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Category: Politics

  • MIL-OSI Economics: Building Fiber Leadership in Latin America: Bringing Gigabit Life to the Region Oct 09, 2024

    Source: Huawei

    Headline: Building Fiber Leadership in Latin America: Bringing Gigabit Life to the Region
    Oct 09, 2024

    [Sao Paulo, Brazil, October 9, 2024] The 2024 LATAM Fiber Broadband Leaders Summit hosted by Huawei and supported by the International Telecommunication Union (ITU) was successfully held in Brazil. Themed “Digital Fiber, Advancing Giga LATAM”, the summit brought together more than 260 people from industry organizations, partners, and carriers in Latin America. At the Summit, participants discussed fiber broadband development trends, strategies, and practices. Huawei for the first time proposed three development strategies (all-optical transition, gigabit transition, and scenario transition) for giga fiber broadband industry and launched three digital fiber solutions.
    Joey Zhou, President of Huawei Latin America ICT Marketing and Solution Sales Dept, delivering his opening speech

    Joey Zhou, President of Huawei Latin America ICT Marketing and Solution Sales Dept., said optical fiber has become Latin America’s most important broadband access technology. His statement was based on a recent report from the consultancy Omdia that noted that in 2024, fiber accounted for more than 60% of home broadband in Latin America.
    Mainstream carriers in Latin America have released all-optical strategies and continued to increase investment. As digital services such as home office, live streaming, and e-commerce develop rapidly in Latin America, users pay more attention to network experience requirements, and upgrade bandwidth from 100Mbit/s to 1Gbit/s. Concurrently, application scenarios of optical broadband are no longer limited to traditional home entertainment scenarios, many diversified application scenarios such as smart home and SME digitalization emerge through one fiber, which will help carriers expand the boundaries of home broadband revenue.
    At the event, Joey Zhou further noted: “Latin America’s digital economy is in a golden development period, digital services are accelerating, which has brought broad opportunities for value creation. Huawei is willing to work with governments, regulators, carriers and industry partners to accelerate the development of Latin America’s gigabit optical broadband industry and jointly build a digital Latin America.”
    Gary Lu, President of Huawei Carrier Network Marketing and Solution Sales Department, delivered a speech titled “ACT3 to Embrace the GIGA and AI eras”. A is for ARPU, C is about coverage of service, and T stands for take-up rate.
    Coverage multiplied by take-up rate is the user base, and ARPU is the key to increasing revenue.”ACT” to the power of three, means the three transitions are the way to increase the user base and the revenue of FBB service, and it will also bring the quality of digital life to Latin America. Gary Lu said that fiber construction and development in Latin America has entered the fast lane, and the gigabit fiber broadband era of Latin America has arrived. Carriers need to seize the new business opportunities in the gigabit and AI era. In his speech, Gary Lu proposed three development strategy suggestions — all-optical transition, gigabit transition, and scenario transition— to accelerate cable-to-fiber transition, increase both speed and quality, meet digital and AI service requirements, provide diversified and scenario-based service. By accelerating the three transitions, Huawei and Latin American carriers will jointly usher in a new era of gigabit intelligence in the region, bringing richer and higher-quality digital life experiences to users.
    Gary Lu, President of Huawei Carrier Network Marketing and Solution Sales Dept, speaking at the event

    Daniel Zhang, Vice president of Huawei Latin America ICT Marketing and Solution Sales Department, delivered a speech titled “Digital Fiber Innovations, Advancing Giga LATAM”. Zhang said that Huawei has consistently adhered to the vision of “in Latin America, For Latin America”, matching Latin American market requirements and continuously promoting digital fiber innovations, to accelerate the development of the Latin American ICT industry. To help carriers better seize the development opportunities of gigabit Latin America, Huawei launched three major Digital Fiber solution innovations: Digital Quick ODN 4 cores solutions for cost-effective FTTH construction, Service-level slicing-based FTTH gigabit solution ensures differentiated service experience, and symmetrical 2.5 Gbit/s Super GPON Solution supports symmetrical business scenarios for small and medium-sized enterprises. In the future, Huawei hopes to work with industry partners to build gigabit Latin America and accelerate the development of the digital economy in Latin America.
    Daniel Zhang, Vice President of Huawei Latin America ICT Marketing & Solution Sales Dept, during his address

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: President Lai meets Prime Minister Feleti Teo of Tuvalu

    Source: Republic of China Taiwan

    President Lai meets Prime Minister Feleti Teo of Tuvalu
    2024-10-08

    On the morning of October 8, President Lai Ching-te met with a delegation led by Prime Minister Feleti Teo of Tuvalu and his wife. In remarks, President Lai thanked Tuvalu for speaking up for Taiwan at numerous international venues, and for its staunch support. Indicating that Taiwan and Tuvalu are both maritime nations, the president said that our nations will continue to address the challenges posed by climate change together and establish even closer collaboration in such areas as medicine and public health, agriculture and fisheries, and information and communications technology (ICT). President Lai stated that with resilience and courage, we will continue to defend freedom and democracy and ensure peace, stability, and prosperity in the Pacific region.
    A translation of President Lai’s remarks follows:
    Talofa! [Greetings (Tuvaluan)] I extend a warm welcome to Prime Minister Teo, who is visiting Taiwan for the second time since taking office this February. In May, he attended the inauguration ceremony for Vice President Bi-khim Hsiao and myself. On this occasion, he is the chief guest for our National Day celebrations. We are delighted that Tuvalu is part of so many of Taiwan’s most important moments. Prime Minister Teo, we are truly thankful for how much you value and support our bilateral relations.
    Tuvalu spoke up for Taiwan at this year’s World Health Assembly and more recently at the United Nations General Assembly (UNGA), helping in our efforts to expand our international participation. At the UNGA, Prime Minister Teo actively urged the international community to recognize that UNGA Resolution 2758 does not preclude Taiwan’s participation in the UN system. I want to take this opportunity to sincerely thank Tuvalu for its staunch support and assistance.
    At the UNGA, Prime Minister Teo also described the double threat that Tuvalu faces due to climate change and sea level rise. Taiwan is a maritime nation as well, and we empathize deeply with Tuvalu. Having established a National Climate Change Committee directly under the Office of the President, we aim to combine the strengths of all sectors to enhance Taiwan’s adaptation mechanisms in response to extreme weather risks. And by boosting exchanges with other countries, we hope to share our experiences and policies.
    In recent years, Taiwan and Tuvalu have cooperated on a number of projects, including the Tuvalu Coastal Adaptation Project. And going forward, our nations will continue to address the challenges posed by climate change together. We will also establish even closer collaboration in such areas as medicine and public health, agriculture and fisheries, and ICT so as to mutually advance development and prosperity.
    Taiwan and Tuvalu are just like brothers – or taina, as you say in Tuvaluan. Thank you once again for your visit, which will help continue to deepen our diplomatic alliance. With resilience and courage, we will continue to defend freedom and democracy and ensure peace, stability, and prosperity in the Pacific region. I wish you all a fruitful and successful trip.
    Prime Minister Teo then delivered remarks, first conveying to President Lai and the people and government of Taiwan congratulations on our 113th National Day to be celebrated on Thursday. He indicated that Tuvalu shares the same month for its national day celebrations, having celebrated their 46th Day of Independence just the past week.
    Prime Minister Teo said that this is his second visit to Taipei. The first was his first overseas visit as prime minister, he noted, and he had come to witness President Lai’s inauguration. Prime Minister Teo said that he is doubly more honored this visit, as he was invited to be chief guest for this year’s National Day celebrations.
    Prime Minister Teo indicated that when his government was inaugurated in February, it immediately announced 21 priorities, one of those being to elevate and advance its relationship with Taiwan to a more comprehensive and integrated relationship. Our diplomatic relationship dates back to 1979, the prime minister said, which is the year just after Tuvalu gained independence. This year, he noted, we have celebrated 45 years of trusted friendship, and in the Pacific, Tuvalu is Taiwan’s oldest diplomatic ally. The prime minister said that our relationship is grounded firmly on democratic principles and values, which include respect for the rule of law, respect for democratic institutions and the doctrine of the separation of powers, and mutual respect for the integrity of national sovereignty.
    Prime Minister Teo stated that at the annual meeting of the UNGA, he made a very strong statement in support of Taiwan’s reintegration into the UN and related international systems. The UNGA’s main theme this year is to not leave anyone behind, he emphasized, so it was quite hypocritical for the UN system to not include Taiwan. The prime minister also remarked that there is nowhere in UNGA Resolution 2758 that makes any reference to Taiwan, and said that as long as he is in office, he and Tuvalu will continue to advance that strong advocation in support of Taiwan’s participation and reintegration into the global system.
    The prime minister went on to discuss the top priority and challenge of climate change – in particular, climate change-induced sea level rise, explaining that Tuvalu’s response to sea level rise is the Tuvalu Coastal Adaptation Project and saying he is very grateful for Taiwan’s continued support. With Taiwan’s reinvigorated climate efforts, he said, he looks forward to future cooperation. Prime Minister Teo then acknowledged the other types of assistance that Taiwan has provided in terms of training and scholarships.
    Prime Minister Teo concluded his remarks by thanking President Lai once again for the invitation to serve as chief guest in the Double Ten celebration, saying that he and his delegation very much look forward to the event and reiterating Tuvalu’s congratulations and best wishes for our 113th National Day.
    The delegation also included Minister of Foreign Affairs, Labour and Trade Paulson Panapa.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Jobs and Investment: How the Capital Is Implementing a Program to Stimulate the Creation of Places of Employment

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    More than 210 billion rubles in investments will be attracted to develop the capital’s industrial potential as part of the program to stimulate the creation of employment sites (EPS). This was announced by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “Implementation of industrial construction projects within the framework of the program for stimulating the creation of industrial construction facilities, which was approved by Sergei Sobyanin, contributes to the development of the scientific and technical potential of the city and gives businesses the opportunity to find modern sites equipped with all the necessary infrastructure for localizing production. In total, under this program, investors will build over 820 thousand square meters of industrial real estate in different areas of the city, investments in the creation of new places of employment will exceed 210 billion rubles,” said Maxim Liksutov.

    By 2029, in exchange for a benefit from the city, investors will build 16 new industrial infrastructure facilities in the capital. More than 12 thousand jobs will appear there. About half of these facilities will be commissioned next year.

    “In 2025, under the program to stimulate the creation of MPT, we will commission seven industrial facilities. For example, in Zelenograd, the construction of four construction industry plants will be completed. The enterprises will produce aerated concrete blocks, facade structures, building materials and mobile homes. In Pokhodny Proezd in the northwest of the capital, we will commission a plant for the production of architectural concrete. An enterprise for the production of facade systems and translucent structures will appear in TiNAO. And in the west of Moscow, a technological industrial park will open for the localization of food production. In total, the city will receive more than a thousand new jobs,” clarified the Minister of the Moscow Government, Head of the Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    In 2026, it is planned to complete the construction of the second stage of the industrial technopark “Alabushevo” in the special economic zone “Technopolis Moscow”. This complex will include five buildings and an office building. In addition to the production area, each building will have space for laboratories and design offices. The technological industrial park “Senkino” in the Krasnopakhorsky district (TiNAO), as well as an industrial complex as part of the creative industries technopark “Gustav” in Maryina Roshcha (SVAO), an industrial production facility in the Molzhaninovsky district (SAO) and a large-modular housing construction plant in the Vnukovo district (TiNAO) will also be completed. The implementation of these projects will create about 8.5 thousand new jobs.

    In 2027, it is planned to complete the construction of an industrial and production complex in Zelenograd Administrative Okrug, which will be able to accommodate several enterprises of various industries and a plant for the production of building materials. A factory for the production of frame elements and finishing will appear in TiNAO. More than 700 people will be able to find employment at the new enterprises.

    Another industrial complex will be commissioned in 2028. It will localize food and light industry enterprises, where two thousand new jobs will be created.

    The first five industrial facilities under the program to stimulate the creation of industrial enterprises have already been built. The new production facilities can employ about 5.4 thousand Muscovites.

    Since 2020, the program to stimulate the creation of MPT covers almost all districts of the capital. The Moscow government has concluded 130 agreements with investors, which provide for the construction of commercial facilities with an area of more than six million square meters. These are industrial enterprises, logistics complexes, office and retail facilities, educational, cultural and sports institutions. This will create more than 290 thousand new jobs in almost all sectors of the city’s economy. The total investment in the development of the capital will exceed two trillion rubles.

    Developers can submit an application to participate in the program through the online service at Moscow investment portal.

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

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

    http://vvv.mos.ru/nevs/item/145017073/

    MIL OSI Russia News –

  • MIL-OSI Russia: “Scientists work to make this world a better place”

    MILES AXLE Translation. Region: Russian Federation –

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

    Federico Gallo – Research Fellow Center for Neuroeconomics and Cognitive Research Institute of Cognitive Neurosciences, National Research University Higher School of EconomicsIn 2023, he received the award “For special achievements in career and public life among foreign graduates of the National Research University Higher School of Economics.” In an interview, Federico talked about how he came to science and why he stayed in it, and also revealed the secret of an effective remedy against old age.

    The Beginning of the Journey: From Ancient Greek to Neuroscience

    Since childhood, I loved books, especially books about science, history, and the English language. I studied in a classical school, that is, I studied ancient Greek and Latin, antiquity. I was a very inquisitive child, and I was lucky that my family and friends always supported this inquisitive research nature in me. Then I realized that I wanted to connect my life with science, but I did not know which field exactly.

    At first, I decided that I wanted to become an astrophysicist and entered the physics department. But soon I realized that I was more attracted to mathematics and thought about changing my specialty. Then my mother, a high school teacher, advised me to pay attention to neuroscience. At that time, it was a completely new field of research. I was attracted by the fact that it combined several fields of knowledge, including the exact sciences, psychology, and linguistics. Even now, it seems to me that interdisciplinarity is the most remarkable and strong side of neuroscience.

    In 2011, I entered the University of Milan. Our first class was taught by Professor Andrea Moro. Incidentally, he was a student of Noam Chomsky himself, one of the most important intellectuals of the 20th century, who influenced the development of cognitive sciences in the world. I was fascinated not so much by the subject that Andrea taught, but by his approach to science. When it came time to write my thesis, I really wanted him to be my supervisor. But it so happened that Andrea received a new important position, and he did not have enough time to deal with scientific supervision. Then he recommended that I contact his wonderful colleague Professor Jubin Aboutalebi.

    Jubin was working on the topic of bilingualism. Even before we officially met, we accidentally bumped into him in the university corridors. He already knew that I was going to write my thesis with him, and immediately asked what age group I would like to work with. To be honest, I was a little confused, since I hadn’t had time to think about it yet. But I answered that I was interested in the elderly, because the whole world was gradually getting older. At that time, scientists had just begun to study the connection between bilingualism and aging.

    The next morning I was already in Jubin’s lab. Our friendship and close collaboration continues to this day, and the topic of bilingualism and aging has become the main focus of my research.

    Of course, all the knowledge I received both at school and at the university helped me a lot, but it was not decisive in my development as a scientist. The main thing is the people with whom life brings you together. I was very lucky: my scientific supervisors, family, friends, my fiancée Lisa always accepted and supported me.

    On working in Russia: “At HSE, you do science and don’t notice whether you’re in Russia, Italy, or the Philippines”

    Dzhubin has a friend and colleague, Andrey Myachikov, a leading research fellow at the HSE Institute of Cognitive Neuroscience. Together with another colleague from HSE, Yuri Shtyrov, they offered me to become a link in the collaboration between Milan and Moscow. Andrey won me over by the fact that he specially flew to Milan to meet me long before the competition for a postgraduate position opened. As a result, I received a scholarship from the government and HSE and moved to Moscow for postgraduate study.cognitive science program. At the same time, when I was already getting ready to go to Russia, I received an invitation to Barcelona, I received a prestigious scholarship named after Marie Curie. However, I was so inspired by the collaboration with my future scientific supervisors that I did not even have the thought to consider a new offer and change my decision.

    I remember my postgraduate years with great warmth and gratitude. I conducted research at the Center for Neuroeconomics and Cognitive Research, now part of the Institute of Cognitive Neuroscience. I was inspired by the trust that my senior colleagues placed in me, although I was only a young postgraduate student. I felt free and independent as a researcher, but at the same time I could always count on the attention and support of my “seniors.” This allowed me to become a truly mature, independent researcher. Many thanks to my scientific supervisors and staff at the center Andrey Myachikov, Yuri Shtyrov, Victoria Moiseyeva, Anna Shestakova for always believing in me.

    The Institute of Cognitive Neurosciences became my home, and I didn’t feel like a foreigner who found himself in a Russian academic environment. Thanks to the opportunities that HSE provides, you do science and don’t notice whether you are in Russia, Italy or the Philippines.

    After my PhD, I entered the postdoc program. Now I am probably one of the oldest employees of the Institute of Cognitive Neuroscience. I recently received a very prestigious Marie Curie fellowship and left Russia for a while. But I continue to work on my projects remotely, supervising several master’s and PhD students. I have seen for myself how people’s attitudes change if they see that you are confident and passionate about what you do. This evokes respect and even admiration. Therefore, one of the important tasks for me is to support young researchers, I try to give them confidence, give them the opportunity to be proud of themselves.

    On modern neuroscience, bilingualism and aging: “I may say something unpleasant, but the brain begins to age at 20–25 years old!”

    The main topic of my research is cognitive aging. I study how a person’s lifestyle affects the aging process, what factors can slow it down. I may say something unpleasant now, but the brain begins to age at 20-25, so it is very important to know where to invest in order to ensure a successful old age.

    One of the powerful factors that slow down cognitive aging is bilingualism. Bilingualism is not necessarily fluency in two languages from birth. The modern approach interprets it as knowledge of a second language at least at some level. Even if you start learning a foreign language as an adult, you will become bilingual and replenish your cognitive reserve.

    The cognitive reserve is the savings account of our brain, we replenish it throughout life when we get an education, new skills, play sports. In old age, when the brain requires additional resources to continue its usual activity, it begins to gradually use the funds in this account. If you have managed to accumulate a lot of funds during your life, the brain will be able to spend them for a long time and function normally, despite age-related changes.

    Our recent studies have shown that not only the fact of learning a second language, but also its choice can affect the functioning of the brain in old age. It turns out that close languages, that is, similar to each other, such as Spanish and Portuguese, are more useful for the brain in the long term than distant languages, with radically different grammatical and lexical-semantic structure. When we begin to learn a new language, we certainly train our brain, it learns to switch between language systems and not mix them. If the languages are distant, it is more difficult for a person to learn at first, but at the same time he can easily separate his native and foreign languages and not confuse them. If the languages are close, a person learns a new language much easier, but in order not to mix the two systems, the brain has to be constantly tense. That is, when learning Chinese, for example, the brain of Russians is very tense at the beginning, but then relaxes and becomes lazy, but in the case of Belarusian, it is constantly in good shape. So, as a cure for old age, it is more useful to learn related languages.

    About the future and dedication of scientists

    My colleagues and I are currently working on a large-scale project: a meta-analysis comparing all protective factors in terms of their positive impact on successful aging. I may be biased, but I think one of the most important areas of science is finding solutions to combat neurodegenerative diseases, such as dementia caused by Alzheimer’s disease. The number of diagnoses increases every year. We must study the causes and mechanism of the disease well, and then look for appropriate treatment. In this sense, bilingualism is one of the important and, most importantly, economically beneficial tools for the state to combat cognitive impairment in old age.

    In research work, it is important for me to feel that with our discoveries and results we make this world a better place. In my opinion, it is the desire to improve the world that should be the goal of a scientist. It is a pity that many people forget about this today.

    In a sense, I am an idealist. Science should not pursue selfish commercial goals. The most important part of it is dedication. I hope that I will leave a better world than the one I came into.

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

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

    http://vvv.hse.ru/nevs/scene/971833712.html

    MIL OSI Russia News –

  • MIL-OSI Economics: Alessandra Perrazzelli: Technology and regulation – bridging the gap in the collective interest

    Source: Bank for International Settlements

    Ladies and Gentlemen, good morning.

    I am delighted to be here today at the Milan Fintech Summit. Since its first edition – four years ago – this summit has provided a valuable opportunity to strengthen the dialogue among stakeholders and market participants, bringing together financial institutions, fintech companies, academics, and experts with different backgrounds.

    Innovative technology affects the entire financial system, globally and domestically [Slide 1]. Fintech reshapes traditional business models, opening the door to newcomers, developing new services, and restructuring value chains. The impressive, fast, and interrelated changes push policy makers and supervisors to run in-depth analyses to update the regulatory landscape and the supervisory toolbox.

    Global fintech investments increased significantly from 2010 to 2019, peaking at around 217 billion U.S. dollars [Slide 2]. In 2020 – in the midst of the pandemic – investments fell by more than 40 per cent to 124 billion U.S. dollars, eventually rebounding to over 229 billion U.S. dollars in 2021. In the last two years, however, global fintech investments have entered a downward trend, owing to the uncertain macroeconomic situation and to the heightened geopolitical risks that, unfortunately, we are living through.

    Fintech applications are widely implemented in the financial sector, especially in the payments field. The digital evolution has led to lower research costs, more efficient services, higher security levels, and the use of large amounts of data to analyse customer behaviour and to customize the products and services being offered.

    MIL OSI Economics –

  • MIL-OSI Economics: Elizabeth McCaul: Beyond the spotlight – using peripheral vision for better supervision

    Source: Bank for International Settlements

    Introduction

    Thank you very much for inviting me to today’s conference, it is a pleasure to be here.

    The former German Chancellor Helmut Schmidt used to say “People with visions should go to the doctor”. This sounds concerning to a supervisor. After all, the word “supervision” is made up of the prefix “super”, which means “over” or “above”, and “vision”. But what exactly is vision? To find out, I followed Helmut Schmidt’s advice and went to the doctor.

    What I learnt is that eye doctors distinguish between central vision, fringe vision and peripheral vision.

    Central vision is the very centre of the visual field. It delivers sharp, detailed pictures, allowing us to focus on objects straight ahead. In the banking world, these are the issues directly in front of us: capital, asset quality, profitability and key risk categories including climate-and environmental risks or cyber risk etc.

    Fringe vision refers to the area right outside the central vision, around 30 to 60 degrees of the visual field, where visual clarity and detail recognition start to decrease. Fringe vision helps us to absorb information faster when we read as our brains anticipate the next words and letters, making the process faster and smoother. Translating this to banking, this would be like noticing changes in the macroeconomic environment, rising geopolitical tensions, and their impact on banks’ business models and risk profiles.

    Finally, peripheral vision is everything that occurs outside the very centre of our gaze, beyond 60 degrees. It encompasses everything that can be seen to the sides, providing spatial awareness which helps with navigation and balance. Improving peripheral vision is crucial for athletes as it increases reaction speed, improves anticipation and reduces the risk of injury. In banking, beyond the centre of our gaze are the structural transformations of our societies and economies: the acceleration of technological progress, including the rise of generative artificial intelligence or the impact of social media on depositor behaviour; the reconfiguration of the financial value chain; new entrants in the competitive landscape or the growing share of non-bank financial institutions.

    Good supervision and good risk management in banks require central, fringe and peripheral vision. Good peripheral vision sets apart decent athletes from great ones, allowing them to anticipate movements and respond swiftly to changes on the field. And the same holds true for banking supervisors: while central vision and fringe vision are crucial in focusing on immediate risks, it is the ability to maintain a broad, strategic view – our “peripheral vision” – that ensures truly effective supervision. This broader perspective enables us to detect emerging risks in the wider financial system, anticipate potential disruptions and respond proactively.

    In my remarks today, I will share our assessment of the current risk landscape, describing what we see in our central, fringe and peripheral vision.

    Central vision

    Let me start with the central vision of the state of the European banking system.

    In recent years, Europe’s banking sector has shown resilience in the face of unforeseen challenges: the pandemic, the energy supply shock following Russia’s invasion of Ukraine and a period of high inflation.

    This resilience is reflected in the numbers: in 2015, the average ratio of non-performing loans (NPLs) for significant banks in the banking union was 7.5%, at a time when some banking systems had ratios close to 50%. At the end of the second quarter of this year, this ratio had decreased to 2.3%, driven mainly by the reduction of NPLs in high-NPL banks. Similarly, the Common Equity Tier 1 ratio for significant banks has risen from 12.7% in 2015 to 15.8% today. Bank profitability has considerably increased in recent quarters, benefiting from higher interest rates, and return on equity now stands at 10.1%.

    On the one hand, this resilience is a result of the strengthened supervisory and regulatory framework put in place after the global financial crisis and the related improvements in banks’ risk management. On the other hand, looking particularly at recent years, banks have also benefited from policy support which has helped shield the real economy from adverse shocks. For example, during the pandemic, comprehensive fiscal support measures contained corporate insolvencies and the associated loan losses. While bank profitability and valuations have recently improved due to higher interest rates, the effects of this supporting factor are gradually diminishing.

    Turning to liquidity, banks continue to show strong positions despite an ongoing reduction in excess liquidity. Access to both retail and wholesale funding remains robust, and the higher-than-expected stickiness of deposits has contributed to a stable funding environment. Nevertheless, banks should remain cautious and ensure that their liquidity and funding strategies are resilient to potential market disruptions. They need to maintain robust asset and liability management frameworks to enhance their resilience to both liquidity and funding risks as well as interest rate risk in the banking book. I will return to this topic later again.

    Finally, our supervisory priorities also include banks’ capabilities to manage climate- and environmental risks and cyber risk. Climate change can no longer be regarded only as a long-term or emerging risk, which is why banks need to address the challenges and grasp the opportunities of climate transition and adaptation. With regard to cyber risk, we have recently concluded a cyber resilience stress test to assess how banks would respond to and recover from a severe but plausible cybersecurity incident. While cyber risk has become a key risk for the banking sector, geopolitical tensions have further increased the threat of cyber-attacks.

    So, we may ask: how much of this resilience is structural, how much is cyclical? To get a more accurate picture of the current risk landscape, we need to slightly widen our gaze.

    Fringe vision

    This brings me to the fringe vision, looking at the broader macroeconomic environment.

    While the macro-financial environment has recently been improving as inflation decreases, near-term growth remains weak and subject to high uncertainty. Recent data indicate a gradual recovery in real GDP growth, primarily driven by the services sector, while industrial activity continues to face headwinds.

    Credit risk has only partially materialised so far, supported by strong fundamentals of households and corporates. Still, NPLs are slowly increasing, particularly in the commercial real estate (CRE) and small and medium-sized enterprise (SME) sectors. While the macroeconomic outlook signals a lower immediate risk of recession, asset quality in riskier segments is slowly deteriorating as the higher interest rate environment experienced over the last two years after a decade of ‘low for long’ weighs and may affect the debt servicing capacity of borrowers. In this context, we are conducting targeted reviews on banks’ portfolios that demonstrate more sensitivity to the current macro-financial environment. This includes targeted reviews of SME portfolios and following up on the findings from residential real estate and CRE portfolio reviews as well as from deep dives on forbearance and unlikely-to-pay policies. Banks also need to remediate persistent shortcomings in their IFRS 9 frameworks and maintain an adequate level of provisions. In this context, we are continuing IFRS 9 targeted reviews focusing on, among other things, the use of overlays and coverage of novel risks.

    The current market risk environment is characterised by high risk appetite and benign risk pricing, which has prevailed in financial markets over the past year. This environment is susceptible to sudden shifts in market sentiment and episodes of high volatility, as seen in the recent global financial market sell-off. Although markets showed substantial resilience during the spike in volatility in August, banks should be ready for and able to cope with further episodes of sharp repricing and high volatility. The implementation of the recently postponed market risk part of the Basel III reform, the Fundamental Review of the Trading Book, will strengthen capital requirements for banks and help boost their resilience.

    Rising geopolitical tensions

    Also within the broader macro-environment, the evolving geopolitical risk landscape has been on our radar for some time, considering the events of the past two and a half years, namely Russia’s war in Ukraine and the conflict in the Middle East.

    While the direct impact of recent geopolitical events on the banking sector has been contained so far and the immediate threats are limited, we need to remain attentive and systematically assess the possible ramifications for banks. Geopolitical shocks are cross-cutting and could have direct and indirect effects on banks’ financial and non-financial risks.

    For example, geopolitical shocks can exacerbate governance, operational and business model risks they lead to more sanctions or increased cyberattacks. We have seen a clear increase in the number of significant cyber incidents in 2023 and 2024, driven by attacks on service providers (typically ransomware) and by distributed denial-of-service attacks on banks. There can also be material consequences for banks’ credit, market, liquidity, funding and profitability risks, especially in cases where banks have large-scale direct or indirect balance sheet exposures to the countries, sectors, supply chains or firms and households that may be adversely affected by a geopolitical shock.

    Moreover, geopolitical events can also have wider second-round effects that could have negative knock-on consequences for the banking sector. For instance, downside risks to growth from slower economic activity or worsened sentiment as well as upward pressure on inflation related to supply or price shocks in energy or broader commodity markets can disrupt banks’ operating environment. Escalating geopolitical tensions might also result in heightened financial market volatility, triggering further episodes of asset price corrections.

    The recent increase in geopolitical tensions calls for heightened scrutiny and robust risk management frameworks in banks, so that supervisors and banks can properly assess potential risks in the evolving geopolitical environment and proactively mitigate them. As Supervisory Board Chair Claudia Buch said recently1, strengthening resilience to geopolitical shocks is a key priority for ECB Banking Supervision, and we will focus on a range of risk factors, from governance and risk management to capital planning, credit risk and operational resilience.

    Peripheral vision

    And now, let us exercise our athletic capabilities, and use our peripheral vision to look at the wider risk landscape.

    Structural trends, such as the reconfiguration of the financial value chain, the impact of digitalisation and social media on liquidity, and the rise of non-bank financial institutions, are reshaping the environment in which banks operate.

    Reconfiguration of the financial value chain

    The emergence of big tech companies and other non-banking firms offering financial services is leading to a major restructuring in the market, changing the risk landscape, blurring traditional industry lines and challenging conventional regulatory boundaries.

    Companies whose primary business is technology are entering the financial sector through e-commerce and payment platforms and subsequently expanding into retail credit, mortgage lending or crypto services. These firms may explore alternative, less regulated lending forms like crypto lending using peer-to-peer platforms, ultimately mimicking the economic functions of banks without being subject to the same comprehensive oversight.

    We need to expand our tools and surveillance to prevent gaps in oversight and ensure they are robust and versatile enough to oversee disintermediated, increasingly interconnected and possibly distributed-ledger-based business models. We must adapt the regulation and oversight of such firms, especially for entities that are mainly active in non-financial services, to gain a thorough understanding of the financial activities of large non-bank groups across jurisdictions and sectors. Let me underscore that we should avoid a regulatory “race to the bottom” driven by a narrow mission of prioritising innovation and attracting large firms, which may not contribute to the good of society.

    Liquidity risk supervision post-March 2023

    Earlier, I asked how much of banks’ resilience is structural and how much is cyclical. Let us look at the banking turmoil of March 2023 to better understand how banks weathered this crisis and identify what lessons we have learnt with regard to liquidity and funding.

    First, the events were a reminder to banks of the changing and increasingly volatile nature of depositor behaviour. Social media can play a pivotal role in encouraging large numbers of customers to withdraw deposits. In the case of Silicon Valley Bank, this behaviour was exacerbated by a highly networked and concentrated depositor base. Moreover, the advent of online banking, digitalisation, and the influence of non-bank competitors may also have a significant impact on depositor behaviour, affecting the stability of liquidity and funding sources. Therefore, banks must adapt their approaches so that they can monitor these risks more closely and understand the channels through which deposits are collected.

    We recently conducted a targeted review on the diversification of funding sources and the adequacy of funding plans. Our findings indicate a concerning heterogeneity in the adverse scenarios considered by significant banks. Often, these scenarios are only described at a high level, are not conservative, or only “stress” individual balance sheet items. The absence of comprehensive and credible underlying assumptions in these adverse scenarios reduces the reliability of funding plans and increases execution risk.

    The events of March 2023 also underscored the importance of banks’ readiness to swiftly implement contingency and recovery measures. Another recent targeted review focused on collateral mobilisation. It found that banks have the operational capacity to tap central bank liquidity facilities. However, banks’ assumptions about the time needed to monetise the assets appear rather optimistic in some cases, especially under stressed conditions. This optimism could hinder banks’ ability to cover any unexpected outflows in a timely and sufficient manner.

    Furthermore, banks need to adopt a more holistic and comprehensive cross-risk analysis of potential vulnerabilities. The turmoil demonstrated how quickly deficiencies in business models and shortcomings in the management of interest rate risk in the banking book (IRRBB) can escalate into liquidity issues. It is essential to assess spillover effects and understand how shortcomings in one area can amplify risks in another.

    From a regulatory perspective, the events of spring 2023, along with past crises, have shown that compliance with the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) may not provide sufficient assurance about a bank’s liquidity and funding situation. For instance, an LCR above 100% might still hide significant cliff risks just beyond the 30-day horizon. Two banks with identical LCRs might have vastly different liquidity profiles owing to concentration risks not captured by the ratio.

    However, it is important to remember that the LCR and the NSFR do not – and are not intended to – prevent all liquidity crises. They are not designed to address every residual risk, which should be managed on a case-by-case basis under Pillar 2. So while we support a review of specific aspects of the current calibration of these metrics, we are cautious about drastic changes.

    Instead, I would focus on the supervisory follow-up. And I can draw four main lessons with regard to the supervision of liquidity risk.

    First, supervisors, like banks, need to carry out holistic cross-risk analysis. Instead of looking at risks in isolation, we need to broaden our gaze and also focus on the interplay between IRRBB, liquidity risk management and governance arrangements.

    Second, we need increased supervisory scrutiny of banks’ modelling of non-maturity deposits, as these models are sometimes not based on proper economic evidence.

    Third, it is essential that supervisors consider supplementary liquidity and funding risk indicators, such as survival period or concentration metrics, to capture residual risks not addressed by the LCR or the NSFR. In European banking supervision we have successfully used maturity ladder reporting to calculate survival periods, which provides a more comprehensive analysis beyond the fixed calibration of the LCR and the NSFR.

    Finally, the March 2023 turmoil demonstrated the need for timely and up-to-date information on liquidity and funding. We therefore introduced weekly data collections for liquidity risks in September 2023. This has been instrumental in identifying changes and detecting structural shifts across the banking system.

    Growth of non-bank financial institutions

    Another issue we detect in our peripheral vision is the staggering growth of the non-bank financial institution (NBFI) sector. In the euro area, the sector has more than doubled in size, from €15 trillion in 2008 to €32 trillion in 2024. Globally, the numbers are even more worrying, with the sector growing from €87 trillion in 2008 to €200 trillion in 2022.

    The private credit market is of particular concern. It accounts for €1.6 trillion of the global market and has also seen significant growth recently. The European private credit market has grown by 29% in the last three years but is still much smaller than the market in the United States, which is where investors and asset managers are often based. The end investors are pension funds, sovereign wealth funds and insurance firms, but banks play a significant role in leveraging and providing bridge loans at various levels to credit funds. We have recently completed a deep dive on the topic and found that banks are not able to properly identify the detailed nature and levels of their full exposure to private credit funds. Therefore, concentration risk could be significant.

    We know that risk from the NBFI sector can materialise through various channels. One of them is through the correlation of exposures, especially given the growth in private credit and equity markets. We supervisors do not have a full picture of the level of exposure and correlations between NBFI balance sheets and bank lending arrangements, lines of credit or derivatives to and from NBFIs.

    To make the market less opaque and more visible within even our fringe and central line of sight, we should further harmonise, enhance and expand reporting requirements. We need to make information sharing between authorities easier at global level to provide the visibility we need to play with more agility on the field.

    Conclusion

    Earlier, I asked how much of the banking system’s resilience is cyclical and how much is structural. I think it is safe to say that the European banking system is in better shape today than it was ten years ago. This won’t surprise anyone in this room. Stronger capital and liquidity positions and healthier balance sheets are objective factors contributing to the resilience of the system.

    Still, I am a supervisor, so I am paid to worry. If my career has taught me anything, it’s that accidents are more likely to happen when people get complacent. This is why I am calling on you to use your full vision – not only your central and fringe vision, but your peripheral vision too. Crises often emerge from the shadows, and it’s the overlooked risks that pose the greatest danger.

    Let me conclude with another lesson that I have learnt during my career. It’s a quote from Mark Twain: “There is no education in the second kick of a mule”. We have seen too many crises caused by hidden risks lurking beneath the surface – the ones we fail to see until it’s too late – which is precisely why we must get ahead of these risks this time around.

    Thank you very much for your attention.

    MIL OSI Economics –

  • MIL-OSI: FLYR and Riyadh Air Partner to Deliver the World’s First Digitally-Native Airline, Utilizing Offer and Order Technology

    Source: GlobeNewswire (MIL-OSI)

    Together, Riyadh Air and FLYR are transforming the passenger experience with shopping cart capabilities for passengers at every touch point

    Riyadh Air’s digital guest journey will be revealed at Future Investment Initiative Institute in Riyadh at the end of October

    SAN FRANCISCO and RIYADH, Saudi Arabia, Oct. 09, 2024 (GLOBE NEWSWIRE) — FLYR, the technology company that unlocks freedom to innovate for the travel industry, and Riyadh Air, one of the most forward-thinking airlines globally, today announced a strategic partnership that will shape the future of passenger travel. Through this partnership Riyadh Air will become the first full service carrier to operate on a fully native offer and order based technology to deliver a modern retailing platform and experience to its customers. Both FLYR and Riyadh Air have adopted the International Air Transport Association’s (IATA) guiding business architecture principles for IT in modern airline retailing.

    Comments on the news:

    Tony Douglas, CEO of Riyadh Air, said: “At Riyadh Air, innovation is at the core of everything we do. We are not just launching an airline; we are launching a new era of air travel. Our partnership with FLYR empowers us to harness the latest technologies to deliver a truly personalized and seamless travel experience, exceeding expectations at every step of the journey and offering our guests a virtually unlimited range of options at every touchpoint.”

    Alex Mans, Founder and CEO of FLYR, said: “Backed by the hopes, dreams, and financial might of a nation that is 92 percent urban and just 29 years of age on average, Riyadh Air embodies the future. Our partnership represents a significant step forward for the airline industry, proving that airlines can indeed say goodbye to the legacy PSS and welcome the future of retailing with Offer and Order. Together, we will set a new standard and demonstrate how a more responsive, personalized, and end-to-end travel experience is possible while simultaneously remaining compatible with technologies of the past.”

    An integral part of this step forward in airline retailing is how FLYR’s technology directly enables Riyadh Air to craft the digital retail experience today’s travelers have come to expect from most other industries. By easily introducing key capabilities such as shopping cart-like experiences, customers can book and change plans seamlessly, accessing everything they need for their trip in one location – from Riyadh Air flights and ancillaries, to third-party integrations including hotels and activities. FLYR provides the foundation for Riyadh Air to deliver these experiences in the form of several key technology solutions:

    • Offer Management capabilities, often referred to as “making the customer promise”, are delivered through Product Catalog, Stock Keeper, and Offer Translator enable Riyadh Air to deliver personalized offers to its customers across all touch points. Powered by artificial intelligence (AI), Riyadh Air is able to introduce and distribute new products in real-time, while delivering tailored options for all customers across every touchpoint.
    • Order Management capabilities built upon IATA’s open ONE Order standard, will enable Riyadh Air to have order as the “single source of truth” for all downstream systems and processes. Riyadh Air is able to unify the entire customer journey including air and non-air products including airfare, seat selection, baggage, ancillaries, and third party products – into a single order. FLYR’s implementation of ONE Order supports all products the airline chooses to sell, including those from third parties, to be stored and managed centrally.
    • Digital Customer Experience capabilities orchestrate modern booking flows and integrate various systems involved with the retailing flow, visibly positioning Riyadh Air as the world’s first truly digitally native airline by offering exceptional and seamless travel experiences from booking to landing.

    Riyadh Air is shaping the future of flying, ushering in a new era for the travel and flying experience. The world-class, full-service airline is committed to sustainability and the highest safety standards across its advanced fleet of aircraft. Collaborating closely with airline partners such as Delta Air Lines, Singapore Airlines, and more, Riyadh Air will offer a seamless, globally connected travel experience unlike any other. Riyadh Air and FLYR will reveal the comprehensive digital guest journey at the Future Investment Initiative (FII), the flagship investment conference in Riyadh, at the end of October.

    About FLYR
    FLYR is a technology company that unlocks freedom to innovate for the travel industry – eliminating legacy constraints to enable real-time decision making and create the experiences travelers seek. Cloud native, FLYR leverages technologies including deep learning, an advanced form of AI. FLYR is helping airlines and hospitality businesses around the globe improve revenue performance, reduce cost, and modernize their e-commerce experience. Learn more at http://www.flyr.com.

    About Riyadh Air
    Riyadh Air, a PIF company, is a world-class airline. Launched in March 2023, the airline will be a digitally led, full-service airline that adopts the best global sustainability and safety practices across its advanced fleet of aircraft. Riyadh Air will equip its aircraft with the most advanced, state-of-the-art features with innovative, best-in-class cabin interiors and experiences, including next generation digital in-flight entertainment systems and connectivity solutions. Riyadh Air will connect guests to over 100 destinations around the world by 2030 through offering an exceptional guest experience with an authentic, warm Saudi hospitality at its heart. Website: http://www.riyadhair.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37141509-0fe2-4527-8863-7a52d06dcff6

    The MIL Network –

  • MIL-Evening Report: Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next?

    Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University

    Japan’s new prime minister, Shigeru Ishiba, has been in the job for just over a week. But today, as had been widely expected, he dissolved Japan’s parliament, the Diet, triggering a snap election for later this month. It’s the fastest dissolution by a postwar leader in Japan.

    The typically short campaign will officially start on October 15, with election day on October 27.

    So, why is this election happening so soon after Ishiba took office? And what could happen next?

    Why hold elections now?

    Ishiba became prime minister on September 27 after finally winning the contest to be leader of the ruling Liberal Democratic Party (LDP) on his fifth attempt. He narrowly beat the ultra-nationalist Sanae Takaichi, denying her bid to become Japan’s first female prime minister.

    By holding a snap election for the House of Representatives, a year before it is required under the Constitution, Ishiba is hoping to catch the opposition parties off guard and secure a more solid mandate to pursue his policy agenda. He’s banking on the public rallying behind a new face and image for his party, following the unpopularity of former Prime Minister Fumio Kishida.

    The LDP should win next month’s election handily, despite the turbulence caused by recent scandals and leadership changes in the party. The LDP is still far ahead of the opposition in recent polling. A large number of people, however, remain uncommitted to any political party.

    The first approval rating poll for Ishiba’s new cabinet was also just over 50%. That’s lower than the polling for Kishida’s first cabinet three years ago. This indicates the public is not as enthusiastic for the new prime minister as the LDP might have hoped.

    The main opposition Constitutional Democratic Party (CDP) has also just elected a new leader, former Prime Minister Yoshihiko Noda. It is hoping to boost its consistently low opinion poll ratings by attempting to project an image of reliability and stability.

    What is Ishiba promising?

    In his first policy statement to the Diet last week, Ishiba pledged to revitalise the economy, particularly through doubling subsidies and stimulus spending for regional areas. He also promised to address wage growth, which remains weak due to cost of living pressures. It has been made worse by the relatively weak yen.

    Ishiba also wants to boost investment in next-generation technologies, particularly artificial intelligence and semiconductor manufacturing. And he indicated he may support an increase in the corporate tax rate. This could tap the massive cash reserves of major corporations to fund regional revitalisation programs. It could also provide more support to families of young children to boost Japan’s sagging birth rate.

    Tax hikes would also be necessary to maintain the higher defence spending that began under former Prime Minister Shinzo Abe and continued under Kishida.

    To appease the conservative wing of his party, which had backed Takaichi in the LDP leadership contest, Ishiba has backtracked on several policy positions he had previously supported. This includes reducing Japan’s reliance on nuclear power, allowing women to keep their family names after marriage, legalising same-sex marriage, and encouraging the Bank of Japan to gradually increase interest rates.

    Ishiba also conceded his proposal to pursue an “Asian-style NATO” will have to remain a longer-term ambition, after officials from India and the US expressed doubts over the proposal.

    Ishiba has confirmed, after some initial uncertainty, that his party will not endorse ten Diet members in the election who were implicated in a slush fund scandal that had damaged Kishida’s government. These Diet members are mainly from the large conservative wing of the party, removing some internal opposition to the new prime minister.

    However, public doubts over Ishiba’s commitment to genuine party reform, as well as infighting from the resentful remaining members of the conservative wing, could also result in a drop in support for the LDP.

    Is there any hope for the opposition?

    If it fares poorly in the election, the LDP could be even more dependent on support from its coalition partner, the Komeito Party, to retain control of the lower house and remain in government.

    The Komeito Party is backed by the Buddhist Soka Gakkai religious movement. It currently has 32 members in the Diet, compared to 258 for the LDP.

    To even have a chance of forming a minority government, the main opposition CDP (which has 99 seats currently) will need to present an appealing alternative policy program, which it has so far been unable to do. Japan has not had a minority government since 1993.

    Should the LDP-Komeito coalition nevertheless drop below the 233 Diet members required to maintain a majority, the second-largest opposition party, the populist, right-wing Japan Innovation Party, could find itself holding the balance of power.

    Ishiba’s challenge in this early election is not only to win enough votes to retain government, but to be electorally successful enough to hold off his rivals from the conservative wing of the LDP. They will be seeking to exploit any future failures by Ishiba to pressure him to step down early.

    If that were to happen, Takaichi would likely be a leadership contender again.

    Craig Mark does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next? – https://theconversation.com/why-did-japans-new-leader-trigger-snap-elections-only-a-week-after-taking-office-and-what-happens-next-240888

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: TUV stand up for Causeway Hospital

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV Vice Chairman and East Londonderry representative Councillor Allister Kyle

    “On Tuesday evening I along with a party colleague attended the ‘working with you to transform general surgery’ listening group, where we were informed about the Northern Trust’s plans for Causeway Hospital.

    “It felt a bit like Deja vu, when I attended a similar meeting regarding the loss of the maternity unit at Causeway.

    “It’s hard to see the logic of transferring more patients to Antrim Area Hospital when you only have to look at social media to see how much pressure the staff are already under. In fact, on Tuesday whilst the meeting was being held in the Lodge Hotel, there was a post from Antrim Area, stating that the Emergency Department was ‘extremely busy’ and there were ‘long delays’. It’s not only the hospital staff that are under pressure, ambulances are also in short supply, as are beds.

    “More importantly, as the name ‘emergency surgery’ suggests, this is about time constraints. Some people won’t have the luxury of time to travel an additional 38 miles down the road.

    “To date, Causeway has lost: in patient mental health; renal services; neurology; maternity; and now is potentially going to lose emergency surgery. Where will this end? There was a unanimous vote cast on the night, with no one in the room wanting to loose emergency surgery at Causeway Hospital. This was a room filled with surgeons and nurses, past and present NHS employees, political representatives and carers who all agreed and stood united in support of our local services being maintained.”

    TUV North Antrim MLA Timothy Gaston has tabled the following questions on the issues:

    To ask the Minister of Health how the potential loss of emergency surgery at Causeway is consistent with his comments to me in the Assembly on 1st October in which he gave an assurance that “Causeway Hospital will remain a key element of the hospital network in Northern Ireland”.

    To ask the Minister of Health how waiting times at Causeway A and E compare with those in Antrim Hospital over the past 3 years.

    To ask the Minister of Health to list the surgeries perform in Causeway Hospital and the number of each in each of the past 3 years.

    To ask the Minister of Health to detail the (i) greatest and (ii) average bed occupancy in Antrim Hospital in the past 12 months.

    To ask the Minister of Health if he believes the 8 new surgical beds in Antrim will be sufficient to meet demand if emergency surgery is lost at Causeway.

    To ask the Minister of Health to detail the response to the current consultation on emergency surgery at Causeway which would be necessary in order to save the service.

    To ask the Minister of Health to detail the number of babies born in ambulances parked in hospital grounds at each of our hospitals in each of the last 3 years and the (i) average and (ii) longest time spent by the mother in the ambulance in the case of each hospital.

    To ask the Minister of Health what is the installation date for the promised MRI scanner at the Causeway Hospital.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Two new non-executive directors join HMRC Board

    Source: United Kingdom – Executive Government & Departments

    Digital transformation expert Mike Bracken and tax specialist Bill Dodwell have joined the HM Revenue and Customs Board.

    The pair have been appointed as non-executive directors to the board, which is chaired by the Exchequer Secretary to the Treasury, James Murray MP.

    They will bring fresh expertise and experience to the board as it focuses on the minister’s 3 strategic priorities for HMRC:

    • closing the tax gap
    • improving customer service
    • modernising and reforming HMRC

    Jim Harra, HMRC First Permanent Secretary and Chief Executive, said:

    I’m delighted Mike and Bill are joining the board and adding their expert knowledge to the considerable expertise that already exists on the board.

    They will help HMRC to deliver on the minister’s priorities of closing the tax gap, improving customer service, and modernising and reforming HMRC.

    Mike Bracken has led digital operations and transformations in large-scale public and private sector organisations in the UK and Europe. He was the founder and executive director of the UK Government Digital Service (GDS) and the UK’s first Government Chief Data Officer.

    He has advised more than 30 governments and global financial institutions on digital transformation, from Australia to Argentina.

    Mike will chair the board’s Modernisation and Reform Committee.

    Bill Dodwell was Tax Director of the Office of Tax Simplification having been head of tax policy at Deloitte. He has law degrees from King’s College London and Queens’ College Cambridge and is a chartered accountant and chartered tax adviser.

    Bill is a former president of the Chartered Institute of Taxation and was a member of the General Anti-Abuse Rule Advisory Panel.

    Bill will chair the board’s Closing the Tax Gap Committee.

    Both Mike and Bill have been appointed board members by the Commissioners for Revenue and Customs for a fixed term of one year in accordance with the relevant guidance.

    The HMRC Board provides scrutiny, challenge and advice to the Commissioners for Revenue and Customs on HMRC’s operational strategies, performance, capability and risks. It is not decision-making and does not advise on policy development or the affairs of individual taxpayers.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Video: UK Prime Minister’s Questions with British Sign Language (BSL) – 9 October 2024

    Source: United Kingdom UK Parliament (video statements)

    Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

    In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

    The Leader of the Opposition, Rishi Sunak MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

    Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

    Twitter: https://www.twitter.com/HouseofCommons
    Facebook: https://www.facebook.com/ukhouseofcommons
    Instagram: https://www.instagram.com/ukhouseofcommons

    https://www.youtube.com/watch?v=Iomhval_0IA

    MIL OSI Video –

  • MIL-OSI United Nations: Solutions for a Triple Planetary Crisis in Cities – Forum of Mayors

    Source: United Nations Economic Commission for Europe

    As part of the Forum of Mayors, the side event “Solutions for a Triple Planetary Crisis in Cities” was organized by UNECE, Global Cities Hub, and the International Union for Conservation of Nature (IUCN). The event addressed the urgent challenges posed by climate change, biodiversity loss, and pollution, especially as cities grow at an unprecedented rate. It specifically featured a range of discussions on how nature-based solutions can enhance resilience and reduce the effects of urbanization. Presentations from various experts highlighted the importance of local and subnational governments in these efforts.

    The UNECE’s Trees in Cities Challenge, for instance, encourages mayors to commit to tree planting and sustainable urban forestry, providing a meaningful way to confront the triple planetary crisis while boosting public health, creating green jobs, and securing access to vital ecosystem services.

    UNECE’s urban forestry initiatives aim to harness the potential of trees and green spaces to meet global targets related to climate action, biodiversity, and sustainable development. During an interactive session, mayors were invited to reflect on their own urban forestry efforts, answering questions about the number of trees planted, the costs involved, and the broader cost-benefit impact. In the face of a rapidly urbanizing future, one key factor will determine whether cities thrive or fail, how effectively they integrate nature into their development plans. UNECE’s initiatives provide the tools, guidance, and support needed to help cities achieve this and contribute to the goals of the Rio Conventions.

    MIL OSI United Nations News –

  • MIL-OSI Submissions: New IPU report: Parliaments embrace technology but digital divide persists

    Source: Inter-Parliamentary Union (IPU)

    Wednesday 9 October 2024, Geneva, Switzerland. The latest edition of the IPU’s World e-Parliament Report 2024 highlights significant progress in the digital landscape of legislatures worldwide.

    However, the report also points out an increasing digital divide between rich and poor parliaments, which can have an impact on the quality of democracy.

    This is the eighth edition of the biennial IPU report, produced by the IPU’s Centre for Innovation in Parliament. The findings are based on survey responses from 115 parliamentary chambers in 86 countries and supranational parliaments.

    Key findings

    Accelerating digital transformation

    Digital transformation in parliaments is gaining momentum. Over two-thirds (68%) of parliaments now have multi-year digital strategies, and 73% have formal modernization programmes.

    Digital divide

    Country income level is the most significant predictor of digital maturity. Parliaments in high-income countries rank highly but about two-thirds of parliaments in low-income countries fall into the category of least digitally mature.

    Emerging technologies

    Cloud computing and artificial intelligence (AI) are increasingly being adopted in parliaments, with 68% using cloud services and 29% embracing AI tools.

    Cybersecurity is a top priority, with 70% of parliaments adopting national cybersecurity standards and 53% having internal cybersecurity strategies.

    Importance of inter-parliamentary cooperation

    The share of parliaments participating in the IPU’s Centre for Innovation in Parliament has increased from 27% in 2020 to 45% in 2024.

    Seventy per cent of parliaments surveyed expressed willingness to provide support to others.

    New: The IPU Digital Maturity Index

    This edition of the report introduces the IPU Digital Maturity Index, a pioneering tool to help parliaments assess their progress across six key areas including governance, infrastructure and public engagement.

    Legislatures in Europe and the Americas lead the way on digital maturity, while those in the Pacific region and sub-Saharan Africa are struggling to keep pace.

    Recommendations

    The report makes the following recommendations for parliaments:

    Develop clear digital strategies
    Allocate adequate resources
    Establish robust governance frameworks
    Invest in capacity-building
    Prioritize public engagement
    Strengthen inter-parliamentary collaboration

    Quote

    IPU Secretary General, Martin Chungong, said: “Parliaments cannot afford to fall behind as society embraces new technology. The future quality of democracy and its institutions are at stake. A digitally advanced parliament is a stronger, more effective, more transparent and more accountable parliament. This report shows how innovation and technology in parliaments can help them deliver better outcomes for the people.”

    The report will be presented at next week’s 149th IPU Assembly from 13-17 October 2024 in Geneva under the overarching theme: Harnessing science, technology and innovation for a more peaceful and sustainable future.

    The IPU is the global organization of national parliaments. It was founded more than 130 years ago as the first multilateral political organization in the world, encouraging cooperation and dialogue between all nations. Today, the IPU comprises 180 national Member Parliaments and 15 regional parliamentary bodies. It promotes democracy and helps parliaments develop into stronger, younger, greener, more gender-balanced and more innovative institutions. It also defends the human rights of parliamentarians through a dedicated committee made up of MPs from around the world.

    MIL OSI – Submitted News –

  • MIL-OSI Video: UK Prime Minister’s Questions (PMQs) – 9 October 2024

    Source: United Kingdom UK Parliament (video statements)

    Watch PMQs with British Sign Language (BSL) – https://www.youtube.com/live/Iomhval_0IA

    Prime Minister’s Question Time, also referred to as PMQs, takes place every Wednesday the House of Commons sits. It gives MPs the chance to put questions to the Prime Minister, Sir Keir Starmer MP, or a nominated minister.

    In most cases, the session starts with a routine ‘open question’ from an MP about the Prime Minister’s engagements. MPs can then ask supplementary questions on any subject, often one of current political significance.

    The Leader of the Opposition, Rishi Sunak MP, asks six questions and the leader of the second largest opposition party asks two. If another minister takes the place of the Prime Minister, opposition parties will usually nominate a shadow minister to ask the questions.

    Want to find out more about what’s happening in the House of Commons this week? Follow the House of Commons on:

    Twitter: https://www.twitter.com/HouseofCommons
    Facebook: https://www.facebook.com/ukhouseofcommons
    Instagram: https://www.instagram.com/ukhouseofcommons

    https://www.youtube.com/watch?v=N4NgmapjGIk

    MIL OSI Video –

  • MIL-OSI United Kingdom: CMA cautions will writing and legal service providers as new guidance launched

    Source: United Kingdom – Government Statements

    CMA issues letters to businesses alongside new guidance following an investigation into unregulated providers of will writing, online divorce and pre-paid probate services.

    iStock

    The Competition and Markets Authority (CMA) is taking action to protect the growing number of UK consumers who are opting for alternatives to high street solicitors when making a will or getting divorced. Businesses which provide these unregulated legal services are a growing part of the legal sector and it is crucial they understand and comply with their consumer protection obligations. People buying these services need to be sure they are getting a fair deal. 

    The CMA has written to seven providers of unregulated legal services cautioning them against using particularly concerning practices such as aggressive upselling, the refusal of refunds and failing to respond to complaints. 

    Those who receive a letter should acknowledge it and act on any recommendations to review and revise their contract terms and practices. With the CMA set to receive stronger enforcement powers from next spring, if concerns are not addressed, the businesses could face a formal investigation. 

    As these types of services are not purchased very often, the CMA is concerned that consumers may not have a clear idea of what they may be expected to pay or the different options available to them. So, to help boost compliance levels across unregulated legal services, the CMA is also issuing new tailored guidance for businesses in the sector. This follows a consultation which received widespread support from consumer bodies, trade associations and the firms offering these services.  

    To complement the guidance for businesses, the CMA has published consumer guides for people making a will or going through a divorce. The significant consumer risks associated with pre-paid probate services are also highlighted. 

    Hayley Fletcher, CMA’s Interim Senior Director for Consumer Protection, said:

    Alternatives to conventional high street law firms can offer convenient services for people – and when day-to-day budgets are already under pressure, they can be a more cost-effective option.  

    Those offering these types of legal services often meet their customers at some of the most challenging times in life, so it’s particularly important that a difficult time is not made harder by misleading or unfair practices.   

    Our new guides will help empower consumers to ask businesses the right questions before they buy and give businesses an opportunity to get their house in order. 

    To ensure they comply with the law, we expect businesses in the sector to read the new guidance and make the necessary changes to their terms and practices. Those who don’t could face enforcement action.

    The new guidance explains how businesses can ensure they: 

    • draft fair terms and conditions and provide consumers with the information they need to make informed decisions 

    • provide services with reasonable care and skill 

    • use sales practices that are not misleading or aggressive 

    To raise business awareness of the CMA’s new guidance, an open letter has been sent to providers and published online. The CMA will continue to monitor the sector and expects to conduct a formal compliance review in due course. 

    Guides for consumers 

    The CMA’s new guides for consumers outline the options available when choosing a will writer or a divorce service provider, including the key things people need to keep in mind when buying these services and the potential sources of help if things go wrong after purchase.  

    Consumers are cautioned to think carefully before buying pre-paid probate plans as they come with significant consumer protection risks, including that the company could cease trading before the consumer’s death. A consumer warning on pre-paid probate services is already available via the Financial Conduct Authority and sets out the key issues for consumers to be aware of in relation to these services. 

    More information can be found on the unregulated legal services case page.  

    Notes to editors:  

    1. The CMA’s work in this area relates to consumer protection law, which applies across the UK. The separate laws relating specifically to wills, probate and divorce and the provision of legal advice in those areas differ across the nations of the UK: 

      • In England and Wales, only certain legal services (‘reserved legal activities’) are restricted to regulated legal services professionals (such as solicitors or chartered legal executives). Reserved legal activity is a defined term in the Legal Services Act 2007. 

      • In Scotland, certain legal services are restricted to professionals authorised to conduct those services based on the qualification they hold (such as solicitors, advocates and certain other professionals including commercial attorneys, notaries public and conveyancing practitioners). They are subject to statutory regulation: see Section 32 of the Solicitors (Scotland) Act 1980. Note that the Regulation of Legal Services (Scotland) Bill is currently before the Scottish Parliament, which if enacted will affect the regulation of legal professionals in Scotland. 

      • Similarly, in Northern Ireland, certain legal services are restricted to qualified persons such as solicitors: see Article 23 of the Solicitors (Northern Ireland) Order 1976.  

    2. The focus of the new guidance is unregulated providers, where the additional requirements of professional regulation do not apply. However, regulated providers must also meet their legal obligations including compliance with consumer law.  

    3. The CMA has a range of enforcement powers under consumer protection law, and these are shared with other bodies, such as local Trading Standards Services.  

    4. This consumer enforcement investigation was initiated by the CMA in July 2023 to protect consumers following complaints about unregulated providers offering will writing, online divorce, and pre-paid probate services. Since then, the Digital Markets, Competition and Consumer Act 2024 has received royal assent. When relevant provisions come into force, the CMA itself will be empowered to determine whether consumer law has been breached and will have the ability to impose fines and order firms to pay compensation to affected consumers.  

    5. The providers of unregulated legal services that have received one of the seven advisory letters from the CMA will not be named. 

    6. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk  

    7. All enquiries from the public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or by phone on 020 3738 6000.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Open letter to unregulated legal services providers

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    The CMA has published an open letter to unregulated providers of will writing, online divorce and pre-paid probate services outlining their consumer law obligations.

    Documents

    Open letter to the unregulated legal services sector

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    Open letter to the unregulated legal services sector (printable version)

    PDF, 238 KB, 4 pages

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    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email general.enquiries@cma.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    This letter reminds unregulated businesses offering will writing, online divorce and pre-paid probate services of their existing obligations under UK consumer law, and points readers to compliance guidance published by the CMA.  

    Businesses who provide these services should read this letter together with the final guidance.

    Read more on our  unregulated legal services case page.

    Updates to this page

    Published 9 October 2024

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UN Human Rights Council 57: UK Statement for UPR Adoption on Afghanistan

    Source: United Kingdom – Executive Government & Departments

    UK Statement for Universal Periodic Review Adoption on Afghanistan. Delivered at the 57th HRC in Geneva.

    Thank you, Madame Vice-President.

    We welcome the outcome of this review, which reflects the appalling human rights situation in Afghanistan.

    We are pleased that many of the recommendations were accepted, including the UK’s recommendation to lift the draconian restrictions on education and employment for women and girls.

    But sadly, Kabul has apparently taken no note.

    Instead, the Taliban’s so-called “vice and virtue” laws have dealt yet another severe blow to women’s rights in Afghanistan. Now the sound of a woman’s voice is deemed a moral violation, their faces are banned in public, and they are forbidden to look at men to whom they are not related. As our Foreign Secretary has said, these laws mark another tragic setback for the country.

    The UK condemns the recent attacks on the majority Shia Hazara community, which are utterly appalling. We echo the Special Rapporteur’s call for the protection of minority communities in Afghanistan.

    The UK will continue to shed light on human rights abuses in Afghanistan, especially against women and girls. The despicable decrees targeting their most basic rights must be overturned.

    Thank you.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Europe: EU introduces new sanctions regime against Russian hybrid activity

    Source: Government of Sweden

    EU introduces new sanctions regime against Russian hybrid activity – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    The EU decided on 8 October to introduce a new sanctions regime in response to Russia’s destabilising activities. The sanctions aim to counter Russia’s hybrid activity against the EU, its Member States and international partners.

    “Sweden has been a driving force in establishing a new sanctions regime in connection with Russia’s destabilising activities. This is a concrete step the EU is now taking in response to Russian hybrid activity. This means establishing a sanctions regime directed at those who are responsible for, support or benefit from Russian’s hybrid activity in the EU and globally,” says Minister for Foreign Affairs Maria Malmer Stenergard.

    Russian hybrid activity has intensified and is high on the agenda for the EU, as it is for NATO. Within the framework of the EU Strategic Compass for Security and Defence, tools have been developed to detect and respond to various hybrid threats. These threats include sabotage, disruptive actions, foreign information manipulation, disinformation, malicious cyberactivity and the instrumentalisation of migration. Tools to counter these threats are being developed continuously, with the aim of making the most of all available instruments to strengthen EU resilience and prevent, deter and respond to Russia’s hybrid activity. The restrictive measures now being adopted are part of these efforts. 

    New EU sanctions regime against Russia’s destabilising activity

    In response to Russia’s intensified hybrid activities, the EU is introducing a new sanctions regime. The sanctions regime was adopted in light of the European Council’s conclusions of 27 June, which condemned all types of Russian hybrid activity.
    The new restrictive measures are aimed at natural or legal persons, entities or bodies that are responsible for carrying out or supporting policies or actions by the Russian Government that undermine or threaten:

    – the EU’s fundamental values and its security, independence and integrity;
    – the Member States’ and international organisations’ or third countries’ stability, security or independence; or
    – the sovereignty of Member States and third countries.

    These restrictive measures are targeted and include the freezing of assets and prohibition to make funds available, including travel bans for individuals entering or through the European Union’s territory.

    Press contact

    MIL OSI Europe News –

  • MIL-OSI: HUMAN Raises $50+ Million in Growth Funding to Protect the Digital Customer Journey and Defend Against Bots, Fraud and Risk

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — HUMAN Security, a leading cybersecurity company committed to safeguarding every step of the customer’s online journey by defending against bots, fraud, and digital risk – announced today $50+ million in growth capital led by WestCap with additional investment from Goldman Sachs, ClearSky, NightDragon and Vertex Ventures US to bolster HUMAN on its mission to protect the integrity of the digital world by ensuring every online interaction, transaction, and connection is authentic, secure, and human.

    Since 2012, HUMAN has invested heavily in developing a unified Human Defense Platform that verifies over 20 trillion digital interactions weekly, empowering 500+ global brands with unparalleled telemetry for rapid, real-time response to even the most sophisticated threats. This latest investment will further accelerate the platform’s growth by incorporating advanced AI techniques to enhance scale and efficacy, including improvements to digital account protections, and new media security solutions for click fraud defense and advertising integrity for platforms, agencies, and brands. The funding will also deepen HUMAN’s engagement in the public sector, driving new use cases that enhance cybersecurity for government entities in response to the proliferation of influence operations. Further, investment and focus will be placed on unlocking the full platform power of HUMAN’s truly unique products and insights and strengthening capabilities across the entire customer journey.

    “From ad fraud and account takeover to account fraud and compliance, HUMAN has proven their platform can defend against most prolific threats on the internet today,” said Kevin Marcus, Partner, Co-COO and Head of Strategic Operators at WestCap. “HUMAN is uniquely positioned to protect the integrity of the digital world by bringing trust back into the equation in the fight against bots, fraud and digital risks.”

    In January 2024, HUMAN strengthened its leadership team by bringing on Stu Solomon as a CEO, formerly the President of Recorded Future, to expand product use cases, and elevate commercial and marketing efforts. Under Solomon’s leadership, the Human Defense Platform was recognized as a Leader in The Forrester Wave™: Bot Management Software, Q3 2024 by principal analyst Sandy Carielli. The Human Defense Platform received top scores in nine categories including “Detection Models,” “Mobile App and API Protection,” and “ Vision.” Customers ranked HUMAN the #1 vendor in G2’s Summer 2024 Grid and Fall 2024 Grid for Bot Detection and Mitigation solutions. Building on HUMAN’s history of leadership in the media security space, the company expanded its relationship with LinkedIn to help detect and filter invalid traffic on LinkedIn and across its network of publishers.

    “HUMAN stands at the forefront of cybersecurity, offering a unique approach to protecting the entire digital commerce ecosystem globally. From the moment digital ad content is served, through its publication and consumer engagement, to the critical account decision points, HUMAN offers real-time protection ensuring proactive detection and disruption of the most sophisticated threats,” said Stu Solomon, CEO of HUMAN. “With this growth investment from WestCap, Goldman Sachs, ClearSky, NightDragon and Vertex Ventures US, we will accelerate our leadership position by delivering one powerful platform that ensures every interaction, transaction and connection is authentic, secure and trustworthy.”

    The Human Defense Platform solves enterprise-wide pain points through its product offerings across the entire customer journey:

    • Advertising Protection: Protects programmatic inventory from bots, fraud, malvertising, and ad quality violations, ensuring brand reputation and revenue by fostering a trusted buying experience.
    • Application Protection: Protects against account takeover, scraping, transaction abuse, fake interactions, and client-side supply chain attacks by fostering a trusted application environment where users feel safe to interact and transact.
    • Account Protection: Protects accounts from automated credential stuffing and brute force account takeover attacks, fake accounts used by fraudsters to exploit platforms and services, and remediates accounts that have been compromised.

    “As an investor, board member and strategic partner with HUMAN, NightDragon has had a front-row seat to the company’s strong growth and market position, as well as the clear differentiation its technology offers to stop online fraud and cybersecurity attacks at the source,” said Dave DeWalt, CEO and Founder, NightDragon. “HUMAN is tackling one of the internet’s most essential challenges today: maintaining the human touch in digital experiences, verifying impressions for fraud and digital risk while providing confidence for the business to transact and act upon those interactions in real-time.”

    To augment the best-in-class technology of the platform, HUMAN’s Satori Threat Intelligence and Research Team, continues to drive product enhancements by feeding the Human Defense Platform and engineering teams with new and emerging bot threats and orchestrating disruptions and takedowns across cybersecurity and ad fraud.

    “HUMAN’s platform and its intelligent technology, fueled by uniquely scaled signal intelligence, helps its clients protect against a wide range of sophisticated modern threats and empowers them to make high-fidelity decisions,” said Anthony Arnold, Managing Director at Goldman Sachs. “Following this growth investment in HUMAN, we look forward to working with them and our partners to accelerate HUMAN’s leadership across these new areas of investment.”

    About HUMAN

    HUMAN is a leading cybersecurity company committed to protecting the integrity of the digital world. We ensure that every digital interaction, transaction, and connection is authentic, secure, and human. The Human Defense Platform safeguards the entire customer journey with high-fidelity decision-making that defends against bots, fraud, and digital threats. Each week, HUMAN verifies 20 trillion digital interactions, providing unparalleled telemetry data to enable rapid, effective responses to even the most sophisticated threats. Recognized by our customers as a G2 Leader, HUMAN continues to set the standard in cybersecurity. To ensure your digital connections are trusted, visit http://www.humansecurity.com

    About WestCap

    WestCap is a strategic operating and investing firm that partners with visionary leaders to build generational businesses. Our team is comprised of seasoned industry leaders and entrepreneurs who guide companies through the most pivotal stages of growth. With over $6 billion of assets under management, notable investments include Airbnb, StubHub, Ipreo, Addepar, Hopper, iCapital, SIMON, and GoodLeap. The firm has offices in New York, San Francisco and London. For more information, please visit http://www.westcap.com

    Contact information:
    Masha Krylova, Director of Communications
    masha.krylova@humansecurity.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d7731948-7b53-4c55-882e-d50d7fb76d34

    The MIL Network –

  • MIL-OSI Russia: Historical authenticity and the magic of immersion: what filming locations does the Moskino cinema park offer?

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The Moskino Cinema Park amazes visitors and professionals with its recreated historical atmosphere of different eras and cultures. Experts have assessed the accuracy and authenticity of its thematic sites, which replicate the streets of Berlin, the Cathedral Square of the Moscow Kremlin, depict a remote village, an ancient Russian city and many other places.

    “Each location in the cinema park is a carefully recreated picture of the past. The streets of Berlin, or more precisely the checkpoint between the western and eastern parts of the German capital, convey the atmosphere of the 1960s and 1970s. Elements of architecture and decoration create the impression that you really found yourself in that time. For example, the Cathedral Square attracts with its scope and scale of design. It includes the Assumption and Annunciation Cathedrals, the Lobnoye Mesto, the Ivan the Great Bell Tower, the Terem Palace, the Faceted Chamber and the Kremlin wall with the Taynitskaya Tower. This site serves as a powerful tool for presenting historical and cultural events. The cinema park is not just a place for filming, it is a space where history becomes real,” said Sergei Fevralev, chief artist of the Moskino cinema park.

    The creators of the natural sites use special visual techniques to convey the idea necessary for the film. The unique set “Far Eastern City” deserves high praise. It recreates the historical sites of Vladivostok of the late 19th – early 20th centuries with the legendary Millionka quarter, a fishing port with piers and a specially dug bay.

    The film “At the Call of the Heart” was shot on the set of the “Uyezdny Gorod” cinema park. Here, a complex of buildings typical of the suburbs of the early 1940s has been recreated. The viewer sees streets with wooden and stone houses, barns and warehouses, palisades and the first electric poles. With their help, one can feel the atmosphere in which people lived who faced the most terrible world war in history.

    “We are proud that our film “At the Call of the Heart” was the first project completed in the Moskino Cinema Park. Unique sets in the suburbs of Vyazma were built especially for the filming – a hospital, army headquarters and warehouses. Everything was done very authentically and accurately, taking into account all the professional subtleties – and we are grateful to the creators of the cinema park for this. Currently, the VoenFilm studio, together with the Moskino Cinema Park, is building a large-scale facility “Line of Defense” for filming films about the First and Second World Wars, as well as about the events of a special military operation. In the future, we plan to create a set “Destroyed Reichstag” for filming the film “Banner of Victory”, – said the producer and director of the film “At the Call of the Heart” Igor Ugolnikov.

    Thanks to the versatility and authenticity of its venues, the Moskino cinema park is becoming an important cultural phenomenon, where history and art are combined into a unique synthesis.

    The cinema park is part of the Moscow Cinema Cluster, which unites infrastructure facilities, services and facilities for filmmakers, which are being developed by the Moscow Government as part of Sergei Sobyanin’s “Moscow — City of Cinema” project. The structure of the cinema cluster also includes the Maxim Gorky Film Studio (sites on Ryazansky Prospekt, Sergei Eisenstein Street andin Valdai passage), the Moskino cinema chain, the Moskino film commission and film platform.

    From a cowboy town to the Far East: what makes the Moskino cinema park uniqueThe President of Russia and the Mayor of Moscow ceremoniously opened the Moskino cinema park

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

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

    http://vvv.mos.ru/nevs/item/145007073/

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: UN Human Rights Council 57: UK Statement on DRC

    Source: United Kingdom – Executive Government & Departments

    UK Statement for the Enhanced Interactive Dialogue on the Democratic Republic of Congo. Delivered by the UK’s Human Rights Ambassador, Eleanor Sanders.

    Location:
    Geneva
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you, Mr Vice-President,

    The UK welcomes the Angolan-brokered ceasefire and encourages the Democratic Republic of Congo’s continued engagement with the Luanda process to bring about lasting peace.

    We remain deeply concerned by ongoing human rights violations and abuses across the Democratic Republic of Congo. The situation in the east is particularly grave. Civilians, including women and children, endure ongoing challenges to their human rights. We strongly condemn attacks on camps for internally displaced people, and of the positioning of artillery close by.

    The recent events at Makala prison were shocking. We encourage a comprehensive and transparent investigation, and the urgent resolution of issues pertaining to overcrowding and protection of female inmates.

    The UK calls on the government of the Democratic Republic of Congo to revoke its reinstatement of the death penalty. We are particularly concerned by the many death sentences passed on those involved in the events of 19 May. While the UK strongly condemns these events, we urge the Democratic Republic of Congo to reconsider the use of the death penalty.

    High Commissioner,

    How can the international community support the Democratic Republic of Congo in strengthening both access to justice for victims of human rights abuses and to secure accountability for perpetrators?

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Hong Kong’s first Chinese medicine hospital officially named “The Chinese Medicine Hospital of Hong Kong” (with photo)

    Source: Hong Kong Government special administrative region

         The Government announced today (October 9) the official naming of Hong Kong’s first Chinese medicine hospital as “The Chinese Medicine Hospital of Hong Kong” (CMHHK) and launched the hospital’s logo at the same time. The Secretary for Health, Professor Lo Chung-mau, said that the establishment of the CMHHK marks a milestone in the city’s commitment to driving Chinese medicine (CM) development. The Government is actively progressing with various preparations for the commissioning of the CMHHK, aiming to commence services in phases starting from the end of next year.
     
         Professor Lo said, “As the first CM service-predominant hospital in Hong Kong, the CMHHK will lead the way for local CM services to go beyond primary healthcare and play a part in secondary and tertiary healthcare, signifying a major breakthrough in CM development of Hong Kong. The CMHHK will also serve as the city’s flagship CM institution, taking on the roles of a pioneer and change-driver to leverage Hong Kong’s traditional advantages in CM through active interaction with various stakeholders in the CM sector and joining forces with the sector to promote CM development in Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the international community as a whole, thereby contributing to the construction of CM Highlands in the GBA and the national CM development.”
    　　
         The design of the CMHHK logo, characterised by the outline of the hospital building, incorporates the Chinese character “中” among architectural features that depict the building outlines and colours resembling a mountain range. It also includes a moon gate design common in classical Chinese gardens, symbolising a welcoming passageway for the public into the extensive and profound realm of CM. The overall design of the logo showcases both traditional Chinese architectural elements and the vibrancy of Chinese culture, highlighting the unique position of the CMHHK within Hong Kong’s healthcare system.
     
         The CMHHK will focus on providing pure CM, CM-predominant and integrated Chinese-Western medicine clinical services, covering government-subsidised inpatient and outpatient services. The hospital will also undertake key missions in training and education, research, collaboration and creating health values, including offering clinical internships to students of the three local universities with Schools of Chinese Medicine and serving as a clinical training platform for CM practitioners. Moreover, the CMHHK will collaborate with universities and education institutions in Hong Kong, on the Mainland and overseas on clinical research, proprietary Chinese medicines development and other CM-related research to push forward the research development of CM.
     
         Located at 1 Pak Shing Kok Road in Tseung Kwan O, the CMHHK adopts a public-private partnership model with its construction fully funded by the Government. The Government commissioned Hong Kong Baptist University (HKBU) as the Contractor through tendering procedures in 2021. HKBU subsequently incorporated a company limited by guarantee (i.e. HKBU Chinese Medicine Hospital Company Limited) in the same year in accordance with the service deed to act as the Operator for managing, operating and maintaining the hospital.    

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: UK push for de-escalation and stability during Middle East visit

    Source: United Kingdom – Executive Government & Departments

    Foreign Secretary in Middle East to drive de-escalation

    • Meetings in Bahrain and Jordan to strengthen efforts to de-escalation in the Middle East.
    • Foreign Secretary will meet with UK personnel working in the region to underscore commitment to security.
    • He will tour HMS Lancaster to see firsthand UK’s presence in the Gulf.

    The UK continues to work with likeminded partners towards de-escalation in the Middle East, as Foreign Secretary arrives in region to drive efforts towards security and stability, and to press for an end to the cycle of violence which intensified following the atrocities of October 7.

    In talks with leaders in Bahrain and Jordan, key regional partners for the UK, the Foreign Secretary will reiterate the UK’s concern over the risk of escalation and miscalculation in the region and underline our call for an immediate ceasefire in Gaza and Lebanon.

    He will reaffirm the importance of working with regional partners to press the case for restraint and will demand Iran and its proxies stop their attacks which are causing chaos and destruction for the region and its people. This follows the UK’s condemnation of Iran’s actions against Israel last week which risked plunging the region into a deeper crisis.

    Foreign Secretary David Lammy said:

    The situation is incredibly dangerous and further escalation or miscalculation in the region is in no one’s interests.

    I am pleased to be back in the region to meet with our key partners in Bahrain and Jordan and see firsthand our combined efforts towards building long-term security and stability in the Middle East.

    We must not waver at this critical period to achieve ceasefires in Gaza and Lebanon, to get more desperately needed aid into Gaza, and secure the release of all hostages.

    Our nations share deep-rooted partnerships across defence, trade, and security, which I look forward to building upon.

    During his time in Bahrain, the Foreign Secretary will meet with UK Armed Forces personnel who are helping to maintain Gulf Security, including commercial shipping in the Red Sea. He will tour HMS Lancaster which is deployed in the region and has a played a key role in patrolling the waters to detect and deter Houthi activity. His visit underscores the UK’s commitment to confronting shared threats in the region.

    He will meet with senior figures and will lead talks on regional security and prosperity, including forging greater business ties. Trade between the UK and the Gulf Cooperation Council is worth more than £57 billion, with investors from the region making up an important delegation at the UK International Investment Summit next week.

    While in Jordan, he will meet with senior leaders, including Foreign Minister Ayman Safadi, and express the UK’s support for the country’s role in delivering much needed humanitarian aid for the people of Gaza.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TRA recommendation to keep protections on ceramic tiles accepted

    Source: United Kingdom – Executive Government & Departments

    The Government has accepted the TRA’s recommendation to maintain an anti-dumping measure on ceramic tiles from China.

    The Secretary of State for Business and Trade has accepted the Trade Remedies Authority’s recommendation to maintain an anti-dumping measure on ceramic tiles from China, except on certain larger subsets of the product that are not produced in the UK.

    This measure was among those inherited from the EU system and has been in place for 12 years. The TRA conducted a transition review to establish whether it was still suitable for the UK’s needs.

    In its Final Recommendation the TRA recommended that the anti-dumping measure on ceramic tiles with a surface area of less than or equal to 3600cm2, with no tile edge greater than 600mm in length, be maintained for a further five years.

    However, it recommended that the measure be removed on tiles where the largest surface area exceeds 3600cm2 or those that have an edge equal to or longer than 600mm. The measure would still apply in these cases if the tiles in question have a differential relief on the surface area that exceeds 3mm.

    The UK imported over £382 million worth of ceramic tiles in 2021, with 1.5% of these imports coming from China. Chinese imports of tiles to the UK currently face duty rates ranging from 14% to 70%.

    Background information:

    • The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.
    • Dumping occurs when goods are imported into a country and sold at a price that is below their normal value in their country of export.
    • Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were carried across into UK law when the UK left the EU and the TRA is currently reviewing each one to check if it is suitable for UK needs.

    Updates to this page

    Published 9 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Chief Minister opens Countering Financial Crime Conference

    Source: Isle of Man

    Chief Minister Alfred Cannan MHK highlighted the importance of public-private sector collaboration as he opened the flagship Countering Financial Crime Conference at the Villa Marina today, Wednesday 9 October.

    Addressing an audience of almost 600 people, he called on everyone to play their part in maintaining the integrity of the Island’s financial services sector.

    ‘Combatting the scourge of financial crime requires a robust and co-ordinated national response,’ the Chief Minister said. ‘We must keep pace with developments, maintain high standards and work together to protect the Island from those who seek to exploit our financial systems.

    ‘Maintaining the Island’s reputation as a first-class international finance centre is a political priority. I am determined to lead from the front to ensure the Isle of Man can look forward to a vibrant, diverse and sustainable future.’

    Today’s conference brings together a diverse group of experts, practitioners, and policymakers to share their professional insight and highlight best practice.

    The line-up of speakers includes:

    • Eric van der Schild of Europol, the European Union Agency for Law Enforcement Cooperation
    • Donald Toon, Head of Financial Crime Threat Mitigation for the Natwest Group
    • Kathryn Westmore, Senior Research Fellow at the Centre for Finance and Security at the Royal United Services Institute
    • Ruth Dearnley OBE of Stop the Traffik, a campaign coalition which aims to bring an end to human trafficking
    • Zoe Warren and John Tanagho of the International Justice Mission
    • Scott Johnston, Head of Public Sector Operations at Chainalysis
    • Cindy van Niekerk of IOM Fintech Innovation Challenge winners Umazi

    The speakers will explore a range of financial crime topics and challenges, including work aimed at countering money laundering, terrorist financing, proliferation financing, human trafficking and modern slavery.

    Panel discussions focus on data and innovation, the importance of collaboration, and how the Isle of Man can make a positive difference as a small jurisdiction with a big financial footprint.

    The conference will also see the official launch of the Financial Crime Partnership, a public-private sector initiative coordinated by the Isle of Man Financial Intelligence Unit.

    MIL OSI Global Banks –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (69.59%), MRNY (61.51%), FBY (58.57%), YMAX (60.44%), YMAG (76.46%) and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO and MILWAUKEE and NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

    ETF
    Ticker    1    		 ETF Name
    		 Reference
    Asset    		 Distribution
    per Share    		 Distribution
    Frequency    		 Distribution
    Rate    2,4,5    		 30-Day
    SEC
    Yield    3    		 Ex-Date &
    Record Date    		 Payment
    Date
    YMAX YieldMax™ Universe Fund of Option Income ETFs   Multiple $0.2044 Weekly 60.44% 62.93% 10/10/2024 10/11/2024
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs   Multiple $0.2823 Weekly 76.46% 50.85% 10/10/2024 10/11/2024
    NVDY YieldMax™ NVDA Option Income Strategy ETF   NVDA $1.0999 Every 4 Weeks 55.90% 3.24% 10/10/2024 10/11/2024
    DIPS   YieldMax™ Short NVDA Option Income Strategy ETF   NVDA $0.6859 Every 4 Weeks 55.43% 3.69% 10/10/2024 10/11/2024
    FBY YieldMax™ META Option Income Strategy ETF   META $0.9231 Every 4 Weeks 58.57% 3.22% 10/10/2024 10/11/2024
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF   GDX® $0.6060 Every 4 Weeks 43.84% 3.27% 10/10/2024 10/11/2024
    BABO YieldMax™ BABA Option Income Strategy ETF   BABA $1.2932 Every 4 Weeks 69.59% 2.62% 10/10/2024 10/11/2024
    JPMO YieldMax™ JPM Option Income Strategy ETF   JPM $0.3768 Every 4 Weeks 27.12% 3.60% 10/10/2024 10/11/2024
    MRNY YieldMax™ MRNA Option Income Strategy ETF   MRNA $0.3762 Every 4 Weeks 61.51% 3.91% 10/10/2024 10/11/2024
    PLTY* YieldMax™ PLTR Option Income Strategy ETF   PLTR — Every 4 Weeks — — — —
    Scheduled for next week: YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY


    The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling     (833) 378-0717.

    Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

    Distributions are not guaranteed.   The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    * The inception date for PLTY is October 7, 2024.

    1     All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

    2     The Distribution Rate shown is as of close on October 8, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3     The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30. 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4     Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5     As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here

    Prospectuses

    Click here.

    Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

    THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTY), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

    © 2024 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Survey Reveals that Half of U.S. Enterprises Have Immature External Attack Surface Management Programs Despite 90% Indicating Increases in Impactful Incidents

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — TacitRed today announced new survey findings in its “2024 State of Attack Surface Intelligence report.” The research, conducted by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals, found that half of U.S. enterprises have immature external attack surface management (EASM) programs despite nearly all respondents indicating an increase in impactful attack surface incidents. Organizations are investing in new technologies and applications to drive digital transformation, but in doing so, have enabled cyber adversaries means to exploit external attack surface exposures.

    The 2024 Attack Surface Threat Intelligence report, which aimed at getting a better understanding of the key cyber security microtrends impacting businesses today, provides insights into the challenges, advances, maturity, and best practices for managing external attack surface risk. A findings summary infographic can be downloaded at http://www.tacitred.com/asm2024inf. To obtain the full report, visit http://www.tacitred.com/asm2024rpt.

    “Given increased threats, operational deficiencies, and limited resources, the survey results underscore ample room for growth in maturing the people, processes, and tools necessary for effective EASM,” said Holger Schulze, CEO and founder of Cybersecurity Insiders. “Organizations should evaluate how to move beyond inconsistent and reactive measures and invest in more efficient, proactive, and responsive approaches to attack surface management to enhance their overall cyber posture and resiliency.”

    Attack Surface Intelligence Insights and Challenges

    Findings indicate that changes in attack surface infrastructure and external-originated incidents are steadily growing, but current tools are not effectively serving security operations teams. include:

    • 90% of organizations experienced an increase in impactful attack surface incidents.
    • 84% of respondents expressed attack surface dynamics contributing to security incidents.
    • Over a third of respondents expressed challenges of coping with too much threat noise (39%) and poor threat intelligence (37%) — contributing to analyst burnout, missed detections, and delayed response.
    • Similarly, more than half of respondents (66%) claimed only nominal usefulness in their attack surface threat intelligence tools while 40% expressed challenges in identifying third-party exposures, maintaining accurate internet-facing asset inventory, and detecting active threats.
    • Security analysts were a third less positive about tools supporting EASM programs compared to senior management — indicating a gap between tool perception and hands-on efficacy.  

    EASM Programs Lack Maturity, Not Budget  

    The maturity of EASM programs varies significantly across organizations. Nearly 50% of respondents report that their programs are in the early stages of development, either in the Initial or Repeatable phases, where risk management remains unstructured and reactive. Only 33% of respondents are in more advanced stages of maturity, having more defined, automated, and optimized capabilities. Technology and healthcare industries claim slightly (10%) stronger maturity compared to government and financial services organizations.

    Large organizations (over 2,500 employees) appear twice as likely to have mature programs than smaller organizations – which may be attributed to having more resources and investment. Fortunately, budgets for EASM programs are on the rise with 90% expecting increased investment in EASM tools and threat intelligence. 40% of respondents anticipate a budget increase over 20% compared to the previous year. The findings have major implications for EASM providers as organizations seek to improve processes and evaluate new technologies to address operational gaps.

    Additional findings include:

    • 90% of organizations experienced an increase in impactful attack surface incidents
      • Smaller companies (<2,500 employees) had 60% more incidents than larger companies
    • 49% of organizations currently have immature EASM programs
      • Near-term program objectives are to improve threat responsiveness (65%) and asset inventory accuracy (59%)
      • Over half of respondents anticipate security tool convergence and the application of Generative AI to positively impact EASM programs
    • 66% of respondents rated their attack surface intelligence tools as nominally useful
      • Professionals (65%) are seeking multi-source, curated, and prioritized threat intelligence
    • 90% anticipate budgets increasing for attack surface management and threat intelligence tools – 40% expect an increase of over 20%

    Join Cybersecurity Insiders, TacitRed, and an expert practitioner panel as they examine key survey findings, share insights, and explore best practices on the “state of attack surface threat intelligence” webinar to be held on October 22nd at 11am EST. Register for the webinar at http://www.tactired.com/asm24webinar/.

    Tweet This: New research finds that 90% of organizations experienced an increase in impactful attack surface incidents and 66% find external attack surface threat intelligence tools ineffective. Download the report at http://www.tacitred.com/asm2024rpt. #tacitred #attacksurfacemanagement #threatintelligence

    Survey Details
    The research and report was produced by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals. The online survey was conducted in September 2024 and responses were compiled from 312 qualified security professionals in enterprises ranging from 1,000 to over 10,000 employees across multiple industries in the United States. All respondents manage external attack surface management programs and teams, or are security operations and analyst team members that use threat intelligence and EASM tools daily.

    About Cogility TacitRed™
    Cogility TacitRed™ empowers security analysts to take immediate, decisive actions to mitigate impactful cyber exposures by taking advantage of unparalleled tactical attack surface intelligence – fully curated, prioritized, and detailed. The SaaS solution continuously analyzes global internet and threat intelligence of entities and adversaries to provide actionable insight on compromised and at-imminent-risk assets with complete visualization, scoring, attack chain stage, and threat context for over 18 million U.S. entities. As a result, organizations can optimize resources, mitigate data breach exposure, proactively improve their security posture, and help reduce supply chain risk. To obtain a free 30-day trial, visit http://www.tacitred.com.

    Media Contact
    Grace Halvorsen
    gracehalvorsen@lightspeedpr.com

    A PDF accompanying this release is available at http://ml.globenewswire.com/Resource/Download/375c7a18-bd47-490a-84ec-f572ac51977e

    The MIL Network –

  • MIL-OSI Asia-Pac: Family and Women Development Summit starts new chapter for family and women’s development (with photos)

    Source: Hong Kong Government special administrative region

         The Home and Youth Affairs Bureau (HYAB), the Women’s Commission and the Family Council today (October 9) hosted the Family and Women Development Summit Hong Kong for exchanging experiences with different sectors of the community in respect of promoting family and women development, with a view to assisting in formulating more focused measures to further support family and women development.     Themed “Women’s Strengths in Action, Family Values Across Generations”, the inaugural Summit has gathered key officials responsible for policies on women or family from different regions, as well as successful women from various sectors, representatives of families from different backgrounds and related organisations and non-governmental organisations as guest speakers. It also attracted over 900 representatives from local and Guangdong-Hong Kong-Macao Greater Bay Area women’s groups, the business sector, and relevant service organisations to register and participate. The Summit aimed at enabling them to share their experiences on women development issues of concern as well as family building and fostering family education and values.     The Chief Secretary for Administration, Mr Chan Kwok-ki, officiated at the Summit. In his remarks, he said, “Women have been playing a crucial role in driving Hong Kong’s social and economic development. Women are as competent as men. Hong Kong women have achieved outstanding accomplishments in various fields, providing pivotal support for social development.”     Mr Chan said that women not only contribute to social and economic development with their wisdom and strength, but also play a unique role in respect of family building as well as fostering family education and values. He said, “Family is the cornerstone of society. Chinese people have been attaching importance to families. The promulgation of the National 14th Five-Year Plan mentioned the need to strengthen family building, promoting the diversified development of family services. The country attaches great importance to family building. The Hong Kong Special Administrative Region Government also focuses on the healthy development of local families.”     Keynote speeches of the Summit featured the theme “Family and Women’s Development as the Cornerstones of Social Harmony”. Key officials responsible for policies on women or family from different places, including member of the Secretariat of the All-China Women’s Federation Ms Ma Liejian; former Vice Minister of Foreign Affairs of the People’s Republic of China Ms Fu Ying; the Minister of Women’s Affairs, Kingdom of Cambodia, Ms Ing Kantha Phavi; the Secretary for Home and Youth Affairs, Miss Alice Mak; and the Chairperson of the Women’s Commission, Dr Eliza Chan, shared policies and initiatives taken by governments in empowering women and strengthening family building as well as their insights about family and women’s development.           Miss Mak said in the keynote speech, “This is the first Family and Women Development Summit organised by the Government. Through the Summit, we hope to provide a new platform for individuals who are concerned about the development of local families and women, pulling together the efforts of the Government, the business sector, and the community. This will allow people from different sectors, backgrounds, and cultures to exchange experiences and insights, and to stimulate new ideas for formulating relevant measures.”     Miss Mak said that the HYAB has been actively preparing multiple new measures related to family and women’s development as covered in the 2023 Policy Address. She announced at the Summit the official launch of a one-stop family and women’s information portal; the introduction of a three-year Maintenance Mediation Pilot Scheme through the Community Care Fund to provide mediation services related to maintenance for those in need; and the official launch of a new five-year Funding Scheme on the Promotion of Family Education on October 14 to support non-profit-making community projects in promoting family education.           Two thematic sessions were held at the Summit. The first session themed “Women’s Strengths in Action” was chaired by the Deputy Secretary for Home and Youth Affairs (Home Affairs), Mr Nick Au Yeung. The panellists, including the Director of Division of Women’s Affairs, National Working Committee on Children and Women under the State Council, Ms Li He; the Chief Executive Officer of Shanghai Pudong Development Bank Company Limited Hong Kong Branch, Ms Li Zhang; the Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan; the Executive Vice-President of the Strategy Development and Government Affairs, GBA of Ant Group, Ms Jennifer Tan; and the Founder of Mary Yu Design, Ms Mary Yu, explored the roles and contributions of women in driving the economic and social development of Hong Kong.     The second session with the theme “Family Values Across Generations” was hosted by the Under Secretary for Home and Youth Affairs, Mr Clarence Leung. Mr Leung, with the Director General of the Department of Family and Children’s Affairs of the All-China Women’s Federation, Ms Xu Xu; the Chairperson of the Family Council, Ms Melissa Pang; the Chief Executive Officer of the WEMP Foundation, Mr Alex Mo; a working mother and Founder of Simply Mask Limited, Ms Corina Cheng; the Founding Chairman of LoveXpress Foundation Ltd, Ms Kitty Poon; and a representative of ethnic minorities family, Ms Syed Kalsoom (Pinky), evaluated the importance of family education on building a caring and harmonious family from various perspectives to boost the healthy development of local families.           Exhibition booths were also set up at the venue to showcase the achievements of women’s groups and family service organisations in promoting women’s development and family education.           For details and the recording of the Summit programme, please visit the thematic webpage, familyandwomensummit.hk/hyab2024. 

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi lays foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conferencing

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi lays foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conferencing

    Inaugurates 10 Government Medical Colleges in Maharashtra

    Lays foundation stone for upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur

    Lays foundation stone for New Integrated Terminal Building at Shirdi Airport

    Inaugurates Indian Institute of Skills Mumbai and Vidya Samiksha Kendra, Maharashtra

    Launch of projects in Maharashtra will enhance infrastructure, boost connectivity and empower the youth: PM

    Posted On: 09 OCT 2024 3:06PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi laid the foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conference today. The projects of today include the foundation stone laying of the upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur and the New Integrated Terminal Building at Shirdi Airport. Shri Modi also launched the operationalization of 10 Government Medical Colleges in Maharashtra and inaugurated the Indian Institute of Skills (IIS), Mumbai and Vidya Samiksha Kendra (VSK) of Maharashtra.

    Addressing the gathering, the Prime Minister said that Maharashtra is being presented with 10 new Medical colleges and important infrastructure projects including the modernization and expansion of Nagpur Airport and construction of a new terminal building for Shirdi Airport. He congratulated the people of Maharashtra for the development projects of today.

    Recalling his visit to Mumbai and Thane to inaugurate projects worth Rs 30,000 crore, the Prime Minister mentioned that development projects worth thousands of crores such as the expansion of Metro network, upgradation of airports, highway projects, infrastructure, solar energy and textile parks have been initiated in various districts earlier. Shri Modi underlined that new initiatives have been undertaken for farmers, fishermen and animal keepers while the foundation stone for Wadhawan Port – India’s largest container port has also been laid in Maharashtra. The Prime Minister remarked, “Never in the history of Maharashtra has development taken place at such a fast pace, on such a large scale, in different sectors.”

    Recalling the recent recognition of Marathi as a classical language, the Prime Minister remarked that when a language gets its due respect, it’s not just the words but the entire generation gets a voice. He added that the dream of crores of Marathi brethren was fulfilled with this. Shri Modi noted that the people of Maharashtra celebrated the recognition of Marathi as a classical language. He added that he was receiving messages of happiness and gratitude from people across the villages of Maharashtra. Shri Modi remarked that the recognition of Marathi as a classical language was not his work but a result of the blessings of people of Maharashtra. The Prime Minister underlined that the works of progress in Maharashtra were underway due to the blessings of luminaries like Chattrapati Shivaji Maharaj, Baba Saheb Ambedkar, Jyothiba Phule and Savitribai Phule.

    The Prime Minister noted that the results of the assembly elections  published yesterday for Haryana and Jammu and Kashmir and the voters of Haryana had clearly revealed the mood of the people of the country. He added that the victory in Haryana for the third consecutive time after successful completion of two terms was historic.

    Prime Minister Modi cautioned against those who play divisive politics and mislead the voters for personal gains. He also pointed out attempts to induce fear among Muslims in India and convert them into votebank and also expressed disdain towards those indulging in casteism in Hinduism for their benefit. Shri Modi warned against those trying to break Hindu society in India for political gains. The Prime Minister expressed confidence that the people of Maharashtra would reject efforts to break the society.

    In the last 10 years, the Prime Minister said that the government has begun a ‘Maha Yajna’ of creating modern infrastructure for the development of the nation. “Today, we are not only constructing buildings but laying the foundation of a healthy and prosperous Maharashtra”, the Prime Minister said, referring to the inauguration of 10 new  Medical colleges in the state to improve the lives of lakhs of people. He said that Thane, Ambernath, Mumbai, Nashik, Jalna, Buldhana, Hingoli, Washim, Amravati, Bhankdara and Gadchiroli districts would become centers of service for lakhs of people. The Prime Minister underscored that the 10 new Medical colleges would further add 900 medical seats in Maharashtra taking the total number of medical seats in the state to about 6000. Recalling his resolve to add 75,000 new medical seats from the Red Fort, the Prime Minister said that today’s event is a big step in this direction.

    Adding that the Government had eased the Medical Education, the Prime Minister remarked that the doors to new avenues were opened for the youth of Maharashtra. He added that the priority of the government was to ensure that as many children from poor and middle class families become doctors and their dreams are fulfilled. Shri Modi said that at one point of time, there was a huge challenge of non-availability of books  in mother tongue for such specialized studies. The Prime Minister said that the Government  ended this discrimination and the youth of Maharashtra would be able to study medicine in Marathi language. He added that the youth will fulfill their dream of becoming doctors, by studying in their mother-tongue.

    The Prime Minister remarked that the Government’s effort to make life comfortable was a big medium to fight against poverty. Lambasting the previous Governments for making poverty the fuel of their politics, he added that his government has lifted 25 crore people out of poverty within a decade. Elaborating on the transformation of health services in the country, Shri Modi said “Today, every poor person has an Ayushman card for free medical treatment”. He added that recently the elderly aged above 70 years were also getting free medical treatment. Shri Modi noted that the Essential medicines were available at very low prices at Jan Aushadhi Kendras and the stents for heart patients were made cheaper by 80-85 percent. He added that the Government had also reduced the prices of medicines necessary for cancer treatment. Adding that medical treatment had become cheaper due to the increase in the number of government medical colleges and hospitals, Shri Modi said “Today the Modi government has given a strong shield of social security to the poorest of the poor.”

    The Prime Minister emphasized that the world only trusts a country when its youth is filled with confidence. He noted that the confidence of today’s young India is writing the story of a new future for the nation and highlighted that the global community sees India as a significant hub for human resources, with vast opportunities in education, healthcare, and software development across the globe. To prepare India’s youth for these opportunities, the Prime Minister informed that the government is aligning their skills with global standards. The Prime Minister mentioned the launch of various projects in Maharashtra, including the Vidya Samiksha Kendra, aimed at advancing the educational framework and the inauguration of the Indian Institute of Skills in Mumbai, where future-oriented training will be provided to align the talent of young individuals with market demands. Further, Shri Modi highlighted the government’s initiative of offering paid internships to youth, a first in India’s history, where students will receive a stipend of Rs 5,000 during their internship. He expressed happiness that thousands of companies are registering to be a part of this initiative thereby helping young individuals gain valuable experience and opening new opportunities for them.

    The Prime Minister said India’s efforts for its youth are yielding significant results. He said that India’s educational institutions are standing on par with the top institutes globally and highlighted the growing quality of higher education and research in India as released by World University Rankings only yesterday.

    Shri Modi said that the world’s eyes are now on India as the country has become the fifth-largest economy. “Future of the global economy is in India”, the Prime Minister remarked, noting the new opportunities brought by economic progress, especially in sectors that were once neglected for decades. He gave the example of tourism and pointed out the lost opportunities in the past to fully utilize Maharashtra’s invaluable heritage, beautiful natural sites and spiritual centers to develop the state into a billion-dollar economy.

    The Prime Minister stressed that the present government includes both development and heritage. Touching upon building a bright future inspired by India’s rich past, the Prime Minister mentioned the new terminal at Shirdi Airport, the modernization of Nagpur Airport and other development projects underway in Maharashtra. He said that the new terminal at Shirdi Airport will greatly benefit devotees of Sai Baba allowing more visitors from across the country and abroad. He also spoke about inaugurating the upgraded Solapur Airport which will now enable devotees to visit nearby spiritual destinations such as Shani Shingnapur, Tulja Bhavani and Kailas Temple thereby, boosting Maharashtra’s tourism economy and creating employment opportunities.

    “Every decision and every policy of our government is dedicated to only one goal – Viksit Bharat!”, exclaimed Shri Modi. He added that the Government’s vision for the same was welfare of the poor, farmers, youth and women. Therefore, he added that every development project was dedicated to the poor villagers, laborers and farmers. Shri Modi highlighted that the separate cargo complex being built at Shirdi Airport would help the farmers a lot as various types of agricultural products could be exported across the country and abroad. He added that farmers of Shirdi, Lasalgaon, Ahilyanagar and Nashik would benefit from the cargo complex by easily being able to transport products like onion, grapes, guava and pomegranate to the big market.

    The Prime Minister remarked that the government was constantly taking necessary steps in the interest of farmers such as abolishing the minimum export price on Basmati rice, removal of ban on export of non-Basmati rice, reducing the export duty on parboiled rice by half. He added that the government has also reduced the export tax on onions by half to increase the income of farmers of Maharashtra. Shri Modi also added that the Government had decided to impose a 20 percent tax on the import of edible oils and significantly increase the custom duty on refined soybean, sunflower and palm oil to help the farmers of India to benefit with higher prices for crops like mustard, soybean and sunflower. Shri Modi also added that the way the government was supporting the textile industry the cotton farmers of Maharashtra would be greatly benefitted.

    Concluding the address, the Prime Minister said that the resolve of the present government is to strengthen Maharashtra. He expressed happiness with the state’s pace of progress and congratulated the people of Maharashtra for all the development projects of today.

    Governor of Maharashtra, Shri C P Radhakrishnan, Union Minister for Road Transport and Highways Shri Nitin Gadkari, Chief Minister of Maharashtra, Shri Eknath Shinde and Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis were virtually present on the occasion.

    Background

    The Prime Minister laid the foundation stone of the upgradation of Dr. Babasaheb Ambedkar International Airport, Nagpur with a total estimated project cost of around Rs 7000 crore. It will serve as a catalyst for growth across multiple sectors, including manufacturing, aviation, tourism, logistics, and healthcare, benefiting Nagpur city and the wider Vidarbha region.

    The Prime Minister laid the foundation stone for the New Integrated Terminal Building at Shirdi Airport worth over Rs 645 crore. It will provide world-class facilities and amenities for the religious tourists coming to Shirdi. The construction theme of the proposed terminal is based on the spiritual neem tree of Sai Baba.

    In line with his commitment to ensuring affordable and accessible healthcare for all, the Prime Minister launched the operationalization of 10 Government Medical Colleges in Maharashtra located at Mumbai, Nashik, Jalna, Amravati, Gadchiroli, Buldhana, Washim, Bhandara, Hingoli and Ambernath (Thane). While enhancing the undergraduate and postgraduate seats, the colleges will also offer specialized tertiary healthcare to the people.

    In line with his vision to position India as the ‘Skill Capital of the World’,  the Prime Minister also inaugurated the Indian Institute of Skills (IIS) Mumbai, with an aim to create an industry-ready workforce with cutting-edge technology and hands-on training. Established under a Public-Private Partnership model, it is a collaboration between the Tata Education and Development Trust and Government of India. The institute plans to provide training in highly specialized areas like mechatronics, artificial intelligence, data analytics, industrial automation and robotics among others.

    Further, the Prime Minister inaugurated the Vidya Samiksha Kendra (VSK) of Maharashtra. VSK will provide students, teachers, and administrators with access to crucial academic and administrative data through live chatbots such as Smart Upasthiti, Swadhyay among others. It will offer high-quality insights to schools to manage resources effectively, strengthen ties between parents and the state, and deliver responsive support. It will also supply curated instructional resources to enhance teaching practices and student learning.

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  • MIL-OSI Asia-Pac: India’s emergence as a hub for affordable, high-quality medicines is truly commendable: Union Minister Dr Jitendra Singh

    Source: Government of India

    India’s emergence as a hub for affordable, high-quality medicines is truly commendable: Union Minister Dr Jitendra Singh

    India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19

    We must focus on vaccine equity and technology transfer to enhance global vaccination efforts: The Minister

    Posted On: 09 OCT 2024 3:33PM by PIB Delhi

    The “Make in India” initiative is playing a pivotal role in reducing our dependency on imported Active Pharmaceutical Ingredients (APIs). By strengthening our domestic manufacturing, we are not only bolstering self-reliance but also ensuring critical healthcare supplies are readily available.This was stated by Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, DrJitendra Singh.

    He was speaking at the 6th CII Pharma & Life Sciences Summit: 2024 here today. The Minister said, “This forum is a vital platform for the exchange of ideas among industry leaders, government officials, and academia, and exemplifies India’s determination to lead in the global pharmaceutical and biotech arenas.”

    Appreciating the pharma industry, he said, “India’s emergence as a hub for affordable, high-quality medicines is truly commendable. We now rank 3rd in pharmaceutical production by volume and 14th by value.” One of the most remarkable shifts within the industry has been the transition from a generic-focused model to the development of biopharmaceuticals and biosimilars, he added.

    Speaking about next industrial revolution, the Minister said, it will come in biotech sector.Prime Minister Shri Narendra Modi wants us to lead it.” Thanks to initiatives like the PLI scheme, India is well on its way to becoming a global leader in biopharmaceuticals, bio-manufacturing, and life sciences by 2030. However, there is still much to be achieved. I congratulate CII and the life sciences industry on your success, but we must not lose sight of the immense opportunities ahead, he added.

    Every third tablet consumed globally is made in India. A recent Central Drugs Standard Control Organization (CDSCO) survey across 48,000 drug samples from all Indian states revealed a spurious drug incidence of just 0.0245%. However, as goods travel across diverse climatic regions, improving the infrastructure and efficiency of transporting pharmaceutical products is vital to ensuring their efficacy.

    India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19 and the efforts to develop the first Human Papilloma Virus (HPV) vaccine for adolescent girls, which will prevent cervical cancer. Furthermore, producing 65% of the world’s vaccines, India has significantly transformed health outcomes, especially for low- and middle-income countries.

    India’s bioeconomy has expanded 13-fold in just ten years, thanks to the thriving ecosystem of nearly 6,000 bio-startups. To sustain this momentum, industry must continue to invest in R&D, support young entrepreneurs, and foster a robust startup ecosystem.The Anusandhan National Research Foundation (ANRF), with a budget of Rs 50,000 crore over five years, marks a transformative step in building a knowledge-driven society. By addressing the infrastructure gap in universities, the ANRF will stimulate industry-academia collaborations, particularly in sectors like advanced materials, EV mobility, and health technology.

     

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