Category: Machine Learning

MIL-OSI Security: Principal Associate Deputy Attorney General Marshall Miller Delivers Remarks at the New York City Bar Association Compliance Institute
Source: United States Attorneys General 7

Remarks as Prepared for Delivery

Thank you for that generous introduction. It’s great to be home in New York.

The leaves are changing. The Yankees are in the World Series. And we’re here to talk about corporate criminal enforcement.

It doesn’t get any better than this.

Today, I’m honored to be here to take stock of the Department’s programmatic overhaul of corporate criminal enforcement in recent years, to discuss how that overhaul is designed to empower compliance programs and professionals, and to take a look around the corner to what’s ahead.

There’s an old adage, laced with irony and sometimes attributed to an ancient Chinese curse: “May you live in interesting times.” Over the past few years, we at the Justice Department — indeed, all of us in America — have been on the receiving end of that adage. We all, truly, are living in interesting times.

The volatility and rate of change in the geopolitical landscape and the world economy can be head-spinning: here a regional armed conflict, there a natural disaster, and everywhere transformative leaps in technology.

Perhaps the opportunities seem greater than ever — but so, certainly, do the risks.

And one key area where risks have spread and morphed is in the field of corporate crime.

Corporate crime, of course, is not new. But it’s constantly evolving. So, we must skate to where the puck is going, not to where it’s been.

To meet the moment, over the past few years, the Department has engaged in an overhaul of our corporate criminal enforcement program by modernizing and adapting.

We’ve done that by emphasizing clarity, consistency, and transparency in our policies.

We’ve done that by increasing the consequences for bad actors — whether individual or corporate — and by providing new incentives for good corporate citizenship and investments in compliance.

And we’ve done that by recalibrating and surging resources to address today’s corporate crime threats — and tomorrow’s.

In doing so, we’ve created a clear roadmap of the Department’s expectations for every CEO, General Counsel, Board Member, and Chief Compliance Officer who’s navigating a fast-changing world and must mitigate risk and stay on the right side of the law.

*                                  *                                  *

Let me start with the balance of consequences and incentives — where we’ve increased punishment for bad actors and enhanced incentives for ethical corporate behavior.

To be clear, when it comes to corporate criminal enforcement, Job #1 is individual accountability.

Corporate crime hurts real people — and corporate crimes are committed by real people.

So the Department’s top priority in corporate criminal enforcement is holding individuals accountable.

Accountability not only promotes fairness, it also drives deterrence.

We’ve empowered our prosecutors to focus on the worst offenders committing the biggest crimes, no matter how high they rank on the corporate org chart — no matter how challenging and time-consuming the case.

This approach is resource intensive. Prosecuting the most important cases against the most sophisticated wrongdoers requires breaking down complex criminal schemes, understanding cutting-edge markets and technology, and analyzing terabytes of data.

So we’ve adapted enforcement policies to promote swift individual prosecutions.

We’ve given good actors more avenues to help us go after the bad guys — through innovative whistleblower programs and consistent, transparent, and predictable voluntary self-disclosure policies.

And we’ve made clearer than ever before what we expect from companies cooperating with government investigations to accelerate investigations of wrongdoers.

This updated approach has generated real returns, with timely convictions of: the CEOs of the world’s two largest cryptocurrency platforms — FTX and Binance; the CEO and the COO of Theranos;

Prosecuting the most culpable individuals is not only the right thing to do, it has the greatest deterrent impact by changing behavior and preventing misconduct.

To increase accountability and deterrence, we’ve also clarified the rules of the road for corporate enforcement.

In prior years, a disjointed, patchwork Department approach to key tools like whistleblowing, voluntary self-disclosure, and monitor selection limited their effectiveness.

When corporate misconduct was detected, the benefits of whistleblowing or self-reporting to the Justice Department were often opaque and unpredictable.

The Department’s response seemed to depend on which office or even which prosecutor was assigned to the case.

Without written, public policies across most of the Department, self-reporting seemed like a roll of the dice without even a sense for the odds.

It was time for change.

Over the past few years, we’ve moved methodically to establish a very different paradigm –— one with consistent, transparent, and predictable rules of the road.

For the first time, every Justice Department component has a published Voluntary Self-Disclosure policy that sets forth exactly what a company needs to do to self-report misconduct — and what a company can expect if they do so.

For the first time, incentive compensation systems are assessed and upgraded as part of every Criminal Division resolution, because compensation systems can either promote compliance or reward risky — sometimes criminal — behavior.

And companies that claw back compensation from executives involved in wrongdoing can reduce penalties by the amount of those clawbacks, providing new incentives to make wrongdoers — not innocent shareholders — pay the price.

For the first time, all independent compliance monitors across the Department must be chosen under consistent, published selection processes and based on the application of public and transparent factors.

And for the first time, the Justice Department instituted a Department-led whistleblower program with clear incentives for dropping a dime on corporate crime.

Today, individuals and companies know when, where, and how to “do the right thing,” to borrow a phrase from my fellow Brooklynite Spike Lee.

We’ve also broadened the gap between the benefits an ethical company can access and the penalties a compliance-flouting company faces.

Investing in compliance and practicing good corporate citizenship should be the clear product of basic arithmetic — not some complex calculus problem with too many unknown variables to solve.

We aim to empower General Counsels and Chief Compliance Officers to make a simple and powerful business case to boards and C-suites: the case for investing in compliance programs, for calibrating compensation plans to promote compliance and deter wrongdoing, and for swiftly reporting detected misconduct to Justice Department.

As Deputy Attorney General Lisa Monaco put it in connection with the ground-breaking prosecution of TD Bank earlier this month: “If the business case for compliance wasn’t clear before — it should be now.”

*                                  *                                  *

Let me take a few minutes to delve deeper into the Department’s new whistleblowing and voluntary self-disclosure paradigm.

First, whistleblowing. We know it works. Whistleblower reports to the government lead to prosecutions and civil enforcement actions. Internal reports help companies address misconduct before it gets out of hand.

But gaps in whistleblower reporting opportunities left whole areas of corporate criminal misconduct unaddressed, with potential whistleblowers lacking a clear reporting path and a clear reason to blow the whistle.

So this year, the Justice Department launched a two-part whistleblower program — with different rules and incentives for whistleblowers not involved in the criminal activity they’re reporting and for those who were.

For whistleblowers not involved in the reported misconduct, Deputy Attorney General Monaco launched the first-ever Department whistleblower awards program — aimed at building on successful programs at the Securities and Exchange Commission and Commodity Futures Trading Commission.

The awards program is based on a simple premise: if an individual helps the Department discover corporate misconduct — otherwise unknown to us — then that person would qualify to receive a percentage of the resulting forfeiture.

This program not only incentivizes individuals to step forward, it puts pressure on companies to do the same – because a company can still qualify for voluntary self-disclosure credit if it reports the conduct within 120 days of the whistleblower report to the Department.

Now, by its very terms, this awards program doesn’t apply to individuals who were meaningfully involved in the criminal conduct itself. For that, we’ve launched whistleblower non-prosecution pilots in the Criminal Division and many of our most active U.S. Attorneys’ Offices.

Those offices are offering non-prosecution agreements to certain individuals involved in misconduct who report previously undiscovered wrongdoing.

In the same way a company could receive a declination, individuals with knowledge of misconduct can do the same — by stepping up, owning up, and helping us prosecute the most serious wrongdoers.

All this fits seamlessly with the newly clear, transparent, and cross-Department approach to voluntary self-disclosures by companies, instituted at Deputy Attorney General Monaco’s direction.

Voluntary self-disclosures drive successful criminal prosecutions of culpable individuals. They speed money back to victims and disgorge ill-gotten gains. They bring misconduct to a halt and tighten compliance programs with added government oversight.

So, where a company voluntarily self-discloses misconduct previously unknown to the Department — absent aggravating circumstances and after remediation, disgorgement, and victim compensation — it can avoid a guilty plea or indictment.

And such a voluntary self-disclosure to the Criminal Division can also qualify a company for the presumption of a declination of prosecution.

Early signs indicate these newly consistent and transparent programs are working.

Corporate voluntary self-disclosures to the Criminal Division are increasing every year, with more than twice as many last year as compared to 2021.

In the first few months of the Justice Department’s whistleblower awards program, we’ve already received more than 200 tips.

And U.S. Attorneys’ Offices report that individual voluntary self-disclosures have resulted in promising ongoing investigations.

Notably, the programs complement each other, setting up a virtuous cycle.

As the Deputy Attorney General has said, “when everybody wants to be first in the door, no one wants to be second” — regardless of whether you’re an innocent whistleblower, a potential defendant looking to minimize criminal exposure, or an audit committee chair at a company where the misconduct took place.

Our approach also involves increasing punishment for companies that are repeat bad actors or who flout compliance.

Calibrating a successful program of incentives and consequences requires increasing the penalties for corporate entities that aren’t getting the message.

And we’ve moved out on that as well.

Egregious corporate conduct demands a stiff punitive response.

So multinational companies like LaFarge, TD Bank, and Binance have pleaded guilty to egregious crimes involving material support for terrorism, money laundering conspiracy, and sanctions violations, respectively — with combined penalties of almost $7 billion.

Penalties also are levied to deter future misconduct. So, when a company breaks the law a second time or violates the terms of a prior resolution, we’ve made sure they pay a far steeper price.

Powerful companies like Boeing and Ericsson have experienced that approach in action — pleading guilty to charges that stemmed from recidivist conduct or violations of deferred prosecution agreements.

Corporate criminal charges and guilty pleas are no longer “specials” for certain customers —they’re now on the main, everyday menu.

Today’s overhauled corporate enforcement program at the Justice Department means clearer and more transparent policies; predictable benefits for whistleblowers and incentives for companies that voluntarily self-disclose; and a far bigger gulf between the criminal outcomes for good and bad actors.

All of it adds up to a clear business case for investing early and often in compliance.

*                                  *                                  *

I also want to highlight our surge of resources to address the dramatic expansion of corporate crime risks related to national security and emerging technology.

In returning to government some two and a half years ago, I was struck by how often our corporate criminal investigations now implicate the country’s national security interests.

The crimes vary — from sanctions violations to money laundering to material support for terrorism.

The corporate defendants range across industry – from construction and shipping to agriculture and telecommunications.

And the national security risks run the gamut – from money laundering for Russian interests to trafficking in Iranian crude oil to sanctions evasion to support the North Korean nuclear program.

To meet the moment, the Department has surged resources to address the challenge.

We’ve surged prosecutors into the Criminal Division’s Bank Integrity Unit, which prosecutes violations of the Bank Secrecy Act — including the recent, groundbreaking conviction of TD Bank.

We’ve added more than 25 white collar prosecutors and a Chief Counsel for Corporate Criminal Enforcement to our National Security Division to inject energy and expertise in corporate enforcement.

We’ve launched extraordinarily successful enforcement initiatives, involving Main Justice components, U.S. Attorneys’ Offices, and partner law enforcement agencies, to address particularly dangerous national security threats: initiatives like Task Force KleptoCapture, which has brought criminal charges against 100 individuals and entities who violated Russia-related sanctions or export controls — and seized, restrained, or obtained forfeiture orders against more than $650 million in assets. And initiatives like the Disruptive Technology Strike Force, which is laser focused on keeping the most sensitive technologies out of the world’s most dangerous hands, charging two dozen complex and high-impact cases since its launch last year.

Every company’s legal and compliance functions should sit up and take note: national security risks are not only here — they’re accelerating.

And they’re being supercharged by emerging technologies like artificial intelligence.

*                                  *                                  *

Now you might ask: what should compliance professionals be doing today to prepare for tomorrow?

As you may know, we recently updated the Criminal Division’s guidance on evaluating corporate compliance programs — known as the ECCP — in part to ensure that companies are focused on mitigating risks associated with the use and misuse of AI and other emerging technologies.

Now, the ECCP doesn’t tell companies how to design and implement their compliance programs. Instead, the guidance poses questions that companies should be asking themselves throughout the compliance program life cycle — from design to execution.

The Justice Department’s overhauled corporate criminal enforcement program places a particular premium on certain questions that executives and board members need to be asking:
- Have we empowered our compliance leaders and invested sufficiently in our compliance program, given our risk profile and today’s geopolitical landscape?
- Do we have effective internal detection and reporting systems and robust internal investigative capabilities — so we can avail ourselves of voluntary self-disclosure opportunities?
- Have we designed compensation systems that promote compliance and enable clawbacks or escrowing of incentive comp?
- Have we assessed risks associated with national security and emerging technologies and taken appropriate steps to mitigate them?
- If a company finds itself on the wrong side of a Department investigation tomorrow, the company’s posture may well depend on how its leadership answers those questions today.
I want to close by speaking directly to the compliance leaders here today.

Thank you for the work you do every day to promote compliance in companies across America and around the globe.

It’s not always easy to be the voice of compliance in the room.

But when you do your jobs effectively, you not only serve your clients well, you protect our nation.

At the Justice Department, our overhaul of corporate enforcement should empower you — along with other compliance-promoting corporate leaders — with stronger tools and greater sway to advocate for investment in compliance; to advance ethical behavior; to detect, deter, and report corporate misconduct; to defend against emerging national security and AI-related threats; and ultimately to promote good corporate citizenship.

We look forward to continuing our work with all of you on this important effort.

Thank you, once again, for being here today.

MIL Security OSI –
January 25, 2025
MIL-OSI Security: Court Finds Three Miami-Area Tax Return Preparers in Contempt and Orders Disgorgement of Ill-Gotten Fees as a Sanction

Source: United States Attorneys General 7

A federal court in Miami today issued an order holding Gerald Vito, James Eleby and Kwame Thomas in contempt for violating a permanent injunction that prohibited Vito and Eleby from preparing, filing or assisting in the preparation or filing of federal tax returns for others.

According to the complaint filed against Vito and Eleby in March 2021, the defendants prepared tax returns that significantly understated their customers’ tax liabilities by claiming deductions for fabricated or inflated charitable deductions, medical expenses, and employee business expenses. The complaint further alleged that the defendants significantly understated their customers’ tax liabilities by reporting false or inflated business losses. On Dec. 27, 2021, the court issued a default judgment of permanent injunction that barred Gerald Vito and James Eleby from preparing tax returns for others.

Following a hearing in September, the court found that the United States demonstrated by clear and convincing evidence that Vito and Eleby violated the permanent injunction by continuing to prepare tax returns for others. The court further found that Thomas, who was not a defendant in the original complaint, violated the injunction by working alongside Eleby to prepare returns in violation of the injunction.

For these violations, the court held Vito, Eleby and Thomas in civil contempt and ordered that they disgorge, in the aggregate, $988,789.56 in fees they earned while violating the injunction. Vito and Eleby were further ordered to disclose to the government the names of all taxpayers for whom they prepared returns after Dec. 27, 2021, notify those taxpayers of the injunction against them, vacate the premises at which they prepare returns and file an affidavit of compliance with these terms.

Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

MIL Security OSI –

January 25, 2025
MIL-OSI Europe: Civil society from both banks meet donors to discuss partnership, challenges and successes

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: Civil society from both banks meet donors to discuss partnership, challenges and successes

Civil society organizations (CSOs) from both banks of the Dniester/Nistru River, donors and development partners engaged in discussions in groups during the OSCE Mission’s Donors’ Forum, 23 October, Chisinau. (OSCE/Ecaterina Leuca) Photo details

On 23 October, the OSCE Mission’s Donors’ Forum united nearly 90 civil society organizations (CSOs) from both banks of the Dniester/Nistru River and over 30 donors and development partners. Civil society shared positive experiences, achievements and challenges. One highlight was that organizations from both banks conducted successful information campaigns on HIV/AIDS prevention and healthcare. As for challenges, civil society members noted their limited capacity and resources, and suggested that donors help with small-scale projects, and not just large ones.
“The Forum helps us present our ideas and initiatives, and learn about new opportunities for funding and cooperation. We can interact with colleagues from other NGOs, gain experience and build partnerships. Such events are important for building trust between communities on both sides of the river, for peaceful and sustainable development of the society”, – Margarita Cojuhar from the Transdniestrian Media Center said after the Forum.
The Chair of Legal Center in Causeni, Ion Oboroceanu, shared his impressions: “Cooperation between CSOs on both banks of the Dniester is crucial for the promotion and protection of human rights, thus facilitating access to impartial justice for the vulnerable groups we represent.”
The Head of the OSCE Mission, Ambassador Kelly Keiderling noted: “Any settlement of the Transdniestrian issue requires that residents of Transdniestria and the members of Transdniestrian civil society groups feel connected to the life of all of Moldovan society. We need you, the people on both banks of the Nistru/Dniester River, to raise awareness about the social, economic, and political challenges you face. We need you to extend protection to the most disadvantaged and vulnerable. We need you to widen the reach of political-civil rights to more citizens.”
Since 2013, our Mission has held the Donors Forum to assist civil society from both banks of the Dniester/Nistru River, donors and development partners meet and exchange information.

MIL OSI Europe News –

January 25, 2025
MIL-OSI: Viridien and SLB complete the data acquisition for a multi-client survey in Bonaparte Basin, offshore Australia
Source: GlobeNewswire (MIL-OSI)

Paris, France – October 24, 2024

Viridien and SLB have recently completed the acquisition of a new multi-client survey in the Bonaparte Basin, off the NW coast of Australia, that has received industry support and prefunding. The resulting ~6,760 sq km ultramodern PSDM seismic data set will provide a thorough evaluation of this highly prospective and underexplored area to improve industry understanding. The data is currently being processed and the final data will be available in Q2 2025.

The complex geological area has been historically challenging to image due to the presence of carbonates and the shallow water. The new survey will provide modern, high-quality data over an area lacking recent, or any 3D data. The data also partially covers a carbon storage block, recently awarded as permit G-13-AP. The survey deployed Sercel Sentinel MS multi-component streamers and the Sercel QuietSea marine mammal monitoring system.

Dechun Lin, EVP, Earth Data, Viridien, said: “We are delighted to have partnered with SLB for the first time in Australia to successfully complete this large data acquisition project. The new high-quality data set will give interested players greater insight into the exploration and carbon storage potential of this promising area. We will continue to look for opportunities to invest in the country.”

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Contacts

Attachment
- Viridien & SLBcomplete the data acquisition
The MIL Network –
January 25, 2025

MIL-OSI: TRAINERS’ HOUSE GROUP INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

Source: GlobeNewswire (MIL-OSI)

TRAINERS’ HOUSE GROUP, STOCK EXCHANGE RELEASE, 24 OCTOBER 2024 at 8:30

January-September 2024 in brief

net sales EUR 5.9 million (EUR 6.5 million), change of -9.7 % compared to the corresponding period of the previous year
operating result EUR 0.1 million (EUR 0.1 million), 1.1 % of net sales (1.0 %)
cash flow from operations EUR 0.1 million (EUR 0.1 million)
earnings per share EUR 0.03 (EUR 0.04)

July-September 2024 in brief

net sales EUR 1.6 million (EUR 1.6 million), change of -1.2 % compared to the corresponding period of the previous year
operating result EUR -0.1 million (EUR -0.1 million), -9.4 % of net sales (-6.7 %)
cash flow from operations EUR -0.3 million (EUR -0.2 million)
earnings per share EUR -0.07 (EUR -0.05)

Key figures at the end of third quarter of 2024

cash and cash equivalents EUR 1.1 million (EUR 1.5 million)
interest-bearing liabilities of EUR 0.7 million (EUR 0.3 million) and interest-bearing net debt of EUR -0.4 million (EUR -1.3 million).
equity ratio 65.2 % (65.3 %)

OUTLOOK FOR 2024

The company estimates the operating profit for 2024 to be negative.

CEO ARTO HEIMONEN

Despite the challenging market conditions, the company’s year-to-date result is slightly profitable at the end of the third quarter.

Due to the holiday season, the third quarter of Trainers’ House is actually two months long from the point of view of revenue accumulation.

Customer activity and customer satisfaction remained at a high level. Acquiring new assignments succeeded moderately. The productivity of encounter marketing business increased.

Healthy cash flow and profitability are the company’s most important business goals in 2024 as well.

The purpose of Trainers’ House is to help people forward. This is possible by touching people, electrifying management and producing verifiable results.

Thanks to customers, employees, and partners.

More information:
Arto Heimonen, CEO, +358 404 123 456
Saku Keskitalo, CFO, +358 404 111 111

OPERATIONAL REVIEW

During the review period, the company focused on serving its customers.

FINANCIAL PERFORMANCE

Net sales for the reporting period were EUR 5.9 million (EUR 6.5 million). Operating result was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.0 %). The result for the period was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.2 %).

The breakdown of the Group’s figures (unit thousand euros) is presented in the following table:

Group’s main figures (kEUR)	1-9/2024	1-9/2023
Net sales	5 907	6 541
Expenses:
Expenses arising from employee benefits	-3 947	-4 339
Other expenses	-1 635	-1 729
EBITDA	325	473
Depreciation and impairment losses	-259	-405
EBIT	66	68
EBIT, % of net sales	1.1	1.0
Financial income and expenses	-15	8
Result before taxes	51	76
Income taxes	14	4
Result of the period	65	80
Result, % of net sales	1.1	1.2

LONG-TERM OBJECTIVES

The company’s long-term goal is profitable growth.

FINANCING, INVESTMENTS AND SOLVENCY

Cash flow and key financing figures (unit million euros)	1-9/2024	1-9/2023
Cash flow from operations before financial items	0.2	0.1
Cash flow from operations	0.1	0.1
Cash flow from investments	0.0	0.1
Cash flow from financing	-0.2	-0.9
Total cash flow	-0.1	-0.7

	9/2024	9/2023
Cash	1.1	1.5
Interest-bearing debt	0.7	0.3
Equity ratio %	65.2	65.3

MAJOR RISKS AND UNCERTAINTIES

Trainers’ House’s business is sensitive to economic fluctuations.

The general economic situation internationally and in Finland contains significant risks. The war in Europe and Middle East, the tense world political situation and the possible expansion of the crisis can cause rapid changes in the operating environment.

Possible world trade restrictions and changes in the world political situation affect the exports of Finnish companies, which is reflected in the demand of the domestic market. The demand in domestic market will also diminish due to public cost-cuttings and tax increases. The change in domestic market demand directly affects Trainers’ House’s business.

Compared to the level of the last decade, the high interest rate has a negative effect on economic activity. Inflation can also accelerate due to, for example, escalation of world political crises.

The constant competition for the best employees affects recruitment and the commitment of key personnel. From the company’s point of view, the labor market situation has eased over the past year.

The above-mentioned risks, when realized alone or together, have a significant impact on the company’s operations.

The company divides the risk factors affecting business, earnings, and market capitalization into five main categories: market and business risks, personnel-related risks, technology and information security risks, financial risks, and legal risks.

Trainers’ House has sought to hedge against the adverse effects of other risks with comprehensive insurance policies. These include statutory insurance, liability and property insurance and legal expenses insurance. Insurance coverage, insurance values and deductibles are reviewed annually together with the insurance company.

The Management Team reports to the Board on a monthly basis on key business-related risks and, where necessary, risk management measures.

The Group has the reporting systems required for effective business monitoring. Internal control is linked to the company’s vision, strategic goals and the business goals set on the basis of them.

The realization of business objectives and the Group’s financial development are monitored on a monthly basis through the Group’s corporate governance system. As an essential part of the control system, actual data and up-to-date forecasts are reviewed monthly by the Group Management Team. The control system includes, among other things, sales reporting, an income statement, a rolling revenue and profit forecast, and key figures that are important to operations.

Trainers’ House is an expert organization. The magnitude of market and business risks is difficult to determine. Typical risks in this area are related to, for example, general economic development, customer distribution, technology choices, the development of competition and the management of personnel costs.

Risks are managed through the planning and regular monitoring of sales, human resources, and operating expenses, which enables rapid action when circumstances change. The risks of trade receivables have been taken into account by the recognition of expenses based on the age of the receivables and individual risk analyzes.

The goal of Trainers’ House’s financial risk management is to secure the availability of equity and debt financing on competitive terms and to reduce the impact of adverse market movements on the company’s operations.

Financial risks are divided into four categories, which are liquidity, interest rate risks, currency risks and credit risks. Each risk is monitored separately. Liquidity and interest rate risks are reduced with sufficient cash resources and efficient collection of receivables. Currency risks are low as Trainers’ House operates primarily in the euro market. In financial risk management, the focus is on liquidity.

The success of Trainers’ House as an expert organization depends on its ability to attract and retain skilled staff. In addition to a competitive salary, personnel risks are managed through incentive schemes and investments in personnel training, career opportunities and general well-being.

Technology is a key part of Trainers’ House’s business. Technology risks include, but are not limited to, supplier risk, risks related to internal systems, challenges posed by technological change, and security risks. Risks are protected against long-term cooperation with technology suppliers, appropriate security systems, staff training and regular security audits.

Trainers’ House’s legal risks are mainly focused on the contractual relationship between the company and customers or service providers. At their most typical, they relate to delivery responsibility and the management of intellectual property rights. In order to manage the risks related to contracts and intellectual property rights, the company has internal guidelines for contractual procedures. In the company’s view, the contractual risks are not unusual.

At the end of the review period, goodwill and other intangible assets recognized in the balance sheet have been tested in the normal way. The test did not reveal any need for impairment.

The consolidated balance sheet of Trainers’ House has goodwill of EUR 2.1 million. The balance sheet value of other intangible assets is EUR 1.0 million. If the Group’s profitability does not develop as forecasted or other external factors independent of the Group’s operations, such as interest rates, change significantly, it is possible that goodwill and other intangible assets will have to be written off. Recognition of an impairment loss would have no effect on the Group’s cash flow.

Due to the project nature of the operations, the order backlog is short, and predictability is therefore challenging.

The description of potential risks is not comprehensive. Trainers’ House conducts continuous risk assessment in connection with its operations and strives to hedge against identified risks.

Investors have also been informed about the risks in the company’s annual review and on the website at www.trainershouse.fi.

PERSONNEL

At the end of the review period, the Group had 107 (111) employees. As before, the company reports the number of employees converted to full-time employees.

DECISIONS REACHED AT THE ANNUAL GENERAL MEETING

The annual general meeting of Trainers’ House Plc was held on 27 March 2024 in Helsinki.

The annual general meeting confirmed the financial statements and discharged CEO and the members of the Board of Directors from liability for the fiscal year 1 January – 31 December 2023. The annual general meeting also decided to adopt the remuneration policy of the governing bodies.

The annual general meeting decided, in accordance with the board’s proposal, that the company does not distribute a dividend from 2023.

Aarne Aktan, Jari Sarasvuo, Jarmo Hyökyvaara, Elma Palsila and Emilia Tauriainen were re-elected as members of the Board of Directors. In the board meeting held after the annual general meeting, the Board of Directors elected Jari Sarasvuo as the chairperson of the board.

The annual general meeting decided that the board member’s remuneration shall be EUR 1,500 per month and the chairperson’s remuneration will be EUR 3,500 per month.

Grant Thornton Oy was elected as the company’s auditor. The remuneration to the auditor is paid according to the auditor’s reasonable invoice.

SHARES AND SHARE CAPITAL

The company’s share is listed on Nasdaq Helsinki Ltd under the name Trainers’ House Plc (TRH1V).

At the end of the reporting period, Trainers’ House Plc had 2,147,826 shares and a registered share capital of EUR 880,743.59. The company does not hold any of its own shares. There have been no changes in the share capital during the period.

Share performance and trading

	1-9/2024	1-9/2023
Traded shares, pcs	203 608	213 827
Average number of all company shares, %	9.5	10.0
Traded shares, EUR	576 890	1 013 869
Highest share quotation	4.88	6.12
Lowest share quotation	2.07	3.38
Closing price	2.27	3.73
Weighted average price	2.83	4.74
Market capitalization	4.9 mil.	8.0 mil.

SUMMARY OF FINANCIAL STATEMENTS AND NOTES

The report has been prepared in accordance with IAS 34 standard. The report has been prepared in accordance with IFRS standards and interpretations that have been approved for application in the EU and are in force on 1 January 2024.

In this interim report Trainers’ House has followed the same accounting policies and calculation methods as in the 2023 annual financial statements.

The figures given in the interim report are unaudited.

INCOME STATEMENT IFRS (kEUR)	1-9/2024	1-9/2023	1-12/2023
NET SALES	5 907	6 541	8 437
Expenses:
Materials and services	-286	-308	-391
Personnel-related expenses	-3 947	-4 339	-5 691
Depreciation and impairment losses	-259	-405	-531
Other operating expenses	-1 348	-1 420	-1 925
Total expenses	-5 841	-6 473	-8 538
Operating result	66	68	-101
Financial income and expenses	-15	8	6
Result before taxes	51	76	-95
Income taxes	14	4	4
RESULT OF THE PERIOD	65	80	-91
Result attributable to owners of the parent company	65	80	-91
Earnings per share, EUR	0.03	0.04	-0.04
Earnings per share attributable to owners of the parent company, EUR	0.03	0.04	-0.04

BALANCE SHEET IFRS (kEUR)	9/2024	9/2023	12/2023
ASSETS
Non-current assets
Tangible assets	704	430	961
Goodwill	2 129	2 129	2 129
Other intangible assets	1 013	1 025	1 013
Long-term receivables
Other receivables, long-term	105	138	138
Deferred tax receivables	218	204	202
Total long-term receivables	324	342	341
Total non-current assets	4 170	3 926	4 443

Current assets
Account receivables and other receivables	1 002	942	783
Cash and cash equivalents	1 120	1 533	1 175
Total current assets	2 122	2 475	1 958
TOTAL ASSETS	6 292	6 400	6 401

SHAREHOLDERS’ EQUITY AND LIABILITIES	9/2024	9/2023	12/2023
Equity attributable to the owners of the parent company
Share capital	881	881	881
Distributable non-restricted equity fund	37	37	37
Retained earnings	3 021	3 111	3 111
Result of the period	65	80	-91
Total shareholders’ equity	4 004	4 109	3 939
Long-term liabilities
Deferred tax liabilities	203	205	203
Long-term financial liabilities	420	58	631
Total long-term liabilities	622	263	833
Short-term liabilities
Short-term financial liabilities	280	216	197
Accounts payable and other liabilities	1 386	1 812	1 432
Total short-term liabilities	1 666	2 028	1 629
Total liabilities	2 288	2 291	2 462
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES	6 292	6 400	6 401

CASH FLOW STATEMENT IFRS (kEUR)	1-9/2024	1-9/2023	1-12/2023
CASH FLOW FROM OPERATIONS
Result of the period	65	80	-91
Adjustments	263	435	570
Changes in working capital	-169	-398	-257
Cash flow from operations before financial items and taxes	158	117	222
Financial items and taxes paid	-22	-13	-16
CASH FLOW FROM OPERATIONS	137	104	206
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets	-3	-12	-12
Repayment of loan receivables	17	42	42
Interests received	5	21	21
CASH FLOW FROM INVESTMENTS	18	51	51
CASH FLOW FROM FINANCING
Repayment of lease liabilities	-128	-272	-363
Dividends paid	-82	-597	-966
CASH FLOW FROM FINANCING	-210	-869	-1 329
TOTAL CASH FLOW	-55	-714	-1 072
CHANGE IN CASH AND CASH EQUIVALENTS
Opening balance of cash and cash equivalents	1 175	2 247	2 247
Closing balance of cash and cash equivalents	1 120	1 533	1 175
CHANGE IN CASH AND CASH EQUIVALENTS	-55	-714	-1 072

CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)
Equity attributable to owners of the parent company

CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)	Share capital	Distributable non-restricted equity fund	Retained earnings	Total
Equity 1 January 2023	881	37	4 121	5 039
Other comprehensive income			80	80
Dividends			-1 009	-1 009
Equity 30 September 2023	881	37	3 191	4 109

Equity 1 January 2024	881	37	3 021	3 939
Other comprehensive income			65	65
Dividends			0	0
Equity 30 September 2024	881	37	3 086	4 004

RELATED PARTY TRANSACTIONS

During the period under review, Trainers’ House had transactions with Causa Prima Ltd, a company controlled by Jari Sarasvuo, the Chairperson of the Board of Directors, and Pro Vividus Ltd and Anorin Liekki Ltd, which are related to the company.

The following transactions took place with related parties:

RELATED PARTY TRANSACTIONS (kEUR)	1-9/2024	1-9/2023	1-12/2023
Purchases during the period	272	131	168
Liabilities at the end of the period	95	31	39

PERSONNEL	1-9/2024	1-9/2023	1-12/2023
Average number of personnel	108	115	113
Personnel at the end of the period	107	111	96

COMMITMENTS AND CONTINGENT LIABILITIES	9/2024	9/2023	12/2023
Collaterals and contingent liabilities given for own commitments(kEUR)	120	120	120

OTHER KEY FIGURES	9/2024	9/2023	12/2023
Equity ratio (%)	65.2	65.3	63.5
Shareholders’ equity/share (EUR)	1.86	1.91	1.83

Calculation formulas for key figures

Earnings per share = Result of the period attributable to owners of the parent company
Average number of shares adjusted for share issue in financial period

Interest-bearing net debt = Interest-bearing liabilities – cash and cash equivalents

Equity ratio (%) = Equity x 100
Balance sheet total – advances received

Equity / share            = Equity
                              Number of shares adjusted for share issue at the
                              end of financial period

Items affecting the calculation of key figures	9/2024	9/2023	12/2023
Advances received (kEUR)	154	107	198
Interest-bearing liabilities (kEUR)	700	274	828
Average number of shares adjusted for share issue in financial period (unit thousand shares)	2 148	2 148	2 148
Number of shares adjusted for share issue at the end of the financial period (unit thousand shares)	2 148	2 148	2 148

In Helsinki 24 October 2024

TRAINERS’ HOUSE PLC

BOARD OF DIRECTORS

Information:
Arto Heimonen, CEO, +358 404 123 456
Saku Keskitalo, CFO, +358 404 111 111

DISTRIBUTION
Nasdaq Helsinki
Main media
www.trainershouse.fi – For investors

Attachment

Interim report Q3 2024

The MIL Network –

January 25, 2025

MIL-OSI: Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

Source: GlobeNewswire (MIL-OSI)

Alliance Witan PLC (the “Company”)

LEI: 213800SZZD4E21OZ9W55

Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

Alliance Witan’s investment manager, Willis Towers Watson (“WTW”), is pleased to announce the completion of the transition of assets from Witan Investment Trust (“Witan”) to Alliance Witan following shareholder approval for the combination of Alliance Trust and Witan on 9 October.

Blackrock Inc. has helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to also make a manager change, replacing Black Creek Investment Management (“Black Creek”) with EdgePoint Wealth Management (“EdgePoint”).

The appointment of EdgePoint follows that of Jennison Associates, previously one of Witan’s investment managers, which was announced at the start of the transition just over two weeks ago.

EdgePoint, based in Toronto, is an employee-owned business, founded in 2008. It manages $25bn of client assets, as of 30 June 2024, and seeks to buy good, undervalued business and hold them until the market fully realises their potential.

With the portfolio realignment now completed, the new manager allocations are as follows:

Manager Allocations
ARGA	8.0%
Dalton	5.5%
EdgePoint	7.0%
GQG Global	13.5%
GQG EM	6.0%
Jennison	6.0%
Lyrical	6.5%
Metropolis	9.5%
Sands	4.5%
SGA	10.5%
Veritas	13.5%
Vulcan	7.0%
Other assets	2.5%

The resulting risk profile of the portfolio is largely unchanged, with no excessive exposure relative to the benchmark to regions, sectors or styles, and most of the added value is expected to come from stock selection.

The direct costs of the portfolio transition and manager changes, including BlackRock’s fee, trading commissions, tax and bid/offer spreads, will be less than 0.04% of the Alliance Witan portfolio, representing fair value for shareholders.

Craig Baker, Chief Investment Officer of WTW and Chair of the Alliance Witan Investment Committee, said: “We would like to express our appreciation to the team at Black Creek for their contribution to the Company since their appointment in 2017. While we continue to rate Black Creek highly, a senior member of the team left in the last 12 months on health grounds, and we have been evaluating succession planning for some time. While Bill Kanko has no specific retirement date in mind and there are other experienced investors at the firm, we have taken the opportunity to switch to a manager in which we have high conviction, and which brings a fresh perspective to the new, combined portfolio.

Baker added: “Now that Witan’s assets are fully invested, it is business as usual. We will be using the same proven investment approach we have always used for Alliance Witan, although we will be retaining a small number of Witan’s discounted investment trust holdings, which represent less than 3% of the portfolio, until such time that they can be sold at an attractive price for shareholders.”

Ends

About Alliance Witan (ALW)

Alliance Witan aims to deliver long-term capital growth and rising income from investing in global equities at a competitive cost. Our investment manager blends the top stock selections of some of the world’s best active managers into a single diversified portfolio designed to outperform the market while carefully managing risk and volatility. Alliance Trust is an AIC Dividend Hero with 57 consecutive years of rising dividends

https://www.alliancewitan.com

For more information, please contact:

Mark Atkinson
Senior Director
Client Management, Wealth & Retail
Willis Towers Watson
Tel: 07918 724303
mark.atkinson@wtwco.com

Sarah Gibbons-Cook
Quill PR
Tel: 020 7466 5050

The MIL Network –

January 25, 2025

MIL-OSI: Co-op teams up with Quadient to deliver parcel locker convenience in communities in the UK

Source: GlobeNewswire (MIL-OSI)

Quadient (Euronext: QDT), a global automation platform powering secure and sustainable business connections, has partnered with Co-op in the United Kingdom to deliver further parcel locker growth and added convenience to its communities, it has revealed today.

The partnership to supply Parcel Pending by Quadient lockers to Co-op’s stores, aims to align Co-op’s footprint in the heart of local communities with the continued growth in consumer demand for safe, secure and accessible parcel lockers.

Parcel Pending by Quadient is a growing network of intelligent lockers used for deliveries and returns from significant carriers, including Royal Mail, DPD, Evri, and UPS, as well as for new services across the UK like convenient key drop-offs with Keynest.

More than 30 units will initially be installed at Co-op stores, with the potential for this partnership to grow. The first lockers will be seen this month at Co-op stores in Bedford, Bradford, Guildford, Keighley, Liverpool, Stockport, Swinton, and Telford.

The multicarrier open locker network form part of Co-op’s strategy to develop added services and enhanced convenience – creating a compelling customer offer to ensure its stores are a convenient destination not only for groceries but for a range of services that meet the needs of local communities.

George Hayworth, Head of Q-Comm Development, Co-op, said: “We are delighted to partner with Quadient. Safe, secure and convenient parcel lockers are one of the ways in which we make things easier and deliver enhanced convenience for our member-owners and customers. With our stores conveniently located in high streets and transport hubs, university campuses and residential developments, parcel lockers can help local residents and time-pressed consumers pick up or return parcels at a time that is convenient to them, quickly, easily and conveniently.”

Katia Bourgeais-Crémel, Director of Lockers Automation Europe at Quadient said: “We are proud to collaborate with the Co-op to introduce our open lockers in their stores. This partnership enables us to offer Co-op customers a secure and efficient solution for managing parcel deliveries and returns. Our open locker network is accessed by multiple carriers, including Royal Mail, DPD, Evri, and UPS, providing even greater convenience than others in the market. Shoppers can easily collect or return parcels, whether during a grocery run or as part of their daily routine, making the process both simple and seamless.”

Learn more at parcelpending.com/en-gb.

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

Contacts

Sandy Armstrong, Sterling Kilgore	Joe Scolaro, Quadient
Director of Media & Communications	Global Press Relations Manager
+1-630-699-8979	+1 203-301-3673
sarmstrong@sterlingkilgore.com	j.scolaro@quadient.com

About Co-op
Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates almost 2,400 food stores, over 800 funeral homes and provides products to over 6,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. Employing 56,000 people, the Co-op has an annual turnover of over £11billion and is a recognized leader for its social goals and community-led programs. The Co-op exists to meet members’ needs and stand up for the things they believe in. For more information about the Co-op, visit www.co-op.co.uk

Attachments

The MIL Network –

January 25, 2025

MIL-OSI: BE Semiconductor Industries N.V. Announces Q3-24 Results

Source: GlobeNewswire (MIL-OSI)

Q3-24 Revenue of € 156.6 Million and Net Income of € 46.8 Million Up 27.0% and 33.7%, Respectively, vs. Q3-23
Orders of € 151.8 Million Up 19.2% vs. Q3-23. Hybrid Bonding Adoption Continues

YTD-24 Revenue of € 454.1 Million and Net Income of € 122.7 Million
Orders of € 464.8 Million Up 21.7% vs. YTD-23

DUIVEN, the Netherlands, Oct. 24, 2024 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2024.

Key Highlights Q3-24

Revenue of € 156.6 million up 3.6% vs. Q2-24 and 27.0% vs. Q3-23 due to increased demand by computing end user markets for hybrid bonding, photonics and other AI applications partially offset by ongoing weakness in automotive and Chinese end user markets
Orders of € 151.8 million up 19.2% vs. Q3-23 due to increased hybrid bonding orders. Down 18.0% vs. Q2-24 due primarily to fluctuations in hybrid bonding order patterns by customers
Gross margin of 64.7% decreased by 0.3 points vs. Q2-24 but was up 0.1 point vs. Q3-23. Gross margin development in the comparable periods was adversely affected by net forex influences
Net income of € 46.8 million increased 11.7% vs. Q2-24 and 33.7% vs. Q3-23 primarily due to higher revenue levels and cost control efforts which limited baseline operating expense growth. Q3-24 net margin rose to 29.9% vs. 27.7% in Q2-24 and 28.4% reported in Q3-23
Net cash of € 110.7 million at quarter-end increased by € 36.3 million (48.8%) vs. Q2-24 and € 20.5 million (22.7%) vs. Q3-23

Key Highlights YTD-24

Revenue of € 454.1 million increased 8.3% vs. YTD-23 principally due to higher demand by computing end user markets, particularly for hybrid bonding and photonics applications and by Taiwanese and Korean subcontractors partially offset by weakness in mobile and automotive markets
Orders of € 464.8 million increased 21.7% vs. YTD-23 due to increased demand for hybrid bonding and photonics applications partially offset by lower bookings for automotive and, to a lesser extent, mobile applications and ongoing weakness in Chinese end user markets
Gross margin of 65.6% increased by 0.8 points vs. YTD-23 due to more favorable AI advanced packaging product mix
Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins were offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased to 27.0% vs. 29.1% in YTD-23

Q4-24 Outlook

Revenue expected to be flat plus or minus 10% vs. the € 156.6 million reported in Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24
Gross margin expected to range between 63-65% vs. the 64.7% realized in Q3-24
Operating expenses expected to be flat to up 5% vs. the € 46.2 million reported in Q3-24

(€ millions, except EPS)	Q3- 2024	Q2- 2024	Δ	Q3- 2023	Δ	YTD- 2024	YTD- 2023	Δ
Revenue	156.6	151.2	+3.6%	123.3	+27.0%	454.1	419.2	+8.3%
Orders	151.8	185.2	-18.0%	127.3	+19.2%	464.8	381.9	+21.7%
Gross Margin	64.7%	65.0%	-0.3	64.6%	+0.1	65.6%	64.8%	+0.8
Operating Income	55.1	49.3	+11.8%	42.7	+29.0%	145.0	147.3	-1.6%
EBITDA	62.4	56.2	+11.0%	48.9	+27.6%	166.2	166.4	-0.1%
Net Income*	46.8	41.9	+11.7%	35.0	+33.7%	122.7	122.2	+0.4%
Net Margin*	29.9%	27.7%	+2.2	28.4%	+1.5	27.0%	29.1%	-2.1
EPS (basic)	0.59	0.53	+11.3%	0.45	+31.1%	1.56	1.57	-0.6%
EPS (diluted)	0.59	0.53	+11.3%	0.45	+31.1%	1.55	1.54	+0.6%
Net Cash and Deposits	110.7	74.4	+48.8%	90.2	+22.7%	110.7	90.2	+22.7%

* Excluding share-based compensation expense, net income (net margin) would have been € 50.2 million (32.1%), € 48.5 million (32.1%) and € 36.6 million (29.7%) in Q3-24, Q2-24 and Q3-23, respectively and € 148.8 million (32.8%) in YTD-24 vs. € 137.6 million (32.8%) in YTD-23

Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

“Besi reported significant growth in revenue, orders and net income in Q3-24 versus the comparable quarter of last year as we continue to benefit from strength in our advanced packaging product portfolio for AI applications despite continued headwinds in mainstream and Chinese assembly equipment markets. For the quarter, revenue of € 156.6 million and orders of € 151.8 million grew by 27.0% and 19.2%, respectively, versus Q3-23 due primarily to strong growth by computing end user markets including hybrid bonding, photonics and other AI applications. Such growth was partially offset by weakness in automotive and Chinese end user markets continuing trends we have experienced this year. Net income of € 46.8 million grew by € 11.8 million, or 33.7%, reflecting a number of favorable trends including increased advanced packaging system revenue, increased gross margins related thereto and better than forecast operating expense levels despite continued growth in R&D spending for next generation hybrid bonding and TCB systems.

For the first nine months of 2024, revenue of € 454.1 million and orders of € 464.8 million increased by 8.3% and 21.7%, respectively. Growth was due to significantly higher demand by computing end user markets, particularly for AI-related hybrid bonding and photonics applications and from Taiwanese and Korean subcontractors. Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins this year were offset by higher R&D spending in support of wafer level assembly development and share-based compensation expense.

Our financial position improved as well in Q3-24 with net cash increasing to € 110.7 million at quarter-end, an improvement of € 36.3 million (+48.8%) versus Q2-24 and € 20.5 million (+22.7%) versus Q3-23 despite increased share buy-back activity. Total cash and deposits at quarter end grew to € 637.4 million including net proceeds from our Senior Note offering in July 2024 which positions us favorably for anticipated growth in the next market upcycle.

During Q3-24, Besi continued to receive substantial orders for hybrid bonding systems from existing and new customers. At quarter-end, total revenue producing hybrid bonding orders since 2021 exceeded 100 systems highlighting the importance of this new technology for 3-D AI-related assembly applications. We anticipate additional orders in Q4-24 from a variety of customers as adoption continues to expand globally. We have also received increased interest for Besi’s TCB Next system from leading logic and memory customers which positions us favorably for anticipated growth in next generation 2.5D and HBM applications.

As such, we have taken steps recently to expand our advanced packaging production capacity in anticipation of future growth. In 2025, we intend to approximately double the cleanroom capacity of our Malaysian production facilities and increase R&D and process development for our hybrid bonding and thermo compression bonding capabilities and customer support at our Singapore facility.

Looking forward to Q4-24, we expect expanded adoption for hybrid bonding applications to be mitigated by ongoing weakness in mainstream assembly markets. For Q4-24, we forecast that revenue will be flat plus or minus 10% versus Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24. In addition, gross margins are anticipated to range between 63-65% based on our projected product mix. Aggregate operating expenses are forecast to be flat to up 5% versus Q3-24.”

Share Repurchase Activity

During the quarter, Besi repurchased approximately 230,000 of its ordinary shares at an average price of € 120.45 per share or a total of € 27.8 million. In August 2024, Besi completed its prior € 60 million share repurchase program and initiated a new € 100 million share repurchase program with an anticipated completion date of October 2025. Cumulatively, as of September 30, 2024, a total of € 7.0 million has been purchased under the new share repurchase program at an average price of € 110.55 per share. As of September 30, 2024, Besi held approximately 1.6 million shares in treasury equal to 2.0% of its shares outstanding.

Investor and media conference call
A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

Important Dates
• Publication Q4/Full year 2024 results	February 20, 2025
• Publication Q1-2025 results	April 23, 2025
• Besi’s 2025 AGM	April 23, 2025

Basis of Presentation

The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2023 Annual Report, which is available on www.besi.com.

Contacts:

Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator

Tel. (31) 26 319 4500
investor.relations@besi.com

About Besi

Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

Caution Concerning Forward-Looking Statements

This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2023 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Statements of Operations

(€ thousands, except share and per share data)	Three Months Ended September 30, (unaudited)		Nine Months Ended September 30, (unaudited)
	2024	2023	2024	2023

Revenue	156,570	123,320	454,060	419,227
Cost of sales	55,325	43,709	156,276	147,374

Gross profit	101,245	79,611	297,784	271,853

Selling, general and administrative expenses	27,318	23,310	97,473	81,679
Research and development expenses	18,874	13,614	55,296	42,907

Total operating expenses	46,192	36,924	152,769	124,586

Operating income	55,053	42,687	145,015	147,267

Financial expense, net	1,560	1,758	3,194	4,974

Income before taxes	53,493	40,929	141,821	142,293

Income tax expense	6,719	5,889	19,123	20,104

Net income	46,774	35,040	122,698	122,189

Net income per share – basic	0.59	0.45	1.56	1.57
Net income per share – diluted	0.59	0.45	1.55	1.54

Number of shares used in computing per share amounts:
– basic	79,630,787	77,374,933	78,701,287	77,656,542
– diluted¹	81,876,505	82,444,358	81,978,112	83,038,212

______________________
¹⁾ The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

Consolidated Balance Sheets

(€ thousands)	September 30, 2024 (unaudited)	June 30, 2024 (unaudited)	March 31, 2024 (unaudited)	December 31, 2023 (audited)
ASSETS

Cash and cash equivalents	307,448	127,234	232,053	188,477
Deposits	330,000	130,000	215,000	225,000
Trade receivables	169,266	174,601	150,192	143,218
Inventories	104,103	99,291	99,384	92,505
Other current assets	44,731	36,346	34,756	39,092

Total current assets	955,548	567,472	731,385	688,292

Property, plant and equipment	44,220	43,571	41,328	37,516
Right of use assets	16,419	16,821	16,901	18,242
Goodwill	45,278	45,710	45,613	45,402
Other intangible assets	94,855	92,627	90,241	93,668
Deferred tax assets	8,610	9,517	11,444	12,217
Other non-current assets	1,316	1,239	1,252	1,216

Total non-current assets	210,698	209,485	206,779	208,261

Total assets	1,166,246	776,957	938,164	896,553


Current portion of long-term debt	2,241	3,033	984	3,144
Trade payables	49,211	51,620	52,382	46,889
Other current liabilities	87,739	73,023	100,606	87,200

Total current liabilities	139,191	127,676	153,972	137,233

Long-term debt	524,527	179,801	265,142	297,353
Lease liabilities	13,033	13,448	13,625	14,924
Deferred tax liabilities	11,619	10,396	12,136	12,959
Other non-current liabilities	12,449	11,352	12,914	12,671

Total non-current liabilities	561,628	214,997	303,817	337,907

Total equity	465,427	434,284	480,375	421,413

Total liabilities and equity	1,166,246	776,957	938,164	896,553

Consolidated Cash Flow Statements

(€ thousands)	Three Months Ended September 30, (unaudited)		Nine Months Ended September 30, (unaudited)
	2024	2023	2024	2023

Cash flows from operating activities:
Income before income tax	53,493	40,929	141,821	142,293

Depreciation and amortization	7,388	6,248	21,181	19,155
Share based payment expense	3,400	1,575	27,216	16,300
Financial expense, net	1,560	1,758	3,194	4,974

Changes in working capital	6,031	15,697	(43,914)	(2,581)
Interest (paid) received	(1,996)	(2,649)	(19,513)	(27,948)
Income tax paid	2,156	1,582	7,218	3,075

Net cash provided by operating activities	72,032	65,140	137,203	155,268

Cash flows from investing activities:
Capital expenditures	(2,099)	(1,990)	(10,965)	(5,448)
Capitalized development expenses	(4,415)	(4,700)	(13,990)	(15,341)
Repayments of (investments in) deposits	(200,000)	–	(105,000)	(5,268)

Net cash provided by (used in) investing activities	(206,514)	(6,690)	(129,955)	(26,057)

Cash flows from financing activities:
Proceeds from notes	350,000	–	350,000	–
Transaction costs related to notes	(6,395)	–	(6,395)	–
Payments of lease liabilities	(1,080)	(995)	(3,186)	(3,207)
Purchase of treasury shares	(27,829)	(45,537)	(57,418)	(190,264)
Dividends paid to shareholders	–	–	(171,534)	(222,109)

Net cash used in financing activities	314,696	(46,532)	111,467	(415,580)

Net increase (decrease) in cash and cash equivalents	180,214	11,918	118,715	(286,369)
Effect of changes in exchange rates on cash and cash equivalents	–	130	256	(292)
Cash and cash equivalents at beginning of the period	127,234	192,977	188,477	491,686

Cash and cash equivalents at end of the period	307,448	205,025	307,448	205,025

Supplemental Information (unaudited)
(€ millions, unless stated otherwise)

REVENUE	Q3-2024		Q2-2024		Q1-2024		Q4-2023		Q3-2023		Q2-2023		Q1-2023

Per geography:
China	45.5	29%	57.5	38%	58.5	40%	62.0	39%	40.8	33%	64.9	40%	37.6	28%
Asia Pacific (excl. China)	51.6	33%	54.1	36%	43.6	30%	57.9	36%	42.3	34%	59.2	36%	58.2	44%
EU / USA / Other	59.5	38%	39.6	26%	44.2	30%	39.7	25%	40.2	33%	38.4	24%	37.6	28%

Total	156.6	100%	151.2	100%	146.3	100%	159.6	100%	123.3	100%	162.5	100%	133.4	100%

ORDERS	Q3-2024		Q2-2024		Q1-2024		Q4-2023		Q3-2023		Q2-2023		Q1-2023

Per geography:
China	45.4	30%	43.3	23%	51.1	40%	71.1	43%	46.0	36%	51.4	46%	35.5	25%
Asia Pacific (excl. China)	69.3	46%	72.0	39%	45.0	35%	36.6	22%	40.9	32%	33.2	29%	71.3	50%
EU / USA / Other	37.1	24%	69.9	38%	31.6	25%	58.7	35%	40.4	32%	28.0	25%	35.2	25%

Total	151.8	100%	185.2	100%	127.7	100%	166.4	100%	127.3	100%	112.6	100%	142.0	100%

Per customer type:
IDM	84.5	56%	122.4	66%	53.5	42%	82.7	50%	70.5	55%	60.5	54%	74.0	52%
Subcontractors	67.3	44%	62.8	34%	74.2	58%	83.7	50%	56.8	45%	52.1	46%	68.0	48%

Total	151.8	100%	185.2	100%	127.7	100%	166.4	100%	127.3	100%	112.6	100%	142.0	100%

HEADCOUNT	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023

Fixed staff (FTE)	1,807	87%	1,783	86%	1,760	88%	1,736	93%	1,725	87%	1,689	86%	1,682	84%
Temporary staff (FTE)	271	13%	279	14%	236	12%	134	7%	248	13%	279	14%	312	16%

Total	2,078	100%	2,062	100%	1,996	100%	1,870	100%	1,973	100%	1,968	100%	1,994	100%

OTHER FINANCIAL DATA	Q3-2024		Q2-2024		Q1-2024		Q4-2023		Q3-2023		Q2-2023		Q1-2023

Gross profit	101.2	64.7%	98.3	65.0%	98.3	67.2%	103.9	65.1%	79.6	64.6%	106.6	65.6%	85.7	64.2%


Selling, general and admin expenses:
As reported	27.3	17.4%	30.5	20.2%	39.6	27.1%	24.3	15.2%	23.3	18.9%	29.4	18.1%	29.0	21.7%
Share-based compensation expense	(3.4)	-2.1%	(6.9)	-4.6%	(16.9)	-11.6%	(2.8)	-1.7%	(1.6)	-1.3%	(5.5)	-3.4%	(9.3)	-7.0%

SG&A expenses as adjusted	23.9	15.3%	23.6	15.6%	22.7	15.5%	21.5	13.5%	21.7	17.6%	23.9	14.7%	19.7	14.8%


Research and development expenses:
As reported	18.9	12.1%	18.5	12.2%	17.9	12.2%	13.5	8.5%	13.6	11.0%	14.3	8.8%	15.0	11.2%
Capitalization of R&D charges	4.4	2.8%	4.9	3.2%	4.7	3.2%	5.7	3.6%	4.7	3.8%	5.3	3.3%	5.4	4.0%
Amortization of intangibles	(3.9)	-2.5%	(3.6)	-2.3%	(3.6)	-2.4%	(3.3)	-2.1%	(3.3)	-2.6%	(3.5)	-2.2%	(3.5)	-2.6%

R&D expenses as adjusted	19.4	12.4%	19.8	13.1%	19.0	13.0%	15.9	10.0%	15.0	12.2%	16.1	9.9%	16.9	12.7%


Financial expense (income), net:
Interest income	(5.2)		(3.0)		(4.0)		(3.6)		(2.9)		(3.1)		(2.6)
Interest expense	5.7		2.1		2.8		3.0		2.8		2.9		2.9
Net cost of hedging	1.9		1.4		1.6		1.7		1.7		2.0		1.6
Foreign exchange effects, net	(0.8)		0.5		0.2		(0.4)		0.2		(0.1)		(0.4)

Total	1.6		1.0		0.6		0.7		1.8		1.7		1.5

Gross cash	637.4		257.2		447.1		413.5		391.2		378.3		644.9


Operating income (as % of net sales)	55.1	35.2%	49.3	32.6%	40.7	27.8%	66.1	41.4%	42.7	34.6%	62.9	38.7%	41.7	31.3%

EBITDA (as % of net sales)	62.4	39.8%	56.2	37.2%	47.5	32.5%	72.7	45.6%	48.9	39.7%	69.3	42.6%	48.2	36.1%

Net income (as % of net sales)	46.8	29.9%	41.9	27.7%	34.0	23.2%	54.9	34.4%	35.0	28.4%	52.6	32.4%	34.5	25.9%

Effective tax rate	12.6%		13.0%		15.3%		16.1%		14.4%		14.0%		14.0%


Income per share
Basic	0.59		0.53		0.44		0.71		0.45		0.68		0.44
Diluted	0.59		0.53		0.44		0.68		0.45		0.66		0.44

Average shares outstanding (basic)	79,630,787		79,281,533		77,181,326		77,070,082		77,374,933		77,634,197		77,946,873

Shares repurchased
Amount	27.8		14.8		14.8		23.1		45.5		66.9		77.7
Number of shares	230,807		105,042		101,049		226,572		447,829		761,937		1,120,327

The MIL Network –

January 25, 2025

MIL-OSI: Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation
Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.

The fund will concentrate on four key areas:
1. Accelerating the adoption of Move-based blockchain solutions
2. Enhancing security and performance in decentralized networks
3. Supporting projects that bridge Move and EVM ecosystems
4. Driving innovation in Web3 infrastructure and applications
“This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem,” said Kevin Yang, Managing Partner at Gate Ventures. “By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralized technology.”

Rushi Manche, Co-Founder of Movement Labs added, “This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”

Teerus Boon-Long, CEO of Boon Ventures, said, “This is the beginning of a great journey forward in the Web3 space. It’s not aimed at short-term goals but at building a promising future for a decentralized society.”

The partnership leverages the unique strengths of each entity:
- Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
- Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure, and ecosystem building.
- Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.
To help achieve its goals, the fund will implement several key initiatives:
- Organize global hackathons to stimulate innovation in Move-based technologies and attract top talent.
- Establish a mentorship program connecting industry veterans with promising Web3 startups to provide guidance and expertise.
- Create a research grant program to advance blockchain interoperability solutions, fostering cross-ecosystem collaboration.
- Host quarterly thought leadership summits to address pressing challenges in the Web3 space and drive collective progress.
As the fund deploys its $20 million, the partners are committed to fostering innovation and driving the Web3 space forward. They will provide updates on investments, collaborations, and leading-edge technologies that will define the future of Web3, blockchain, and decentralized applications.

About Gate Ventures
Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges, specializing in early-stage investments in blockchain technology and digital assets. Our mission is to drive innovation and foster growth across the global blockchain ecosystem. By collaborating with industry leaders worldwide, we support visionary teams and startups that have the potential to reshape social and financial interactions. As a long-term investor, we are committed to offering comprehensive support to our portfolio companies, from product development and operational scaling to global expansion. Follow Gate Ventures on X for more updates.
https://gate.io/ventures

About Movement Labs
Movement Labs develops the Movement Network, an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine L2 for Ethereum, along with open-source tools to promote Move adoption across blockchains. Their platform enables developers to launch high-performance Move VM rollups easily, bridging Move and EVM ecosystems. Backed by $38 million in Series A funding, Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3. Follow Movement Labs on X and on Discord for updates. Movement Labs is on a mission to create a global community of Move builders, working together to increase the security, performance, and user experience of building in decentralized networks.

About Boon Ventures
Boon Ventures is a single-family office spun out of the Boon-Long family, one of the longest-established families in Thailand, in 2015. Since then, it has served as the alternative investment and advisory arm of the Boon-Long family. Boon Ventures is an independent, fast-moving organization with a strong network and partnerships both in Thailand and globally, driven by a mission to foster innovative change, long-term growth, and sustainable value.

Media Contact:
Elaine Wang at elaine.w@gate.io

Name: Teerus Boon-Long Kanyarat Ondeekul
Email: kanyarat.o@boonventures.com
Company: Boon Ventures

Name: Carmen Pearson
Email: Carmen.Pearson@MovementLabs.xyz
Company: Movement Labs

Disclaimer: This content is provided by Gate. 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/843b1a84-4e76-4e19-a8b1-6a30ff656efd

The MIL Network –
January 25, 2025
MIL-OSI: eQ Community Properties Fund renewed loans in excess of EUR 400 million – Deutsche Bank as a new lender

Source: GlobeNewswire (MIL-OSI)

Press release
24 October 2024 10:30 am

eQ Community Properties Fund (AIF) has entered into a EUR 154 million senior secured loan arrangement with Deutsche Bank AG. The collateral portfolio consists of community and healthcare assets in the Helsinki Metropolitan Area and Tampere.

In June, the fund also extended a EUR 253 million senior secured loan facility with its current lenders Nordea Bank, Danske Bank, Swedbank and Aktia.

Through the recent successful arrangements, the Fund has broadened and strengthened its lender base, secured a long-term financing as well as extended its loan maturities and fixed interest periods.

Head of Real Estate Investments at eQ, Tero Estovirta says: “We are very pleased to have an international and prominent financier, Deutsche Bank, as a new lender in eQ Community Properties Fund. We have worked for a long time and systematically to obtain international debt financing and Deutsche Bank has been one of the most interesting ones already for a while. It is great to have now initiated our cooperation. Generally, financiers have shown strong interest and trust towards Finnish real estate and open-ended funds. Access to debt has clearly improved as interest rate levels decrease. It is possible to reach cost-effective and sustainable financing solutions. All the lenders of eQ Community Properties Fund are leading players in the market and together with our latest addition, Deutsche Bank, they facilitate a strong financing platform for the future. We thank all our lenders for pragmatic and solution-orientated processes.”

eQ Community Properties Fund (AIF) was established in 2012. The market value of the fund’s property portfolio is EUR 1.75 billion as per September 2024. The fund is the largest community properties investor and developer in Finland. The assets are located in the Helsinki Metropolitan Area and selected growth centres in Finland.

Helsinki 24 October 2024

eQ Asset Management Ltd

Further information:
Tero Estovirta, Head of Real Estate Investments, eQ Asset Management Ltd
+358 50 593 6194 / tero.estovirta@eQ.fi

eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

More information about the Group is available on our website www.eQ.fi.

The MIL Network –

January 25, 2025
MIL-OSI United Kingdom: AAIB Report: Boeing 737-8K5, G-TAWD, 20 October 2023
Source: United Kingdom – Executive Government & Departments

Lateral runway excursion, Leeds Bradford Airport, 20 October 2023
Aircraft final position

After touching down at Leeds Bradford Airport (LBA) in stormy weather, the aircraft began to yaw left of the runway centreline. When the pilot flying increased the right rudder input to correct the deviation, both pilots reported feeling a significant judder from the nose gear. This prompted the pilot flying to reduce the right rudder input and, although there were repeated brief right pedal inputs, the aircraft continued to deviate from the centreline and left the runway. The aircraft sustained minor damage and there were no injuries.

The investigation found that one of the aircraft’s nosewheel bearings had suffered a catastrophic failure, likely during the rollout at LBA. The resultant juddering was unexpected, and the crew were uncertain as to its impact. However, the investigation found that there was in fact no mechanical impediment to the use of additional rudder and braking to prevent the runway excursion.

Read the report.

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Published 24 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI China: BRICS leaders adopt joint declaration

Source: China State Council Information Office 3

Leaders of BRICS countries pose for a group photo during the 16th BRICS Summit in Kazan, Russia, Oct. 23, 2024. The summit was hosted by Russian President Vladimir Putin, and attended by Chinese President Xi Jinping, Brazilian President Luiz Inacio Lula da Silva (via video conference), Egyptian President Abdel-Fattah al-Sisi, Ethiopian Prime Minister Abiy Ahmed, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa and President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed Al Nahyan. [Photo/Xinhua]

BRICS leaders have issued a joint declaration covering a wide range of issues from the reform of the United Nations (UN) to ongoing global conflicts, following the association’s summit that took place on Wednesday in Kazan.

The declaration included 134 provisions in total, one of which addressed the reform of the UN.

“We reaffirm our support for a comprehensive reform of the UN, including its Security Council, with a view to making it more democratic, representative, effective and efficient,” the document read. This involves expanding the representation of developing countries to better respond to global challenges.

In addition, leaders reiterated their absolute condemnation of terrorism in all its forms and called for the prompt adoption of the Comprehensive Convention on International Terrorism within the UN.

Alongside essential reforms, BRICS members called for the UN to play an important role in the global governance of artificial intelligence.

The declaration also focused on global conflicts including those in the Middle East and Ukraine.

“We remain concerned about at the rise of violence and continuing armed conflicts in different parts of the world,” the declaration read. BRICS leaders reaffirmed their commitment to resolving dispute peacefully through diplomacy.

Leaders expressed deep concern about the ongoing tensions in the Gaza Strip and called for an immediate ceasefire and a cessation of all hostilities.

The leaders noted the importance of the establishment of a sovereign and independent State of Palestine within the internationally recognized borders of June 1967, and expressed support for Palestine’s full membership in the UN.

Member states also recalled national positions on the Ukrainian crisis, and “noted with appreciation relevant proposals” aimed at a peaceful settlement of the conflict through diplomacy.

The BRICS leaders further expressed grave concern over the harmful impact of illegal unilateral sanctions on the global economy, noting that they negatively affect economic growth, energy, food security, and exacerbate poverty.

BRICS members stressed the need to prevent an arms race in space and called for the creation of a document ensuring space security.

The provisions included various economic initiatives designed to strengthen the role of developing countries in the global economy and promote equitable conditions for all.

BRICS members called for the reform of the Bretton Woods institutions to increase the contribution of the developing countries to the global economy.

They welcomed the establishment of a new BRICS investment platform, which will use the existing institutional infrastructure of the New Development Bank to boost investment flows into BRICS countries and countries of the Global South.

They called for the reform of the current international financial architecture so it can “meet the global financial challenges” and become more inclusive and just.

Member countries also supported Russia’s proposal on the creation of a BRICS grain exchange, adding that the trading platform could later be expanded to include other agricultural sectors.

MIL OSI China News –

January 25, 2025
MIL-OSI Economics: Pink October: A Call to Action for Breast Cancer Awareness in Africa
Source: African Development Bank Group

Every October, the world unites in a vibrant global campaign aimed at eradicating breast cancer. Known as “Pink October”, this campaign is dedicated to raising awareness about breast cancer, promoting early detection, and supporting research for better treatment options. For the African Development Bank (the Bank), the month serves as a crucial reminder of the ongoing health challenges faced by people, particularly women, across the continent. Gender perspectives reveal that women encounter unique obstacles, be they social, cultural, economic, policy related. This makes Pink October an even more pressing call for action to improve health outcomes and the quality of life of the people of Africa.

The Rising Challenge of Breast Cancer in Africa

Breast cancer is now the most common form of cancer among women globally, causing over 670,000 deaths in 2022^[i]. In sub-Saharan Africa, an alarmingly, 60 percent to 70 percent of women are diagnosed with advanced stage disease presented at Stage 3 and 4. Accessible infrastructure, quality training, preventive care, and supportive policies are essential for timely and adequate treatment, which significantly impacts survival rates. Currently, only 50 percent of women in Sub-Saharan Africa survive five years post-diagnosis compared to over 90 percent in high-income countries with affordable health care^[ii].

The Bank’s Response: Strategic Initiatives

The Bank is making meaningful strides in addressing critical health challenges and empowering communities, particularly women in regional member countries. A few examples include the:
- Uganda Oncology Project (East Africa Centre of Excellence Project): Approved in December 2023, this project aims to enhance cancer management in Uganda and the East African Community region by addressing critical shortages in oncology professionals. The project focuses on improving infrastructure and education at the Uganda Cancer Institute. Additionally, the project seeks to support regional integration in higher education, ensuring that training and services meet the growing demand for specialized oncology care to address the pressing shortage of skilled oncology professionals in Uganda and the East African Community. Key outputs include:
  
  Building research and training capacity in cancer diagnosis and treatment.
  
  Providing advanced cancer treatment facilities notably breast cancer.
  
  Offering scholarships for 60 postgraduate candidates in oncology, with at least 30 percent reserved for women to help reduce the traditionally male-dominated Oncology field.
  
  Increase 40 percent of early-stage breast cancer diagnoses and other forms of cancers by 2026.
- Partnership with HealthTech Hub Africa, to develop a pan-African blueprint aimed at accelerating health tech innovations across the continent. This collaboration addresses the urgent demand for solutions to close health infrastructure gaps and extend affordable services to underserved communities by promoting advanced technologies like telemedicine and AI-powered diagnostics. HealthTech Hub Africa has supported 68 organizations in 17 countries, impacting over 2.35 million beneficiaries and creating more than 830 jobs. The agreement was announced at the HealthTech Africa Investor Summit on October 16, 2023.
“By creating a pan-African blueprint for health tech innovations, we aim to address critical infrastructure needs and extend affordable services to underserved communities. This collaboration will empower innovators and enhance healthcare delivery for millions, ultimately improving outcomes for women and men affected by breast cancer,”

^{states Martha T.M. Phiri, Director of Human Capital, Youth and Skills Development.}

Institutional Initiatives At an institutional level, the Bank launches several initiatives every year to raise awareness about breast cancer and support the staff. This year for instance, an inaugural conference will be held on October 25, featuring expert discussions on breast cancer awareness and prevention. Additionally, screenings will be provided on October 29-31, ensuring access to essential health services. Regional Directorate Generals (RDGs) will spearhead communication efforts in their areas, promoting the importance of prevention and screening. Furthermore, the Bank’s medical plan will cover 100 percent of periodic medical check-ups, including mammograms and breast ultrasounds conducted. To enhance support, the Bank will also assist with treatments, medical follow-ups, and psychological support for employees affected by breast cancer.

“Breast cancer awareness is not just a campaign; it’s a commitment to the health and well-being of our employees and their families. By promoting early detection and providing essential support, we aim to create a culture where health takes priority, and everyone feels empowered to take charge of their wellness.”

^{Ali Ramzi Mohammed, Director staff welfare services, compensation and employment policy.}

A Collective Commitment

As we observe Pink October, let us reaffirm our commitment to fighting breast cancer in Africa. The African Development Bank prioritizes internal efforts, fostering a supportive environment for its employees through awareness campaigns and health initiatives. By investing in health systems, supporting research, and advocating for universal access to care, we can reduce the burden of breast cancer and empower women everywhere.

As we highlight these initiatives, it is important to remember the real impact of our efforts through the voices of those directly affected. A colleague and cancer survivor shared her experience, emphasizing the critical role of awareness and support in the journey through breast cancer:

“Surviving breast cancer has shown me the power of community and the importance of early detection. I am grateful for the support around me including the Bank and hope my journey inspires others to prioritize their health and seek the care they deserve.”

^{Zeneb Touré, Manager of the Civil Society Engagement Division.}

Let’s wear pink not just this October, but every day, as a symbol of hope, solidarity, and our shared commitment to fight breast cancer. Together, we can create a healthier future for women and men across Africa.
MIL OSI Economics –
January 25, 2025
MIL-OSI USA: FACT SHEET: Biden-⁠ Harris Administration Strengthens Standards to Protect Millions from Exposure to Lead Paint Dust, Announces New Actions to Address Toxic Lead Exposure

US Senate News:

Source: The White House
Today’s announcement is expected to reduce the lead exposure of up to 1.2 million people every year and represents one of over 100 actions taken by the Administration in 2024 to reduce lead poisoning
President Biden and Vice President Harris have been clear that all Americans deserve to live free from fear of toxic lead exposure. Since Day One, the Biden-Harris Administration has marshalled a whole of government effort to reduce all sources of lead exposure, issuing a comprehensive Lead Pipe and Paint Action Plan that guides federal action to achieve a lead-free future.
Today, as we continue to mark National Lead Poisoning Prevention Week, the Biden-Harris Administration is taking action to further reduce lead exposure by issuing a final Environmental Protection Agency (EPA) rule to strengthen requirements for the removal of lead paint dust in pre-1978 housing and child care facilities.
Lead is a neurotoxin that can irreversibly harm brain development in children, lower IQ, cause behavioral problems, and lead to life-long health effects. There is no safe level of lead exposure. Yet, due to decades of inequitable infrastructure development and underinvestment, lead poisoning disproportionately affects low-income communities and communities of color.
Today’s final rule sets new standards for lead abatement activities that will better protect children and communities from the harmful effects of exposure to dust generated from lead paint. The rule will help protect people in communities across the country from these harms, and is expected to reduce the lead exposures of up to nearly 1.2 million people every year, providing public health and economic benefits up to 30 times greater than the costs. Although the United States banned lead-based paint in residences in 1978, an estimated 31 million houses built before 1978 still contain lead-based paint, and 3.8 million are home to one or more child under the age of six, putting them at risk of lead exposure.
Since the announcement of the Biden-Harris Lead Pipe and Paint Action Plan, the Administration has taken hundreds of actions across more than 10 agencies to reduce the risk of lead poisoning in drinking water, paint, soil, food and household products, the workplace, and to combat lead exposure internationally – including more than 100 actions in the past year alone. Some of the actions since the latest Action Plan progress update in November 2023 include:
Reducing Exposure to Lead from Paint and Dust in the Home – Lead in household dust originates from indoor sources such as deteriorated, lead-based paint on surfaces. In the last year, the Administration has worked diligently to identify, help tackle, and eliminate these exposures in several ways:
Earlier this month, the Department of Housing and Urban Development (HUD) announced more than $420 million in awards to remove lead hazards from homes, including HUD-assisted homes, ensuring the safety of children, residents, and families. This includes $2 million to remove other housing-related hazards from homes in conjunction with weatherization efforts, and nearly $10 million to facilitate research on better identifying and controlling lead and other housing-related hazards. These awards are part of President Biden’s Justice40 Initiative, which seeks to ensure that 40 percent of the overall benefits of certain Federal climate, clean energy, affordable and sustainable housing, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
In August 2024, the Department of Health and Human Services (HHS) issued a new final rule updating the Head Start Program Performance Standards. This rule requires Head Start programs to protect children from exposure to lead in water and paint through regular testing and inspection and remediate lead in Head Start facilities where lead exists.
In 2024, EPA conducted approximately 1,400 compliance monitoring activities for lead-based paint in over 190 communities, more than a third of which were communities with environmental justice concerns. Additionally, EPA’s Federal Facilities Enforcement Office conducted compliance monitoring activities at 18 military installations in 2024. This work protects our service members and their families from exposure to lead-based paint in their homes at military bases.
Reducing Exposure to Lead from Drinking Water – Millions of buildings still receive their water through a lead pipe. The Biden-Harris Administration has taken historic steps to meet President Biden’s commitment to replace every lead pipe in the country within a decade:
Earlier this month President Biden traveled to Milwaukee, Wisconsin, to announce a final rule that requires drinking water systems nationwide to replace lead service lines within 10 years. This rule will protect children from brain damage, prevent up to 900,000 infants being born with low birth weight, and protect 1,100 adults from premature death from heart disease every year.
President Biden secured a historic $15 billion in funding through the Bipartisan Infrastructure Law specifically dedicated for replacing lead service lines, and provided an additional $2.6 billion from his Bipartisan Infrastructure Law for drinking water upgrades and lead pipe replacements, along with an additional $11.7 billion in general-purpose funding through the Drinking Water State Revolving Fund which can also be used for lead pipe replacement. To date, EPA has announced over $18 billion of this funding across every state. Nearly half of this funding is required to flow to disadvantaged communities, in the form of grants and zero-interest loans.
Thanks to the Biden-Harris Administration’s actions, cities across the country are already making progress in replacing lead pipes. Cities with some of the highest numbers of lead pipes, like Milwaukee, Detroit, Pittsburgh, St. Paul, and Denver, have received funding from the Administration and are now on track to replace all lead pipes within 10 years or less. Under this Administration, over 367,000 lead pipes have been replaced nationwide, benefitting nearly 1 million people.
Funding from the American Rescue Plan’s $350 billion State and Local Fiscal Recovery Fund can be used by states and communities to replace lead service lines and remediate lead paint. To date, well over $20 billion nationwide has been invested in water infrastructure projects.
During this Administration, the EPA has also used its Water Infrastructure Finance and Innovation Act (WIFIA) program to provide well over $350 million in financing to communities for lead pipe replacement.
Since launching in November 2023, EPA’s Get the Lead Out Initiative has provided technical assistance to public water systems nationwide to identify lead pipes and accelerate their replacement. Prioritizing disadvantaged and underserved communities, the initiative is providing assistance to a growing list of public water systems, including in Michigan, Ohio, and Illinois, and facilitates access to funding from the Bipartisan Infrastructure Law. This initiative builds on the partnership between EPA, the Department of Labor (DOL), and 40 underserved communities to support lead pipe replacement.
In January 2023, the White House Summit on Accelerating Lead Pipe Replacement hosted by Vice President Harris, announced new actions and progress to deliver clean drinking water, replace lead pipes, and remediate lead paint to protect children and communities across America, including the Biden-Harris Get the Lead Out Partnership comprised of state and local officials, water utilities, labor unions, and other nongovernmental organizations who committed to advance and accelerate lead pipe replacement. This White House Partnership spurred the creation of a the Great Lakes Lead Pipes Partnership, a first-of-its kind, mayor-led effort to accelerate lead pipe replacement in cities with the heaviest lead burdens.
In August 2024, EPA announced $26 million in grant funding to protect children from lead in drinking water at schools and childcare facilities across the country. These grants will be used by 55 States and territories to reduce lead exposure where children learn and play.
The Department of the Interior conducted more than 330 water system assessments at all Indian Affairs-owned sites, including schools, offices and detention centers, among others. Beyond service lines, assessments collected lead/copper samples to identify lead sources in water distribution systems and where lead levels affected drinking points DOI coordinated immediate remediation strategies and implemented actions including alternative water sourcing and confirmatory sampling.
Reducing Exposure to Lead from Air – Major sources of lead in the air include emissions from manufacturing, waste and metals processing, and aircraft operating on leaded aviation fuel. To tackle these emissions, the Biden-Harris Administration has taken the following actions:
In January 2024, EPA released the Integrated Science Assessment for Lead as part of its review of the lead National Ambient Air Quality Standards. This technical document, along with additional technical and policy assessments, will provide the scientific foundation for EPA’s decisions as it regulates air lead exposure.
In October 2023, EPA issued a final determination that emissions of lead from aircraft engines that operate on leaded fuel cause or contribute to air pollution which may reasonably be anticipated to endanger public health and welfare. With this final determination, EPA and Federal Aviation Administration (FAA) have begun work to consider regulatory options to address lead emissions from aircrafts.
Reducing Exposure to Lead from Soil – Lead contamination at legacy pollution sites from past industrial operations, like lead mining and smelting, can accumulate in soil and poses a threat to human health and the environment. Reducing lead levels in soils can reduce exposure risks.
The Bipartisan Infrastructure Law invests $5 billion to clean up legacy pollution, including lead contamination, at Superfund and Brownfields sites. In Fiscal Year 2024, EPA completed 63 Superfund cleanup projects that addressed lead contamination in soil to protect families and children from the harmful impacts of lead. In addition, lead is the environmental contaminant most commonly reported by EPA Brownfields cleanup grant recipients. In fiscal year 2024, Brownfields grant recipients completed 63 brownfields cleanups that addressed lead contamination.
In January 2024, after years of research and advanced understanding of the latest science on lead, EPA issued new guidance to improve screenings for lead in residential soils at Superfund and other contaminated sites. This new guidance cuts in half the recommended screening levels issued 30 years ago and takes into account the potential for cumulative impacts by recommending even more stringent levels in areas where there may be additional sources of lead exposure, such as lead in drinking water or lead paint in homes.
Reducing Exposure to Lead from Food and Household Products – Lead may be present in food when it is in the environment where foods are grown, raised, or processed. To reduce the risk to children of ingesting lead in food, the Administration is working to addressed lead hazards in processed foods.
In September 2024, the Food and Drug Administration (FDA) published a new study on dietary exposure from lead in infants and young children. This action is part of the agency’s Closer to Zero effort, which sets forth the FDA’s science-based approach to continually reduce exposure to lead, arsenic, cadmium, mercury and other contaminants to the lowest levels possible in foods eaten by babies and young children.
Protecting People from Lead Exposure in the Workplace – Workers can be exposed to lead as a result of the production, use, maintenance, recycling, and disposal of lead material and products. In 2024, the Administration sought to protect workers through a number of actions.
In April 2024, the National Institute for Occupational Safety and Health (NIOSH) released Trends in Workplace Lead Exposure, monitoring workplace lead exposure trends through the Adult Blood Lead Epidemiology and Surveillance program.
In March 2024, at the direction of President Biden, the Department of Veterans Affairs (VA) announced that all veterans exposed to toxins and other hazards during military service—including lead—are now eligible for VA health care.
Accelerating Innovations to Improve Blood Lead Testing – Testing blood is the best way to determine if a person has had lead exposure, as there are often no immediate symptoms when someone is exposed to lead. Based on blood lead test results, healthcare providers can recommend follow-up actions and care.
In March 2024, the Centers for Disease Control and Prevention (CDC) announced Phase 2 of the Lead Detect Prize on challenge.gov, inviting selected Phase 1 participants to develop their winning concepts into detailed designs. This challenge provides a $1 million prize pool to accelerate the development of next-generation point-of-care blood lead testing technology. National Aeronautics and Space Administration (NASA) and the FDA support the challenge, and it spotlights the urgent need to identify and foster new or existing breakthrough solutions and products for optimal lead testing in children.
Establishing Domestic Partnerships to Reduce All Lead Exposure – The Administration is engaging stakeholders in a number of ways to reduce community exposure to lead in the United States.
In July 2024, the President’s Task Force on Environmental Health Risks and Safety Risks to Children published the Progress Report on the Federal Lead Action Plan, a comprehensive update on the government’s progress since 2018 toward reducing childhood lead exposures. HUD, EPA, and HHS, as co-leading members of the Task Force’s Lead Subcommittee, are leading aggressive actions to combat lead exposure. The Federal Lead Action Plan promotes a vision that the United States will become a place where children, especially those in communities with environmental justice concerns, can live, learn and play and remain safe from lead exposure and its harmful effects.
In June 2024, the CDC published the Childhood Lead Poisoning Prevention National Classroom program. This program features multiple training methods and outreach strategies, including slide presentations, training videos, webinars, podcasts, and materials posted online to engage a broad range of audiences, including public health professionals, other physicians, general audiences, and high school students, through social media platforms and many other outlets.
In February 2024, the EPA in collaboration with HUD and CDC/ASTDR published A U.S. Lead Exposures Hotspot Analysis, which identifies states and counties with the highest potential lead exposure risk from old housing sources of lead. This analysis applied science-based methods based on available data, continuing the agencies’ commitment to advancing whole of government efforts to focus lead actions in disproportionately impacted locations.
EPA continues to establish and lead U.S. whole-of-government partnerships to develop and apply a science-based blueprint to identify communities with high lead exposures and improve their health outcomes in support of EPA’s Lead Strategy and priority activities of the President’s Task Force on Environmental Health Risks and Safety Risks to Children.
Spearheading an International Effort to Reduce Global Lead Exposure – Amidst historic actions taken domestically to combat lead exposure in the United States, the Administration has built an unprecedented global coalition to tackle lead exposure in low- and middle-income countries, where one in two children has elevated levels of lead in their blood.
In September 2024, the U.S. Agency for International Development (USAID) joined UNICEF and over 60 partners and 26 countries to launch the Partnership for a Lead-Free Future, the first-ever public-private partnership dedicated to tackling lead exposure in low- and middle-income countries. The Partnership committed $150 million toward this effort—at least 10 times the average estimated annual investment to combat lead exposure internationally over the past five years.
Earlier this year, USAID, through its Enterprises for Development, Growth, and Empowerment (EDGE) Fund, provided $5 million to the Lead Exposure Elimination Project (LEEP) to accelerate the global transition to lead-free paint. Spanning over 30 countries in Africa, Asia, Latin America, Central Asia, and Europe, the LEEP partnership will support governments in introducing lead paint regulations and demonstrate how the private sector can reduce lead exposure, saving lives and protecting communities.

MIL OSI USA News –

January 25, 2025
MIL-OSI: Lender Market Launches Groundbreaking AI Financial Advisor for Businesses, Revolutionizing Bookkeeping in Seconds

Source: GlobeNewswire (MIL-OSI)

TOMS RIVER, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) — In a major leap forward for business owners and entrepreneurs, Lender Market has unveiled its cutting-edge AI ﬁnancial advisor, designed to automate bookkeeping and ﬁnancial management in record time. This advanced system is capable of processing multiple bank statements and categorizing ﬁnancial data in just ﬁve seconds, a game- changing feature for businesses of all sizes.

A Breakthrough in Financial Efﬁciency

For many businesses, bookkeeping is often a time-consuming and complex task, requiring meticulous attention to detail to categorize income, expenses, and transactions. Lender Market’s new AI advisor changes this narrative by offering an unprecedented level of speed and accuracy. With the ability to instantly analyze bank statements across multiple accounts, the AI can efﬁciently categorize debits, credits, and expenditures into clear and actionable insights.

Unlike traditional bookkeeping methods, which can take hours or even days, this innovative tool delivers results in just ﬁve seconds. For businesses managing multiple accounts and transactions, this means saving valuable time and resources that can be reallocated to more strategic aspects of operations.

How It Works: An Intelligent Financial Advisor

The AI-powered ﬁnancial advisor by Lender Market doesn’t just perform basic categorization. It intelligently reads statements and understands the context of transactions, ensuring accurate classiﬁcation. By examining debits, credits, and transaction histories, it provides businesses with a holistic ﬁnancial picture at a glance.

The tool can handle complex ﬁnancial data from various sources, making it an essential asset for businesses that deal with multiple revenue streams or expenses. The AI automatically categorizes transactions into predeﬁned categories or custom tags, enabling detailed ﬁnancial tracking and reporting that can be tailored to speciﬁc business needs.

Empowering Businesses with Real-Time Insights

Beyond just bookkeeping, Lender Market’s AI offers deeper ﬁnancial insights that help business owners make informed decisions. By analyzing patterns in ﬁnancial data, it can identify potential cost savings, highlight areas for investment, and suggest ways to optimize cash ﬂow. This empowers businesses to manage their ﬁnances with greater precision and foresight.

With these real-time insights, business owners can maintain tighter control over their ﬁnancial health, identify growth opportunities, and avoid potential pitfalls. The AI can also be integrated with Lender Market’s lending platform, allowing businesses to receive personalized loan recommendations based on their ﬁnancial performance.

A Game-Changer for SMBs

This innovative solution is particularly valuable for small and medium-sized businesses (SMBs), where time and ﬁnancial resources are often stretched thin. SMB owners can now access the same level of ﬁnancial intelligence as larger corporations, without the need for a full-ﬂedged accounting team.

The AI advisor offers a user-friendly interface, ensuring that even those without ﬁnancial expertise can beneﬁt from its features. Business owners can simply upload their bank statements, and within seconds, they receive categorized ﬁnancial reports that are easy to understand and act upon.

The Future of Financial Management

Lender Market’s AI ﬁnancial advisor represents the future of ﬁnancial management for businesses. By streamlining bookkeeping processes and offering real-time ﬁnancial insights, it empowers businesses to focus on growth and innovation. As more companies turn to AI-powered solutions, Lender Market is at the forefront of this revolution, helping businesses navigate their ﬁnancial landscapes with conﬁdence and ease.

With this latest launch, Lender Market solidiﬁes its position as a leader in ﬁnancial technology, offering businesses the tools they need to succeed in an increasingly competitive market.

About Lender Market

Lender Market is a pioneering ﬁnancial technology platform that leverages AI to provide businesses with tailored ﬁnancial solutions, from bookkeeping and advisory services to lending recommendations. The platform’s goal is to empower businesses with smarter ﬁnancial tools, enabling them to grow sustainably and efﬁciently.

Says Eli Ofel the CEO and founder of lender market. Also founder of leaa health and 02 market the price comparison platform.

For more information on how Lender Market’s AI ﬁnancial advisor can transform your business’s ﬁnancial management, visit Lender Market’s website.

PR Contact Information Media Contact:

Contact Person: Eli Ofel

Phone Number: 732.808.3305

Email: Eli@lender.market

The MIL Network –

January 25, 2025
MIL-OSI United Kingdom: RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

Source: Northern Ireland – City of Derry

RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

24 October 2024

Ryanair, Europe’s No.1 airline, today (23 Oct) launched its Winter 2024 schedule for City of Derry Airport with 2 exciting routes – Birmingham & Manchester – giving Northern Irish citizens/visitors more choice and regular connections at the lowest fares in Europe this Winter.

Ryanair relaunched its Birmingham route from City of Derry Airport in Summer 2024, which the airline will now extend it into the Winter season. Ryanair has also added an extra return service on its popular Manchester route, which will now operate 6 weekly flights to/from City of Derry Airport for Winter 2024 (Mon, Fri, Sun).

Today’s launch comes as Ryanair carries 5 million passengers through City of Derry Airport. Ryanair has operated to/from City of Derry Airport for the past 24 years, supporting important regional development and growth, including the airline’s support of over 65 local jobs, and driving of year-round connectivity and tourism.

To celebrate the launch of Ryanair’s Winter 2024 schedule for City of Derry Airport, the airline has launched a limited-time seat sale with fares available from just £19.99 available only at www.ryanair.com.

Ryanair’s Head of Communications, Jade Kirwan, said:

“As Europe’s No.1 airline, Ryanair is pleased to announce our Winter 2024 schedule for City of Derry Airport with 2 routes – Birmingham & Manchester. As well as extending our new Birmingham route for the Winter season, we’re also adding extra flights on our popular Manchester route, providing Northern Ireland citizens/visitors with even more choice at the lowest fares in Europe.

Today’s announcement comes as Ryanair carries our 5 millionth passenger through City of Derry Airport – a significant milestone and reflection of our 24 years of operating to/from City of Derry Airport. This year, Ryanair’s City of Derry Airport traffic will grow +66%, demonstrating Ryanair’s long-term commitment to boost Northern Ireland’s air traffic, tourism, jobs, and economy.”

City of Derry Airport’s Managing Director, Steve Frazer said:

“We are thrilled to have Ryanair providing much needed air connectivity from the ‘Gateway of the Northwest’ and Birmingham and Manchester for travellers across the region this Winter.

Passengers will benefit from a new Ryanair Birmingham service on a Monday, in addition to the existing Saturday service. This will be ideal for business travellers departing at the start of the week and returning at the weekend, as well as students who regularly commute, whilst offering leisure passengers a convenient weekend break.

Ryanair’s Manchester will continue to operate on a Monday, Friday and Sunday, again ideal for both business and leisure travel, with additional services available across the Christmas holiday period to meet the needs of our local catchment area.

We are extremely proud to have reached the momentous milestone of 5 million Ryanair passengers at City of Derry Airport, and we look forward to growing the airline’s presence in the Northwest for years to come.”

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI USA: Governor Hochul Participates in Axios Fireside Chat

Source: US State of New York

Earlier today, Governor Kathy Hochul participated in Axios’ Fireside Chat with Dan Primack. Axios is an American news website based in Arlington, VA. It was founded in 2014 and launched the following year by former Politico journalists Jim VandeHei, Mike Allen and Roy Schwartz. Axios’ BFD is a half-day event where reporters will convene industry leaders to unpack their hyper-relevant news and trends. This event offers attendees an inside track into some of the biggest topics on investors’ minds.

VIDEO of the event is available on YouTube here and available in TV quality (h.264. mp4) format here.

AUDIO of the Governor’s remarks is available here.

PHOTOS of the event are available on the Governor’s Flickr page.

A rush transcript of the Governor’s remarks is available below:

Dan Primack, Axios: As I’ve said a couple of times from this stage, we are a couple of weeks away from an election, so it felt apropos that we should have an actual politician on stage — not just somebody talking about politics. So please welcome the Governor of New York, Governor Kathy Hochul.

Governor Hochul: An actual politician?

Dan Primack, Axios: An actual politician. Sorry, is that offensive?

Governor Hochul: I prefer an elected official. It sounds a little nicer, but if you have to call me a politician, I’ve been called worse.

Dan Primack, Axios: Alright. So, governor, you’ve said — Governor’s Office says — but you’ve said you want to make New York the most business friendly state in the country. How do you gauge that? What’s your metric for that?

Governor Hochul: Well, sometimes it’s not what you do, it’s what you stop from happening. Like a major tax increase on high net worth people that I was able to, you know, stop in its tracks last year. Because I’m not in the business of driving successful people out of our state, I want to bring them back to the State. And so, it’s also, it’s economic policies, it’s also saying that, you know, “We’re going to break down some barriers for you and we’ll be there with financial incentives.” And we’ll talk about Micron, I presume, but there’s no way Micron was going to build the nation’s largest semiconductor facility — $100 billion of investment, the largest in our history, with 50,000 jobs — if there weren’t incentives from the Biden-Harris Administration. But that just meant that all 50 states could compete. I had to win that war and put $10 billion on the table for that entire industry. So you have to have incentives in place, you have to go after the businesses you want, and now I’m going after the whole supply chain to support Micron and others who are coming. So, it’s very intentional. You don’t say, “We’re in New York. Everybody’s going to come,” because we’re in a competitive race and I’m a very competitive person. So I don’t want to lose that and I’ll do whatever I have to do to make sure people know that we are the place, and I’ll be judged by how many jobs we create. I’m starting off with 50,000 right there, so I’m already ahead of the game.

We’ve also created more manufacturing jobs, stopping a 30 year decline in manufacturing. Now we’re talking about advanced manufacturing. So, we have the evidence to show that in the three years I’ve been governor, really putting the focus on this, we’re seeing results already.

Dan Primack, Axios: How do you, you know — a big part of what you’re working on, and we’ve heard a bunch today about this Empire AI Initiative. And as part of this, you got about $275 million from the State and there’s another $150 million from the private sector. It’s an enormous amount of money. However, it’s also less than 10 percent, say of what OpenAI, a California company, raised in the private sector on its own just two weeks ago. Can companies in New York compete with what’s happening in Silicon Valley when you see — in AI — when you see the enormous amounts of money going into these companies?

Governor Hochul: I’m not competing with the private sector to own AI. My view is — as I announced in my State of the State last January — that whoever owns this next chapter of AI for public good will own everything. So what we have —

Dan Primack, Axios: What does that mean for public good?

Governor Hochul: I will be very happy to tell you. I was just at the University of Buffalo two weeks ago with Marilyn Simons and Tom Secunda — the individuals who helped us innovate this, which no other state in the nation has entertained. I can tell you that Microsoft and OpenAI — they have amazing supercomputers dedicated to AI for their own profit; for the private sector. But we said, “We want to democratize AI, make it available to solve society’s problems, innovate new cancer therapies, help us predict weather better than we have been, so I know when that storm is coming and what I can do to prepare for it,” and all kinds of social problems that we can solve by being creative. So what I decided to do is put $275 million with the Legislature’s support — and that’s not always the easiest thing to do — then convince them to let go of that money and really take a leap of faith with me. But then the private sector raised $150 million — but we have university partners. This is what sets us apart. I have Cornell and NYU and RPI and Flight Iron Institute, Columbia, CUNY and SUNY schools all have bought into this, so they get a piece of the action. Their researchers, their students can use the power that I’ve created at a place called Buffalo, New York — where I’m from — and that is going to power the whole state’s research. And so nobody else touched this.

Dan Primack, Axios: Are you — and you mentioned Buffalo, New York, and we were talking backstage — are you concerned about the power needs for this supercomputer and other AI projects in the State?

Governor Hochul: Well, I picked Buffalo for a variety of reasons — and we just announced another supercomputer at the University of Albany — but because power is less expensive Upstate, It’s more plentiful; space is less expensive. So it’s all being used across the State. But as far as its home — I have Niagara Falls, which has been powering our state since since the original Tesla. So, we’ve been doing this since the turn of the last century.

So, I’m always concerned about capacity though as we’re attracting more and more, you know, large data centers and the supply chain companies that are now rushing to New York. I mean, I’ve been bringing companies from all over the world to Upstate New York now because of this whole innovation ecosystem we’re creating. But I have to focus on — not just our wind and solar and hydro and geothermal — but we’re going to have to look at other sources as well and be real aggressive about it because the states that are leaning into the energy sources are the ones that’ll win the race and we cannot lose that.

Dan Primack, Axios: From your perspective, what is the biggest mistake businesses make when dealing with New York State government?

Governor Hochul: When they’re dealing with our state government they have to have more skin in the game, and I want them to be fostering our social goals. And let me explain why Micron was so attractive to us: I’m a mom. I used to work on Capitol Hill for Senator Moynihan a long time ago. When my kids were born, I had no child care, had to leave the workforce for a while. We talk to companies like Micron and we say, “We want a number of things from you. We’ll help you. We want you to provide child care on site.” A lot of companies would say, “I’m not sure.” I said, “Do you want to diversify your workforce? Would you like to get more women? Would you like to get young women? Would you like to have it be a family friendly place?” Guess what they’re building right now? A child care center on site. We want them to draw from the neighbors, the neighboring communities that are underserved — the City of Syracuse. We want you to put in workforce development programs. We’re literally changing the curriculum in nine counties around where Micron will go, working with our teachers union, to say, “We’re going to teach young people coding and other computer science skills while they’re still in grade school and high school.”

So when Micron says, “Why would we come to Upstate New York?” You’re asking me to do all these things to further your social goal. But this is for your workforce. You’ll have a workforce that is not transitional. You’re not always going to have to be hiring someone. They’re not going to leave you after 18 months. They will stay. And that is part of the culture of Upstate New York, where I’m from, with the legacy industries, like the Bethlehem Steels — where my dad and grandpa worked — and Kodak and Bausch and Lomb. I say to them, “One of the drivers of why people should be coming to New York State is that we have a workforce that is brilliant. But also, they’ll stay with the company unlike what happens in other parts of the United States.”

Dan Primack, Axios: Let me tie two things together. You talked about skin in the game and you’ve talked about Buffalo and Upstate New York. One of the biggest deals I guess you’ve done as Governor is getting the stadium financing deal done for your Buffalo Bills. I will say your Buffalo Bills.

Governor Hochul: No, no. The only team that plays in New York.

Dan Primack, Axios: Fair enough. The only team that plays in New York.

Governor Hochul: Okay, and I love my other teams too, but just —

Dan Primack, Axios: Fair. Look, I’m from Boston, I — good, yeah, slam the Jets and the Giants, I’m good with this.

Governor Hochul: You want to go there? Okay. How are the Red Sox doing? How are the Red Sox doing?

Dan Primack, Axios: We don’t waste our money. Okay, so we — let me just ask though — when you talked about skin in the game, the package for the new Bills stadium is the most public financing ever for a football stadium in the U.S. Why don’t the taxpayers of New York get some skin in the game themselves? Why was there talk about negotiating some actual equity for the State of New York in this team?

Governor Hochul: Here’s what I’m going to explain to you: Look at the more recent data. This is not the largest subsidy for a team.

Dan Primack, Axios: But it’s huge. Let’s just stipulate very big.

Governor Hochul: Well, in proportion to the cost. And I was very smart when I negotiated this because I said, “There’s no cost escalation for the State.” So we’re in for $650 million of what’ll be well over a $2 billion stadium. The State of Tennessee kicked in a billion for their stadium. So we’re not in that league. But also, what happened was it wasn’t just waking up one day and — oh, let’s do a new stadium. They had a lease that expired. Other states were looking to recruit them. I know this for a fact. It’s a small market, the Buffalo Bills, there’s companies, states and cities that were luring them. I had to close the deal, because this is part of the identity of most of Upstate New York. Most of Upstate New York affiliates with this team, and this is important — an economic driver as well. We get a return on investment. After 17 years, I will have paid back that $650 million just in the income tax on salaries from the players.

Dan Primack, Axios: In that amount of time, the value of the team could be five times what it is now, and it’s the owner of the team who’s going to get to benefit the most.

Governor Hochul: Well, I’ve made sure that they are a Buffalo Bills team, not one of the other five cities that I was in competition with. Remember, I don’t lose anything — we don’t lose. This is an economic decision and the money will be paid back in 17 years, or perhaps sooner the way the salaries are going.

Dan Primack, Axios: Let me ask something else about balancing because you’ve talked about balancing, which is obviously the New York City congestion tax, or the congestion fee, rather, which you decided to kill shortly before it went into impact. How do you balance economic needs of the City and of the State with your climate goal?

Governor Hochul: Again, I’m going to correct a word here — kill versus pause.

Dan Primack, Axios: Okay, indefinitely pause. Is that indefinite going to come off?

Governor Hochul: I never used the word indefinitely. Those are people who are criticizing my decision to say that at this point — when we are dealing with escalating inflation, which was not even a factor — this is the first time in four years that inflation has really been a real burden for New Yorkers.

Fifteen dollars to start out of the blue. All of a sudden, turn it on — it didn’t take into consideration how New Yorkers are struggling right now. So, I said we’re going to put this on a pause for now, because I also have many other energy goals and climate goals that I’m focused on, but that does not mean it is dead. I know how to kill something. I did not kill it.

Dan Primack, Axios: You’ve said there’d be — I think you said, and correct me if I’m wrong — there’d be a replacement plan by year-end. Is that still on target?

Governor Hochul: Yes. We have until the year-end.

Dan Primack, Axios: You have until year-end. Do you expect that by year-end, there will be a replacement plan?

Governor Hochul: I will have revealed, to the world, the strategy that we’ve been working on for a long time with the Legislature, which is also involved. I want to be clear on that. The Legislature is not in session right now, but that was a decision that was based on the fact that $15 is too much for New Yorkers right now. And, even London — that people tout and look at what they did in London — they started at €8 at the time and gradually, over time, went up to that, so there’s not a shock to the system.

And, also, I’m focused on bringing the City back. People can work remotely, right? This wasn’t even an option when this congestion pricing was put in place in 2019. It wasn’t even an option. Of course you’re going to come to work. And it’s $3,800 more a year at $15.

That’s a lot for a teacher, or a health care worker, or a delivery person coming in from Queens or a plumber coming into town. So, I’m just the kind of Governor that’s going to look at the impacts of decisions — who’s being hurt by this? Can they defend themselves? Do they have lobbyists? Do they have access to the editorial boards? No, these folks don’t. I was their voice, but I’m also saying, I am so vested in making sure that we achieve our climate goals because I believe in them.

I grew up in a toxic environmental dump. The air was orange when I was growing up because of the smoke billowing out of the steel plant, which created 20,000 jobs, but nobody cared about the environmental impact. So, I’m going to make sure that New York continues to be nation leading and achieving our energy goals, our climate goals.

Dan Primack, Axios: Do you feel the remote work or the hybrid work revolution — call it post-COVID — do you feel that’s changed Manhattan permanently?

Governor Hochul: Yes. Yes, it has. But we can always reimagine Manhattan just like we did after 9/11 — and, I give Mayor Bloomberg a lot of credit for what he did during that era. When you look at this place, people did not live in lower Manhattan, they worked there but they never lived there. Now, it is a thriving 24/7 community.

We can do that in Midtown as well, and I’m convinced of this — that we can take with the laws I had to change because you couldn’t convert commercial into residential without a change in the law that I was able to secure just a few months ago. Now developers can look at a commercial building in Midtown and say, “You know what? It’s only 30 percent full. I’m not sure people are coming back. Let’s convert it into housing.”

Now I’ve got more affordability because I’ve created supply, which is everything.

Dan Primack, Axios: You mentioned Mayor Bloomberg. Let me ask about a more recent, current mayor. Business people talk all the time about wanting certainty. They often do it for their own purposes. How is it problematic for New York City’s business particularly, to have a mayor who is under indictment?

Governor Hochul: I speak to business leaders all day long, including this morning over a breakfast meeting. Some significant leaders. And I asked them that question: How are you feeling? And the answer was, “Well, three weeks ago, it was a hair on fire moment.” And I’ve stepped in to offer the stability to say, we’ll work with the Mayor to get through this because I come from a business family. I know uncertainty is paralyzing, but they are expressing to me that they now have confidence, there’s been changes in the administration.

They know that I’m keeping an eye on this situation because I want the City — and I represent 8.3 million New York City residents as well. These are my constituents. We will make sure that their services are provided. They will not see a disruption in what they’re accustomed to getting because they deserve to have the best. And I’m watching all this.

Dan Primack, Axios: You obviously originally were running mates, or you served under former Governor Cuomo. There’s lots of talk about him possibly running for mayor here. I’m not asking, obviously, who you would endorse. I’m asking, should voters consider him as a viable candidate if he chooses to run, given what happened in the past and some of the things you’ve said about what he did in the past?

Governor Hochul: I’m not here to pass judgment on people right now. But I will say this: New Yorkers deserve people with integrity and accomplishments and who do things for the right reasons. Who will do it for the benefit of the people and not their own self-serving reasons. So I will be looking for people like that.

Right now we have a mayor — we have an elected mayor of the City of New York. Everything could change or everything may not change. But we do know we have an election two weeks from now. Two weeks from now. And that is the one that we’re focused on, as well as my intensive, intensive work — not just for Kamala Harris.

I just got back from seeing her in Michigan and we were in Pennsylvania, but here in New York, we have the opportunity to give President Kamala Harris a Democratic House Representatives. And I am laser focused on making sure Hakeem Jeffries, our very own New Yorker who knows our community and its needs and knows I’m going to need money for the MTA for example. Give me more money for public transit. That’s my number one ask. I have to make sure we pick up some seats in the Hudson Valley. And in Long Island, I just came in from Long Island just a little short time ago. And, you know, the polls are showing that areas that were written off, are now in place. So the world is going to change in two weeks.

Dan Primack, Axios: Let me ask one quick final question because we are out of time. You have said you are, I think the term was “Not going anywhere.” Plan to run for reelection here. If Kamala Harris wins the White House and she calls you up, says, “Governor Hochul, we would like you to come down to D.C. and serve as secretary of X.” Are you going?

Governor Hochul: I’m going to say this and you can quote me 1,000 times: “President Harris, I’m honored that you’d consider me to join your brand new administration — historic. I’m so excited about you, but I’m going to do better for you continuing as the Governor of New York because you’re going to need allies in our state houses to make sure that we continue the great partnership that I’ve had with the Biden Administration. And I’m not going anywhere.”

Dan Primack, Axios: Governor. Thank you. Appreciate it

MIL OSI USA News –

January 25, 2025
MIL-OSI: AppFolio Unveils FolioSpace™ to Transform the Resident Experience and Help Customers Build Thriving Communities, Acquires LiveEasy to Accelerate its Vision
Source: GlobeNewswire (MIL-OSI)

FolioSpace gives AppFolio property management customers new ways to deliver exceptional value and experiences to their residents

AppFolio acquires LiveEasy to integrate convenient moving and home services into FolioSpace

SANTA BARBARA, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — AppFolio (NASDAQ: APPF), the technology leader powering the future of the real estate industry, today unveiled FolioSpace™, a next-generation resident experience that redefines how property managers and renters connect throughout the entire resident journey. FolioSpace will enable AppFolio’s 20,000 property management customers to create a unified and elevated experience for the millions of residents they serve — from application through renewal.

To accelerate its resident vision, on October 22, 2024 AppFolio acquired all of the outstanding shares of LiveEasy, a concierge platform providing moving and home services. By vertically integrating LiveEasy and offering its services as part of FolioSpace Resident Onboarding, AppFolio will reduce the stress of moving, deliver increased convenience, and save renters time and money.

FolioSpace: Reimagining How Property Managers Engage with Residents

A recent AppFolio survey reveals residents expect timely communication, on-demand digital experiences, and support during the move-in process. However, traditional resident management approaches often fall short, limiting operational efficiency and resident satisfaction. Meeting these expectations is critical for property managers to gain an edge in an increasingly competitive market.

FolioSpace reimagines how property managers engage with residents by bringing the entire resident journey into one application. By streamlining tasks and communication, FolioSpace replaces traditional manual processes with intuitive digital workflows, including:
- Resident Application & Screening: A seamless application and approval process for applicants while providing property managers the data they need to select trusted residents and protect themselves from fraud.
- Resident Onboarding: A configurable digital checklist to streamline leasing and welcome new residents, plus with LiveEasy, access to savings and dedicated support in setting up their utilities, internet and cable, and moving services.
- Resident Services Marketplace: A collection of essential services to improve residents’ living experience, while also creating value for property managers.
- Resident Inbox: A reimagined inbox gives residents a central location to communicate with their property managers for everything from maintenance requests to leasing questions. Property managers can use AppFolio Realm-X Messages, which leverages the power of genAI, to help them sort through, act on, and respond to routine resident communications.
“We envision a world where living in communities feels magical and effortless, freeing people to thrive,” said Chris Womack, Chief Growth Officer of AppFolio. “By welcoming LiveEasy and enhancing AppFolio’s one powerful platform through FolioSpace, we are taking an important step on our journey of delivering exceptional value and experiences to our property management customers and the residents they serve.”

“LiveEasy’s mission is to provide surprisingly simple moving and living experiences that combine technology and human touch for renters and homeowners,” said Venkatesh Ganapathy, CEO of LiveEasy. “With AppFolio’s commitment to innovation and expansive footprint, we believe this combination will propel that mission and enable us to exceed the expectations of both current and new customers.”

For More Information
- Learn more about FolioSpace
- Register for FUTURE Conference next week in San Diego to attend sessions focused on the resident experience:
  - “The Resident Experience Revolution: Leveraging Tech to Enhance Engagement and Retention”
  - “First Impressions Count: Revolutionizing Resident Onboarding with Digital Excellence”
  - “Stand Out from the Competition: 2024 Renter Preferences Research Insights”
- Watch the FUTURE opening mainstage event broadcast on LinkedIn Live on Tuesday, October 29 at 9:00am PT.
The transition to FolioSpace will be seamless for existing users of AppFolio’s current Resident Portal, requiring no new download or account creation. AppFolio will proactively work with customers to jointly bring the new experience to residents.

Additional Acquisition Information

LiveEasy is the trade name of Move EZ, Inc., which AppFolio acquired via merger for approximately $80 million, subject to customary adjustments.

About AppFolio

AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

About LiveEasy

LiveEasy is the country’s most comprehensive home services platform. LiveEasy partners with a range of businesses, including property management, brokerage, mortgage, home inspection, insurance, and more. Its turnkey solution enables businesses to customize, brand, and embed home services solutions into their workflows so they can offer a true end-to-end moving and home services solution to renters and homeowners. For more information about LiveEasy, visit liveeasy.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future,” “predicts,” “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release include statements relating to the potential benefits and effect of the FolioSpace resident application and the acquisition of LiveEasy and their impact on AppFolio’s plans, objectives, expectations and capabilities.

Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause AppFolio’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include AppFolio’s ability to successfully launch the FolioSpace resident application and integrate the LiveEasy business, AppFolio’s ability to implement its plans, objectives and expectations with respect to the FolioSpace resident application and the LiveEasy business, negative effects of the announcement of the FolioSpace resident application and/or the Live Easy acquisition on AppFolio’s business operations, operating results or share price, and unknown liabilities associated with the acquisition as well as those risks, uncertainties and other factors described in the section entitled “Risk Factors” in AppFolio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 1, 2024, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in AppFolio’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in its other filings with the SEC. You should read this press release with the understanding that AppFolio’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

AppFolio undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca49f9fd-edcc-4d48-b939-91518d73ceee

The MIL Network –
January 25, 2025
MIL-OSI: Microsegmentation Trailblazer Illumio Achieves ISO 27001 Certification

Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Illumio, Inc., the Zero Trust Segmentation (ZTS) company, today announced it has achieved ISO/IEC 27001:2022 (ISO 27001) certification. This certification represents Illumio’s continued commitment to meeting the highest levels of global security standards. Certification was issued by Schellman Compliance LLC following an extensive audit of Illumio’s ZTS platform, which includes Illumio Core^®, Illumio Endpoint^®, Illumio CloudSecure^® and Illumio for Microsoft Azure Firewall.

“Illumio is committed to prioritizing data security for our customers, partners and suppliers. Achieving ISO certification right after our recent FedRAMP authorization exemplifies our ongoing commitment to excellence and security,” said Ben Verghese, Chief Technology Officer at Illumio. “By following a structured framework and constantly advancing our practices, we ensure sensitive data is well-protected, building continued trust and a safer tomorrow.”

ISO 27001, from the International Organization for Standardization, is a globally recognized standard for the establishment and certification of an information security management system (ISMS). ISO 27001 certification shows that Illumio’s services align with internationally recognized best practices for information security management and security controls. Illumio extended their ISO 27001 certification to include the ISO/IEC 27701:2019 (ISO 27701) standard, demonstrating that the company’s services align with internationally recognized best practices for privacy information management system (PIMS) in the role of a personally identifiable information (PII) processor.

Illumio is purpose-built to prevent lateral movement by attackers once they breach an organization. The Illumio ZTS platform enables organizations to identify security gaps in real-time and contain attacks across cloud, data center, and endpoint environments. Combined with the power of AI, the ZTS platform simplifies the creation of security policies and enhances segmentation controls, equipping teams to isolate breaches by reducing and restricting lateral movement either proactively or in response to an attack.

To learn more about Illumio’s commitment to security, visit here for a complete list of certifications or read The Forrester Wave™: Microsegmentation Solutions, Q3 2024 report.

About Illumio
Illumio, the most comprehensive Zero Trust solution for ransomware and breach containment, protects organizations from cyber disasters and enables operational resilience without complexity. By visualizing traffic flows and automatically setting segmentation policies, the Illumio Zero Trust Segmentation Platform reduces unnecessary lateral movement across the multi-cloud and hybrid infrastructure, protecting critical resources and preventing the spread of cyberattacks.

Contact Information
comms-team@illumio.com

The MIL Network –

January 25, 2025
MIL-OSI: Usio to Host Third Quarter Fiscal 2024 Conference Call to Discuss Results and Provide Company Update on November 6, 2024

Source: GlobeNewswire (MIL-OSI)

SAN ANTONIO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading FinTech that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release third quarter fiscal 2024 financial results for the period ended September 30, 2024, after the market closes on Wednesday, November 6, 2024.

Usio’s management will host a conference call the same day, November 6, 2024, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

To listen to the conference call, interested parties within the U.S. should call 1-844-883-3890. International callers should call 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at https://usio.com/events-2/.

A replay of the call will be available approximately one hour after the end of the call through November 20, 2024. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is: 7062327.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact

Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804

The MIL Network –

January 25, 2025
MIL-OSI: ibex Ranked #2 in Forbes America’s Best Employers for Tech Workers List

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it has been ranked at No. 2 on the 2024 Forbes list of America’s Best Employers for Tech Workers, placing it ahead of global tech industry giants.

To create the list, Forbes surveyed more than 25,000 tech workers in the United States employed at companies across all sectors with at least 1,000 people. Survey respondents were asked how likely they would be to recommend their current employer, their previous employer, and companies they knew through peers in their industry, or through friends or family who worked there. Respondents assessed their companies’ general work environment and topics like career development, salary, image, diversity, openness and technological prowess.

“We are thrilled to be recognized by Forbes as one of America’s top employers for tech workers,” said ibex Chief Technology Officer Andy Wilkens. “This ranking is a testament to our tech-led strategy combined with an unwavering commitment to employee success and well-being. ibex has been a pioneer in leveraging technology and AI to enable our global team to deliver the best CX for our clients. We recently introduced the ibex Wave iX solutions suite, which harnesses the power of Gen AI to deliver next-generation customer experiences for top global brands.”

ibex Wave iX seamlessly integrates innovative AI-powered solutions with ibex’s industry-best talent to facilitate advanced, hyper-personalized, and intelligent interactions that cultivate stronger connections between brands and their customers.

“From comprehensive benefits and career growth opportunities to our innovative employee engagement programs, we strive to create an environment where top tech talent can thrive and make a real impact,” said ibex Chief People Officer Paul Inson. “ibex is deeply committed to providing cutting-edge technology, tools and training to support career growth and development. We are proud that 85 percent of our frontline leaders began their careers as agents within the company, demonstrating the opportunity for career advancement across the organization.”

Another key aspect of ibex’s outstanding workplace is the company’s commitment to listening to employee feedback. ibex conducts its annual iVoice employee survey to gather input from its workforce, and more importantly, takes concrete actions based on that feedback. ibex also conducts quarterly employee pulse surveys, ensuring that the company remains closely attuned to its team’s evolving needs and expectations.

For more information about ibex and career opportunities, visit www.ibex.co.

About ibex
ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

ibex Media Contact:
Dan Burris
daniel.burris@ibex.co

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e704c285-850f-4151-afdc-753676638fd8

The MIL Network –

January 25, 2025
MIL-OSI: AvidXchange Announces Winners of the Inaugural Change Maker Awards
Source: GlobeNewswire (MIL-OSI)

CHARLOTTE, N.C., Oct. 23, 2024 (GLOBE NEWSWIRE) — AvidXchange, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced the winners of the inaugural Change Maker Awards, recognizing individuals who have driven innovative and transformative change in the AP industry.

Change Makers:
For this award program, AvidXchange honors those who embodied being a “change maker,” or someone who facilitates or brings about change in their AP department through innovative processes, automated procedures or other creative solutions.
- Alexis Bates, Director of Construction and Development Accounting, Robert High Development: In response to the demand for faster, more secure subcontractor payments, Alexis spearheaded the implementation of AvidXchange’s end-to-end AP automation solution built for construction. The payment process is now more streamlined, saving her company over $100,000 annually in hard costs like check stock and postage and eliminating the need to hire additional staff due to increased efficiency. Additionally, with a more robust approval process, her team has experienced fewer errors and implemented a stronger system for checks and balances.
- Ella Hu, Corporate Accountant, HH Red Stone: Ella played a key role in implementing AvidXchange’s payment automation solution, replacing manual processes that were prone to errors and delays. The adoption of a more efficient process resulted in annual savings of $45,000 and reduced payment processing time from 14 days to just 5. Ella’s efforts also led to a 30% increase in supplier satisfaction, as suppliers now receive more timely payments with clearer status updates.
- Farzana Sarpas, Staff Accountant – Development Accounting, Rancho Mission Viejo: Farzana led the implementation of AvidXchange’s end-to-end AP automation solution built for construction. She played a key role in integrating an innovative system that utilizes a newly created company portal designed to automatically import, code, and route invoices to AvidXchange, fully automating the AP process and saving approximately 40 hours each week. In addition to eliminating a variety of time-consuming tasks, Farzana created personalized virtual trainings and user guide manuals for her company and suppliers, ensuring a seamless transition to the new AP software.
- Ja’Net Penn, Accounting Manager, Peak Property Management: Under Ja’Net’s innovative leadership, Peak Property successfully transitioned to a fully automated, paperless AP process with AvidXchange. This shift reduced invoice approval times by 30% and improved customer retention, allowing the company to focus on stable revenue streams rather than new client acquisition costs. Ja’Net also introduced a key KPI to track unapproved invoices, increasing accountability in the approval process and improving relationships with suppliers and property owners, with on-time payments reaching 95%.
- Kelly Brummer, Controller AVP, Premier Bank: Kelly’s efforts to modernize the accounts payable and expense reimbursement processes with AvidXchange had a transformative impact on Premier Bank, resulting in annual savings of approximately $79,000. Administrative tasks for all employees were reduced from 40 hours per week to just 10, freeing up valuable time for the finance team to focus on more strategic work. Her CFO praised her for driving a more efficient and delivering a seamless experience for the team.
- Shannon Powers, Manager of HRIS & AP, Energo: Shannon implemented enhanced workflows within AvidXchange’s invoice automation solution, reducing invoice approval time to under 24 hours. The streamlined process has also improved accuracy, with error rates now nearly “non-existent”. Reporting now takes just 15 minutes, down from an hour, increasing operational efficiency and saving on payroll costs. Shannon implemented enhanced workflows within AvidXchange’s invoice automation solution, reducing invoice approval time to under 24 hours. The streamlined process has also improved accuracy, with error rates now nearly “non-existent.” Reporting now takes just 15 minutes, down from an hour, increasing operational efficiency and saving on payroll costs.
“Innovation in accounts payable goes beyond improving processes—it’s about making change that has a lasting impact on both financial and operational success,” said Michael Praeger, Co-Founder, Chairman, and Chief Executive Officer of AvidXchange. “Our inaugural class of Change Makers embodies this forward-thinking mindset, and we are proud to honor these individuals whose bold contributions will continue to shape the future of our industry.”

In recognition of their outstanding contributions to the accounts payable industry, each winner will be showcased on the iconic Nasdaq Tower, as well as have $1,000 donated to the charity of their choice on behalf of AvidXchange.

Nominations for the 2025 Change Maker Awards will open in August 2025.

To learn more, visit avidxchange.com/awards.

About AvidXchange
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s software-as-a-service-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit avidxchange.com.

Contact:
Kevin Logan
Manager, Corporate Communications
pr@avidxchange.com

The MIL Network –
January 25, 2025
MIL-OSI: Fortinet Report Finds Nearly 70% of Organizations Say Their Employees Lack Fundamental Security Awareness
Source: GlobeNewswire (MIL-OSI)

SUNNYVALE, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) —

John Maddison, Chief Marketing Officer at Fortinet
“As threat actors harness new technologies like AI to augment the sophistication of their attacks, it’s increasingly crucial that employees serve as a robust first line of defense. Fortinet’s new research underscores the importance of creating a culture of cybersecurity and the need to deploy organization-wide security awareness and training. These findings reinforce the importance of our award-winning Security Awareness and Training service for enterprises, including the free educational version available at no cost to primary and secondary schools around the world, and its role in strengthening cyber resilience.”

News Summary
Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today released its annual 2024 Security Awareness and Training Global Research Report, highlighting the crucial role a cyber-aware workforce plays in managing and mitigating organizational risk.

Key findings from the global report include:
- As malicious actors use AI to increase the volume and velocity of their attacks, leaders believe these threats will be harder for their employees to spot. More than 60% of respondents expect more employees to fall victim to attacks in which cybercriminals use AI. However, the good news is that most respondents (80%) also say enterprise-wide knowledge of AI-augmented attacks has made their organizations more open to implementing security awareness and training.
- Employees can be an organization’s first line of defense, but leaders are increasingly worried that their employees lack security awareness. Nearly 70% of those surveyed believe their employees lack critical cybersecurity knowledge, up from 56% in 2023.
- Leaders recognize the importance of security awareness training but believe specific attributes make some training programs more effective than others. Three-quarters of leaders say they plan their security awareness campaigns, delivering content monthly (34%) or quarterly (47%). Executives also point to high-quality content playing a leading role in the success or failure of the program.
The Latest Threats That Employees Must Battle
One prominent way cybercriminals use AI is to make phishing schemes more believable and harder to detect. Because phishing targets individual users directly, organizations are heavily focused on teaching employees how to recognize and avoid falling victim to these attacks.
- End-users remain attractive targets. More than 80% of organizations faced attacks last year, such as malware, phishing, and password attacks that directly targeted individuals.
- As attacks evolve, security awareness and training will only become more vital. Nearly all (96%) of those surveyed say their leadership team supports employee security awareness training.
- Nearly all respondents (98%) say phishing prevention is a component of their training programs and plans. Other top training priorities include data security (48%) and privacy (41%).
Employees Can Serve as a Strong First Line of Defense against Attacks
While security and IT teams are crucial to safeguarding organizations against cyberthreats, an enterprise’s employees also play an important role in preventing breaches.
- Employees are open to cybersecurity awareness and training opportunities. Most leaders (86%) say their employees positively view security awareness and training.
- Organizations see positive results when they implement security and awareness training programs. An overwhelming majority of leaders (89%) say their organization saw at least some improvement in its security posture after security awareness and training were implemented. Not a single respondent claimed to see no improvement.
Cyber Awareness Training Is Vital, but Not All Programs Are Created Equal
Most organizations are motivated to introduce security awareness and training based on their experience of being breached or knowledge of threats in their industry or sector. Almost all decision-makers (96%) say their leadership team supports implementing training to raise employees’ cybersecurity awareness.

According to this year’s survey, 97% of leaders think increased employee awareness would strengthen the organization’s cybersecurity posture. Yet respondents also agree that there are key attributes of training programs that are important for effectiveness.
- Engaging content is paramount. While 86% of decision-makers say they are satisfied with their current security awareness and training solution, the biggest complaint was a lack of engaging content among those not satisfied.
- Consider the time commitment required. Avoid training fatigue by considering the amount of time required from learners. Demanding too much time from employees can overburden them. Between 1.1 and 2.0 hours is the most common time proposed, with three hours as the average.
Develop a Cyber-Aware Workforce with the Fortinet Security Awareness and Training Service
One breach incident alone has significant repercussions for a business. It is vital to build a three-pronged defense strategy that includes security awareness and training for all employees, technical cybersecurity skills for IT and security staff, and advanced security solutions for the network.

Beyond teaching individuals what to do when they encounter threats, awareness and training lay the foundation for creating a culture of cybersecurity throughout the organization. Fortinet offers its Security Awareness and Training service to businesses that want to develop a cyber-aware workforce. Designed by the Fortinet Training Institute’s world-class trainers, this service covers a broad range of topics, offers content customization opportunities, and reinforces learnings with periodic reminders and checks. Organizations using the service also have access to a variety of dashboards to track learner progress and reporting to address cyber insurance and compliance needs.

About the Fortinet Cyber Awareness Survey:
- The survey was conducted among more than 1,850 executive-level and management-level professionals from 29 different countries at organizations with security awareness and training.
- Survey respondents came from a range of industries, including manufacturing (17%), financial services (13%), and technology and professional services (11%).
Additional Resources
- Learn more about Fortinet’s free cybersecurity training, which includes broad cyber awareness and product training. As part of the Fortinet Training Advancement Agenda (TAA), the Fortinet Training Institute also provides training and certification through the Network Security Expert (NSE) Certification, Academic Partner, and Education Outreach programs.
- Visit fortinet.com/trust to learn more about Fortinet innovation, collaboration partners, product security processes, and enterprise-grade products.
- Learn more about Fortinet’s commitment to product security and integrity, including its responsible product development and vulnerability disclosure approach and policies.
- Learn more about FortiGuard Labs threat intelligence and research and Outbreak Alerts, which provide timely steps to mitigate breaking cybersecurity attacks.
- Learn more about Fortinet’s FortiGuard Security Services portfolio.
- Read about how Fortinet customers are securing their organizations.
- Follow Fortinet on X, LinkedIn, Facebook, and Instagram. Subscribe to Fortinet on our blog or YouTube.
About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

The MIL Network –
January 25, 2025
MIL-OSI: LEARN selects Nokia to deploy new high-capacity network to foster research and education in Texas
Source: GlobeNewswire (MIL-OSI)

Press Release
LEARN selects Nokia to deploy new high-capacity network to foster research and education in Texas
- Multi-year agreement sets Nokia as a key collaborator for LEARN’s high-capacity IP/MPLS network to meet growing capacity demands supporting research and education purposes.
- Enables high-speed access to foster scientific discovery and pedagogical developments in the state.
- Nokia industry-leading IP routing technology delivers 400G interfaces today with ability to seamlessly upgrade to 800G in the future.
23 October 2024
Dallas, Texas – Nokia today announced its collaboration with The Lonestar Education and Research Network (LEARN), the statewide Research and Education Network for the state of Texas, to upgrade LEARN’s existing packet platform. The collaboration is part of LEARN’s strategic NextGen Network initiative, which aims to replace routers across the LEARN backbone and modernize the existing statewide network, significantly advancing the network’s infrastructure and the ability to serve its members. Nokia’s solution will enhance the levels of scalability, security, and reliability over a 400GE backbone, as part of a broad project redesign led by LEARN to serve its more than 300 organizations that directly or indirectly rely upon its network.

The collaboration with Nokia represents a significant milestone as LEARN celebrates the upcoming 20^th anniversary of its passage of first light. The relationship with Nokia highlights LEARN’s commitment to providing advanced, high-performance networking technology solutions for research and education. The next generation of the network will meet the highest performance and reliability standards, benefiting LEARN members by enhancing network performance, ensuring seamless integration, providing future-proof technology, increasing operational efficiency, and improving network reliability and resiliency.

The LEARN network spans over 3,200 fiber route miles, serving over 300 direct and affiliate member organizations throughout Texas, including public and private higher education institutions, colleges, and K–12 public schools. The enhanced IP/MPLS core network from Nokia delivers the performance, scale, and speed that are required to support cloud-hosted applications, compute-intensive processing, and the exchange of massive data sets required by LEARN Member Institutions.

Kerry Mobley, President and CEO of LEARN, said: “LEARN is looking ahead to ensure we continue to meet the evolving demands of research, education, and collaboration for years to come. As network traffic increases due to technological advancements, we are committed to providing scalable and resilient services to support the needs of our members. Partnering with Nokia to help modernize our next-gen network allows us to implement cutting-edge, future-ready solutions that enhance our ability to empower the research and education communities across Texas.”

Matt Young, Head of Enterprise Sales for North America at Nokia, said: “Research and Education networks like LEARN are experiencing unprecedented data growth with advancements in cloud and AI, which is compounded by the compute intensive processing and exchange of huge data sets within their communities. Our leadership in networking technologies and the extensive experience providing some of the highest performance networks on the planet have allowed us to gain momentum in the market, providing our customer with a robust network infrastructure with enhanced scalability, security, and reliability. We are pleased to be a part of LEARN’s network evolution project as they help foster scientific research, collaboration and innovation in Texas.”

Resources and additional information
The Nokia IP/MPLS platform leverages in-house developed leading-edge FP5 network processing silicon and is designed to scale in support of the most demanding workloads. A layer of network protection is integrated directly into the chipset, ensuring the integrity of research data as security threats – such as DDoS attacks and data breaches – grow in size and severity. Innovations in power consumption deliver a 75 percent reduction in energy use over earlier routing chipsets.

National/regional research and education networks (NRENs) are non-commercial networks created for the advancement of knowledge. They demand performance, sometimes on the edge of what is commercially practical. They require unusual bandwidth capacity, scalability, flexibility, and data security without the constraints often found in commercial service offerings. Advances in photonic transport and switching, combined with IP routing and open software control, bring NRENs the ability to better serve their communities with a powerful communications infrastructure that will further education, scientific and industrial research, commerce, and overall quality of life – fostering collaboration among institutions.

Webpage: IP networks
Webpage: Advance discoveries with future-ready research and education networks
Product page: EVPN: a powerful foundation for network services and infrastructure

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

About LEARN

The Lonestar Education and Research Network (LEARN) is a consortium of 43 organizations in Texas, including public and private higher education institutions, colleges, the National Oceanic and Atmospheric Administration (NOAA), K-12 public schools, and research organizations. LEARN provides high-speed networking & technology services to support education, research, healthcare, and government communities.

Media inquiries
Nokia Press Office
Email: Press.Services@nokia.com

Follow us on social media
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The MIL Network –
January 25, 2025
MIL-OSI: Micron SSDs Qualified for Recommended Vendor List on NVIDIA GB200 NVL72

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, Oct. 23, 2024 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU), today announced that its 9550 PCIe Gen5 E1.S data center SSDs have been added to the NVIDIA recommended vendor list (RVL) for the NVIDIA GB200 NVL72 system and its derivatives.

The GB200 NVL72 uses the GB200 Grace Blackwell Superchip to deliver rack-scale, energy-efficient AI infrastructure. The enablement of PCIe Gen5 storage in the system makes the Micron 9550 SSD an ideal fit for optimizing performance and power efficiency in AI workloads like large-scale training of AI models, real-time trillion-parameter language model inference and high-performance computing (HPC) tasks.

Micron 9550 delivers world-class AI workload performance and power efficiency:

Compared with other industry offerings, the 9550 SSD delivers up to 34% higher throughput for NVIDIA Magnum IO ^™ GPUDirect ^® (GDS) and up to 33% faster workload completion times in graph neural network (GNN) training with Big Accelerator Memory (BaM).¹ The Micron 9550 SSD saves energy and sets new sustainability benchmarks by consuming 81% less SSD energy per 1TB transferred than other SSD offerings with NVIDIA Magnum IO GDS and up to 43% lower SSD power in GNN training with BaM.¹

“Micron’s memory and storage products play a critical role in meeting the growing requirements of demanding AI workloads from the data center to the edge,” said Jeremy Werner, corporate vice president and general manager of Micron’s Storage Business Unit. “By integrating the Micron 9550 SSD on the GB200 NVL72, server companies can integrate a high-performance, energy-efficient Gen5 data center storage solution into their AI server systems.”

“Ultra-fast and energy-efficient NVMe storage is crucial to the NVIDIA GB200 NVL72 rack-scale design,” said Keith Morris, vice president of Product Management at NVIDIA. “The Micron 9550 SSD can be integrated by our solution partners into their systems based on the GB200 NVL72 reference architecture to enable higher performance and efficiency.”

In addition to the Micron 9550 PRO PCIe Gen5 3.84TB, 7.68TB, and 15.36TB E1.S SSDs, the Micron 7450 PRO 3.84TB E1.S and 1.92TB M.2 SSDs have also been listed on the same NVIDIA RVL. Micron is working closely with server ODMs and OEMs to qualify the Micron 9550 and 7450 SSDs into their NVIDIA GB200 NVL72 solutions.

The NVIDIA GB200 Grace Blackwell Superchip will also ship with Micron’s LPDDR5X memory to provide a unique combination of high capacity, low power and enhanced RAS (reliability, availability and serviceability) capabilities for AI server infrastructure.

For more information, visit these additional resources:

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron^® and Crucial^® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2024 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Media Relations Contact
Kelly Sasso
Micron Technology, Inc.
+1 (208) 340-2410
ksasso@micron.com

¹ Competitive comparisons with performance-focused 1 DWPD 7TB SSDs from Kioxia and Samsung available in the market and as tested in Micron labs.

The MIL Network –

January 25, 2025
MIL-OSI: Alation Launches Season 3 of Data Radicals Podcast to Spotlight Data and AI’s Impact on Business and Society
Source: GlobeNewswire (MIL-OSI)

REDWOOD CITY, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Alation Inc., the data intelligence company, today announced the launch of Season 3 of the Data Radicals podcast. The new season, hosted by Satyen Sangani, Alation’s CEO and co-founder, focuses on AI’s transformative power to unlock business value, featuring firsthand accounts and practical insights from leaders and practitioners implementing AI in their organizations. This season will explore how organizations leverage trusted data and AI to drive innovation and realize new business opportunities.

Data Radicals has become a go-to resource for business leaders seeking insights into AI, data governance, and building data-driven cultures. Available on Apple Podcasts, Spotify, and Alation.com/podcast, Season 3 delivers in-depth conversations with industry visionaries tackling the most pressing data problems in business today. This season’s guests include Dr. Geraldine Wong (CDO of GXS Bank), Stewart Bond (Research VP of IDC), Jeremy Kahn (AI Editor at Fortune), Chris Wiggins (Chief Data Scientist at the New York Times), Dr. Raza Habib (CEO and co-founder of Humanloop), and Tom Davenport (author of All-in on AI), who explore how AI use cases drive smarter decision-making, maximize business value from data initiatives, and reshape industries while creating societal change.

“AI has unlocked extraordinary potential for organizations to reimagine how they use data,” said Satyen Sangani, host of Data Radicals and CEO of Alation. “This season, we explore how AI enables businesses to innovate and disrupt industries and the critical role of trusted data in fueling AI. We’re thrilled to hear from leaders driving AI’s accessibility, trust, and transformative impact. Season 3 will cover the most cutting-edge topics in data and AI, from practical applications like AI-powered chatbots and fraud detection in banking to realizing tangible value from AI initiatives.”

“I applaud Data Radicals for helping to highlight both the opportunities and the risks AI presents,” said Jeremy Kahn, AI Editor at Fortune and author of the book Mastering AI: A Survival Guide to Our Superpowered Future. “We desperately need public education and discussions like those Data Radicals if we are to hope to avoid AI’s dangers and realize its positive potential. It was a pleasure to be on the podcast to help advance this vital conversation.”

“Being a guest on Data Radicals was truly enjoyable,” said Wendy Batchelder, Senior Vice President and Chief Data Officer at Centene. “As a leader who has navigated many of the same data and AI challenges other executives face, it was an honor to discuss the critical role of trusted data in driving organizational innovation. We explored the importance of breaking down silos, understanding organizational dynamics, and the pivotal role data governance and DE&I play in creating impactful business outcomes.”

Upcoming guests for season three of Data Radicals include:
- Dr. Geraldine Wong, Chief Data Officer at GXS Bank
- Stewart Bond, Senior Vice President, Data Integration and Intelligence Software Research at IDC
- Jeremy Kahn, AI Editor at Fortune
- Chris Wiggins, Chief Data Scientist at The New York Times
- Dr. Raza Habib, CEO and co-founder of Humanloop
- Tom Davenport, Distinguished Professor of Information Technology and Management at Babson College, author of All-in on AI, and contributor to Harvard Business Review
Tune into Data Radicals to stay at the forefront of data and AI innovation and discover how these technologies drive business value and reshape the world. Episode one of Season 3, featuring Dr. Geraldine Wong, Chief Data Officer at GXS Bank, is available today anywhere you listen to podcasts.

Sign up for the Data Radicals newsletter here.

See new episodes at alation.com/podcast.

About Alation
Alation is the data intelligence company. Nearly 600 global enterprises — including 40% of the Fortune 100 — rely on Alation to realize value from their data and AI initiatives. Customers such as Cisco, DocuSign, Nasdaq, Pfizer, and Samsung trust Alation’s platform for self-service analytics, cloud transformation, data governance, and AI-ready data, fostering data-driven innovation at scale. Headquartered in Redwood City, California, Alation has been recognized five times by Inc. Magazine as one of the Best Workplaces. To learn more, visit www.alation.com.

Media Contact
Lauren Lloyd
Director, Corporate Communications
541-490-6115
lauren.lloyd@alation.com

The MIL Network –
January 25, 2025
MIL-OSI Economics: The new iPad mini is available today

Source: Apple

Headline: The new iPad mini is available today

QUICK READ October 23, 2024

Beginning today, the ultraportable new iPad mini, powered by the A17 Pro chip and built for Apple Intelligence, is now available. Starting at just $499 with double the storage of the previous generation, the new iPad mini delivers incredible value and the full iPad experience in an ultraportable design.

A17 Pro delivers a huge performance boost for iPad mini, unlocking entirely new experiences — including pro apps used by designers, pilots, doctors, and others — and making it faster than ever for users to edit photos, dive into more immersive AR applications, and more. A17 Pro also brings support for Apple Intelligence, the easy-to-use personal intelligence system that understands personal context to deliver intelligence that is helpful and relevant while protecting user privacy. Deeply integrated into iPadOS 18, Apple Intelligence harnesses the power of Apple silicon and Apple-built generative models to understand and create language and images, take action across apps, and draw from personal context to simplify and accelerate everyday tasks. The first set of Apple Intelligence features will be available in U.S. English as a free software update this month with iPadOS 18.1 on the new iPad mini, with more features rolling out in the coming months.¹

With faster connectivity, users can do even more on iPad mini while on the go. The new iPad mini supports Wi-Fi 6E, so users can download files, play games online, and stream movies even faster, and the USB-C port delivers 2x faster wired connections than the previous generation, with data transfers up to 10Gbps.

The 12MP wide back camera on the new iPad mini now supports Smart HDR 4 and uses machine learning to detect and scan documents right in the Camera app.

The versatility and advanced capabilities of the new iPad mini are taken to a whole new level with support for Apple Pencil Pro, and iPadOS 18 brings powerful features that enhance the iPad experience.

Available in blue, purple, starlight, and space gray, the new iPad mini starts at $499 (U.S.) for the Wi-Fi model, and $649 (U.S.) for the Wi-Fi + Cellular model. The new iPad mini starts with 128GB of storage — double the storage of the previous generation. The new iPad mini is also available in 256GB and 512GB configurations. For full details, visit apple.com/shop/buy-ipad.

MIL OSI Economics –

January 25, 2025
MIL-OSI: c/side Selected for TechCrunch Disrupt 2024 Startup Battlefield, Will Showcase AI-Driven Solution for Securing Vulnerable Third-Party Web Scripts

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 23, 2024 (GLOBE NEWSWIRE) — c/side, a cybersecurity company with tools for monitoring, optimizing, and securing vulnerable browser-side third-party scripts, today announced its participation in TechCrunch’s upcoming Startup Battlefield 2024. Selected from thousands of startup applicants, c/side will demo its innovative AI-driven solution to a rapidly accelerating web security threat vector as part of TechCrunch Disrupt, held October 28-30 in San Francisco.

c/side is also co-hosting a social + learning event for the cybersecurity community at Disrupt alongside two other AI-centric security startups, FireTail and Socket, at the offices of Uncork Capital (a c/side investor). The event will be at 6:30pm on October 30th, the final day of Disrupt.

Founded earlier this year by cybersecurity expert Simon Wijckmans, c/side addresses one of the most challenging and consequential risks to business’ client-side web security. The company’s advanced proxy service and AI-driven threat detection engine offer a comprehensive toolkit to identify and neutralize malicious scripts in real-time—significantly enhancing website security and performance.

Accelerated growth following recent venture funding

c/side’s selection for TechCrunch’s Startup Battlefield follows the company’s successful $6 million seed funding round, led by Uncork Capital with participation from Mantis VC, Scribble Ventures, Roar Ventures, and PrimeSet. The round brings c/side’s total funding to $7.7 million since launching a few months ago, underscoring the criticality of c/side’s solution and the confidence investors have in its innovative approach.

“Startup Battlefield selection is a tremendous honor and a validation of our mission to secure the browser supply chain,” said Wijckmans, founder and CEO, c/side. “Recent high-profile attacks have highlighted the urgency of our work. At Disrupt, we look forward to showcasing how our AI-powered solution is making web security more accessible and effective for businesses of all sizes.”

Addressing a critical security gap

c/side’s technology tackles the growing threat of browser supply chain attacks, where malicious actors exploit vulnerabilities in third-party scripts to redirect website visitors, steal sensitive information, or manipulate website content. The company’s solution not only bolsters security but also simplifies compliance with stringent industry regulations like PCI DSS 4.0.

Experience c/side at TechCrunch Disrupt

Attendees of TechCrunch Disrupt at Moscone West in San Francisco are invited to see c/side’s technology in action. The c/side team will demonstrate how their solution revolutionizes client-side security, offering unparalleled protection against this sophisticated threat vector. c/side’s free tier is also now fully operational and available—anyone can sign up and begin securing their site in minutes. Business, Enterprise, and Partner tiers are in development; those interested can contact c/side here.

About c/side

c/side is a forward-thinking cybersecurity startup focused on browser-side detection and protection. Led by industry expert Simon Wijckmans, c/side is pioneering technologies to shield against sophisticated cyber threats, ensuring unparalleled security standards for users across the web.

Contact
Kyle Peterson
kyle@clementpeterson.com

The MIL Network –

January 25, 2025
MIL-OSI: Cloudbeds unveils industry’s first ‘smart hospitality engine’, powered by causal and multimodal AI
Source: GlobeNewswire (MIL-OSI)

San Diego, CA, Oct. 23, 2024 (GLOBE NEWSWIRE) — Cloudbeds has today revealed plans to become the world’s first property management system (PMS) to connect every facet of hotel operations into a single intelligence network, powered by causal and multimodal AI.

Unveiled at Cloudbeds’ Passport User Conference on October 23, the technology provider’s first-of-its-kind ‘smart hospitality engine’, Cloudbeds Intelligence, will sit at the core of its platform, empowering hoteliers with real-time insights and actionable recommendations across their entire operations.

The innovative platform layer harnesses multimodal AI, which integrates and processes multiple types of data including images and text, and causal AI, which identifies the cause-and-effect relationships within data, to enable accurate and informed decision-making to drive unified commercial strategies for hoteliers. By allowing hotels to better understand and react to price elasticity in the market, the model is projected to increase RevPAR by up to 15% and boost occupancy rates by up to 10%, while maintaining efficient workflows with existing hotel staff.

Cloudbeds Intelligence marks a breakthrough in eliminating the traditional silos of hotel management, empowering properties to take specific, data-backed actions across every function of their business – including revenue management, marketing, operations, and guest experience.

Adam Harris, Co-Founder and CEO of Cloudbeds, said: “Today, we’re redefining the standards for decision-making in hospitality. We’re not just giving hoteliers data-driven insights; we’re enabling them to take precise actions that deliver a unified, commercial strategy – from setting dynamic room rates to launching targeted marketing campaigns. Cloudbeds Intelligence will unlock new revenue potential for hoteliers across every aspect of their business.”

Amit Popat, Head of Machine Learning at Cloudbeds, added: “What Cloudbeds Intelligence does is far beyond traditional forecasting. By bringing together data from every department of the property and combining it with our rich data lake of forward-looking demand signals such as competitor rates, search data, events and holidays, Cloudbeds Intelligence can unlock the cause-and-effect relationships affecting not only the property’s revenue strategy, but also marketing, operations and guest experience. And more importantly – it can help pick the optimum combination of strategies to drive the property’s profitability. Whether it’s mitigating cancellations with predictive marketing suggestions or personalizing guest experience with tailored upsell recommendations, our supercharged platform will help hoteliers take the best actions to meet their goals. This level of decision intelligence simply hasn’t been available until now.”

By leveraging rich datasets from Cloudbeds and its partners, Cloudbeds Intelligence will empower hoteliers to take actionable steps to boost revenue, optimize their operations, and improve guest satisfaction.

Some of the capabilities Cloudbeds Intelligence will enable include:
- Unified revenue management and marketing: Hotels will be able to set optimal rates based on forward-looking demand signals and deploy targeted promotions to mitigate cancellations. If forecasted occupancy drops, the platform will not only suggest adjusting rates but also activate a marketing campaign with curated audience segmentation to attract last-minute bookings.
- Data-driven upselling and personalization: Cloudbeds Intelligence will enable hyper-personalized guest experiences by accurately predicting preferences and delivering highly targeted offers to guests, ensuring that hoteliers seize every upselling opportunity.
- Empowering staff: The new multimodal AI layer will equip the team with real-time search across their property’s unstructured training data on operational guidelines and guest preferences, including text content such as manuals, guest special requests and reviews, and also their property’s image library. This reduces staff onboarding time and improves service consistency.
To learn more about how Cloudbeds Intelligence will usher in a new era of decision making in hospitality, visit cloudbeds.com/ai.

ENDS

About Cloudbeds

Cloudbeds is the leading platform redefining the concept of PMS for the hospitality industry, serving tens of thousands of properties in more than 150 countries worldwide. Built from the ground up to be masterfully unified and scalable, the award-winning Cloudbeds Platform brings together built-in and integrated solutions that modernize hotel operations, distribution, guest experience, and data & analytics.

Founded in 2012, Cloudbeds has been named a top PMS, Hotel Management System and Channel Manager (2021-2024) by Hotel Tech Report, World’s Best Hotel PMS Solutions Provider (2022) by World Travel Awards, and recognized in Deloitte’s Technology Fast 500 in 2023. For more information, visit www.cloudbeds.com.

Attachment
- Introducing Cloudbeds Intelligence
The MIL Network –
January 25, 2025
MIL-OSI Economics: Change happens – and why central banks care

Source: Bank for International Settlements

It is a great pleasure for me to join you today. Many thanks to the staff at the Federal Reserve Bank of Philadelphia for the invitation. ¹

BIS Innovation Hub

Today I want to talk about change and central banks. But before I begin, allow me to briefly introduce the BIS Innovation Hub. The Bank for International Settlements supports central banks in their pursuit of monetary and financial stability by fostering international cooperation. The Innovation Hub was created five years ago and can be described as a joint venture between the BIS and the central banks who host our seven centres. The Innovation Hub has almost 100 people working together across the world. Our mandate is to follow and explore new technology and, when suitable, develop public goods. And to do that we research technologies and challenges that matter to central banks by building proofs of concept or prototypes. In more than 30 projects to date, we have collaborated with central banks and other partners to demonstrate the art of the possible. Currently, tokenisation and artificial intelligence are important areas for us, where we have multiple projects under way. Another crucial area is ensuring the integrity and safety in the financial system by exploring possible improvements to services like payments. Again, we aim to demonstrate the art of the possible. Adopting some of the technologies or implementing the outcomes of our projects is not up to us. Ultimately, countries’ authorities decide what becomes reality in their jurisdictions.

So why am I here? Well, when I was asked to join you here at the Philadelphia Fed, I immediately said yes. Maybe too fast, because the organisers kept asking me what I wanted to announce. I had to disappoint them. This is not a public service announcement. I am not trying to sell you anything. What I want to do in the next 10 minutes is explain why central banks care about change and innovation – and why that matters to us all.

Technology and change

Let me start with innovation and change, for which I will look to Adam Smith. Who better? The Wealth of Nations was published about 250 years ago. And Adam Smith uses the example of moving goods by road or by ship. Canal companies were the big techs of the day. They could move things faster and cheaper, and only the most niche products chose the horse and cart. Yet 100 years later, the transport network and – by extension the industrial capacity of Britain – was totally unrecognisable.

What changed? In that time, railways happened. Or more accurately, innovation changed how railways were used. There were railways when Adam Smith was writing. But they were small, private and horse-drawn. He did not even mention them as a contender to roads and ships. But 50 years of innovation in steam engines – to make them smaller, faster and more efficient – would make railways far superior to canals. Following some smaller private railways, the first public railway – from Liverpool to Manchester – opened in 1830. At that time, there were about 125 miles of railways in England. Over the next 40 years, this grew to 13,000 miles. Canals were dead in the water.

Was the change smooth, clearly predictable and always rational and obvious? No. Was it just the technology advantages that catalysed the change? No. It was many things. Financial innovations meant that investments in railways were easier. Yet this also created a financial bubble. Early safety regulations reassured a sceptical public – but not before some terrible accidents. Competition drove further innovation but resulted in a grossly inefficient network. When agreement on a standardised width of railway gauge was eventually brokered, network effects could be enhanced. The standard adopted was George Stephenson’s 4 feet, 8 1⁄2 inches, which spread across England and internationally. I have been told the United States uses it too.

But why am I telling you a story about something that happened in England hundreds of years ago? Well first, I enjoy history. But second, because it is a great example of how technologies change. Do you see any parallels with today? Railways did not just “win” overnight. They were initially less efficient than canals. Canal owners saw the threat and organised resistance. Yet railways improved faster than canals could – at least once steam engines became technologically and commercially viable. Investment played a significant role in this. So, at times, did safety regulations and politics. There were battles about which standards should be used. And importantly, change driven by technology and innovation is not an elegant dance. It is a race and a tussle and sometimes a mess.

To really make the point, allow me one more historical example closer to home. The Federal Reserve Bank of New York recently published an article about when securities markets scrapped paper in the 1960s and ’70s. At that time, IBM and Honeywell were in a race to develop more powerful computers. And stockbrokers were racing one another to use them for competitive advantage. The winners of that race went on to dominate securities markets for decades because they bought out the failing houses that could not operate their computers as effectively. And the digital infrastructures they created, based on the paper processes before them, are the ones we use now. And they are the same infrastructures now experimenting with tokenisation and are maybe on the cusp of another change.

Understanding change

How do industries and society manage these huge changes? Almost all industries have regulations of various kinds to ensure safety, competition and transparency – standards with a large or small “s” that are adhered to. Yet finance has something that planes, trains and automobiles do not. Finance has central banks. And why do they care about innovation and change?

First, for monetary analysis. For central banks to set interest rates to stabilise prices they have to understand the economy. The data collection and analysis of credit, demand, output, supply, costs, prices and labour markets all roll up to into determining monetary policy. And innovation can have a huge impact. AI is an obvious example. But digitalisation more broadly has had and will continue to have a fundamental impact on the global economy. For effective policymaking, central banks need to understand where things are heading. So they must follow and explore innovation and its implications.

Second, central banks care about innovation because of their oversight role. For prudential supervision of banks and market infrastructure, it is necessary to understand how technology is being used and the effect of any large changes. Financial stability analyses are increasingly concerned with how financial and operational risks interact. Technology is a significant variable in that analysis.

Third, central banks do not just think; within their mandate, they act. To deliver on their monetary policy objectives, they decide where interest rates need to be. And then they act through their market operations to make that happen. Central banks want safe settlement and so they offer it – by operating payment systems to safely and reliably move substantial amounts of money every day. And they provide banknotes.

It is because central banks act that they are really part of any change – not on the sidelines or just observing, but really involved. As part of the financial ecosystem, central banks offer settlement in central bank money, which is the safest settlement asset possible and a pillar of a stable and robust financial system. And this is what makes them so different from a regulator in any other space. To put it very simply, if central banks think technology is changing, they need to consider and adapt as well. And they need to change operations and systems that require the highest possible resilience from cyber threats and operational risk. That puts a very different slant on any decision and perhaps adds some caution. It might also add some practicality. And importantly for an economist, it gives central banks skin in the technology game – and the right incentives.

Incentives matter. Trust in money is grounded on two things. The first is the central bank’s monetary policy framework and operational independence. The second is the competence to carry out its role. And that competence increasingly means the ability to use technology better. To do that we experiment. We collaborate. We get involved. But our role is not to win or to profit or to tell the private sector how to run their business. The private sector will always know what customers need and want better than the public sector. But it is also important to have the public sector involved, with public policy objectives such as stability, safety, interoperability and compliance.

BIS and international cooperation

To close I want to talk about how these themes of technology, change and incentives play out internationally. Central banks are different from one another. But I have spoken for almost 10 minutes about their interests and incentives as a homogeneous group. And if I can do that, they must be similar enough to cooperate.

The BIS’s job is to help and guide central bank cooperation. Given what I have said, that should be easy. But collaboration is not always simple. Yet, with the right governance and communications, building knowledge by running projects together could reap great rewards for central banks.

Our projects are “just” a first look at what is possible. Projects are not a commitment. Some of the questions like whether there is a need for central bank digital currency or digital identity can only be answered politically. The central bank is one of many advisers on a decision that should be made with other players in our societies. That is right and that is normal. Yet the fact remains, for good policymaking on any subject, you need understanding. And with technology, you need to experiment and collaborate to obtain that understanding.

So, I thank you again for the invitation and attention. I will close with a quote from Adam Smith: “I have never known much good done, by those who affected to trade for the public good.” Eerily, he foresaw a version of what US president Ronald Reagan famously highlighted as the nine most terrifying words: “I’m from the government and I’m here to help.” The BIS Innovation Hub has a mandate to explore technology and to develop public goods. But others ultimately decide what could be changed. Our job is to learn and advise them so that when change happens, it can happen for the better.

Thank you for listening.

MIL OSI Economics –

January 25, 2025

Category: Machine Learning

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