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Category: Trade

  • MIL-Evening Report: Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it

    Source: The Conversation (Au and NZ) – By Liudmila Tarabashkina, Senior Lecturer, The University of Western Australia

    Joanna Dorota/Shutterstock, Zoom Team/Shutterstock, The Conversation

    The economic cost of food waste in Australia is staggering. It’s estimated $36.6 billion is lost to the economy every year. Much of our fresh produce never even makes it to stores, rejected at the farm gate due to cosmetic reasons, such as its appearance, size or ripeness.

    We’ve known about this problem for a long time, which has given rise to the “ugly” food movement. Once-rejected produce has been rebranded as “wonky” in the UK, “inglorious” in France, “naturally imperfect” in Canada or an “odd bunch” in Australia.

    While the existence of these campaigns is commendable, there’s another major marketing challenge if we want to reduce food waste – acceptance of climate-affected produce.

    Broadly speaking, this refers to produce affected by extreme or moderate weather events. Droughts are an example of such climate events, predicted to become more intense and frequent as a result of global climate change.

    Climate-affected produce resembles “ugly” food as it is often smaller, misshapen or has surface imperfections.

    Climate-affected produce often has a lot in common with ‘ugly’ fruit, but may also differ in taste and texture.
    Alexey Borodin/Shutterstock

    But in contrast to “ugly food”, the taste and texture of climate-affected produce can be quite different.

    Under the effects of drought, apples may become sweeter and more granular, chillies hotter and onions more pungent. In the case of mild or moderate droughts, such produce is still edible.

    Our recent research points to some uncomfortable truths. Many consumers prefer to avoid climate-affected produce altogether. And when price is a factor, they won’t choose it without a discount.

    But our research also offers suggestions on how purchases of such produce could be encouraged – including marketing messages that highlight the “resilience” of climate-affected produce.

    Our research

    We carried out two discrete choice experiments with consumers who buy fresh fruit and vegetables. One sample was drawn from among Australian students, the other from members of the wider Australian population.

    Participants were shown eight different apple options simulating a shopping environment, which were described with a range of different attributes including firmness, sweetness, appearance and size.

    The apples were also labelled with a price tag and information on whether they were sold at a supermarket or farmers’ market. All climate-affected apples were presented with a “resilience” message: “resilient apple – survived the drought”.

    We sought to examine how produce’s “organoleptic” properties – the way it impacts our different senses – as well as levels of empathy toward the farmers impact consumers’ willingness to choose climate-affected produce, and how much they’d pay for it.

    Drought can make apples sweeter, smaller, and less firm.
    The Conversation, Natthapol Siridech/Shutterstock, PickPik

    A preference for perfect

    We found when an apple’s firmness, size and aesthetics were important and empathy towards farmers was low, consumers tended to avoid climate-affected produce. They instead chose unaffected alternatives at higher prices (no such effect was observed for sweetness).

    This finding might not be surprising, but it’s still cause for concern. If farmers cannot repurpose climate-affected produce into spreads, jams, smoothies or animal feed, it can’t enter supply chains and may end up as waste.

    Previous campaigns for “ugly” fruit and vegetables may not offer much help with this problem, either. These campaigns emphasise the unaffected taste and texture of the produce. Marketing climate-affected produce needs a different approach.

    Otherwise, we expect a discount

    When price was important to consumers, they chose climate-affected produce, regardless of their levels of empathy toward farmers. But they were only willing to pay discounted prices for it.

    That might seem like a more positive outcome. But consumer expectations that climate-affected produce will always be discounted may disadvantage farmers with lower profit margins and diminish its value as a still-usable resource.

    Getting climate-affected (but still edible) produce into supply chains can help reduce food waste.
    Ekaterina Pokrovsky/Shutterstock

    The power of “resilience” messaging

    Importantly, we found when the “resilience” message resonated with consumers, they were more inclined to consider climate-affected apples. This was true even when their empathy towards farmers was low.

    This suggests that when empathy fails, leveraging marketing messages that highlight “resilience” could be another avenue worth exploring.

    Our research team is now exploring what types of “resilience” messages can encourage purchases of climate-affected produce.

    Australians have been conditioned for many years to expect only aesthetically pleasing fruit and vegetables.

    Given extreme weather events are unlikely to become less frequent in the future, climate-affected produce is likely here to stay. If we want consumers to embrace it, we need to have uncomfortable conversations around its different taste and texture, and rethink what we’re willing to accept.

    This research was supported by the University of Western Australia Business School Future Fund Research Grant.

    – ref. Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it – https://theconversation.com/climate-affected-produce-is-here-to-stay-heres-what-it-takes-for-consumers-to-embrace-it-248776

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: The Journey Begins

    Source: Securities and Exchange Commission

    When I was a child, my family took an annual road trip from Ohio to Maine and back. It was a different era. No cell phones to call for help if something went wrong with the car. Paper maps and directions written on scraps of paper, instead of a phone app to give you step-by-step directions. Forget hopping on the web to book a hotel; you just had to look for signs in the distance and stop in to see if there was a vacancy. No podcasts or audiobooks, just a scratchy radio straining to find a local station. Instead of watching videos on screens in the back, my brothers and I were scanning passing cars’ license plates to “collect” the states in a no-tech road-trip game. Road trips are very different these days. In most ways, technology has made them a more enjoyable and less risky endeavor.

    The crypto road trip on which the newly announced Crypto Task Force[1] has embarked likewise should be more enjoyable and less risky than the crypto road trip the Commission has taken the industry on for the last decade. On that last trip, the Commission refused to use regulatory tools at its disposal and incessantly slammed on the enforcement brakes as it lurched along a meandering route with a destination not discernible to anyone. But just as modern technology does not eliminate the risks of taking to the open road, this new journey toward regulatory clarity still presents dangers, and both the Commission and the public need to stay alert and aware of the risks and opportunities that may lie ahead. I am delighted to be accompanied on the journey by a wonderful team of talented SEC staff, and we look forward to engaging with many enthusiastic members of the public who will help us navigate on this journey. With all that assistance, I am hopeful that we will arrive at a place that is better than we could have imagined as we were careening down the road on the previous crypto road trip. Before I discuss the promise and opportunity the task force represents, let me offer some important disclaimers.

    First, despite now being charged with leading the SEC’s new Crypto Task Force, the views that I express are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners. Commission positions always require a vote of the Commission.

    Second, it took us a long time to get into this mess, and it is going to take us some time to get out of it. The Commission has engaged with the crypto industry in one form or another for more than a decade. The first bitcoin exchange-traded product application hit our doorstep in 2013, and the Commission brought a fraud case that had a tangential crypto element that same year.[2] In 2017, we issued the DAO Section 21(a) report, which reflected the first application of the Howey test in this context.[3] Since then, there have been many enforcement actions, a number of no-action letters, some exemptive relief, endless talk about crypto in speeches and statements, lots of meetings with crypto entrepreneurs many inter-agency and international crypto working groups, discussion of certain aspects of crypto in rulemaking proposals, consideration of crypto-related issues in reviews of registration statements and other filings, and approval of numerous SRO proposed rule changes to list crypto exchange-traded products. Throughout this time, the Commission’s handling of crypto has been marked by legal imprecision and commercial impracticality. Consequently, many cases remain in litigation, many rules remain in the proposal stage, and many market participants remain in limbo. Determining how best to disentangle all these strands, including ongoing litigation, will take time. It will involve work across the whole agency and cooperation with other regulators. Please be patient. The Task Force wants to get to a good place, but we need to do so in an orderly, practical, and legally defensible way.

    Third, the Task Force wants to travel to a destination where people have great freedom to experiment and build interesting things, and which will not be a haven for fraudsters. One of the reasons the U.S. capital markets are so robust, efficient, and effective is that we have rules designed to protect investors and the integrity of the marketplace, and we enforce those rules. We do not tolerate liars, cheaters, and scammers. As the Task Force works to help develop this regulatory framework, it will give careful consideration to antifraud protections. If the Commission spots fraud that lies outside our jurisdiction, it can refer the matter to a sister regulator. If it does not fall within any regulator’s jurisdiction, the Commission can bring that gap to Congress’s attention.

    Fourth, the Task Force is working to help create a regulatory framework that both achieves the Commission’s important regulatory objectives—including protecting investors—and preserves industry’s ability to offer products and services. This framework will be within the statutory authority given to the Commission, and we will work with other regulators operating within their own statutory authorities. The statutes already on the books do not allow a free-for-all for products that fall within our jurisdiction. Congress has put parameters in place, and the Commission will apply them. Congress also has given us exemptive authority, and the Commission will use it, as appropriate. Where Congress has directed the Commission to impose requirements on market participants, SEC rules will not let you do whatever you want, whenever you want, however you want. Some of these rules will impose costs and other compliance burdens that some may find irritating, and the Commission will use its enforcement tools when necessary to pursue noncompliance.

    Fifth, the Commission staff is working hard to process applications for exemptive relief, requests for no-action letters, and registration statements, but an uptick in the volume is likely to prove challenging. Adherence to technical and legal requirements, well-reasoned legal analysis, and thorough and timely responses to staff questions help to conserve Commission resources and makes for a quicker, smoother trip toward the destination of greater regulatory clarity. As always, such diligence will help an application move through the approval process more smoothly; conversely, the absence of it may cause unnecessary delays. Being first in the door may not mean being first out the door.

    Sixth, the new commitment to a better regulatory environment should not be viewed as an endorsement of any crypto coin or token. Regardless of whether those tokens or coins fall within our jurisdiction, the Commission never endorses any product or service; there is no such thing as an SEC seal of approval. Spinning up coins and tokens is easy. If people want to buy a token or product that lacks a clear long-term value proposition, they should feel free to but should not be surprised if someday the price drops. In this country, people generally have a right to make decisions for themselves, but the counterpart to that wonderful American liberty is the equally wonderful American expectation that people must decide for themselves, not look to Mama Government to tell them what to do or not to do, nor to bail them out when they do something that turns out badly.

    Now, with those rather gruff disclaimers out of the way, let’s talk a bit about what the Task Force is working on with staff across the Commission’s policy divisions. We will collaborate with others across the federal government, with state securities regulators, and with our international counterparts. We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime. The Commission staff already has achieved one milestone—the rescission of Staff Accounting Bulletin 121—but there is much more to do.[4] This list is not exhaustive, nor is it presented in order of priority or order of expected completion.

    1. Security Status: The status of crypto assets under the securities laws is fundamental to resolving many other questions. The Task Force is working hard to examine different types of crypto assets.
    2. Scoping Out: The Task Force will work to help identify some areas that fall outside the Commission’s jurisdiction. As an initial step, the staff welcomes requests for no-action letters. No-action letters typically come in the form of a staff statement addressing specific circumstances spelled out in the letter under which the staff will not recommend enforcement action to the Commission. This statement is specific to the particular circumstances but gives the broader public a helpful window into the staff’s thinking.
    3. Coin and Token Offerings: The Task Force also is thinking about the possibility of recommending Commission action to provide temporary prospective and retroactive relief for coin or token offerings for which the issuing entity or some other entity willing to take responsibility provides certain specified information, keeps that information updated, and agrees not to contest the Commission’s jurisdiction in the event of a case alleging fraud in connection with the purchase and sale of the asset. These tokens would be deemed to be non-securities and thus there would be no uncertainty as to whether they would be able to trade freely on secondary markets not registered with the SEC as long as the information is kept up-to-date and accurate. This approach would bridge the gap until a more permanent rule or legislation could be finalized. It would provide a pathway for existing tokens to find their way out of the fog of uncertainty that obscures a feasible path forward and would encourage the provision of greater disclosure.
    4. Registered Offerings: The Task Force will consider working with staff to recommend that the Commission modify existing paths to registration, including Regulation A and crowdfunding, so that people interested in registering token offerings will have a viable path for doing so.
    5. Special Purpose Broker Dealer: The Task Force will explore possible updates to the special-purpose broker dealer no-action statement, which in its current form has not been a success. An initial change we may suggest is that the statement be expanded to cover broker-dealers that custody crypto asset securities alongside crypto assets that are not securities. We will work with the public to identify other obstacles to registration.
    6. Custody Solutions for Investment Advisers: We will work with investment advisers to provide an appropriate regulatory framework within which advisers can safely, legally, and practically custody client assets themselves or with a third-party.
    7. Crypto-Lending and Staking: We need to provide clarity about whether crypto-lending and staking programs are covered by the securities laws and, if so, how. We plan to work to help address how such programs can be structured consistent with the law.
    8. Crypto Exchange-Traded Products: The Commission already is receiving SRO proposed rule changes to list new types of crypto exchange-traded products. The Task Force will work with the staff to provide clear statements about the approach used when approving or disapproving these applications. The Task Force will also assist the staff and the Commission in considering requests to modify certain features of existing exchange-traded products, including to allow for staking and in-kind creations and redemptions. Before these changes can be operationalized, however, the Commission may have to make progress on custody and other issues.
    9. Clearing Agencies and Transfer Agents: The Task Force also plans to work on the intersection of crypto and clearing agency and transfer agent rules. We will continue to work with market participants interested in tokenizing securities or otherwise using blockchain technology to modernize traditional financial markets.
    10. Cross-Border Sandbox: Many crypto projects are international in scope. The Task Force is considering ways to facilitate cross-border experimentation on a limited scale and temporary timeframe, with the possibility of more permanent, long-term approaches.

    This brief overview of how the Task Force is looking at the journey ahead is not exhaustive or definitive, but I hope it has piqued your interest. Although the obstacles to getting to our final destination of a sensible, clear ruleset are daunting, if we collaborate, the journey will be exhilarating and rewarding. This is the beginning of the conversation—one we do not want to have just with ourselves. Please visit our Crypto Task Force webpage to follow what the Task Force is doing and to engage with the Task Force.

    How to Engage with the Crypto Task Force

    Written Submissions

    If you would like to provide written input on the issues the Task Force is considering, including those described above, you may submit that input by sending an email with the subject line “Crypto Task Force Input” to crypto@sec.gov. Documents submitted will generally be posted on www.sec.gov. Submissions received will be posted without change or redaction of personal identifying information. You should only make submissions that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    Meetings (In-Person or Virtual)

    The Task Force will consider requests for in-person or virtual meetings with members of the public who would like to discuss approaches to addressing issues related to regulation of crypto assets, including those described above. To request a meeting, please complete the Request Form for Meetings with the Crypto Task Force. The Task Force requests that any person or firm requesting a meeting provide a brief written summary of the issues that it plans to discuss with Task Force members. The Task Force plans to post these summaries to the Commission’s website, which will increase the transparency of its engagement with the public and promote open dialogue among parties interested in these issues.

    Summaries received will be posted without change; the Commission does not edit personal identifying information from submissions. You should only submit information in these summaries that you wish to make available publicly. You may request confidential treatment following this detailed procedure. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright. Please read our Privacy Act Notice to learn about how we may use the information you send to us.

    MIL OSI USA News –

  • MIL-OSI USA: CFTC Division of Enforcement to Refocus on Fraud and Helping Victims, Stop Regulation by Enforcement

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced a reorganization of the Division of Enforcement’s task forces to combat fraud and help victims while ending the practice of regulation by enforcement.
    “The CFTC is strengthening its enforcement program to focus on victims of fraud, as well as remaining vigilant for other violations of law. This simplified structure will stop regulation by enforcement and is more efficient. These much-needed changes will maximize the CFTC’s resources to bring more actions to pursue fraudsters and other bad actors, and not punish good citizens. I commend the Division of Enforcement for upholding the CFTC’s mission to protect the American public.”
    “Fraudsters are constantly evolving their tactics to exploit market participants and undermine the rules that provide the foundation for a vibrant, resilient and innovation-forward marketplace,” said Brian Young, CFTC Acting Director of Enforcement. “This taskforce realignment will enhance our vigorous and energetic enforcement program by empowering our talented staff to focus their expertise on matters that secure justice for victims and uphold public confidence in the integrity of our markets.”
    Previous task forces will be simplified into two new Division of Enforcement task forces: the Complex Fraud Task Force and the Retail Fraud and General Enforcement Task Force. 
    The Complex Fraud Task Force will be responsible for all preliminary inquiries, investigations, and litigations relating to complex fraud and manipulation across all asset classes. The Acting Chief will be Deputy Director Paul Hayeck. 
    The Retail Fraud and General Enforcement Task Force will focus on retail fraud and handle general enforcement matters involving other violations of the Commodity Exchange Act. The Acting Chief will be Deputy Director Charles Marvine.
    The new structure will better leverage staff expertise to more efficiently utilize the CFTC’s resources to prevent fraud, manipulation, and abuse and ensure market integrity. It also provides enhanced governance and oversight of enforcement matters to prevent overreach and enhance consistency, fairness, and due process. 
    You can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Minister for EU Relations – Article on UK-EU Reset

    Source: United Kingdom – Executive Government & Departments

    Opinion-editorial authored by Nick Thomas-Symonds, Minister for European Union Relations. This was originally published in The Telegraph on Tuesday 4 February 2025.

    Like many people, I remember the night of the Brexit referendum vividly. I was in my constituency of Torfaen: my home, where I grew up and where I have always lived. The majority of people in my constituency, and across the UK, voted to leave the EU.

    I believe my constituents – like millions across the country – voted to leave because they wanted a change that would improve their lives. They hoped Brexit would mean better public services, more jobs, less migration, more security.

    What they got instead was years of chaos and a botched deal. [Redacted political content].

    People deserve better. They want the Government to respect their vote on Brexit – which we do – and they’re also pragmatic. This Government was elected to reset relations with the EU to help boost growth, improve the cost of living crisis and make our borders more secure. People, rightly, demand delivery.

    My role as the UK minister for European Union relations is to take expectations and make them a reality.

    What does that mean? For this Government, our reset with the EU means the UK being safer, more secure and increasingly prosperous. It does not mean hitting rewind. We are not undoing Brexit. There is no opacity over the outcome of the referendum in 2016. Yet, five years on, we can see some of the negative impacts of the current deal emerging here at home, as well as in Europe.

    Trade is a clear example. Despite the EU being our largest trading partner, with trade in 2023 worth over £800 billion, we are trading less. Between 2021 and 2023, exports to the EU were down 27 per cent and imported goods down 32 per cent.

    The problems are not just economic. Our borders are less secure. The asylum system has been pushed into crisis, with backlogs reaching record levels and costs hitting £5.4 billion in the last financial year, up over a billion pounds on the year before.

    We are not cooperating closely enough with the EU on law enforcement to smash the gangs behind the small boats. To make people safer, we must do all we can to strengthen our collective ability to tackle organised crime and work together on illegal migration.

    The Brexit deal did not address issues around security and defence cooperation, more vital than ever after Putin’s illegal invasion of Ukraine. To keep the UK secure, we need to work with allies such as Ukraine and European partners, with NATO as our bedrock. The Prime Minister met with all 27 EU leaders and the secretary-general of NATO for this very reason: to discuss common threats and the value that closer EU-UK co-operation on defence could bring.

    To raise living standards, we need to build export and investment opportunities, reducing barriers to trade. This is of mutual benefit: the chancellor and the president of the European Commission are both pressing the need for cooperation to drive innovation, boost growth and reduce consumer costs.

    This is not about a choice between our allies. Some people make the false argument that we need to choose either America or Europe. For this Government, the UK’s national interest is paramount and demands we work with both.

    We will do so with a ruthless pragmatism, leaving ideologically driven division in the past in search of mutually beneficial areas of interest for both sides, within our red lines of no return to the single market, customs union, or freedom of movement.

    The Prime Minister and I will look at issues in a hard-headed way, guided by what works for the people and businesses of the UK. It’s as simple as that.

    The UK standing tall on the international stage, delivering for people by working with one of our key partners, matters. This is making Brexit work for my constituency and for the country.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: European Union and UK hold second Counter-Terrorism Dialogue in London

    Source: United Kingdom – Government Statements

    The second EU-UK Counter-Terrorism Dialogue took place in London on 4 February 2025, strengthening the UK and EU’s strategic cooperation on counter-terrorism.

    On 4 February 2025, the second EU-UK Counter-Terrorism Dialogue, established by the UK-EU Trade and Cooperation Agreement (TCA), took place in London.  

    The United Kingdom (UK) and the European Union (EU) discussed a wide range of counter-terrorism issues, including assessments of the evolving terrorist threat landscape, and an exchange of best practice on the UK and EU response, in order to protect our citizens. This included continued cooperation through multilateral fora and with other third countries. 

    The UK and EU also discussed strategic approaches to countering terrorism and a range of topics related to the identification of travellers of Counter-Terrorism concern, and technology, including responses to terrorist content online and emerging technologies. 

    The UK and EU jointly welcomed the productive discussions and agreed to continue these important exchanges. Both sides underlined the strategic importance of the unique relationship between the European Union and the United Kingdom in addressing these challenges.

    They reaffirmed their mutual commitment to continue to strengthen cooperation on Counter-Terrorism, in line with our shared values and the agreement between the President of the European Commission and the Prime Minister of the United Kingdom to strengthen the relationship between the United Kingdom and the European Union. 

    The UK delegation was chaired by Chloe Squires, Director General for Homeland Security and Jonathan Emmett, Director of Counter-Terrorism & Homeland Security Strategy in the Home Office, who were accompanied by officials from the Home Office, and the Foreign, Commonwealth and Development Office.

    On the EU side, the Dialogue was chaired by Maciej Stadejek, Deputy Managing Director for Security and Defence Policy, of the European External Action Service (EEAS). Representatives from the European Commission, including the Director Internal Security from the Directorate General for Migration and Home Affairs, Floriana Sipala, and the EU Counter-Terrorism Coordinator, Bartjan Wegter, also joined. The delegation included a representative from the Polish Presidency on behalf of EU Member States.

    The next Counter-Terrorism Dialogue will be held in Brussels.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial news: On holding auctions on February 5, 2025 to place OFZ issues No. 26228RMFS and No. 26246RMFS

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26228RMFS from 22.04.2019
    Date of the auction 05 February 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU2228RMFS5
    ISIN code RO000A100A82
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26246RMFS from 08.05.2024
    Date of the auction 05 February 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code CO26246RMFS7
    ISIN code RO000A108E1
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    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 access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.Mom/NN77377

    MIL OSI Russia News –

  • MIL-OSI Security: Fausto Isidro Meza-Flores Added to FBI’s Ten Most Wanted Fugitives List

    Source: Federal Bureau of Investigation FBI Crime News (b)

    The FBI on February 4 added Fausto Isidro Meza-Flores to the Ten Most Wanted Fugitives list. He is the 533rd addition to the list.

    Meza-Flores, also known as “Chapo Isidro,” is the alleged leader of the Meza-Flores transnational criminal organization, which is based in Sinaloa, Mexico. The organization is allegedly responsible for the possession, distribution, and importation of large quantities of cocaine, fentanyl, heroin, methamphetamine, and marijuana into the U.S.

    “For decades, the public has shared information with the FBI that has helped us capture dangerous criminals,” Special Agent in Charge Sean Ryan said. “Today, we ask you to help us find Fausto Isidro Meza-Flores so we can bring him to justice and curb the flow of illegal drugs into our country.”

    Meza-Flores was originally indicted on May 2, 2012, in the U.S. District Court for the District of Columbia. On November 26, 2019, a federal grand jury returned a superseding indictment charging Meza-Flores with drug trafficking violations and possession of a firearm. According to the indictment, Meza-Flores allegedly conspired to manufacture and distribute cocaine, heroin, methamphetamine, and marijuana in the U.S. from 2005 to 2019.

    As the alleged leader of the Meza-Flores transnational criminal organization, Meza-Flores leads a group of heavily armed gunmen who use violence to maintain control of areas in Mexico used for the production and transportation of narcotics destined for the U.S.

    Meza-Flores is 42 years old. He has brown eyes and dark brown hair. He is 5 feet, 6 inches tall and weighs approximately 160 pounds. He likely resides in Mexico.

    The U.S. State Department’s Narcotics Rewards Program is offering a reward of up to $5 million for information that leads to Meza-Flores’ arrest and/or conviction.

    If you have information about Meza-Flores, please call 1-800-CALL-FBI (1-800-225-5324), your local FBI office or the nearest American Embassy or Consulate or submit a tip via tips.fbi.gov. You can also contact the FBI via WhatsApp at 571-379-3951. WhatsApp is neither a government-operated nor a government-controlled platform.

    FAUSTO ISIDRO MEZA-FLORES

    Conspiracy to Manufacture and Distribute Five Hundred Grams or More of Methamphetamine, Distribute Five Kilograms or More of Cocaine, Distribute One Kilogram or More of Heroin, and Distribute One Thousand Kilograms or More of Marijuana for Importation into the United States; Use and Possession of a Firearm

    MIL Security OSI –

  • MIL-OSI Africa: The International Islamic Trade Finance Corporation (ITFC) Signs $1.5 Billion Annual Program with Egypt, Expanding Support for Energy, Food Security, Small and Medium Enterprises (SMEs), and Exporters

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, February 4, 2025/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, today announced the signing of its 2025 annual work program with the Arab Republic of Egypt, valued at $1.5 billion.

    This agreement is part of a five-year framework, totaling $6 billion, aimed at enhancing Egypt’s growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). The initiative is designed to boost Egypt’s economic development, support exporters, and create job opportunities for youth and women. This agreement, worth $1.5 billion, is part of the broader framework agreement between the two parties, valued at $6 billion over five years. The program is designed to support key sectors of the Egyptian economy, including energy, food security, and the empowerment of small and medium enterprises (SMEs), in line with Egypt’s goals for sustainable economic development and growth.

    The signing ceremony, held in Cairo, was attended by key officials including His Excellency Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport; Her Excellency Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; and His Excellency Dr. Sherif Farouk, Minister of Supply and Internal Trade. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD; Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities; and Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation. ITFC’s 2025 program for Egypt includes trade finance operations to support the energy and food security sectors, as well as SMEs, with a focus on projects benefiting the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities. The program also encompasses a wide range of initiatives to promote trade and business development, including the Arab African Trade Bridges (AATB) Program, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and a comprehensive suite of programs designed to support Egyptian exporters and SMEs. Additionally, ITFC will continue its efforts to support women and youth through specific empowerment initiatives and technical training programs.

    Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs. This agreement underscores ITFC’s ongoing role as a key partner in Egypt’s economic development, leveraging its expertise in trade finance to empower vital sectors and foster inclusive growth.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “Today, through this partnership, we reaffirm our commitment to developing these vital sectors, ensuring the improvement of transportation infrastructure, updating the industrial sector, and enhancing its competitiveness. ITFC has proven, over the years, its vital role in supporting member countries of the Organization of Islamic Cooperation (OIC) by offering innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth and creating job opportunities.” He added: “The signing of today’s annual work program represents a strategic step that strengthens our partnership and opens new horizons for cooperation in infrastructure projects, manufacturing, and logistics services.”

    Dr. Sherif Farouk, Minister of Supply and Internal Trade, said: “The allocation of $700 million from the ITFC to the General Authority for Supply Commodities, within the framework of the institution’s annual program for 2025, reflects the institution’s commitment to supporting government efforts aimed at achieving food security and fulfilling the state’s obligations towards its citizens.” He added: “The cooperation with the ITFC has not only been a financial commitment, but also a main pillar in the state’s efforts to secure its strategic needs of basic goods, enhance the Ministry of Supply and Internal Trade’s capacity to face emergency challenges, and ensure market stability. This confirms that this partnership represents a true foundation for supporting food security and ensuring sustainability in the supply of basic goods, which positively impacts the life of the Egyptian citizen.”

    H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, stated that the signing of the annual work program with ITFC represents a new step in the successful development partnership with the Islamic Development Bank (IsDB) Group in general, and the International Islamic Trade Finance Corporation (ITFC) in particular, which has contributed over 17 years to supporting the provision of strategic goods in the Egyptian market. She explained that the institution’s work program for 2025 aims to support food security and provide petroleum to the Egyptian General Petroleum Corporation in a way that enhances the availability of petroleum products and energy in the Egyptian market. This partnership also strengthens ongoing programs to encourage exporters and enable them to access foreign markets, as well as enhance efforts in training and developing small and medium-sized enterprises.

    The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, dedicated to facilitating trade in its member countries through the provision of financing solutions and technical support. ITFC’s mission is to support sustainable economic development by empowering businesses, particularly SMEs, women, and youth, through trade finance and capacity-building initiatives.

    Eng. Hani Salem Sonbol, CEO of ITFC, expressed his pride in the longstanding partnership with Egypt, stating: “ITFC is committed to working with Egypt to drive sustainable economic growth. We are excited to expand our support for SMEs, women, and youth, while continuing to foster Egypt’s export capabilities. In 2025, we will introduce new initiatives that aim to empower these vital groups, creating lasting impact for Egypt’s economy.”

    MIL OSI Africa –

  • MIL-OSI Canada: Diversifying Trade Partners, Promoting Nova Scotian Seafood in Europe

    Source: Government of Canada regional news

    Fisheries and Aquaculture Minister Kent Smith is in Europe on a mission with Nova Scotian and other Atlantic Canadian seafood companies to develop markets in Italy, France and the United Kingdom.

    “It has never been more important to showcase our premium quality seafood on the world stage,” said Minister Smith. “With the continued uncertainty from the United States, it’s more important than ever that we ramp up our efforts to help Nova Scotian companies expand into new markets.”

    The focus of the mission is on diversifying markets by introducing Atlantic Canadian seafood companies to new European buyers.

    The delegation includes six Nova Scotian companies and eight others from across Atlantic Canada. Along with meeting with potential new buyers, the Minister and his team will meet with Canadian embassy officials, Canadian trade commissioners, local government representatives and trade associations in the countries they visit.

    Quick Facts:
    • the Nova Scotia seafood export market is valued at $2.5 billon annually
    • participating Atlantic Canadian companies include: Lobster Hub Inc., Louisbourg Seafoods Ltd., Victoria Co-Operative Fisheries Ltd., Tribune Seafood Inc., Gidney Fisheries Ltd., Clearwater Seafoods Ltd., Ocean Blue Fisheries Ltd., DCAM Holdings Inc., One Tuna Inc., PEI Mussel King (1994) Inc; Labrador Gem Seafood Inc., Ocean Choice International, Whitecap Int. Seafood Exporters Inc., and True North Seafood Inc.

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: The UK’s Department of Business and Trade assists British companies in Guatemala’s Infrastructure Trade Mission

    Source: United Kingdom – Executive Government & Departments

    On February 4-5, the Department of Business and Trade (DBT) organized an Infrastructure Trade Mission aimed at increasing UK’s private sector participation in Guatemalan projects.

    Seven UK infrastructure companies are participating in this two-day event which will allow them to meet with government, municipal and private sector representatives; with a focus on multiple areas, which are critical to improving Guatemala’s infrastructure delivery and sustainable development. 

    The visit aims to better understand the Guatemalan authorities’ plans for infrastructure projects delivery at national and municipal levels, including mobility, water sanitation, hospitals and private sector led construction. It also seeks to create business opportunities between local and the UK companies participating, these are: 

    1. Andrade Gutierrez (engineering and construction) 
    2. Arup (design, planning and engineering) 
    3. Biwater (water treatment and solutions) 
    4. Gleeds (construction consultancy) 
    5. JCB (construction machinery) 
    6. QGMI UK (engineering) 
    7. Steer (infrastructure consultancy) 

    Whilst in Guatemala, the delegation wants to explore opportunities presented by the country’s plans to improve its critical infrastructure, including updated legislation, the use of Private Public Partnerships and the desire to continue building the UK-Guatemala economic relationship. This highlights the British government’s commitment to opening new overseas markets for UK firms, driving up prosperity and deliver national renewal.   

    The UK is committed to supporting viable green enterprises which help to promote green recoveries in urban transport, renewable energy and water and sanitation to help countries across the world pursue green and sustainable growth and economic development. 

    To mark the visit, the British Ambassador to Guatemala, Juliana Correa, said: 

    I am delighted to welcome the visit of some of the leading UK infrastructure companies that will explore the great potential of Guatemala. President Arevalo has put infrastructure delivery as a priority for his administration, and the UK is a global leader in this sector. This is a great opportunity to provide a platform to develop key partnerships that are useful to create cities that lead economic and social development.

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Fausto Isidro Meza-Flores Agregado a La Lista de Los Diez Fugitivos Más Buscados del FBI

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

    El FBI agregó hoy a Fausto Isidro Meza-Flores a la lista de los Diez Fugitivos Más Buscados. Es la adición número 533 a la lista.

    Meza-Flores, también conocido como “Chapo Isidro”, es el presunto líder de la organización criminal transnacional Meza-Flores, con sede en Sinaloa, México. La organización es presuntamente responsable de la posesión, distribución e importación de grandes cantidades de cocaína, fentanilo, heroína, metanfetamina y marihuana a los Estados Unidos.

    “Durante décadas, el público ha compartido información con el FBI que nos ha ayudado a capturar criminales peligrosos”, dijo el Agente Especial a Cargo Sean Ryan. “Hoy, les pedimos que nos ayuden a encontrar a Fausto Isidro Meza-Flores, para que podamos llevarlo ante la justicia y frenar el flujo de drogas ilegales a nuestro país”.

    Meza-Flores fue acusado originalmente el 2 de mayo de 2012 en el Tribunal de Distrito de los Estados Unidos para el Distrito de Columbia. El 26 de noviembre de 2019, un gran jurado federal emitió una acusación formal sustitutiva acusando a Meza-Flores de violaciones de tráfico de drogas y posesión de un arma de fuego. Según la acusación, Meza-Flores supuestamente conspiró para fabricar y distribuir cocaína, heroína, metanfetamina y marihuana en los Estados Unidos entre 2005 y 2019.

    FAUSTO ISIDRO MEZA-FLORES

    Conspiracy to Manufacture and Distribute Five Hundred Grams or More of Methamphetamine, Distribute Five Kilograms or More of Cocaine, Distribute One Kilogram or More of Heroin, and Distribute One Thousand Kilograms or More of Marijuana for Importation into the United States; Use and Possession of a Firearm

    MIL Security OSI –

  • MIL-OSI: Trading Meets Luxury: Bybit Kazakhstan Brings Unmatched Prizes to Local Crypto Traders

    Source: GlobeNewswire (MIL-OSI)

    ALMATY, Kazakhstan, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is redefining the way users join the crypto trading journey. In a new event from now until Feb. 28, 2025, Bybit.kz is offering Tesla Model 3, Rolex watches, popular cryptocurrencies, and Apple gadgets.

    The two-part event allows traders to start small for a chance to win big:

    1. New users may join the Sign Up, Deposit, and Win event with $100 or more in deposit. Successful participants who register on Bybit.kz, sign up for the event, and deposit at least $100, will automatically enter a Lucky Draw. Additionally, extra perks await for users who hit specific deposit milestones.
    2. All eligible users may take part in the Trade Your Way to Grand Prizes event, vying for top-tier prizes by meeting trading goals during the event period. Those who achieve the required trading volumes will be eligible for rewards like the Tesla Model 3, Rolex watches, and trending cryptocurrencies. The higher the stake, the better their chances of winning.

    “We’re excited to offer both the crypto community in Kazakhstan an opportunity to get onboard the Bybit trading journey,” said Joan Han, Sales and Marketing Director at Bybit. “This event is not only about rewards, but about bringing together a vibrant community of traders eager to make the most of their experience.”

    Since obtaining the license to operate in Kazakhstan in Sep. 2024, Bybit Kazakhstan has been fully committed to supporting Kazakhstan’s growing crypto and blockchain ecosystem. Bybit Kazakhstan’s launch marks a major step in bringing cutting-edge crypto solutions to the region, with the goal of empowering local traders, entrepreneurs, and institutions. As a global leader in digital assets, Bybit aims to foster a secure, transparent, and user-friendly trading environment that aligns with the regulatory framework and the values of the Kazakh market.

    Registration is required. For the full terms and conditions of the event, users may visit: Grand Start With Bybit Kazakhstan. 

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/368796c7-1da2-4f89-8beb-45a0e3edce7c

    The MIL Network –

  • MIL-OSI Global: How food can be used to support people living with dementia

    Source: The Conversation – Canada – By Navjot Gill-Chawla, Doctoral Candidate, Aging, Health and Well-being, University of Waterloo

    From the aroma of freshly ground spices to the rhythmic sounds of a mortar and pestle, food evokes strong sensory memories, making it a powerful tool in dementia care. (Shutterstock)

    As dementia rates rise globally, families and care partners are seeking ways to maintain meaningful connections with loved ones experiencing memory loss. In many cultures, food is central to cultural identity and family life.

    Cooking traditional recipes can also a unique way to evoke memories and foster social connections. Familiar flavours, scents and cooking techniques can provide support and comfort to those living with dementia.

    In South Asian cultures, food is deeply intertwined with identity, memory and relationships. From the aroma of freshly ground spices to the rhythmic sounds of a mortar and pestle, food evokes strong sensory memories, making it a powerful tool in dementia care.

    When it comes to supporting people with dementia, food and cooking can be culturally relevant ways to enhance well-being, strengthen inter-generational bonds and preserve identity — making them an increasingly important tools in dementia care.

    My research focuses on understanding the experiences of people living with dementia and their care partners in South Asian communities, and the importance of culturally inclusive care for dementia.

    Food and memory

    The connection between food and memory is well-documented. For individuals living with dementia who often experience memory loss and disorientation, familiar foods can trigger memories of specific events, places or people. For example, the scent of ghee-laden parathas or the sight of turmeric-coloured curries may evoke memories of childhood kitchens, family celebrations or community gatherings.

    In South Asian communities, food is a cornerstone of cultural identity. Dishes are often tied to regional traditions, religious practices, and family legacies. For individuals living with dementia, preparing or consuming familiar foods can provide a sense of stability and continuity.

    A person with dementia may find comfort in the ritual of making chai, even if they forget other aspects of their daily routine. Similarly, they might find joy in tasting the traditional foods of their region.

    Dementia care often involves strategies that engage the senses to improve quality of life. Food offers a multi-sensory experience — taste, smell, touch, sight and even sound. For South Asian older adults, the act of rolling dough for rotis, smelling fragrant basmati rice or hearing the crackle of mustard seeds in hot oil can stimulate the senses and provide therapeutic benefits.

    Engaging individuals in food preparation can also help maintain fine motor skills and foster a sense of purpose. Even simple tasks like peeling garlic, mixing spices or stirring a pot can provide opportunities for engagement and connection. Importantly, these activities do not need to be perfect — the process itself is valuable.

    In cultures around the world, meals are rarely solitary. Food is inherently social, often prepared and shared among family members. For individuals living with dementia, mealtime can be an opportunity to strengthen familial bonds and reduce feelings of isolation. Sharing a meal allows care partners and family members to engage in meaningful interactions, even if verbal communication is limited.

    Inter-generational cooking can be particularly engaging. Grandparents living with dementia can pass on recipes to their grandchildren, creating moments of joy and preserving cultural heritage. These interactions help younger generations understand dementia while fostering empathy and appreciation for their elders.

    Adapting for dementia care

    While traditional South Asian dishes can be comforting, they may need to be adapted for individuals living with dementia. For example, finger foods like pakoras or stuffed parathas can be easier to handle than dishes requiring utensils. Similarly, simplifying recipes with fewer ingredients or steps can make the cooking process more manageable for individuals living with dementia.

    Nutritional considerations are also crucial. Many South Asian dishes are rich in fats, carbohydrates and spices, which may not align with the dietary needs of older adults. Modifying recipes to include more vegetables, lean proteins and lower salt levels can ensure that meals are both nutritious and culturally familiar.

    Despite its benefits, using food as a tool for dementia care is not without challenges. Care partners often face time constraints, lack of resources or their own emotional burdens, which may limit their ability to engage in food-based activities. Additionally, some families may struggle to adapt traditional recipes, especially if they lack culinary skills or are unfamiliar with healthy substitutions.

    Community support organizations can play a pivotal role in overcoming these barriers. Cooking workshops, memory cafés with food themes or culturally tailored resources can empower families to incorporate food into dementia care. For instance, community centres can organize events where older adults and care partners come together to prepare traditional meals, share recipes and build support networks.

    Inter-generational cooking can be particularly engaging. Grandparents living with dementia can pass on recipes to their grandchildren, creating moments of joy and preserving cultural heritage.
    (Shutterstock)

    Culturally tailored dementia care

    Integrating food into dementia care underscores the importance of culturally tailored approaches. Incorporating cultural elements like food acknowledges the holistic needs of individuals and their families. Health-care providers and community organizations must prioritize cultural humility, recognizing the unique role that food plays in the lives of South Asian families living with dementia.

    In the journey of dementia care, food is more than a tool for nourishment. For South Asian communities, it is a source of connection, identity and healing. By integrating food into care practices, families and care partners can unlock its potential to evoke memories, strengthen relationships and improve the well-being of individuals living with dementia.

    With culturally sensitive support and resources, food can become a powerful ally in navigating the complexities of dementia care, one bite, one memory and one story at a time.

    Navjot Gill-Chawla 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. How food can be used to support people living with dementia – https://theconversation.com/how-food-can-be-used-to-support-people-living-with-dementia-248731

    MIL OSI – Global Reports –

  • MIL-OSI: CORRECTION – ACNB Corporation Announces Completion of Traditions Bancorp, Inc. Acquisition

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., Feb. 04, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on February 3, 2025 by ACNB Corporation please note that in the third paragraph of the release, the deposit amount has been corrected to $2.54 billion instead of $2.04 billion. The corrected release follows:

    ACNB Corporation (NASDAQ: ACNB), the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered, FDIC-insured community bank, headquartered in Gettysburg, PA, announced the completion of the acquisition of Traditions Bancorp, Inc. (“Traditions”) and its wholly-owned subsidiary, Traditions Bank, headquartered in York, PA, effective February 1, 2025. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank will operate the former Traditions Bank branches as “Traditions Bank, A Division of ACNB Bank”. In connection with the close of the acquisition, Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share of Traditions common stock that they owned as of the closing date, with cash paid in lieu of fractional shares.

    In addition, at the close of the acquisition, three former Traditions directors, Eugene J. Draganosky, Elizabeth F. Carson, and John M. Polli, joined the Boards of Directors of ACNB Corporation and ACNB Bank. Mr. Draganosky has nearly 40 years of banking experience, and is the former CEO and Chair of the Board of Traditions and Traditions Bank, having held those roles since 2017 and 2023, respectively. Ms. Carson, Lead Independent Director of Traditions, joined the Traditions Bank Board in 2015, after over 30 years of banking experience in a variety of leadership roles with community and regional banks. Mr. Polli was a member of the Traditions Bank board of directors since its founding in 2002, and has nearly 40 years of diverse business expertise, from serving as a public accountant to owning, managing, and advising businesses in the transportation, real estate, and insurance industries.

    With the combination of the two organizations, and based on financial information for each organization as of December 31, 2024, ACNB Corporation will have approximately $3.26 billion in assets, $2.54 billion in deposits, and $2.36 billion in loans, and will serve its customers throughout 35 community banking offices in south central Pennsylvania and northern Maryland.

    “We are pleased to announce the completion of our strategic acquisition of Traditions Bancorp, and excited to unite our teams of dedicated local bankers who are committed to their customers and communities,” stated ACNB Corporation President & Chief Executive Officer James P. Helt. “This combination brings together organizations that are unified by a shared vision, values, and a customer-centric approach to banking, to create an even stronger community bank. Importantly, our customers will benefit from expanded products and services delivered by the familiar faces they have come to know and trust. This merger positions us well to continue to grow in the attractive York and Lancaster County markets, and enhances ACNB Bank’s mortgage operations, which will now serve customers throughout our footprint as ‘Traditions Mortgage, A Division of ACNB Bank.’ Together, we look forward to continuing to deliver on our vision of being the financial services provider of choice in the communities we serve.”

    Alan J. Stock, Chair of the Board of ACNB, stated “We welcome Mr. Draganosky, Ms. Carson, and Mr. Polli to the ACNB Boards of Directors, and are confident that their expertise, skills, and strong connections to the York and Lancaster market areas will enhance and complement ACNB’s current Boards of Directors. We are committed to enhancing value for our shareholders and are poised to deliver on that commitment with an experienced and knowledgeable board, a seasoned management group, and a team of bankers and professionals dedicated to a successful integration and customer experience.”

    Bybel Rutledge LLP served as legal counsel and Piper Sandler served as financial advisor to ACNB Corporation for the transaction. Pillar + Aught served as legal counsel and Stephens Inc. served as financial advisor to Traditions Bancorp, Inc.

    About ACNB Corporation
    ACNB Corporation, headquartered in Gettysburg, PA, is the $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 35 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses; and, the other factors detailed in ACNB’s publicly-filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, and its other filings with the SEC. We caution readers not to place undue reliance on these forward-looking statements. The forward-looking statements only speak as of the date hereof, and ACNB does assume any obligation to revise, update or clarify forward-looking statements to reflect events or conditions after the date of this press release.

    ACNB #2025-5
    February 3, 2025

    Contact:    Kevin Hayes
    SVP/ General Counsel,
    Secretary, and Chief
    Governance Officer
    717.339.5161
    khayes@acnb.com
         

    The MIL Network –

  • MIL-OSI Economics: Grenada: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada

    Source: International Monetary Fund

    Summary

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of government deposits, and a reduction in public debt. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island, affecting around 15 percent of the population. In response, the authorities triggered the suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Subject: Credit bureaus, Debt sustainability, Economic sectors, Environment, External debt, Financial institutions, Financial markets, Imports, Insurance, International trade, Labor, Labor markets, Natural disasters, Public debt, Tourism

    Keywords: Credit bureaus, Debt sustainability, Fiscal stance, Imports, Insurance, Insurance companies, Labor markets, Natural disasters, Tourism

    MIL OSI Economics –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Grenada

    Source: International Monetary Fund

    February 4, 2025

    Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Grenada.

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

    Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

    Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

    Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

    Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

    Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

    It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

    Table 1. Grenada: Selected Social and Economic Indicators, 2019–29

     

    Rank in UNDP Human Development Index

    73

    Infant mortality rate per ‘000 births (2021)

    14.4

    out of 189 countries (2021)

    Adult illiteracy rate in percent (2014)

    1

    Life expectancy at birth in years (2021)

    75

    Poverty rate in percent of population (2019)

    25

    GDP per capita in US$ (2021)

    10,449

    Population in millions (2021)

    0.13

    Unemployment rate (2021 Q2)

    11.1

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    National income and prices

     

     

     

     

     

     

     

     

     

     

     

    GDP at constant prices

    0.7

    -13.8

    4.7

    7.3

    4.7

    3.6

    3.9

    3.3

    2.7

    2.7

    2.7

    GDP deflator

    3.3

    -0.3

    2.8

    2.2

    2.7

    1.4

    1.4

    2.0

    2.0

    2.0

    2.0

    Consumer prices, end of period

    0.1

    -0.8

    1.9

    2.9

    2.2

    1.2

    1.9

    2.0

    2.0

    2.0

    2.0

    Money and credit, end of period

    Credit to private sector

    1.4

    3.1

    3.8

    2.1

    3.8

    3.8

    4.2

    4.4

    4.6

    4.5

    4.5

    Broad money (M2)

    2.9

    9.1

    8.5

    9.9

    1.4

    3.7

    5.2

    5.4

    4.8

    4.8

    4.8

    Central government balances (accrual)

    Revenue and grants

    26.6

    28.1

    31.5

    32.7

    36.9

    44.1

    30.5

    29.3

    29.2

    28.9

    28.8

    Expenditure

    21.6

    32.7

    31.2

    31.8

    28.9

    39.5

    39.4

    33.1

    29.6

    29.2

    28.9

    o.w. Capital expenditure

    2.6

    9.6

    8.6

    10.2

    9.3

    11.7

    12.2

    8.7

    6.2

    5.8

    5.6

    Primary balance

    6.8

    -2.6

    2.1

    2.6

    9.5

    8.0

    -5.1

    -1.2

    1.5

    1.5

    1.5

    Overall balance

    5.0

    -4.5

    0.3

    1.0

    8.0

    4.7

    -8.9

    -3.8

    -0.4

    -0.3

    -0.1

     

    Central government debt (incl. guaranteed) 1/

    58.5

    71.4

    70.0

    62.8

    60.5

    59.3

    58.1

    53.9

    53.2

    51.4

    49.6

    Domestic

    14.6

    16.2

    15.3

    12.8

    11.3

    11.1

    9.7

    7.8

    7.1

    6.9

    7.0

    External

    44.0

    55.2

    54.7

    50.0

    49.2

    48.2

    48.5

    46.1

    46.0

    44.5

    42.6

    Public debt (incl. debt of SOEs and SBs)

    62.7

    89.5

    86.6

    78.8

    75.2

    73.3

    71.4

    66.5

    65.2

    62.9

    60.6

    Savings-Investment balance

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Savings

    14.6

    16.3

    15.6

    18.0

    30.8

    28.3

    18.1

    17.8

    15.8

    15.3

    14.9

    Investment

    24.9

    32.4

    30.1

    29.1

    39.9

    41.5

    31.9

    28.4

    25.7

    24.5

    24.0

    External Sector

     

     

     

     

     

     

    Gross international reserves (millions of dollars)

    234.1

    290.9

    324.2

    352.6

    389.1

    435.1

    364.5

    364.8

    390.3

    405.6

    424.6

    (in months of imports)

    5.2

    5.6

    4.9

    5.0

    4.8

    5.2

    4.3

    4.2

    4.3

    4.3

    4.3

    Current account balance, o/w:

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Exports of goods and services

    54.6

    41.1

    47.9

    57.8

    62.8

    63.8

    62.5

    62.8

    63.0

    62.6

    62.3

    Imports of goods and services

    55.8

    52.2

    55.4

    64.3

    63.7

    69.9

    68.5

    65.6

    65.0

    63.8

    63.4

    External debt (gross)

    64.7

    92.5

    94.8

    90.0

    86.9

    85.4

    85.4

    82.6

    82.3

    80.5

    78.4

    Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.

    1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI USA: CFTC Staff Issues No-Action Letter to Korea Exchange Concerning the Offer or Sale of KOSPI and Mini KOSPI 200 Futures Contracts

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues No-Action Letter to Korea Exchange Concerning the Offer or Sale of KOSPI and Mini KOSPI 200 Futures Contracts | CFTC

    /PressRoom/PressReleases/9043-25
    Skip to main content

    February 04, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight today issued a no-action letter stating it will not recommend the CFTC take enforcement action against Korea Exchange (KRX) for the offer or sale of Korea Composite Stock Price Index (KOSPI) 200 Futures Contracts and Mini KOSPI 200 Futures Contracts to persons located within the United State while the Commission’s review of KRX’s forthcoming request for certification of the contracts under CFTC Regulation 30.13 is pending. DMO issued similar letters when the KOSPI 200 became a broad-based security index in 2021 and 2022. [See CFTC Press Release Nos. 8464-21 and 8610-22]
    The KOSPI 200 became a narrow-based security index in February 2024. Futures contracts on narrow-based security indexes are subject to joint CFTC and Securities and Exchange Commission jurisdiction. Futures contracts on non-narrow-based (also known as broad-based) security indexes are subject to exclusive CFTC jurisdiction.
    The KOSPI 200 is set to become a broad-based security index on February 6, 2025, and the no-action position in DMO’s letter will be effective on that date. 

    -CFTC-

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Grenada

    Source: IMF – News in Russian

    February 4, 2025

    Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Grenada.

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

    Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

    Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

    Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

    Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

    Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

    It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

    Table 1. Grenada: Selected Social and Economic Indicators, 2019–29

     

    Rank in UNDP Human Development Index

    73

    Infant mortality rate per ‘000 births (2021)

    14.4

    out of 189 countries (2021)

    Adult illiteracy rate in percent (2014)

    1

    Life expectancy at birth in years (2021)

    75

    Poverty rate in percent of population (2019)

    25

    GDP per capita in US$ (2021)

    10,449

    Population in millions (2021)

    0.13

    Unemployment rate (2021 Q2)

    11.1

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    National income and prices

     

     

     

     

     

     

     

     

     

     

     

    GDP at constant prices

    0.7

    -13.8

    4.7

    7.3

    4.7

    3.6

    3.9

    3.3

    2.7

    2.7

    2.7

    GDP deflator

    3.3

    -0.3

    2.8

    2.2

    2.7

    1.4

    1.4

    2.0

    2.0

    2.0

    2.0

    Consumer prices, end of period

    0.1

    -0.8

    1.9

    2.9

    2.2

    1.2

    1.9

    2.0

    2.0

    2.0

    2.0

    Money and credit, end of period

    Credit to private sector

    1.4

    3.1

    3.8

    2.1

    3.8

    3.8

    4.2

    4.4

    4.6

    4.5

    4.5

    Broad money (M2)

    2.9

    9.1

    8.5

    9.9

    1.4

    3.7

    5.2

    5.4

    4.8

    4.8

    4.8

    Central government balances (accrual)

    Revenue and grants

    26.6

    28.1

    31.5

    32.7

    36.9

    44.1

    30.5

    29.3

    29.2

    28.9

    28.8

    Expenditure

    21.6

    32.7

    31.2

    31.8

    28.9

    39.5

    39.4

    33.1

    29.6

    29.2

    28.9

    o.w. Capital expenditure

    2.6

    9.6

    8.6

    10.2

    9.3

    11.7

    12.2

    8.7

    6.2

    5.8

    5.6

    Primary balance

    6.8

    -2.6

    2.1

    2.6

    9.5

    8.0

    -5.1

    -1.2

    1.5

    1.5

    1.5

    Overall balance

    5.0

    -4.5

    0.3

    1.0

    8.0

    4.7

    -8.9

    -3.8

    -0.4

    -0.3

    -0.1

     

    Central government debt (incl. guaranteed) 1/

    58.5

    71.4

    70.0

    62.8

    60.5

    59.3

    58.1

    53.9

    53.2

    51.4

    49.6

    Domestic

    14.6

    16.2

    15.3

    12.8

    11.3

    11.1

    9.7

    7.8

    7.1

    6.9

    7.0

    External

    44.0

    55.2

    54.7

    50.0

    49.2

    48.2

    48.5

    46.1

    46.0

    44.5

    42.6

    Public debt (incl. debt of SOEs and SBs)

    62.7

    89.5

    86.6

    78.8

    75.2

    73.3

    71.4

    66.5

    65.2

    62.9

    60.6

    Savings-Investment balance

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Savings

    14.6

    16.3

    15.6

    18.0

    30.8

    28.3

    18.1

    17.8

    15.8

    15.3

    14.9

    Investment

    24.9

    32.4

    30.1

    29.1

    39.9

    41.5

    31.9

    28.4

    25.7

    24.5

    24.0

    External Sector

     

     

     

     

     

     

    Gross international reserves (millions of dollars)

    234.1

    290.9

    324.2

    352.6

    389.1

    435.1

    364.5

    364.8

    390.3

    405.6

    424.6

    (in months of imports)

    5.2

    5.6

    4.9

    5.0

    4.8

    5.2

    4.3

    4.2

    4.3

    4.3

    4.3

    Current account balance, o/w:

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Exports of goods and services

    54.6

    41.1

    47.9

    57.8

    62.8

    63.8

    62.5

    62.8

    63.0

    62.6

    62.3

    Imports of goods and services

    55.8

    52.2

    55.4

    64.3

    63.7

    69.9

    68.5

    65.6

    65.0

    63.8

    63.4

    External debt (gross)

    64.7

    92.5

    94.8

    90.0

    86.9

    85.4

    85.4

    82.6

    82.3

    80.5

    78.4

    Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.

    1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/03/pr25026-grenada-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Ambassador For a Day competition in North Macedonia 2025

    Source: United Kingdom – Executive Government & Departments

    The British Embassy in Skopje invites female students in North Macedonia aged 18 to 22 to enter a competition to be an Ambassador for a Day.

    What is Ambassador For A Day

    Have you ever wondered what the day-to-day work of an Ambassador is like? This competition will give the winner the unique opportunity to shadow the Ambassador to North Macedonia in the week of International Women’s Day and learn about the work of an Ambassador and other diplomacy leaders.

    Why you should enter this competition

    Women and girls represent half of the world’s population and therefore also half of its potential. Today there are too few women in international diplomacy, including women from under-represented backgrounds, whether ethnic, religious, economic, cultural, or personal identity, among others. Women are not represented at parity in political and business sectors.

    To end this underrepresentation, we must ensure equality of opportunity and equitable outcomes for everyone. This is why we are encouraging women to make their voices heard on topics that affect us all.

    We encourage young students to become leaders and advocates for change by offering them the opportunity to take a look behind the scenes of the British Embassy in Skopje.

    Who can enter

    You can enter this competition if, on 8 March 2025, you are:

    • a student registered in a university in North Macedonia
    • aged 18 to 22 years old
    • available to spend a full day of activities with us at the British Embassy

    How to enter

    To enter, you must write an essay in English answering the following question in no more than 500 words: “Which influential British woman would you like to meet and why?”

    Important tips:

    • we will be celebrating International Women’s Day (IWD) together and this competition should highlight women’s roles
    • creativity will be an important judging criteria
    • the competition’s jury will be comprised of a diverse panel representing different backgrounds to ensure a fair and inclusive evaluation process

    How to submit your entry

    Read the terms and conditions for entering the Ambassador for a Day 2025 competition:

    Terms and Conditions for entering the Ambassador for A Day 2025 Competition (ODT, 12.1 KB)

    Then email your essay and Ambassador For A Day participation form to BritishEmbassySkopje@fcdo.gov.uk

    Deadlines

    Make sure you enter the competition on time:

    • competition opens: 5 February 2025
    • deadline for applications: 23 February 2025
    • competition winner contacted: 28 February 2025
    • competition winner publicly announced: 8 March 2025

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Seafarer Capital Partners Reveals Key Drivers of Performance in Emerging Markets Value Investing

    Source: GlobeNewswire (MIL-OSI)

    LARKSPUR, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — Drawing on fourteen years of fundamental research and investing in global emerging markets, and over eight years of hands-on experience in managing the Seafarer Overseas Value Fund (SIVLX, SFVLX, SFVRX), Seafarer Capital Partners (Seafarer) recently published a white paper providing empirical data and evaluating key opportunity sets found in emerging markets value investing.

    The new white paper, titled “Revisiting the Seven Sources of Value in Emerging Markets,” examines practical lessons the Seafarer Value team has learned in its pursuit of investing in seven distinct sources of value in the emerging markets, which were first identified by Seafarer in 2016. The full paper is available on Seafarer’s website here.

    “Rather than taking a traditional approach focused solely on simplistic valuation multiples, Seafarer’s approach to value investing in emerging markets started with the idea that these markets present a number of distinct underlying sources of value that may give rise to viable investment opportunities,” said Brent Clayton, author of the white paper and co-portfolio manager of the Seafarer Overseas Value Fund. “This paper looks back on our team’s practical experience pursuing these sources of value in emerging markets, including opportunities and risks we have become more attuned to.”

    The white paper reviews all seven sources of value identified at the launch of the Value Fund (read the original 2016 white paper here) and breaks out the impact of each source on the Fund’s performance since inception (see included chart). The commentary also includes a nuanced analysis of these sources of value and provides “emblematic stock” examples to help practically illustrate the sources of value in action.

    The key lessons shared in the white paper, by source of value, include the following:

    • Asset Productivity: Companies that are among the lowest-cost, highest-margin operators within their industries have been able to survive prolonged cyclical downturns. Such business resiliency can render the exact timing of the cycle less important.
    • Structural Shift: Highly-cash generative companies structurally shifting to a lower growth rate provided fruitful opportunities for the strategy, particularly in China in 2016 and Brazil in 2020.
    • Balance Sheet Liquidity: Companies with high levels of cash on their balance sheets have been more prone to be “value traps” than anticipated. While a potential source of latent value, it can also be a sign of poor capital allocation or weak corporate governance.

    The paper provides detailed discussion of lessons learned while pursuing investing in each of the seven sources of value and includes one portfolio holding for each of the sources as an illustration.

    “Finding low-priced stocks in the emerging markets is not difficult. The challenge is finding low-priced businesses with both sustainable competitive advantages and management teams that think carefully about how they steward corporate capital,” said Clayton. “A focused and long-term approach has been critical to realizing value across the seven opportunity sets that this strategy pursues.”

    About the Seafarer Overseas Value Fund
    The Seafarer Overseas Value Fund (tickers: SIVLX, SFVLX, SFVRX) seeks to provide long-term capital appreciation. The Fund invests primarily in the securities of companies located in developing countries. The Fund invests primarily in common and preferred stocks. The Fund’s portfolio is comprised of securities identified through a bottom-up security selection process based on fundamental research. The Fund seeks to produce a minimum long-term rate of return by investing in securities priced at a discount to their intrinsic value.

    About Seafarer Capital Partners
    Seafarer Capital Partners is an investment adviser focused on emerging markets. Seafarer offers investment portfolios that seek to participate in the opportunities afforded by the growth and progress in the developing world. The firm employs a bottom-up, fundamental investment approach. Seafarer’s objective is to provide long-term investment portfolios that offer sustainable growth, reasonable income, suitable diversification and which mitigate volatility. The firm serves as the investment adviser to the Seafarer Overseas Growth and Income Fund and the Seafarer Overseas Value Fund. Founded in 2011, Seafarer is a wholly employee-owned firm located in the San Francisco Bay Area. For more information, please visit www.seafarerfunds.com.

    1 Percentages in the chart are based on the aggregate contribution to total return for portfolio holdings in each primary source of value divided by the aggregate contribution to total return of all portfolio holdings from the inception of the Seafarer Overseas Value Fund on May 31, 2016 through September 30, 2024. They exclude cash and other assets and liabilities held by the Fund. A portfolio holding’s primary source of value is defined as the intended driver of value Seafarer was targeting over the majority of a position’s holding period. Sources: Bloomberg, Seafarer.

    ALPS Distributors, Inc. is the distributor for the Seafarer Funds.

    Investors should consider the investment objectives, risks, charges, and expenses carefully before making an investment decision. This and other information about the Funds are contained in the Prospectus, which may be obtained by calling (855) 732-9220. Please read the Prospectus carefully before you invest or send money.

    Important Risks:  An investment in the Funds involves risk, including possible loss of principal. International investing involves additional risks, including social and political instability, market and currency volatility, market illiquidity, and reduced regulation. Emerging markets are often more volatile than developed markets, and investing in emerging markets involves greater risks. Fixed income investments are subject to additional risks, including but not limited to interest rate, credit, and inflation risks. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market. An investment in the Funds should be considered a long-term investment.

    The views and information discussed herein are as of the date of publication, are subject to change, and may not reflect Seafarer’s current views. The views expressed represent an assessment of market conditions at a specific point in time, are opinions only and should not be relied upon as investment advice regarding a particular investment or markets in general. Such information does not constitute a recommendation to buy or sell specific securities or investment vehicles. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Seafarer does not accept any liability for losses either direct or consequential caused by the use of this information.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3388df52-1d76-4853-aa15-51bbf250f6dd

    The MIL Network –

  • MIL-OSI: ThinkMarkets wins ‘Newcomer of the Year 2024’ at TradingView awards

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 04, 2025 (GLOBE NEWSWIRE) — ThinkMarkets, a leading online trading provider, recently announced that it received an award from TradingView for ‘Newcomer of the Year 2024’. 

    The annual TradingView awards aim to recognize integrated brokers on its platform that are at the forefront of global online trading and have consistently demonstrated providing their users with the best service over the last 12 months. 

    TradingView selects the winner for its nominated categories based on a broker’s verified client reviews, feedback, and ratings, as well as client engagement, platform uptime, and more. This ensures all awards are authentic and that only the best brokers receive recognition. 

    Commenting on the news, co-CEO, Nauman Anees, said the following: 

    “We’re delighted to win this prestigious TradingView award. Despite launching on the platform only midway through the year in July 2024 and having to compete alongside other brokers that also joined that year, we’re thrilled to have made such an impact. We’ve received an overwhelmingly positive response from both new and existing clients eager to take advantage of this offering. We’re grateful that TradingView and the wider trading community have recognized our efforts with this award, and we’ll continue to expand and improve our offering to ensure we remain a leading choice among traders on TradingView.” 

    ThinkMarkets also took the opportunity to express a big thank you for the continued support from its clients, partners, and employees who have all helped in their efforts to achieve this prestigious award. 

    For more information and the latest updates, users can visit: www.thinkmarkets.com 

    About ThinkMarkets
    ThinkMarkets is a global, multi-regulated online brokerage established in 2010 offering clients quick and easy access to 4,000+ CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London, Dubai, Melbourne, and Tokyo and hubs in the Asia-Pacific, Europe, and South Africa. It also operates with several financial licenses around the globe and delivers some of the industry’s most recognized trading platforms, including its award-winning platform, ThinkTrader.

    Contact

    ThinkMarkets
    pr@thinkmarkets.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0daee5a-f695-4bad-8f7e-faf0c960bd58

    The MIL Network –

  • MIL-OSI United Kingdom: Directors banned after investors lost more than £4 million in Derby student accommodation development

    Source: United Kingdom – Executive Government & Departments

    Three directors involved in the development have each now been banned for seven years

    • Forty-two investors were misled by Fraser MacDonald, Gavin Barry and Edward Fowkes, directors of companies which promoted an investment offer in a student accommodation development in Derby 
    • Investors paid in more than £4 million for the development but some of the money was transferred by the directors to a connected company 
    • When the companies entered administration in 2020, those investors lost out as they were given a lower priority for repayment when the development was subsequently sold than they were led to believe 

    Three people have been banned as company directors after they misled investors who paid more than £4 million into a Derby city centre student accommodation development.  

    Fraser MacDonald was a director of Prosperity Cathedral View Development Ltd which was behind The Croft development on Cathedral Road before the company went into administration in 2020. 

    The 53-year-old was also a director of Prosperity Cathedral View NMPI Ltd, a company used as a fundraising vehicle to attract investors for the development. 

    In his role as Investor Relations Director, MacDonald allowed 42 investors to be misled when they entered into loan agreements with Prosperity Cathedral View NMPI worth a combined £4.13 million. 

    They thought their money would go into the Derby development, but instead more than £2 million was transferred to a connected company. 

    MacDonald, of Walkdale Brow, Glossop, Derbyshire, has been disqualified as a company director for seven years, until February 2032.

    The companies’ Chief Executive Gavin Barry, 49, and Chief Operating Officer Edward Fowkes, 52, were both also disqualified as directors in 2021 for their roles in causing or allowing the investors to be misled in 2019. 

    Ann Oliver, Chief Investigator at the Insolvency Service, said: 

    Fraser MacDonald, Gavin Barry and Edward Fowkes allowed the continued promotion of an investment offer which was misleading to investors. 

    Significant sums of money were invested by people who thought they had more security over their investments than they actually did. 

    We also uncovered evidence that the three directors did not use all the funds borrowed for financing the development at The Croft development as they had promised. 

    MacDonald has now been removed from the corporate arena until January 2032 and joins Barry and Fowkes in being barred from running, managing or promoting a company without permission of the court.

    A total of 44 investments were made by 42 high net worth investors in the Derby scheme between January and July 2019. The highest individual investment during that period was £504,000. 

    Investors were promised that their funds would only be used for The Croft development and that they would be second in line for repayment behind other high value investors. 

    However, Prosperity Cathedral View Development had also entered into loan agreements worth £13.7 million and £2.5 million with commercial lenders in January 2019 which had the highest priority for repayment. 

    This meant that the investments made through Prosperity Cathedral View NMPI were only third in line for repayment, not second as the investors were led to believe. 

    In total, more money was raised for The Croft development than was needed, with just over £2 million of investors’ money transferred to a connected company. 

    Prosperity Cathedral View Development entered administration in May 2020 with liabilities of more than £29 million. Prosperity Cathedral View NMPI went into administration in August of that year with liabilities of more than £11 million and no assets. 

    Administrators sold The Croft for more than £18 million in March 2021 with the priority lender being repaid in full and the second commercial lender being partially repaid. However, no money was returned to the 42 investors. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from MacDonald, and his ban started on Tuesday 4 February 2025. 

    Barry, of Boyd Avenue, Dublin, and Fowkes, of Bramalea Close, London, both signed seven-year disqualification undertakings which began in December 2021. 

    The undertakings prevent them from being involved in the promotion, formation or management of a company, without the permission of the court. 

    A financial settlement has also been reached between MacDonald and the liquidators of Prosperity Cathedral View NMPI. 

    Further information 

    Updates to this page

    Published 4 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: ATIF Holdings Limited Announces Approximately $2.5 Million Registered Direct and Private Placement

    Source: GlobeNewswire (MIL-OSI)

    LAKE FOREST, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — ATIF Holdings Limited (Nasdaq: ZBAI) (the “Company”), a Lake Forest-based business consulting company that specializes in providing professional IPO, M&A advisory and post-IPO compliance services to small and medium-sized companies seeking to go public on a stock exchange in the United States, today announced that it has entered into definitive agreements with an institutional investor for the purchase and sale of its ordinary shares, par value $0.001 per share (“Ordinary Shares”) and pre-funded warrants to purchase Ordinary Shares (each, a “Pre-Funded Warrant”) in a registered direct offering. In a concurrent private placement, the Company also agreed to sell to the same investor warrants to purchase Ordinary Shares (the “Warrants”). Aggregate gross proceeds to the Company from both transactions are expected to be approximately $2.5 million.

    The transactions consisted of the sale of 1,580,000 Ordinary Shares (each, a “Share”) and 887,553 Pre-Funded Warrants, each of which will be sold together with one Warrant to purchase one Ordinary Share per Warrant at an exercise price of $1.20. The offering price per Share is $1.00 (or $0.99 for each Pre-Funded Warrant, which is equal to the offering price per Share minus an exercise price of $0.01 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full.

    Aggregate gross proceeds to the Company are expected to be approximately $2.5 million. The transactions are expected to close on or about February 5, 2025, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offerings, together with its existing cash, for general corporate purposes and working capital.

    R. F. Lafferty & Co., Inc. is acting as exclusive placement agent for the offerings. Hunter Taubman Fischer & Li LLC is acting as counsel to the Company. Lucosky Brookman LLP is acting as counsel to R. F. Lafferty & Co., Inc.

    The registered direct offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-268927) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on March 21, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting R. F. Lafferty & Co., Inc by email at offerings@rflafferty.com or via standard mail to R. F. Lafferty & Co., Inc, 40 Wall Street, 27th Floor, New York, NY10005.

    The offer and sale of the securities in the private placement are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors. Pursuant to the securities purchase agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the Ordinary Shares issuable upon exercise of the Warrants.

    Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About ZBAI

    ATIF Holdings Limited (NASDAQ: ZBAI) is a Lake Forest-based business consulting company that specializes in providing professional IPO, M&A advisory and post-IPO compliance services to small and medium-sized companies seeking to go public on a stock exchange in the United States. The company has a proven track record in successfully delivering comprehensive U.S. IPO consulting services to clients primarily in the United States but also internationally. The mission of ZBAI is to provide one-stop, comprehensive consulting services that guide clients through the complex and often challenging process of going public. ZBAI recognizes the complexity and challenges associated with the process of going public, and endeavors to simplify it while ensuring optimal outcomes for its clients through its comprehensive consulting services. ZBAI has been awarded the “Golden Bauhinia Award”, the highest award in the financial and securities industry in Hong Kong, for “Top 10 Best Listed Companies”. 

    Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of the “safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, “estimated,” “projected,” Words such as “expect”, “anticipate”, “predict”, “plan”, “intend”, “believe”, “seek”, “may”, “will”, “should”, “future”, “propose” and variations of these words or similar expressions (or the opposite of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements do not guarantee future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control and may cause actual results or achievements to differ materially from those discussed in the forward-looking statements. Important factors include future financial and operating results, including revenues, income, expenses, cash balances and other financial items; Ability to manage growth and expansion; Current and future economic and political conditions; The ability to compete in industries with low barriers to entry; The ability to obtain additional financing to fund capital expenditure in the future. Ability to attract new customers and further enhance brand awareness; Ability to hire and retain qualified management and key staff; Trends and competition in the financial advisory services industry; Pandemic or epidemic disease; Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the expected results expressed or implied by the forward-looking statements we make. You should not interpret forward-looking statements as predictions of future events. Forward-looking statements represent only the beliefs and assumptions of our management as of the date such statements are made. The above forward-looking statements are made as of the date of this press release.

    Contact Information
    kenny@atifchina.com

    The MIL Network –

  • MIL-OSI Video: UK Rip-off Britain: Dynamic pricing and consumer protection – Business and Trade Committee

    Source: United Kingdom UK Parliament (video statements)

    The Business and Trade Committee hold a public meeting on dynamic pricing and consumer protection, hearing from:

    Anne Pardoe, Interim Head of Policy at Citizens Advice

    Allen Simpson, Deputy CEO at UKHospitality

    Sue Davies, Head of Consumer Rights and Food Policy at Which?

    Tom Greatrex, Chair at Football Supporters Association

    Andrew Parsons, UK Managing Director and Regional Vice President, UK and Ireland, at Ticketmaster

    Justin Madders MP, Minster for Employment Rights, Competition and Markets at Department for Business and Trade

    George Lusty, Interim Executive Director for Consumer Protection and Markets at Competition and Markets Authority

    David Marshall, Deputy Director, Consumer Policy at Department for Business and Trade

    https://www.youtube.com/watch?v=J7Iw9DEypLc

    MIL OSI Video –

  • MIL-OSI: Paytronix Elevates Online Ordering Platform, Launches Catering Capabilities

    Source: GlobeNewswire (MIL-OSI)

    NEWTON, Mass., Feb. 04, 2025 (GLOBE NEWSWIRE) — Paytronix, the leader in guest engagement for restaurants and convenience stores, today announced Paytronix Catering, a new offering within its Online Ordering service that enables both large and small restaurants brands to grow and manage this important ordering channel with a catering offering that is fully integrated with Paytronix loyalty. Balancing first- and third-party ordering, Paytronix Catering gives brands the opportunity to turn third-party customers into first-party customers and, in so doing, optimize the significant revenue stream coming from catering orders.

    Paytronix Catering will enable restaurant brands to dramatically cut back on operational burdens by providing the tools necessary to accurately plan for catering orders, including order acceptance processes, partial payments, and calendar views of all orders. Restaurants can seamlessly manage the increased order volume and keep their kitchens functioning smoothly with additive lead timings, which help keep the pace and inflow of orders manageable for teams so they can meet guest expectations.

    Find out how to improve your catering with the Paytronix Catering Guidebook.

    “Most customers these days don’t consider you for catering until they see it themselves. For us, we put a lot of energy into making sure our customers knew that we had the capabilities, to see if it translated into new opportunities. And wow – it has been so profitable for us financially and operationally,” said Reed Daniels, CEO of Red’s Savoy Pizza.

    “Big catering orders obviously bring in sizable checks and bring on a lot of pressure because you really have to get them right. Since we’re taking them digitally, way ahead of time, we can make sure we’re on point operationally to give them everything they asked for in a timely, efficient manner that isn’t stressful for us or the customer. No pen, no paper – it’s all within the Paytronix platform like any other order. It’s proven to be incredibly valuable.”

    Paytronix Catering offers nearly 20 unique features designed to curate a clear and effective user experience, whether you’re a guest placing an order or the operator reviewing it. Such features include but are not limited to:

    • The Feed-o-meter, which is a unique visual designed to show ordering parties how close their order is to feeding the amount of people they are ordering for;
    • Catering Item Feed count, which eliminates the guesswork needed for guests to determine how many people each item is estimated to feed;
    • White Glove Service, available through our partnerships with EZCater and Doordash Large Order Fulfillment;
    • Order Approvals, which flag new catering orders in the system until they are reviewed by the appropriate manager. This is to confirm the restaurant has seen and reviewed the order and will appropriately plan ahead for the orders – limiting the potential for errors or staffing shortages.

    “Catering orders are placed ahead of time and are larger than typical online orders. Due to this, they add a layer of complexity into the preparation process for restaurants,” said Ray Gibson, online ordering product manager, Paytronix. “Paytronix Catering provides for the unique administrative and operational processes and complexities, including the need to hold an order above the POS until it is time to prep the order, and the need to take deposits for orders and for keeping on-prem orders and online ordering process seamless and accurate.”

    You can find out more information about Paytronix Catering here.

    About Paytronix
    Paytronix, an Access Group company, is a cloud-based digital guest engagement platform for the hospitality industry. Our innovative, unified platform provides loyalty programs, online ordering, gift cards, branded mobile applications, and strategic insights to more than 1,800 leading restaurant and convenience store brands. Our valued clients leverage the power of Paytronix across 50,000 sites globally to create seamless, personalized, and brand-authentic experiences that foster lasting relationships with their customers. For more than 20 years, Paytronix has been a trusted partner helping brands maximize the lifetime value of their guests and grow more profitable businesses. For more information, visit www.paytronix.com.

    Media Contact:
    Calen McGee
    Paytronix Systems, Inc.
    Calen.McGee@theaccessgroup.com
    646-957-7758

    The MIL Network –

  • MIL-OSI Global: Trump’s trade war is forcing Canada to revive a decades-old plan to reduce U.S. dependence

    Source: The Conversation – Canada – By Blayne Haggart, Associate Professor of Political Science, Brock University

    After threatening Canada and Mexico with illegal tariffs, and Canada with annexation, United States President Donald Trump has agreed to hold off on imposing tariffs on Canada for at least 30 days. This decision came after Prime Minister Justin Trudeau spoke with Trump and committed to strengthening border security.

    While this temporary reprieve provides some breathing room, the long-run question of how Canada should handle Trump and the American descent into authoritarianism remains.

    Early responses seem to have coalesced around two policies: for Canada to trade less with the U.S. and more with other countries and to strengthen the internal Canadian economy.

    Reducing Canada’s dependence on the U.S. economy is necessary in our current moment, as I’ve previously argued. But it will impose significant costs on Canadians and require a fundamental readjustment in how we think about our economy and society.

    The Third Option, revived

    This current crisis isn’t taking place in a historical vacuum. More than 50 years ago, similar concerns about Canada’s dependence on the U.S. led to a policy discussion centred on what became known as the “Third Option.”

    In 1972, then-Secretary of State for External Affairs Mitchell Sharp wrote a paper called “Canada-US Relations: Options for the Future.” At the time, international politics were in a moment of transition, and the U.S. was recalibrating its understanding of its national interest.

    Sharp proposed reconsidering the Canada-U.S. relationship. He observed that while Canadians recognized the benefits of ties with the U.S., they were increasingly wary of the direction of the relationship and in support of measures to “assure greater Canadian independence.”

    Echoing today’s concerns, Sharp argued that the central question for Canada was whether its interdependence with the U.S. would “impose an unmanageable strain on the concept of a separate Canadian identity, if not on the elements of Canadian independence.”

    The options that Sharp proposed are the same ones on offer today:

    1. The First Option: Maintain Canada’s current relationship with the U.S. with minimal policy adjustments
    2. The Second Option: Move toward closer integration with the U.S.
    3. The Third Option: Pursue a long-term strategy to strengthen the Canadian economy and reduce vulnerability

    From three options to one

    Sharp’s analysis is clear on the costs and benefits of free trade. In terms of benefits, economic prosperity would be easier to attain. In fact, this proved decisive in 1988, when Canada embraced the Second Option — closer integration through the 1988 Canada-U.S. Free Trade Agreement.

    But, as Sharp warned presciently, a free-trade agreement would be a “well-nigh irreversible option for Canada” because it would tie the country so closely to the U.S., raising the cost of disentanglement.

    Meanwhile, the U.S. would always be free to redefine the relationship for any reason. This is what happened in 2001 when the U.S. prioritized security over prosperity in response to the 9/11 attacks. It’s what’s happening now.

    As in 2001, deeper integration remains a tempting response to the U.S. But the risks from integration are even greater now, given that Trump is dismantling U.S. democracy at home and trying to bully its neighbours in unprecedented ways.



    Read more:
    How constitutional guardrails have always contained presidential ambitions

    Already, Canada is struggling to recruit American allies to fight against the tariffs because U.S. businesses and politicians are afraid to stand up to Trump. Choosing to more deeply integrate would only worsen Canada’s position, making it a part of the U.S. economy while losing even more political influence.

    And that’s without addressing the morality of collaborating with a country that is currently setting up a concentration camp for migrants in Guantanamo Bay.

    Autocratic governments, as Trump’s administration is demonstrating with his ultimatums against Canada and Mexico, are bullies who will always push the advantage. Taking their demands at face value is a surefire way to surrender Canadian autonomy one piece at a time. So, the First Option — maintaining the status quo — is also off the table.

    Which leaves the Third Option.

    The mortal peril facing Canada

    The Third Option has become more appealing across the political spectrum mainly because the U.S. is forcing Canada’s hand. The uncertainty Trump has injected into the relationship, even in the presence of a trade agreement, has made it more costly for businesses to engage in cross-border trade.

    If Trump’s tariff threat remains, and his attack on the rule of law continues, the U.S. market will become even more unattractive, not least because of the toxic uncertainty Trump has injected into the relationship.

    But his actions also underscore the new, extreme danger Canada now faces.

    As Sharp recognized in 1972, shared social values were the bedrock of successful Canada-U.S. relations. He understood that, for the Third Option to work, the relationship needed to be “harmonious.” Even as he considered ways to reduce Canada’s dependence, he never doubted Canada and the U.S. were “broadly compatible societies.”

    That shared foundation — “based on a broad array of shared interests, perceptions and goals” — made it possible for Canada to chart its own path while maintaining a productive relationship with the U.S.

    Today, that assumption no longer holds. The U.S., under Trump, is acting as an expansionist imperial power with little regard for international law.

    This is the needle Canadian politicians have to thread. By geography alone, Canada must continue to have a relationship with the U.S. But the absence of shared values makes it incredibly difficult to have any kind of healthy, productive relationship.

    The cost of democracy

    As Sharp recognized, there is a cost to following the Third Option. It will require a “deliberate, comprehensive and long-term strategy” on a scale not seen since the 1960s — meaning higher taxes, more government intervention and a level of global engagement Canada hasn’t undertaken in quite a while.

    This must all be done in a landscape where Canada and the U.S. no longer share values — a shift even ardent Canadian nationalists recognized was necessary for Canadian independence — while pursuing policies that do not antagonize the U.S.

    For the Third Option to be viable today, Canadians must embrace an independent Canadian identity based on respect for democracy, pluralism, the rule of law and human rights. It likely requires consensus that U.S. authoritarianism is wholly unacceptable to Canada.

    Canada is being pushed toward the Third Option as the least worst approach. But, as was true in Sharp’s time, the Third Option come at a cost. Independence and democracy don’t come for free.

    Blayne Haggart 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. Trump’s trade war is forcing Canada to revive a decades-old plan to reduce U.S. dependence – https://theconversation.com/trumps-trade-war-is-forcing-canada-to-revive-a-decades-old-plan-to-reduce-u-s-dependence-248433

    MIL OSI – Global Reports –

  • MIL-OSI: Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S.

    4 February 2025

    Nykredit Realkredit A/S has received the Danish Financial Supervisory Authority’s approval of Nykredit’s increase of the qualifying shareholding in Spar Nord Bank A/S.

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Period ends on 19 February 2025 at 23:59 (CET).

    Nykredit has received the Danish Financial Supervisory Authority’s approval in accordance with section 61 of the Danish Financial Business Act to increase Nykredit’s qualifying shareholding in Spar Nord Bank up to 100 per cent of the share capital.

    In addition to the Danish Financial Supervisory Authority’s approval, the Offer is subject to fulfilment of the conditions set out in section 6.6 of the Offer Document, including approval by the Danish Competition and Consumer Authority and achievement of the 67 per cent acceptance limit.

    It is Nykredit’s view that the shareholders of Spar Nord Bank find the Offer attractive. At the time of this announcement, Nykredit holds 31.1 per cent of the shares in Spar Nord Bank, and Nykredit’s information about acceptances received so far indicates that the 67 per cent acceptance limit stated in the Offer has been reached.

    Nykredit aims to delist Spar Nord Bank from Nasdaq Copenhagen A/S and to compulsorily acquire the remaining shares as soon as possible after completion of the Offer.

    Nykredit expects the Offer to be completed during H1/2025.

    The full terms and conditions of the Offer are contained in the Offer Document. The Offer Document is published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/en-gb/offer-spar-nord/ and https://www.sparnord.com/investor-relations/takeover-offer.   

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn

    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9B

    1414 Copenhagen K

    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/.

    This announcement and the Offer Document are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining this Offer Document, an acceptance form and/or other documents relating to the Offer Document or to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this Offer Document outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI Global: Just Stop Oil’s protest during The Tempest is an extension of theatre’s radical tradition

    Source: The Conversation – UK – By Gemma Cutler-Colclough, Lecturer in Theatre and Performance, University of Reading

    The theatre has long staged and debated society’s most pressing concerns. But when protest moves beyond the script and into the theatre itself, the reaction can shift from applause to confusion, and even outrage.

    Such was the case last week, when a Just Stop Oil demonstration interrupted a performance of The Tempest at The Theatre Royal, Drury Lane. Actor Sigourney Weaver sat aghast as protesters walked on stage and fired a confetti cannon, holding placards and announcing politely: “We’ll have to stop the show, ladies and gentlemen, sorry.”

    Audience-members can be heard both booing and cheering in footage of the moment. But despite the shock of the crowd and actors, protest at the theatre has a long history.

    The moment Just Stop Oil protestors invaded the stage during a performance of The Tempest.

    Rather than interlopers like Just Stop Oil, these protests have often come from theatregoers themselves. In 1809, for example, riots erupted when the new theatre at Covent Garden in London raised its ticket prices, making theatre less accessible to working-class patrons.

    For over two months, theatregoers disrupted performances with whistles, horns and placards, ultimately forcing a reversal of the price hikes. The message was clear: the theatre belonged to the people, not just the elite.

    In more recent history, the feminist play The Vagina Monologues, has been the subject of protest and the vehicle for it in almost equal measure. Various groups have stood against its empowerment of women, and others have used it to fight for the very same thing.

    And in 2004, the play Behzti (Dishonour) was shut down after just two days of performances at Birmingham Rep, following violent protests by members of the Sikh community.

    The play, which depicted sexual abuse and murder inside a Sikh place of worship, sparked fierce opposition, with critics arguing it was deeply offensive to their faith. While the theatre was intended as a space for difficult conversations, protesters saw it as a site that needed to be defended from perceived harm.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    Political theatre

    Protest is not only something that happens at the theatre but an integral part of the art-form itself. Performance holds a mirror to society and asks us to look at ourselves.

    As a result, political theatre has long shaped public discourse in England. Agitprop, for example, a highly politicised theatre movement that originated in 1920s Europe and aimed to educate and mobilise audiences.

    More recently in 2018, participatory London theatre company Coney staged an intervention with their youth arm, Young Coneys at the Society of Motor Manufacturers and Traders (SMMT) annual dinner, blurring the line between activism and performance.

    In a production called Codename Violet, young performers took on the role of activist agitators, posing as “very junior doctors”, informing guests of the health impact of diesel emission air pollution. “Is your event more important than a man’s life?” asked an actor calling out the industry’s role in the climate crisis.

    Like the Just Stop Oil’s action at The Tempest, this protest captured attention. Yet, while political theatre is often praised for its boldness, real-world disruptions are usually met with hostility.

    Perhaps the key difference is control. Audiences willingly engage with radical ideas when framed within a performance, but an uninvited protest strips them of choice. This is likely where the bewilderment arises over Just Stop Oil’s recent intervention. While theatre remains a space for political engagement, many still see it as a controlled environment, where the audience decides when and how to confront difficult and complicated truths.

    The tension between theatre as protest and protest at the theatre reveals an ongoing struggle over who gets to dictate the terms of political discourse.

    As long as theatre remains a mirror to society, the stage – and the spaces around it – will continue to be contested. Whether we see protest at the theatre as an intrusion or an extension of its radical tradition may depend on how willing we are to let performance spill into real life.

    Gemma Cutler-Colclough 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. Just Stop Oil’s protest during The Tempest is an extension of theatre’s radical tradition – https://theconversation.com/just-stop-oils-protest-during-the-tempest-is-an-extension-of-theatres-radical-tradition-248688

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Crimebusting Canines Foil Fake Tobacco Sales

    Source: Scotland – City of Dundee

    A canine crime busting duo has sniffed out illegal tobacco in Dundee shops and foiled the sale of fake cigarettes. 

    City council Trading Standards teams have been working with doggy detectives Rose and Boo in an intelligence-led operation,  

    A number of retailers were targeted, with five found to be in possession of illicit tobacco. 

    Nearly 9,000 cigarettes and 1750g of tobacco were seized, and officers also took away 42 non-compliant, oversized vapes. 

    The Dundee initiative was part of Operation Cece Scotland, where Trading Standards work with HMRC to tackle the illegal tobacco trade.  

    HMRC can impose financial sanctions for non-compliance with Tobacco Track and Trace regulations, while Trading Standards can report any criminal breaches to the Procurator Fiscal. 

    Illegal tobacco products are unregulated and can often contain harmful ingredients and bypass quality checks. Illicit tobacco can also pose a safety risk as they are unlikely to meet the self-extinguishing safety standards. 

    If anyone suspects any premises is selling illicit cigarettes or tobacco, they can report it to trading.standards@dundeecity.gov.uk or via Consumer Advice Scotland on 0808 164 6000. 

    Council officer worked with the specially trained tobacco detection dogs from Consumer Protection Dogs UK and their handler. 

    Climate, Environment & Biodiversity Convener Councillor Heather Anderson said: said: “I commend our Trading Standards team for all their work in this area which helps to protect our city’s communities from harm. 

    “Officers will continue to play a part in preventing illegal tobacco from being sold from local shops.” 

    MIL OSI United Kingdom –

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on BIGY ($0.5025) and SOXY ($0.4883)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Target 12™ ETFs listed in the table below. The Fund seeks to generate income with a 12% target annual income level.

    ETF Ticker1 ETF Name Reference Asset Distribution per Share Distribution Frequency Ex-Date & Record Date Payment Date
    BIGY YieldMax™ Target 12™ Big 50 Option Income ETF Multiple $0.5025 Monthly 2/5/2025 2/6/2025
    SOXY YieldMax™ Target 12™ Semiconductor Option Income ETF Multiple $0.4883 Monthly 2/5/2025 2/6/2025

    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.

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

    1Each ETF’s strategy 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 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.

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    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.

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

    Risk Disclosures

    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 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. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    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.

    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.

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

    © 2025 YieldMax™ ETFs

    The MIL Network –