NewzIntel.com

Category: Politics

  • MIL-OSI Global: Could trusting each other more unlock economic growth?

    Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

    Shutterstock/GoodStudio

    Trust in Britain’s institutions is in bad shape, according to recent data from the European Social Survey.

    Trust is important because a good deal of governing involves trying to persuade people to do things or convince them that things will get better in the future. This is increasingly difficult to do if trust is in decline. Trust in political institutions is particularly important when governments have to make unpopular decisions, such as raising taxes.

    Data covering a 20-year period shows a marked decline in trust in parliaments, political parties and politicians. The following question is asked in the European Social Surveys over time:

    Please tell me on a score of 0-10 how much you personally trust each of the following institutions. 0 means you do not trust an institution at all, and 10 means you have complete trust in it.

    The decline in trust began around the time of the 2016 survey, when the lowest level of trust in politicians and political parties was recorded in 20 years of doing the survey. Parliament has done a bit better, but decline in trust for it is still quite marked. It is no coincidence that this decline started in 2016 – the year of Brexit.

    Average trust scores for British institutions, 2002-2022

    Trust on the slide.
    P Whiteley, CC BY-ND

    But the European Social Survey carries another important measure of trust – our trust in fellow citizens. A question in the surveys asks how trusting respondents felt about other people on an 11-point scale, with a high score indicating that people are trusting.

    Average trust scores in other people in Britain, 2002-2022

    Trust in other people.
    P Whiteley, CC BY-ND

    After a shaky start at the beginning of the millennium, trust in other people increased significantly in Britain in 2006, to over 5.35 on the 11-point scale. It then dropped in 2008, the year of the financial crisis. The recovery from this decline was in place by 2010. It is noticeable that the trust scores fell again in 2018, when the political consequences of Brexit were making themselves felt. Trust revived again in 2020 during the pandemic.

    So, our trust in each other is in healthier shape than our trust in institutions. This is important because trust in others is a key measure of social capital – the willingness of people to work together to solve social and economic problems in society. The importance of social capital in creating prosperity in the US was highlighted by the American political scientist Bob Putnam in his best-selling book, Bowling Alone.

    Trust is lacking in British politicians.
    Flickr/UK Parliament, CC BY-NC-ND

    There is now a large literature on social capital and trust, some of it focusing specifically on Britain. The findings are that trust promotes prosperity for a number of reasons. If people trust each other, they are more likely to volunteer. This free labour helps to provide a social safety net, which increases prosperity for all – even if it is not fully recognised in the national income statistics.

    High-trust countries like Denmark and Sweden also have low levels of corruption – and corruption is a blocker to growth. In a high-trust environment, the costs of doing business are lower because there is less need for elaborate contracts, expensive lawyers and lots of litigation to make other people behave properly. This is, in part, why high-trust countries are richer than low-trust countries.

    It’s well established that economic growth is driven by investment in innovation, skills and transport, extra manufacturing capacity and greater workplace productivity. However, it is also the case that social capital helps to create economic growth. In researching this across a variety of countries, I found that trust was very important in stimulating economic growth alongside these other factors.

    Government has limited direct influence on social capital, but it can encourage it by investing in voluntary organisations and increasing transparency in its dealings with the public.

    Britain has suffered from a lack of investment in capital spending and infrastructure, and has neglected investment in education over the past 15 years. Social capital seems to be in much better shape, and faced with the significant challenge of restoring growth, the UK government needs to pull every lever at its disposal. It can repair trust in politics with its own actions, and this is likely to help with sustaining social capital, which is part of the solution to restoring economic growth.

    Paul Whiteley has received funding from the British Academy and the ESRC.

    – ref. Could trusting each other more unlock economic growth? – https://theconversation.com/could-trusting-each-other-more-unlock-economic-growth-246302

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Givinostat conditionally approved to treat patients with Duchenne muscular dystrophy (DMD)

    Source: United Kingdom – Executive Government & Departments

    The Medicines and Healthcare products Regulatory Agency (MHRA) has today (20 December 2024) granted a conditional marketing authorisation for the medicine givinostat (Duvyzat) to treat Duchenne muscular dystrophy (DMD).

    Givinostat is a nonsteroidal drug indicated for the treatment of patients aged 6 years of age and older with all genetic variants of DMD.

    DMD is a muscle wasting condition that causes progressive muscle weakness. It usually only affects boys and those assigned male at birth.

    It’s caused by alterations in a protein called dystrophin. This causes muscle fibres to break down. They’re replaced by fibrous or fatty tissues that cause the muscle to gradually weaken.

    Around 100 boys are born with DMD each year, and there are about 2,500 people living with the condition in the UK at any one time.

    Julian Beach, MHRA Interim Executive Director, Healthcare Quality and Access, said:

    Keeping patients safe and enabling their access to high quality, safe and effective medical products are key priorities for us.

    We’re assured that the appropriate regulatory standards for the approval of this medicine have been met.

    As with all products, we will keep its safety under close review.

    Givinostat comes as an oral suspension to be taken twice daily.

    It is a drug from a family of molecules called HDAC inhibitors (histone deacetylase) which reduce in­flammation and fibrosis in muscle tissues. HDAC inhibitors also promote muscle regeneration and slow down the progression of DMD.

    This approval is supported by evidence from a randomized, double-blind, placebo-controlled 18-month study involving 179 ambulatory patients with DMD who were given a placebo or givinostat for 18 months. Further data is required for the efficacy in non-ambulatory patients and will be subject to review following completion of additional clinical trials, as detailed in the condition associated with approval.

    The study found that participants treated with givinostat over an 18-month period took significantly less time to climb four stairs compared to those given placebo.

    A secondary efficacy endpoint was the change from baseline to month 18 in physical function as assessed by the North Star Ambulatory Assessment (NSAA) — a scale commonly used to rate the motor function in boys with DMD who are capable of walking. Compared to placebo, patients treated with givinostat saw less worsening in their NSAA score after 18 months.

    The most common side effects of the medicine (which may affect more than 1 in 10 people) include abdominal pain, decrease in blood platelet count (which can increase risk of bleeding), diarrhea, elevated levels of triglycerides (a type of blood fats), fever, nausea and vomiting. The prescribing information for givinostat advises healthcare providers to assess patients’ platelet counts and triglyceride levels prior to initiating treatment. During treatment, regular monitoring of platelet counts and triglycerides is recommended to determine whether dosage adjustments are necessary.  Additionally, givinostat may lead to QTc prolongation, a condition where the heart takes longer than normal to recharge between beats, which can elevate the risk of irregular heart rhythms. Patients with certain heart conditions or those taking other medications that prolong QTc intervals should avoid using givinostat.

    As with any medicine, the MHRA will keep the safety and effectiveness of givinostat under close review.  Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.

    ENDS

    Notes to editors 

    1. The new conditional marketing authorisation was granted on 20 December 2024 to Italfarmaco S.p.A. More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.

    2. Giovinostat has been conditionally approved through the International Recognition Procedure (IRP). A conditional marketing authorisation is an early temporary license in which we may accept less completed clinical studies than would be necessary to issue a full marketing authorisation, provided the manufacturer clearly indicates when complete clinical data will be available. However, CMA post-approval conditions are determined on a case-by-case basis, and don’t have to be limited to providing further clinical data. A CMA lasts for one year and can be renewed annually.

    3. For more information about Duchenne muscular dystrophy (DMD), visit: https://www.nhs.uk/conditions/muscular-dystrophy/

    4. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.

    5. The MHRA is an executive agency of the Department of Health and Social Care.

    6. For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 20 December 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Department of Corrections Facilities Senate Study Committee Adopts Final Committee Report

    Source: US State of Georgia

    ATLANTA (December 20, 2024) – On Friday, December 13, the Department of Corrections Facilities Senate Study Committee, chaired by Majority Whip Sen. Randy Robertson (R–Cataula), voted unanimously to adopt its final report during the committee’s concluding meeting. The committee, established through Senate Resolution 570, spent nearly four months exploring strategies to enhance the welfare of Department of Corrections employees and those in its custody.

    Sen. Robertson praised the committee’s efforts, stating: “This committee has heard an abundance of valuable testimony since August. Our committee’s recommendations aim to enhance safety, promote fairness and support the Department of Corrections officers and the inmates they care for around the clock. I am grateful to each committee member for their dedication to this important issue and to the Lieutenant Governor for his unwavering support of our work.”

    Sen Robertson continued, “I also want to thank the Georgia taxpayers who came to the Capitol to share their experiences and suggestions. These citizens fund our budget and trust us to spend their tax dollars on worthwhile projects that provide quality care to those in our custody. As a former law enforcement officer, the welfare of our corrections officers and the inmates they protect will always be of utmost importance to me.”

    The final report outlines findings and recommendations to guide Georgia’s approach to employee and inmate safety within the Georgia Department of Corrections. Key highlights include:

    1. Increasing mental health services available to incarcerated population and staff.
    2. Investing in correctional officer recruitment and retention.
    3. Asking the Georgia Department of Audits to review all contract renewals for the past five years to see if there is a pattern of runaway costs by any vendors.
    4. Implementing a pay study for all Georgia Department of Corrections employees.
    5. Convert all existing facilities and construct all new facilities to single-person, single-cell facilities.
    6. Advocating the federal government to allow state prisons to use cell phone and drone jamming technology.
    7. Leveraging public-private partnerships to expand the capacity of the Georgia Department of Corrections.
    8. Prioritizing the hardening of existing corrections facilities to ensure their longevity while ensuring upcoming facilities are built to modern standards of security.
    9. Ensuring wardens adhere to consistent policies across facilities to prevent cultural differences within corrections facilities.

    The full report is available on the Georgia General Assembly website here.

    # # # #

    Sen. Randy Robertson serves as Majority Whip of the Senate Majority Caucus. He represents Senate District 29, which includes Harris, Meriwether, and Troup Counties and a portion of Muscogee County. He can be reached at 404.656.0045 or at randy.robertson@senate.ga.gov

    MIL OSI USA News –

  • MIL-OSI USA: N.C. Trails Committee Awards Over $1.24 Million in Federal Grants, Recommends Designations for Access Points on State Paddle Trails

    Source: US State of North Carolina

    Headline: N.C. Trails Committee Awards Over $1.24 Million in Federal Grants, Recommends Designations for Access Points on State Paddle Trails

    N.C. Trails Committee Awards Over $1.24 Million in Federal Grants, Recommends Designations for Access Points on State Paddle Trails
    jejohnson6

    At its December meeting, the North Carolina Trails Committee selected 13 trail development projects and five safety and education projects to receive matching federal grants, the N.C. Division of Parks and Recreation announced. In addition, the committee recommended the official designation of the first access points on the new Haw River State Trail and four accesses on the Yadkin River State Trail.

    “This annual funding from the federal government is key to continuing North Carolina’s distinction as the Great Trails State,” said N.C. Department of Natural and Cultural Resources Secretary Reid Wilson. “Trail improvements, new trail development, and trail safety and education programs help residents and visitors take advantage of healthy and affordable outdoor recreation opportunities.”

    The selected projects include relocation of an off-road vehicle trail to make it more sustainable, updates to a paddle trail access, improvements to greenways, and construction on new trails. The projects range from a little over $54,000 up to the maximum of $100,000, with a total of over $1.2 million. The Safety and Education grants are around $5,000 each, totaling over $24,000.

    In addition, the committee recommended to the DNCR Secretary the approval of the first designated access on the Haw River State Trail, on Brooks Bridge in Rockingham County, along a segment called High Rock Ford. The Haw River State Trail was authorized by the General Assembly in 2023. The committee also recommended official designations for four accesses on the Yadkin River State Trail:

        • The boat access at Morrow Mountain State Park

        • Donnaha Access in Yadkin County

        • Moravian Creek Access in the town of Wilkesboro, and

        • Ronda Memorial Park Access in the town of Ronda.

    Together, these access points will add 13.6 designated miles to the Yadkin River State Trail.

    “We are very excited to continue to make progress on the state trails,” said Division Director Brian Strong. “These accesses allow the public to enjoy two of North Carolina’s beautiful rivers, the Haw and the Yadkin. We appreciate the hard work that our state trail partners and section sponsors have put in to help us grow the state trails network in North Carolina.”

    State trails, a unit of the state parks system, epitomize partnerships. They are composed of multiple connected sections, and each section of the trail is sponsored by a state or federal agency, local government, or private landowner. Section sponsors build, maintain, and manage their section of the trail. Once a segment of trail or access is constructed within the planning corridor of a state trail, the section sponsor must apply for official state trail designation. Until the trail segment is designated, it is not part of the state trail.

    The Division’s Trails Program manages the federal Recreational Trails Program Grant from the Federal Highway Administration. The grant provides funding for construction of new trails, maintenance and repair of existing trails, land acquisition, purchase of trail tools, and planning, legal, environmental, and permitting costs. Safety and Education grants are a subset of the program and are awarded for safety and education instructor fees, speaker fees, displays, signage, and other uses. Federal, state, or local government agencies or qualified nonprofit organizations are eligible to apply for the annual RTP grants.

    The seven-member Trails Committee, appointed by the DNCR Secretary, advise the Trails Program on funding recommendations. Final determination on grant awards is made by the DNCR Secretary. The committee members represent various trail use communities across the state, including hiking, biking, paddling, equestrian, and off-road vehicles.

    The Trails Committee also reviews designation applications for state trails and makes recommendations for the DNCR Secretary’s final approval.

    Grant recipients and awards are as follows:

    Trail Development Projects

    Recipient County Project Name Funds Awarded
    U.S. Forest Service Burke 2024 Brown Mountain Off-Highway Vehicle Area Maintenance – Trail Relocation $100,000
    U.S. Forest Service Burke Brown Mountain OHV Area Mini-Excavator – Trail Equipment $100,000
    Town of Rolesville Wake Granite Acres Greenway Connection Project – New Trail $100,000
    Alamance Parks (on behalf of Friends of Haw River State Trail) Alamance, Guilford, Rockingham Haw River State Trail Paddle and Land Trail Improvements – Greenway Facilities $78,000
    Chatham County Chatham HRST Pegg Tract Improvements – New Trail $100,000
    Blue Ridge Conservancy Ashe Northern Peaks State Trail Three Top Mountain Phase 1 – New Trail $100,000
    Town of Sylva Jackson Pinnacle Park Recreation Trails – New Trail $92,000
    Town of Boone Watauga NPST Rivers House Park – New Trail $54,932
    Town of Rosman Transylvania Rosman Riverfront Park Phase 1 – New Trail $100,000
    Catawba Lands Conservancy Gaston Spencer Mountain Trail Construction – New Trail $100,000
    Cleveland County Water Cleveland Stagecoach Greenway Narrows Segment – New Trail $100,000
    City of Rocky Mount Nash Sunset Park New Multi-Use Natural Surface Trail, Joint Trailhead and Renovation of Sunset Tar River $100,000
    Camp Grier McDowell Woods Mountain Trail Restoration $100,000
        TOTAL $1,224,932

    Safety and Education Grants

    Recipient County Program Name Funds Awarded
    Dan River Basin Association Caswell, Rockingham, Stokes Public Water Safety Classes for Recreational Boaters $5,000.00
    McDowell County McDowell McDowell Trails Tool and Education Fund $4,960.48
    McDowell Tech Community College McDowell McDowell Tech Trail School $5,000.00
    Carolina Mountain Club Buncombe, Haywood, Madison Certification of CMC Sawyers $4,900.00
    Camp Grier McDowell Usability and Sustainability Program for Volunteer Trail Crew $4,988.41
        TOTAL $24,848.89

    About North Carolina State Parks
    North Carolina State Parks manages more than 262,000 acres of iconic landscape within North Carolina’s state parks, state recreation areas and state natural areas. It administers the N.C. Parks and Recreation Trust Fund, including its local grants program, as well as a state trails program, North Carolina Natural and Scenic Rivers and more, all with a mission dedicated to conservation, recreation and education. The state parks system welcomes more than 19 million visitors annually.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Dec 20, 2024

    MIL OSI USA News –

  • MIL-OSI: Canadian Nuclear Laboratories and Karlsruhe Institute of Technology to Collaborate on Fusion, Materials and Hydrogen Science & Technology

    Source: GlobeNewswire (MIL-OSI)

    CHALK RIVER, Ontario, Dec. 20, 2024 (GLOBE NEWSWIRE) — Canadian Nuclear Laboratories (CNL), Canada’s premier nuclear science and technology organization, is pleased to announce that it has signed an agreement with the Karlsruhe Institute of Technology (KIT), Germany’s premier research institution, to pursue collaborative research related to fusion, materials characterization and hydrogen science and technology. With shared scientific missions to address national priorities in clean energy and environmental sciences, the agreement serves as a framework through which the national research organizations can collaborate in areas of mutual interest, leveraging their individual resources, facilities, and expertise.

    According to terms of the agreement, the organizations will explore collaborative research projects in fields that include tritium analytics, tritium barriers and surface analysis, tritium fuel cycle optimization, characterization and metallurgy of irradiated materials, and hydrogen safety. Working together, the organizations hope to realize important progress in the advancement of these fields of research and others, which are priorities to both country’s domestic clean energy research programs.

    “CNL is a world leader in nuclear science and technology, including hydrogen. We are now working to re-establish ourselves in fusion, which is yielding some very exciting commercial opportunities, and drawing the attention of other leading research organizations who share our goals in clean energy,” commented Dr. Stephen Bushby, CNL’s Vice-President of Science and Technology. “With the signing of this agreement with the Karlsruhe Institute of Technology, a leading German research institution that has complementary capabilities, CNL continues to expand its network and pursue even more ambitious collaborative research. By working together, I think we can help to accelerate these promising fields of study and contribute to much-needed progress in clean energy.”

    “With fusion taking momentum all around the world, Germany investing substantial amounts to promote the cooperation between National Labs and private actors in the field, and KIT being at the centre of fusion technologies and materials development in Germany and in Europe, it is quite straightforward for us to engage in an international cooperation that offers plenty of opportunities for world-leading developments, e.g., in the fusion fuel cycle, hydrogen, and materials areas,” said Dr. Klaus Hesch, Head of KIT´s Fusion Programme. “CNL´s tritium expertise derived from decades of scientifically-technically accompanying and enabling the operation of the CANDU reactors perfectly complements the experience we have acquired in our Tritium Laboratory Karlsruhe with regard to tritium handling and processing for fusion. There is interest to extend the cooperation both towards other fusion companies as well as to the European Fusion Programme.”

    CNL has decades of experience and expertise in materials characterization, hydrogen production, safety and storage, and tritium research, among other related fields of research. The Chalk River campus is also home to a state-of-the-art Tritium Facility and a Hydrogen Isotopes Technology Laboratory, as well as a rapidly growing fusion energy program. Not only did CNL recently announce the expansion of two of its flagship clean energy programs to include fusion – its advanced reactor siting program and the Canadian Nuclear Research Initiative (CNRI) – but CNL also invested $10 million into General Fusion, an international leader in commercial fusion energy. This is in addition to the launch of a new joint venture with Kyoto Fusioneering known as Fusion Fuel Cycles Inc. (FFC), which is moving forward with a globally unique test facility available to industry to test and refine their unique processes.

    All of these projects, programs and resources are complemented by those at KIT, which serves as one of the largest science institutions in Europe, with over 5,000 people conducting research on a broad range of disciplines, from natural sciences to engineering. KIT is also home to research centers that focus on problems of fundamental importance to the existence and further development of society, and on key issues resulting from the striving for knowledge, which includes climate and environment, energy, materials in technical and life sciences, and elementary particle and astroparticle physics, among others. With the agreement now serving as a framework to facilitate collaborative research activities, both organizations believe that it could also act as a first step towards a broader relationship that expands into other fields of research.

    If you’d like to learn more about CNL or its projects in clean energy and environmental sciences, please visit www.cnl.ca. For more information on KIT and its programs of work, please visit www.kit.edu.

    About CNL

    As Canada’s premier nuclear science and technology laboratory and working under the direction of Atomic Energy of Canada Limited (AECL), CNL is a world leader in the development of innovative nuclear science and technology products and services. Guided by an ambitious corporate strategy known as Vision 2030, CNL fulfills three strategic priorities of national importance – restoring and protecting the environment, advancing clean energy technologies, and contributing to the health of Canadians.

    By leveraging the assets owned by AECL, CNL also serves as the nexus between government, the nuclear industry, the broader private sector and the academic community. CNL works in collaboration with these sectors to advance innovative Canadian products and services towards real-world use, including carbon-free energy, cancer treatments and other therapies, non-proliferation technologies and waste management solutions.

    To learn more about CNL, please visit www.cnl.ca.

    About KIT

    Being “The Research University in the Helmholtz Association”, KIT creates and imparts knowledge for the society and the environment. It is the objective to make significant contributions to the global challenges in the fields of energy, mobility, and information. For this, about 10,000 employees cooperate in a broad range of disciplines in natural sciences, engineering sciences, economics, and the humanities and social sciences. KIT prepares its 22,800 students for responsible tasks in society, industry, and science by offering research-based study programs. Innovation efforts at KIT build a bridge between important scientific findings and their application for the benefit of society, economic prosperity, and the preservation of our natural basis of life. KIT is one of the German universities of excellence.

    To learn more about KIT, please visit www.kit.edu.

    CNL Contact:
    Philip Kompass
    Director, Corporate Communications
    1-866-886-2325
    media@cnl.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2147c02c-0c21-421c-8a37-e6f279aeb3ea

    The MIL Network –

  • MIL-OSI Video: How do we make the green transition fair for everyone?

    Source: World Economic Forum (video statements)

    A sustainable future is not just about going green—it’s about fairness, equity, and ensuring no one is left behind.

    From empowering workers with green skills to addressing economic inequalities, the Equitable Transition Initiative brings leaders together to create a future that’s both sustainable and fair.

    Watch our film and learn more about how we’re making this vision a reality at the Equitable Transition Initiative:
    : https://initiatives.weforum.org/equitable-transition-initiative/home

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #InclusiveGrowth #ClimateAction #EnergyTransition #GreenSkills #wef25

    https://www.youtube.com/watch?v=7oZ3TmhLZv8

    MIL OSI Video –

  • MIL-OSI United Kingdom: Appointment of Lord Mandelson as the next British Ambassador to the United States of America

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister has today confirmed the appointment of Lord Peter Mandelson to be the next British Ambassador to the United States of America. 

    The Prime Minister has today confirmed the appointment of Lord Peter Mandelson to be the next British Ambassador to the United States of America. 

    His Majesty the King approved the appointment on the recommendation of the Prime Minister and the Foreign Secretary. 

    Lord Mandelson is co-founder of Global Counsel, a global public policy advisory firm. 

    He will bring extensive foreign and economic policy knowledge, strong business links and experience at the highest levels of government to the role – all of which will be crucial as the UK seeks to continue deepening its relationship with one of its closest allies. 

    He will take up the position early next year.

    Prime Minister Keir Starmer said: 

    I am delighted to appoint Lord Mandelson to be the next British Ambassador to the United States of America. 

    The United States is one of our most important allies and as we move into a new chapter in our friendship, Peter will bring unrivalled experience to the role and take our partnership from strength to strength. 

    I would also like to thank Dame Karen Pierce for her invaluable service for the last four years, and in particular the wisdom and steadfast support she has given me personally since July. She made history as the first woman to serve as U.K. Ambassador to the U.S. and she has been an outstanding representative of our country abroad. I wish her all the very best in future.

    Lord Mandelson said: 

    It is a great honour to serve the country in this way. We face challenges in Britain but also big opportunities and it will be a privilege to work with the government to land those opportunities, both for our economy and our nation’s security, and to advance our historic alliance with the United States.

    Foreign Secretary David Lammy said:

    It is wonderful to welcome Peter back to the team. He offers a wealth of experience in trade, economic and foreign policy from his years in government and the private sector. 

    He will arrive in Washington DC as we deepen our enduring alliance with the incoming United States administration, particularly on growth and security.

    Updates to this page

    Published 20 December 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Appointment of Lord Mandelson as the next British Ambassador to the United States of America

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister has today confirmed the appointment of Lord Peter Mandelson to be the next British Ambassador to the United States of America. 

    The Prime Minister has today confirmed the appointment of Lord Peter Mandelson to be the next British Ambassador to the United States of America. 

    His Majesty the King approved the appointment on the recommendation of the Prime Minister and the Foreign Secretary. 

    Lord Mandelson is co-founder of Global Counsel, a global public policy advisory firm. 

    He will bring extensive foreign and economic policy knowledge, strong business links and experience at the highest levels of government to the role – all of which will be crucial as the UK seeks to continue deepening its relationship with one of its closest allies. 

    He will take up the position early next year.

    Prime Minister Keir Starmer said: 

    I am delighted to appoint Lord Mandelson to be the next British Ambassador to the United States of America. 

    The United States is one of our most important allies and as we move into a new chapter in our friendship, Peter will bring unrivalled experience to the role and take our partnership from strength to strength. 

    I would also like to thank Dame Karen Pierce for her invaluable service for the last four years, and in particular the wisdom and steadfast support she has given me personally since July. She made history as the first woman to serve as U.K. Ambassador to the U.S. and she has been an outstanding representative of our country abroad. I wish her all the very best in future.

    Lord Mandelson said: 

    It is a great honour to serve the country in this way. We face challenges in Britain but also big opportunities and it will be a privilege to work with the government to land those opportunities, both for our economy and our nation’s security, and to advance our historic alliance with the United States.

    Foreign Secretary David Lammy said:

    It is wonderful to welcome Peter back to the team. He offers a wealth of experience in trade, economic and foreign policy from his years in government and the private sector. 

    He will arrive in Washington DC as we deepen our enduring alliance with the incoming United States administration, particularly on growth and security.

    Updates to this page

    Published 20 December 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: McCaul Commends NDAA Passage, Inclusion of HFAC Provisions

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON — House Foreign Affairs Committee Chairman Michael McCaul released the following statement on the Servicemember Quality of Life Improvement and National Defense Authorization Act (NDAA) for Fiscal Year 2025. The legislation passed the House with broad bipartisan support.

    “America’s adversaries are on the march. Around the world, we continue to see the fallout of the Biden-Harris administration’s disastrous foreign policy agenda, which has empowered tyrants and terrorist groups instead of projecting peace through strength. This year’s NDAA implements commonsense — and necessary — measures to promote U.S. national security, provide pay increases to our veterans, and support our partners and allies around the world while reversing the damaging policies implemented by woke bureaucrats. I am proud to support this bill and ensure our military, servicemembers, and nation are prepared to face the challenges of the 21st century.” — Chairman McCaul

    This year’s NDAA included H.R. 6727, a bill Chairman McCaul introduced with Ranking Member Gregory Meeks (D-N.Y.) to promote public-private conservation efforts and undercut entities that profit from illicit poaching, like Russia and the Chinese Communist Party. Senators Lindsey Graham (R-S.C.) and Chris Coons (D-Del.) led the bill in the Senate.

    “I’m very pleased the NDAA included my historic, bipartisan legislation promoting public-private partnerships to strengthen global conservation efforts and counter the CCP’s malign influence. As chairman, I’ve had the opportunity to travel around the world and see the importance of wildlife conservation firsthand. I’ve witnessed China and various international criminal organizations devastate communities for their own gain, and this bill has the power to undercut malign actors who profit from illicit wildlife trafficking. Conservation efforts have a long history of bipartisan support dating back to Teddy Roosevelt, and I’m glad to see this tradition continue. This foundation is more than just a way to leverage the power of private contributions – it is a diplomatic investment in the U.S. foreign policy toolkit that none of our adversaries can replicate.” — Chairman McCaul

    The bill also included language from Chairman McCaul to ensure the State Department is better organized for crises like the Afghanistan withdrawal by designating a senior official to lead international crises for the department, including non-combatant evacuation operations, and by requiring consistent tabletop exercises in consultation with the Department of Defense. It also includes language from Rep. Warren Davidson’s (R-Ohio) bill, H.R. 4517, bill, H.R. 4517, which requires the State Department to perform a feasibility study regarding reimbursement of private rescue groups who evacuated Americans from Afghanistan.

    “My investigation into the disastrous Afghanistan withdrawal revealed the Biden-Harris administration had the information and opportunity to take necessary steps to plan for the inevitable collapse of the Afghan government, so we could safely evacuate U.S. personnel, Americans, and our loyal Afghan allies. At each step of the way, however, this administration picked optics over security. I am thankful Congress included these critical provisions in the NDAA to ensure our government has the tools it needs to prevent a similar catastrophe. These provisions seek to mitigate the administration’s failure to plan for the inevitable NEO and recognize the tireless efforts of volunteer organizations across the U.S. to bring evacuees to safety. The organizations worked at great expense to themselves – emotionally and financially – and the U.S. government owes them gratitude for their contributions.” — Chairman McCaul

    ###

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Joint Statement on Local Government Reform – Ten councils in Hertfordshire release update on local government reform

    Source: St Albans City and District

    Ten councils in Hertfordshire have released a joint statement on local government reform:

    “Following the publication of the Devolution White Paper, and subsequent statements by the leader of Hertfordshire County Council, we would like to make it clear that we do not support the creation of one unitary council for Hertfordshire. 

    “Our county is diverse and made up of over 1.2 million residents across urban, suburban, and rural areas. Any reform of local government in Hertfordshire should follow a period of proper consultation with residents, businesses, elected representatives and stakeholders. Looking at the evidence, we should decide collectively what is best for our area. A single unitary council for the county risks diminishing local representation, with decision-making that is remote from the communities we serve.

    “We do not support postponing the county council elections scheduled for May 2025. The government has indicated that this will only happen in priority areas who have clear and agreed plans. This is not the case in Hertfordshire, so we cannot be in the first phase of these reforms. 

    “We recognise that the government’s white paper sets a clear direction of travel. As Hertfordshire’s district and borough council leaders, we want to work collaboratively with others to agree how we respond to this. Any changes must be carefully considered, transparent, and inclusive, ensuring that residents and businesses are fully engaged in shaping the future governance of Hertfordshire.

    “Our objective must be to get this right for our residents and businesses. That cannot be achieved if we make rushed decisions that have not been given the serious consideration that they deserve.”

    Statement agreed by the following leaders:

    Peter Taylor, Elected Mayor of Watford (Watford Borough Council)
    Councillor Richard Henry, Leader of Stevenage Borough Council
    Councillor Jeremy Newmark, Leader of Hertsmere Borough Council
    Councillor Stephen Giles-Medhurst, Leader of Three Rivers District Council
    Councillor Paul de Kort, Leader of St Albans City and District Council
    Councillor Max Holloway, Leader of Welwyn Hatfield Borough Council
    Councillor Daniel Allen,  Leader of North Hertfordshire Council
    Councillor Adrian England, Leader of Dacorum Borough Council
    Councillor Mark Mills-Bishop, Leader of Broxbourne Borough Council
    Councillor Ben Crystal, Leader of East Herts District Council 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Chernyshenko: All-Russian Phygital Games in 2025 will be held in Nizhny Novgorod

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko announced the country’s phygital capital in 2025

    December 20, 2024

    Dmitry Chernyshenko announced the country’s phygital capital in 2025

    December 20, 2024

    Previous news Next news

    Dmitry Chernyshenko announced the country’s phygital capital in 2025

    As part of the year-end review, the Government Coordination Center announced the country’s phygital capital in 2025. The qualifying tournament for the upcoming Games of the Future – the Phygital Games – will be held next year in Nizhny Novgorod.

    “At the initiative of our President, a new, previously non-existent movement, “phygital”, was created. The first Games of the Future in human history were held with great success, and the heads of seven states came to the Games at the invitation. The format that we created has already been supported in 106 countries,”

    noted Deputy Prime Minister Dmitry Chernyshenko.

    Phygital disciplines competitions are held in Serbia, Armenia, Cameroon, Uzbekistan and other countries.

    In Russia, the development of the phygital movement is defined by a concept approved by the Government. Moreover, the word “phygital” has become one of the main state words of the year in Russia, along with the words “self-realization”, “historical education” and “sovereignty”. More than 3 thousand documents were used for the analysis. RANEPA experts conducted a quantitative and qualitative analysis of strategic planning documents and speeches by Vladimir Putin.

    “Russia, as a founding country, must first of all show at home what the development of this amazing product can be. A product that creates a completely new, harmoniously developed personality, which is equally perfect in both the digital and real worlds,” added Dmitry Chernyshenko.

    “32 regions have already actively joined the work, 300 of our athletes have already participated in the selection and will go to the Future Games in the Emirates. We would like to wish the guys there all sorts of victories, success, as Russia is used to being a leader in all areas, including sports. We are a great sports power. And despite the fact that phygital is at the intersection of science, education and sports, it is something completely new. We want to give all the records there our resounding names,” the Deputy Prime Minister noted.

    In 2025, the GOTF.Major.Russia Phygital Games will be held in Nizhny Novgorod. 14 Russian cities bid for the right to host the tournament.

    “The phygital movement in the Nizhny Novgorod Region is developing at a rapid pace. This year, as part of “CIPR-2024”, we held the first phygital festival, and in the summer – the first phygital camp, we include competitions in phygital basketball, football, racing, hockey and even phygital sledge hockey in the largest sports tournaments. At mass sports events, we organize master classes so that as many children as possible who are keen on computer games get involved in classic sports, and athletes of basic sports gain additional skills with the help of “phygital”. I thank the organizers for choosing our site to hold the All-Russian Phygital Games. It is a great honor for us to host this tournament in the Nizhny Novgorod region. We will make every effort to ensure that the competitions are not only held at the highest level, but also become a real celebration of the sports of the future for all participants,” said the Governor of the Nizhny Novgorod Region, Gleb Nikitin.

    The Future Games is a unique tournament in the phygital concept, a sports show of a new format that combines competitions in the physical and digital dimensions. The Future Games 2024 tournament, which was held in Kazan from February 21 to March 3, 2024, was attended by more than 2,000 athletes from different countries in 21 innovative disciplines. The baton of the Future Games was picked up by other countries: next year the tournament will be held in the United Arab Emirates, and in 2026 – in Kazakhstan.

    Phygital Games are annual all-Russian competitions in phygital sports. Teams that win the competitions receive the right to participate in the international qualification, and in case of collecting a sufficient number of rating points, a direct ticket to the annual international multi-sport tournament “Games of the Future”.

    The Phygital Games 2024 were held in Moscow from September 1 to 8 at the venue of the forum and festival “Territory of the Future. Moscow 2030” in the Luzhniki sports complex. They included competitions of the Russian Phygital Sports Championship 2024 in the disciplines “Rhythm Simulator” and “Tactical Shooting” and the national qualification in Phygital Football and Phygital Basketball.

    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.

    MIL OSI Russia News –

  • MIL-OSI Canada: Protecting the environment with tougher coal rules

    Source: Government of Canada regional news

    [embedded content]

    Alberta’s government is developing rules that will prohibit mountaintop removal mining and ban new open-pit mines in the foothills, while substantially increasing coal royalties to benefit Albertans.

    The CIMI will guide responsible coal mining practices with a goal of ensuring that Alberta’s waters are protected from mining contaminants such as selenium. The CIMI also acknowledges the global critical mineral importance of metallurgical coal. Thoughtful coal development will result in increased investment and jobs for Albertans while respecting the existing property rights of freehold mineral rights holders.

    Based on the intent of the 1976 Coal Development Policy and picking up on the coal development work done by the 2021 Coal Policy Committee, the CIMI will build a long-term legislative and regulatory framework focused on environmental protections while allowing coal development under some of the most stringent protections in the world. The CIMI will do away with temporary fixes and half measures and provide a foundation for responsible coal mining for the 21st century.

    “Alberta deserves a modern coal policy that balances responsible resource development with strong environmental protections. Our job now is to develop a policy that respects the natural spaces in the foothills and protects water while allowing for responsible coal development that can attract investment and create jobs.”

    Brian Jean, Minister of Energy and Minerals

    “Alberta has one of the best environmental management systems in the world. We have strong and effective monitoring and regulatory protections in place to protect our air, water and lands and these safeguards will only get stronger through this initiative.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    The world needs steelmaking coal to fuel economic growth and greater adoption of alternative energy sources and technologies. Alberta is blessed by an abundance of metallurgical coal that can be developed while adhering to world-leading environmental protections. Steel is an essential global component for infrastructure growth and development. This steel will also return to Alberta in products like passenger vehicles, home appliances, farm and industrial equipment, and building materials.

    To ensure Albertans are fairly compensated for the development of this important natural resource, Alberta’s government will be raising the coal royalty rates significantly on new coal mines.

    Alberta Energy and Minerals will begin targeted engagement in early 2025 to inform industry of Alberta’s plans for higher standards for coal mining, to set the new coal royalty amounts, and to develop strategies that align with Alberta’s commitment to balance regulatory improvement and environmental protection, with an emphasis on water protection. From this engagement, new coal regulations and legislation will be drafted for government approval later in 2025.

    Quick Facts

    • 1976 Coal Development Policy Land Categories Map

    Coal Development Policy Land Categories Map

    • The CIMI will protect water as our top priority. If coal mining is allowed, it will only be allowed to the highest standards:
      • Prohibit mountaintop removal mining as a coal mining technique.
      • No new open-pit coal mining in the Eastern Slopes (All four categories of the 1976 Coal Development Policy, subject to any further regulations flowing from land use planning work which is underway).
      • Any new coal mining proposals, regardless of location, must use techniques which use best water practices and prevent adding selenium into waterways. New proposals will either need to be underground mines or use mining technologies (such as highwall automated underground mining) that move minimal amounts of overburden, to prevent selenium leaching and siltation.
      • The protections set out in law and in the 1976 Coal Development Policy for national parks, provincial parks, wildland parks, wilderness areas, ecological reserves, and provincial recreation areas will continue.

    Related information

    • Coal Policy Committee
    • A coal development policy for Alberta (1976 Coal Development Policy)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI Canada: Prime Minister announces changes to the Ministry

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced changes to the Ministry. The new Ministry will deliver on what matters most to Canadians: making life more affordable and growing the economy.

    Building on the work done since 2015 to invest in Canadians, the team will continue to move forward on housing, child care, and school food while working to put more money back in people’s pockets.

    The changes to the Ministry are as follows:

    • Anita Anand becomes Minister of Transport and Internal Trade
    • Gary Anandasangaree becomes Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency
    • Steven MacKinnon becomes Minister of Employment, Workforce Development and Labour
    • Ginette Petitpas Taylor becomes President of the Treasury Board

    The Prime Minister also welcomed the following new members to the Ministry:

    • Rachel Bendayan becomes Minister of Official Languages and Associate Minister of Public Safety
    • Élisabeth Brière becomes Minister of National Revenue
    • Terry Duguid becomes Minister of Sport and Minister responsible for Prairies Economic Development Canada
    • Nate Erskine-Smith becomes Minister of Housing, Infrastructure and Communities
    • Darren Fisher becomes Minister of Veterans Affairs and Associate Minister of National Defence
    • David J. McGuinty becomes Minister of Public Safety
    • Ruby Sahota becomes Minister of Democratic Institutions and Minister responsible for the Federal Economic Development Agency for Southern Ontario
    • Joanne Thompson becomes Minister of Seniors

    These new ministers will work with all members of Cabinet to deliver real, positive change for Canadians. They join the following ministers remaining in their portfolio:

    • Terry Beech, Minister of Citizens’ Services
    • Bill Blair, Minister of National Defence
    • François-Philippe Champagne, Minister of Innovation, Science and Industry
    • Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant
    • Karina Gould, Leader of the Government in the House of Commons
    • Steven Guilbeault, Minister of Environment and Climate Change
    • Patty Hajdu, Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario
    • Mark Holland, Minister of Health
    • Ahmed Hussen, Minister of International Development
    • Gudie Hutchings, Minister of Rural Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency
    • Marci Ien, Minister for Women and Gender Equality and Youth
    • Mélanie Joly, Minister of Foreign Affairs
    • Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities
    • Dominic LeBlanc, Minister of Finance and Intergovernmental Affairs
    • Diane Lebouthillier, Minister of Fisheries, Oceans and the Canadian Coast Guard
    • Lawrence MacAulay, Minister of Agriculture and Agri-Food
    • Soraya Martinez Ferrada, Minister of Tourism and Minister responsible for the Economic Development Agency of Canada for the Regions of Quebec
    • Marc Miller, Minister of Immigration, Refugees and Citizenship
    • Mary Ng, Minister of Export Promotion, International Trade and Economic Development
    • Harjit S. Sajjan, President of the King’s Privy Council for Canada and Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada
    • Ya’ara Saks, Minister of Mental Health and Addictions and Associate Minister of Health
    • Pascale St-Onge, Minister of Canadian Heritage
    • Jenna Sudds, Minister of Families, Children and Social Development
    • Rechie Valdez, Minister of Small Business
    • Arif Virani, Minister of Justice and Attorney General of Canada
    • Jonathan Wilkinson, Minister of Energy and Natural Resources

    Quote

    “Our team is focused on the things that matter most to you – making life more affordable, growing the economy, and creating good jobs for the middle class. Together, we will keep building a strong future for the middle class, and for all Canadians.”

    Quick Facts

    • Since 2015, the Ministry has made real progress for the middle class and those working hard to join it – from lifting hundreds of thousands of children out of poverty with the Canada Child Benefit to delivering on our promise of $10-a-day child care and the National School Food Program.
    • With the changes announced today, the Ministry retains a total of 38 ministers, in addition to the Prime Minister. In keeping with the precedent set in 2015, there is an equal number of women and men.
    • The Cabinet is the central decision-making forum in government, responsible for its administration and the establishment of its policy. Its members are each responsible for individual portfolios or departments.

    Associated Link

    MIL OSI Canada News –

  • MIL-OSI Canada: Wonowon Elementary addition, upgrades begin

    Source: Government of Canada regional news

    New upgrades to Wonowon Elementary in northeastern B.C. will lead to an improved, expanded school with better access for people with disabilities.

    “Our government’s historic investments in new and expanded schools are delivering quality learning environments that support students’ learning and growth,” said Bowinn Ma, Minister of Infrastructure. “This project will ensure more students in the Peace region can continue to learn, play and grow in an accessible, modern school for decades to come.”

    The Province is providing nearly $17 million to partially replace Wonowon Elementary. The project will make space for 20 additional students in the school. The replacement will also include upgrading the water well and filtration system and making the school more accessible to people with disabilities by installing ramps. The construction is expected to be complete by fall 2025.

    “This investment in Wonowon Elementary demonstrates our government’s commitment to building, expanding and upgrading schools in B.C.,” said Lisa Beare, Minister of Education and Child Care. “Remote communities need investments in their classrooms and schools, and we will keep delivering results for communities just like Wonowon throughout the province.”

    This investment is part of more than $65 million provided by the government since 2017 to the Peace River North School District to expand and improve schools. This includes funding for an eight-classroom prefabricated addition to Dr. Kearney Middle school, which is in design development, a new gym at Upper Halfway Elementary, which opened in December 2023, and the new Anne Roberts Young school, completed in September 2020.

    “Next year, our students will be learning in a bright, updated space,” said Helen Gilbert, chair, Peace River North Board of Education. “The changes will be good for students, staff and the community. It will be exciting for the students to watch the building go up over the rest of this school year.”

    Since September 2017, government has approved almost $6 billion for new and improved schools, and land purchases for schools throughout the province. This has resulted in more than 42,000 new student spaces and more than 38,000 seismically safer seats in B.C. schools.

    Learn More:

    For more information about major public school capital projects underway, visit:
    https://www2.gov.bc.ca/gov/content/education-training/k-12/administration/capital/major-capital-projects 

    MIL OSI Canada News –

  • MIL-OSI USA: Rapid Health Agrees to Pay $8.2M for Allegedly Billing Medicare for Over-the-Counter COVID-19 Tests That Were Not Provided to Beneficiaries

    Source: US State of California

    Covid Test DMV LLC, doing business as Rapid Health (Rapid Health), a pharmacy located in Los Angeles, has agreed to pay the United States $8,242,860 to resolve allegations that it violated the False Claims Act (FCA) by knowingly submitting or causing the submission of false claims to Medicare for over-the-counter (OTC) Covid-19 tests that were not provided to Medicare beneficiaries.

    Between April 2022 and May 2023, Rapid Health distributed OTC Covid-19 tests in connection with the Centers for Medicare & Medicaid Services (CMS) OTC Covid-19 Test Demonstration Project (Demonstration Project). During the Demonstration Project, Medicare Part B beneficiaries could request OTC Covid-19 tests from participating providers, and CMS would reimburse those providers for up to eight OTC Covid-19 tests per Medicare Part B beneficiary per month at a fixed rate of $12 per test.

    The settlement announced today resolves allegations that Rapid Health knowingly submitted or caused the submission of claims to Medicare for OTC Covid-19 tests that Rapid Health never provided to Medicare beneficiaries. Medicare patients could order OTC Covid-19 tests from Rapid Health during the Demonstration Project through Rapid Health’s website. When Rapid Health received an order, it was supposed to process the order, generate a shipping label, and send the OTC Covid-19 test to the beneficiary. The United States alleged that issues with Rapid Health’s processing procedures caused Rapid Health to bill orders to Medicare without shipping the test to the beneficiary, and that although Rapid Health was aware of these issues it nevertheless continued to bill Medicare for tests that were not shipped.

    “The Demonstration Project was designed to increase the availability of OTC Covid-19 tests to Medicare beneficiaries in an unprecedented time of need,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Providers that knowingly billed for tests that were never given to patients failed to support the goals of the project and defrauded the American taxpayers.”

    “This outcome serves as a reminder of our unwavering commitment to combat health care fraud and investigate those who allegedly attempt to exploit and defraud Medicare and other federally funded health care programs,” said Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “With our local, state and federal partners, HHS-OIG will continue to work aggressively to ensure the dependability and the integrity of the Medicare program.”

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and HHS-OIG.

    Trial Attorney Lindsay DeFrancesco of the Civil Division’s Fraud Section handled the matter.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Justice Department in partnership with agencies across the federal government to enhance efforts to combat and prevent pandemic-related fraud. The task force bolsters efforts to investigate and prosecute the most culpable domestic and international actors committing civil and criminal fraud and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit www.justice.gov/coronavirus.

    Tips and complaints from all sources about potential fraud affecting COVID-19 government relief programs can be reported by visiting the webpage of the Civil Division’s Fraud Section, which can be found here. Anyone with information about allegations of attempted fraud involving COVID-19 can also report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI Security: Denver Man Sentenced for Operating Illegal Gambling Parlor

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Jonathan Arvay, 38, of Denver, was sentenced to one year and one day in prison after being found guilty by a federal jury on one count of conducting an illegal gambling business and one count of conspiracy to conduct an illegal gambling business.

    According to the facts established at trial, Arvay operated Player One Arcade in Denver, part of a network of gambling parlors extending from Greeley to Pueblo.  These parlors offered several electronic forms of gambling through games made to resemble arcade games, as well as virtual slot machines in which customers attempted to earn credits.  Upon completing their game of choice, customers would exchange any credits won for a purported cryptocurrency, Obsidian Digital Asset Coin (ODAC), whose only function was to be exchanged for cash at an ATM-like “cryptocurrency teller machine” next door to or within the gambling parlor.  Customers were required to pay a transaction fee to exchange the ODAC for U.S. currency.

    “This was a modern version of old-fashioned illegal gambling,” said Acting United States Attorney Matt Kirsch. “I am grateful for our local and federal partners who helped put this criminal in prison.”

    “This sentence reflects an appropriate resolution to a complicated case: When you launder money and commit fraud against the government, the FBI and our partners will track you down across jurisdictions,” said FBI Denver Special Agent in Charge Mark Michalek.

    “IRS-CI remains on the cutting edge of cybercrime investigations as financial crimes continue to become more sophisticated,” said Tom Demeo Acting Special Agent in Charge, IRS Criminal Investigation Denver Field Office. “We are committed to staying one step ahead of criminals and leveraging our partnerships with federal and local law enforcement agencies to protect the U.S. tax system.”

    United States District Judge Gordon P. Gallagher presided over the trial. The FBI Denver Field Division, the IRS Criminal Investigation Denver Field Office, and the Pueblo Police Department conducted the investigation. Assistant United States Attorneys Cyrus Y. Chung, Alison Connaughty, and Jena Neuscheler handled the prosecution.

    Case Number: 23-cr-00222-GPG

    MIL Security OSI –

  • MIL-OSI Security: Rapid Health Agrees to Pay $8.2M for Allegedly Billing Medicare for Over-the-Counter COVID-19 Tests That Were Not Provided to Beneficiaries

    Source: United States Attorneys General

    Covid Test DMV LLC, doing business as Rapid Health (Rapid Health), a pharmacy located in Los Angeles, has agreed to pay the United States $8,242,860 to resolve allegations that it violated the False Claims Act (FCA) by knowingly submitting or causing the submission of false claims to Medicare for over-the-counter (OTC) Covid-19 tests that were not provided to Medicare beneficiaries.

    Between April 2022 and May 2023, Rapid Health distributed OTC Covid-19 tests in connection with the Centers for Medicare & Medicaid Services (CMS) OTC Covid-19 Test Demonstration Project (Demonstration Project). During the Demonstration Project, Medicare Part B beneficiaries could request OTC Covid-19 tests from participating providers, and CMS would reimburse those providers for up to eight OTC Covid-19 tests per Medicare Part B beneficiary per month at a fixed rate of $12 per test.

    The settlement announced today resolves allegations that Rapid Health knowingly submitted or caused the submission of claims to Medicare for OTC Covid-19 tests that Rapid Health never provided to Medicare beneficiaries. Medicare patients could order OTC Covid-19 tests from Rapid Health during the Demonstration Project through Rapid Health’s website. When Rapid Health received an order, it was supposed to process the order, generate a shipping label, and send the OTC Covid-19 test to the beneficiary. The United States alleged that issues with Rapid Health’s processing procedures caused Rapid Health to bill orders to Medicare without shipping the test to the beneficiary, and that although Rapid Health was aware of these issues it nevertheless continued to bill Medicare for tests that were not shipped.

    “The Demonstration Project was designed to increase the availability of OTC Covid-19 tests to Medicare beneficiaries in an unprecedented time of need,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Providers that knowingly billed for tests that were never given to patients failed to support the goals of the project and defrauded the American taxpayers.”

    “This outcome serves as a reminder of our unwavering commitment to combat health care fraud and investigate those who allegedly attempt to exploit and defraud Medicare and other federally funded health care programs,” said Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “With our local, state and federal partners, HHS-OIG will continue to work aggressively to ensure the dependability and the integrity of the Medicare program.”

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and HHS-OIG.

    Trial Attorney Lindsay DeFrancesco of the Civil Division’s Fraud Section handled the matter.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Justice Department in partnership with agencies across the federal government to enhance efforts to combat and prevent pandemic-related fraud. The task force bolsters efforts to investigate and prosecute the most culpable domestic and international actors committing civil and criminal fraud and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit www.justice.gov/coronavirus.

    Tips and complaints from all sources about potential fraud affecting COVID-19 government relief programs can be reported by visiting the webpage of the Civil Division’s Fraud Section, which can be found here. Anyone with information about allegations of attempted fraud involving COVID-19 can also report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    MIL Security OSI –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 November 2024

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    November 2024 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, December 20th, 2024

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for November 2024. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance achieved a net performance of +2.1% in November bringing the year-to-date return of the portfolio to +20.9%. Both our CLO Debt and our CLO Equity investments benefitted from a supportive macro backdrop and performed favorably.

    The US presidential elections were obviously the main event of the month, with Donald Trump securing a large and undisputed victory. His election boosted global markets despite the concerns about the potential implementation of a shift in US policies in the context of the geopolitical landscape (tariffs) as well as US domestic fiscal guidance. The dollar and US stocks rose sharply while Bitcoin hit all-time highs with a +90% YTD performance. US Treasuries yields also moved higher testing 4.45% and settling at around 4.2% as the CPI reports came broadly in-line with expectations.

    Credit markets were unsurprisingly much stronger over the month and fully benefited from the rally from the broader markets. High Yield indices in Europe (Xover) were roughly 15bps tighter in the +300bps context while US CDX High-Yield tightened by 40bps to +295bps. On the Loan side, Euro Loans closed slightly higher, 45 cents up at c. 98.00px (Morningstar European Leveraged Loan Index), while their US counterparts closed at 97.22px (up +32 cents). With returns of +20.9% Volta Finance continued to outperform broader Credit on a year-to-date basis: US High Yield returned +8.67%, Euro High Yield +7.93% and Global Loans +7.23% (SPLGAL).

    Primary CLO markets remained extremely busy, we recorded circa USD 62bn of issuance in the US and EUR 12bn in Europe. Spreads closed tighter across the capital structure as BB-rated tranches broke the +600bps resistance level in Europe, and tested sub +500bps in the US.

    Loan fundamentals showed no deviation from the path observed since the beginning of year with contained default rates under 1% and a stable proportion of CCC-rated Loans in CLO collateral portfolios (5% in US CLOs and 4% in Europe). Loan repayment rates kept on increasing at 28% in the US (+1% YoY growth rate of the Loan market) and 14% in Europe (+8% YoY market growth).

    The cashflow generation continued to be steady, highlighting the strength of Volta’s risk positioning. Over the last 6 month period, the cashflow generation was stable at c.€29m equivalent of interests and coupons, representing c.21% of November’s NAV on an annualized basis.

    Looking at Volta’s portfolio, two BB-rated debt tranches paid off at Par ($6.5m) with proceeds reinvested into New Issue US BB-rated CLO tranches. Additionally, c. $4m was reinvested across three CLO Equities and profits were taken on a short-dated European Equity to benefit from market strength and improve the portfolio’s maturity profile.

    Over the month, Volta’s CLO Equity tranches returned +2.3% performance** while CLO Debt tranches returned +1.3% performance**, cash representing c.3% of NAV. The fund being c.25% exposed to USD, the recent appreciation of USD vs EUR had a positive impact of +0.7% on the overall performance.

    As of end of November 2024, Volta’s NAV was €279.2m, i.e. €7.63 per share.

    *It should be noted that approximately 4.29% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.21% as at 31 October 2024, 4.08% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI Global: Prince Andrew and the British establishment’s ‘target-rich environment’ for spies

    Source: The Conversation – UK – By Philip Murphy, Director of History & Policy at the Institute of Historical Research and Professor of British and Commonwealth History, School of Advanced Study, University of London

    A ruling by the UK’s Special Immigration Appeals Commission has revealed that a Chinese businessman with links to King Charles’ younger brother, Prince Andrew, has been banned from Britain. The commission was upholding a decision originally taken in 2023 by the then home secretary, Suella Braverman, to exclude a man subsequently named as Yang Tengbo.

    Britain’s Security Service, MI5, had advised the commission that Yang posed “a risk to UK national security”. Reports have noted Yang’s visits to royal events at the request of the prince and his communications with one of Andrew’s senior advisers, Dominic Hampshire.

    That Andrew might have been cultivated by an agent of the Chinese government will come as no surprise to anyone who has studied the work of intelligence agencies. Their ideal target will not necessarily be someone who sympathises with the regime they serve. Indeed with the collapse of the ideological certainties of the cold war, this has become increasingly unlikely.

    Rather, a target will probably be someone who has particular weaknesses that can be exploited, often revolving around money or sex. They are seldom at the very pinnacle of power. But that, in itself, can leave them resentful and hungry for affirmation.

    An exaggerated sense of self-importance can render them even more pliable. This can make for a complex relationship between intelligence predator and their prey.

    In Andrew’s case, there are indications that members of his circle actually talked up the prince’s importance as a political contact. The commission’s ruling quoted a message from Hampshire to Yang in March 2020 after the latter had been invited to attend the Prince’s 60th birthday party.

    Hampshire told Yang: “I also hope that it is clear to you where you sit with my principal and indeed his family. You should never underestimate the strength of that relationship. …outside of his closest internal confidants, you sit at the very top of a tree that many, many people would like to be on.”

    Those more familiar with the workings of the British government might be sceptical about the height of the branches Yang had reached. King Charles is, after all, a constitutional monarch with few formal powers. And Andrew has become an increasingly marginalised figure within the royal family.

    A steady stream of revelations about his relationship with sex-trafficker and paedophile Jeffrey Epstein has left him increasingly out in the cold. He was stripped of his role as UK trade envoy in 2011 and was then forced to step down from public duties in 2019. So why bother trying to court him?

    Clues are provided in an important survey of the links between the royal family and the intelligence community published by international history specialists Richard Aldrich and Rory Cormac in 2021. As they note, before 2011, Andrew had enjoyed a long career in the royal navy and then as a British trade envoy, becoming closely involved in the sensitive and secretive world of UK arms sales.

    In 2010, the Wikileaks revelations suggested Andrew had been fiercely critical of the Serious Fraud Office for almost derailing a deal with Saudi Arabia and that his inside knowledge might have extended to some dark corners of the arms trade and its methods. There were also reports that the UK’s foreign intelligence service, MI6, was concerned that a former US deputy police chief close to the investigation into the Epstein affair might have leaked details to Russia, leaving Andrew open to blackmail.

    So Andrew probably was a tempting target, combining personal vulnerability with knowledge that could, at the very least, be embarrassing to the UK. But then, to borrow former US defense secretary Donald Rumsfeld’s vivid phrase about Iraq, the British establishment has long provided foreign intelligence agencies with “a target-rich environment”. And the waters tend to be muddied by the ease with which legitimate contacts based on cultural and trade diplomacy can morph into something more sinister.

    Broader concerns

    The ruling of the Special Immigration Appeals Commission quoted from a statement by the director-general of MI5 from July 2022 which distinguished between legitimate diplomacy and “what we call interference activity – influencing that is clandestine, coercive or corruptive”. Yet, in practice, the distinction is often opaque.

    When darker forces are at work, it often only becomes apparent as a result of prolonged surveillance of those involved. And that, in turn, assumes Britain’s spies are actually doing their job. Various bodies have questioned whether they are.

    In a July 2020 report, the parliamentary intelligence and security committee criticised the intelligence community for not being more curious about certain aspects of Russian activity. The possibility of Kremlin interference in the 2016 Brexit referendum was a significant concern.

    The implication – that intelligence officials had been nervous about getting involved in such a sensitive political issue – was rather borne out by the fate of the committee’s report itself. It was delivered to then prime minister Boris Johnson in October 2019 but was not released to the public until well after his pro-Brexit government had won the general election of December that year.

    Nor is the Labour party without questions to answer. At the same time as the Prince Andrew scandal was unfolding, Christine Lee, who donated £584,177 to the office of the Labour MP Barry Gardiner, lost a claim against MI5 which had accused her of engaging in political interference on behalf of China. Gardiner has said in response that none of the donations “according to MI5, came from an illegal source” and that he has “ceased all contact” with Lee following the MI5 warning.

    Prince Andrew’s behaviour is part of a wider picture and speaks to the general need for higher standards in British public life. Stricter rules on political donations to prevent foreign interference in British politics are long overdue. And people of political influence, including members of both houses of parliament, should be far more closely scrutinised over their relationships with foreign officials and business people. National security, as the term implies, very much begins at home.

    Philip Murphy has received funding from the AHRC. He is a member of the European Movement UK.

    – ref. Prince Andrew and the British establishment’s ‘target-rich environment’ for spies – https://theconversation.com/prince-andrew-and-the-british-establishments-target-rich-environment-for-spies-246383

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: The UK will continue to work closely with UNOWAS to build peace and security in West Africa and the Sahel: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Fergus Eckersley, UK Minister Counsellor, at the UN Security Council meeting on West Africa and the Sahel.

    First, the United Kingdom congratulates Senegal, Ghana, and Mauritania on their successful recent elections. 

    But, elsewhere, democracy and civic space remain under pressure, with civil society organisations, human rights defenders, journalists and media institutions facing severe challenges.

    Timelines for the return to constitutional governments in Mali and Burkina Faso have either been delayed or remain unclear, and Niger is also yet to establish a transition timeline. 

    Guinea’s transition timeline has also slipped again. We urge that the return to constitutional order is completed swiftly. Inclusive and transparent democratic processes are crucial for stability and peace.

    Second, the security situation across the Sahel is worsening, with terrorist and insurgent activities, serious and organised crime, and external actors and proxies exacerbating instability.

    Private military security companies, like Russia’s Wagner Group and Africa Corps, are not the answer. They have a track record of worsening existing conflicts and undermining long-term development and stability.

    We are concerned about the economic impact of deteriorating security in already fragile states. 

    Many countries in the Sahel now face difficulties accessing the financing they need to maintain macroeconomic stability and sustain growth.

    The United Kingdom also notes the outcome of the recent ECOWAS summit held on 15 December, including the announcement of the six-month grace period for the Alliance of Sahelian States. 

    We urge all states in the region to cooperate to tackle the growing security, development, governance challenges and transnational threats. Maintaining strong links between states is critical.

    Third, we are extremely concerned by the deteriorating regional humanitarian situation.

    Extreme flooding has affected over 3.7 million people in West Africa this year and has contributed to worsening food insecurity, further fuelled by conflict, displacement and climate change.

    Since 2019, UK aid has supported over 16 million people in the Sahel with life-saving assistance. 

    But access is increasingly restricted. 

    We call on all actors to ensure safe and unimpeded access for humanitarian assistance. 

    Armed escorts must remain a last resort.

    In closing, the UK looks forward to deepening bilateral partnerships, and continuing to work closely with UNOWAS and regional organisations to help build peace and security in West Africa and the Sahel.

    Updates to this page

    Published 20 December 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Unaudited Half-Yearly Financial Report

    Source: GlobeNewswire (MIL-OSI)

    FORESIGHT VENTURES VCT PLC
    (FORMERLY THAMES VENTURES VCT 1 PLC)

    Unaudited Half-Yearly Financial Report
    30 September 2024

    FINANCIAL HIGHLIGHTS

    £72.7m
    Total net assets
    as at 30 September 2024

    1.1p
    Dividend paid
    26 July 2024

    42.1p
    NAV per share
    as at 30 September 2024

    CHAIR’S STATEMENT

    “I present the Company’s unaudited Half-Yearly Financial Report for the six months ended 30 September 2024.”

    Post-period activity
    Before discussing the period to 30 September 2024, I would like to welcome our new Shareholders who have been issued shares in the Company as part of the merger with Thames Ventures VCT 2 plc (“TV2”). The merger completed on 15 November following a General Meeting held on 8 November. As part of the merger, the Company has been renamed Foresight Ventures VCT plc, and TV2 has been placed into members’ voluntary liquidation. I am also pleased to welcome Andrew Mackintosh, previously a director of TV2, who has now been appointed to the Board of the Company following completion of the merger.

    The Company’s Net Asset Value (“NAV”) per share has been reset to 100.0p and the merger has resulted in an enlarged company with net assets of £110 million. The Board believes this will bring a number of benefits to the Company, such as greater scale to raise and deploy capital into new and existing portfolio companies, as well as improved liquidity for dividends and buybacks.

    On 15 November, the Company launched an offer for subscription to raise £5 million (with an over-allotment facility of a further £5 million). The promoter’s fee will be waived for applications made by existing shareholders of any Foresight VCT. New investors, who do not benefit as existing investors but who make an application by 20 December 2024, will, however, benefit from the offer costs being reduced by 1.0% of the amount subscribed.

    Net Asset Value and dividends
    As at 30 September 2024, the Company’s NAV per share stood at 42.1p, a decrease of 4.0p (or 8.7%) over the period. After adding back the dividend paid in the period of 1.1p per share, the decrease was 6.3%.

    The Company’s policy is to seek to pay annual dividends of at least 4% of net assets per annum. During the period, on 26 July 2024, the Company paid an interim dividend of 1.1p, taking total dividends paid in respect of the year ended 31 March 2024 up to 2.1p per share, equivalent to 4.1% of the opening net assets of the previous financial year. This took the total dividends paid since the merger with Downing Absolute Income VCT 1 plc, Downing Absolute Income VCT 2 plc, Downing Income VCT plc, Downing Income VCT 3 plc and Downing Income VCT 4 plc in November 2013 to 47.6p per share.

    The Company offers its Shareholders the opportunity to participate in a Dividend Reinvestment Scheme, whereby they may elect to receive shares, credited as fully paid, instead of receiving dividends in cash. If you wish to participate, please contact the registrar, City Partnership, at the details provided on page 30 of the Unaudited Half-Yearly Financial Report.

    Investment performance and portfolio activity
    A detailed analysis of the investment portfolio performance over the period is given in the Investment Adviser’s Review.

    In brief, during the six months under review, the whole portfolio showed investment valuation losses of £9.4 million. Despite this disappointing overall performance, there were some highlights; a total of £2.9 million of proceeds were received from the sale of Data Centre Response Limited, as well as deferred consideration totalling £0.6 million, producing realised gains of £2.2 million. The Investment Adviser also completed two follow-on investments totalling £1.1 million.

    Responsible investing
    The Board notes the commitment of the Investment Adviser, Foresight Group, to being a “Responsible Investor”. Foresight places environmental, social and governance (“ESG”) criteria at the forefront of its business and investment activities in line with best practice and in order to enhance returns for their investors.

    Further detail can be found on page 17 of the Unaudited Half-Yearly Financial Report.

    Special administration of the Company’s custodian of quoted assets
    As previously reported, since September 2020 the Company has used IBP Capital Markets Limited (“IBP”) as custodian for its quoted investments. Appointing a custodian is a requirement of the FCA, and IBP is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company).

    On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed.

    As noted in the Annual Report, on 19 July 2024, around 80% of the quoted investment portfolio was returned to the Company, meaning normal management and trading of these positions was resumed. The remaining 20% will be returned following the conclusion of court proceedings, the timing of which is currently anticipated to take place in the second half of 2025, unless additional claims are submitted or the outcome of the court proceedings in terms of a final distribution is any different. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report.

    Share buybacks
    The Company continues to operate a policy of buying in its own shares that become available in the market at a 5% discount to NAV (subject to liquidity and regulatory restrictions). Subsequent to the merger, the Board intends to reduce this target discount to 2.5% in future.

    During the period the Company purchased 5,522,581 shares for cancellation at an average discount of 5.0%, which represented 3.1% of shares in issue at the date of the last Annual Report.

    Share buybacks are timed to avoid the Company’s closed periods. Buybacks will generally take place, subject to demand, during the following times of the year:

    • August, after the Annual Report has been published
    • September, prior to the Half-Yearly reporting date of 30 September
    • January, after the Half-Yearly Report has been published
    • March, prior to the end of the financial year

    The Company retains Panmure Liberum as its corporate broker to assist in operating the share buyback process and ensuring that the quoted spread on the Company’s shares remains at a reasonable level. Contact details for Panmure Liberum are on page 30 of the Unaudited Half-Yearly Financial Report.

    Management charges and performance incentive
    The annual management fee is an amount equal to 2.0% of net assets. There is no change to the management fee or secretarial fee post-merger. From 1 October 2024, the Investment Adviser took over responsibility for management of the Quoted Growth portfolio from Downing LLP. The team at Downing LLP continues to advise the Company on the Yield Focused portfolio under a subcontract agreement with Foresight Group LLP.

    A new performance incentive scheme was formally approved by Shareholders as part of the merger on 15 November 2024. This scheme, in brief, means a performance fee would be payable to the Investment Adviser at the end of each performance period, subject to a total return hurdle. The fee would be equal to the lesser of: (i) 20% of distributions attributable to the relevant performance period; or (ii) 20% of the increase in the total return which is higher than the hurdle. The Board believes this new scheme will provide additional motivation for the Investment Adviser to drive enhanced shareholder value.

    Board composition
    As noted in the Annual Report, Chris Kay resigned as a Director of the Company on 6 June 2024. Post period end, Andrew Mackintosh has joined the Board from TV2 subsequent to the merger. Andrew is chair of UKI2S, a government-backed venture capital fund supporting companies from the UK’s scientific research base. He is a Fellow of the Royal Academy of Engineering and was awarded a CBE in the 2024 New Year Honours for services to Science and Technology, and to Enterprise Development, and we are delighted to have him on board.

    The Board now comprises four Non-Executive Directors, which the Board considers to be an appropriate number for the current size of the VCT. All of the Directors are independent of the Investment Adviser, with the exception of Chris Allner who is considered non-independent by virtue of being a partner at Downing LLP, the previous investment adviser to the Company, which still provides some services to our new Investment Adviser.

    VCT sunset clause
    I am pleased to report that new regulations have been made to extend the UK’s VCT scheme by ten years to April 2035, following the European Commission’s confirmation that they would not oppose the continuation of the scheme. This now removes any recent uncertainty and will help support further investment by the VCT sector in early-stage companies.

    Outlook
    At the date of the merger the Company’s NAV per share had increased to 42.6p, as a result of valuation uplifts in the Quoted Growth portfolio, as well as favourable exchange rates on our US investments. With an offer for subscription now out to raise further funds, in addition to the cash boost on acquiring the assets of TV2, and a refreshed performance incentive scheme to greater motivate the Investment Adviser, we look forward to seeing an increase in deployment to enhance the portfolio and returns to Shareholders. Whilst the macroeconomic environment has been challenging for the last two years, the Investment Adviser is cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market.

    Atul Devani
    Chair

    20 December 2024

    INVESTMENT ADVISER’S REVIEW

    “We present our Investment Adviser’s Review for the six‑month period ended 30 September 2024.”

    Unquoted Growth
    Portfolio summary
    At 30 September 2024, the Company held total unquoted investments of £44.4 million, split £34.5 million Unquoted Growth and £9.9 million Unquoted Yield Focused. Details of the Unquoted Yield Focused portfolio performance are set out on page 8 of the Unaudited Half-Yearly Financial Report.

    The Unquoted Growth portfolio comprises 29 companies, across a range of sectors. Following a challenging period for the year ended 31 March 2024, with the portfolio unfavourably impacted by the downturn of the UK economy, the six months ended 30 September 2024 has been similarly disappointing, resulting in an overall unrealised investment valuation loss of £2.2 million in the portfolio.

    Investment activity
    There were no new investments made during the period ended 30 September 2024. The Company made follow-on investments in two Unquoted Growth companies during the period, totalling £1.1 million:

    FundingXchange Limited (£750,000), a fintech platform delivering SME lenders insights into their portfolios. This investment was made concurrently with a £5.0 million investment from Barclays as part of a £6.0 million round. This transformational investment will allow the company to build on early commercial success and deepen the strategic and commercial relationship with Barclays.

    Rated People Limited (£375,000), an online marketplace connecting homeowners and local tradespeople. This investment allows the strengthened management team to implement the necessary product and operational changes to enable a return to growth and a cash-generative business model.

    There was one realisation during the period ended 30 September 2024:

    DSTBTD Limited (trading as Distributed) was sold for £1 to ILX Group. No proceeds were returned to the Company, which was a disappointing result for the team, but a favourable outcome to an administration process, which was a real possibility after a proposed funding failed to come together.

    Key portfolio developments
    There were some material write downs in the Unquoted Growth portfolio during the period, and some companies have continued to struggle in the challenging macroeconomic environment. However, there have also been some positive movements in valuation. This has resulted in a net total realised and unrealised investment valuation loss of £3.0 million in the period, including £0.7 million in unrealised foreign exchange losses.

    Of the total investment loss, total losses of £6.5 million were offset by gains of £3.5 million. The most significant movements are noted below.

    The largest gain in value was in Ayar Labs, Inc, a silicon photonic chiplet developer used in next-generation AI data centers of the major hyperscalers and cloud-service providers. The valuation increased by £1.9 million, including foreign exchange losses, as a result of a new funding round.

    Other unrealised valuation gains included:

    Rated People Limited, an online marketplace connecting homeowners and local tradespeople, increased in value by £596,000. This was due to a follow-on funding round enhancing the Company’s share of proceeds on any liquidity event. It is also worth noting that the company is now trading profitably and under new leadership.

    Carbice Corporation, Inc has developed a suite of products based on its carbon material, used primarily as thermal management solutions to enable greater thermal conductivity. The valuation increased by £401,000, including foreign exchange losses, as a result of the recent closure of a funding round that increases the prospect of growth and, ultimately, a positive realisation for investors.

    Four other companies in the Unquoted Growth portfolio made up investment valuation gains of £603,000.

    There were also a number of valuation losses reported in the period. The greatest loss was in Cambridge Touch Technologies Ltd, a company developing pressure sensitive multi-touch technology, which reduced in value by £1.9 million as a result of a challenging funding environment for deep tech companies. As noted above, DSTBTD Limited (trading as Distributed) was sold for £1 to ILX Group during the period. No proceeds were returned to the Company, resulting in a realised loss of £775,000.

    Other investment valuation losses included:

    Vivacity Labs Limited, a provider of Artificial Intelligence sensors to monitor and control traffic flows, was written down to nil value in the period, a decrease in value of £960,000, following a new funding round. The investment round (that we chose not to participate in) generated penal terms for shareholders not participating in the funding round and resulted in the write down.

    Masters of Pie Limited, developer of “Radical”, a software solution that enables remote sharing and collaboration on large data sets, was reduced by £700,000 as a result of a challenging period for the company from a trading perspective. It is hoped that this situation will improve in Q4 2024, albeit the position remains challenging.

    Virtual Class Ltd (trading as Third Space Learning), a platform offering personalised online lessons from specialist tutors, decreased in carrying value by £466,000, driven by significant budgetary pressure experienced by UK schools, a key customer group. It is hoped that early international sales (in the US) will somewhat offset challenges in the UK market.

    Parsable, Inc., a provider of software to improve operational efficiencies in the industrial and manufacturing sectors, has seen a valuation decrease of £460,000, including foreign exchange losses. During the period, an offer to acquire Parsable was received that, whilst at a valuation lower than we expected, was accepted by the Board, and the valuation has been aligned with anticipated proceeds.

    Bulbshare Limited, a company that enables brands to build communities from their existing customers to gather consumer insights, was exited post period end. The valuation was reduced by £371,000 in line with the exit proceeds received.

    Trinny London Limited, a multi-channel female beauty and skincare brand, was reduced in value by £354,000 due to a decline in comparable market valuation multiples. Despite this, the business increased revenue during the period and remains profitable.

    CommerceIQ, Inc., the pioneer in helping brands win on retail e-commerce channels, decreased by £221,000 in the period, including foreign exchange losses. Whilst CommerceIQ’s revenues increased during the period, market valuations for similar businesses declined and, consequently, the valuation fall is a reflection of wider market conditions.

    Four other companies in the Unquoted Growth portfolio made up valuation losses of £340,000. Aside from Vivacity Labs Limited, no other investments were written down to nil during the period.

    Post period end activity
    After the period end, the Company completed two new investments totalling £1.6 million into Dragonfly Technology Solutions Ltd (£600,000), a predictive analytics business, and Alison Technologies Ltd (£978,000), a developer of an innovative AI marketing insights tool. The Company also completed two follow-on investments totalling £1.1 million into Maestro Media Limited (£750,000) and Virtual Class Ltd (£300,000). The Company received £1.1 million in proceeds from the exit of Bulbshare Limited in October.

    At the date of the merger, the Unquoted Growth portfolio had seen positive foreign exchange movements totalling £421,000.

    Outlook
    Whilst the macroeconomic environment has been challenging for the last two years, we are cautiously optimistic that 2025 will provide more positive conditions for our portfolio companies. The downward trajectory of inflation and interest rates should lead to increasing confidence and encourage investors to return to the market. From an exit perspective, the IPO market is unlikely to open up in the short term, but we are seeing signs that PE and trade buyers will be more active in 2025, offering potential liquidity opportunities for portfolio companies.

    In addition to the anticipated improved macro environment, we believe the merger with Thames Ventures VCT 2 plc has created a company well placed for success, with a very clear investment mandate (exclusively investing in private technology businesses) and benefiting from more streamlined company reporting and administration.

    Foresight Group LLP
    20 December 2024

    Yield Focused portfolio
    Downing LLP continues to advise the Company on the Unquoted Yield Focused portfolio under a subcontract from Foresight Group LLP.

    Downing presents a review of the Yield Focused portfolio for the six months ended 30 September 2024. At the period end, the Yield Focused portfolio consisted of seven active investments, all of which are unquoted, with a total value of £9.9 million.

    Divestment activity
    During the period, the focus was on investment realisations from the Yield Focused portfolio, which resulted in proceeds of £2.9 million from the exit of Data Centre Response Limited, a provider of power solutions and maintenance services to data centres. There were no new or follow-on investments.

    Realisations in the period ended 30 September 2024

        Total Cost at date Exit Total
        invested of disposal proceeds return
    Company Detail (£) (£) (£) (£)
    Data Centre Response Limited Full disposal 557,441 557,441 2,916,694 2,916,694

    Key portfolio developments
    The Yield Focused portfolio reduced in value by £113,000 during the period, with one company, Data Centre Response Limited, recognising a gain of £494,000 on exit, as noted above, and four companies recognising unrealised losses of £607,000:

    Pilgrim Trading Limited, an operator and owner of two children’s nurseries in West London, decreased in value by £437,000 after two periods of unsuccessful marketing proved the last independent valuation of the business to be unachievable in current market conditions. Consequently, the independent valuation has now been heavily discounted.

    Kimbolton Lodge Limited, a nursing and care home in Bedfordshire, decreased in value by £67,000 to bring the valuation in line with the anticipated proceeds from a sale process that is currently underway.

    Doneloans Limited, which holds a portfolio of secured loans, decreased in value by £67,000 driven by the cost of its own funding marginally exceeding interest receivable from its borrowers.

    SF Renewables (Solar) Limited, which built and operates a solar plant in India, was reduced by £36,000 in line with the exit proceeds received post period end.

    Outlook
    With one exit during the period and another shortly after period end, there were six investments remaining in the Yield Focused portfolio at the time of writing. Downing is actively seeking to progress exits from both Kimbolton Lodge and Pilgrim Trading, though the latter is currently looking less likely to materialise. Given current market conditions, sales of the higher value, hotel-related investments, Baron House Developments and Cadbury House Holdings, are expected to take some time to complete. The recovery of value from Doneloans is linked largely to the sale of Pilgrim Trading, which is the lender’s largest loan, but additional recoveries are anticipated from other borrowers over the next 12 months.

    Downing LLP and Foresight Group LLP
    20 December 2024

    Quoted Growth portfolio
    For the six months to 30 September 2024, Downing LLP continued to advise the Company on the Quoted Growth portfolio under a subcontract from Foresight Group LLP. From 1 October 2024, Foresight Group LLP took on full responsibility for management of the Quoted Growth portfolio.

    Investment activity
    Markets continued to be volatile through the reporting period. The impending Budget dominated market behaviours, particularly the FTSE AIM Index, where fears over an abolition of IHT reliefs on AIM shares adversely affected the market. In the end, this fear was overcooked, and the FTSE AIM All Share rallied 4% on the day of the Budget, as it was announced that reliefs on AIM shares would remain, albeit at half the relief previously enjoyed. Since the Budget, the new concern has been focused on the impact of National Insurance increases, which have weighed heavily on UK Small and Mid-Cap companies. There is a general acceptance that inflation will still be a looming threat and hence interest rates will remain higher for longer.

    There were no investments or realisations made during the six months to 30 September 2024.

    Key portfolio developments
    At 30 September 2024, the Quoted Growth portfolio was valued at £13.4 million, comprising 36 active investments. Over the six-month period, the portfolio produced net valuation losses of £4.7 million, offset by £3.8 million received in dividends from the portfolio. Two companies, valued at £78,000 at year end, have been written down to nil during the period.

    The most significant loss was incurred in Tracsis plc, a provider of transport technology, which saw valuation losses of £2.4 million during the period due to a profit warning, citing delays on rail infrastructure spend incurred due to the early election. This was exacerbated by contract delays in their US business.

    This was offset by valuation gains elsewhere in the portfolio, where Anpario plc, a specialist manufacturer and distributor of natural sustainable feed additives for animal health, nutrition and biosecurity, increased by £680,000 net of £46,000 dividends received, reflecting an improvement in trading post supply chain issues experienced during the inflationary period post covid.

    A net gain of £615,000 was made in Downing Strategic Micro‑Cap Investment Trust plc, where special dividends of £3.7 million were made during the period, as part of the managed wind-down of the Trust. Since the period end, a further special dividend of 2.2p, equating to £133,000, has been received by the Company.

    Meanwhile Cohort plc, the parent company of six businesses providing a wide range of services and products for British, Portuguese and other international customers in defence and security markets, booked an unrealised gain of £558,000. This mirrored profit upgrades, contract renewals and strong financial results. This momentum has continued post period end.

    As at 17 December 2024, the valuation of the Quoted Growth portfolio had decreased by £226,000 (-1.7%).

    IBP Capital Markets Limited
    As noted in the Annual Report, the Company recovered c.80% of its total Quoted Growth portfolio on 19 July 2024, with the remaining c.20% to be recovered following court proceedings, currently anticipated to take place in the second half of 2025. Up until July, the ability to trade the portfolio continued to be restricted and hence there has been limited ability to manage exposures within the portfolio. The Company is now able to trade its positions, having been unable to do so since October 2023.

    Post-period end activity
    Post period end, ahead of the Budget, shares were sold in 14 of the Company’s Quoted Growth portfolio holdings. Notably, holdings in Anpario plc and Craneware plc were reduced, as well as in Impact Healthcare REIT plc, a non-qualifying holding. As previously communicated to Shareholders, the strategy going forward is to realise the Quoted Growth portfolio over time, which will free up funds to be redeployed into Unquoted Growth holdings.

    Outlook
    A number of the Quoted Growth companies in the portfolio have been consistently overoptimistic about hitting milestones for product development, revenues and ultimately profits. Given competition for capital amongst the wider portfolio of venture capital holdings, Foresight took the difficult decision to reduce a number of these positions. Achieving a total sale of individual holdings has not been possible, given that 20% of the Company’s Quoted Growth assets are still tied up in the custodian IBP Capital Markets Limited (“IBP”), which remains in special measures. While this is frustrating, as it does not allow portfolio management to be conducted across the entire portfolio should changes need to be made, we are able to make them to substantially all of the holdings.

    The Quoted Growth holdings have reduced as a percentage of the Company’s total assets, but we firmly believe that by making these changes we have increased the overall quality and see an encouraging future, despite an uncertain macroeconomic background.

    Downing LLP and Foresight Group LLP
    20 December 2024

    UNAUDITED HALF-YEARLY RESULTS AND RESPONSIBILITIES STATEMENTS

    Principal risks and uncertainties
    The principal risks faced by the Company are as follows:

    • Investment performance
    • Regulatory
    • Operational
    • Economic, political and other external factors

    The Board reported on the principal and emerging risks and uncertainties faced by the Company in the Annual Report and Accounts for the year ended 31 March 2024. A detailed explanation can be found on pages 26 to 28 of the Annual Report and Accounts, which is available on the Investment Adviser’s website www.foresightgroup.eu/products/foresight-ventures-vct-plc or by writing to Foresight Group at The Shard, 32 London Bridge Street, London SE1 9SG.

    In the view of the Board, there have been no changes to the fundamental nature of these risks since the previous report and these principal risks and uncertainties are equally applicable to the remaining six months of the financial year as they were to the six months under review.

    Directors’ responsibility statement
    The Disclosure and Transparency Rules (“DTR”) of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Half-Yearly Financial Report.

    The Directors confirm to the best of their knowledge that:

       a)   The summarised set of financial statements has been prepared in accordance with FRS 104
       b)   The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year)
       c)   The summarised set of financial statements gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by DTR 4.2.4R
       d)   The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties’ transactions and changes therein)

    Going concern
    The Company’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report of the Annual Report. The financial position of the Company, its cash flows, liquidity position and borrowing facilities are described in the Chair’s Statement, Strategic Report and Notes to the Accounts of the 31 March 2024 Annual Report. In addition, the Annual Report includes the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments; and its exposures to credit risk and liquidity risk.

    The Company has adequate financial resources at the period end and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.

    The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the half-yearly financial statements.

    The Half-Yearly Financial Report has not been audited nor reviewed by the auditors.

    On behalf of the Board

    Atul Devani
    Chair

    20 December 2024

    UNAUDITED INCOME STATEMENT
    For the six months ended 30 September 2024

      Six months ended
    30 September 2024
    (Unaudited)    		 Six months ended
    30 September 2023
    (Unaudited)    		 Year ended
    31 March 2024
    (Audited)
     
     
      Revenue Capital Total Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
    Realised gains/(losses) on investments — 2,202 2,202 — (5,203) (5,203) — (8,015) (8,015)
    Investment holding (losses)/gains — (10,311) (10,311) — 1,028 1,028 — 3,465 3,465
    Income 4,187 — 4,187 1,065 — 1,065 906 — 906
    Investment management fees (404) (404) (808) (449) (449) (898) (863) (863) (1,726)
    Other expenses (482) — (482) (376) — (376) (1,346) — (1,346)
    Return/(loss) on ordinary activities before taxation 3,301 (8,513) (5,212) 240 (4,624) (4,384) (1,303) (5,413) (6,716)
    Taxation — — — (24) 24 — — — —
    Return/(loss) on ordinary activities after taxation 3,301 (8,513) (5,212) 216 (4,600) (4,384) (1,303) (5,413) (6,716)
    Return/(loss) per share 1.9p (4.8)p (2.9)p 0.1p (2.5)p (2.4)p (0.7)p (3.1)p (3.8)p

    The total columns of this statement are the profit and loss account of the Company and the revenue and capital columns represent supplementary information.

    All revenue and capital items in the above Income Statement are derived from continuing operations. No operations were acquired or discontinued in the period.

    The Company has no recognised gains or losses other than those shown above, therefore no separate statement of total recognised gains and losses has been presented.

    The Company has only one class of business and one reportable segment, the results of which are set out in the Income Statement and Balance Sheet.

    There are no potentially dilutive capital instruments in issue and, therefore, no diluted earnings per share figures are relevant. The basic and diluted earnings per share are, therefore, identical.

    UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
    For the six months ended 30 September 2024

      Called-up Share
    premium    		 Capital redemption Special Capital Revaluation Revenue  
      share capital account reserve reserve reserve reserve reserve Total
      £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
    As at 1 April 2024 1,775 2,522 71 86,901 (10,791) 6,057 (4,619) 81,916
    Share issues in the period 7 301 — — — — — 308
    Expenses in relation to share issues — (46) — — — — — (46)
    Repurchase of shares (55) — 55 (2,340) — — — (2,340)
    Realised gains on disposal of investments — — — — 2,202 — — 2,202
    Investment holding losses — — — — — (10,311) — (10,311)
    Dividends paid — — — — (1,953) — — (1,953)
    Management fees charged to capital — — — — (404) — — (404)
    Revenue return before taxation for the period — — — — — — 3,301 3,301
    Taxation for the period — — — — — — — —
    As at 30 September 2024 1,727 2,777 126 84,561 (10,946) (4,254) (1,318) 72,673

    Distributable reserves at 30 September 2024 total £51,490,000 (31 March 2024: £58,151,000).

    UNAUDITED BALANCE SHEET
    As at 30 September 2024

    Registered number: 03150868

      As at As at As at
      30 September 30 September 31 March
      2024 2023 2024
      (Unaudited) (Unaudited) (Audited)
      £’000 £’000 £’000
    Fixed assets      
    Investments held at fair value through profit or loss 57,746 65,871 67,393
    Current assets      
    Debtors 8,467 7,393 7,570
    Cash and cash equivalents 7,097 13,580 7,559
    Total current assets 15,564 20,973 15,129
    Creditors      
    Amounts falling due within one year (637) (1,077) (606)
    Net current assets 14,927 19,896 14,523
    Net assets 72,673 85,767 81,916
    Capital and reserves      
    Called-up share capital 1,727 1,770 1,775
    Share premium account 2,777 2,252 2,522
    Capital redemption reserve 126 71 71
    Special reserve 84,561 85,122 86,901
    Capital reserve (10,946) (5,627) (10,791)
    Revaluation reserve (4,254) 3,619 6,057
    Revenue reserve (1,318) (1,440) (4,619)
    Equity shareholders’ funds 72,673 85,767 81,916
    Net Asset Value per share 42.1p 48.5p 46.1p

    UNAUDITED CASH FLOW STATEMENT
    For the six months ended 30 September 2024

      Six months ended Six months ended Year ended
      30 September 30 September 31 March
      2024 2023 2024
      (Unaudited) (Unaudited) (Audited)
      £’000 £’000 £’000
    Cash flow from operating activities      
    Loss on ordinary activities after taxation (5,212) (4,384) (6,716)
    Loss on investments 8,109 4,175 4,550
    Increase in debtors (1,768) (891) (1,134)
    Increase in creditors 59 82 304
    Net cash inflow/(outflow) from operating activities 1,188 (1,018)  (2,996)
    Cash flow from investing activities      
    Purchase of investments (1,125) (2,209) (4,394)
    Net proceeds on sale of investments 2,917 3,295 3,433
    Net proceeds on deferred consideration 543 419 637
    Net cash inflow/(outflow) from investing activities 2,335 1,505 (324)
    Cash flows from financing activities      
    Proceeds of fundraising — 1,586 1,585
    Expenses of fundraising — (7) (7)
    Repurchase of own shares (2,340) (2,270) (2,964)
    Equity dividends paid (1,645) (1,498) (3,017)
    Net cash outflow from financing activities (3,985) (2,189) (4,403)
    Net outflow of cash in the period (462) (1,702) (7,723)
    Reconciliation of net cash flow to movement in net funds      
    Decrease in cash and cash equivalents for the period (462) (1,702) (7,723)
    Net cash and cash equivalents at start of period 7,559 15,282 15,282
    Net cash and cash equivalents at end of period 7,097 13,580 7,559

    Analysis of changes in net debt

      As at
    1 April 2024
    £’000    		 Cash flow
    £’000    		 At 30 September
    2024
    £’000
     
     
    Cash and cash equivalents 7,559 (462) 7,097

    NOTES TO THE UNAUDITED HALF-YEARLY RESULTS
    For the six months ended 30 September 2024

    1
    The Unaudited Half-Yearly Financial Report has been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 March 2024. Unquoted investments have been valued in accordance with IPEV Valuation Guidelines.

    2
    These are not statutory accounts in accordance with s436 of the Companies Act 2006 and the financial information for the six months ended 30 September 2024 and 30 September 2023 has been neither audited nor formally reviewed. Statutory accounts in respect of the year ended 31 March 2024 have been audited and reported on by the Company’s auditor and delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006. No statutory accounts in respect of any period after 31 March 2024 have been reported on by the Company’s auditor or delivered to the Registrar of Companies.

    3
    Copies of the Unaudited Half-Yearly Financial Report will be sent to Shareholders via their chosen method and will be available for inspection at the Registered Office of the Company at The Shard, 32 London Bridge Street, London SE1 9SG.

    4 Net Asset Value per share
    The Net Asset Value per share is based on net assets at the end of the period and on the number of shares in issue at the date.

        Number of shares
      Net assets in issue
    30 September 2024 £72,673,000 172,715,260
    30 September 2023 £85,767,000 176,968,887
    31 March 2024 £81,916,000 177,546,529

    5 Return per share
    The weighted average number of shares used to calculate the respective returns are shown in the table below.

      Number of shares
    Six months ended 30 September 2024 176,320,908
    Six months ended 30 September 2023 179,310,912
    Year ended 31 March 2024 178,234,061

    Earnings for the period should not be taken as a guide to the results for the full year.

    6 Income

      Six months ended Six months ended Year ended
      30 September 30 September 31 March
      2024 2023 2024
      £’000 £’000 £’000
    Income from investments      
    Loan stock interest 240 920 424
    Dividend income 3,827 145 415
      4,067 1,065 839
    Other income 120 — 67
      4,187 1,065 906

    7 Investments held at fair value through profit or loss

      Unquoted Growth
    investments
    £’000    		 Unquoted
    Yield Focused
    investments
    £’000    		 Quoted Growth
    investments
    £’000    		 Total
    £’000
     
     
     
    Book cost at 1 April 2024 39,760 13,651 23,241 76,652
    Investment holding losses at 1 April 2024 (3,374) (751) (5,134) (9,259)
    Valuation at 1 April 2024 36,386 12,900 18,107 67,393
    Movements in the period:        
    Purchases 1,125 — — 1,125
    Disposal proceeds — (2,917) — (2,917)
    Realised (losses)/gains on disposals1 (775) 2,360 — 1,585
    Foreign exchange losses (669) — — (669)
    Investment holding losses2 (1,554) (2,473) (4,744) (8,771)
    Valuation at 30 September 2024 34,513 9,870 13,363 57,746
    Book cost at 30 September 2024 40,110 13,094 23,241 76,445
    Investment holding losses at 30 September 2024 (5,597) (3,224) (9,878) (18,699)
    Valuation at 30 September 2024 34,513 9,870 13,363 57,746
    1. Realised gains on investments in the Income Statement include realised gains relating to deferred consideration receipts totalling £617,000 from StorageOS Inc (£419,000), Efundamentals Group Limited (£96,000), Firefly Learning Limited (£74,000), DIA Imaging Analysis Limited (£14,000) and Imagen Limited (£14,000).
    2. Investment holding losses in the Income Statement include unrealised losses which are a result of the deferred consideration debtor decrease of £871,000. The debtor movement reflects the recognition of amounts receivable in respect of DIA Imaging Analysis Limited (£45,000) and Firefly Learning Limited (£8,000), offset by receipts in respect of StorageOS Inc (£419,000), Efundamentals Group Limited (£96,000), Firefly Learning Limited (£74,000), Imagen Limited (£14,000) and DIA Imaging Analysis Limited (£14,000). Amounts were previously recognised as receivable but written down at 30 September 2024 in respect of Efundamentals Group Limited (£295,000), JRNI Limited (£8,000) and Imagen Limited (£4,000).

    8 Contingencies, guarantees and financial commitments
    As outlined in note 17 to the Annual Report and Accounts for the year ended 31 March 2024, the Company has used IBP Capital Markets Limited (“IBP”) as custodian for its quoted investments since September 2020. Appointing a custodian is a requirement of the FCA; IBP is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients (which includes the Company). On 13 October 2023, the FCA published a supervisory notice under section 55L(3)(a) of the Financial Services and Markets Act 2000, imposing certain restrictions on IBP. On the same date, IBP applied to the High Court and special administrators were appointed.

    During the period since, the Investment Adviser has been actively collaborating with the special administrators to reach a resolution, which has involved reconciling quoted stocks held with IBP (“Custody Assets”) and cash held with IBP (“Client Money”). As at 13 October 2023, the Company held Client Money of £1.1 million (1.2% of indicative NAV on the same date), and Custody Assets of £16.9 million (19.5% of indicative NAV on the same date).

    With regard to Custody Assets, whilst the final outcome remains subject to change, particularly as additional claims may be made, there have so far been two differences of value identified, together totalling a variance of £0.28 million, which was provided for at 31 March 2024. It was announced on 17 May 2024 that the special administrators would be making an interim distribution of 80% of eligible Custody Assets, and the transfer of these to the new custodian completed on 19 July 2024. The Company is now able to trade these assets on the quoted market. The remaining 20% withheld will be distributed as part of a Final Court Approved Distribution Plan, unless additional claims are made resulting in a break.

    With regard to Client Money, a progress report was released on 12 April 2024 which identified a potential 44% cash shortfall equating to £0.46 million of Client Money held by the Company which was provided for at 31 March 2024. Any further deduction for fees relating to the special administration process is unknown at this point, but from the information available these are anticipated to be in the region of £0.14 million payable by the Company. These fees were accrued for as at 31 March 2024 and there has been no further adjustment to this estimate. The total potential exposure based on information available to date is therefore currently estimated to be £0.88 million, representing 1.2% of NAV at 30 September 2024.

    As noted, the outcome remains subject to change with the final distribution plan being shared following the court proceedings. Timing of this is currently anticipated to take place in the second half of 2025. The Company will communicate with Shareholders if there is any new information which materially impacts the numbers presented in this report.

    9 Related party transactions
    No Director has an interest in any contract to which the Company is a party other than their appointment and payment as Directors.

    10 Transactions with the Investment Adviser
    Details of arrangements with Foresight Group LLP are given in the Annual Report and Accounts for the year ended 31 March 2024, in the Directors’ Report and notes 4 and 5. All arrangements and transactions were on an arm’s length basis.

    Foresight Group LLP was appointed as Investment Adviser on 4 July 2022 and earned fees of £808,000 during the period to 30 September 2024 (30 September 2023: £898,000; 31 March 2024: £1,726,000).

    Foresight Group LLP is the Company Secretary (appointed on 1 September 2023) and received, for accounting and company secretarial services, fees of £75,000 during the period to 30 September 2024 (30 September 2023: £80,000; 31 March 2024: £156,000).

    At the balance sheet date there was £nil due to Foresight Group LLP (30 September 2023: £nil; 31 March 2024: £nil).

    11 Post-balance sheet events
    On 5 November 2024, the Company purchased for cancellation 2,197,967 ordinary shares of 1p at a gross price of 42.37p per share.

    On 15 November 2024, the Company merged with Thames Ventures VCT 2 plc (“TV2”). A total of 86,637,164 shares in the Company were issued to TV2 shareholders at the price of 42.629237024071200p per share. Following this allotment, the Company redesignated 147,531,473 of its issued ordinary shares as deferred shares, which were immediately repurchased and cancelled in order to re-base the NAV per share of each of ordinary share to 100.0p.

    A copy of the Unaudited Half-Yearly Financial Report will be submitted to the National Storage Mechanism in accordance with UK Listing Rules (“UKLR”)11.4.1 / UKLR 6.4.1 and UKLR 6.4.3.

    END

    For further information, please contact:

    Company Secretary
    Foresight Group LLP
    Contact: Stephen Thayer Tel: 0203 667 8100

    Investor Relations
    Foresight Group LLP
    Contact: Andrew James Tel: 0203 667 8181

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  • MIL-OSI USA: H.R. 8245, Rural Hospital Stabilization Act

    Source: US Congressional Budget Office

    H.R. 8245 would direct the Department of Health and Human Services to award grants to certain rural hospitals to promote the availability of services. Hospitals could use those grants to recruit new staff or acquire equipment, for example. CBO estimates that enacting the bill would not affect direct spending or revenues. The bill would authorize $20 million annually over the 2026‑2029 period for the new program. CBO estimates that implementing the bill would increase spending subject to appropriation by $80 million over the 2025-2034 period; any related spending would be subject to the availability of appropriated funds. The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    MIL OSI USA News –

  • MIL-OSI USA: Three Business Students Attend Top International Climate Conference: A Once-In-A-Lifetime Experience

    Source: US State of Connecticut

    Junior Chapal Bhavsar is interested in big, sustainable-technology projects, including the creation of climate-friendly power plants, and is eager to use his finance knowledge to find ways to fund their construction.

    As one of 14 UConn students, and five faculty and staff, to attend the United Nation’s Climate Change Conference (COP 29) in Baku, Azerbaijan last month, Bhavsar met many people—including some international power figures—who share his ideology.

    “At COP, I wanted to connect with people in the business space. I went in with an open mind and was happy to talk to anyone. I was in the room with the Minister of Energy of Azerbaijan and with a Saudi delegation working on a clean-energy pipeline. It was fascinating to talk about how financing is changing in the sector, with private industry replacing government entities to advance these projects.’’

    “Perhaps the highlight was being able to connect with the U.S. Ambassador to Azerbaijan, Mark Libby,’’ Bhavsar said. “He’s from Southbury and I grew up in Danbury, so we had that in common. I was excited to connect with someone who is so key in the climate-protection movement, a top guy who is very successful. He invited us to a roundtable where he answered all kinds of questions.’’

    Bhavsar was joined by two other UConn business students, senior Jackie Flaherty, who is majoring in marketing and urban and community studies and minoring in geographic information science; and senior Naiiya Patel, who is studying accounting, with minors in philosophy, and social responsibility and impact in business. All three are members of the UConn Honors program.

    ‘Committed to Purposeful Change’

    Arminda Kamphausen, director for Global & Sustainability Initiatives at the School of Business, said the COP 29 conference offered students an extraordinary experience. UConn business students have been participating since 2021.

    “This once-in-a-lifetime experience ticks all the boxes: international travel, cultural awareness, and growth through exposure to and interaction with critical real-world issues,’’ she said. “The conversations I have had with these students since their return underscores the importance of experiential learning to a complete education. I am so glad we prioritize that here at the UConn School of Business.’’

    “The conversations also reinforce my hope in this generation of young people who are committed to purposeful change and positive impact. Experiences like this give them the tools they need to do just that,’’ she said.

    Kamphausen said the UConn Office of Sustainability deserves credit for its work to make this adventure happen, and particularly for its ability to arrange for our students to enter the exclusive arena where the most meaningful negotiations occur.

    Sustainable Initiatives That Could Apply to Gampel

    Patel enjoyed the conference and said one of the highlights for her was having the opportunity to meet the former President of Finland, Tarja Halonen. She told Halonen how much she enjoyed her presentation on the importance of a greener future and need to act decisively.

    “It was very cool; I never expected to meet someone so important,’’ Patel said.

    Patel said she arrived at COP 29 thinking that she would focus on youth impact and teaching, but found many other interests there as well.

    “The themes covered so many fascinating topics from water security to biodiversity to transportation and tourism. It felt so cool because so much of it could be applied right here at UConn,’’ she said.

    Patel was intrigued by a presentation from an executive with the Liverpool soccer team, who talked about initiatives to keep the facility and the patron experience more sustainable and climate friendly.

    “I thought it would be a great match at UConn and perhaps we could adopt some of those ideas at Gampel,’’ she said. “It was an interesting conference and I didn’t expect that much access to information nor to be around so many important people. Every day there were new panels and an amazing schedule of events. I loved the freedom to seek the information that was of most interest to me.’’

    Patel’s professional interests include business, sustainability and education. She hopes to work for one of the Big 4 accounting firms, and said having knowledge about climate-change initiatives will be an advantage in securing her first job and advancing in the industry.

    Flaherty Built New Network of Friends, Colleagues

    Flaherty has worked in the Office of Sustainability in various capacities since she came to UConn.

    “My interest began senior year in high school when I took environmental science and human geography courses,’’ she said. “I really enjoy both communicating information and working with people.’’

    The trip to COP 29 was particularly enjoyable for Flaherty, who hasn’t traveled extensively. She loved both the food and the people. “I also enjoyed meeting representatives from around the world and hearing their perspectives,’’ she said.

    She hopes to work in sustainable urban planning or communications following graduation.

    “This will be such a nice experience to talk about in my future career. I’m so grateful to UConn to have offered this opportunity. It is so important going forward in my career to have had this experience,’’ she said. “I also found a great new network of UConn friends to build both professional relationships and friendships.’’

    One of the things that surprised her was seeing oil companies and other lobbyists at the event.

    Flaherty and her peers both wished that the conference had generated more substantial change, as the 2015 COP agreement did, resulting in the Paris Agreement. But only about 20 percent of the original finance goals were adopted at the conference.

    “At first, I was very disappointed in the outcome. But now I think it is important to focus on what we can do in our communities and to push local leaders to advocate and pressure for national initiatives and investments,’’ Flaherty said.

    “Regardless of some frustrations, it was a once-in-a-lifetime experience to be able to interact with people from around the world and it was tremendously eye-opening,’’ she added.

    Bhavsar, a Fulbright scholar with a particular interest in banking and analyst roles, said he still felt optimistic after the event. “Its important that we make progress. It can always be better but it is a big step to make and build connections,’’ he said. “I think these nations are on the right track and moving in the right direction.’’

    Bhavsar said he will long remember the people he met at the conference and in the country, visiting a palace, a fire temple, a mosque and exploring Baku.

    “UConn support helped us attend COP but also have a tremendous cultural experience as well,’’ he said. “I met one guy who went home and got his brother, who spoke English and could translate for us. We all went out for tea! The Azerbaijani people are very, very nice.’’

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Joint Statement on Local Government Reform – ten councils in Hertfordshire release update

    Source: St Albans City and District

    Ten councils in Hertfordshire have released a joint statement on local government reform:

    “Following the publication of the Devolution White Paper, and subsequent statements by the leader of Hertfordshire County Council, we would like to make it clear that we do not support the creation of one unitary council for Hertfordshire. 

    “Our county is diverse and made up of over 1.2 million residents across urban, suburban, and rural areas. Any reform of local government in Hertfordshire should follow a period of proper consultation with residents, businesses, elected representatives and stakeholders. Looking at the evidence, we should decide collectively what is best for our area. A single unitary council for the county risks diminishing local representation, with decision-making that is remote from the communities we serve.

    “We do not support postponing the county council elections scheduled for May 2025. The government has indicated that this will only happen in priority areas who have clear and agreed plans. This is not the case in Hertfordshire, so we cannot be in the first phase of these reforms. 

    “We recognise that the government’s white paper sets a clear direction of travel. As Hertfordshire’s district and borough council leaders, we want to work collaboratively with others to agree how we respond to this. Any changes must be carefully considered, transparent, and inclusive, ensuring that residents and businesses are fully engaged in shaping the future governance of Hertfordshire.

    “Our objective must be to get this right for our residents and businesses. That cannot be achieved if we make rushed decisions that have not been given the serious consideration that they deserve.”

    Statement agreed by the following leaders:

    Peter Taylor, Elected Mayor of Watford (Watford Borough Council)
    Councillor Richard Henry, Leader of Stevenage Borough Council
    Councillor Jeremy Newmark, Leader of Hertsmere Borough Council
    Councillor Stephen Giles-Medhurst, Leader of Three Rivers District Council
    Councillor Paul de Kort, Leader of St Albans City and District Council
    Councillor Max Holloway, Leader of Welwyn Hatfield Borough Council
    Councillor Daniel Allen,  Leader of North Hertfordshire Council
    Councillor Adrian England, Leader of Dacorum Borough Council
    Councillor Mark Mills-Bishop, Leader of Broxbourne Borough Council
    Councillor Ben Crystal, Leader of East Herts District Council 

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Syria transition may fail if support lifeline is delayed, says IOM chief

    Source: United Nations 4

    Humanitarian Aid

    The head of the UN migration agency stressed on Friday that Syria is in no position to take back millions of Syrians following the fall of the Assad regime, while there is an urgent need to “re-evaluate” sanctions impacting the war-ravaged country.

    “We are not promoting large-scale returns; the communities frankly are just not ready to absorb the people who are displaced and would come home…it will overwhelm the country,” said Amy Pope, Director General of the International Organization for Migration (IOM). “Many have returned to find their find their homes reduced to rubble,” she noted.

    Speaking in Geneva shortly after returning from Damascus where she held talks with representatives of the caretaker authorities, Ms. Pope described how 14 years of war had destroyed “hospitals, schools, community centres” and much else.

    “Rebuilding homes is just one part of the solution, but [Syrians] also need access to healthcare and essential services to feel secure and lay the foundations for recovery.”

    More than half of Syria’s population has been displaced, some 16.7 million people need humanitarian assistance and well over six million Syrian refugees have sought shelter abroad.

    ‘Enormous’ need for funds

    “The needs for funding – both financial resources, political resources – are going to be enormous,” Ms. Pope continued, confirming that IOM “will be part of any effort to help address the situation there”, including potentially at an upcoming Syria reconstruction conference planned by the French Government in January.

    And yet the task of rebuilding and investing in Syria following the overthrow of the Assad regime by Hayat-Tahrir al-Sham (HTS) fighters and others, remains complicated by sanctions imposed by the United States and the European Union, following the violent repression of pro-democracy protests in 2011 that escalated into civil war.

    On Thursday, UN Secretary-General António Guterres appealed for international solidarity with Syrians “until conditions are met for all sanctions to be removed” by the Member States that imposed them, while also insisting on the urgent need to deliver humanitarian aid and support efforts to rebuild the economy.

    Echoing that appeal, IOM’s Ms. Pope described the impact of sanctions in Syria, where “people do not have access to cash…they do not have access to credit”.

    Goods are exchanged rather than purchased and salaries “are extremely low and often insufficient to meet their most basic of needs…So, to rebuild the situation, there will be a need to re-evaluate those sanctions.”

    Human rights must be paramount

    Also briefing in Geneva, UN human rights office (OHCHR) spokesperson Thameen Al-Kheetan insisted that “whoever is in power, the obligations of the States remain the same, and that is protection of all human rights for all Syrians. When it comes to sanctions, it is important that any sanctions imposed by any party take into consideration the importance of humanitarian aid for the civilians. This should not be affected in any way.”

    Providing insight into her high-level meetings in Damascus, Ms. Pope described a “sense of openness” to the international community and a willingness to engage with it – a message that was “echoed throughout by all members of the caretaker government to all parties, whether they were other members of the diplomatic corps or other members of the UN family”.

    Mass poverty

    IOM has been unable to operate in Syria since 2018. Today, more than 90 per cent of Syrians live below the poverty line and 800,000 people have been newly displaced in recent weeks, presenting a massive new humanitarian emergency.

    “Frankly, across the board we’ve had some pretty serious challenges meeting those humanitarian needs, largely because of the barriers put in place by the Assad government, but also because of the ongoing conflict,” Ms. Pope explained, in reference to ongoing clashes across Syria.

    Important as immediate relief aid is for Syria, the IOM chief said that it should be accompanied by a “stabilizing” of the situation in Syria.

    This would need to involve “justice, reparation and inclusivity”, she said, but also housing, land and property rights that are “key and at the heart of community stabilization in the context of the returns that we anticipate”.

    Healthcare in peril

    Meanwhile, echoing deep concerns over the scale of needs and “tremendous hardships” that Syrians still face, the UN World Health Organization (WHO) launched an appeal on Friday to raise $56.4 million over the next six months.

    Displaced communities continue to live in overcrowded conditions in formal camps and shelters, with too little to eat and succumbing to respiratory infections and other communicable diseases including diarrhoea and scabies, warned Dr. Christina Bethke, Acting WHO Representative in Syria.

    Speaking from Damascus, Dr. Bethke described one WHO assessment team’s mission to Idlib in the northwest of the country. They spoke to “dedicated surgeons who have worked tirelessly during this escalation over the last three weeks, often under attack and in order to save lives. One surgeon shared the words of these patients, saying, ‘We finally sleep at night, no longer worrying about being bombarded.’”

    Funding for WHO’s appeal will sustain critical health services during the transition period, including 141 health facilities in northwest Syria that are at risk of “imminent closure in the coming weeks”, owing to a lack of resources.

    “The health infrastructure is severely strained and we saw in just three weeks during this escalation 36 attacks on health care have been reported and over half the country’s hospitals are non-functional,” Dr. Bethke said.

    Soundcloud

    MIL OSI United Nations News –

  • MIL-OSI Canada: Multi-Year Infrastructure Investment Strategy Details Roadmap to Improved Highways, Airports and Water Infrastructure for Manitobans

    Source: Government of Canada regional news

    December 20, 2024

    Multi-Year Infrastructure Investment Strategy Details Roadmap to Improved Highways, Airports and Water Infrastructure for Manitobans

    – – –
    New Infrastructure Investment Strategy Will Support Manitoban Economy and Transportation Needs: Naylor

    The Multi-year Infrastructure Investment Strategy, which outlines planned capital investments for highway, airport, water-related and general infrastructure over the next five years, is now available, Transportation and Infrastructure Minister Lisa Naylor announced today. 

    “Building the Manitoba of tomorrow starts with this new visionary plan,” said Naylor. “The Infrastructure Investment Strategy outlines our government’s priorities in connecting Manitobans across the province for years to come. Many of these projects will improve road safety, ensuring families can travel safely while also creating new opportunities to expand our economy and create thriving businesses and jobs.” 

    The strategy provides a comprehensive overview of the Department of Transportation and Infrastructure’s project priorities through to 2029 to improve transparency and provide advance notice to stakeholders and rightsholders, while still providing flexibility to accommodate emerging issues, the minister noted. 

    Some multi-year project highlights include:

    • twinning of Trans-Canada Highway from five kilometres (km) west of Provincial Road (PR) 301 to the Ontario boundary to improve public safety and support trade through this major corridor;
    • interchange construction on the south Perimeter Highway at McGillivray Boulevard and St. Anne’s Road as part of the Perimeter Freeway Initiative;
    • projects on PTH 75 including a structure renewal at Morris River 0.6 km north of PTH 23 and surface reconstruction from 6.6 km north of PTH 14 to 3.4 km south of PTH 23;
    • $600 million, conditional on a memorandum of understanding, to enhance flood protection to communities in the Lake Manitoba-Lake St. Martin area and to strengthen Manitoba’s existing network of flood mitigation infrastructure;
    • progress toward construction of a new airport at Wasagamack Airport;
    • continued work toward construction of a bridge at Sea Falls;
    • intersection improvements on Trans-Canada Highway at Provincial Trunk Highway (PTH) 5; and
    • surface reconstruction on PTH 6 from 0.6 km south of PR 239 to Fairford River.

    “We’re pleased to see the Manitoban government outline a strong commitment to improve the infrastructure that keeps Manitobans moving, as we know the importance of our roads, bridges and flood protection systems to creating a strong economy,” said Chris Lorenc, president and CEO, Manitoba Heavy Construction Association. “A five-year plan ensures we’re able to meet the demands required by these important projects and we look forward to advancing Manitoba as a transportation hub not just in Canada, but across the continent.” 

    Projects outlined within this document are organized to reflect projects under four strategic investment categories: infrastructure renewal, economic development, climate resiliency and connectivity and innovation. These investments will strengthen and complement projects under ongoing initiatives such as the Trade and Commerce Grid Initiative, Perimeter Freeway Initiative, and Enhancing National Trade Corridors Strategy, noted the minister. 

    These investments also build on previously announced projects such $30 million to build a northern corridor to the Port of Churchill to export resources to reflect the Manitoba government’s goal of making Manitoba an inter-continental trade gateway, a commitment of $15 million over several years for the capital redevelopment of the Thompson airport and continued support for the development of the CentrePort Canada Rail Park. 

    To read the Multi-year Infrastructure Investment Strategy, visit: www.gov.mb.ca/mti/myhis/pdf/2024_multi-year_infrastructure_investment_strategy.pdf. 

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    MIL OSI Canada News –

  • MIL-OSI Security: Billings woman who trafficked meth for Washington suppliers sentenced to eight years in prison

    Source: Office of United States Attorneys

    BILLINGS — A Billings woman who admitted to trafficking methamphetamine from a Billings residence as part of a multi-state organization supplied by Washington sources was sentenced today to eight years in federal prison, to be followed by five years of supervised release, U.S. Attorney Jesse Laslovich said.

    The defendant, Anita Mae Ballestersos, 36, pleaded guilty in August to possession with intent to distribute meth.

    U.S. District Judge Susan P. Watters presided.

    In court documents, the government alleged that beginning in September 2023, the Drug Enforcement Administration investigated a group of meth traffickers, including Ballesteros, in the Billings area and twice purchased meth from Ballesteros in controlled buys. Ballesteros was one of seven defendants involved in a multi-state drug trafficking ring that operated from a residence on Sugar Avenue in Billings. A group of males from Washington brought to Montana pounds of meth that Ballesteros and a co-defendant distributed to their network of dealers. Ballesteros was known to distribute most of the meth from this Washington group and sold in ounce and half-pound quantities. Ballesteros also was obtaining and providing firearms to her Washington sources. A co-defendant described Ballesteros as having enough meth to “keep Billings awake.”

    The U.S. Attorney’s Office prosecuted the case. The DEA conducted the investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

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