NewzIntel.com

Category: Trade

  • MIL-OSI NGOs: Israel/OPT: Slovenia, Montenegro and Portugal must not assist the MV Kathrin’s delivery of explosives to Israel 

    Source: Amnesty International –

    Slovenia and Montenegro must stop the Portuguese-flagged MV Kathrin, believed to be carrying explosives bound for Israel, from docking at their ports, given the clear risk that such cargo would contribute to the commission of war crimes in Gaza, Amnesty International said. 

    According to Namibia’s government and Portugal’s Foreign Minister, the MV Kathrin’s cargo includes explosives destined for Israel. Namibian authorities refused to allow the vessel to enter its main harbour in August, citing information from the ship’s operator that its cargo includes eight containers of RDX Hexogen explosives bound for Israel. Statements from Slovenia’s Prime Minister’s office and Portugal’s Foreign Minister indicate the ship is heading for Montenegro and Slovenia’s port of Koper, where it will offload its cargo. It is unclear how the cargo will then reach Israel.  

    The deadly cargo believed to be on board the MV Kathrin must not reach Israel as there is a clear risk that such cargo would contribute to the commission of war crimes against Palestinian civilians.

    Nataša Posel, head of Amnesty International Slovenia

    “The deadly cargo believed to be on board the MV Kathrin must not reach Israel as there is a clear risk that such cargo would contribute to the commission of war crimes against Palestinian civilians,” said Nataša Posel, head of Amnesty International Slovenia.

    “Namibia rightfully upheld its international obligations by ensuring that the MV Kathrin did not transit military cargo to Israel through its port. Now it is up to Slovenia, Montenegro and all other states to do the same and avoid facilitating an unlawful transfer.” 

    International humanitarian law (IHL) prohibits all states from transferring weapons to a party to an armed conflict where there is a clear risk that doing so would contribute to the commission of war crimes or other serious IHL violations. 

    Amnesty International has documented extensive evidence of war crimes committed by all parties to the most recent escalation of the conflict in Israel and the Occupied Palestinian Territory using a wide variety of arms. Amnesty International research shows that Israel’s military has used explosive weapons to carry out direct attacks on civilians and civilian objects and indiscriminate attacks in Gaza, blocked humanitarian assistance and collectively punished Palestinians over the past year. 

    States that continue to transfer arms to Israel are therefore acting in contravention of their obligations under Common Article 1 of the Geneva Conventions and must act to prevent all such transfers with urgency. 

    Furthermore, as State Parties to the Arms Trade Treaty, Montenegro, Portugal and Slovenia have committed to establishing the highest possible common international standards for regulating the international trade in conventional arms for the purpose of reducing human suffering. As flag state, Portugal must not use its vessel to transfer the explosives or must remove its flag so as not to assist in the transfer. 

    “Amnesty International is calling for an immediate arms embargo on Israel and on Palestinian armed groups in Gaza due to their use of weapons to carry out war crimes and other serious violations. Any state that knowingly transfers arms to the parties in this ongoing conflict, including via transit of ships carrying arms and explosives, risks breaching their obligation not to encourage, aid or assist in violation of the Geneva Conventions. Portugal, Slovenia and Montenegro must not facilitate any such weapons transfer to Israel,” said Nataša Posel. 

    MIL OSI NGO –

  • MIL-OSI: Revenues of Latino-Owned Businesses Grew Last Year, But Earnings Fell Due to Rising Expenses, per 2024 Biz2Credit Study

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Biz2Credit’s 2024 Latino-Owned Business Study found that while revenues of Latino-owned companies increased (+11.6%), expenses rose more (+ 22.7%), resulting in lower earnings in 2023-24 than in 2022-23 (-$41.1K).

    The annual study examined the performance of Latino-owned small to midsized companies — from early stage to established companies — in the U.S. from July 1, 2023, to June 30, 2024. It examines financial indicators including annual revenue, operating expenses, age of business, and credit scores of both Latino-owned and non-Latino-owned companies.

    “Revenues for small businesses rose overall, largely because of inflation. Earnings were down overall, but the average drop for Latino-owned businesses was not as sharp as for non-Latino-owned businesses,” said Rohit Arora, CEO of Biz2Credit and Biz2X, who oversaw the research. “When we analyzed earnings performance, Latino-owned businesses outperformed the others.”

    Key findings: Latino-owned vs. non-Latino-owned Businesses

    1. The average annual revenue of Latino-owned businesses increased by 11.6% from $601,636 in 2022-23 to $671,360 in 2023-24. Meanwhile, the average annual revenue for non-Latino Businesses increased by 11.5% from $667,204 in 2022-23 to $744,027 in 2023-24.
    2. Average earnings (Annual Revenue – Operating Expenses) for Latino-owned businesses dropped from $113,268 in 2022-23 to $72,168 in 2023-24, a drop of $41,100. Meanwhile, non-Latino-owned businesses declined from $159,365 to $94,237, a drop of $65,128. Overall, earnings across all businesses decreased by 40% year over year.
    3. Operating expenses for Latino-owned firms increased by 22.7% from $488,368 in 2022-23 to $599,192 in 2023-24, resulting in earnings decrease of 36.3% for Latino firms. Meanwhile, operating costs for non-Latino-owned companies increased 28% from $507,849 in 2022-23 to $649,790 in 2023-24, resulting in a 40.9% drop in earnings.
    4. The average personal (FICO) credit score* for Latino owned business increased from 641 in 2022-23 to 647 in 2023-24. In comparison, the personal credit score for non-Latino-owned business increased from 648 to 659 during the same timeframe.
    5. The age of business for Latino-owned business increased from 54 months (4.5 years) in 2022-23 to 64 months in 2023-24. This is an indication of the staying power of Latino-owned companies. In comparison, non-Latino-owned businesses were in operation for an average of 79 months (slightly more than 6.5 years).
    6. The average approved funding amount** for Latino-owned businesses rose from $55,396 in 2022-23 to $75,680 in 2023-24. The amount was $16,662 lower than that for non-Latino-owned businesses, which had $92,342 in 2023-24, up from $75,912 in 2022-23.
    7. The percentage of financing applications submitted by Latino-owned businesses, relative to the total number of submitted applications, increased slightly from 14.8% in 2022-23 to 15% in 2023-24. In 2024, financing applications by Latino-owned businesses increased 14.13% (year-over-year) compared to 2023. That surpassed applications by non-Latino owned businesses, which grew 12.78% year-over-year.
    8. The funding rate for Latino-owned businesses stands at 32%, slightly higher than the 31% rate for non-Latino-owned businesses. The average funded amounts** were $62,371 for Latino-owned businesses and $76,503 for non-Latino-owned firms.
    9. Construction accounted for the largest industry category of Latino-owned companies examined in the study, followed by Other Services (except Public Administration), Accommodation and Food Services, Retail Trade, and Transportation and Warehousing.
    10. By state, nearly one-quarter (24%) of funding requests from Latino-owned firms came from Florida, followed closely by California (19.4%), and then Texas, New York, and New Jersey.

    “Inflationary pressures significantly hurt the earnings of all small businesses in the last year, and Latino-owned firms were not immune. While their revenues rose in 2023-24, their expenses increased almost twice as much,” said Arora. “Profits for Latino-owned companies seeking financing were down 36% on average, as a result.”

    “Many factors combined, including increased labor costs, rising fuel prices, and overall inflation. High interest rates also pinched companies that borrowed money for working capital or expansion,” Arora added. “The good news is that the growth rate of inflation has been easing a bit, and the Federal Reserve has lowered interest rates, thus bringing down the cost of capital.”

    *Average credit score is derived from the personal FICO credit score of business owners
    ** Average approved funding amounts and average funding sizes are determined by the qualifications of funding applications, including FICO scores and business revenues. any discrepancies are driven by these financial metrics.

    Impact of Latino-owned businesses on the U.S. Economy

    The U.S. is home to over 63 million Latinos, accounting for roughly 19% of the nation’s population. Latinos contribute a staggering $3.2 trillion to the economy and own nearly 5 million businesses that collectively generate more than $800 billion annually, according to the Stanford Graduate School of Business Latino Entrepreneurship Initiative (SLEI).

    Further, Latino entrepreneurs are starting businesses at more than twice the rate of the general U.S. population. This increase has led to a higher proportion of new businesses being owned by immigrants overall. In 2023, immigrants were responsible for 36% of new business launches, up from 25% in 2019, according to the U.S. Census Bureau.

    Latino immigrants significantly outpace other groups in business ownership, and they comprise 52% of all Latino-owned businesses. In contrast, only 7% of White-owned employer businesses are immigrant-owned, according to the SLEI. Further, Latino-owned businesses are set to revolutionize the U.S. economy, as Latinos are projected to make up 29% of the population by 2050 and contribute a staggering $1.4 trillion to the U.S. economy, according to JPMorgan Chase.

    Methodology

    Biz2Credit’s 2024 Latino-Owned Business Study is an annual review of the financial performance of Latino-owned small to midsized businesses in the United States, categorized by revenue generation. The study reviewed over 121,000 funding requests from both Latino-owned and non-Latino-owned businesses across all 50 states and 20 industries by analyzing credit inquiries and applications from July 2023 to June 2024.The analysis focused on variables such as submitted applications, annual revenue, operating expenses, business age, personal credit (FICO) scores*, funding rates, and average loan sizes. The study offers insights into the performance of Latino-owned private companies over the past year, using 2022-2023 data to compare average revenue and expenses year-over-year for 2023-2024.

    About Biz2Credit
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $8 billion in small business financing. The company is expanding its industry-leading Biz2X® technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit http://www.biz2credit.com, Instagram, Facebook, and X (formerly Twitter).

    Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

    The MIL Network –

  • MIL-OSI Economics: Swaminathan J: Governance in Small Finance Banks – driving sustainable growth and stability

    Source: Bank for International Settlements

    Chairpersons and Directors of the Boards of Small Finance Banks; Chief Executive Officers of SFBs; Executive Directors, Chief General Managers and colleagues from the Reserve Bank of India; ladies and gentlemen. A very good morning to all of you.

    It is an honour to address this distinguished gathering in the inaugural conference of Board of Directors of Small Finance Banks organised by the RBI. As has been mentioned, this conference is in continuation of the Reserve Bank’s efforts to reach out to its supervised entities through a direct dialogue with their Boards and Top Management. Our objective is to reaffirm the importance of good governance for maintaining financial stability and fostering sustainable growth.

    In his address1 to the Directors of Public and Private Sector Banks last year, the Governor outlined a comprehensive 10-point charter that addressed key aspects such as the role of the Board, its independence, the importance of setting the tone from the top, etc. His speech serves as an excellent blueprint for regulatory expectations from the Boards of Directors, and I encourage you to review it if you haven’t already.

    Today, I would like to discuss three key issues with you: (i) the vital role of Small Finance Banks in promoting financial inclusion, (ii) the necessity of strengthening governance and assurance functions for sustainable growth, and (iii) important considerations regarding business models and risks that Boards should be mindful of.

    Important Financial Inclusion objective of SFBs

    As you are aware, the licensing of Small Finance Banks was introduced a decade ago, in 2014, with the primary objective of advancing financial inclusion. Beyond serving as a vehicle to mobilise savings, SFBs were also envisioned to extend affordable credit to underserved and unorganised sectors, such as small and marginal farmers as well as small business units, by leveraging technology to reduce costs and improve accessibility.

    India, today, stands at a pivotal moment in her development trajectory. In the last 75 years, we have transformed ourselves from an agrarian economy into one driven by industry and services. However, translating our GDP into higher per capita Gross National Income comparable to developed economies will require a comprehensive approach towards inclusive and sustainable economic growth. This will inter-alia entail education, skill development, employment generation, and more pertinently further deepening of financial inclusion. Thus, the goal for small finance banks is not ‘small’. On the contrary, it is very significant, as SFBs play a crucial role in extending financial services to the underserved, fostering entrepreneurship, and driving inclusive growth that will be essential for India’s progress towards becoming a high-income economy.

    In a developing country like India, it is imperative for the financial sector, including small finance banks to strike a balance between profitability and social objectives. This can be achieved through a strategic focus on sectors that deliver high social impact, ensuring that financial growth is aligned with the broader goal of inclusive development. It is therefore essential for SFBs to actively participate in extending credit under various Government Sponsored Schemes to promote greater accessibility of affordable credit, especially among the vulnerable sections of the society.

    As the target group of such lending is mostly the marginalised and underserved sections of the society, it is essential for the SFBs to adopt responsible lending practices. It is disheartening to come across egregious practices by some SFBs, such as charging excessive interest rates, collecting instalments in advance as well as not adjusting such advance collections against loan outstanding, levying of usurious fees, etc. It is also observed that grievance redressal mechanism is far from adequate in most SFBs.

    I therefore feel that periodically reviewing how your bank is fulfilling its financial inclusion objectives is an area that Boards should give much deeper consideration to. It is not just about meeting regulatory requirements such as priority sector lending but also about assessing the true impact of your efforts on underserved communities. Boards can reflect on whether the bank is genuinely reaching marginalised groups, such as low-income households, small businesses, and rural populations, and how effectively it is using technology and innovative products to bridge financial gaps, as these were the objectives of having a differentiated licensing for SFBs.

    Strengthening Governance

    An effective governance framework is the foundation of resilient and well managed institutions, especially in the context of banks. There needs to be a clear division of responsibilities between the Board and the management to ensure smooth functioning of the bank. While the Board is responsible for setting the overall strategic direction, establishing policies, and ensuring that the bank adheres to regulatory frameworks and ethical standards, the management is responsible for the execution of the Board’s strategy and operations. It is the Board’s role to provide oversight, asking the right questions and holding the management accountable for executing the bank’s strategy within the agreed risk appetite.

    In this context, it is imperative that the views of the Board are clearly articulated and documented in the minutes of the meetings of the Board and its various sub-committees. It is said that the ‘palest ink is better than the best memory’. Proper documentation serves as a vital record of the Board’s deliberations, decisions, and rationale behind those decisions, ensuring transparency and accountability in governance. Clear minutes not only provide a historical account of the Board’s discussions but also serve as a reference for future decision-making, helping to maintain continuity and clarity in governance practices.

    Boards should prioritise proper succession planning for top management. Having just one Whole Time Director (WTD) can create potential vulnerabilities, especially in times of transition or unforeseen circumstances. Without a well-thought-out succession plan, the bank may face leadership gaps that could disrupt operations and affect strategic decision-making. A broader pool of experienced leaders also contributes to better governance and more resilient management structures. We observe that while the SFBs are strengthening their Boards by bringing in new directors, some SFBs are yet to ensure the presence of at least two Whole Time Directors. I would request these banks to expeditiously consider appointing more WTDs.

    Empowering Assurance Functions

    Boards should accord due importance to assurance functions, namely, risk management, compliance and internal audit. These functions play a critical role in identifying and mitigating risks, ensuring compliance with laws and regulations as well as safeguarding the organisation’s integrity.

    Boards should ensure that heads of assurance functions are positioned appropriately within the organisational hierarchy and granted direct access to the Board. Dual-hatting, or combining assurance responsibilities with operational or management duties, undermines the independence and objectivity of assurance functions by creating conflicts of interest. Therefore, any dual hatting of assurance functions, should be avoided.

    Key risks to reflect upon

    Small Finance Banks have demonstrated strong growth since their inception, now accounting for 1.18 percent of total banking assets (as of March 2024). This is a substantial rise from 0.44 percent in March 2018. The deposit base has grown at a 32 per cent compounded annual growth rate (CAGR) over the last five years whereas net advances recorded a CAGR of 26 per cent. While the business growth in Small Finance Banks is indeed impressive, it is imperative that Boards remain vigilant for hidden and emerging risks that could jeopardise their long-term success.

    In this context, I would like to highlight a few areas that Boards could keep in mind.

    Business model

    Firstly, I would urge Boards to consider the sustainability of their growth strategies and business models by conducting a thorough review of both the liability and asset sides of the balance sheet. Specifically, they should assess whether there is an overdependence on high-cost term deposits or bulk deposits from a limited number of institutions. Additionally, they should evaluate any substantial asset exposures that could adversely impact the bank if they were to sour. These are essential aspects that the Board and its Risk Management Committee must scrutinise to ensure long-term stability and resilience.

    Credit risks

    Secondly, I would like to emphasise proper credit risk underwriting. While many banks have expanded into unsecured retail lending, hoping to leverage the diversification benefits it offers, there is an underlying correlation risk that becomes more pronounced during economic downturns. In such scenarios, the credit profile of a large segment of borrowers can be significantly impacted, leading to higher default rates. This highlights the importance of rigorous underwriting processes that carefully assess the creditworthiness of borrowers, rather than relying solely on automated systems or algorithms. Effective underwriting should consider a comprehensive range of factors, including income stability, credit history, and the overall economic environment, to ensure that loans are made judiciously.

    Further, while digital lending solutions have streamlined the process and made access to credit easier, on-the-ground presence for collections remains crucial. Resorting to coercive recovery practices as a means of mitigating risk is not a sustainable solution. Such practices not only harm the bank’s reputation but can also lead to legal and regulatory repercussions. A better approach is to implement collection strategies that prioritise communication and collaboration with borrowers. This includes strictly adhering to fair practices code and adopting an empathetic approach while dealing with stressed loan book.

    Cyber-security risk and third-party dependencies

    Thirdly, I would like to address the issue of cyber security and IT vulnerabilities. Being relatively new entities, SFBs have used technology to enhance their product offerings and customer service. However, with their increasing digital footprint, these banks face significant operational risks from growing cyber threats, digital frauds, and possible data breaches.

    The cyber security landscape is evolving rapidly, and SFBs must stay ahead of emerging threats to protect their customers’ data and maintain operational resilience. The SFBs should adopt robust business continuity plans and effective IT outsourcing strategies. There is also a need to ensure rigorous change management processes, comprehensive data protection measures, vigilant transaction monitoring, stringent access controls and network security protocols. These measures will help SFBs to significantly enhance their IT resilience against possible disruptions.

    Operational Risk

    Fourthly, while I have covered cybersecurity threats, I would also like boards of SFBs to be mindful of the larger issue of operational risks. During periods of rapid growth, the focus on increasing market share, launching new products, and acquiring customers can lead to a neglect of essential risk management practices. For example, hastily onboarding new customers without thorough KYC due diligence or rushing the deployment of technology solutions without adequate testing can increase the likelihood of frauds, errors and service disruptions. Growth is important for the success of Small Finance Banks. However, it must not come by overlooking operational controls.

    Another significant area of concern for operational risk is the high attrition rate among staff in Small Finance Banks. While the branch network and employee headcounts are expanding, the sector faces a very high attrition rate of nearly 40 per cent, particularly among frontline staff and junior management. Such elevated turnover, though mostly at the entry and junior management levels, poses substantial operational risks, as it can lead to a loss of institutional knowledge, disruption in service delivery, and increased training costs for new hires. To mitigate these risks, Board-level efforts are essential to focus on employee retention strategies at all levels. Further, the absence of succession planning for critical managerial positions is a common issue across SFBs, which requires immediate attention from Boards to ensure a smooth transition of leadership and maintain operational effectiveness.

    Conclusion

    In conclusion, SFBs with their outreach to rural and semi-urban areas, are intended to be one of the key enablers in credit offerings to individuals, weaker sections, entrepreneurs, SHGs/JLGs and MSMEs. They have a large role to play in achieving our aspirational goal of becoming a developed nation by 2047.

    As RBI celebrates 90 years of its foundation this year, we have set deepening financial inclusion as one of our cherished objectives for RBI@100. RBI, with its continued commitment towards a financially inclusive India, has taken several measures to support these segments ranging from Priority Sector Lending targets to the introduction of TReDS for MSMEs. A new chapter in this book is the Unified Lending Interface (ULI) platform which aims at “enabling frictionless credit” with the ‘new trinity’ of JAM-UPI-ULI, further propelling India’s growth story.

    SFBs should strive to harness this opportunity and other such opportunities offered by latest technological innovations for efficient and cost-effective service delivery. Further, with robust governance and effective board oversight, SFBs can capitalise on their strengths while meeting growth and stability objectives.

    With this, I wish you all the best for the coming sessions and hope that you find these sessions professionally enriching and stimulating. Thank you!

    MIL OSI Economics –

  • MIL-OSI: LanzaTech Expands Biorefining Platform Capabilities to Include Production of Commercial-scale Nutritional Protein Directly From CO2

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 01, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced its plans to expand its biorefining platform capabilities to include operations that produce LanzaTech Nutritional Protein (“LNP”) as the primary product. LNP is a microbial protein that is a nutrient-rich alternative to plant and animal-based proteins. By using a new microbe in its proprietary gas fermentation process, LanzaTech’s biorefining platform can produce a cost-competitive protein solution that supports a resilient food supply chain. LNP production has the capability to address food security issues and be produced anywhere in the world, independent of weather extremes. Notably, the production of LNP uses a fraction of the land and water resources that traditional protein sources require. 

    With the development of LNP production facilities, LanzaTech will gain access to the large and growing alternative protein markets, diversifying its customer base, expanding its sources of revenue, and optimizing the value creation driven by its existing, proven platform.

    “Building on the expertise of our commercially operating core gas fermentation process, LNP represents a natural expansion of our business,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “By coupling a new microbial production strain with our existing bioreactor technology, and our years of operating experience, we have developed a path to mass produce protein from CO2. For two years, we’ve operated a pilot facility to prepare for commercialization, and in the process, we’ve partnered with leading brands and food testing organizations for rigorous analysis and prototyping of nutrition applications. We have now progressed into the engineering design phase for a 0.5 to 1.5 ton per day facility, expected to be operational in 2026, and have developed a roadmap to commercial-scale production in 2028.”

    By 2050, the world population is projected to reach 10 billion people, which means an additional 250 million metric tons (“MT”) of protein will be required annually. LanzaTech is extending the power of its gas fermentation platform—which can already produce commercial scale volumes of essential ethanol for apparel, packaging, surfactants, and sustainable aviation fuel—to produce large quantities of protein without straining land and water resources or impacting biodiversity. LNP has a complete amino acid profile and no allergenicity.

    LanzaTech has nearly two decades of experience biorefining carbon-rich feedstocks to produce ethanol as the primary product and protein as a co-product. Leveraging this experience, LanzaTech has developed a solution using CO2 that produces LNP as the primary product. As a leader in gas fermentation, LanzaTech is well positioned to access the $1 trillion and growing alternative protein markets with a cost-competitive product that leverages LanzaTech’s proprietary biorefining platform and that utilizes similar feedstocks to LanzaTech’s current operations. 

    LanzaTech is evaluating potential sites, in collaboration with several partners, for the first pre commercial facilities, planned to be operational in 2026. These facilities are expected to produce between 0.5 to 1.5 tons of LNP per day, and given the high protein content of LNP, 0.5 tons per day of LNP is roughly the equivalent of giving a typical complete daily intake of protein to approximately 9,000 people. 

    Commercial facilities are being designed to produce more than 30,000 MT per annum, or greater than 80 MT per day, with the first of these facilities expected to be operational during 2028. 

    LanzaTech is in the process of completing trials and testing in animal feed and pet food, and is underway with completing the U.S. Food and Drug Administration’s Generally Recognized as Safe (“GRAS”) certification process for LNP’s use in human nutrition formulations.

    The Center for Aquaculture Technologies has successfully tested LNP for fish feed applications and human food and beverage innovation firm Mattson completed thorough protein characterization and food prototyping for dish concepts such as smoothies, dairy-free cheese, and bread.

    LanzaTech has also partnered with the U.S. Navy Research Lab on a joint research and contract development project jointly funded by the Office of the Under Secretary of Defense for Research and Engineering, the Office of Naval Research, and the U.S. Naval Research Laboratory to evaluate the viability of creating nutritional proteins on military platforms.

    “We are excited to collaborate with LanzaTech on this groundbreaking extension of their carbon recycling platform. Together we are exploring the biomanufacturing potential of a nutritional protein product made from CO2 extracted from seawater,” said Dr. Matthew Yates, Research Biologist at the U.S. Naval Research Laboratory. “Integrating LanzaTech’s state of the art gas fermentation technology with the U.S. Naval Research Laboratory’s Seawater Carbon Capture Process presents a valuable opportunity to develop a unique capability to meet the nutritional needs of soldiers and sailors across the Joint Forces while simultaneously enhancing the resilience of military operations in an evolving geopolitical landscape.”

    For more information on LanzaTech and LNP please visit https://lanzatech.com.

    About LanzaTech

    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Forward Looking Statements

    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements. 

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: 

    • Our ability to scale and develop the LNP business to the maturity and levels of efficiency required to realize returns, or to receive the required government and regulatory approvals for the marketing and sale of LNP;
    • Timing delays in the advancement of projects to the final investment decision stage or into construction; 
    • Failure by customers to adopt new technologies and platforms; 
    • Fluctuations in the availability and cost of feedstocks and other process inputs; • The availability and continuation of government funding and support; 
    • Broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; 
    • Unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and 
    • Other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission. 

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    LanzaTech Global, Inc.
    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media Relations
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    The MIL Network –

  • MIL-OSI: Global Net Lease, Inc. Announces Common Stock Dividend for the Fourth Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL / GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared a dividend of $0.275 per share of common stock payable on October 16, 2024, to common stockholders of record at the close of business on October 11, 2024.

    Dividends authorized by the Company’s board of directors and declared by the Company are paid on a quarterly basis in arrears during the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network –

  • MIL-OSI NGOs: Israel/OPT: ‘explosives for Israel’ ship set to dock in Montenegro and Slovenia

    Source: Amnesty International –

    The MV Kathrin, a Portuguese-flagged vessel reportedly carrying explosives bound for Israel, is currently heading for Montenegro and Slovenia

    Ship is believed to be carrying eight containers of components for aircraft bombs and missiles

    ‘The deadly cargo believed to be on board the MV Kathrin must not reach Israel’ – Nataša Posel

    Slovenia and Montenegro must stop the Portuguese-flagged vessel MV Kathrin – believed to be carrying explosives bound for Israel – from docking at their ports given the clear risk that such cargo would contribute to the commission of war crimes in Gaza and Lebanon, Amnesty International said today. 

    According to the Namibian government and Portugal’s Foreign Minister, the MV Kathrin’s cargo includes explosives destined for Israel.

    In August, the Namibian authorities refused to allow the vessel to enter its main harbour citing information from the ship’s operator that its cargo includes eight containers of RDX Hexogen explosives bound for Israel. Statements from the Slovenian Prime Minister’s office and the Portuguese Foreign Minister indicate that the ship is heading for Montenegro and also for Slovenia’s port of Koper, where it will offload its cargo. It is unclear how the cargo will then reach Israel.

    On 31 August, Francesca Albanese, the United Nations Special Rapporteur on the Occupied Palestinian Territories, said that eight containers of explosives aboard MV Kathrin “are reportedly key components in the aircraft bombs and missiles” used by Israel against Palestinians. Albanese called on all countries to block the ship from docking at their harbours.

    Countries which continue to transfer arms to Israel are acting in contravention of their obligations under Common Article 1 of the Geneva Conventions and must act to prevent all such transfers with urgency. Furthermore, as state parties to the international Arms Trade Treaty, Montenegro, Portugal and Slovenia have committed to establishing the highest possible common international standards for regulating the international trade in conventional arms for the purpose of reducing human suffering. As the flag state, Portugal must not use its vessel to transfer the explosives or must remove its flag so as not to assist in the transfer.

    Amnesty has documented extensive evidence of war crimes committed by all parties to the most recent escalation of the conflict in Israel and the Occupied Palestinian Territory using a wide variety of arms. Amnesty research shows that the Israeli military has used explosive weapons to carry out direct attacks on civilians and civilian objects and indiscriminate attacks in Gaza, blocked humanitarian assistance and collectively punished Palestinians over the past year.

    Nataša Posel, head of Amnesty International Slovenia, said:

    “The deadly cargo believed to be on board the MV Kathrin must not reach Israel as there is a clear risk that such cargo would contribute to the commission of war crimes against Palestinian civilians.

    “Namibia rightfully upheld its international obligations by ensuring that the MV Kathrin did not transit military cargo to Israel through its port.

    “Now it is up to Slovenia, Montenegro and all other states to do the same and avoid facilitating an unlawful transfer.

    “Amnesty International is calling for an immediate arms embargo on Israel and on Palestinian armed groups in Gaza due to their use of weapons to carry out war crimes and other serious violations.

    “Any state that knowingly transfers arms to the parties in this ongoing conflict, including via transit of ships carrying arms and explosives, risks breaching their obligation not to encourage, aid or assist in violation of the Geneva Conventions. Portugal, Slovenia and Montenegro must not facilitate any such weapons transfer to Israel.” 

    Timeline

    On 21 July, the MV Kathrin embarked with its cargo from Vietnam’s Hai Phong port.

    On 24 August, the Namibian authorities revoked previously-granted permission for the MV Kathrin to enter Namibia’s main harbour, citing information from the ship’s operator that some of the explosives on board were destined for Israel. This decision was based on concerns of potential complicity in war crimes in Gaza. The MV Kathrin was scheduled to dock at Namibia’s Walvis Bay on 25 August. 

    MIL OSI NGO –

  • MIL-OSI Canada: Canada named as Country of The Year for France’s 2025 Viva Technology 

    Source: Government of Canada News

    News release

    September 26, 2024 – Ottawa, Ontario – Global Affairs Canada

    Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced that Canada has been named the Country of The Year for Viva Technology 2025, the largest technology event in Europe, which is scheduled for June 11 to 14, 2025 in Paris, France. This honour reinforces Canada’s reputation as a worldwide leader in artificial intelligence. Scale AI, Canada’s Global Innovation Cluster focused on Artificial Intelligence (AI), will lead Canada’s business delegation.

    Viva Technology is a major annual technology conference where business leaders, startups, and investors come together to share ideas and showcase innovative technologies. As the Country of The Year, Canada will showcase its expertise to the global community and connect with thousands of visionary startups, investors, organizations, researchers, and media during the ninth edition of one of the world’s biggest tech events. Leveraging advancements in AI can enhance Canada’s economy, increase productivity, and create exciting new opportunities for all Canadians.

    Companies interested in being part of Canada’s delegation to Viva Technology 2025 can express their interest through Scale AI, Canada’s AI Global Innovation Cluster focused on leveraging AI to improve value chains.

    Canada’s participation in Viva Technology 2025 was addressed by Prime Minister Trudeau and French President Macron in their Joint Declaration as President Macron concluded his visit to Canada yesterday. This reflects the strong collaboration between Canada and France in artificial intelligence through initiatives like the Global Partnerships on AI and the Centres of Excellence in Montreal and Paris. Viva Technology 2025 will provide an excellent opportunity to build on our ongoing work with France to strengthen cooperation among governments, organizations, and businesses to deliver technology solutions that are responsible, secure, and grounded in human rights and democratic values.

    Quotes

    “As the Country of The Year at Viva Technology 2025, Canada will stand at the forefront of innovation, showcasing the immense trade benefits that arise from connecting startups, technology leaders, large companies, and investors. Together, Canada and France are not only enhancing global collaboration but also driving a new era of growth and creativity that benefits both of our nations.”

    – Mary Ng, Minister of Export Promotion, International Trade and Economic Development

    “Canada is building an ecosystem where innovation can thrive while ensuring we are developing safe technologies. Canada has been working hard with France to make concrete progress in the development of a robust and responsible AI ecosystem and I look forward to furthering our collaboration as we showcase our progress at this global technology event.”

    – François-Philippe Champagne, Minister of Innovation, Science and Industry

    Quick facts

    • The commercial relationship between Canada and France is underpinned by the Canada-EU Comprehensive Economic and Trade Agreement (CETA), which has been provisionally applied since 2017. 

    • CETA creates opportunities for French and Canadian businesses by eliminating tariffs and increasing the mobility of business people, among other things.

    • Canada and France have worked collaboratively on several initiatives for the responsible use of AI including launching the Global Partnership on Artificial Intelligence (GPAI) in June 2020.

    • The Government of Canada announced a Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems in September 2023 and an AI Safety Institute.

    • The Viva Technology 2024 Canadian delegation of 60 organizations was the largest Canadian AI presence ever showcased at an international event.

    Associated links

    Contacts

    Huzaif Qaisar
    Press Secretary
    Office of the Minister of Export Promotion, International Trade and Economic Development
    343-575-8816
    Huzaif.Qaisar@international.gc.ca

    Media Relations Office
    Global Affairs Canada
    media@international.gc.ca
    Follow us on X (Twitter): @CanadaTrade
    Like us on Facebook: Canada’s international trade – Global Affairs Canada

    MIL OSI Canada News –

  • MIL-OSI USA: Golden introduces bill to restore American manufacturing with 10 percent tariff on all imports

    Source: United States House of Representatives – Congressman Jared Golden (ME-02)

    WASHINGTON — Congressman Jared Golden (ME-02) today introduced the BUILT USA Act, to incentivize American manufacturing and job creation and address the nation’s ballooning trade deficit by levying a 10 percent tariff on all imports. 

    “America must once again become a nation of producers, not just consumers,” Golden said. “Decades of globalization have transformed our country from an industrial superpower to one that relies on other countries for basic goods. To secure our future in an increasingly competitive world, we must move toward self-sufficiency, industrial strength and the homegrown innovation that goes hand-in-hand with a strong, productive economy. These tariffs put us on a path to that future.”

    Upon enactment, the BUILT USA Act (formally the Balance Unequal International Labor and Trade for the United States of America Act) would assess a ten percent tariff to all goods and services imported into the United States. Each subsequent calendar year, this duty would increase or decrease by 5 percent depending on whether America maintains a trade deficit or surplus, respectively. 

    Tariffs have been embraced by presidents of both parties, with former President Donald Trump setting new tariffs on Chinese imports, which were kept on the books and in some cases expandedunder President Joe Biden. 

    “Recent history is bipartisan recognition that the era of free-wheeling free-trade that cost Maine so much must come to an end, as a matter of both national security and economic interest,” Golden said. “We must act to reposition ourselves in the world economy, to a place of strength and self-sufficiency.”

    The trade balance — the difference between U.S. exports and U.S. imports — has been in deficit since the mid-70s. In recent years, the figure has approached nearly $1 trillion. 

    “America’s ever-expanding trade deficit is a clear sign that the current global trade regime is stacked against U.S. workers, industries, and communities,” Oren Cass, founder and chief economist of American Compass, said. “Rep. Golden’s BUILT USA Act will address this global trade imbalance head on, reassert U.S. economic interests, and help reestablish the industrial base that made America the most innovative, prosperous, and resilient nation in the world.”

    Background: 

    Seventy years ago, employment in manufacturing made up over 40 percent of nonfarm jobs in Maine, according to the Maine Department of Labor. Today, it’s less than 10 percent. The losses accelerated in the 1990s with the signing of NAFTA, after which Maine lost one in three manufacturing jobs — with 25,000 lost to outsourcing alone. Forty percent of those who lost jobs had to take new ones with lower pay.

    Golden has been a leading voice for reconfiguring U.S. trade policy in favor of American industry and workers. In May, he introduced legislation that would raise tariffs on Chinese imports of automobiles and energy components to ensure America’s industrial base, and thus its future, is strong. He published an essay the same month on the importance of a robust production economy for national security and middle-class prosperity. 

    In 2019, he was one of only 41 House members to vote against the United States-Mexico -Canada Agreement, which he called “a missed opportunity to deliver real and lasting change” to the North American Free Trade Agreement (NAFTA). 

    Full text of his legislation can be found here.

     

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”

    MIL OSI Translation. Region: Russian Federation –

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

    Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”

    September 26, 2024

    Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov

    September 26, 2024

    Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”

    September 26, 2024

    Previous news Next news

    Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”

    Deputy Prime Minister of the Russian Federation Alexander Novak held a meeting with the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov on the sidelines of the international forum “Russian Energy Week”. The parties discussed cooperation in the oil, gas, coal and electric power sectors, in the implementation of projects in the field of renewable energy and peaceful nuclear energy.

    The meeting participants discussed issues of mutual integration of industrial projects and improvement of the investment climate, as well as opportunities for cooperation in the field of small and medium-sized businesses.

    “Trade, economic and investment relations between our countries are developing dynamically, and comprehensive work to expand them continues. Last year, mutual trade turnover increased by 11.5% and reached 823 billion rubles. Exports amounted to 564 billion rubles and increased by 8.8% year-on-year, imports – 258 billion rubles (17.9%). This year, the trend continues: over 6 months, trade turnover increased by 8.7%, exports – by 9%, imports – by 8.3%,” noted Alexander Novak.

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

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

    http://government.ru/nevs/52808/

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    MIL OSI Translation. Region: Russian Federation –

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

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    September 26, 2024

    Previous news Next news

    Alexander Novak held a panel session “World energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”

    Deputy Prime Minister Alexander Novak spoke at the panel session “Global energy as the basis for economic growth and well-being: in search of balance” at the international forum “Russian Energy Week”.

    The discussion was also attended by the Secretary General of the Gas Exporting Countries Forum (GECF) Mohamed Hamel, the Executive Vice President, Minister of Oil of the Bolivarian Republic of Venezuela Delcy Eloina Rodriguez Gomez, the Minister of Energy of the Islamic Republic of Iran Abbas Aliabadi, the State Secretary for the Development of Bilateral Relations of the Ministry of Foreign Affairs and Foreign Economic Relations of the Republic of Hungary Illes Boglarka, the Deputy Prime Minister of the Republic of Belarus Viktor Karankevich, the Minister of Energy of Uzbekistan Jurabek Mirzamakhmudov.

    During the session, participants discussed issues of the functioning of the global energy market in the context of growing demand for global energy over the next 20 years, the role of traditional and renewable energy sources, as well as the impact of unlawful restrictions on hydrocarbon-producing countries.

    According to Alexander Novak, over the past 10 years, demand for global energy has grown by 13-14%. In the next 20 years, primary energy consumption will grow by 25%. Both its consumption and the range of industries that generate demand for it will change structurally. In particular, the Deputy Prime Minister recalled that today digital technologies already consume 8-10% of energy, and in the next three years this volume will double, primarily due to the active implementation of artificial intelligence, as well as increased consumption by electric transport. Despite the growth in the share of renewable energy sources, hydrocarbons will continue to play a key role in the global energy balance.

    “Traditional energy sources, hydrocarbons, and primarily oil and gas, will continue to provide supply on global energy markets. If today we see an annual growth in oil consumption of 1-2%, then by 2050, instead of today’s 102 mbps (million barrels per day), we will see about 120 mbps. As for gas, the rate of consumption growth will be even higher: approximately plus 35% to today’s volumes by 2050. That is, we can state that, despite a slight decrease in the share of hydrocarbons, they will still dominate in ensuring global energy consumption,” noted Alexander Novak.

    The Deputy Prime Minister recalled that Russia is a key player in the global oil market. The strategy for the development of the fuel and energy complex until 2050 envisages maintaining global leadership based on the introduction of modern technologies, achieving technological sovereignty, modernizing the oil, gas, and electric power industries, developing new logistics routes, transport and port infrastructure.

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

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

    http://government.ru/nevs/52809/

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Defence and Security Advocate reappointed

    Source: United Kingdom – Executive Government & Departments

    Lord Lancaster’s appointment as the HMG Defence and Security Advocate extended by the Business and Trade Secretary.

    • Business and Trade Secretary Jonathan Reynolds extends Lord Lancaster’s contract as Defence and Security Advocate for a further three months.
    • Lord Lancaster will continue to engage with industry leaders, ministers and other key players both in the UK and overseas to build export relationships with the UK’s partners.

    Business and Trade Secretary Jonathan Reynolds has reappointed Lord Mark Lancaster as the Government’s Defence and Security Advocate, to drive the UK’s defence and security export success for a further three months until 20 December 2024.

    Lord Lancaster will report directly to the Business and Trade Secretary and will continue his programme of visits both overseas and at home to promote UK defence and security exports.

    Lord Lancaster was initially appointed in January 2023 and has brought a wealth of specialist defence experience to the role.  Major-General, Lord Lancaster, is Director of the Army Reserves and was a Defence Minister between 2015-2019.  He was also previously a Major in the Territorial Army, having served as part of NATO peacekeeping forces in Kosovo and Bosnia.

    Background

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Cegedim: Revenue and EBITDA both increased in the first half of 2024

    Source: GlobeNewswire (MIL-OSI)

         
     

    PRESS RELEASE

    First-half financial information at June 30, 2024
    IFRS – Regulated information – Audited

    Cegedim: Revenue and EBITDA both increased in the first half of 2024

    • Revenue grew 6.0% as reported and 4.6% LFL to €319.0 million
    • EBITDA rose 6.9% to €52.2 million
    • Recurring operating income(1) (REBIT) fell 3.4% to €10.3 million

    Boulogne-Billancourt, France, September 26, 2024, after the market close

    Cegedim generated consolidated H1 2024 revenues of €319.0 million, a 6.0% year-on-year increase as reported, and EBITDA of €52.2 million, a €3.4 million or 6.9% increase. Recurring operating income fell €0.4 million, or 3.4%, to €10.3 million.

      H1 2024 H1 2023 Change
      in €m (in %) (in €m) (in %) (in €m) in %
    Revenues 319.0 100.0% 301.0 100.00% 18.0 6.0%
    EBITDA(1) 52.2 16.4% 48.8 +16.2% 3.4 6.9%
    Depreciation & amortization -41.9   -38.1   -3.8 -9.8%
    Recurring operating income(1) 10.3 3.2% 10.7 3.6% -0.4 -3.4%
    Other non-recurring operating income and expenses(1) -2.6   -1.4   -1.2 -88.8%
    Operating income 7.7 2.4% 9.3 3.1% -1.6 -17.1%
    Financial result -5.0   -5.6   0.6 10.8%
    Total tax -2.9   -12.4   9.5 76.8%
    Share of net profit (loss) of equity method companies 0.1   -0.5   0.6 110.3%
    Consolidated net profit -0.1 0.0% -9.2 -3.1% 9.1 99.0%
    Non-controlling interests -0.7   -0.4   -0.3 -69.3%
    Group share 0.6 0.2% -8.8 -2.9% 9.4 107.2%
    Recurring earnings per share(2) (in euros) 0.0 – -0.6 –    
    Earnings per share (in euros) 0.0 – -0.6 –    

    Consolidated revenues rose €18.0 million, or 6.0%, to €319.0 million in H1 2024 compared with €301.0 million in 2023. The positive scope effect of €3.7 million, or 1.2%, was attributable to the first-time consolidation in Cegedim’s accounts of Visiodent starting March 1, 2024. The positive currency impact was €0.5 million, or 0.2%, chiefly owing to appreciation of the pound sterling against the euro. In like-for-like terms(2), revenues rose 4.6% in the first half, in line with the Group’s announced outlook. The performance was attributable to seasonality and the non-recurrence of Ségur public health investments in 2024.

    EBITDA(1) rose €3.4 million between the first half of 2023 and 2024, or 6.9%. The improvement is the result of good management of personnel costs and external costs, in moderate growth as a percentage of revenues even though the amount of R&D capitalization fell and the Group had an additional quarter of start-up costs for its biggest BPO contract.

    ————-
    (1)    Alternative performance indicator See pages 112-113 of the 2023 Universal Registration Document.
    (2)   At constant scope and exchange rates.

    Depreciation and amortization expenses rose €3.7 million, chiefly due to a €3.1 million increase in R&D amortization (€22.7 million at June 30, 2024 compared with €19.7 million a year earlier) driven by development efforts in recent years.

    Recurring operating income(1) fell €0.4 million to €10.3 million in H1 2024 compared with €10.7 million in 2023.  It amounted to 3.2% of 2024 revenue compared with 3.6% in 2023. The fine EBITDA performance did not drop through to recurring operating income solely because of higher depreciation and amortization. Excluding the impact of Ségur subsidies and at comparable levels of amortization of capitalized R&D, Recurring operating income would have more than doubled.

    Other non-current operating costs(1) amounted to €2.6 million in H1 2024 compared with €1.4 million in the same period in 2023.  The principal items in 2024 were restructuring costs related to the Group’s decision to refocus software for doctors in the UK on Scotland and fees related to the Visiodent acquisition.

    Taking these elements into account, operating income came to €7.7 million at June 30, 2024, compared with €9.3 million a year earlier.

    Financial result was a loss of €5.0 million compared with a €5.6 million loss in H1 2023. Dividend income over the period more than offset the increase in the cost of financial debt.

    Tax was back to normal levels at €2.6 million in H1 2024 compared with €12.4 million in H1 2023. As a reminder, in 2023 the Group made a non-cash adjustment that caused it to record a deferred tax charge corresponding to the downward revision of its estimated remaining deferred tax assets.

    Analysis of business trends by division

    in millions of euros Total Software & Services Flow Data & Marketing BPO Cloud & Support
    Revenue            
    2023 reported

    2023 reclassified (*)

    		 301.0

    301.0

    		 161.5

    150.6

    		 48.2

    46.8

    		 54.9

    54.9

    		 32.8

    32.8

    		 3.5

    15.8
    2024 319.0 152.1 49.5 59.3 39.9 18.1
    Change 6.0% 1.0% 5.8% 8.0% 21.6% 14.5%
                 
    Recurring operating income            
    2023 reported

    2023 reclassified (*)

    		 10.7

    10.7

    		 -2.0

    -2.5

    		 5.6

    5.2

    		 6.6

    6.6

    		 1.4

    1.4

    		 -0.9

    0.0
    2024 10.3 -1.4 5.9 5.3 1.9 -1.3
    Change -3.4% 42.4% 12.8% -19.8% 36.0% na
                 
    Recurring operating margin (as a % of revenues)

    2023 reported

    		  

    3.6%

    		  

    -1.2%

    		  

    11.7%

    		  

    11.9%

    		  

    4.3%

    		  

    -24.7%
    2023 reclassified (*) 3.6% -1.7% 11.1% 11.9% 4.3% 0.3%
    2024 3.2% -1.0% +11.8% 8.9% 4.8% -7.0%
                 

    (*) As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.

    • Software & Services: H1 2024 revenues posted a €1.5 million increase, and recurring operating income (REBIT)(1) improved by €1.1 million to a loss of €1.4 million, compared with a €2.5 million loss a year earlier.

    ————-
    (1)    Alternative performance indicator See pages 112-113 of the 2023 Universal Registration Document.

    Software & Services First half Change

    2024 / 2023
    in millions of euros 2024 2023
    Revenues 152.1 150.6 1.5 1.0%
    Cegedim Santé 38.9 39.8 -1.0 -2.4%
    Insurance, HR, Pharmacies, and other services 86.7 84.5 2.3 2.7%
    International businesses 26.5 26.3 0.2 0.6%
    Recurring operating income(1) -1.4 -2.5 1.1 42.4%
    Cegedim Santé -1.6 -1.4 -0.2 -11.8%
    Insurance, HR, Pharmacies, and other services 3.4 3.3 0.1 3.5%
    International businesses -3.3 -4.4 1.1 25.6%

    As expected, Cegedim Santé felt the impact of increased R&D amortization (nearly €1 million) and a demanding comparison owing to the non-recurrence of Ségur public health investments (€4.4 million in H1 2023 revenues). The consolidation of Visiodent starting March 1, 2024, only partly offset those two items. Recurring operating income was nearly stable over the first half, but EBITDA increased as expected.

    The other businesses in the division posted REBIT(1) of €1.2 million. A solid performance by HR solutions, which managed to keep costs under control during a phase of strong growth, compensated for slower pharmacy equipment sales post-Ségur. The international businesses got a boost from dynamic sales for doctors in Spain and for insurers in the UK. As we shift our operations, narrowing the focus of our UK doctor’s software business to Scotland continued to generate costs in the first half.

    • Flow: Revenues rose 5.8%, driven by Cegedim e-business (process digitalization and electronic data flows), both of whose businesses made positive contributions; by Invoicing & Procurement, which rebounded in France and is benefiting from the upcoming reform in Germany; and by Healthcare Flow Management, which has dynamic new offerings for hospitals to make their drug purchasing secure. Over the same period, Third-party payer systems posted 3.6% growth. As a result, REBIT(1) rose 12.8%, with Third-party payer systems making the biggest contribution, as Cegedim e-business recorded a large R&D amortization charge.
    • Data & Marketing: Trends differed at this division—Marketing is still going strong, with 20% growth, whereas Data revenues fell 2.8%, particularly abroad. REBIT(1) of €6.6 million was down €1.3 million over the first half owing to high fixed costs in Data and increased depreciation and amortization costs at C-Media (+€1 million) due to heavy investments in updating its digital signage equipment.
    • BPO: Revenue jumped more than 21% over the first half, buoyed notably by a full six months of the contract with Allianz, which started on April 1, 2023, and is expected to generate losses in the early years. But the division reined in those losses so well that REBIT(1) rose €0.5 million in the first half of 2024 to reach €1.9 million, also getting a boost from the HR BPO and digitalization businesses.
    • Cloud & Support: H1 2024 REBIT(1) was a loss of €1.3 million, compared with breakeven a year earlier. The drop was due to surcharges related to the launch of a new cloud offering and recruitment of new offshore teams.

    ———

    (1) Alternative performance indicator See pages 112-113 of the 2023 Universal Registration Document.

    Highlights

    Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during H1 2024 that would materially alter the Group’s financial situation.

    • Acquisition of Visiodent

    On February 15, 2024, Cegedim Santé acquired Visiodent, a leading French publisher of management software for dental practices and health clinics. Visiodent launched the market’s first 100% SaaS solution, Veasy, at a time when it was significantly expanding its organization. Its users now include the country’s largest nation-wide networks of health clinics, both cooperative and privately owned, as well as several thousand dental surgeons in private practice. Visiodent generated revenue of c.€10 million in 2023 and began contributing to Cegedim Group’s consolidation scope on March 1, 2024.

    Cegedim S.A. has been subject to two tax audits since 2018, which have resulted in reassessments relating to the use of tax-loss carryforwards contested by the tax authorities. Cegedim, in consultation with its lawyers, believes that the reassessments are unfounded in light of the applicable tax law and jurisprudence. The Company has therefore taken, and continues to take, all possible avenues of contestation.

    As these appeals are not suspensive, Cegedim has paid the amounts reassessed over time (a total of 23 million euros already paid, including 10.9 million euros disbursed in February 2024). The remaining risk of future disbursements in respect of this dispute thus amounts to only 5 million euros at June 30, 2024.

    However, these disbursements have never given rise to the recognition of a tax charge in the P&L, since the Company considers that these sums will be recoverable at the end of the proceedings (they are recognized as advances paid on the assets side of the balance sheet). Should the outcome be unfavorable, a charge of 28 million euros (of which 23 million has already been paid) would have to be recorded in the consolidated income statement.

    In addition, the consolidated balance sheet must show the future tax savings still realizable in respect of tax loss carryforwards. This “deferred tax asset” amounted to 6.9 million euros at June 30, 2024.
    Should the outcome be unfavorable, the probability of realizing these future savings would become nil, and an adjustment of 6.9 million euros would have to be recorded in the consolidated income statement (with no cash impact, since these gains have never yet been realized).

    Consequently, the risk associated with this dispute is not (or very little) in terms of cash, but rather in terms of a possible adjustment to the consolidated income. The maximum P&L adjustment risk is known: it amounts to 34.9 million euros and will remain unchanged. Only its breakdown varies at each closing: the amount of disputed tax savings (28 million to date) will continue to increase, and that of remaining future savings (6.9 million to date) will decrease accordingly until exhausted.

    In the last quarter of 2023, the Company referred this dispute to the administrative court, which is likely to continue for several years.

    Significant transactions and events post June 30, 2024

    Apart from the items cited below, to the best of the company’s knowledge, there were no post-closing events or changes after June 30, 2024, that would materially alter the Group’s financial situation.

    • New financing arrangement

    On July 31, 2024, Cegedim announced that it had secured a new financing arrangement consisting of a €230 million syndicated loan. The arrangement is split into €180 million of lines drawn upon closing to refinance the Group’s existing debt (RCF and Euro PP, which were to mature in October 2024 and October 2025 respectively) and an additional, undrawn revolving credit facility (RCF) of €50 million. This new financing arrangement will bolster the Group’s liquidity and extend the maturity of its debt to, respectively, 5 years (€30 million, payments every six months); 6 years (€60 million, repayable upon maturity); and 7 years (€90 million, repayable upon maturity).

    Outlook

    Based on the currently available information, the Group expects 2024 like-for-like(2) revenue growth to be in the range of 5-8% relative to 2023. Recurring operating income should continue to improve, following a similar trajectory as in 2023.  

    Recurring operating income(1) is expected to grow, notably thanks to the initial returns on investments made in Cegedim Santé and refocusing international activities.

    These targets may need to be revised in the event of unexpected developments (pandemic, etc.) and/or a significant worsening of geopolitical and macroeconomic risks. The Group reiterates that it has no activities or exposed assets in Russia or Ukraine.

    —————

    The Audit Committee met on September 25, 2024. The Board of Directors, chaired by Jean-Claude Labrune, met on September 26, 2024, and approved the consolidated financial statements at June 30, 2024, of which the statutory auditors have conducted a limited review. The Interim Financial Report will be available in a few days’ time, in French and in English, on our website.

    2024 financial calendar

    2024 October 24 after the close Q3 2024 revenues

    Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Disclaimer
    This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on September 26, 2024, no earlier than 5:45 pm Paris time.
    The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2023 Universal Registration Document filled with the AMF on April 3, 2024, under number D.24-0233.

    About Cegedim:
    Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs more than 6,500 people in more than 10 countries and generated revenue of €616 million in 2023.

    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more please visit: http://www.cegedim.fr
    And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

    Aude Balleydier
    Cegedim
    Media Relations
    and Communications Manager

    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr

    		 Damien Buffet
    Cegedim
    Head of Financial Communication

    Tel.: +33 (0)7 64 63 55 73
    damien.buffet@cegedim.com

    		 Céline Pardo
    Becoming RP Agency
    Media Relations Consultant

    Tel.:        +33 (0)6 52 08 13 66
    cegedim@becoming-group.com

    		  

    ———

    (1) Alternative performance indicator See pages 112-113 of the 2023 Universal Registration Document.
    (2) At constant scope and exchange rates.

    Annexes

    Consolidated financial statements at June 30, 2024

    • Assets au 30 juin 2024
    In thousands of euros 6/30/2024 12/31/2023
    Goodwill 234,955 199,787
    Development costs 29,706 1,562
    Other intangible fixed assets 177,834 192,616
    Intangible non-current assets 207,541 194,178
    Land 594 544
    Buildings 1,556 1,660
    Other property, plant, and equipment 53,006 45,829
    Advances and non-current assets in progress 901 831
    Rights of use 86,092 89,718
    Tangible fixed assets 142,149 138,582
    Equity investments 0 0
    Loans 16,332 15,332
    Other long-term investments 7,120 5,230
    Long-term investments – excluding equity shares in equity method companies 23,452 20,563
    Equity shares in equity method companies 19,086 22,065
    Deferred tax assets 18,209 19,747
    Prepaid expenses: long-term portion 0 0
    Non-current assets 645,390 594,922
    Goods 6,072 5,498
    Advances and deposits received on orders 1,396 3,703
    Accounts receivables: short-term portion 182,907 175,199
    Other receivables: short-term portion 59,070 59,563
    Current tax credits 27,262 16,495
    Cash equivalents 0 0
    Cash 35,414 46,606
    Prepaid expenses: short-term portion 26,138 22,082
    Current assets 338,260 329,146
    Total assets 983,651 924,068
    • Liabilities et shareholders’ equity at June 30, 2024
    In thousands of euros 6/30/2024 12/31/2023
    Share capital 13,432 13,337
    Consolidated retained earnings 276,449 282,521
    Group exchange gains/losses -11,848 -12,275
    Group earnings 630 -7,407
    Shareholders’ equity, Group share 278,663 276,175
    Minority interest 17,550 18,381
    Shareholders’ equity 296,213 294,556
    Non-current financial liabilities 187,714 188,546
    Non-current lease liabilities 76,267 78,761
    Deferred tax liabilities 5,949 5,600
    Post-employment benefit obligations 30,632 31,007
    Non-current provisions 2,147 2,521
    Non-current liabilities 302,710 306,435
    Current financial liabilities 61,570 3,006
    Current lease liabilities 14,661 14,789
    Trade payables and related accounts 57,225 61,734
    Current tax liabilities 192 235
    Tax and social security liabilities 113,884 121,371
    Non-current provisions 1,660 1,730
    Other current liabilities 135,538 120,212
    Current liabilities 384,728 323,077
    Total liabilities 983,651 924,068
    • Income statement at June 30, 2024
    In thousands of euros 6/30/2024 6/30/2023
    Revenues 318,995 301,011
    Purchases used -14,045 -14,739
    External expenses -72,687 -66,371
    Taxes -3,961 -4,291
    Payroll costs -173,240 -163,623
    Impairment of trade receivables and other receivables and on contract assets -872 -2,041
    Allowances to and reversals of provisions -2,440 -1,830
    Other operating expenses -690 108
    Share of profit (loss) from affiliates on the income statement 1,146 603
    EBITDA (1) 52,207 48,827
    Depreciation expenses other than right-of-use assets -33,140 -29,030
    Depreciation expenses of right-of-use assets -8,733 -9,097
    Recurring operating income(1) 10,334 10,700
    Non-recurring operating income and expenses -2,616 -1,385
    Other non-recurring operating income and expenses(1) -2,616 -1,385
    Operating income 7,718 9,315
    Income from cash and cash equivalents 326 180
    Cost of gross financial debt -7,121 -5,633
    Other financial income and expenses 1,813 -136
    Net financial income (expense) -4,983 -5,589
    Income taxes -1,226 -1,841
    Deferred income taxes -1,652 -10,588
    Tax -2,878 -12,429
    Share of profit (loss) from affiliates 53 -515
    Consolidated net profit -90 -9,219
    Group share 630 -8,793
    Income from equity-accounted affiliates -721 -426
    Average number of shares excluding treasury stock 13,695,317 13,658,348
    Recurring earnings per share (in euros) 0.0 -0.6
    Earnings per share (in euros) 0.0 -0.6
    • Cash flow statement as of June 30, 2024
    In thousands of euros 6/30/2024 6/30/2023
    Consolidated net profit -90 -9,219
    Share of profit (loss) from affiliates -1,199 -88
    Depreciation and amortization expenses and provisions 40,531 37,972
    Capital gains or losses on disposals of operating assets -52 -798
    Cash flow after cost of net financial debt and taxes 39,190 27,867
    Cost of net financial debt 4,983 5,589
    Tax expenses 2,878 12,429
    Cash flow from operating activities before tax and interest 47,051 45,885
    Tax paid -11,634 -378
    Impact of change in working capital requirements -13,206 -18,032
    Cash flow generated from operating activities after tax paid and change in

    working capital requirements

    		 22,211 27,476
    Acquisitions of intangible fixed assets -29,879 -29,550
    Acquisitions of tangible fixed assets -15,935 -11,759
    Acquisitions of long-term investments 0 -36
    Disposals of property, plant, and equipment and of intangible assets 553 2,575
    Disposals of long-term investments 934 805
    Change in deposits received or paid -860 -156
    Impact of changes in consolidation scope -35,454 -2,172
    Dividends received from outside the Group 4,073 30
    Net cash from (used in) investing activities -76,568 -40,264
    Capital increase 985 –
    Dividends paid to minority shareholders of consolidated cos. 0 –
    Dividends paid to shareholders of the parent company -1 –
    Debt issuance 55,000 –
    Debt repayments -219 -193
    Employee profit sharing 145 129
    Repayment of lease liabilities -8,152 -11,353
    Interest paid on loans -972 -117
    Other financial income received 718 596
    Other financial expenses paid -3,612 -3,492
    Net cash flow used in financing activities 43,892 -14,430
    Change in net cash excluding currency impact -10,465 -27,218
    Impact of changes in foreign currency exchange rates -728 -456
    Change in net cash -11,194 -27,674
    Opening cash 46,606 55,553
    Closing cash 35,412 27,879
    • Financial covenants

    The Group complied with all its covenants as of June 30, 2024.

    (1) Alternative performance indicator

    Attachment

    The MIL Network –

  • MIL-OSI: Flow Traders Q3 2024 Pre-close Call

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders Q3 2024 Pre-close Call

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) publishes the Q3 2024 pre-close call script to be used with analysts post the market close on 26 September 2024.

    Flow Traders will conduct a pre-close call with the analyst community post the European market close today, prior to the start of the silent period on 1 October 2024. The script to be used can be found on our website.

    https://www.flowtraders.com/investors/results-centre

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanding into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances. We continuously grow our organization, ensuring that our trading desks in Europe, the Americas and Asia can provide liquidity across all major exchanges, globally, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning. Please visit http://www.flowtraders.com for more information.

    Important Legal Information

    This publication is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this publication does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this publication are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This publication is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any statements contained in this publication to reflect any change in events, conditions or circumstances on which such statements are based. Unless the source is otherwise stated, the market, economic and industry data in this publication constitute the estimates of our management, using underlying data from independent third parties. We have obtained market data and certain industry forecasts used in this publication from internal surveys, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. The third party sources we have used generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed and that the projections they contain are based on a number of assumptions.

    By accepting this publication you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this publication.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI Translation: Biographical notice

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – in French 2

    Mylène Paradis (BA [communications], Université Laval, 1991; MA [journalism], Université Laval, 1993) joined the Department of Foreign Affairs and International Trade in 2002.

    Mylène Paradis (BA [communications], Université Laval, 1991; MA [journalism], Université Laval, 1993) joined the Department of Foreign Affairs and International Trade in 2002. At headquarters, she held positions with the Stabilization and Reconstruction Task Force and the Central America and Caribbean Bureau. She was Chief of Staff to the Deputy Minister of International Development and Director of the Global Health and Nutrition Branch. Abroad, she was posted to Madrid from 2005 to 2008. Throughout her career, she has held secondments to various departments, including the Privy Council Office, Citizenship and Immigration Canada and Health Canada. Most recently, she was Director General of Canadian Partnerships for Health and Social Development at Global Affairs Canada.

    Marianick Tremblay (BBA [civil and international law], Université de Sherbrooke, 1989; LL.B. Université de Sherbrooke, 1990) was called to the Quebec Bar in 1990 and joined External Affairs and International Trade Canada in 1993. At headquarters, she served as senior counsel in the Environmental Law Division, coordinator of the Human Security Program, and senior counsel for small arms. Ms. Tremblay also served as deputy director of the Brazil and Southern Cone Section, and then as director of Hemispheric Affairs, which included relations with the Organization of American States and coordination of the Canadian delegation’s participation in the Summit of the Americas. From 2018 to 2021, she served as director general of the Mobilization of Canadians in the Partnerships for Development Innovation Sector. She has served in various overseas postings, including Mexico (1995–1998), Morocco (2001–2005), Chile (2007–2010), and as Ambassador to El Salvador (2010–2012), Ecuador (2015–2018), and Colombia (2021–2024).

    Craig Weichel (BA Honours [History], Wilfrid Laurier University, 1994; MA [History], McMaster University, 1996) joined the Department of Foreign Affairs and International Trade in 1998. At headquarters, he worked in the U.S. General Relations, Northern Europe, Non-Proliferation and Disarmament (Nuclear), and United Nations divisions. He also headed the Natural Disaster Response and Civilian Security Policy Division and the North Korea Task Force. From 2007 to 2009, he was President of the Professional Association of Foreign Service Officers. Abroad, he served in New York with the Permanent Mission of Canada to the United Nations; in Vienna with the Canadian Delegation to the Organization for Security and Co-operation in Europe; in Rome and, more recently, in Washington, where he directed the embassy’s environment and energy program.

    Brenda Wills (Hons BComm, University of Manitoba, 2003; MSc [Sustainable Development], University of Sussex, 2021) is a Métis from Red River, Manitoba who joined the Department of Foreign Affairs and International Trade in 2004. Her first posting abroad was in Washington, D.C. as Second Secretary (Trade Policy). She subsequently served as First Secretary (Trade) in Chile, Senior Trade Commissioner and Counsellor (Trade) in Colombia, and Counsellor (Trade Policy) in Mexico City. At Headquarters, she worked in the Trade Policy and Negotiations Branch, first on negotiations with the European Union and the European Free Trade Association, and then on the Trans-Pacific Partnership negotiations as Deputy Director of Communications and Stakeholder Engagement. She also served as Chief of Staff to the Assistant Deputy Minister of International Business Development and Canada’s Chief Trade Commissioner. Most recently, she served as Senior Trade Commissioner and Counsellor (Commercial Affairs) in Singapore.

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

    MIL Translation OSI

  • MIL-OSI Asia-Pac: Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)

    Source: Hong Kong Government special administrative region

    Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)
    Keynote address by SJ at seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in Kuala Lumpur, Malaysia (English only) (with photos)
    ******************************************************************************************

         Following is the keynote address by the Secretary for Justice, Mr Paul Lam, SC, at the seminar titled Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond in in Kuala Lumpur, Malaysia, today (September 26): Her Excellency Dato’ Sri Azalina (Minister in the Prime Minister’s Department (Law and Institutional Reform), Malaysia, Dato’ Sri Azalina Othman Said), 鄭學方代辦 (Chargé d’Affaires of the Chinese Embassy in Malaysia, Mr Zheng Xuefang), Dato’ Seri Gobalakrishnan (President, National Chamber of Commerce and Industry of Malaysia), ladies and gentlemen, distinguished guests,      I am very pleased to be here today. Firstly, I must thank all of you for joining our seminar. I was told that there are all together around 150 friends from Malaysia attending this event. It is a daunting task to speak right after such an eminent panel of speakers sharing their experiences and expertise.       I would like to begin by a very important fact. That is the relationship between China and Malaysia. The year of 2024 is extremely important because it marked the 50th anniversary of the establishment of the diplomatic ties between the two countries. I think the exact date was May 31, 1974. Fast forward, in June this year, the Premier of the People’s Republic of China, Mr Li Qiang, visited Kuala Lumpur. On that occasion, he renewed a co-operation agreement between the two countries for another five years. And fast forward, not too long ago, I think less than two weeks ago on September 20, the King of Malaysia Sultan Ibrahim Iskandar went to Beijing and met President Xi Jinping. He described the trip as a great success. ASEAN is now the number one trading partner of China, and I understand that Malaysia is going to be the chairman of ASEAN in 2025. So I have no question whatsoever that the relationship between China and Malaysia and ASEAN will be taken to a new height in the very near future.      Now, returning to Hong Kong. Many speakers have already mentioned the historical ties of people-to-people connection. Our Chief Executive actually came to Kuala Lumpur, Malaysia, in July 2023. On that occasion, 11 co-operation agreements and memorandum of understanding were signed. Your Minister of Investment, Trade and Industry actually came to Hong Kong a couple of weeks ago to attend the Hong Kong – ASEAN Summit. And right after that, the governments of Hong Kong and Malaysia announced that we are finalising the negotiation of establishing an Economic and Trade Office (ETO) in Kuala Lumpur and we are very hopeful that the ETO will be established very soon. Once again, that will signify another important development between Hong Kong and Malaysia. So the certainty is that we are going to see a much closer relationship or economic co-operation between the jurisdictions. And against this background, there must be a huge demand and need for legal co-operation between the two jurisdictions. That is exactly the purpose of my trip, joined by a group of very eminent lawyers from Hong Kong.      The message that we wish to convey is reflected by the theme of this seminar – Hong Kong: The Common Law Gateway for Malaysian Businesses to China and Beyond. In answer to one of the questions posed by the participants, we are not saying that Hong Kong is the only gateway. It is not an exclusive gateway, but it is a very unique gateway. It is unique because, as Janice (panel speaker Ms Janice Chew) has mentioned, I used six factors to describe why Hong Kong legal service is unique in the sense that it cannot be found elsewhere. Now I have to repeat the six factors, but I would like to put that in a different way so that my friends who have attended the Ho Chi Minh City event would not feel bored.      The first point is very important, which is also mentioned by some of the speakers — the stability of our common law system which is guaranteed to be continuing beyond 2047. Jern-fei (panel speaker Mr Ng Jern-fei, KC) mentioned that one of the linkage between Malaysia and Hong Kong is that we share the common law heritage. We are common law jurisdictions. In the past, there were questions as to whether the “one country, two systems” principle including our common law system can go beyond 2047. I think Elaine (panel speaker Ms Elaine Lo) gave a very good answer, she referred to government leases. But I can be even more specific. Firstly, I think that is one piece of freehold land in Hong Kong, the St John’s Cathedral. But subject to that, all land in Hong Kong is leasehold land. On July 5 this year, actually a very important legislation came into existence, that is known as the Extension of Government Leases Ordinance. The effect is that most leases in Hong Kong have been automatically renewed for 50 years in the sense that they will go beyond 2047. So it is not just a direction given by the central authorities. That has been given statutory force. I think that serves as a very good piece of evidence proving that the “one country, two systems” principle and the common law system will survive after 2047.      The second factor goes to the reliability of our judicial system. When it comes to reliability of judicial system, I think I have to mention two facts, the quality of our judges and the integrity of our system. I think one of the speakers referred to the fact that the judgments of our Court of Final Appeal (CFA) have been cited in many other common law jurisdictions. I do have the statistics between 2018 and 2024, there are 46 occasions on which CFA judgments have been cited in many common law jurisdictions. This figure is provided by the Judiciary, so I think it is quite reliable. When it comes to integrity, our Judiciary put a lot of emphasis to ensure that our judicial proceedings will remain to be of very high standard and there is no compromise. One example, nowadays we are very fond of using artificial intelligence (AI) in our work. Our Judiciary issued a guideline in July this year regulating the use of artificial intelligence in judicial proceedings, in short, telling the judges in what circumstances and for what purposes they can resort to AI. I think the purpose is to ensure that our judicial proceedings will not be compromised by the use of modern technology. So that’s the second point.      The third point is we have a very business-friendly legal environment. I can again give you some objective evidence. According to the World Competitiveness Yearbook 2024 compiled by the International Institute for Management Development in Switzerland, Hong Kong overall ranked the fifth, and when it comes to business legislation, the business law, Hong Kong ranked the first in the world. So that tells a lot about the quality of our business law. But we recognise that there is no room for complacency. And Elaine also mentioned one point about how we ensure that our business environment will be as attractive as possible to investors. She referred to a new listing rule. In March last year, the Hong Kong Stock Exchange introduced a Chapter 18C under the Listing Rules to allow specialist technology company to get listed in Hong Kong. And the first successful case actually took place on June 13 this year. A company named QuantumPharm Inc, stationed in Shenzhen and specialised in artificial intelligence and robotics, became a public listed company pursuant to Chapter 18C. Again, that is a very good piece of evidence showing the efforts that we have made to ensure that our laws and regulations will remain to be very business-friendly and attractive.      The fourth point is that we provide a very safe and secure environment – no exchange control, freedom of movement of funds and property. One of the participants asked a question about the ICAC (Independent Commission Against Corruption), that is a very important matter. In fact, in my very brief conversation with Her Excellency Minister right before we enter this room, this is a matter that we touched upon. Hong Kong is a very safe place because we have very clean law enforcement agencies to ensure that all the laws and regulations will be strictly enforced. There is a Corruption Perceptions Index compiled by an NGO (non-governmental organisation) called Transparency International. I think for the latest survey, Hong Kong ranked 14th out of 180 countries and territories. So that’s why you are so interested about ICAC, because it is the institution responsible for ensuring there is no corruption. So for all practical purpose, there is absence of corruption in Hong Kong.      The fifth point is the feature that distinguishes Hong Kong from any other common law jurisdictions. That is our connection, the connection with the Mainland legal system via a number of very important mutual legal assistance arrangements. Now Joanne (panel speaker Ms Joanne Lau) has mentioned one of them, the interim arrangement, but I would like to give another example, which is also very telling.      In January this year, a mutual legal arrangement concerning the mutual recognition and enforcement of judgments in civil and commercial matters by the courts of the Mainland and of the Hong Kong Special Administrative Region came into effect in Hong Kong. It means that a Hong Kong judgment, provided that certain criteria and conditions have been fulfilled, can be enforced and recognised in Mainland China, and vice versa. And I would like to compare the arrangement with the Hague Judgments Convention, because we have adopted the same principle. We are more liberal in the sense that while we are striking a balance between the interest of judgment creditor and the judgment debtor, the scope or the type of cases covered by this arrangement is even wider than the Hague Judgments Convention. It is because some types of intellectual property (IP) cases have been included in the arrangement, whereas IP cases have been completely excluded from the Hague Judgments Convention. So this is my fifth factor.      The last factor is also something very important. It is about the abundant supply of truly international legal practitioners. We have very good examples here. For example, Janice, she is dually qualified in Malaysia and Hong Kong. But she is just one of the numerous examples. There are around 13 000 solicitors, 1 600 barristers and more than 920 law firms in Hong Kong. Some of these firms have altogether 315 oversea offices and 85 offices in Mainland China. And we have 77 registered foreign law firms and more than 1 450 registered foreign lawyers. And I think three of them are qualified in Malaysia. So when you instruct a Hong Kong lawyer, you are not instructing a mere Hong Kong lawyer but you are instructing a global lawyer who is able to provide legal service not confining to matters concerning Hong Kong law.      Another important factor is that we are not just familiar with the common law, we are not just familiar with international law practice, we are also familiar with the Chinese culture – how things are done in our culture, why things are done in a certain way, why documents are drafted in a certain manner. And when it comes to legal service, what is important? It is not simply your knowledge about the law, it is how much you know your client, how much you know how the business community actually works. It is about knowing the people instead of knowing the law on paper.      So combining these six factors, I would venture to say that not only the gateway is a very scenic route, as mentioned by Jern-fei, but it is also a very unique route that you cannot find elsewhere. But to enable the very unique legal services to serve the interests of Malaysia, I think the pre-condition is that we have to know each other better and we have to have more platforms for regular exchanges and to explore opportunities for collaboration.      That’s why I am very delighted that in a moment, the Asian International Arbitration Centre in Malaysia is going to sign MOU (Memorandum of Understanding) with the SCIA (South China International Arbitration Center (HK)) and also with eBRAM (eBRAM International Online Dispute Resolution Centre). I am aware that you have many questions, but because of the time constraint, the panel speakers were not able to answer all the questions as pointed out about Alex (panel moderator Mr Alexander Tang). But right after this seminar we have a reception which I believe will last until 8pm. So I would encourage all of you to take the opportunity to have more exchanges and to make friends. I’m sure that all the members from the Hong Kong delegation will be more than happy to answer whatever questions that you have in mind.      I always like to use analogy to end my submission. I always describe the legal service offered by Hong Kong is something like you are entering a food plaza or food hall which consists of many different types of restaurants serving different cuisines. And the important point is that no matter what you want, no matter what you need, you name it and you will get it. So that is what Hong Kong undertakes to serve. And I do hope that today marked a new beginning of the collaboration between Malaysia and Hong Kong when it comes to legal co-operation. I look forward to meeting all of you very soon, perhaps right after the seminar or on other occasion. Thank you very much.

     
    Ends/Thursday, September 26, 2024Issued at HKT 23:55

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: A year of DAX Copilot: Healthcare innovation that refocuses on the clinician-patient connection

    Source: Microsoft

    Headline: A year of DAX Copilot: Healthcare innovation that refocuses on the clinician-patient connection

    In 2012, a child’s drawing of her appointment with a physician was published in the Journal of the American Medical Association (JAMA). In the brightly colored sketch, the girl is sitting on the exam table accompanied by her mother and siblings. To those of us working in healthcare, her doctor is the most notable part of the image. He is sitting at his desk, typing on the computer — with his back to the patient.

    This drawing, published alongside an article titled “The Cost of Technology,” is emblematic of the unintended consequences of healthcare innovation. With more tools for physicians to use and greater demands on their time, technology can easily become a barrier between the clinician and the patient. For example, in 2023 approximately 53% of physicians surveyed by Medscape reported feeling burned out, and 23% reported feeling depressed. Long working hours, bureaucratic demands and loss of work-life balance due to administrative requirements are leading causes. Our mission has always been to help clinicians turn their chairs around by providing the support they need to fully focus their attention on delivering care.

    Fast-forward to today, and we’ve translated that goal into reality. After establishing the ambient technology category, we introduced DAX Copilot, the first generative AI voice-enabled solution, which has been generally available for one year, and we’re seeing remarkable momentum. Part of a proven and extensible platform, DAX Copilot leverages health systems’ existing investments in the trusted family of Dragon Medical solutions, which is used by more than 600,000 clinicians worldwide.

    DAX Copilot combines proven conversational and ambient AI with generative AI to automatically convert multiparty conversations into specialty-specific standardized draft clinical summaries that integrate with existing workflows. DAX Copilot was the first ambient solution to be integrated into the Epic electronic health record (EHR) workflow and allows clinicians to seamlessly document patient visits directly within the EHR. Across the country, more than 400 organizations have already embraced its revolutionary capabilities, streamlining administrative tasks and lightening clinicians’ documentation workloads.

    This transformative year has highlighted many of the ways we’re helping empower healthcare teams today and bringing joy back to practicing medicine for thousands of clinicians.

    Improving Access to Care — and Enhancing Documentation Quality

    DAX Copilot is helping Northwestern Medicine in Chicago improve patient access to care, with physicians using the solution in at least 50% of patient encounters and able to see an average of 11.3 additional patients per month. DAX Copilot users at Northwestern Medicine also report spending an average of 24% less time on notes and a 17% decrease in ‘pajama time,’ working on administrative tasks late into the night.

    “Northwestern Medicine is committed to providing a superior work environment that promotes well-being, and implementing DAX Copilot will allow our physicians to spend more quality time with our patients, focusing on their needs rather than on paperwork and data entry,” says Dr. Gaurava Agarwal, chief wellness executive, Northwestern Medicine.

    Overlake Medical Center & Clinics in Bellevue, Washington, deployed DAX Copilot to help reduce after-hours documentation time and equip its clinicians with tools to manage escalating demands. A pilot with 30 Overlake clinicians saw a significant reduction in time spent on notes outside of scheduled hours. Users also reported other important benefits: 81% said DAX Copilot had reduced their cognitive burden and 77% said the solution had improved the quality of their documentation.

    At Atrium Health, “DAX Copilot is enabling a better clinician experience,” says Dr. Matthew Anderson, senior medical director of primary care at Atrium Health. “Most of our surveyed users are reporting a positive impact on their day-to-day schedule, being able to increase the number of patients they are able to see and even spending more time with them.”

    Enhancing Clinician Well-being

    Atrium Health isn’t alone in finding that the time saved on documentation with DAX Copilot is having a positive impact on clinicians’ quality of life. “I finally have weekends back,” says Dr. Christy Chan, a family medicine physician at Overlake. “I used to always have to worry that there was something I had to do — get back onto the EMR, log back in — but I actually have some weekends back.”

    Clinicians at Novant Health are experiencing similar benefits. “DAX Copilot has done an amazing thing for the physicians and clinicians who are currently using it,” says Dr. Aram Alexanian, a family physician at Novant Health. “When you hear a comment like ‘I am now able to do things with my daughter in the evenings and weekends that I couldn’t do before,’ nothing satisfies us more than knowing the impact DAX is having on our clinicians.”

    DAX Copilot can accurately identify different voices in the room during pediatric visits, differentiating between parents and children to accurately capture the patient exam note for the physician to review and approve.

    Community Health Network places a major focus on clinician well-being and implementing DAX Copilot has had a major impact on its clinicians’ ability to close notes before they leave for the day. “Since we have implemented DAX Copilot, I have not left clinic with an open note,” says Dr. Patrick McGill, chief transformation officer for Community Health Network. “We have seen improved access, improved numbers of patients, but overall, it’s really the clinician satisfaction that we’ve seen. In one word, DAX Copilot is transformative. It transforms how we’re able to deliver care and how we’re able to document it. It also transforms the patient experience.”

    “DAX Copilot has made my professional life easier. My patients have also benefited from my using Nuance DAX during our appointments. I can be right there with the patient and not furiously writing notes. I cannot thank you enough,” said Anita M. Kelsey, M.D., Duke Health.

    Transforming the Patient Experience 

    Dr. Dominick Lanzo, an orthopedic surgeon at Greater Baltimore Medical Center, agrees. “Once I introduced the DAX Copilot program, it completely transformed the patient experience, and it’s turned out to be incredibly accurate with regards to the history of present illness and the physical exam,” he says. “It’s made my practice much more efficient. I can see more patients, my notes are more accurate, and they’re done in a timely fashion by the end of the afternoon.”

    For Dr. Alison Pomykala, an internal medicine specialist at Baptist Medical Group, the integration of DAX Copilot with the Epic EHR is particularly valuable. “The thing I like most about DAX Copilot embedded in the Epic workflow is I’m able to focus more on the patient and I’m spending less time in the exam room typing on the computer,” she says.

    “I think the interface is wonderful with Epic. It has been great to see the notes coming up basically in real time on the Epic system. That’s also helped with other things: where we needed to generate a note quickly for referrals, for insurance pre-certifications, for imaging studies, or to have a complete note ready for a patient that we’re sending to the hospital.”

    “At our academic health system, integrating DAX Copilot has revolutionized patient care,” says Dr. Anthony Mazzarelli, co-president and CEO at Cooper University Health Care. “By automating clinical documentation through ambient voice technology, it has significantly reduced administrative workloads. This allows our physicians to focus on real-time patient interactions, leading to better care outcomes and increased job satisfaction. DAX Copilot has not only improved efficiency but has also empowered our team to spend more time where it matters most — caring for patients.”

    It’s a privilege to see this industry-leading solution make a meaningful difference for the clinicians who are already on board — but the work never stops. The Microsoft healthcare team is determined to continue solving some of the industry’s most complex challenges, and harnessing the power and potential of AI is how we’ll achieve that. We will continue to be leaders in innovation, collaborating across our ecosystem of incredible customers, partners and Microsoft researchers to bring real impact to clinical settings.

    DAX Copilot is an innovative solution that goes beyond documentation, offering unique features such as orders, problem-based charting and pre-charting capabilities. For example, recent updates to DAX Copilot include a robust set of features, such as the ability to customize documentation style and formatting, as well as automatically create referral letters, diagnostic evidence, after-visit summaries and encounter summaries. The solution also now offers AI coaching to help users improve the quality and completeness of their notes. Also, the new Summarized Evidence capability offers a comprehensive and sophisticated approach that helps clinicians validate and trust the note output by combining insights that go beyond evidence linking, helping clinicians validate the note.

    Importantly, when creating technologies that can change the world, Microsoft believes organizations need to ensure that the technology is used responsibly. Microsoft is committed to creating responsible AI by design that is guided by a core set of principles: fairness, reliability and safety, privacy and security, inclusiveness, transparency and accountability.

    DAX Copilot is helping restore the human connection at the heart of medicine. We’re excited to drive this solution forward and expand its reach to more clinicians over the coming year and beyond.

    Today, the solution can be used across ambulatory specialties, in-office primary care and urgent care, telehealth and emergency medicine. And we are scaling the solution’s availability and capabilities to even more care settings, such as nursing and geographies.

    If you’d like to learn how DAX Copilot can help transform healthcare at your organization, please visit: the DAX Copilot website.

    Tags: AI, Copilot, Dax Copilot, Dragon Medical solutions, Generative AI, Microsoft Partners, Responsible AI

    MIL OSI Global Banks –

  • MIL-OSI Africa: CORRECTION: The International Islamic Trade Finance Corporation (ITFC) and Union of Comoros Strengthen Partnership with New EUR 330 Million Framework Agreement and Food Security Facility

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

    JEDDAH, The Kingdom of Saudi Arabia, September 26, 2024/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, and the Union of Comoros have signed a new EUR 330 Million Framework Agreement, reinforcing their strong partnership. The agreement was signed by ITFC’s CEO, Eng. Hani Salem Sonbol, Comoros’ Minister of Finance, Budget, and Banking Sector, and IsDB Governor, H.E. Mr. Mohamed Ibrahim Abdourazak, during his visit to ITFC’s headquarters in Jeddah.

    The new 3-year Framework Agreement builds on the success of the previous EUR 330 million agreement, which achieved 83% of its target. It will focus on key sectors such as energy, agriculture, and SME support, aiming to mobilize trade financing and enhance economic development in Comoros. Since 2008, ITFC has approved over US$ 712 million in financing for Comoros, demonstrating a long-standing commitment to the country’s growth.

    Commenting on the signing, Eng. Hani Salem Sonbol, CEO of ITFC said, “We are proud to strengthen our partnership with the Union of Comoros through this new framework agreement, which reflects our shared commitment to fostering sustainable economic development. By focusing on key sectors such as energy, agriculture, and SME development, we aim to support the country in achieving its long-term goals under the Emerging Comoros Plan. Our efforts, including the newly signed Food Security Facility, demonstrate our dedication to addressing critical needs such as food security while empowering key industries to drive growth.”

    The Minister of Finance, Budget and Banking of the Union of Comoros, Mr. Mohamed Ibrahim Abdourazak, also commented: “I am proud and optimistic to sign today this framework agreement between the Union of Comoros and the International Islamic Trade Finance Corporation (ITFC). This agreement marks a key milestone for the development of vital sectors such as energy, agriculture, and SMEs, the driving forces of our economy. In addition, ITFC signed a EUR 20 Million Food Security Facility in favor of the Union of Comoros and with two local banks, BDC and AFG Bank, as Executing Agencies, to support the continuous supply of essential foodstuffs at affordable prices to address food security challenges in the country. The Government of Comoros remains firmly committed to the priority programs and projects of the “Plan Comores Émergents”. Finally, on behalf of the Comorian Government and on my behalf, I would like to warmly thank ITFC for its ongoing support and look forward to strengthening our collaboration.” 

    ITFC’s broader support for Comoros includes capacity-building initiatives, such as the Reverse Linkage Project with Morocco for the sustainable tourism sector, and the equipment of the Central Vanilla Buying and Marketing Center under the Aid for Trade Initiative for the Arab States (AfTIAS 2.0) program. These efforts underline ITFC’s commitment to fostering sustainable development through integrated trade solutions.

    MIL OSI Africa –

  • MIL-OSI USA: NASA Stennis Completes Key Test Complex Water System Upgrade

    Source: NASA

    For almost 60 years, NASA’s Stennis Space Center has tested rocket systems and engines to help power the nation’s human space exploration dreams. Completion of a critical water system infrastructure project helps ensure the site can continue that frontline work moving forward.
    “The infrastructure at NASA Stennis is absolutely critical for rocket engine testing for the agency and commercial companies,” said NASA project manager Casey Wheeler. “Without our high pressure industrial water system, testing does not happen. Installing new underground piping renews the lifespan and gives the center a system that can be operated for the foreseeable future, so NASA Stennis can add to its nearly six decades of contributions to space exploration efforts.”
    The high pressure industrial water system delivers hundreds of thousands of gallons of water per minute through underground pipes to cool rocket engine exhaust and provide fire suppression capabilities during testing. Without the water flow, the engine exhaust, reaching as hot as 6,000 degrees Fahrenheit, could melt the test stand’s steel flame deflector.
    Each test stand also features a FIREX system that holds water in reserve for use in the event of a mishap or fire. During SLS (Space Launch System) core stage testing, water also was used to create a “curtain” around the test hardware, dampening the high levels of noise generated during hot fire and lessening the video-acoustic impact that can cause damage to infrastructure and the test hardware.
    Prior to the system upgrade, the water flow was delivered by the site’s original piping infrastructure built in the 1960s. However, that infrastructure had well exceeded its expected 30-year lifespan.
    Scope of the Project
    The subsequent water system upgrade was planned across multiple phases over a 10-year span. Crews worked around ever-changing test schedules to complete three major projects representing more than $50 million in infrastructure investment.
    “Many people working the construction jobs for these projects are from the Gulf Coast area, so it has created jobs and work for the people doing the construction,” Wheeler said. “Some of the specialty work has had people coming in from all over the country, as well as vendors and suppliers that are supplying the materials, so that has an economic impact here too.”
    Crews started by replacing large sections of piping, including a 96-inch line, from the 66-million-gallon onsite reservoir to the Thad Cochran (B-1/B-2) Test Stand. This phase also included the installation of a new 25,000-gallon electric pump at the High Pressure Industrial Water Facility to increase water flow capacity. The upgrades were critical for NASA Stennis to conduct Green Run testing of the SLS core stage in 2020-21 ahead of the successful Artemis I launch.
    Work in the A Test Complex followed with crews replacing sections of 75-inch piping from the water plant and installing several new 66-inch gate valves. 
    In the final phase, crews used an innovative approach to install new steel liners within existing pipes leading to the Fred Haise Test Stand (formerly A-1 Test Stand). The work followed NASA’s completion of a successful RS-25 engine test campaign last April for future Artemis missions to the Moon and beyond. The stand now is being prepared to begin testing of new RS-25 flight engines.
    Overall, the piping project represents a significant upgrade in design and materials. The new piping is made from carbon steel, with protective linings to prevent corrosion and gate valves designed to be more durable.
    Importance of WaterIt is hard to overstate the importance of the work to ensure ongoing water flow. For a typical 500-second RS-25 engine test on the Fred Haise Test Stand, around 5 million gallons of water is delivered from the NASA Stennis reservoir through a quarter-of-a-mile of pipe before entering the stand to supply the deflector and cool engine exhaust.
    “Without water to cool the deflector and the critical parts of the test stand that will get hot from the hot fire itself, the test stand would need frequent corrective maintenance,” Wheeler said. “This system ensures the test stands remain in a condition where continuous testing can happen.”

    MIL OSI USA News –

  • MIL-OSI Global: How history can teach us to prevent deaths at sea

    Source: The Conversation – UK – By Guy Collender, Post Doctoral Senior Research Associate, Centre for Port Cities and Maritime Cultures, University of Portsmouth

    AndriiKoval/Shutterstock

    The rapid sinking of the Bayesian superyacht and the loss of seven lives, including tech entrepreneur Mike Lynch, in August 2024 cruelly emphasised the potentially lethal perils of the sea. This tragedy, although much publicised, is far from unusual. Globally, accidents at sea lead to thousands of deaths every year – but the true scale of the problem is unknown.

    Undoubtedly, life at sea remains hard and dangerous in the 21st century, but this is difficult to quantify. There were 215 shipping industry related deaths at sea recorded in 2022. However, due to a lack of standardised data and under-reporting this figure is likely to be an underestimate.

    Efforts to raise awareness and improve safety at sea today have much to learn from historic and successful safety initiatives in the UK’s docks. My research on early 20th century docks shows that proper data is a prerequisite to understanding a problem and identifying trends. Such an assessment can then lead to the allocation of resources, targeted safety measures – and life-saving change.

    These steps all apply to improving safety at sea, but the lack of accurate data is a real stumbling block.

    Life and death at sea

    Fishing is widely recognised as the “most dangerous occupation globally”, but estimates of deaths among the fishing community vary enormously from 32,000 to more than 100,000 deaths per year. Of course, such deaths also occur inland in lakes and rivers, as well as at sea.

    Twenty-six vessels of over 100 gross tonnes were recorded lost in 2023, with 13 sinking beneath the waves. This is low when compared with the loss of more than 200 vessels a year in the 1990s, but there have also been recent worrying trends such as attacks on shipping in the Red Sea. So far in 2024, four Red Sea seafarers have been killed by Houthi rebels from Yemem, with others injured and held hostage.

    Desperation and war are also leading to deaths and risks elsewhere. A total of 3,155 migrants crossing the Mediterranean were recorded as missing or dead in 2023.

    Nevertheless, such challenges and risks to life are increasingly being recognised and efforts are underway to address them. Importantly, better data collection and monitoring is in the pipeline.

    An amendment to the 2006 international maritime labour convention is expected to come into force in December 2024. It will require countries that have agreed to the convention to report deaths of seafarers on an annual basis to the UN’s International Labour Office.

    These will be published in a global register, and they will be investigated. It remains to be seen how such reporting will operate in practice and how deaths will be categorised – but it will be a good start.

    History lessons

    This is where it is helpful to learn from the past. I have researched the historic reduction of the dangers of dock work in the UK for Hindsight Perspectives for a Safer World – a collaboration between History and Policy and Lloyd’s Register Foundation.

    My study shows how progress was linked to gathering better data, and recognising the risks of loading and unloading cargo. The counting and scrupulous categorisation of accidents helped identify the problems and appropriate safety measures.

    In 1900, factory inspectors identified five causes of dock accidents, including falls (into the ship’s hold, or into the water), and shunting accidents involving trains. The docks were classified as one of the “dangerous trades” in the Factory and Workshop Act, 1901.

    Under the dock regulations of 1904, “life-saving appliances” – chains or floats – were introduced to prevent drownings. Lifting machinery was also subject to stringent checks to prevent deaths from falling loads.

    And more and more proactive inspections took place as the number of inspectors rose from 137 in 1900 to 320 by 1939. All these safety measures and others contributed to dock deaths falling from 115 a year in 1899 to 69 a year in 1939.

    Today’s safety initiatives at sea often echo the work of those safety pioneers in the early 20th century. Together in Safety, a consortium of companies dedicated to improving safety in the maritime sector, suggests a three-step safety process – assess the situation, act to improve, appraise the progress – which replicates the work of those early legislators and inspectors.

    Together in Safety’s clear and succinct golden safety rules show how to mitigate the risks of maritime work, including working over water and entering enclosed spaces.

    What’s more, Lloyd’s Register Foundation – a charity that helps to protect life and property at sea, on land, and in the air – is undertaking work to “assure the safety of people as the ocean economy grows” as part of its Global Maritime Trends 2050 Research Programme.

    Two million seafarers face daily dangers to keep the global supply chain operating smoothly. Doing more to highlight their safety will hopefully lead to a better understanding of the challenges they face. This, in turn, should lead to better safety procedures and practices to save lives at sea.

    Guy Collender was commissioned and paid to research the history of dock safety in the UK for Hindsight Perspectives for a Safer World – a collaboration between History and Policy and Lloyd’s Register Foundation. He is currently employed by the University of Portsmouth on the ‘Sail to Steam, Carbon to Green’ research project, which is funded by Lloyd’s Register Foundation.

    – ref. How history can teach us to prevent deaths at sea – https://theconversation.com/how-history-can-teach-us-to-prevent-deaths-at-sea-237432

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Three Saskatchewan Agriculture Commodities Reach $1 Billion Mark in 2024

    Source: Government of Canada regional news

    Released on September 26, 2024

    Export Value of Three of Saskatchewan’s Agri-Food Commodities Have Each Surpassed $1 Billion Already in 2024

    Saskatchewan’s non-durum wheat exports have reached $1.7 billion for the current year, along with canola seed and canola oil reaching $1.3 billion $1.1 billion, respectively.  Several other agri-food exports are on track surpass the $1 billion export value mark for this year.

    “The global marketplace is increasingly recognizing Saskatchewan as not only a source of the agri-food products it needs, but also as a provider of the most sustainable products grown anywhere,” Agriculture Minister David Marit said. “Our research sector drives that innovation and our producers in the field continue to find ways to do it better than anyone, year after year. That’s what a competitive, profitable and world-leading agriculture industry looks like.”

    Results of research commissioned by the Global Institute for Food Security and announced earlier this year show that Saskatchewan’s net carbon footprint for production of major crops is significantly lower than that of other comparable jurisdictions studied. For example, Saskatchewan-produced non-durum wheat is 62 per cent lower while canola is 67 per cent lower.

    “Customers from around the world choose Saskatchewan for the sustainable, high-quality products they rely on, which is supported by our strong and stable business environment,” Trade and Export Development Minister Jeremy Harrison said. “Our government will continue to protect and promote key sectors, including agriculture, through international engagement, which is leading to Saskatchewan products reaching new markets. Saskatchewan’s historic growth in agri-food exports is providing new employment and economic opportunities for province’s strong and vibrant communities.”

    Saskatchewan’s 2030 Growth Plan target of $20 billion in annual agri-food exports was met in 2023 with total shipments of $20.2 billion, setting a new record for the fourth consecutive year.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Europe: 2024 National Cybersecurity Conference: focus on geopolitics and operational security

    Source: Switzerland – Department of Defence, Civil Protection and Sport

    Bern, 26.09.2024 – Cyberthreats play an important role in today’s tense geopolitical climate, but they have long been an everyday risk for businesses and governments. The National Cybersecurity Conference held today highlighted how a comprehensive approach can be taken to tackle cyberthreats. In her opening remarks, President Viola Amherd stated that the foundations for cybersecurity are now in place so that emphasis can now be placed on setting strategic priorities. The conference, organised by the National Cyber Security Centre (NCSC) and the Swiss Security Network (SSN), was attended by over 280 participants from business, science, and cantonal and federal offices.

    In an increasingly networked and digital world, the lines between national security and everyday operational security become blurred. Cyberattacks are criminal offences that must be countered through a combination of protective measures and law enforcement. At the same time, the significance of such attacks often extends beyond that of a criminal act, as cyberattacks are deliberately employed as a strategic instrument in conflicts.

    For this reason, the National Cyberstrategy (NCS) covers the entire spectrum of cyberthreats and their effects. It aims to strengthen protection against cyberthreats in Switzerland and promote cooperation between government institutions, the private sector and civil society. This strategy and its challenges were discussed at the 2024 National Cybersecurity Conference. The event was jointly organised by the National Cyber Security Centre (NCSC) and the Swiss Security Network (SSN) in Bern and was attended by leading experts from various areas of cybersecurity.

    Conference opened by President Amherd

    The conference was opened by President Amherd. In her speech, she emphasised that having a national cyberstrategy was a key element of national security policy and that it served as an opportunity to enhance Switzerland’s appeal as a location for business and research. With the National Cyberstrategy and the new structures put in place at the DDPS to address cyber-related matters, a solid foundation has been laid allowing greater attention to now be directed towards setting strategic priorities in cybersecurity. The independent steering committee established in June this year ensures that strategic responses to emerging threats are developed in a timely manner. The reporting requirement for critical infrastructures adopted by Parliament will also make it possible to better assess the threat situation and warn operators at an early stage.

    Talks with cybersecurity experts

    Maya Bundt, Chair of the newly formed NCS steering committee, presented the role and work of her committee. The coordination team then provided a progress report on the implementation of the National Cyberstrategy. The presentations were followed by a lively panel discussion with Pälvi Pulli, Deputy State Secretary for Security Policy, Hannes Gasser, Member of the Board of CH++, and Michel Bonsera of Cargologic AG. The discussion highlighted the importance of addressing cyberthreats both in day-to-day operations and at the security policy level.

    Practical tools and solutions

    In addition to high-level discussions, the 2024 National Cybersecurity Conference provided an insight into the work of the NCSC. Workshops on incident management, vulnerability management, reporting centres and awareness campaigns presented practical tools and solutions to help organisations become more resilient to cyberthreats. The workshops were designed to be interactive, giving participants the opportunity to share their experiences and challenges, and provide feedback on existing tools.

    Importance of cybersecurity training for governments

    Jen Ellis, founder of NextJenSecurity from the UK, closed the conference with a keynote speech. She spoke about the importance of training governments in cybersecurity and emphasised the need for continuous collaboration between external experts, researchers and government institutions to address the ever-changing threats in the digital space.

    The conference served as an important platform for exchanging ideas and strategies, and underlined Switzerland’s commitment to further strengthen its cybersecurity.

    Address for enquiries

    NCSC Communication
    +41 58 465 53 56
    media@ncsc.admin.ch

    Publisher

    National Cyber Security Centre
    https://www.ncsc.admin.ch/ncsc/en/home.html

    MIL OSI Europe News –

  • MIL-OSI USA: Statement from CWA President Claude Cummings, Jr. on the Passing of Civil Rights and Labor Leader Bill Lucy

    Source: Communications Workers of America

    I’m deeply saddened by the passing of William “Bill” Lucy. He was a pillar of both the Civil Rights and Labor Movements, a pioneer, a mentor, and a visionary not just for social justice but for the nation as a whole. He inspired me to dedicate myself to building and strengthening connections between the Civil Rights and Labor Movements.

    Bill built his career on his willingness to help others and stood shoulder to shoulder with figures like civil rights pioneer Dr. Martin Luther King Jr. and freedom fighter Nelson Mandela. He was there in South Africa, after 20 years of fighting, to witness Mandela elected President. He spent four decades as the International Secretary-Treasurer of AFSCME and co-founded the Coalition of Black Trade Unionists (CBTU) where he served as its inaugural president.

    Just a few months ago, I presented Bill with the inaugural NAACP Legacy Award. for his service on the NAACP National Executive Board. I’m thankful that he got to “receive his flowers” while he was alive and enjoy the adoration and praise he so richly deserved.

    Bill will be remembered by millions for the impact he had on their lives. And, though I mourn his loss, I remain thankful for the opportunity to have experienced his wisdom, love for working people, and drive for a better future for all.

    # # #

    MIL OSI USA News –

  • MIL-OSI United Kingdom: TRA investigates imports of tin mill products from China

    Source: United Kingdom – Executive Government & Departments

    The TRA has initiated a new investigation into tin mill products from China, following an application asking for an anti-dumping measure to be imposed.

    The Trade Remedies Authority (TRA) has initiated a new investigation into tin mill products imported to the UK from China. This follows an application from Tata Steel UK asking for an anti-dumping measure to be imposed.

    Tin mill products are often used in packaging and are known for their paint adhesion, as well as high heat resistance, sturdiness and recyclability. They are made through flat rolling iron or non-alloy steel and coating that with tin. They can also be subsequently coated in plastic or chromium.

    The applicant, Tata, has alleged that imports of tin mill products from China are being dumped into the UK, and that these dumped imports are causing injury to the UK industry.

    The period of investigation for this investigation will be 1 April 2023 – 31 March 2024.

    The TRA found that during the period of investigation, imports of tin mill products from China represented 5.3% of the UK market share, while the UK industry held 46% of the market.

    Businesses that may be affected by this investigation can register their interest through our public file by 10 October 2024. Any new case developments will be posted on the TRA’s public file. 

    Notes to editors:

    • The TRA is the UK body that investigates whether trade remedy measures are needed to counter unfair trading practices and unforeseen surges of imports.
    • Anti-dumping duties allow a country or union to act against goods which are being sold at less than their normal value – this is defined as the price for ‘like goods’ sold in the exporter’s home market.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: China, EU willing to resolve disputes through dialogue

    Source: China State Council Information Office

    Both China and the European Union (EU) have clearly expressed political willingness to address disputes through consultations, China’s Ministry of Commerce said Thursday.

    The remarks came from ministry spokesperson He Yongqian in response to a media inquiry about recent consultations between Chinese Minister of Commerce Wang Wentao and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis on the EU’s anti-subsidy case involving Chinese electric vehicles.

    The spokesperson described the talks as “comprehensive, in-depth and constructive.”

    During the talks, the two sides agreed to push forward negotiations on a price commitment agreement and fully commit to achieving a mutually acceptable solution through amicable dialogue and consultations, according to the spokesperson.

    Currently, technical teams from both sides are actively discussing a flexible price commitment solution, following the direction set during the talks. They are striving to reach a consensus on a solution framework before the final ruling, the spokesperson said.

    The spokesperson emphasized that China has the “utmost sincerity” to appropriately resolve disputes through dialogue and consultations. “At the same time, we are fully determined to safeguard the legitimate interests of Chinese companies.”

    MIL OSI China News –

  • MIL-OSI Russia: Convenient tool for real estate analysis and evaluation: DIT of Moscow spoke about the possibilities of the investment card

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    On the investment map of the capital portal investtossov.ru in real time you can find current lots at city auctions and sites for the creation and development of production in Moscow. Currently, information is presented here on 2.4 thousand city property objects put up for auction in all districts, as well as more than 1.3 thousand investment sites that can be used to place production in the city.

    “The service’s functionality allows you to assess the attractiveness of a selected site based on several criteria, learn more about the real estate offered by the city, and select an object that suits your needs and goals. Based on the investment map information, entrepreneurs can make a preliminary assessment and make more informed decisions to launch a business project. In addition to comprehensive information on each lot presented, the map provides data on possible support measures for businesses and investors and general analytical information about the capital: investment indicators, human resources, infrastructure facilities,” said the deputy head of

    Department of Information Technology of the City of Moscow Roman Urnyshev.

    The “City auctions” section of the investment map presents capital property: buildings, non-residential premises, non-stationary retail facilities, as well as land plots for the construction of commercial or administrative real estate. Investors and entrepreneurs can buy, rent, or enter into an agreement for the right to conduct trade and other activities in these lots. Using filters, it is possible to select an object suitable for its purpose, location, area, initial cost, and other parameters. The information panel on the left displays the number of offers in each category, which allows you to save time and go straight to searching for current lots.

    Another section of the map is “Investment sites”. It contains information about land plots and premises that are available for the placement of various enterprises. Here you can find out about free areas in the special economic zone “Technopolis Moscow” and the capital’s technology parks, provided with infrastructure for the placement of production of any profile: from metallurgy and mechanical engineering to nanotechnology and software development. In addition, the section contains data on industrial cluster facilities, projects implemented within the framework of integrated development of territories, as well as offers from the investment catalog of Moscow.

    The investment map’s capabilities allow you to sort objects by location: within the district boundaries, near the desired metro station, or by exact address. Important tools are analytical layers that allow you to conduct a comprehensive assessment of the object’s potential. New layers are regularly added and the functionality of existing ones is expanded at user requests.

    In the press service of the capital Department of Investment and Industrial Policy They said that the investment map of Moscow has become a universal tool for investors and entrepreneurs when choosing a location to create production facilities in the city.

    Thus, analytical layers allow you to find out about the availability of parking in the area, the intensity of traffic and the possibility of passage of freight transport without issuing permits, the age and gender structure of the population. In addition, the map displays infrastructure facilities located in the immediate vicinity of the selected site – these are stores, public transport stops, educational institutions and construction sites.

    Thanks to the new analytical layer “Industry”, the investor can analyze the distance from the selected site to other enterprises, find out the name, legal data and scope of activities of these companies. This approach is useful when assessing a place according to certain criteria, such as the availability of the necessary communications and capacities for opening an enterprise, possible industrial hazards.

    Last year, the analytical layer “Cargo Framework” appeared, which allows you to assess the logistical accessibility of a future enterprise or retail outlet. It displays information about the roads on which freight transport can move without obtaining permits. And with the help of the layer “Traffic intensity” based on geoanalytics of mobile operators, it will be possible to track the congestion of roads depending on the time of year, day and day of the week.

    Isochrones are another useful investment map tool. They are used to calculate the walking and transport accessibility of any urban object. This indicator measures the distance that can be covered in a certain time, moving from a given point on foot, by bicycle or by car. Isochrones are used when calculating the potential effectiveness of a project to assess the coverage area and the distance of the object from houses, transport stops, schools, road junctions and other infrastructure objects.

    For example, when opening a store, you can build an isochrone and, based on the number of residential buildings in the area, calculate the approximate number of potential customers who live within a 10-minute walk of the future retail outlet. This tool also helps to evaluate the infrastructure of the place of interest and even determine the direction of investment in a specific urban segment.

    The Moscow Investment Portal is one of the most popular specialized resources for investors. It provides all the information on tax regimes, benefits, and support measures, including for industrial enterprises. The portal has more than 40 online services for investors, industrialists, entrepreneurs, and residents of the capital. The resource reduces the time spent searching for a site for opening or developing production, provides the opportunity to evaluate and pre-calculate the effectiveness of a future business, and opens a channel of direct communication with the Moscow Government, which, in turn, allows the city to promptly respond to requests from entrepreneurs and investors.

    The implementation of digital solutions in public administration is in line with the objectives of the national program “Digital Economy” and the Moscow regional project “Digital Public Administration”. More information about this and other national projects being implemented in the capital can be found find out here.

    Sergei Sobyanin told how the updated investment map of Moscow helps to choose a site for localizing a business

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

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

    http://vvv.mos.ru/nevs/item/144498073/

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

    MIL OSI Russia News –

  • MIL-OSI Russia: From bottles to overalls: a chain of children’s stores helps border areas of the Kursk region

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The largest chain of children’s stores, with the assistance of the Moscow Government, sent more than 65 thousand goods to residents of the border areas of the Kursk Region. As humanitarian aid, they collected 7.5 thousand packages of nappies and diapers, 3.5 thousand pieces of soap, the same number of baby bottles and nipples.

    The chain didn’t forget about children’s clothing either – more than 40 thousand children’s overalls, shirts and sweaters, as well as rompers were sent to the region. Families from Kursk Oblast will receive all of this free of charge.

    The capital was one of the first to join in helping residents of border regions. Caring citizens and business owners provide financial support to their compatriots and collect humanitarian aid. Volunteers and charitable foundations help them with this.

    Previously five million rubles handed over winner of the gastronomic competition within the framework of the forum-festival “Territory of the Future. Moscow 2030”.

    Many retail chains provide daily support to the affected areas: they help with the placement of evacuated employees, ensure the uninterrupted operation of grocery stores and collect hundreds of tons of humanitarian aid. Marketplaces join them, delivering food and essential items, as well as coffee shops that cooperate with charitable foundations.

    More information about the activities of the Department of Trade and Services is available in the official telegram channel.

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

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

    https://vvv.mos.ru/nevs/item/144456073/

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

    MIL OSI Russia News –

  • MIL-OSI China: Foreign tourists flocking to Hainan

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

    The number of overseas visitors in Hainan province has been increasing thanks to the convenient immigration policies of the Hainan Free Trade Port, local authorities said.

    The entry and exit policies at the province are considered the most favorable in China, said Wang Haixing, director of the Haikou General Station of Exit and Entry Frontier Inspection, at a news conference on Thursday.

    In February, the National Immigration Administration implemented new policies to enhance visa-free entry opportunities for people from 59 countries who want to visit Hainan. In May, a 15-day visa-free entry policy took effect for foreign tour groups arriving in Hainan via cruise ships, and in July, visa-free entry for foreign tour groups entering the island province from Hong Kong or Macao was permitted for up to 144 hours.

    As of Thursday, 1.514 million inbound and outbound personnel have been inspected this year, up 278.5 percent year-on-year, according to the station.

    So far this year, 238,500 foreign tourists have entered Hainan visa-free, a 6.5-fold increase compared to last year, constituting over 80 percent of the total number of overseas visitors to the island.

    Wang said that visa exemptions have become the primary method for foreigners who want to visit Hainan, and they have facilitated the hosting of major international events such as the Boao Forum for Asia Annual Conference and the China International Consumer Products Expo.

    Luo Zhengyu, deputy director of the station, highlighted that the border inspection authorities have implemented a series of effective measures to ensure the smooth implementation of travel policies. For instance, the number of passenger inspection channels at all provincial airports has increased from 39 to 98, with the activation of 44 inbound and outbound express channels.

    “This expansion has significantly reduced passenger waiting times and improved customs clearance efficiency,” he said.

    Additionally, passengers from 59 nations who are eligible for visa-free entry in Hainan, as well as foreign tourist groups entering Hainan from Hong Kong or Macao visa-free for 144 hours, no longer have to fill out entry cards. Furthermore, passengers arriving by cruise ships are no longer required to provide fingerprint information.

    “We will introduce innovative measures to enhance the travel experience for Chinese and foreign individuals, further creating a more convenient and streamlined border inspection atmosphere,” Luo said.

    Two of Hainan’s major airports have launched 58 international passenger routes — 36 at Haikou’s airport and 22 at Sanya’s — connecting 31 cities in 18 countries and regions.

    This week alone, two international routes have been launched, and a third will open this weekend, bringing the total number of international flights to and from the island to 61 by the end of this month, according to Hainan Airport Group.

    On Tuesday, the route linking Taiyuan, Shanxi province, and Singapore via Sanya commenced operations. On Thursday, Haikou Meilan International Airport inaugurated its first route to the United States, offering service to Seattle, Washington. On Saturday morning, Boao International Airport will host the inaugural flight ceremony for the first international route from Qionghai to Kuala Lumpur, Malaysia.

    “For many foreign visitors, a trip to Hainan without plans has become a reality,” said Mai Weiwen, CEO of Hainan Wenhua Tourism Group. “Thanks to the increasing number of international flights being launched in Hainan, local travel agencies are seizing opportunities to expand their market by venturing abroad to overseas tourist source markets.”

    Russian expatriate Andreev Aleksei, a lecturer at Hainan University, is excited about the preferential visa-free policies.

    “I plan to invite my family members to Hainan due to the ease of travel without the need for visa applications,” he said, also highlighting the convenience of direct flights from Moscow to Haikou and Sanya, as well as from other international cities to Hainan, making travel to the tropical island more accessible for foreign visitors.

    MIL OSI China News –

  • MIL-OSI China: CRRC unveils green hydrogen train tech at Berlin fair

    Source: China State Council Information Office 3

    People visit the booth of CRRC during the 2024 International Trade Fair for Transport Technology (InnoTrans 2024) in Berlin, Germany, Sept. 24, 2024. [Photo/Xinhua]

    China debuted its first hydrogen-powered intelligent intercity train, CINOVA H2, at InnoTrans 2024, a leading international trade fair for transport technology, held in Berlin on Tuesday.

    Developed by CRRC Qingdao Sifang Co Ltd, a Shandong province-based subsidiary of China Railway Rolling Stock Corp, the groundbreaking train runs on hydrogen power, achieving zero carbon emissions throughout its journey. It offers faster speeds, higher passenger capacity and an extended range, providing a new green solution for nonelectrified railway passenger transport.

    Hydrogen energy, widely considered one of the most promising clean energies of the 21st century, is a key focus in the green transformation of railway technology.

    Liang Caiguo, a senior designer at CRRC Qingdao Sifang, said CINOVA H2 uses hydrogen fuel cells to generate electricity via an electrochemical reaction between hydrogen and oxygen. The four-car train is equipped with high-power fuel cells capable of producing up to 960 kilowatts, enabling sustained speeds of 160 kilometers per hour and a top speed of 200 km/h.

    “The train boasts an ultra-long range of 1,200 kilometers at a cruising speed of 160 km/h, with full refueling taking just 15 minutes,” said Liang, adding that with its lightweight design and integrated saloon, CINOVA H2 can carry over 1,000 passengers, adding to its appeal as a high-capacity, eco-friendly transport solution.

    As a pioneering piece of green rail technology, CINOVA H2 is an “environmental champion”. Liang said that the hydrogen fuel cells produce only water as a byproduct, resulting in zero carbon emissions and no air pollutants throughout the entire journey.

    CRRC Qingdao Sifang estimates that each train, if operating 300,000 km annually, can reduce carbon dioxide emissions by approximately 730 metric tons per year, equivalent to 37.8 hectares of forests.

    Moreover, the new train employs innovative recycling technology to turn wastewater and waste heat into resources.

    Liang said that the water emitted from the hydrogen fuel cell reaction is purified and recycled to meet the onboard water needs for passenger services, thus effectively saving water. The waste heat from the cooling of the hydrogen fuel cells is recycled for heating during the winter, making it even greener and more environmentally friendly.

    CRRC Qingdao Sifang said the train’s energy consumption is very low, consuming less than 0.3 grams of hydrogen per passenger kilometer at a speed of 160 km/h when fully loaded.

    Not only is it environmentally friendly, but it is also highly intelligent. The train is equipped with an advanced Smart Care integrated intelligent operation and maintenance platform that enables intelligent fault diagnostics and maintenance decision-making functionality, enhancing operational reliability and reducing vehicle maintenance costs, said the company.

    It said passengers can enjoy advanced intelligent amenities such as hearing assistance systems, variable transmittance curtains, smart interactive windows, digital interactive screens and onboard Wi-Fi to create a more high-tech and intelligent travel experience.

    The hydrogen system of the train has undergone stringent safety tests in various scenarios and working conditions, with multiple safety protection systems, including intelligent detection and isolation protection, thus ensuring safety.

    Wang Xueliang, deputy director of the technology center of CRRC Qingdao Sifang, said: “CINOVA H2 can be used in nonelectrified railway areas, replacing traditional diesel-powered alternatives. It effectively reduces carbon dioxide and other air pollutant emissions, showcasing significant environmental benefits, and will strongly promote a new green upgrade for passenger transport equipment on nonelectrified railways.”

    MIL OSI China News –

  • MIL-OSI China: Digital trade a new engine for growth

    Source: China State Council Information Office

    People visit the Silk Road E-commerce Zone during the third Global Digital Trade Expo in Hangzhou, east China’s Zhejiang Province, Sept. 25, 2024. [Photo/Xinhua]

    While China’s digital trade sector made significant progress in 2023, it is fast becoming a new engine in the country’s drive to strengthen its position as a strong trading nation and injecting new momentum into global economic growth, officials and experts said.

    China’s import and export of digitally-delivered services trade rose 8.5 percent year-on-year to 2.72 trillion yuan ($387.5 billion) in 2023, a record high, the Ministry of Commerce said on Thursday.

    The import and export scale of the country’s cross-border e-commerce reached 2.37 trillion yuan last year, up 15.3 percent year-on-year, according to a report on China’s development of digital trade released by the ministry during the ongoing third Global Digital Trade Expo in Hangzhou, Zhejiang province.

    Zhu Guangyao, an official with the ministry, said digital technologies such as big data, cloud computing, artificial intelligence and blockchain are increasingly integrating with various fields of social and economic development, and the booming digital trade sector has shown strong resilience and profoundly impacted the models, structure and rules of global trade.

    China boasts abundant data resources, a huge domestic market and rich application scenarios for digital technologies, all of which have laid a solid foundation for the development of digital trade, Zhu said.

    The scale of digital trade of all countries worldwide rose from $6.02 trillion in 2021 to $7.13 trillion in 2023, with an average annual growth rate of 8.8 percent, said a report on global digital trade development.

    The European Union, the United States and China ranked as the top three in regard to digital trade volume, maintaining a steady growth trend. The report was jointly released by the organizing committee of the Global Digital Trade Expo and the International Trade Center during the expo.

    The report also noted that the digital transformation of international trade continued to accelerate between 2021 and 2023, with the proportion of digital trade in the overall scale of international trade increasing from 19.6 percent to 22.5 percent, with an average annual growth rate of 6.2 percent.

    The scale of global digitally ordered trade exports also experienced steady growth, reaching $2.88 trillion in 2023, with the largest numbers recorded by China, the EU and the US.

    In addition, the report highlighted that China is committed to building an open, innovative and shared digital economy ecosystem and providing basic institutional guarantees for cybersecurity, data security and personal information protection rights in the digital era.

    Digital trade has become a transformative force that is reshaping the global economy, connecting the entire world and encompassing the seamless movement of goods, services and data across borders, driven by technological advancements, said Ashish Shah, director of country programs at the International Trade Center.

    Shah highlighted that AI is quickly improving all parts of digital trade from supply chains to how businesses interact with customers, while the shift toward digital platforms, e-commerce, fintech, AI and data-driven trade opens new frontiers for businesses, particularly small and medium-sized enterprises, which now have the tools to engage with international markets.

    “Governments, businesses, and international organizations must work together to create systems that encourage innovation, protect data privacy, and make sure the digital economy benefits everyone, especially SMEs in developing countries,” he added.

    It is noteworthy that Chinese cross-border e-commerce platforms are ratcheting up resources to develop digital trade and help Chinese manufacturers and brands expand their presence in overseas markets. The move is expected to give a strong boost to the transformation of traditional industries by making use of digital and flexible supply chains.

    For instance, fast-fashion online retailer Shein last year announced plans to extend its outreach to industrial belts in 500 cities in China. It hopes to facilitate the digital upgrade of more industrial chains, thereby helping them achieve on-demand supply in terms of production.

    The company is accelerating steps to build a supply chain project in Guangzhou, Guangdong province, covering operations, warehousing, stocking, order-picking, distribution, logistics and delivery.

    MIL OSI China News –

  • MIL-OSI USA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update

    Source: US Bureau of Economic Analysis

    Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 (table 1), according to the “third” estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent (revised).

    The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was also 3.0 percent. The update primarily reflected upward revisions to private inventory investment and federal government spending that were offset by downward revisions to nonresidential fixed investment and exports (refer to “Updates to GDP”). Imports, which are a subtraction in the calculation of GDP, were revised up.

    The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports increased (table 2).

    Compared to the first quarter, the acceleration in real GDP in the second quarterly primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.

    Current‑dollar GDP increased 5.6 percent at an annual rate, or $392.6 billion, in the second quarter to a level of $29.02 trillion, a $9.5 billion larger increase than the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions” file on BEA’s website.

    The price index for gross domestic purchases increased 2.4 percent in the second quarter, the same as the previous estimate (table 4). The personal consumption expenditures (PCE) price index increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.

    Personal Income

    Current-dollar personal income increased $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).

    Disposable personal income increased $260.4 billion, or 5.0 percent, in the second quarter, an upward revision of $77.3 billion from the previous estimate. Real disposable personal income increased 2.4 percent, an upward revision of 1.4 percentage points.

    Personal saving was $1.13 trillion in the second quarter, an upward revision of $74.3 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.2 percent in the second quarter, compared with 5.4 percent (revised) in the first quarter.

    Gross Domestic Income and Corporate Profits

    Real gross domestic income (GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the previous estimate. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points from the previous estimate (table 1).

    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $132.5 billion in the second quarter, an upward revision of $74.9 billion from the previous estimate (table 10).

    Profits of domestic financial corporations increased $42.5 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate. Profits of domestic nonfinancial corporations increased $108.8 billion, an upward revision of $79.6 billion. Rest-of-the-world profits decreased $18.8 billion, a downward revision of $0.7 billion. In the second quarter, receipts increased $4.4 billion, and payments increased $23.1 billion.

    Updates to GDP

    With the third estimate, upward revisions to private inventory investment and federal government spending were offset by downward revisions to nonresidential fixed investment, exports, consumer spending, and residential fixed investment. Imports were revised up. For more information, refer to the Technical Note. For information on updates to GDP, refer to the “Additional Information” section that follows.

      Advance Estimate Second Estimate Third Estimate
    (Percent change from preceding quarter)
    Real GDP 2.8 3.0 3.0
    Current-dollar GDP 5.2 5.5 5.6
    Real GDI … 1.3 3.4
    Average of Real GDP and Real GDI … 2.1 3.2
    Gross domestic purchases price index 2.3 2.4 2.4
    PCE price index 2.6 2.5 2.5
    PCE price index excluding food and energy 2.9 2.8 2.8

    Real GDP by Industry

    Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 6.9 percent, private services-producing industries increased 2.4 percent, and government increased 0.8 percent (table 12). Overall, 16 of 22 industry groups contributed to the second-quarter increase in real GDP.

    • Within private goods-producing industries, the leading contributors to the increase were nondurable goods manufacturing (led by petroleum and coal products) and durable goods manufacturing (led by motor vehicles, bodies and trailers, and parts) (table 13).
    • Within private services-producing industries, the leading contributors to the increase were finance and insurance (led by Federal Reserve banks, credit intermediation, and related activities); health care and social assistance (led by ambulatory health care services); as well as real estate and rental and leasing (led by real estate).
    • The increase in government reflected increases in state and local government as well as federal government.

    Gross Output by Industry

    Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.8 percent in the second quarter. This reflected an increase of 2.1 percent for private goods-producing industries, an increase of 1.7 percent for private services-producing industries, and an increase of 2.2 percent for government (table 16). Overall, 18 of 22 industry groups contributed to the increase in real gross output.

    Annual Update of the National Economic Accounts

    Today’s release presents results from the annual update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs). The update includes revised estimates for the first quarter of 2019 through the first quarter of 2024 and resulted in revisions to GDP, GDP by industry, GDI, and their major components. The reference year remains 2017.

    With today’s release, most data are available through BEA’s Interactive Data application on the BEA website (www.bea.gov). Refer to “Information on 2024 Annual Updates to the National, Industry, and State and Local Economic Accounts” for the complete table release schedule and a summary of results through 2023, which includes information on methodology changes. A table showing the major current dollar revisions and their sources for each component of GDP, national income, and personal income is also provided. An article describing the update in more detail will be forthcoming in the Survey of Current Business.

    The updated estimates show that real GDP increased at an average annual rate of 2.3 percent from 2018 to 2023, 0.2 percentage point higher than the previously published estimate. Over the same period, real GDI increased at an average annual rate of 2.2 percent, 0.4 percentage point higher than previously published. The average of real GDP and real GDI over the same period was 2.3 percent, 0.4 percentage point higher than previously published.

    For the period of economic expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an annual rate of 2.5 percent, revised up 0.1 percentage point from the previously published estimates. For the period of economic contraction from the fourth quarter of 2019 through the second quarter of 2020, real GDP decreased at an annual rate of 17.5 percent, the same as previously estimated. For the period of economic expansion from the second quarter of 2020 through the first quarter of 2024, real GDP increased at an annual rate of 5.2 percent, 0.3 percentage point higher than previously estimated.

    Previously published estimates, which are superseded by today’s release, are found in BEA’s archives.

    Updates for the First Quarter of 2024

    For the first quarter of 2024, real GDP is now estimated to have increased 1.6 percent (table 1), an upward revision of 0.2 percentage point from the previously published estimate, primarily reflecting an upward revision to consumer spending that was partly offset by downward revisions to private inventory investment and residential fixed investment.

    The price index for gross domestic purchases is now estimated to have increased 3.0 percent, a downward revision of 0.1 percentage point. The PCE price index increased 3.4 percent, the same as previously published. Excluding food and energy, the PCE price index increased 3.7 percent, the same as previously published.

      First Quarter 2024
    Previous Estimate Revised
    (Percent change from preceding quarter)
    Real GDP 1.4 1.6
    Current-dollar GDP 4.5 4.7
    Real GDI 1.3 3.0
    Average of Real GDP and Real GDI 1.4 2.3
    Gross domestic purchases price index 3.1 3.0
    PCE price index 3.4 3.4
    PCE price index excluding food and energy 3.7 3.7

    Personal Income

    Current-dollar personal income is now estimated to have increased $536.4 billion in the first quarter, an upward revision of $139.6 billion from the previous estimate. The revision primarily reflected an upward revision to compensation (led by private wages and salaries) (table 8).

    Disposable personal income increased $465.1 billion, or 9.2 percent, in the first quarter, an upward revision of $224.9 billion from the previous estimate. Real disposable personal income increased 5.6 percent, an upward revision of 4.3 percentage points.

    Personal saving was $1.15 trillion in the first quarter, an upward revision in change of $188.3 billion. The personal saving rate—personal saving as a percentage of disposable personal income—was 5.4 percent (revised) in the first quarter.

    Gross Domestic Income and Corporate Profits

    Real GDI is now estimated to have increased 3.0 percent in the first quarter (table 1); in the previously published estimates, first-quarter GDI was estimated to have increased 1.3 percent. The leading contributor to the upward revision was compensation, based primarily on new first-quarter wage and salary estimates from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages. The average of real GDP and real GDI is now estimated to have increased 2.3 percent in the first quarter; in the previously published estimates, the average of GDP and GDI was estimated to have increased 1.4 percent.

    Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) is now estimated to have decreased $65.1 billion in the first quarter, a downward revison of $18.0 billion (table 10).

    Profits of domestic financial corporations increased $57.4 billion, a downward revision of $7.6 billion. Profits of domestic nonfinancial corporations decreased $124.9 billion, a downward revision of $10.4 billion. Rest-of-the-world profits increased $2.3 billion, the same as previously estimated. In the first quarter, receipts are now estimated to have increased $25.7 billion, and payments are estimated to have increased $23.4 billion.

    GDP by Industry

    In the first quarter, real value added for private goods-producing industries is now estimated to have decreased 2.6 percent, a downward revision of 1.5 percentage points. Private services-producing industries increased 2.6 percent, an upward revision of 0.7 percentage point. Government increased 1.9 percent, a downward revision of 0.4 percentage point.

    Real gross output is now estimated to have increased 2.8 percent, an upward revision of 0.3 percentage point. Private goods-producing industries increased 1.6 percent, an upward revision of 0.4 percentage point. Private services-producting industries increased 3.3 percent, an upward revision of 0.2 percentage point. Government increased 2.3 percent, an upward revision of 0.6 percentage point.

    *          *          *

    Next release, October 30, 2024, at 8:30 a.m. EDT
    Gross Domestic Product, Third Quarter 2024 (Advance Estimate)

    *          *          *

    MIL OSI USA News –