests from residents.

    “The use of language models is being piloted on the Moscow Government’s unified helpline for two important tasks: providing consultations on incoming calls and classifying feedback based on service results. In combination, this approach allows not only to train the voice assistant without the help of operators, but also to improve the quality of consultations: the language model classifies residents’ feedback based on call results, which will further help improve the knowledge base and consultation scenarios, and, if necessary, improve the qualifications of operators,” said Andrey Savitsky, head of the citywide contact center.

    What are large language models?

    Large language models are a type of deep learning based on a neural network with many parameters. The large amount of data allows them to search for answers to several questions at once in a single query.

    For example, if a resident calls the line and asks how to obtain a Russian passport and which My Documents offices are near the desired metro station, and also asks to clarify the opening hours of the institution, then a large language model will be able to give a comprehensive answer to all questions at once, providing only the necessary information. In contrast, a regular voice assistant processes only one question, and the rest have to be repeated.

    A Million More Calls: How Digital Technologies Make City Hotlines More Accessible to MuscovitesThe citywide contact center’s voice assistant has handled over 135 million calls in 10 years

    How does this work

    The use of language models on the Moscow Government’s unified information service line is invisible to residents. When a person calls the line and asks a question, the speech recognition system is activated. With its help, the message is recorded, converted from audio format to text and sent to the language model. The latter, in turn, using additional filters, finds the necessary articles with information in the knowledge base, highlights the essence and then generates an answer that the voice assistant tells the subscriber. At the same time, the most accurate comprehensive answer to all the resident’s questions is formed without unnecessary information.

    Large language models can independently and in a split second find information on each new topic in the entire contact center knowledge base and voice it to the applicant. Unlike a standard voice assistant, which reads out the answer from the knowledge base, an assistant based on LLM can support a live dialogue, focusing on the intonation and manner of communication of the subscriber.

    In addition, a large language model based on a neural network trains the voice assistant. If previously operators had to manually upload new topics and answers in various variations to the virtual assistant, now LLM helps the voice assistant independently find the necessary information in the general knowledge base.

    The role of a human is not excluded. Some calls are still processed by operators, and the editors involved in the hotline work monitor the relevance of the information in the knowledge base. Thus, a neural network trains a neural network, but under the strict control of contact center specialists.

    Constant learning and love for people: DIT Moscow on the work of city hotline operators

    Feedback processing

    Another important area for using language models is a new approach to classifying feedback after service. The voice assistant can already collect feedback from residents on contact center lines, but the comments were still processed by contact center specialists. Now, thanks to the implementation of language models, when receiving an assessment from a resident or a comment after a consultation, the neural network ranks them as positive, negative, and neutral, allowing quality control department employees to quickly identify shortcomings and make the consultations provided even faster and more accurate.

    The use of large language models on the hotlines of the OKC to work on the quality of consultations complements the already implemented tools based on artificial intelligence. For example, digital audit, which has been operating since 2023, and speech analytics project, launched this year.

    The hotline of the unified reference service of the Moscow Government of the citywide contact center has been operating since 2015. It is available at the number: 7 495 777-77-77. Most often, residents call the line to clarify the work schedule and addresses of the My Documents government service centers and city departments, find out information about the issuance and replacement of Russian passports, and contact the portal’s technical support mos.ruand get advice on receiving government services electronically.

    The voice assistant has been working on the hotline for eight years. The virtual assistant takes 40 percent of incoming calls on almost 300 topics.

    The use of digital technologies and artificial intelligence to improve the quality of life of city residents is in line with the objectives of the national program “Digital Economy of the Russian Federation” and the Moscow regional project “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found Here.

    Help for residents and businesses: Moscow contact center voice assistant received almost 160 million callsHow domestic developments help the work of artificial intelligence in a citywide contact centerThe citywide contact center project received high praise from the jury of the Crystal Headset competition

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

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

    http://vvv.mos.ru/nevs/item/146187073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Central Consumer Protection Authority (CCPA) imposes penalty of ₹ 3 Lakh on a coaching centre for advertising misleading claim regarding UPSC CSE 2020 result

    Source: Government of India

    Posted On: 25 JAN 2025 1:26PM by PIB Delhi

    The Central Consumer Protection Authority (CCPA) has imposed penalty of ₹ 3 lakh on Vision IAS for advertising misleading claim regarding result of UPSC CSE 2020. The decision was taken to protect & promote the rights of consumers as a class and ensure that no false or misleading advertisement is made of any goods or services which contravenes the provisions of the Consumer Protection Act, 2019.

    In view of the violation of the Consumer Protection Act, 2019, the CCPA, headed by Chief Commissioner, Smt. Nidhi Khare, and Commissioner, Shri Anupam Mishra has issued an Orders against Vision IAS.

    Vision IAS in its advertisement made the following claim-

    1. “10 in Top 10 selections in CSE 2020 from various programs of Vision IAS”

    The CCPA found out that Vision IAS prominently displayed successful candidate’s names & pictures. However, the information with respect to the course opted by the said successful candidates in UPSC Civil Service Exam 2020 was not disclosed in the abovementioned advertisement.

    Vision IAS mentioned the course opted by AIR 1- UPSC CSE 2020 i.e. GS Foundation Batch Classroom Student but deliberately concealed information regarding the courses chosen by the other nine successful candidates. This concealment created misleading impression that the remaining nine candidates were also enrolled in the ‘GS Foundation Batch Classroom Student’ course which was not true. Out of remaining 9 candidates- 1 took foundation courses, 6 took test series related to Pre and Mains stage and 2 took Abhyaas test.

    Further, CCPA examined the digital profiles and fee receipts submitted by Vision IAS and discovered that the Foundation course is the most expensive, costing ₹1,40,000/-, whereas the Abhyaas one-time prelims mock test costs only ₹750. As per the available information, Rank 1 enrolled in the Foundation Course 2018 (Classroom/Offline), and Rank 8 enrolled in the Online Foundation Course 2015 of the Institute.

    CCPA found that Rank 2, Rank 3, Rank 5, Rank 7, Rank 8, and Rank 10 of UPSC CSE 2020 enrolled in the GS Mains Test Series. This comes into play in Mains examination i.e. after clearing prelims examination which is a screening test wherein approximately only 1% students able to clear the said stage, making it the toughest stage with the most competition. The abovementioned students took GS Mains test series which is one of the various components of the Mains examination which implies that the aforementioned candidates cleared the prelims and Interview stages on their own, without any contribution of opposite party.

    Additionally, Rank 4 and Rank 9 of UPSC CSE 2020 enrolled in Abhyaas test, a mock test for the Prelims exam. Rank 6 enrolled in the GS Prelims Test Series. This implies that the abovementioned candidates cleared the Mains and Interview stages on their own, without any contribution of opposite party.

    By deliberately concealing about the specific course opted by each of the successful candidates, the Vision IAS made it look like all the courses offered by it had the same success rate for the consumers, which was not right. These facts are important for the potential students to decide on the courses that may be suitable for them and should not have been concealed in the advertisement.

    CCPA has observed that several coaching institutes use the same successful candidate’s names and photographs in their advertisements while deliberately concealing important information about specific course opted by them to create a deception that the successful candidates were regular classroom students at coaching institute or were students of several courses offered in the advertisement.

    Therefore, information regarding the specific course opted by successful candidates is vital for the knowledge of consumers to enable them to make an informed choice while deciding the course and coaching institute/platform to enroll in.

    In light of these circumstances, CCPA found it necessary to impose a penalty in the interest of young and impressionable aspirants/consumers to address such false or misleading advertisement.

    CCPA had taken action against several coaching institutes for misleading advertisements and unfair trade practice. In this regard, CCPA has so far issued 46 notices to various coaching institutes for misleading advertisements and unfair trade practice. The CCPA has imposed a penalty of 74 lakhs 60 thousands on 23 coaching institutes and directed them to discontinue the misleading advertisements.

    (Final Order is available on the Central Consumer Protection Authority website https://doca.gov.in/ccpa/orders-advisories.php?page_no=1 )

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