NewzIntel.com

Category: MIL-OSI

  • MIL-OSI Economics: ESX Gruppe AG: BaFin warns consumers against offers on website esx-gruppe.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority BaFin warns consumers against offers on website esx-gruppe.com. According to information available to BaFin, financial and investment services are being provided on this website without the required authorisation.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI United Nations: Sudan’s famine-hit Zamzam camp receive vital food, as WFP faces a race against time to save lives

    Source: World Food Programme

    This is a summary of what was said by Leni Kinzli, spokesperson for WFP Sudan (speaking from Nairobi) to whom quoted text may be attributed – at a press briefing In Geneva today.

    Nairobi/Geneva: The United Nations World Food Programme (WFP) is in a race against time to save lives in war-torn Sudan, as 1.5 million people across the country either face famine or are at risk of famine. Without urgent assistance, hundreds of thousands of people could die.

    WFP is working tirelessly to get aid into the hands of people who are facing starvation, and we are saving thousands of lives every single day in Sudan. So far this year, we’ve supported 5.4 million people with life-saving food and nutrition assistance. As we speak, we are urgently getting basic staple foods into the hands of 180,000 people facing famine in Zamzam camp. Vulnerable communities are receiving a package of wheat flour, lentils, oil and salt. 

    Meanwhile in Khartoum, WFP is supporting community kitchens to provide around 175,000 hot meals daily. We’ve also just started in-kind food distributions for around 155,000 people in Karrari and Omdurman where people will receive two-month rations. Around 16,000 people in the metropolitan area received mobile money transfers in July and August, with a higher number planned for this month. WFP has also launched self-registration pilots to expand mobile money transfers to North and South Darfur, South Kordofan, and Gezira State. 

    WFP is taking advantage of the reopening of the Adre border from Chad into the conflict-rattled Darfur region. Trucks carrying vital food and nutrition supplies are crossing that border most days, despite facing delays due to flooded seasonal rivers and muddy road conditions where aid convoys are getting stuck. Since Adre reopened one month ago, we’ve transported 2,800 metric tonnes of food supplies into Darfur region via this route, enough aid for over 250,000 people. Of that, over 100,000 people in risk of famine areas in West Darfur have so far received emergency food and nutrition supplies. 

    Even though we are doing everything we can – it’s just a drop in the ocean compared to the needs, not just in Sudan but regionally. Across Sudan, South Sudan and Chad, around 36 million people have been pushed into hunger because of the ongoing war. 

    I was recently in Adre, Chad – where around 800,000 people have fled to. After enduring unimaginable violence, they are only met with hunger and destitution. Despite receiving food assistance, many are struggling to get by, eating once a day if they are lucky. Like a teenage girl I met called Thuraya who lost both her parents and is solely responsible for her younger siblings, sometimes only able to offer them water instead of a meal. If that is the situation for people in a comparably safe and stable place – it is hard to imagine what people facing famine or at risk of famine in Sudan are going through. I did get a glimpse from the stories I heard of women who had recently fled from ‘risk of famine’ areas. Women like Nadjua. Nadjua, along with other new arrivals, risked their lives to get to safety in Chad because there was nothing left to eat, and all their crops had been destroyed by floods. Others said they could not farm because it was too unsafe to go their fields. Health and nutrition workers in the camp told me that over half of their malnutrition cases in the camp were new arrivals coming from risk of famine areas in Sudan. 

    It is people like Thuraya and Nadjua – who are among tens of millions bearing the brunt of the brutal war in Sudan – that world leaders need to pay attention to. It is for them that they need to step up for during the United Nations General Assembly in New York this week. WFP and other aid agencies cannot tackle these challenges alone. We are doing everything we can, but we cannot stop widespread starvation and hunger-related deaths without the support and attention of the international community, too.

    World leaders need to give this humanitarian catastrophe the attention it requires. That attention then needs to be translated into concerted diplomatic efforts – at the highest levels – to push for a humanitarian ceasefire and ultimately an end the conflict. We also need the international community to step up in demanding that the warring parties guarantee safe and unfettered humanitarian access and adhere to international humanitarian law.  Lastly, we need a surge in funding to address the extraordinary level of need – over $600 million in coming six months, to provide urgent aid to people in the most severe levels of hunger across the region. We would require even more to help everyone who needs it. 

    For over 500 days the Sudanese people have been bearing the brunt of this war, feeling forgotten and abandoned by the world. They are still holding on to hope that one day they can return to their lives. Together, we owe it to the Sudanese people to step up collective action and prevent mass-scale starvation. The hopes of the Sudanese people, their future, are riding on what we do next. We cannot let them down. 

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

    Follow us on Twitter @wfp_media 

    MIL OSI United Nations News –

  • MIL-OSI Germany: Announcement of a multi-ISIN auction – Reopening of two Green German Federal securities

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Germany: Guardian of the culture of stability – paying tribute to Helmut Schlesinger on his 100th birthday | Guest contribution by Joachim Nagel, President of the Deutsche Bundesbank, in the Börsen-Zeitung

    Source: Deutsche Bundesbank in English

    Helmut Schlesinger turns 100 on 4 September, an anniversary that adds a wholly new numerical dimension to the honorary title of former Bundesbank President. Helmut Schlesinger is certainly no stranger to accolades celebrating his milestone birthdays. The “Börsen-Zeitung”, for one, marked his 80th birthday by writing that his name is synonymous with the pursuit of monetary stability, in a reference to the Bundesbank’s particular culture of stability, in which Mr Schlesinger’s thinking and attitudes resonate to this day.
    Mr Schlesinger’s presidency marked the pinnacle of over 41 years at the Bundesbank and in pursuit of a stable currency. He is rightly regarded as one of the most influential Bundesbankers of all time. The “Börsen-Zeitung” once dubbed him a home-grown product of the Bundesbank, a description that I like a lot. It wrote that Helmut Schlesinger embodied an exceptional period of monetary history, which came to an end as it were with the transition to the euro, characterised, on balance, by the continuity of success.
    During the 1950s and 1960s, in the early days of the Deutsche Mark, Mr Schlesinger followed an unusually steep career as a Bundesbank civil servant, culminating in him heading the Economics and Statistics Department. It was a time in which West Germany was experiencing the economic miracle. Under the fixed exchange rate regime, the Bundesbank led the money and credit sector out of planning and currency reform until it was finally opened and liberalised in 1958. Over the entire period, the Bundesbank succeeded in keeping the Deutsche Mark stable.
    In 1972, Mr Schlesinger was appointed to the Bundesbank’s Directorate and became its chief economist. The circumstances of the time required a complete realignment of monetary policy: the Bretton Woods exchange rate system teetered and finally collapsed in 1973. Western Europe’s exchange rates entered a new equilibrium – first in the European exchange rate arrangement, then in the European Monetary System (EMS). In economic terms, the 1970s were dominated by oil crises and rising unemployment. The combination of high inflation and a stagnant economy led to a new term being coined: stagflation. At that time, the Bundesbank was the first central bank to introduce monetary targeting. Mr Schlesinger played a key role in translating monetarist theory into a monetary policy strategy.
    He always saw the importance of explaining monetary policy, in personal contributions and in the Bundesbank’s Monthly Report, which he edited meticulously and with a sure sense of style. Many at the Bundesbank will remember the notes he made in pencil – he preferred an HB, or medium, hardness grade. As a monetary policymaker, however, some considered him a hard pencil lead, his argumentation consistent, but never simplistic. Time and again, he demonstrated the interaction between economic analysis, theoretical monetary concepts, political decision-making and historical change.
    During the 1970s and 1980s, the Deutsche Mark proved one of the world’s most stable currencies. Mr Schlesinger, who was made Vice-President in 1980, was regarded as the “conscience of stability policy”. US Treasury Secretary James A. Baker III is once said to have accused Schlesinger of seeing inflation under every pebble. This period saw the Deutsche Mark evolve into the anchor currency of the EMS. In 1991, Schlesinger was promoted from Vice-President to President – for a tumultuous 26 months. The Bundesbank used interest rate hikes in a bid to bring down the inflation caused by German reunification. Its stubborn high-interest-rate policy met with criticism within Germany and elsewhere. Many of the EMS partner countries likewise blamed the Bundesbank for the currency crises and rounds of depreciation of 1992‑93. When the United Kingdom was forced to withdraw from the EMS in 1992, UK politicians and the British media levelled serious accusations at Mr Schlesinger. Yet he was never a narrow-minded monetary policy nationalist; he followed a clear monetary compass. When Mr Schlesinger, a passionate hillwalker, was asked on a Himalayan tour about the importance of the oldest Buddhist mantra om mani padme hum, he is said to have answered: keep the money supply tight.
    Nowadays, the monetary targeting he introduced and that proved so successful back then has a different role to play. The structure of the economy has changed fundamentally. Mr Schlesinger himself always underscored that monetary policy strategy had to be adapted to structural change if it was to maintain monetary stability. Another of Mr Schlesinger’s insights also remains as true now as it was then: Stable money not only needs stability-oriented policies from both the government and the central bank. Business, employers and trade unions, and consumers also need to behave appropriately – what you might call a culture of stability. He established this culture of stability not just within the Bundesbank, but throughout west German society and later German society as a whole. It is a culture that is an obligation to all of his successors in the office of Bundesbank President. As the fifth in this line, I am honoured to offer my felicitations: heartfelt congratulations on your 100th birthday, Helmut Schlesinger!
     

    MIL OSI

    MIL OSI German News –

  • MIL-OSI China: Deputy head of China’s General Administration of Customs under probe

    Source: China State Council Information Office 2

    Sun Yuning, deputy head of China’s General Administration of Customs, is under disciplinary and supervisory investigation for suspected severe violations of Party discipline and the law, an official statement said Tuesday.
    Sun, also a member of the Party committee of the administration, is being investigated by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision, according to the statement.

    MIL OSI China News –

  • MIL-OSI Germany: Announcement of auction – Reopening 10-year Federal bond

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Germany: „We’ve ridden out the big wave of inflation” | Interview with F.A.Z.

    Source: Deutsche Bundesbank in English

    The interview was conducted by Christian Siedenbiedel.Translation: Deutsche Bundesbank
    Mr Nagel, is this terrible wave of inflation finally over?
    Yes, I believe this wave of inflation is coming to an end. In its initial phase, it was very challenging, or, as you put it, “terrible”. However, we in the euro area are now well on the way to sustainably achieving our inflation target of 2 %. Based on the Eurosystem projection from June, we should hit this target at the end of 2025. In Germany, the inflation rate of 2 % in August, as measured by the Harmonised Index of Consumer Prices, was a little deceptive, if only for purely technical reasons: the year-on-year rate, that is, compared with August 2023, was more favourable than in other months. We’ll be seeing somewhat higher rates again soon. But I think that we’re past the worst of it: we’ve ridden out the big wave.
    Is it still possible that inflation could get out of hand?
    I wouldn’t say so. Provided that we don’t see any more unexpected major shocks, like Russia’s invasion of Ukraine in February 2022, for example, then inflation should continue to trend towards 2 %. Nevertheless, we shouldn’t celebrate prematurely and start patting ourselves on the back. We haven’t quite hit our target yet. We must remain vigilant and be wary of the risks on the way back to stable prices – that is our job as a central bank.
    How seriously should we be taking the repeated upside surprises to services inflation?
    We are taking the higher inflation for services seriously. After all, services make up nearly half of the basket of consumer goods – that’s a lot. In Germany, the prices for services are still rising by around 4 % each year. Strong growth in wages is especially contributing to this. And we are expecting wage settlements in Germany to remain relatively high over the remaining course of 2024 as well. In annual terms, negotiated wages are likely to rise by around 6 %. While there is some fluctuation in the monthly figures, wage pressures in Germany will remain high overall for the time being.
    Given this state of affairs, do you think the ECB should risk lowering interest rates for a second time in September?
    On the ECB Governing Council, we have stressed that we will not pre-commit to any particular path of interest rates and that we will follow a data-dependent approach to our decisions. Following the interest rate reduction in June, it was a wise move to then wait and see in July and not cut rates any further. For this reason, I will really only be making up my mind at next week’s ECB Governing Council meeting, when I will have a full overview of all the data. As before, we are not flying on autopilot. But I’ll say one thing: I think inflation is making good progress.
    When interest rates were first cut in June, only the Governor of the Oesterreichische Nationalbank, Robert Holzmann, voted against the reduction. After all, the ECB had just been forced to adjust its inflation projections upward. Did you not have any concerns in cutting interest rates?
    No, I had no concerns in June. From my perspective, the interest rate step was justified by the data. They did not cast any doubt on the general direction of travel, that is, the decline in the inflation rate over a longer period of time. And our monetary policy is still tight, even after the cut in interest rates. However, I do, of course, respect the decision of my colleague Robert Holzmann.
    During his time as President, your predecessor Jens Weidmann was often the one who took on the role of the most hawkish member of the ECB Governing Council, the most strident advocate of tight monetary policy. How do you view your role on the Governing Council?
    Comparing two completely different situations is always difficult, and it should be up to others to evaluate my work. Our decisions on the Governing Council are reached as a team – one that strives to make responsible monetary policy for the euro area. I wish to seek out solutions together with my colleagues on the ECB Governing Council, which is why I focus more on the team as a whole than on individuals. I think we have done well on this score over the past two years: we have succeeded in bringing inflation down in a challenging environment.
    There are economists who fear that inflation could settle at a level noticeably above the ECB’s target of 2 % in the medium term. Do you think that the risk of there being structurally higher inflation in future can be completely ruled out?
    In this context, we must clearly distinguish between two things. First, there is the question of whether we are going to see stronger price pressures in the future. That’s something I can’t rule out. We are keeping close tabs on how certain developments are impacting on inflation – these include geopolitical developments, the green transformation and demographic developments. Some academics expect these developments to lead to pressure towards higher inflation rates. A different question altogether is whether inflation will be higher over the long term because of this. And I will be quite clear on this matter: that’s something monetary policymakers hold sway over. Our mandate is price stability.
    Would you then say that the ECB is partly to blame for inflation getting out of hand in recent years?
    I wouldn’t use the word blame in this context – I consider that to be the wrong category. Hindsight is always 20/20. What is certainly true is that at the end of 2021 – before I joined the ECB Governing Council – it was already foreseeable that the inflation rate would rise, and the ECB continued its asset purchases. In January 2022, prior to Russia’s invasion of Ukraine, we already had an inflation rate of 5 %, which was probably due in part to the coronavirus pandemic. As part of the ECB strategy review that has just begun, we will have to examine the role monetary policy measures, such as asset purchases, played during the low inflation period.
    Was it a sticking point that the ECB had committed to tapering asset purchases first before starting to raise interest rates? The economist Markus Brunnermeier mentioned this recently in a discussion with you. As a result, the central bank was unable to respond quickly enough with the interest rate hikes that inflation would have required …
    Back then, it was important to gradually ready financial markets for this reversal. This happened through a series of announcements starting from December 2021. If you look at developments in financial markets, then I’d say that the markets understood this communication and were prepared. The ECB thus succeeded in keeping the negative side effects often associated with changes in monetary policy relatively manageable.
    In your role as Bundesbank President, how do you view the economic situation in Germany at present. Is it being talked down?
    We are navigating an economic situation characterised by strong headwinds. Recent business communications make it clear that certain sectors are under pressure and need to take countermeasures. But I am very much against talking the situation down, because that stimulates exactly those developments that are being lamented.
    What do you mean by headwinds?
    As a large export economy, Germany is particularly hard hit by the geoeconomic changes happening at the moment. Let me give an example: we export especially large amounts to China, meaning that any slowdown in the economy there impacts us particularly hard. The uncertainty that we are seeing among consumers and firms is a factor as well. As a result, investment in machinery, equipment and vehicles fell by 4.1 % between the first and second quarter. Overall, economic output contracted by 0.1 % in the second quarter. That should serve as a wake-up call. We need to put growth front and centre, and that means investment needs to become a more attractive option again.
    So where might impetus to boost growth come from?
    I think the Federal Government’s growth initiative is on the right
    track: getting rid of bracket creep for taxpayers, cutting bureaucratic red tape, making improvements to depreciation on investments, but also bringing in measures to strengthen incentives to work. These are all sound steps. But, with the summer break over now, they actually need to be put into practice. Words have to be followed up with deeds. It is particularly important that politicians give a clear indication of where things are headed. If there is a dependable setting, firms will start investing more again. The debt brake could also stand to undergo moderate reform, in my view. The Bundesbank has put forward some proposals that would create a little more leeway, provided that Germany keeps to the EU’s rules on debt. But now it’s up to politicians to take action.
    How concerned are you by what has happened in Thuringia and Saxony?
    I find it very unsettling. Democracy, freedom, openness, including to people from other countries – these are core values. When these are being called into question, we at the Bundesbank cannot just look on dispassionately, either; we need to take a clear stand. A central bank also has a responsibility to society in this regard. And, as you know, we at the Bundesbank have just had renowned historians probe the history of central banking in Germany between 1924 and 1970. I worry when I read about calls for Germany to exit the European Union or leave the monetary union. That sort of thing jeopardises Germany’s position as a business location; it undermines European cohesion. And it’s harmful to our prosperity.
    The Bundesbank itself is in the midst of profound change. The plan for the new Central Office in Frankfurt was pared back, there are to be no new high-rises, and eight out of 31 branches are set to be closed. Where do things stand – is more on the way?
    Well, that’s already a fair amount that we have planned. This is about making the Bundesbank fit for the future. But it’s also about the Bundesbank’s duty to uphold cost-efficiency. Together with our staff representation committees, we have agreed to let staff work up to 60 % of their hours from home. That has allowed us to significantly downsize our construction plans for Frankfurt. In terms of office space, we can even do without new builds entirely. And we will be designing our future open-plan workspaces in a manner befitting a modern institution. We need to reduce the number of branches because of the trend decline in the use of cash. But the closures will be planned with a long lead time and carried out in a socially responsible way. And we will make sure that the cash supply throughout Germany remains fully intact at all times in future.
    So what do the Bundesbank’s staff have to say when they find out they will no longer have their own office in future under these plans?
    When the employees first set eyes on their new office environment, there’s bound to be plenty who say it is really great. Despite the success of working from home, it has also taught us how important it is to engage with others. This is tremendously helpful in fulfilling the Bundesbank’s tasks, and that often works better in open-plan workspaces than behind closed doors. It will of course still be possible to go into a quiet space for a while when concentrated individual work is required.
    You have also announced your intention to use AI to a greater extent, for example in inflation forecasts. Have there been any successes yet in this regard?
    Yes, we are already trialling quite a few things on this front, for example in the area of short-term inflation forecasting. For very complex problems, in particular – which we at the Bundesbank are often confronted with – AI delivers an initial assessment very quickly. We are also already using it to prepare for our meetings. However, for us it is important that AI remains just a tool. People continue to bear responsibility. We remain in the driving seat.
    The ECB is currently reviewing its monetary policy strategy again. What would you consider to be important here?
    One thing we need to do is to reflect on the past: what was good about the non-standard monetary policy measures, and what was bad? A critical look in the rear-view mirror is important in order to check our use of instruments going forward. Are we well equipped in this context? What topics will be relevant in future?
    Would you also want to talk about the inflation target of 2 %?
    A review of the inflation target is not on our agenda. We have fared very well with our inflation target of 2 %, also of late. I see no reason to change the target in the current situation.
    There was much debate at the time – especially in Germany – about the ECB’s multi-trillion euro asset purchases. Some central bank staff even resigned over the matter. What is your view of this now, after a few years of experience and the realisation of high operating losses at the Bundesbank?
    Obviously I would also rather announce profits, and indeed we did have profits over many years. Now, however, we will have to deal with a few years of losses – and we will manage. This is, incidentally, a topic that we communicated at a very early stage. After all, when monetary policymakers purchase assets on a large scale, it is clear that rising interest rates will impact the central bank balance sheet. And this is indeed what has happened. We had to raise interest rates sharply. As the largest central bank in the Eurosystem, the Bundesbank has to shoulder the greatest burden. In the current year, we could potentially see a magnitude similar to that of 2023. Since we have virtually exhausted our risk provisions, we will have to make use of loss carryforwards in the coming years. Nevertheless, an important aspect for me is that the Bundesbank will return to profitability in future. The Bundesbank’s balance sheet is sound as we have large revaluation reserves. For this reason, there is no need for anyone to worry – the Bundesbank does not need any additional capital.
    And what’s your takeaway for the asset purchases? Should this instrument be abolished?
    One should certainly exercise caution with regard to substantial asset purchases at the zero lower bound. When it comes to safeguarding price stability, it should remain an exceptional instrument for exceptional circumstances. I hope that such exceptional circumstances do not occur again in the foreseeable future. I at least don’t see any signs of this happening. The substantial monetary policy asset purchases were associated with numerous side effects in financial markets. In the strategy review I am calling for a clear delineation of asset purchases at the zero lower bound – we mustn’t overuse this instrument.
    © FAZ. All rights reserved.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI China: Chinese shares surge on stimulus package

    Source: China State Council Information Office

    A staff member walks past the Shenzhen Stock Exchange in Shenzhen, south China’s Guangdong province, Sept. 21, 2020. [Photo/Xinhua]

    Chinese stocks rallied on Tuesday, fueled by a package of stimulus measures announced on the same day.

    The benchmark Shanghai Composite Index was up 4.15% to 2,863.13 points, and the Shenzhen Component Index closed 4.36% higher at 8,435.7 points.

    China’s central bank, top securities regulator and financial regulator earlier in the day announced a raft of monetary stimulus, property market support and capital market strengthening measures to support the country’s high-quality economic development at a press conference.

    The country will cut the reserve requirement ratio, lower mortgage rates on existing home loans, and create new monetary policy tools to support the stock market, among others.

    These policies, which exceed market expectations, will boost market confidence, stimulate the vitality of market entities, stabilize credit levels, and enhance the sustainability of financial support for the real economy, said Wen Bin, chief economist at China Minsheng Bank.

    Gains are seen across the board on the two bourses, with shares related to steel and coal leading the surge.

    The combined turnover of stocks covered by the two indices stood at 974.8 billion yuan (about $138.25 billion), up from 551 billion yuan recorded on the previous trading day.

    The ChiNext Index, tracking China’s Nasdaq-style board of growth enterprises, surged 5.54% to close at 1,615.32 points Tuesday.

    MIL OSI China News –

  • MIL-OSI China: China launches probe on US company over suspected market discrimination

    Source: China State Council Information Office

    An undated file photo shows the entrance to the Chinese Ministry of Commerce in Beijing, capital of China. [Photo/Xinhua]

    China’s Ministry of Commerce said Tuesday that it will probe into PVH Corp. of the United States under the unreliable entity list framework for suspected discriminatory measures and other practices violating market trading principles regarding Xinjiang-related products.

    The U.S. company is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis, which seriously undermined the legitimate rights and interests of relevant Chinese enterprises, and jeopardized China’s sovereignty, security and development interests, said the ministry.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SJ at forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only)

    Source: Hong Kong Government special administrative region

         Following are the opening remarks by the Secretary for Justice, Mr Paul Lam, SC, at the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, today (September 24):Vice President Vo (Vice President of the Vietnam Chamber of Commerce and Industry Mr Vo Tan Thanh), distinguished guests, ladies and gentlemen,     Good afternoon, xin chào buổi trưa. Firstly, a very warm welcome, a very big thank you to all of you joining our forum this afternoon co-organised by the Department of Justice of Hong Kong, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry. The theme of today’s forum is “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”.     In my opening remarks, I simply wish to try to answer two questions, two very obvious questions that I suppose you have in mind. Firstly, who we are; secondly, why are we here.     For the purpose of this forum, I have a very big delegation consisting not simply of government lawyers from my Department. The Department of Justice of Hong Kong is in fact quite similar to the Ministry of Justice in Vietnam. So, a lot of people would think I will be responsible for criminal prosecutions, giving advice to the Government. But perhaps not so well known is that, it is also one of my duties to promote legal services in Hong Kong to friends outside the jurisdiction. Apart from my colleagues from the Department of Justice, I am very fortunate to have the support of about 15 legal practitioners from Hong Kong. They are very experienced legal practitioners specialised in different areas. And in fact we have all together, if I recall correctly, six supporting organisations. And you can tell from the nature of the organisations to have some idea as to who these legal practitioners are representing. We have representatives from the two legal professional bodies in Hong Kong, the Hong Kong Bar Association and the Law Society of Hong Kong. In Hong Kong, we still adopt the British system, we still have a divided legal profession. We have barristers who go to the courts to do advocacy work, and then we have solicitors handling all sorts of legal matters from non-contentious commercial matters to dispute resolution. So the representatives from two legal professional bodies, and then we have representatives from the main arbitration institutions in Hong Kong, including the Hong Kong International Arbitration Centre, HKIAC, which is the main arbitration institute in Hong Kong. We also have the South China International Arbitration Center (Hong Kong), which is also a very important institution. And then we have the AALCO, Asian African Legal Consultative Organization, with a regional arbitration centre in Hong Kong. We also have a representative from eBRAM which provides electronic services, not just for dispute resolution, but also for deal making. So from looking at the nature of these organisations, I hope you will be convinced that we have a wide spectrum of legal practitioners who are going to share their experiences and their knowledge about Hong Kong legal services to you in due course.     Having told you very briefly who we are, the second question perhaps is even more relevant and important: Why are we here? What do we aim to achieve in the next couple of hours? We have two hours for the forum. We decided to share with you some of the things about Hong Kong which you may be interested in for the two hours. And I believe many of you will join our dinner after the forum, so it will be around four hours. A lot can be achieved within four hours.     As I said earlier, I come across this question quite often. People wonder, in my capacity as the Secretary for Justice, I should be responsible for legal matters. It is not really my responsibility to promote trade and finance. I am not a minister of commerce. So what on earth am I doing here? To answer this very pertinent question, I think we should remind ourselves of the very close relationship between Vietnam and Hong Kong. I think we have to set the scene, we have to put things in context first.     As a matter of fact. I am sure you would agree that Hong Kong and Vietnam share very close ties both as a matter of history and also at present. Now we are in the beautiful city of Ho Chi Minh City. Ho Chi Minh is the founding father of Vietnam, and I am sure you would remember that Mr Ho Chi Minh actually founded the Communist Party of Vietnam in Hong Kong in the early 1930s. I had a very quick chat with Vice President Vo just a moment ago. He reminded me that in the last century, from the 60s, 70s, all the way up to 90s, a lot of trade concerning Vietnam actually went through Hong Kong for a lot of reasons. And then fast forward, what is the position as at today?     At the moment, I think there are more than 7 000 Vietnamese settling in Hong Kong, because I attended the national day celebration held by the Consul-General of Vietnam last week, so I got all the figures. There are more than 7 000 Vietnamese settling in Hong Kong. We have a lot of good Vietnam restaurants. I like the pho and banh mi. But more than that, we have roads and streets in Hong Kong named after places in Vietnam. We have the Saigon Street, Hanoi Road, so on and so forth.     Last October, the Hong Kong Government has relaxed some immigration regulations, and as a result, it is much easier and convenient for Vietnamese talent to come to work in Hong Kong. In addition, the criteria for taking multiple visas, either as tourists or on business, have also been relaxed. And a little bit closer to today, about two months ago, the Chief Executive of the Hong Kong Government came to Vietnam. I think he held a forum exactly in this particular venue. On that occasion, I was told that altogether 22 co-operation agreements have been signed between business people in Ho Chi Minh City and Hong Kong, covering a wide range of areas. And you look at the figures, look at the statistics, Vietnam is Hong Kong’s second-largest trading partner within ASEAN (Association of Southeast Asian Nations) countries. I don’t remember the exact figures, but the amount is huge. And in terms of direct investment in Vietnam, the Vice President also confirmed to me that Hong Kong ranks among the top five.     So plainly, if you put the matter in context, the relationship between Vietnam and Hong Kong has always been very close. And we look to the future. The Permanent Deputy Prime Minister of Vietnam actually paid a visit to Hong Kong about two weeks ago to attend the Belt and Road Summit. And he gave a very inspiring speech touching upon the relationship between Vietnam and Hong Kong. He mentioned the development plan of “Two Corridors, One Belt”, which is a very important development plan of Vietnam. He said he is hoping that we can connect the Vietnamese “Two Corridors, One Belt” plan with the Belt and Road Initiative proposed by China. So these two plans actually can have a sort of very good synergy. So this is the background that I would like to remind ourselves.     But still you might think, well, I haven’t answered the very pertinent question yet, because so far I did not mention the word “law” very often. So how is legal service, how are lawyers in Hong Kong relevant to what I have said to the future relationship between the jurisdictions? I think the answer must be obvious, because most of you are very successful, very influential business people in Vietnam, and most of you will be engaged in international commercial investment transactions. And you must recognise that no matter how much you hate lawyers, in particular the fees that they are charging you, lawyers are indispensable from the moment you decided to set up a business in a foreign place to the point you have to negotiate or conclude a contract with a foreign party; when it comes to how to manage your risk when you set up a business in a particular place, including: should I be concerned about the labour law there, tax or whatsoever; and in the im
    portant event that you run into dispute with your business partner or other people that clearly you will require legal service to assist you to resolve dispute. So the point that I wish to make is that, in the whole business cycle, I would use the analogy “from cradle to grave” but need to be more precise in the context from the inception of a business to the termination, to the point when you rip your profit from your joint venture, at each and every stage, legal service would be indispensable. But that still doesn’t answer the question. Assuming legal service is indispensable, obviously you have to consider who should I instruct? Legal services of which jurisdiction would be to my advantage, would serve my best interest?     Now, here comes the ultimate objective of today’s event. I am hoping that after four hours, you will be convinced that Hong Kong will be your best choice. I am not suggesting that Hong Kong is the only choice because the choice is yours, but I am assisting you to make an informed choice. We will be trying our best to persuade you that among all the options, Hong Kong is the best choice. Why? Because Hong Kong is a common law gateway for Vietnamese businesses to China and beyond.     This is my short answer. We do have a long answer, but I am afraid that the long answer is not going to be given by me. It is going to be provided by my eminent friends coming from Hong Kong. They will speak from their own area of practices, from their experiences to substantiate the point that I wish to make. And of course, after they share their experiences and what they wish to tell you, at dinner time, I am hoping that most of you would join the dinner, I will have the chance to speak to you again, just to do my closing submission. I will wait for your verdict at the end of your dinner.     On this note, I hope you all have a very enjoyable afternoon and a very fruitful afternoon. And I hope that I will be able to convince you, because the duty of a lawyer is to convince people. I will be failing my duty if I am unsuccessful in this respect. I need your support and I am very optimistic because I have very good friends with me doing the job together with me. Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s manned deep-sea submersible Jiaolong arrives in Hong Kong for 1st time

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

    HONG KONG, Sept. 24 — China’s research vessel Deep Sea No. 1, carrying manned submersible Jiaolong, received a warm welcome Tuesday in the Hong Kong Special Administrative Region (HKSAR), the first time they visited the city.

    The vessel is on a home-bound voyage after completing a scientific mission in the Western Pacific Ocean. During their two-day stay in Hong Kong, scientists on board will give lectures to Hong Kong students and hold a number of international seminars to share the results of this scientific expedition.

    Warner Cheuk, deputy chief secretary for administration of the HKSAR government, said that the visits ahead of the 75th anniversary of the founding of the People’s Republic of China fully demonstrated the central government’s care and support for Hong Kong’s marine scientific research development and ecological conservation.

    It is hoped that this event will inspire more young people in Hong Kong to engage in deep-sea research and make planet Earth a better place to live in, he said.

    Wu Changbin, director of China Ocean Mineral Resources R&D Association, congratulated the successful completion of the Western Pacific international voyage scientific expedition, saying that this voyage not only enhanced China’s scientific understanding of deep-sea biodiversity and ecosystems but also contributed important scientific data to global marine scientific research.

    The scientific expedition team of Chinese and foreign scientists set sail on Aug. 10 from Qingdao, east China’s Shandong Province, and made a total of 18 dives in the Western Pacific. It was the first time that foreign scientists have carried out deep-sea scientific research on Jiaolong.

    MIL OSI China News –

  • MIL-OSI China: China launches initiative to tackle obesity surge

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

    BEIJING, Sept. 24 — China has improved its obesity treatment guidelines for private medical institutions as soaring obesity rates threaten the health of people of all ages.

    According to a 2020 report from the National Health Commission (NHC), 34.3 percent of the country’s adults were overweight and 16.4 percent were obese. Research predicts that overweight and obesity rates among Chinese adults could reach 65.3 percent by 2030.

    Chinese minors are also facing significant weight challenges. Currently, about 19 percent of people aged 6 to 17 and 10.4 percent of children under 6 are overweight or obese.

    As treatment options for obesity grow more diverse, more and more patients are turning to health care providers for professional treatment plans. Medication, surgical intervention and lifestyle changes are some of these options.

    A new initiative has seen the establishment of a weight management center to offer expert guidance to private health care facilities that provide weight loss services, aiming to enhance their ability to diagnose and treat obesity.

    Obesity is regarded as a significant trigger for a variety of chronic diseases, including diabetes and cancer. It is a major obstacle to realizing China’s long-term health goals, such as raising the nation’s average life expectancy to 79 by 2030, as proposed in the country’s Outline of Healthy China 2030.

    To combat the rising obesity rates, China has introduced a series of initiatives aimed at raising public awareness of weight management and the importance of maintaining a healthy lifestyle.

    In February, the NHC released a set of dietary guidelines to offer advice on food choices and provide recipes tailored to various dietary habits across different regions of China.

    MIL OSI China News –

  • MIL-OSI USA: Dodd Center to Host Bipartisan Conversation on Fostering Civic and Democratic Engagement

    Source: US State of Connecticut

    Members of the UConn community and the general public are invited to join in a bipartisan conversation about fostering civic and democratic engagement at The Dodd Center for Human Rights at UConn Storrs on Thursday, September 26, 2024, when Congress to Campus comes to UConn.

    The flagship program of the nonprofit organization FMC – a bipartisan, voluntary alliance of former U.S. Senators and Representatives who advocate for representative democracy at home and abroad – Congress to Campus offers a unique civic educational experience by engaging honest dialogue with bipartisan teams of former members of Congress, congressional staff, and American diplomats.

    “We know from our own work at UConn on programs like Democracy and Dialogues just how powerful it can be to engage in meaningful and civil discussion on the most critical issues we, as a society, are facing,” says James Waller, the inaugural Christopher J. Dodd Chair in Human Rights Practice at UConn and director of Dodd Human Rights Impact Programs, which is hosting the Congress to Campus event.

    “We hope that this event will showcase how civil discourse, and even disagreement, can be a productive and healthy part of our democracy,” Waller says.

    Congress to Campus sessions have been held on 183 campuses in 43 states and seven countries, reaching more than 57,000 students in the last 10 years alone.

    Loretta Sanchez (contributed photo)

    UConn’s Congress to Campus event will feature a discussion with the Honorable Loretta Sanchez (D-CA, 1997-2017), a former senior member of the Armed Services and Homeland Security Committees; and the Honorable Fred Upton (R-MI, 1987-2023), a former chairman of the Committee on Energy and Commerce and top Republican leader of the Subcommittee on Energy.

    Their discussion will be moderated by NBC Connecticut anchor and reporter Amber Diaz ’11 (CLAS), and UConn President Radenka Maric will deliver welcoming remarks

    While visiting UConn, Reps. Sanchez and Upton will also engage with members of the broader community in a series of workshops small group discussions, keynotes, and classroom visits on topics including civil discourse, messaging and disinformation, democracy and human rights, and participation and inclusion.

    The event is co-sponsored by UConn’s Gladstein Family Human Rights Institute, School of Public Policy, Department of Political Science, Undergraduate Student Government, Department of Residential Life, Community Outreach, Office of Outreach and Engagement, and the Nancy A. Humphreys Institute for Political Social Work.

    Fred Upton (contributed photo)

    It’s supported by Citizen Travelers, the nonpartisan civic engagement initiative of Travelers.

    “We’re so grateful for our many partners on this event, and we hope students as well as members of our UConn community and the greater public will join us for this important conversation,” says Waller.

    The Dodd Center is home to robust academic programs and innovative external engagement in human rights, including the Gladstein Family Human Rights Institute, its Dodd Human Rights Impact Programs, the University Archives and Special Collections, and the Center for Judaic and Contemporary Jewish Life.

    The outreach and engagement arm of human rights at UConn, Dodd Human Rights Impact works to develop and support programs and initiatives that seek to directly impact local and global communities by helping them meet their human rights challenges.



    Space is limited. Please click here to register for this event.

    For more information about Dodd Impact, visit humanrights.uconn.edu/dodd-impact-programs.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Public urged to stay vigilant against dengue fever and other mosquito-borne diseases during holidays

    Source: Hong Kong Government special administrative region

    Public urged to stay vigilant against dengue fever and other mosquito-borne diseases during holidays
    Public urged to stay vigilant against dengue fever and other mosquito-borne diseases during holidays
    ******************************************************************************************

         With the approach of the National Day holiday, the Centre for Health Protection (CHP) of the Department of Health today (September 24) appealed to members of the public who intend to travel to stay alert to the situation of mosquito-borne diseases in their destinations. In view of the recent increase in dengue fever (DF) activity in neighbouring areas, the CHP specifically reminded members of the public to adopt necessary anti-mosquito precautions to guard against the disease when travelling abroad.           From September 1 to yesterday (September 23), the CHP recorded 12 imported DF cases; the patients had been to Guangdong Province (4), India (3), Nepal (2), the Philippines (2) and Malaysia (1) during the incubation period. The CHP has been closely monitoring the latest DF situation in neighbouring and overseas areas. DF is endemic in many tropical and subtropical areas of the world. The latest surveillance data showed that there was a significant increase in DF cases noted in some places in Asia compared to the same period last year. According to information from the Singapore Ministry of Health, a total of 11 847 DF cases have been recorded from January to September 14 this year, which is higher when compared to 6 755 cases recorded in the same period in 2023. In addition, Malaysia has recorded 98 442 cases from January to September 7 this year, which was a 19.3 per cent increase compared to the same period in 2023.           According to the Health Commission of Guangdong Province, the number of DF cases recorded in Guangdong Province in the past three months has been increasing, with 233 and 1 220 cases in July and August 2024 respectively. Most of the cases were locally acquired infection. Information from the Guangdong Provincial Center for Disease Control and Prevention further showed that more than 1 400 DF local cases have been recorded in September (as of September 15), with the highest numbers of cases recorded in Foshan, Guangzhou and Zhongshan.           According to the World Health Organization, the global incidence of DF has markedly increased over the past two decades, posing a substantial public health challenge. In 2023, ongoing transmissions, combined with an unexpected spike in DF cases, had resulted in close to a historic high of over 6.5 million cases, and more than 7 300 dengue-related deaths reported in over 80 countries/territories. Since the beginning of 2024, the Americas, including Brazil, Argentina and Peru, have recorded over 11 million cases, a record number. Detailed information on the latest DF situation in Hong Kong, as well as neighbouring and overseas countries and areas, has been uploaded to the CHP website (www.chp.gov.hk/files/pdf/df_imported_cases_and_overseas_figures_eng.pdf).           A spokesman for the CHP urged members of the public to stay vigilant and adopt appropriate anti-mosquito measures during their travel to prevent DF, as well as other mosquito-borne diseases including Japanese encephalitis, zika virus infection, malaria, etc.           The CHP spokesman reiterated that members of the public should follow stringent anti-mosquito measures when travelling. When travelling to areas where vector-borne diseases are common, they may consider to arrange travel health consultation with a doctor at least six weeks before the journey for risk assessment during which the need for any vaccinations, chemoprophylaxis and vector preventive measures will be determined.           The following measures on mosquito control could reduce the chance of acquiring mosquito-borne disease during travel:

    Wear loose, light-coloured, long-sleeved tops and trousers;
    Use DEET-containing insect repellent on exposed parts of the body and clothing. For details about the use of insect repellents and the key points to be observed, please refer to ‘Tips for using insect repellents’; and
    When engaging in outdoor activities, avoid using fragrant cosmetics or skin care products, re-apply insect repellents according to instructions, and apply insect repellents after sunscreen if both are used.

         “Returned travellers should consult a doctor promptly if developing symptoms such as fever, respiratory symptoms, rash or painful swelling, and inform the doctor of their travel history for prompt diagnosis and treatment,” the spokesman added.     The CHP will continue to monitor the local and overseas situation of infectious diseases and provide the latest information to members of the public in a timely manner for a better understanding of the development of infectious diseases and preparation on precautionary works. For more information, please refer to the CHP website on GAS infection (www.chp.gov.hk/en/healthtopics/content/24/107780.html), DF (www.chp.gov.hk/en/healthtopics/content/24/19.html) and travel health service (www.travelhealth.gov.hk).

     
    Ends/Tuesday, September 24, 2024Issued at HKT 20:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Video: UK Lords committee calls for major overhaul of public inquiries

    Source: United Kingdom UK House of Lords (video statements)

    Overhaul inquiries to make them more efficient and effective, says House of Lords committee in new report.

    Public inquiries are set up to consider incidents of major public concern, such as the Grenfell Tower fire, the Post Office Horizon scandal and the Covid-19 pandemic.

    The Statutory Inquiries Committee has been considering the way these inquiries work. In its new report it found inefficiencies leading to delays and unnecessary costs. It calls on the government to conduct a major overhaul, including supporting an independent body responsible for following up on recommendations and ensuring that those accepted by the government are implemented.

    Find out more and read the report in full https://ukparliament.shorthandstories.com/statutory-inquiries-lords-report/index.html?utm_source=youtube&utm_medium=social&utm_campaign=statutory-inquiries-report&utm_content=lords-youtube-channel

    #HouseOfLords #PublicInquiries

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • Twitter: https://twitter.com/UKHouseofLords
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=Qn3m8XQISfg

    MIL OSI Video –

  • MIL-OSI Economics: Secretary-General of ASEAN opens the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today addressed the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event in Nanning, China. In his remarks, Dr. Kao emphasized three key areas where ASEAN and China can collaborate to unlock the full potential of e-commerce, including: building on existing digital transformation initiatives, maximizing the benefits of RCEP and ACFTA 3.0, and encouraging greater collaboration between major e-commerce platform to empower MSMEs.

    Download the full remarks here.

    The post Secretary-General of ASEAN opens the China-ASEAN Silk Road E-commerce Open Cooperation Promotion Event appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Germany: 3-months Bills of the European Stability Mechanism (ESM) – Auction result

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Russia: A new season of paired exhibitions of “teachers and students” from the HSE School of Design is starting at the HSE ART GALLERY

    MIL OSI Translation. Region: Russian Federation –

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

    The first project of the new season at the HSE ART GALLERY on Pionerka will continue the cycle of paired solo exhibitions of “teachers and students” of the HSE School of Design. This time, the main characters will be the head of the profile “Modern Painting” and its graduates – Vladimir Potapov and Sasha Podgorodskaya.

    The format of double solo exhibitions allows, firstly, to present a cross-section of the most significant works of young authors created during their years of study, and secondly, to compare the perspectives of students and their teachers.

    The title of Vladimir Potapov’s project, “The Duration of Decay,” refers to the artist’s personal exhibition, “The Moment of Decay,” in the Art Ru Agency space in 2011. For him, this was not only his first solo project in Moscow, but also his first attempt to go beyond the classical painting convention of “canvas and oil.” The exhibition allowed him to chart a path and showed prospects for finding practical answers to the question, “Is painting alive today?”

    The various stages of this journey are reflected in the exhibition at HSE ART GALLERY. The works on display belong to different series created by Potapov from 2012 to 2022. This range allows us to cover the author’s wide range of tools and radically different methods that have developed over the course of a decade.

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

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

    http://art.hse.ru/gallery/potavov-and-podgorodskaya?roistat_visit=1833079

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

    MIL OSI Russia News –

  • MIL-OSI Europe: The OSCE Mission to BiH Donates Specialized Equipment to Police K9 Units across the country

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

    Headline: The OSCE Mission to BiH Donates Specialized Equipment to Police K9 Units across the country

    The OSCE Mission to Bosnia and Herzegovina has donated specialized equipment to K9 police units. (OSCE) Photo details

    The OSCE Mission to Bosnia and Herzegovina (Mission) has donated today specialized equipment to K9 police units across the country. The donation includes essential work gear and is part of the Mission’s project on Addressing Security and Safety Risks of Illegal Possession, Misuse, and Trafficking of Small Arms and Light Weapons (SALW) and their Ammunition in Bosnia and Herzegovina. K9 units will receive muzzles, Kevlar suits, training sleeves, scent detection boxes, specialized SALW suitcases, alpinist equipment for dogs as well as a scent detection carousel, altogether worth approximately EUR 70,000
    The equipment will increase the weapons and explosives detection capacities of various agencies across BiH, including the BiH Border Police, the State Investigation and Protection Agency (SIPA), the Police of Brčko District BiH, the Republika Srpska Ministry of Interior, the Federal Police Administration, as well as the Ministries of Interior of the Tuzla Canton, Una-Sana Canton, and Zenica-Doboj Canton.
    “We are proud to be able to provide this gear to our partners across the country. It will significantly enhance the ability of police K9 units to detect concealed weapons, ammunition, and explosives,” said Ambassador Brian Aggeler, Head of the OSCE Mission to BiH. “This donation would not have been possible if it were not for our international partners and the support that they have provided to the Project. Through our joint efforts we can help BiH address serious security threats and increases safety for all citizens,” he added.
    Mlađen Božović, Chief of Cabinet of the Minister of Security, expressed his satisfaction with the ongoing efforts to equip police agencies, enhancing their operational capabilities in the fight against illegal arms trade. He stated that: “These criminal activities present an increasing security challenge for all countries. Police agencies must adapt by continually strengthening their capacity to detect illegal weapons and disrupt smuggling routes. Preventing the illegal arms trade remains a top priority for the Ministry of Security of Bosnia and Herzegovina. Our goal is to enhance security and prevent criminal activities related to weapons by curbing smuggling, both in the region and across the European Union member states.”
    The OSCE Mission to BiH remains committed to support authorities at all levels in mitigating security risks posed by the illegal possession, misuse, and trafficking of SALW and their ammunition. By this commitment, the Mission contributes to creating a safer and more secure environment for all citizens of Bosnia and Herzegovina.
    The multi-year project: Addressing Security and Safety Risks of Illegal Possession, Misuse, and Trafficking of Small Arms and Light Weapons (SALW) and their Ammunition in Bosnia and Herzegovina is implemented by the Mission thanks to the generous support provided by Austria, the Czech Republic, the European Union, Germany, France, Liechtenstein, Norway, Slovakia, Türkiye, and the United States.

    MIL OSI Europe News –

  • MIL-OSI USA: The United States is the world’s largest gasoline exporter

    Source: US Energy Information Administration

    In-brief analysis

    September 24, 2024

    Data source: U.S. Energy Information Administration, International Energy Agency, and Facts Global Energy

    The United States is the world’s largest exporter of motor gasoline (finished gasoline plus gasoline blending components), supplying over 16% of total global exports. U.S. motor gasoline exports in 2023 averaged 900,000 barrels per day (b/d), equivalent to about 10% of domestic consumption and enough to fill up the tanks of over 1.5 million SUVs per day, assuming an average tank size of 24 gallons. Other large gasoline exporters, including Singapore and the Netherlands, have never exceeded 700,000 b/d in gasoline exports. China and India have both added significant refining capacity since 2010 and have also increased gasoline exports.

    The United States was a net importer of motor gasoline for over a half century from 1961 to 2015. However, that trend changed during the past decade. The high volume of motor gasoline exports in recent years reflects longer trends in increasing U.S. exports of refined products in general, which set records in 2022 and 2023. The growth in U.S. refined product exports reflects several factors, including generally increasing refinery capacity from 2010 to 2023 and rising production from existing refineries through increased utilization. Much of the increase in refinery capacity has led to higher motor gasoline yields because of added light crude oil processing units that process increasing volumes of light tight oil produced by hydraulic fracturing, or fracking. Finally, although refinery capacity has grown, U.S. consumption of gasoline has not, making more gasoline available for export. Motor gasoline consumption in 2023 was flat compared with 2010 (and 0.4 million b/d less than its peak in 2018).

    Data source: U.S. Energy Information Administration

    Motor gasoline accounts for the third-largest share of U.S. refined product exports, behind propane and distillate fuel oil. Unlike propane, which is primarily exported to Asia, the majority of U.S. motor gasoline exports (over 500,000 b/d) go to Mexico, with the remainder going primarily to Central American and South American countries. Over 90% of U.S. gasoline exports came from the U.S. Gulf Coast (PADD 3).

    Principal contributor: Erik Kreil

    MIL OSI USA News –

  • MIL-OSI Germany: Executive Board agrees allocation of responsibilities

    Source: Deutsche Bundesbank in English

    With effect from Monday, 2 September 2024, Dr Sabine Mauderer was appointed Vice-President of the Deutsche Bundesbank. Furthermore, Lutz Lienenkämper and Michael Theurer joined the Bundesbank’s Executive Board. The responsibilities within the Executive Board have therefore been reallocated. The following reallocation of responsibilities comes into effect immediately.
    President Dr Joachim Nagel
    Economics
    Directorate for Board and International Affairs
    Communications
    Strategy and Innovation
    Legal Services
    Deputy President Dr Sabine Mauderer
    Markets
    Controlling, Accounting and Organisation
    Sustainability
    Burkhard Balz
    Cash management
    Digital Euro
    Payments and Settlement Systems
    Centre for International Central Bank Dialogue
    Lutz Lienenkämper
    Human Resources
    Internal audit
    Compliance
    Michael Theurer
    Banking and Financial Supervision
    Financial Stability
    N.N.
    Information Technology
    Data and Statistics
    Risk Control
    Research
    Responsibilities within the unallocated area have been temporarily assigned to Dr Joachim Nagel (Risk Control and Research Centre), Dr Sabine Mauderer (Data and Statistics) and Burkhard Balz (Information Technology).

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Security: Harbour Grace — RCMP investigates collision on Veterans Memorial Highway, occupants of truck flee scene, one apprehended by Police Service Dog Marlow

    Source: Royal Canadian Mounted Police

    Harbour Grace RCMP is continuing to investigate a collision that occurred between two vehicles on the Veterans Memorial Highway on the evening of September 20, 2024.

    Shortly before 7:15 p.m. on Friday, police received a report of the collision that occurred on the highway near Tilton. A truck towing a utility trailer crossed over the centre line and collided with an oncoming SUV. Two of the three occupants of the truck fled the scene on foot. The third occupant was located with serious injuries at the scene. The two occupants of the SUV received non-life-threatening injuries. All three individuals were transported to Carbonear General Hospital.

    RCMP Police Service Dog (PSD) Marlow and her handler were engaged and, while approaching the scene of the collision, observed a man in a wooded area on the side of the highway. The man, who had serious injuries, was identified as one of the occupants from the truck and was arrested for leaving the scene of the collision. He was transported to the hospital for treatment of serious injuries and was released from police custody.

    The third occupant of the truck was tracked by PSD Marlow and her handler from the scene of the collision to a business in Spaniards Bay. Officers learned that the man had departed the business prior to their arrival. Efforts are underway for his arrest.

    A quantity of suspected cocaine, as well as numerous prescription pills, were located and seized from inside the truck.

    The investigation is continuing with charges pending.

    RCMP NL continues to fulfill its mandate to protect public safety, enforce the law, and ensure the delivery of priority policing services in Newfoundland and Labrador.

    MIL Security OSI –

  • MIL-OSI Security: St. George  — Two youths charged following assault with a weapon

    Source: Royal Canadian Mounted Police

    Two youths have been charged following an assault with a weapon in St. George.

    On September 16, 2024, at approximately 8:50 p.m., the St George RCMP Detachment responded to a report of an assault on Portage Street, in St. George. When police arrived on scene, they found a 43-year-old male victim. The man was transported to hospital with what were believed to be serious, but non-life-threatening injuries.

    Shortly after, police were able to identify two youths of interest. The first youth was arrested September 17, 2024, and the second youth was arrested on September 18, 2024.

    On September 19, 2024, the two youths appeared in Saint John Provincial Youth Court, and were charged with aggravated assault. They were both later released on conditions and are expected to return to court at a later date.

    Police are asking anyone who may have witnessed the assault to contact the St. George RCMP at 506-755-1130. Information can also be provided anonymously through Crime Stoppers by calling 1-800-222-TIPS (8477), by downloading the secure P3 Mobile App, or by Secure Web Tips at www.crimenb.ca.

    The investigation is ongoing.

    MIL Security OSI –

  • MIL-OSI: Alliance Trust PLC – Net Asset Value

    Source: GlobeNewswire (MIL-OSI)

    ALLIANCE TRUST PLC
                     
    At the close of business on Monday 23 September 2024:

    The Company’s NAV per ordinary share, valued on a bid price basis with Debt at Par, was

    –       excluding income, 1251.6p
                     
    –       including income, 1251.3p
      
    The Company’s NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was

    –       excluding income, 1257.5p

    –       including income, 1257.2p

    For further information, please contact: –

     
    Juniper Partners Limited
    Tel. +44 (0)131 378 0500

    Notes

    1. Net Asset Values are calculated in accordance with published accounting policies and AIC guidelines.
    2. The fair value of the Company’s fixed loan notes is calculated by reference to a benchmark gilt.
    3. The dividend of 6.62p, due to be paid on 27 September 2024, has been deducted from each of the ‘including income’ figures cited above as from 29 August 2024, being the date upon which the Company’s shares went ex-dividend.

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. ANNOUNCES THIRD QUARTER 2024 EARNINGS DATE AND CONFERENCE CALL INFORMATION

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, Sept. 24, 2024 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (NYSE:CRK) plans to release its third quarter 2024 results on October 30, 2024 after the market closes and host its quarterly conference call at 10:00 a.m. CT on October 31, 2024 to discuss the third quarter results.  

    Parties interested in participating in the conference call telephonically will need to register at https://register.vevent.com/register/BI25940ff3de024e45b06512519e9e6a64. Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call.

    ~~~

    The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/27pqb8gi.

    ~~~

    A replay of the third quarter 2024 conference call will be available for twelve months beginning at 1:00 p.m. CT on October 31, 2024. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/27pqb8gi.

    About Comstock Resources:

    Comstock Resources is a leading independent natural gas producer with operations focused on the development of the Haynesville Shale in North Louisiana and East Texas.

    A slide show presentation on the financial results will be available on Comstock’s website at www.comstockresources.com. Click on “Quarterly Results” to view the slide show.

    The MIL Network –

  • MIL-OSI: Tyton Partners’ Listening to Learners Data Assesses Correlation Between Student Safety and Re-enrollment Decisions at Institutions

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, Tyton Partners, a strategy consulting and investment banking firm focused on the education sector, unveiled Listening to Learners 2024: Stay Safe, Stay Informed: How Awareness of Support Services and Safety Relate to Re-enrollment, focusing on student learning outcomes. Following its widely cited debut last year, the second annual installment dives into the student perspective, linking it to institutional practices and technologies to spotlight impactful trends supporting student success in and outside the classroom.

    With data from 3,000 higher education administrators, frontline advising staff, and students, Listening to Learners 2024 offers an in-depth analysis across six pivotal areas: Safety, Learner Awareness, Basic Needs Costs, Generative AI, Stopped-out Learners, and the Equity-Excellence Imperative. These areas are critical in understanding and bridging gaps between what students need to succeed and institutional efforts.

    • Safety Concerns: Although rarely discussed during advising sessions, students are four times more likely to want to discuss safety issues as a topic than advisors, highlighting a disconnect that impacts re-enrollment.
    • Learner Awareness: Only 54% of institutions effectively communicate available student support services, underscoring an awareness gap that could significantly boost retention and re-enrollment rates. This gap is larger for students with disabilities and online students.
    • Basic Needs Costs: 60% of students cite the cost of course materials as a crucial factor in course selection, stressing the financial burdens impacting their academic choices.
    • Generative AI: 50% of students would continue using generative AI tools even if banned, indicating robust student interest in these technologies.
    • Stopped-out Learners: FAFSA delays have had disproportional effects on re-enrolled learners’ decisions to re-enroll and potentially transfer to a different college or university
    • Equity-Excellence Imperative: Despite having a perspective on which student populations are most at risk, 54% of academic advisors don’t know if student utilization of support services is tracked by at-risk sub-populations (e.g., students who are working while in school or from rural areas), suggesting a lack of targeted support.

    “At Tyton Partners, we believe deeply in the power of data to inform actionable insights,” said Catherine Shaw, Managing Director at Tyton Partners and lead author of Listening to Learners. “Through Listening to Learners, we aim to bridge the gap between student experiences and institutional strategies, fostering environments that support all aspects of student success, both in and outside the classroom.”

    “This research underscores the urgent need for higher education to equip learners with the skills for a lifelong learning journey,” said Dr. Cristi Ford, Vice President of Academic Affairs at D2L. “As people live and work longer, the traditional three-stage model of education, employment, and retirement must transform into a continuous cycle of learning and earning.”

    This year’s research, supported by the Bill & Melinda Gates Foundation, D2L, and Lumina Foundation, highlights the critical need for educational institutions to align more closely with student needs. By bridging this gap, we can not only enhance equity and effectiveness within the educational landscape but also pave the way for innovative practices that will shape the future of learning.

    Read Listening to Learners 2024 here.

    About Tyton Partners
    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    The MIL Network –

  • MIL-OSI: Paycor Unveils Innovative Features to Redefine Time-Off Management

    Source: GlobeNewswire (MIL-OSI)

    CINCINNATI, Sept. 24, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced a suite of innovative features designed to transform time-off management for the modern workforce. These cutting-edge additions to Paycor’s HCM platform streamline time-off operations through automation, real-time visibility and proactive controls to drive efficiency and promote employee well-being.

    “It’s so important for workers to feel in control of their time, and Paycor’s new time-off features help leaders address this pain point,” said Ryan Bergstrom, Chief Product & Technology Officer at Paycor. “Our new experience helps workers unplug, empowers employees and leaders to take control of time-off management, reduces stress, and ensures smooth operations. We’re proud to offer flexible solutions that not only meet the needs of today’s workforce but also set a new standard for the future of work.”

    Key benefits include:

    Better Insights & Visibility to Help Leaders Make Decisions
    Paycor now offers seamless integration of time-off requests with scheduling, providing leaders with real-time visibility of these requests while building schedules. This feature allows for enhanced productivity and coordination through comprehensive visibility into time-off schedules for employees and leaders. Seamless integration across our ecosystem through APIs and data streams, including automatic syncing to cloud-based calendars, ensures accurate and up-to-date information.

    Faster Communication and Approvals
    Time Off Advisor provides employees with peak time visibility through blackout dates and balance forecasting, enabling better planning and communication with managers for time-off planning. Within this module, leaders can establish predefined criteria for automatically approving or denying time off requests. Additionally, managers can conveniently manage approvals on-the-go through preferred methods, such as the mobile app or email.

    Prevent Burn-out and Encourage Time Away
    Paycor Paths offers bite-sized training to empower leaders to recognize and prevent causes of burnout while easily accessing time-off balances and requests to identify potentially at-risk employees via the COR Leadership Dashboard.

    Paycor has received several accolades for these enhancements, including “Best Advance in Time” and “Best Advancement in Online Coaching Tools” from Brandon Hall Group and “Business Intelligence Solution” from Titan Business Awards.

    To learn more about how our time experience can streamline operations and provide flexibility to your workforce, visit Paycor Time & Attendance.

    About Paycor 
    Paycor’s human capital management (HCM) platform modernizes every aspect of people management, from recruiting, onboarding, and payroll to career development and retention, but what really sets us apart is our focus on leaders. For more than 30 years, we’ve been listening to and partnering with leaders, so we know what they need: a unified HR platform, easy integration with third party apps, powerful analytics, talent development tools, and configurable technology that supports specific industry needs. That’s why more than 30,000 customers trust Paycor to help them solve problems and achieve their goals. Learn more at paycor.com. 

    Media Relations:
    Carly Pennekamp
    513-954-7282
    PR@paycor.com

    Investor Relations:
    Rachel White
    513-954-7388
    IR@paycor.com

    The MIL Network –

  • MIL-OSI: hlpy Raises 18 Millions Euros and Goes Shopping in Europe

    Source: GlobeNewswire (MIL-OSI)

    Acquisition of German HESA Solutions GmbH – MySchleppApp

    Nextalia SGR and Alkemia Capital SGR lead the Series B round of the Italian scale-up in the digital motor assistance sector

    MILAN, Sept. 24, 2024 (GLOBE NEWSWIRE) — hlpy, the leading Italian scale-up in full digital services for mobility and vehicle assistance, has successfully completed a capital raise of 18 million euros aimed at strengthening its growth process in major European markets and acquiring a leading operator in Germany in digital roadside assistance: HESA Solutions GmbH – MySchleppApp.

    The operation was co-led by Nextalia SGR through the Nextalia Venture fund and the current partner Sinergia Venture Fund of Alkemia Capital SGR, with the participation of all major shareholders of hlpy, including The Techshop SGR, CDP Venture Capital – fondo Corporate Partners I, ServiceTech, and Simest. The Series B consists of 80% capital increase and 20% long-term financing provided by credit institutions.

    Thanks to this financial injection, hlpy accelerates its international expansion plan and announces its first M&A operation in Europe with the acquisition of 100% of the capital of HESA Solutions GmbH, commercially known as MySchleppApp, one of the leading digital roadside assistance companies in Germany and Austria, with annual growth rates exceeding 130%.

    The acquisition of MySchleppApp allows hlpy to consolidate its position as the primary European operator of full-digital roadside assistance, offering its services not only in Italy, France, and Spain but also in Germany and Austria. These services include assistance, repair, and vehicle maintenance through the use of a software platform based on machine learning and artificial intelligence.

    MySchleppApp delivers its services through a network of over 1,500 partners on the ground, with operations and a technology platform that integrate well with hlpy’s.

    Since its market entry in February 2021, hlpy has handled over 550,000 assistance requests and, following the acquisition, expects to triple the volumes of fiscal year 2023, projecting a positive EBITDA.

    “This operation,” explained Valerio Chiaronzi, CEO of hlpy, “supported by leading investors, strengthens hlpy’s leadership in the European market for digital car assistance. The capital increase reflects our shareholders’ confidence in hlpy’s growth path, which recorded a revenue increase of 157% in 2023 compared to 2022, and this year will also grow by triple digits. Despite exponential organic growth, we saw the opportunity presented by MySchleppApp as the right one to seize to enter an important market like Germany and clearly mark our growth trajectory and future: to become a leader in mobility services, redefining the rules and standards in roadside assistance, as well as in vehicle repair and maintenance, without any geographical limits. We are excited to welcome the MySchleppApp team, with whom we have formed a unique synergy from day one, thanks to shared corporate values, an operational model, and a technological approach aligned with our vision.

    “We also believe that the integration of our realities can bring concrete benefits to our business partners – many of whom are common and cross-country – who, post- integration, will have a holistic view of their vehicles and drivers in multiple countries.”

    “We are proud and excited to join the hlpy group,” added Santosh Satschdeva, CEO of HESA Solutions GmbH. “The integration between hlpy and MySchleppApp represents the union of two of the most technologically advanced entities in the vehicle assistance sector in Europe, with the common goal of providing our commercial partners and drivers with a superior customer experience, while also reducing operational costs and vehicle downtime. Together, we can expand a unique service model without any geographical barriers, accelerating the growth of the network and customer base.”

    hlpy was born in Milan in May 2020 with the aim of reinventing vehicle assistance. Thanks to its innovative digital platform, hlpy aims to create value for insurance companies, car manufacturers, rental companies, rescue operators, and, above all, to make the service more reliable and secure for end users.

    HESA Solutions GmbH, with its brand MySchleppApp, was founded in Germany in 2016. The business focus is on roadside assistance and support in the event of vehicle breakdowns. MySchleppApp’s approximately 75 clients include automobile manufacturers, fleet managers, and leasing companies. Its strength lies in the fully digital management of rescue requests, with a highly efficient rescuer engagement process and short waiting times for customers.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d353f255-eab3-4f97-a5a1-42b5c4afa297
    https://www.globenewswire.com/NewsRoom/AttachmentNg/981a26b8-8423-4573-990b-2366331b2c2a

    The MIL Network –

  • MIL-OSI: TowneBank and Village Bank and Trust Financial Corp. Announce Agreement to Merge

    Source: GlobeNewswire (MIL-OSI)

    SUFFOLK, Va. and MIDLOTHIAN, Va., Sept. 24, 2024 (GLOBE NEWSWIRE) — Hampton Roads based TowneBank (NASDAQ: TOWN) and Village Bank and Trust Financial Corp. (NASDAQCM: VBFC) (“Village”), the parent company of Village Bank, today announced the signing of a definitive agreement and plan of reorganization pursuant to which TowneBank will acquire Village and Village Bank. The proposed transaction will enhance TowneBank’s continued and growing presence in the Richmond MSA while providing opportunity for diverse revenue synergies with Towne Financial Services Group and strategic capital deployment.

    “Our TowneBank family is humbled and excited to partner with Village Bank and its team members,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “We believe our partnership can bring additional products and expanded services to the clients of Village Bank while meaningfully enhancing our Richmond presence, which is core to our franchise and future growth.”

    “We’re excited to partner with TowneBank,” said Jay Hendricks, President and Chief Executive Officer of Village. “This merger is not just a business decision but a strategic move to enhance the value we deliver to our customers. This partnership will give us the ability to continue to meet our customers’ banking needs with greater resources and products while providing increased opportunities for our employees.” 

    Based on financials reported as of June 30, 2024, the combined companies would have total assets of $17.8 billion, loans of $12.1 billion and deposits of $14.9 billion. Under the terms of the agreement, shareholders of Village will receive $80.25 per share in cash for each share of Village outstanding common stock. This corresponds to an aggregate transaction value of approximately $120.0 million, based on Village common stock currently outstanding.

    TowneBank expects the transaction to be approximately 6% accretive to earnings per share with fully phased-in cost savings on a GAAP basis.

    In consideration of the transaction, extensive due diligence was performed by the management teams of TowneBank and Village. The definitive agreement was approved by the boards of directors of TowneBank and Village. The transaction is expected to close in the first half of 2025 and is subject to customary conditions, including regulatory approval, as well as the approval of Village’s shareholders.

    Piper Sandler & Co. served as the financial advisor and Troutman Pepper Hamilton Sanders LLP served as legal counsel to TowneBank in the transaction. Janney Montgomery Scott served as the financial advisor and Williams Mullen served as legal counsel to Village in the transaction.

    About TowneBank:
    Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

    Today, the bank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. TowneBank offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its controlled divisions and subsidiaries that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.1 billion as of June 30, 2024, TowneBank is one of the largest banks headquartered in Virginia.

    About Village Bank and Trust Financial Corp.
    Headquartered in Midlothian, Virginia, Village Bank and Trust Financial Corp. is the holding company for Village Bank. Village Bank was founded in 1999 and operates nine branch offices serving the greater Richmond Metropolitan area and Williamsburg, Virginia. Village Bank and Trust Financial Corp. had total assets of $747.7 million as of June 30, 2024. Additional information is available at the company’s website, http://www.villagebank.com.

    Media contact:
    G. Robert Aston, Jr., Executive Chairman, TowneBank, 757-638-6780
    William I. Foster III, Chief Executive Officer, TowneBank, 757-417-6482
    James E. Hendricks Jr., Chief Executive Officer, Village Bank and Trust Financial Corp., 804-419-1253

    Investor contact:
    William B. Littreal, Chief Financial Officer, TowneBank, 757-638-6813
    Deborah M. Golding, Vice President, Village Bank and Trust Financial Corp., 804-897-3900

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and Village and their respective management teams regarding future events, many of which, by their nature, are inherently uncertain and beyond the control of TowneBank and Village. Forward-looking statements may be identified by the use of such words as: “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional terms, such as “will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or “possibly.” These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management, including statements about (i) the benefits of the transaction, including future financial and operating results, cost savings, enhancement to revenue and accretion to reported earnings that may be realized from the transaction and (ii) TowneBank’s and Village’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. In addition, these forward-looking statements are subject to various risks, uncertainties, estimates and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Although TowneBank’s and Village’s respective management teams believe that estimates and assumptions on which forward-looking statements are based are reasonable, such estimates and assumptions are inherently uncertain. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the business of Village and Village Bank may not be successfully integrated into TowneBank, or such integration may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the transaction may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the transaction, including adverse effects on relationships with employees and customers, may be greater than expected; (4) the regulatory approvals required for the transaction may not be obtained on the proposed terms or on the anticipated schedule; (5) the shareholders of Village may fail to approve the transaction; (6) economic, legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which TowneBank and Village are engaged; (7) competitive pressures in the banking industry that may increase significantly; (8) changes in the interest rate environment that may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; (9) an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize TowneBank’s or Village’s overall liquidity or capitalization; (10) changes in the creditworthiness of customers and the possible impairment of the collectability of loans; (11) insufficiency of TowneBank’s or Village’s allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; (12) adverse developments in the financial industry generally, such as the recent bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; (13) general economic conditions, either nationally or regionally, that may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; (14) weather-related or natural disasters, acts of war or terrorism, or public health events (such as the COVID-19 pandemic); (15) changes in the legislative or regulatory environment, including changes in accounting standards and tax laws, that may adversely affect TowneBank’s or Village’s businesses; (16) cybersecurity threats or attacks, whether directed at us or at vendors or other third parties with which we interact, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems; (17) competitors may have greater financial resources and develop products that enable them to compete more successfully; (18) changes in business conditions; (19) changes in the securities market; and (20) changes in the local economies with regard to TowneBank’s and Village’s respective market areas.

    Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in TowneBank’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Federal Deposit Corporation (“FDIC”) and Village’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the U.S. Securities and Exchange Commission (“SEC”). TowneBank and Village undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

    Additional Information
    This press release does not constitute a solicitation of any vote or approval. Village will deliver a definitive proxy statement to its shareholders seeking approval of the transaction and related matters. In addition, each of TowneBank and Village may file other relevant documents concerning the proposed transaction with the FDIC and SEC.

    Investors, TowneBank shareholders and Village shareholders are strongly urged to read the definitive proxy statement regarding the proposed transaction when it becomes available and other relevant documents filed with the FDIC and SEC, as well as any amendments or supplements to those documents, because they will contain important information about TowneBank, Village and the proposed transaction. Free copies of the definitive proxy statement, as well as other filings containing information about Village, may be obtained after their filing at the SEC’s website (http://www.sec.gov). In addition, free copies of the definitive proxy statement, when available, also may be obtained by directing a request by telephone or mail to Village Bank and Trust Financial Corp., 13319 Midlothian Turnpike, Midlothian, Virginia 23113, Attention: Investor Relations (telephone: (804) 897-3900), or by accessing Village’s website at https://www.villagebank.com under “About Us Investor Relations.” The documents described above also may be obtained by directing a request by telephone or mail to TowneBank, 6001 Harbour View Boulevard, Suffolk, Virginia 23425, Attention: Investor Relations (telephone: (757) 638-6794), or by accessing TowneBank’s website at https://townebank.com under “Investor Relations.” The information on TowneBank’s and Village’s websites is not, and shall not be deemed to be, a part of this presentation or incorporated into other filings either company makes with the FDIC or SEC.

    TowneBank, Village, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Village in connection with the proposed transaction. Information about the directors and executive officers of Village and other persons who may be deemed participants in the solicitation, including their interests in the transaction, will be included in the proxy statement when it becomes available. Information about TowneBank’s directors and executive officers can be found in TowneBank’s definitive proxy statement in connection with its 2024 annual meeting of shareholders, filed with the FDIC on April 11, 2024. Additional information about Village’s directors and executive officers can be found in Village’s definitive proxy statement in connection with its 2024 annual meeting of shareholders filed with the SEC on April 9, 2024. Free copies of each document may be obtained as described in the preceding paragraph.

    The MIL Network –

  • MIL-OSI: QuestionPro Announces Fall Xday 2024 North America Lineup

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Sept. 24, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services today announced the agenda and speaker lineup for its annual customer event, XDay 2024 North America. The event takes place Thursday, October 3, 2024 from 9:00 a.m. – 5:00 p.m. (U.S. Central Time) at the Thompson Austin in Austin, Texas. The event features keynotes, in-depth panels, and one-to-one chats with industry leaders on a range of topics related to the future of insights, experience, and delight.

    The day begins with opening remarks from Vivek Bhaskaran, QuestionPro’s founder and CEO, whose irreverent personality is combined with deep industry knowledge and vision. He will unveil exciting new products and feature updates across QuestionPro product lines and set the stage for a day of innovation and inspiration.

    Bhaskaran is followed immediately by the morning keynote from Dr. Dipul Patadia, a visionary healthcare executive with over 20 years of experience of leadership, innovation and insights. As the Head of Health System Strategy and Innovation at Salesforce, he has been pivotal in aligning technology with the unique needs of health systems. His extensive background, including roles as Chief Medical Officer at hospitals within Ascension and Advocate Health, uniquely equips him with insights into the melding of data, and new trends.

    Attendees will benefit from his leadership in national healthcare organizations and advisory roles with multiple healthcare startups. Expect to gain actionable insights into transforming your data, AI-driven empowerment, and leading with human centric data.

    Following the morning keynotes will be a series of practitioner-led breakouts featurimg experts who have held senior roles at some of the most recognized brands in the world, including: Microsoft, Twitch, HubSpot, Cost Plus World Market and others. Panels, workshops and keynotes will cover workplace experience; AI in research and experience; deep dives on CX and many others. A full agenda is available via the web at: https://www.questionpro.com/xday/2024/

    The afternoon keynote address will be delivered by Tim Sanders, currently the Vice President of Research Insights at G2. He brings a deep understanding of AI, digital transformation, and customer-centric strategies after serving as Vice President of Client Strategy at Upwork and many other prestigious institutions. As an Executive Fellow at Harvard’s Digital Data Design Institute, he drives AI adoption and data-driven business decisions. With a rich history at Yahoo and a bestselling author, Tim’s insights on leadership, digital transformation, and change management are not to be missed.

    The event concludes with a rooftop dinner reception at Arriba Abajo, on top of the Thompson Hotel. Arriba Abajo beckons guests with its unique blend of cantina concept and elevated hospitality while captivating guests with its awe-inspiring rooftop patio and pool.

    The event is open to the public. Information and registration are available online at:
    https://www.questionpro.com/xday/2024/.

    About QuestionPro:
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s, and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.

    The MIL Network –