NewzIntel.com

Category: Transport

  • MIL-OSI China: 4 dead in terrorist attack at Turkish aerospace company

    Source: China State Council Information Office 3

    Four people were killed and 14 others wounded on Wednesday in a terrorist attack at the production facility of Turkish Aerospace Industries Inc. (TUSAS) in Ankara, Interior Minister Ali Yerlikaya said.

    Three of the injured were in critical condition, the minister told reporters on the site of the attack.

    Yerlikaya noted that two terrorists, a man and a woman, had been “neutralized” by security forces immediately after the attack targeting the key defense complex in the outskirts of Ankara.

    Turkish authorities often use the term “neutralize” in their statements to imply the alleged terrorists have either surrendered, been killed, or been captured.

    “We’re working to identify the terrorists,” he said, adding the information of the terrorists would be revealed once they are identified.

    “I condemn this heinous attack. Our fight will continue with determination until the last terrorist is neutralized,” the minister said.

    According to footage published by the NTV, “several terrorists” came to the central gate of the complex on board a taxi and began shooting at the guards with machine guns.

    Television images showed a damaged gate and a nearby clash in a parking lot.

    The report said that security forces, firefighters, and paramedics were dispatched to the complex located in the Kahramankazan district of the capital, and the wounded have been transported to two different hospitals.

    TUSAS is an important defense and aviation company in Türkiye. It produces KAAN, the country’s first national combat aircraft, among other defense projects.

    The outlawed Kurdistan Workers’ Party (PKK) has claimed responsibility for similar actions in the past.

    The PKK, listed as a terrorist organization by Türkiye, the United States, and the European Union, has rebelled against the Turkish government for more than three decades.

    MIL OSI China News –

  • MIL-OSI China: Hezbollah confirms attack on Israeli military company

    Source: China State Council Information Office 3

    Hezbollah said it attacked on Wednesday night the Israel Military Industries Ltd., also referred to as Ta’a, in the suburbs of Tel Aviv with missiles.

    Hezbollah, in a statement, said the strike “hit its targets accurately.”

    The Israel Defense Forces (IDF) said earlier in the day that four projectiles were launched on Wednesday evening from Lebanon towards central Israel, adding two of them were intercepted and two others fell, with no casualties reported.

    Meanwhile, Israel’s state-owned Kan TV news, citing Palestinian sources, reported that one projectile fell near Qalqilya city in the West Bank, slightly injuring a man and damaging a car.

    Since Sept. 23, the Israeli army has been launching intensive airstrikes on Lebanon in a dangerous escalation with Hezbollah. In early October, Israel also launched a ground operation near the southern Lebanese border, allegedly to further cripple Hezbollah’s capabilities.

    MIL OSI China News –

  • MIL-OSI China: Israeli airstrikes kill 1 soldier, injure 7 in Syria

    Source: China State Council Information Office 3

    Israel launched airstrikes on the Syrian capital Damascus and a military site in the central province of Homs before daybreak Thursday, killing one soldier and wounding seven others, the Syrian Defense Ministry said.

    The attacks, which occurred around 3:40 a.m. local time (0040 GMT), were launched from the direction of the occupied Golan Heights and northern Lebanon, hitting two sites in Damascus’ Kafr Sousa neighborhood and one military site in the countryside of Homs, the ministry said in a statement.

    The strikes caused material damage, the statement added without elaborating.

    Huge explosions were heard in Damascus earlier in the day.

    Earlier reports said a residential building in Kafr Sousa was targeted.

    Israel has been carrying out strikes against what it said were Iranian-linked targets in Syria for years. However, both Syrian and Iranian governments have denied the existence of Iranian military forces or base in Syria.

    Israel has ramped up attacks on Syria with the escalation of Israel-Lebanon conflicts.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Appointments to Process Review Panel for Securities and Futures Commission

    Source: Hong Kong Government special administrative region

         The Government announced today (October 24) that the Financial Secretary, under the authority delegated by the Chief Executive, has appointed the new Chairman and eight new members, and reappointed four incumbent members to the Process Review Panel (PRP) for the Securities and Futures Commission (SFC) for a term of two years from November 1, 2024.
     
         The new Chairman of the PRP is Ms Miranda Kwok Pui-fong. The eight new members are Dr Chordio Chan Siu-ping, Ms Lorna Chen Xin, Mr Kenneth Chen Yung-ngai, Dr Bankee Kwan Pak-hoo, Mr David Lau Pak-wai, Ms Jasmine Lee Shun-yi, Ms Lian Shaodong and Ms Karen So Kwok-yan. Professor Chan Ka-lok, Ms Kerry Ching Kim-wai, Mr Charles Lin Xiaodong and Dr Levin Wang Lei have been reappointed.
     
         A spokesman for the Financial Services and the Treasury Bureau said, “We are grateful to the PRP for the time and efforts devoted to conducting reviews. The valuable advice and suggestions provided to the SFC have helped enhance its internal procedures and operational guidelines. We are confident that, under the leadership of Ms Miranda Kwok as the new Chairman, the PRP will continue to play a vital role in assisting the SFC to exercise its regulatory power in a fair and efficient manner.
     
         “We extend our heartfelt gratitude to the outgoing Chairman, Mr Lawrence Lee Kam-hung, for his exemplary leadership over the past six years. We would also like to thank Mr Jeffrey Chan Lap-tak, Ms Dilys Chau Suet-fung, Ms Ivy Chua Suk-lin, Mr Vincent Chui Yik-chiu, Ms Margaret Kwan Wing-han, Mr Henry Lai Hin-wing and Mr Brian David Li Man-bun, who will be completing their tenure, for their dedication and contribution.”
     
         The PRP is an independent non-statutory panel established in November 2000 to review the operational procedures of the SFC and determine whether the SFC has followed its procedures in carrying out its work. This helps ensure that the SFC exercises its regulatory power in a fair and consistent manner.
     
         The membership of the PRP with effect from November 1, 2024, is as follows:

    Chairman
    ———–
    Ms Miranda Kwok Pui-fong
     
    Members
    ———-
    Professor Chan Ka-lok
    Dr Chordio Chan Siu-ping
    Ms Lorna Chen Xin
    Mr Kenneth Chen Yung-ngai
    Ms Kerry Ching Kim-wai
    Dr Bankee Kwan Pak-hoo
    Mr David Lau Pak-wai
    Ms Jasmine Lee Shun-yi
    Ms Lian Shaodong
    Mr Charles Lin Xiaodong
    Ms Karen So Kwok-yan
    Dr Levin Wang Lei
     
    Ex-officio Members
    ———————
    The Chairman of the SFC
    The Secretary for Justice or his representative

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Alwyn Jordan: Monitoring and assessing risks to financial stability in the Caribbean

    Source: Bank for International Settlements

    On behalf of the Central Bank of Barbados, it is my great pleasure to welcome you to this peer-to-peer exchange seminar. I’d like to extend a special welcome to Dr. Petr Jakubik from CARTAC, whose initiative has brought us together for this important event.

    This is not just another training seminar – it is a dynamic platform for the exchange of ideas, the sharing of expertise and the building of frameworks for future collaboration. In today’s rapidly evolving global landscape, where financial stability and economic resilience are increasingly intertwined with central bank regulation, peer exchanges like this are vital. They help us remain agile, informed and equip us with the latest knowledge and best practices to meet the challenges we face as central bankers and regulators.

    It is therefore a pleasure to be here today to discuss this issue with you, which is at the heart of economic development in the Caribbean. We all know that at first glance, financial stability may seem like a dry, technical topic, but for us in the Caribbean, it is central to safeguarding our economic well-being. As the global financial system becomes more interconnected, our economies are exposed to a variety of risks – both natural and man-made. Today, I want to highlight why financial stability is crucial for our region, with particular emphasis on challenges such as climate change, external shocks, and the evolving financial landscape. I will also shed some light on the difficulties faced by Caribbean central banks and other regulators in preparing comprehensive Financial Stability Reports.

    We all know that financial stability is about ensuring that various entities such as banks, insurance companies, financial markets, and payment systems operate smoothly without triggering major disruptions. When financial stability is maintained, businesses can secure credit, households can borrow and save, and governments can finance development. It is therefore the backbone of economic resilience.

    For the Caribbean, the stakes are particularly high. We are a region of small, open economies that are highly dependent on external trade, tourism, and foreign investment. Our economic structure makes us extremely vulnerable to external shocks, whether they are related to global financial conditions, natural disasters, or geopolitical events. Any significant disruption to the financial system, whether from internal weaknesses or external shocks can therefore quickly lead to a financial crisis. The resulting economic hardship can take years, or even decades, from which to recover. A very good example of this phenomenon was seen during and after the Global Financial Crisis. 

    Vulnerability to Climate Change

    But let me start by addressing one of the major external risks to Caribbean economies, namely the climate crisis. Our region is one of the most vulnerable to the impact of climate change. Indeed, when we refer to climate vulnerable economies, Caribbean countries are always the highest ranked by any measure. Rising sea levels, more intense storms such as hurricane Beryl, which caused significant damage to a number of Caribbean islands in late June, prolonged droughts, and flooding have become our unfortunate reality. These climate-related risks have a direct bearing on financial stability, as these systems don’t just devastate homes and infrastructure, they can also have adverse effects on the financial system.

    For example, the destruction of infrastructure can lead to loans becoming non-performing, as businesses and households may default on their debt. Banks and other large financial entities in turn, may face liquidity problems, which can trigger a systemic crisis. Furthermore, as governments attempt to rebuild after the event, this often leads to an increase in public debt, which puts further strain on their ability to finance essential services and infrastructure. Imagine the strain on our resources that would have occurred had any of our islands been hit by the back-to-back hurricanes that recently devastated Florida and other states along the US South coast. 

    Climate-related risks are particularly challenging to manage because of their unpredictable nature and the difficulty in quantifying their economic impact. Caribbean regulators must therefore continuously monitor these risks and implement forward-looking policies to mitigate their effects on the financial system.

    The Impact of Global Economic Shocks

    In addition to climate change, external economic shocks pose another serious risk to financial stability in the Caribbean. Our economies are heavily reliant on global trade, tourism, and remittances. Any disturbance in the global economy such as a recessions in our major trading partners or sudden changes in commodity prices can ripple through our financial systems. Take, for instance, the fallout from the COVID-19 pandemic, which brought the world to a standstill in 2020. It was an economic shock of unprecedented proportions for the Caribbean. Indeed, our tourism sector, a lifeline for many economies, came to a grinding halt, leaving governments and businesses scrambling to stay afloat.

    Central banks in the region had to take swift action to ensure liquidity in the financial system, lower interest rates, and support government stimulus efforts. But the pandemic highlighted an ongoing challenge: our financial systems are vulnerable to global crises, and the lack of diversified economies in the region makes recovery more difficult. Regulators must therefore constantly balance the need to maintain stability, while responding to these shocks in an agile and effective manner.

    Navigating the New Financial Landscape

    But this is not the only challenge facing us as regulators, as the financial landscape is also evolving rapidly. The rise of fintech, digital currencies, and shadow banking, has created new opportunities for financial inclusion and innovation. However, it also presents new risks. Digital currencies, while offering the potential for greater financial inclusion, bring concerns about regulatory oversight, cybersecurity, and monetary policy transmission. Caribbean countries have been the pioneers in developing digital currency frameworks, but it still requires careful consideration of the impact on financial stability.

    Shadow banks – non-bank financial intermediaries that provide similar services as traditional banks – such as payday lenders or firms offering “buy now, pay later” options for buyers, are another concern. Given that these entities generally operate outside the regular regulatory framework, they are often opaque, and central banks may lack the tools to properly oversee their activities. They can, therefore, pose systemic risks without the safeguards that apply to the formal financial sector. If these institutions fail, the resulting financial contagion could spread quickly throughout the economy. Developing effective regulatory frameworks for shadow banks is therefore critical to ensuring financial stability in our region. 

    The Value of Financial Stability Reports

    It is against this backdrop that Caribbean central banks face the herculean task of monitoring, assessing, and mitigating these risks. One of the key tools at their disposal is macroprudential policy, which is still in its initial stage of implementation in most Caribbean economies. However, central banks have made significant improvements in communicating the risks to the public via their Financial Stability Reports (FSR). These FSRs, as you all know, provide a comprehensive assessment of the financial system’s health and highlight any emerging vulnerabilities. However, preparing a comprehensive FSR is a very challenging exercise, especially in the Caribbean context.

    One of the most significant challenges is the lack of comprehensive and timely data. Many countries in the region struggle with collecting and analysing the necessary data to fully assess financial risks. Without high-quality data, it is difficult for central banks to make accurate forecasts or take pre-emptive action. Improving data collection and our analytical capabilities must therefore be a priority for the region, if we are to produce meaningful and effective reports.

    Moreover, we know that preparing a high-quality FSR requires specialised knowledge in areas such as macroprudential policy, risk modelling, and scenario analysis. Given the complexity of financial systems and the fast-paced evolution of risks, Caribbean regulators must therefore invest in training and development, to ensure that they have the expertise required to produce comprehensive reports. 

    In our context, the Financial Stability Report of Barbados has evolved over the years, reflecting the growing complexity of the financial landscape in the country. I’d like to highlight some of the key milestones that have shaped this journey, all of which have been implemented as a result of our partnership with our sister regulator, the Financial Services Commission (FSC) and our collaboration with CARTAC (Caribbean Regional Technical Assistance Centre).

    A major accomplishment was the introduction of stress testing in 2016, as this allowed us to simulate how our banking sector would perform under adverse shocks. This tool gave the Bank, as a policymaker and regulator, a clearer understanding of the vulnerabilities that might emerge during a financial crisis, helping us better prepare for potential disruptions. This was a crucial step in ensuring that our banks and financial institutions remain resilient, even in the face of global uncertainties.

    As our financial system grew more diverse, it became essential to extend our focus beyond traditional banks. In 2018, the FSR began to include a detailed analysis of non-bank financial institutions (NBFIs) such as insurance companies, pension funds, and credit unions, though our collaboration with the FSC. This was a key milestone because non-bank financial institutions are integral to our economy, and their health is equally as important as that of the banking sector. By broadening the scope of the FSR, we now have a more comprehensive picture of the overall financial system.

    The next significant development occurred four years later in 2020, when we made an important breakthrough in acknowledging the significant risk that climate change poses to our financial system. With the inclusion of climate-related financial risk analysis, the Central Bank aligned Barbados with the global efforts to manage climate-related financial risks, underscoring our commitment to resilience.

    The results of this work, led by Dr. Saida Teleu and her team, were incorporated in Barbados’ 2023 FSR. With the invaluable assistance of the Coastal Zone Management Unit, we’ve implemented a climate stress test, focusing on projecting damage to the accommodation sector, which is deeply intertwined with our tourism industry. This collaboration has allowed us to assess the potential impacts of climate-related risks on financial stability in a more data-driven and precise manner.

    In the most recent FSR, the Bank has also successfully undertaken a significant revamp of its publication, with improvements that underscore our commitment to both innovation and comprehensive risk management. One of the key upgrades has been the introduction of a dynamic balance sheet approach to stress testing. Unlike traditional methods, this approach allows us to incorporate explicit macroeconomic scenarios and extend our stress testing over a longer horizon. This dynamic perspective offers us deeper insights into how our financial system would respond to shocks in a changing economic environment. Additionally, we’ve developed a non-performing loan satellite model, giving us a more accurate assessment of credit risk in our financial system. 

    We also recognised the growing importance of the real estate sector, and so we’ve enhanced our analysis of this sector. Real estate is not only a critical component of household wealth, but also a significant driver of lending and investment activity, making it essential to the stability of our financial system. 

    As the financial landscape changes, so too must our approach to assessing risks. In this regard, the 2023 FSR also incorporated the risks posed by digital financial services, fintech, and cybersecurity and issued a survey to the industry to gather vital data. This addition was particularly important given the rapid rise of cyber-crime and the increasing use of online financial services, and the recent publicised cyber-related breaches at the Barbados Revenue Authority and one of our credit unions give testament to this fact. As a country, we are keen to embrace innovation, but it is equally important that we understand and manage the risks that come with these technological advancements.

    These most recent advancements significantly upgraded our report. Indeed, the Bank’s FSR has now become, in our humble opinion, the regional benchmark for integrating climate change into financial stability assessments. However, we are keen to share our insights with our regional colleagues and we thank CARTAC for sponsoring two peer-to-peer missions, including this one, which serve to further strengthen financial stability efforts throughout the Caribbean. 

    Each of these milestones reflects our Bank’s commitment to ensuring a resilient financial system. From stress testing and climate risk analysis to the inclusion of cyber risks and more robust data analytics, we are continuously improving the tools and strategies we use to safeguard financial stability.

    But our work doesn’t end here. The financial system is always evolving, and we must stay ahead of the curve. By building on these achievements and addressing new challenges, we will continue to protect the financial well-being of Barbados, ensuring that we are resilient in the face of both local and global uncertainties.

    I am honoured to also explore some of the significant milestones achieved by two of our regional counterparts – the Financial Services Commission of Turks and Caicos and the Central Bank of Aruba – in their efforts to enhance their financial stability reporting. 

    Let me begin with Turks and Caicos. Your financial system plays a vital role in your country’s economy, particularly in your banking and offshore sectors. In collaboration with CARTAC, the FSC made great strides in developing its stress testing framework, which is very similar to the one we recently implemented, as a multi-factor and multi-period macroeconomic-stress test that can account for both domestic economic shocks such as a downturn in tourism and external shocks like global financial market volatility. By extending the horizon and refining the scenarios, the FSC is now better equipped to gauge the potential vulnerabilities within its financial system.

    We know that the Central Bank of Aruba does not currently publish a Financial Stability Report. However, the Bank does perform stress tests on its banking sector, the results of which are usually discussed with the banks individually via bilateral meetings. In 2023, the Bank conducted a stress test on the banking sector, with a key focus on concentration risk. This scenario analysis was driven by the developments in the US banking system that took place that year. 

    We will hear directly from these two institutions about their journey to enhance and assess financial stability in their respective jurisdictions. Over the next few days, you will participate in a diverse and robust line-up of sessions that promise to deepen our understanding and sharpen our capabilities. 

    I encourage all of you to actively participate in these discussions, as the true power of peer-to-peer learning lies in the collective wisdom and shared experiences of those in this room. Each of us brings a wealth of knowledge and experience, and together, we have the opportunity to generate innovative solutions that can strengthen the financial stability of our institutions and economies.

    I commend CARTAC, and Petr specifically, for hosting these peer-to-peer exchanges, which provide unique value to our professional growth. While we are all experts in our respective areas, there is tremendous strength in collaboration. This seminar is therefore a perfect opportunity to foster connections, engage in thought-provoking discussions, and together, to drive the innovation and progress that our institutions and economies need to thrive.

    I would like to take a moment to recognise and thank the organising team, especially the Financial Stability Unit led by Saida, who have worked tirelessly to put together this exceptional event, as well as Karen, who has done an excellent job in coordinating this event. Your dedication and efforts are deeply appreciated.

    I would also like to extend a special thank you to our speakers, including those from our sister regulator, the FSC, and our colleagues from the Turks & Caicos and Aruba, who have prepared valuable content for us. We look forward to the knowledge and insights you will bring to the table.

    In closing, I urge each of you to take full advantage of the opportunities this seminar provides. Whether through the formal sessions or during informal conversations during the coffee breaks, I encourage you to use this time to build stronger networks, exchange ideas, and learn from one another. Once again, thank you all for being here. I look forward to the meaningful discussions and practical takeaways that will undoubtedly emerge over the next few days and I wish everyone a productive and successful seminar.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Pink October: A Call to Action for Breast Cancer Awareness in Africa

    Source: African Development Bank Group

    Every October, the world unites in a vibrant global campaign aimed at eradicating breast cancer. Known as “Pink October”, this campaign is dedicated to raising awareness about breast cancer, promoting early detection, and supporting research for better treatment options. For the African Development Bank (the Bank), the month serves as a crucial reminder of the ongoing health challenges faced by people, particularly women, across the continent. Gender perspectives reveal that women encounter unique obstacles, be they social, cultural, economic, policy related. This makes Pink October an even more pressing call for action to improve health outcomes and the quality of life of the people of Africa.

    The Rising Challenge of Breast Cancer in Africa

    Breast cancer is now the most common form of cancer among women globally, causing over 670,000 deaths in 2022[i]. In sub-Saharan Africa, an alarmingly, 60 percent to 70 percent of women are diagnosed with advanced stage disease presented at Stage 3 and 4.  Accessible infrastructure, quality training, preventive care, and supportive policies are essential for timely and adequate treatment, which significantly impacts survival rates. Currently, only 50 percent of women in Sub-Saharan Africa survive five years post-diagnosis compared to over 90 percent in high-income countries with affordable health care[ii].

    The Bank’s Response: Strategic Initiatives

    The Bank is making meaningful strides in addressing critical health challenges and empowering communities, particularly women in regional member countries. A few examples include the:

    • Uganda Oncology Project (East Africa Centre of Excellence Project):  Approved in December 2023, this project aims to enhance cancer management in Uganda and the East African Community region by addressing critical shortages in oncology professionals. The project focuses on improving infrastructure and education at the Uganda Cancer Institute. Additionally, the project seeks to support regional integration in higher education, ensuring that training and services meet the growing demand for specialized oncology care to address the pressing shortage of skilled oncology professionals in Uganda and the East African Community. Key outputs include:
      • Building research and training capacity in cancer diagnosis and treatment.
      • Providing advanced cancer treatment facilities notably breast cancer.
      • Offering scholarships for 60 postgraduate candidates in oncology, with at least 30 percent reserved for women to help reduce the traditionally male-dominated Oncology field.
      • Increase 40 percent of early-stage breast cancer diagnoses and other forms of cancers by 2026.
    • Partnership with HealthTech Hub Africa, to develop a pan-African blueprint aimed at accelerating health tech innovations across the continent. This collaboration addresses the urgent demand for solutions to close health infrastructure gaps and extend affordable services to underserved communities by promoting advanced technologies like telemedicine and AI-powered diagnostics. HealthTech Hub Africa has supported 68 organizations in 17 countries, impacting over 2.35 million beneficiaries and creating more than 830 jobs. The agreement was announced at the HealthTech Africa Investor Summit on October 16, 2023.

    “By creating a pan-African blueprint for health tech innovations, we aim to address critical infrastructure needs and extend affordable services to underserved communities. This collaboration will empower innovators and enhance healthcare delivery for millions, ultimately improving outcomes for women and men affected by breast cancer,”

    states Martha T.M. Phiri, Director of Human Capital, Youth and Skills Development.

    Institutional Initiatives At an institutional level, the Bank launches several initiatives every year to raise awareness about breast cancer and support the staff. This year for instance, an inaugural conference will be held on October 25, featuring expert discussions on breast cancer awareness and prevention. Additionally, screenings will be provided on October 29-31, ensuring access to essential health services. Regional Directorate Generals (RDGs) will spearhead communication efforts in their areas, promoting the importance of prevention and screening. Furthermore, the Bank’s medical plan will cover 100 percent of periodic medical check-ups, including mammograms and breast ultrasounds conducted. To enhance support, the Bank will also assist with treatments, medical follow-ups, and psychological support for employees affected by breast cancer.

    “Breast cancer awareness is not just a campaign; it’s a commitment to the health and well-being of our employees and their families. By promoting early detection and providing essential support, we aim to create a culture where health takes priority, and everyone feels empowered to take charge of their wellness.”

    Ali Ramzi Mohammed, Director staff welfare services, compensation and employment policy.

    A Collective Commitment

    As we observe Pink October, let us reaffirm our commitment to fighting breast cancer in Africa. The African Development Bank prioritizes internal efforts, fostering a supportive environment for its employees through awareness campaigns and health initiatives. By investing in health systems, supporting research, and advocating for universal access to care, we can reduce the burden of breast cancer and empower women everywhere.

    As we highlight these initiatives, it is important to remember the real impact of our efforts through the voices of those directly affected. A colleague and cancer survivor shared her experience, emphasizing the critical role of awareness and support in the journey through breast cancer:

    “Surviving breast cancer has shown me the power of community and the importance of early detection. I am grateful for the support around me including the Bank and hope my journey inspires others to prioritize their health and seek the care they deserve.”

    Zeneb Touré, Manager of the Civil Society Engagement Division.

    Let’s wear pink not just this October, but every day, as a symbol of hope, solidarity, and our shared commitment to fight breast cancer. Together, we can create a healthier future for women and men across Africa.

    MIL OSI Economics –

  • MIL-OSI USA: FACT SHEET: Biden-⁠ Harris Administration Strengthens Standards to Protect Millions from Exposure to Lead Paint Dust, Announces New Actions to Address Toxic Lead  Exposure

    US Senate News:

    Source: The White House
    Today’s announcement is expected to reduce the lead exposure of up to 1.2 million people every year and represents one of over 100 actions taken by the Administration in 2024 to reduce lead poisoning
    President Biden and Vice President Harris have been clear that all Americans deserve to live free from fear of toxic lead exposure. Since Day One, the Biden-Harris Administration has marshalled a whole of government effort to reduce all sources of lead exposure, issuing a comprehensive Lead Pipe and Paint Action Plan that guides federal action to achieve a lead-free future.
    Today, as we continue to mark National Lead Poisoning Prevention Week, the Biden-Harris Administration is taking action to further reduce lead exposure by issuing a final Environmental Protection Agency (EPA) rule to strengthen requirements for the removal of lead paint dust in pre-1978 housing and child care facilities.
    Lead is a neurotoxin that can irreversibly harm brain development in children, lower IQ, cause behavioral problems, and lead to life-long health effects. There is no safe level of lead exposure. Yet, due to decades of inequitable infrastructure development and underinvestment, lead poisoning disproportionately affects low-income communities and communities of color.
    Today’s final rule sets new standards for lead abatement activities that will better protect children and communities from the harmful effects of exposure to dust generated from lead paint. The rule will help protect people in communities across the country from these harms, and is expected to reduce the lead exposures of up to nearly 1.2 million people every year, providing public health and economic benefits up to 30 times greater than the costs. Although the United States banned lead-based paint in residences in 1978, an estimated 31 million houses built before 1978 still contain lead-based paint, and 3.8 million are home to one or more child under the age of six, putting them at risk of lead exposure.
    Since the announcement of the Biden-Harris Lead Pipe and Paint Action Plan, the Administration has taken hundreds of actions across more than 10 agencies to reduce the risk of lead poisoning in drinking water, paint, soil, food and household products, the workplace, and to combat lead exposure internationally – including more than 100 actions in the past year alone. Some of the actions since the latest Action Plan progress update in November 2023 include:
    Reducing Exposure to Lead from Paint and Dust in the Home – Lead in household dust originates from indoor sources such as deteriorated, lead-based paint on surfaces. In the last year, the Administration has worked diligently to identify, help tackle, and eliminate these exposures in several ways:
    Earlier this month, the Department of Housing and Urban Development (HUD) announced more than $420 million in awards to remove lead hazards from homes, including HUD-assisted homes, ensuring the safety of children, residents, and families. This includes $2 million to remove other housing-related hazards from homes in conjunction with weatherization efforts, and nearly $10 million to facilitate research on better identifying and controlling lead and other housing-related hazards. These awards are part of President Biden’s Justice40 Initiative, which seeks to ensure that 40 percent of the overall benefits of certain Federal climate, clean energy, affordable and sustainable housing, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. 
    In August 2024, the Department of Health and Human Services (HHS) issued a new final rule updating the Head Start Program Performance Standards. This rule requires Head Start programs to protect children from exposure to lead in water and paint through regular testing and inspection and remediate lead in Head Start facilities where lead exists.
    In 2024, EPA conducted approximately 1,400 compliance monitoring activities for lead-based paint in over 190 communities, more than a third of which were communities with environmental justice concerns. Additionally, EPA’s Federal Facilities Enforcement Office conducted compliance monitoring activities at 18 military installations in 2024. This work protects our service members and their families from exposure to lead-based paint in their homes at military bases.
    Reducing Exposure to Lead from Drinking Water – Millions of buildings still receive their water through a lead pipe. The Biden-Harris Administration has taken historic steps to meet President Biden’s commitment to replace every lead pipe in the country within a decade:
    Earlier this month President Biden traveled to Milwaukee, Wisconsin, to announce a final rule that requires drinking water systems nationwide to replace lead service lines within 10 years. This rule will protect children from brain damage, prevent up to 900,000 infants being born with low birth weight, and protect 1,100 adults from premature death from heart disease every year.
    President Biden secured a historic $15 billion in funding through the Bipartisan Infrastructure Law specifically dedicated for replacing lead service lines, and provided an additional $2.6 billion from his Bipartisan Infrastructure Law for drinking water upgrades and lead pipe replacements, along with an additional $11.7 billion in general-purpose funding through the Drinking Water State Revolving Fund which can also be used for lead pipe replacement. To date, EPA has announced over $18 billion of this funding across every state. Nearly half of this funding is required to flow to disadvantaged communities, in the form of grants and zero-interest loans.
    Thanks to the Biden-Harris Administration’s actions, cities across the country are already making progress in replacing lead pipes. Cities with some of the highest numbers of lead pipes, like Milwaukee, Detroit, Pittsburgh, St. Paul, and Denver, have received funding from the Administration and are now on track to replace all lead pipes within 10 years or less. Under this Administration, over 367,000 lead pipes have been replaced nationwide, benefitting nearly 1 million people.
    Funding from the American Rescue Plan’s $350 billion State and Local Fiscal Recovery Fund can be used by states and communities to replace lead service lines and remediate lead paint. To date, well over $20 billion nationwide has been invested in water infrastructure projects.
    During this Administration, the EPA has also used its Water Infrastructure Finance and Innovation Act (WIFIA) program to provide well over $350 million in financing to communities for lead pipe replacement.
    Since launching in November 2023, EPA’s Get the Lead Out Initiative has provided technical assistance to public water systems nationwide to identify lead pipes and accelerate their replacement. Prioritizing disadvantaged and underserved communities, the initiative is providing assistance to a growing list of public water systems, including in Michigan, Ohio, and Illinois, and facilitates access to funding from the Bipartisan Infrastructure Law. This initiative builds on the partnership between EPA, the Department of Labor (DOL), and 40 underserved communities to support lead pipe replacement.
    In January 2023, the White House Summit on Accelerating Lead Pipe Replacement hosted by Vice President Harris, announced new actions and progress to deliver clean drinking water, replace lead pipes, and remediate lead paint to protect children and communities across America, including the Biden-Harris Get the Lead Out Partnership comprised of state and local officials, water utilities, labor unions, and other nongovernmental organizations who committed to advance and accelerate lead pipe replacement. This White House Partnership spurred the creation of a the Great Lakes Lead Pipes Partnership, a first-of-its kind, mayor-led effort to accelerate lead pipe replacement in cities with the heaviest lead burdens.
    In August 2024, EPA announced $26 million in grant funding to protect children from lead in drinking water at schools and childcare facilities across the country. These grants will be used by 55 States and territories to reduce lead exposure where children learn and play.
    The Department of the Interior conducted more than 330 water system assessments at all Indian Affairs-owned sites, including schools, offices and detention centers, among others. Beyond service lines, assessments collected lead/copper samples to identify lead sources in water distribution systems and where lead levels affected drinking points DOI coordinated immediate remediation strategies and implemented actions including alternative water sourcing and confirmatory sampling.
    Reducing Exposure to Lead from Air – Major sources of lead in the air include emissions from manufacturing, waste and metals processing, and aircraft operating on leaded aviation fuel. To tackle these emissions, the Biden-Harris Administration has taken the following actions:
    In January 2024, EPA released the Integrated Science Assessment for Lead as part of its review of the lead National Ambient Air Quality Standards. This technical document, along with additional technical and policy assessments, will provide the scientific foundation for EPA’s decisions as it regulates air lead exposure.
    In October 2023, EPA issued a final determination that emissions of lead from aircraft engines that operate on leaded fuel cause or contribute to air pollution which may reasonably be anticipated to endanger public health and welfare. With this final determination, EPA and Federal Aviation Administration (FAA) have begun work to consider regulatory options to address lead emissions from aircrafts.
    Reducing Exposure to Lead from Soil – Lead contamination at legacy pollution sites from past industrial operations, like lead mining and smelting, can accumulate in soil and poses a threat to human health and the environment. Reducing lead levels in soils can reduce exposure risks.
    The Bipartisan Infrastructure Law invests $5 billion to clean up legacy pollution, including lead contamination, at Superfund and Brownfields sites. In Fiscal Year 2024, EPA completed 63 Superfund cleanup projects that addressed lead contamination in soil to protect families and children from the harmful impacts of lead. In addition, lead is the environmental contaminant most commonly reported by EPA Brownfields cleanup grant recipients. In fiscal year 2024, Brownfields grant recipients completed 63 brownfields cleanups that addressed lead contamination.
    In January 2024, after years of research and advanced understanding of the latest science on lead, EPA issued new guidance to improve screenings for lead in residential soils at Superfund and other contaminated sites. This new guidance cuts in half the recommended screening levels issued 30 years ago and takes into account the potential for cumulative impacts by recommending even more stringent levels in areas where there may be additional sources of lead exposure, such as lead in drinking water or lead paint in homes.
    Reducing Exposure to Lead from Food and Household Products – Lead may be present in food when it is in the environment where foods are grown, raised, or processed. To reduce the risk to children of ingesting lead in food, the Administration is working to addressed lead hazards in processed foods.
    In September 2024, the Food and Drug Administration (FDA) published a new study on dietary exposure from lead in infants and young children. This action is part of the agency’s Closer to Zero effort, which sets forth the FDA’s science-based approach to continually reduce exposure to lead, arsenic, cadmium, mercury and other contaminants to the lowest levels possible in foods eaten by babies and young children.
    Protecting People from Lead Exposure in the Workplace – Workers can be exposed to lead as a result of the production, use, maintenance, recycling, and disposal of lead material and products. In 2024, the Administration sought to protect workers through a number of actions.
    In April 2024, the National Institute for Occupational Safety and Health (NIOSH) released Trends in Workplace Lead Exposure, monitoring workplace lead exposure trends through the Adult Blood Lead Epidemiology and Surveillance program.
    In March 2024, at the direction of President Biden, the Department of Veterans Affairs (VA) announced that all veterans exposed to toxins and other hazards during military service—including lead—are now eligible for VA health care.
    Accelerating Innovations to Improve Blood Lead Testing – Testing blood is the best way to determine if a person has had lead exposure, as there are often no immediate symptoms when someone is exposed to lead. Based on blood lead test results, healthcare providers can recommend follow-up actions and care.
    In March 2024, the Centers for Disease Control and Prevention (CDC) announced Phase 2 of the Lead Detect Prize on challenge.gov, inviting selected Phase 1 participants to develop their winning concepts into detailed designs. This challenge provides a $1 million prize pool to accelerate the development of next-generation point-of-care blood lead testing technology. National Aeronautics and Space Administration (NASA) and the FDA support the challenge, and it spotlights the urgent need to identify and foster new or existing breakthrough solutions and products for optimal lead testing in children.
    Establishing Domestic Partnerships to Reduce All Lead Exposure – The Administration is engaging stakeholders in a number of ways to reduce community exposure to lead in the United States.
    In July 2024, the President’s Task Force on Environmental Health Risks and Safety Risks to Children published the Progress Report on the Federal Lead Action Plan, a comprehensive update on the government’s progress since 2018 toward reducing childhood lead exposures. HUD, EPA, and HHS, as co-leading members of the Task Force’s Lead Subcommittee, are leading aggressive actions to combat lead exposure. The Federal Lead Action Plan promotes a vision that the United States will become a place where children, especially those in communities with environmental justice concerns, can live, learn and play and remain safe from lead exposure and its harmful effects.
    In June 2024, the CDC published the Childhood Lead Poisoning Prevention National Classroom program. This program features multiple training methods and outreach strategies, including slide presentations, training videos, webinars, podcasts, and materials posted online to engage a broad range of audiences, including public health professionals, other physicians, general audiences, and high school students, through social media platforms and many other outlets.
    In February 2024, the EPA in collaboration with HUD and CDC/ASTDR published A U.S. Lead Exposures Hotspot Analysis, which identifies states and counties with the highest potential lead exposure risk from old housing sources of lead. This analysis applied science-based methods based on available data, continuing the agencies’ commitment to advancing whole of government efforts to focus lead actions in disproportionately impacted locations.
    EPA continues to establish and lead U.S. whole-of-government partnerships to develop and apply a science-based blueprint to identify communities with high lead exposures and improve their health outcomes in support of EPA’s Lead Strategy and priority activities of the President’s Task Force on Environmental Health Risks and Safety Risks to Children.
    Spearheading an International Effort to Reduce Global Lead Exposure – Amidst historic actions taken domestically to combat lead exposure in the United States, the Administration has built an unprecedented global coalition to tackle lead exposure in low- and middle-income countries, where one in two children has elevated levels of lead in their blood.
    In September 2024, the U.S. Agency for International Development (USAID) joined UNICEF and over 60 partners and 26 countries to launch the Partnership for a Lead-Free Future, the first-ever public-private partnership dedicated to tackling lead exposure in low- and middle-income countries. The Partnership committed $150 million toward this effort—at least 10 times the average estimated annual investment to combat lead exposure internationally over the past five years.
    Earlier this year, USAID, through its Enterprises for Development, Growth, and Empowerment (EDGE) Fund, provided $5 million to the Lead Exposure Elimination Project (LEEP) to accelerate the global transition to lead-free paint. Spanning over 30 countries in Africa, Asia, Latin America, Central Asia, and Europe, the LEEP partnership will support governments in introducing lead paint regulations and demonstrate how the private sector can reduce lead exposure, saving lives and protecting communities.

    MIL OSI USA News –

  • MIL-OSI Economics: 23 October 2024 Regions with the best exhibitions at the Far East Street announced At the meeting of the Far Eastern Federal District Council held under the leadership of Yury Trutnev, Deputy Prime Minister of the Russian Federation and Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District (FEFD), the Far Eastern regions that presented the best expositions at the Far East Street exhibition in September this year were announced.

    Source: Eastern Economic Forum

    MIL OSI Economics –

  • MIL-OSI United Kingdom: British High Commission celebrates King’s birthday, 2024

    Source: United Kingdom – Executive Government & Departments

    The British High Commission will today (23 October) host the King’s Birthday Party, its annual celebration to mark the British Monarch’s birthday.

    British High Commissioner to India, Lindy Cameron with P Kumaran, Secretary of Economic Relations and Development Partnership Administration, Ministry of External Affairs

    The gala event pays tribute to His Majesty King Charles III as the UK’s Head of State.

    In addition to his official and ceremonial duties in the UK and overseas, His Majesty has championed a wide range of causes relating to the environment and sustainable development, the arts, healthcare and education for decades.

    A wide range of dignitaries from the Government of India, representatives from Commonwealth nations, business leaders, and eminent personalities from the fields of diplomacy, arts, education, research, business, and sports are expected to attend. The celebration will also highlight the vibrant business links that exist between our countries.

    The event reflects the modern partnership between the UK and India with a specially designed food menu of British Indian cuisine from Ambassador for the GREAT Britain & Northern Ireland campaign Chef Vineet Bhatia MBE, music by DJ Lush Lata, and interactive displays from some of the UK’s leading businesses operating in India.

    Lindy Cameron, British High Commissioner to India, said:

    His Majesty The King has an enduring interest in promoting a modern partnership with India and its people. It is such a privilege to celebrate His Majesty’s birthday with friends in India who have been so generous to me since I arrived. I can think of no more interesting country to live in, no better time to be here.

    I also extend my heartfelt thanks to everyone joining the celebration in Delhi; it is the people that make the UK-India partnership come to life, and the deep economic connections through companies like HSBC India that make it thrive.”   

    This year’s King’s Birthday Party celebrations in Delhi were made possible by the gracious support of HSBC India, Reliance Industries Ltd, OMA living – A Hero Motors Company, The Body Shop, bp, Airbus, BAE Systems, Shell India, British Airways, UK India Business Council, Aston Martin New Delhi, Truefitt & Hill, Diageo India, William Grant and Sons, Beam Suntory, Colliers Cheese and Fortune Gourmet Specialities, Nimkish Enterprises.

    Further information

    • free-to-use high resolution images from the event will be uploaded to Flickr
    • the King’s Birthday Party is celebrated by British Embassies and High Commissions around the world
    • the King’s Birthday falls on 14 November, but his official Birthday in 2024 was marked on 15 June, when The King’s Birthday Parade (also known as Trooping the Colour) was held in London
    • His Majesty has undertaken 10 official visits to India, most recently in November 2019 when he visited New Delhi and Mumbai to celebrate British-India connections with a focus on sustainable markets, climate change and social finance
    • His Majesty King Charles III was born in 1948 and became heir apparent on the accession of Queen Elizabeth II in 1952

    Media

    For media queries, contact:

    David Russell, Head of Communications
    Press and Communications, British High Commission,
    Chanakyapuri, New Delhi 110021. Tel: 24192100

    Media queries: BHCMediaDelhi@fcdo.gov.uk

    Follow us on Twitter, Facebook, Instagram, Flickr, Youtube and LinkedIn

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Celebrations mark official opening of new Winchester 3G pitch

    Source: City of Winchester

    The installation of a new community 3G pitch in Winchester has been celebrated at an official opening event.   

    The high-quality pitch, which has replaced the current grass pitch at Hillier Way football ground, is a surface which can be used all year round.

    The Hillier Way ground is the home venue of Winchester City FC, a committee-run members club which has a history dating back to 1884. The club’s first game on the new surface was an FA Cup qualifying game against Weymouth.

    The facility is also used by Winchester City Flyers girls’ and ladies’ teams, and Winchester Youth FC.

    The official opening on 23 October 2024 

    The new pitch has been funded by: a grant from the Premier League, The FA and Government’s Football Foundation of £1,132,214; Winchester City Council Community Infrastructure Levy (CIL) funding of £300,000; and £16,000 from Winchester City FC.

    It is also available for wider local community activity sessions and private hire, including use by schools, colleges and other clubs.

    Robert Sullivan, Chief Executive of The Football Foundation, said: “The Football Foundation is working closely with our partners – the Premier League, The FA and Government – to transform the quality of grassroots facilities in England by delivering projects like this across the country. 

    “Good quality playing facilities have a transformative impact on physical and mental health and play an important role in bringing people together and strengthening local communities. 

    “We’re delighted that the local community in Winchester will now be able to enjoy all these benefits thanks to the new 3G pitch at The Hillier Way Football Ground.”

    Winchester City Council’s Cabinet Member for Community and Engagement Cllr Kathleen Becker said: “We’re very pleased to celebrate the official opening of this fantastic new surface which cements existing opportunities for community sport. It opens up exciting new ones too, including increased opportunities for female coaches and players in the district.

    “Already being well used by the local community, we also look forward to seeing this pitch benefit schools and other clubs for sessions, holiday activity and private hire.”

    Winchester City FC Chairman Ken Raisbeck said: “The completion of the stadium development represents a significant moment in the history of the football club but also an opportunity for the community of Winchester.

    “Football is a great vehicle to bring people together as well as encourage health and wellbeing. This facility creates a home for the club and from five-year-olds through to the first team, we now have an asset that can be used by everyone.

    “I am delighted that the council supported the vision and through the football club we were able to bring investment to the city to provide this fantastic facility; it’s an exciting moment in the development of the club and our community partners.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

    Source: Northern Ireland – City of Derry

    RYANAIR EXTENDS BIRMINGHAM ROUTE FOR WINTER 2024 & CELEBRATES OVER 5 MILLION PASSENGERS THROUGH CIT

    24 October 2024

    Ryanair, Europe’s No.1 airline, today (23 Oct) launched its Winter 2024 schedule for City of Derry Airport with 2 exciting routes – Birmingham & Manchester – giving Northern Irish citizens/visitors more choice and regular connections at the lowest fares in Europe this Winter.

    Ryanair relaunched its Birmingham route from City of Derry Airport in Summer 2024, which the airline will now extend it into the Winter season. Ryanair has also added an extra return service on its popular Manchester route, which will now operate 6 weekly flights to/from City of Derry Airport for Winter 2024 (Mon, Fri, Sun).

    Today’s launch comes as Ryanair carries 5 million passengers through City of Derry Airport. Ryanair has operated to/from City of Derry Airport for the past 24 years, supporting important regional development and growth, including the airline’s support of over 65 local jobs, and driving of year-round connectivity and tourism.

    To celebrate the launch of Ryanair’s Winter 2024 schedule for City of Derry Airport, the airline has launched a limited-time seat sale with fares available from just £19.99 available only at www.ryanair.com.

     

    Ryanair’s Head of Communications, Jade Kirwan, said:

    “As Europe’s No.1 airline, Ryanair is pleased to announce our Winter 2024 schedule for City of Derry Airport with 2 routes – Birmingham & Manchester. As well as extending our new Birmingham route for the Winter season, we’re also adding extra flights on our popular Manchester route, providing Northern Ireland citizens/visitors with even more choice at the lowest fares in Europe.

    Today’s announcement comes as Ryanair carries our 5 millionth passenger through City of Derry Airport – a significant milestone and reflection of our 24 years of operating to/from City of Derry Airport. This year, Ryanair’s City of Derry Airport traffic will grow +66%, demonstrating Ryanair’s long-term commitment to boost Northern Ireland’s air traffic, tourism, jobs, and economy.”

     

    City of Derry Airport’s Managing Director, Steve Frazer said:

    “We are thrilled to have Ryanair providing much needed air connectivity from the ‘Gateway of the Northwest’ and Birmingham and Manchester for travellers across the region this Winter.

    Passengers will benefit from a new Ryanair Birmingham service on a Monday, in addition to the existing Saturday service. This will be ideal for business travellers departing at the start of the week and returning at the weekend, as well as students who regularly commute, whilst offering leisure passengers a convenient weekend break.

    Ryanair’s Manchester will continue to operate on a Monday, Friday and Sunday, again ideal for both business and leisure travel, with additional services available across the Christmas holiday period to meet the needs of our local catchment area.

    We are extremely proud to have reached the momentous milestone of 5 million Ryanair passengers at City of Derry Airport, and we look forward to growing the airline’s presence in the Northwest for years to come.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Remembrance Sunday in the Lancaster District This year’s Remembrance Sunday falls on 10 November and a number of services have been arranged in the Lancaster district.

    Source: City of Lancaster

    This year’s Remembrance Sunday falls on 10 November and a number of services have been arranged in the Lancaster district.

    Everyone is welcome to attend and remember all who died for their country in the two World Wars and also those who served in more recent operations.

    The Mayor of Lancaster, Councillor Abi Mills, said: “It’s tremendously important that we continue to remember the sacrifices made by so many during times of conflict.

    “Remembrance Sunday allows us to come together as a nation, to honour those who have given so much, and to pay tribute to our armed forces, both past and present.”

    Remembrance Sunday services will take place as follows:

    Lancaster
    This year there will be a service in the Priory Church at 9.15am followed by a procession through the city to Lancaster Town Hall starting at approximately 10.30am. The service in the Garden of Remembrance at the town hall will start at 10.50am.

    Morecambe
    A procession will form up at The Platform, leaving at approximately 10.40am, for a service and two minutes silence at the cenotaph on Marine Road.

    Carnforth
    The procession will leave the council offices on Market Street at approximately 10.25am and then proceed to the war memorial, via North Road and New Street for a remembrance service from 10.50am -11.30am. Market Street will be temporarily closed to traffic during the service.

    To help people to pay their respects, Lancaster City Council has suspended parking charges on its Nelson Street car park in Lancaster and Bay Arena car park in Morecambe.

    Last updated: 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: ​Themed Sci-fi awards highlight China’s nuclear exploration

    Source: China State Council Information Office 3

    The N Universe Science Fiction Awards, established by the China National Nuclear Corporation (CNNC), announced its winners on Oct. 19 in Chengdu, Sichuan province, promoting China’s atomic energy vision to domestic and international audiences.

    Pan Jianming, board secretary and spokesperson for the China National Nuclear Corporation, speaks at the N Universe Conference and Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    CNNC Board Secretary and spokesperson Pan Jianming emphasized that nuclear science development relies on the support of popular science. Similarly, the growth of popular science needs input from nuclear science experts. He said that strong and efficient coordination between these two creates powerful results.

    “The N Universe is an important popular science brand created by CNNC,” Pan said. “Only with continuous technological innovation can science fiction truly shine, and promoting innovation helps turn these ideas into reality. This is why CNNC is hosting these nuclear science fiction awards.”

    The awards ceremony featured four major award categories: best sci-fi novel, best sci-fi novella, best sci-fi short story, and top 10 imaginative works. The novel category awarded one first prize, one second prize, and three third prizes. Both novella and short story categories named one grand award winner, one first prize winner, two second prize winners, and three third prize winners. Ten works were recognized in the imaginative category.

    Author Wang Jianhua secured first prize in the novel category for “The Observer Plan: Children of Eternity.” Wang praised the N Universe platform for supporting science fiction writers, calling the award a milestone in his career.

    Best science fiction novel winners pose with award presenters at the N Universe Science Fiction Awards ceremony in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    Wu Hong, who won the grand award in the best sci-fi short story category for “As Wished,” noted in her acceptance speech that China’s nuclear industry development provides a solid foundation for imagination.

    “In my heart, nuclear energy is mysterious and possesses infinite power. Nuclear technology can change China, the world, humanity, the future and the universe,” she said. “I firmly believe that the universal truth we seek — and humanity’s ultimate truth — might be found in the vast sea of stars, but it could also be discovered within the tiny atom.”

    The event coincided with the inaugural Tianwen Chinese Science Fiction Literature Contest award ceremony last weekend. Both events are part of this year’s Tianwen Program activities, which launched last year during the 81st World Science Fiction Convention (Worldcon) in Chengdu. More than 400 science fiction writers, industry insiders, collaborators and enthusiasts attended the N Universe activities.

    Since its debut in 2019, the N Universe Science Fiction Awards, now in its fourth edition, has attracted nearly 1,000 writers. It has become a prominent brand that educates the public to learn more about China’s nuclear industry and nuclear science. The fifth edition of the awards was launched during the Chengdu event.

    “Western nuclear science fiction has developed for over 60 years, and in China, I see a brand-new direction for development,” said Ben Yalow, co-chair of the 2023 Chengdu Worldcon and vice chairman of the Tianwen contest jury. He expressed deep appreciation for Chinese nuclear science fiction stories and noted how Chinese writers address the shared future of mankind and reflect on future energy sources in their works.

    At the N Universe Conference, the Beijing Institute of Technology Press launched a new book featuring award-winning works from the first three editions of the N Universe Science Fiction Awards. CNNC also signed a strategic cooperation agreement with the publisher.

    Fan Hongliang, editor-in-chief of the Beijing Institute of Technology Press, said that through science fiction, CNNC has demonstrated the broad prospects of nuclear science and technology, stimulating public interest in scientific exploration. He added that it has provided valuable inspiration for science fiction creators, fostering positive interaction between fictional works and real-world technology.

    Science fiction writers, experts and scientists participate in panel discussions at the N Universe Conference in Chengdu, Sichuan province, Oct. 19, 2024. [Photo courtesy of N Universe Conference Organizing Committee]

    The conference showcased not only authors but also prominent CNNC scientists and engineers, including Liu Weiping, Zhang Donghui, Huang Yanping and Zhong Wulu. They delivered keynote speeches and participated in themed panel sessions, offering attendees a deeper understanding of nuclear science and technology.

    Huang revealed that China has made significant breakthroughs in developing fourth-generation reactors, adding that establishing nuclear reactors on other planets could become a reality. He said the diverse applications of atomic energy await exploration by both technology professionals and science fiction writers.

    Hou Zhiming, executive vice chairman of the Sichuan Writers Association, said the N Universe brand bridges science fiction and reality, reflecting China’s cultural confidence in nuclear technology while attracting writers and enthusiasts worldwide.

    “This will inspire more people to engage in science fiction writing, collectively promoting the development of science fiction literature and exploring humanity’s unlimited possibilities,” Hou said.

    MIL OSI China News –

  • MIL-OSI Security: Man who funded terrorist fighter in Syria sentenced following a Met counter terrorism investigation

    Source: United Kingdom London Metropolitan Police

    A man who sent money to his nephew in Syria knowing it was to fund his terrorist activity has been sentenced for terrorism offences following an investigation by specialist officers from the Met’s Counter Terrorism Command.

    Through their investigation, detectives found that 46-year-old Farhad Mohammad arranged for $350.00 over two payments to be sent to his nephew, Idris Usman. However, the investigation uncovered that Usman was fighting in Syria at the time for the terrorist group Hay’at Tahrir al-Sham, which is a proscribed organisation in the UK.

    On 26 April, Mohammad was found guilty of two terrorism funding offences following a ten-day trial at the Old Bailey. He was sentenced on 23 October to a three year community order, 250 hours unpaid work, three month curfew between 9pm and 8am and a 30 day Rehabilitation Supervision Order.

    During the trial, counter terrorism investigators presented evidence showing Mohammad made two payments to his nephew in the space of three months between November 2017 and January 2018 with the knowledge that his nephew was fighting for an Islamist terrorist group in Syria at the time.

    One of the messages found by officers on Mohammad’s phone from his nephew in May 2017 read: “Uncle forgive me, God willing I am going to participate in a fighting, either I will stay alive or I become a martyr, it is up to God.”

    After initial enquiries were carried out by officers from the Eastern Region Special Operations Unit (ERSOU), the investigation was taken on by specialist investigators within the National Terrorist Financial Investigation Unit, which is based within the Met’s Counter Terrorism Command. Detectives identified that the money, which was sent between November 2017 and January 2018, was transferred via a third-party to Usman.

    As a result of meticulous investigative work, Counter Terrorism officers were able to prove that Mohammad was fully aware that the money he was sending was supporting his nephew’s terrorist activities.

    Another example of a message found by officers from Usman to Mohammad in June 2017, indicating he was aware of his terrorist activities read: “Uncle for the sake of God send me six and a half waraqa ($650), to buy a weapon, it is the one, which I like it, and may God reward you with good.” Also among the messages sent from Usman to his Uncle was an image sent in August 2017 showing Usman sat on a motorbike with a gun over his shoulder.

    Commander Dominic Murphy, who leads the Met’s Counter Terrorism Command, said: “Terrorist groups rely on financial support and funding to be able to operate. While Mohammad’s contributions may not have been vast sums, he was well aware his nephew wanted the money to purchase a firearm and to help fund his fighting in Syria.

    “Groups like Hay’at Tahrir al-Sham cause huge misery, terror and devastation. If you knowingly fund someone – family member or not – who is part of a group like that, then it is helping a terrorist organisation and it is something we take extremely seriously.”

    On 27 February 2018, Mohammad planned to travel to Turkey from London Stansted airport. However, before he boarded the flight, he was stopped by officers using powers under Schedule 7 of the Terrorism Act, 2000.

    Officers found he had over £4,000 of cash, and three mobile phones – all of which were seized and the contents downloaded by officers, with Mohammad subsequently arrested.

    Detectives recovered messaging app conversations and voice notes, which, after careful piecing together, officers were able to use to produce a timeline of detailing his conversations and fund transfers.

    Commander Murphy added: “The use of counter terrorism powers by officers at the airport was crucial in discovering how Mohammad was knowingly funding his nephew’s terrorist activities in Syria. And it was the specialist skills of officers within our National Terrorist Financial Investigation Unit which helped pinpoint the transactions that led to this prosecution.

    “Anyone who might be considering providing financial support to terrorists or terrorist organisations should think twice, as it is a serious offence and, as we’ve shown here, we will investigate those who are involved in this kind of activity.”

    Farhad Mohammad, 46, (21.10.1978) of Colchester, Essex was charged on 10 July 2023.

    He was found guilty on Friday 26 April 2024 of two counts of terrorist fundraising (contrary to section 17 of the Terrorism Act 2000), after a trial at the Old Bailey and was sentenced at the same court on 23 October. Mohammad was found not guilty on two other counts of terrorist fundraising – linked to alleged payments made in May and August 2017. The jury was unable to reach a verdict in respect of a fifth count of terrorist fundraising, relating to an alleged payment made in October 2017. This count will lie on file.

    The National Terrorist Financial Investigation Unit (NTFIU) is based within the Met’s Counter Terrorism Command and is comprised of specialist investigators, analysts and researchers who investigate suspicious financial activity where they believe it may have links to terrorism.

    Communities defeat terrorism, and information from the public is vital to counter terrorism investigations. If you see or hear something unusual or suspicious and think someone may be engaging in terrorist activity, trust your instincts and act by reporting it in confidence at www.gov.uk/ACT or call the anti-terrorist hotline on 0800 789 321.

    In an emergency, always dial 999.

    MIL Security OSI –

  • MIL-OSI United Kingdom: Uganda commemorates the International Day for the Girl

    Source: United Kingdom – Executive Government & Departments

    Peace Harriet Elly from Bidi Bidi Refugee Settlement, anchors ‘Girls takeovers’ initiative at the British High Commission Kampala in partnership with Plan Uganda.

    Deputy British High Commissioner to Uganda, Tiffany Kirlew poses with Peace Harriet Elly and Alim Daudut both Girls rights champions from Bidi Bidi refugee settlement and Phoebe Kasoga, the Plan International Country Director at the International Day of the Girl event,

    ‘Girls takeovers’ is an initiative of Plan International where girls are supported to work with senior leaders, particularly women from a range of sectors. It is intended to inspire girls to pursue their career goals and life aspirations albeit persisting socio-cultural and economic structural barriers. These individually tailored takeovers are created to have lasting impact for both the participating young girls and senior leaders to continue championing gender equality in workplaces. British High Commission Kampala has partnered with Plan International Uganda to host one of the ‘Girls Takeovers’ organised this year.

    As she assumed office of the Deputy High Commissioner in Uganda, Peace noted that refugee girls and girls living in conflict and post conflict areas face multiple deprivations including personal insecurity, poverty, hunger, school dropout inextricably linked to gender based and sexual violence, forced and child marriages and high teenage pregnancy among others.

    Peace however was grateful for such interventions as one delivered by Plan International Uganda which emboldens young girls to stand up to abuses, provide peer support amongst themselves and pursue their dreams.

    Peace Elly who arrived in Uganda together with her family 11 years ago completed her senior six in 2023. She scored 11 points having offered mathematics, physics, entrepreneurship and Computer. She has hopes of joining university soon to pursue her dream of becoming Information Technology Expert. Peace is an active champion of girls’ rights in her community. She is one the beneficiaries of a project implemented by Plan International Uganda with funding from the global programme ‘Education cannot Wait’ focusing on quality, safe and inclusive education in refugee and host districts in Uganda. The programme is geared towards Improving equitable and inclusive access to relevant learning opportunities; strengthening systems for effective delivery; and improving quality of education and training. The UK contributes over 25% of the total budget of the ECW programme globally.

    Peace noted that taking over office of the Deputy British High Commissioner is one of the symbols that girls in conflict still have a chance to utilise respective spaces to speak up on issues affecting them and to create a better world such as addressing insecurity, lack of access safe education, health services, basic needs and stability. 

    She said:

    Conflict threatens our future, but it does not take away our resilience or our hope. Today I am privileged to hold the flag not only for myself but also for the millions of girls around the world who are experiencing the same hardships and to remind the world of our strength and potential to change the world.

    Tiffany Kirlew, the British Deputy High Commissioner said:

    It’s been a privilege spending the day with Peace, and for her to be inspired by the work that senior female diplomats do. My message to her and to other girls is, live your full potential, never let your situation or circumstance define you.  I am hopeful that this experience today will demonstrate that girls have the potential to be anything they want to be, and that roadblocks can just be a mindset.

    Peace called upon Government and agencies like British High Commission who are at the centre of driving humanitarian agenda to:

    • support young girls in every community, in the schools, families and anywhere to rise and speak up and defend their rights to achieve their dreams
    • create safe environments for girls and boys by educating parents on child development
    • provide quality education and life skills for girls

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: IOM Calls for Humanitarian Access and Increased Donor Support for Lebanon at Paris Conference

    Source: International Organization for Migration (IOM)

    Paris, 24 October – The International Organization for Migration (IOM) is calling on the international community to work urgently on restoring peace in Lebanon and mobilizing more resources to respond to the dire humanitarian crisis.  

    With over 2,000 deaths and more than 800,000 displaced, IOM warned participants at the International Conference in Support of Lebanon’s People and Sovereignty in Paris on Thursday that further deterioration of the humanitarian conditions will have dire consequences for civilians.  

    “Our message today is loud and clear. It is a message of solidarity with all people in Lebanon,” said IOM’s Deputy Director General for Operations, Ugochi Daniels. “We need to see concrete actions to end the hostilities, and we need the resources and the access to bring lifesaving aid to hundreds of thousands of civilians gravely affected by the ongoing fighting.”   

    The crisis has equally affected the Lebanese population, refugees, and migrants. Over a million people have become displaced or left the country, including Syrians who returned to Syria to seek safety. They all urgently require shelter, food, hygiene supplies, healthcare, protection, and psychosocial support.   

    IOM has launched an appeal for USD 32.4 million to cover the most urgent needs between now and December 2024, including essential relief, winterization support, healthcare, shelter, protection, psychosocial support, and displacement tracking.  

    It is part of a larger USD 426 million UN appeal, launched on the 1 October to respond to the needs by the end of the year.  

    Lebanon was already reeling from a protracted political and socio-economic crisis before the ongoing escalation, with more than 3.7 million people in need of humanitarian assistance.      

    IOM estimates that 180,000 migrants from nearly 100 countries were living in Lebanon prior to the crisis, mostly female domestic workers. Almost one in ten of them have been displaced by the conflict and most of them have been affected, including those who have not been displaced.    

    Since the beginning of October, IOM has received over 1,500 new requests from individuals seeking support to return to their countries of origin, bringing the total number requests to over 3,000 since late September. Additionally, several embassies have sought IOM’s assistance to evacuate over 18,000 of their citizens.   

     

    For more information, please contact:  

     

    In Beirut: Joelle Mhanna, jmhanna@iom.int  

    In Cairo: Joe Lowry, jlowry@iom.int  

    In Geneva: Kennedy Okoth, kokoth@iom.int  

     

    MIL OSI United Nations News –

  • MIL-OSI Security: 16 arrests as police target migrant smuggling across the Sava River

    Source: Europol

    Using overcrowded boats, the suspects willingly put the lives and safety of the migrants at risk. After crossing the river, the migrants were clandestinely transported in various types of vehicles. Hiding them in passenger cars or the cargo areas of transport vehicles, the criminals would move the migrants towards Slovenia, Italy, Germany, and other EU countries. It is estimated that…

    MIL Security OSI –

  • MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • Third quarter net income of $20.5 million;
    • Third quarter earnings per diluted common share of $0.68;
    • Annualized return on third quarter average assets of 0.98%;
    • Annualized return on third quarter average tangible common equity of 13.69%(1); and
    • Nonperforming assets remain low at 0.09% of total assets. 

    TYLER, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NASDAQ: SBSI) today reported its financial results for the quarter ended September 30, 2024. Southside reported net income of $20.5 million for the three months ended September 30, 2024, an increase of $2.1 million, or 11.2%, compared to $18.4 million for the same period in 2023. Earnings per diluted common share increased $0.08, or 13.3%, to $0.68 for the three months ended September 30, 2024, from $0.60 for the same period in 2023. The annualized return on average shareholders’ equity for the three months ended September 30, 2024, was 10.13%, compared to 9.50% for the same period in 2023. The annualized return on average assets was 0.98% for the three months ended September 30, 2024, compared to 0.93% for the same period in 2023. 

    “Third quarter financial results were highlighted by a linked quarter $1.86 million increase in net interest income, a linked quarter eight basis point increase in our net interest margin to 2.95%, earnings per share of $0.68, a 13.69% return on average tangible equity(1), and continued strong asset quality,” stated Lee R. Gibson, Chief Executive Officer of Southside. “During the quarter we sold $28 million of lower yielding municipal securities, unwound the related fair value swaps and recorded a loss of $1.9 million. The proceeds were reinvested in higher yielding agency mortgage-backed securities. In addition, we recorded an impairment charge of $868,000 on the sale of approximately $10 million of available for sale (“AFS”) municipal securities and the unwind of the related fair value swaps on October 1.” 

    Operating Results for the Three Months Ended September 30, 2024 

    Net income was $20.5 million for the three months ended September 30, 2024, compared to $18.4 million for the same period in 2023, an increase of $2.1 million, or 11.2%. Earnings per diluted common share were $0.68 and $0.60 for the three months ended September 30, 2024 and 2023, respectively. The increase in net income was a result of the increase in net interest income and the decrease in provision for credit losses, partially offset by the decrease in noninterest income and increases in noninterest expense and income tax expense. Annualized returns on average assets and average shareholders’ equity for the three months ended September 30, 2024 were 0.98% and 10.13%, respectively, compared to 0.93% and 9.50%, respectively, for the three months ended September 30, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 53.94% and 51.90%, respectively, for the three months ended September 30, 2024, compared to 54.86% and 52.29%, respectively, for the three months ended September 30, 2023, and 54.90% and 52.71%, respectively, for the three months ended June 30, 2024. 

    Net interest income for the three months ended September 30, 2024 was $55.5 million, an increase of $2.2 million, or 4.1%, from the same period in 2023. The increase in net interest income was due to the increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on our interest bearing liabilities and average balance of our interest bearing liabilities. Linked quarter, net interest income increased $1.9 million, or 3.5%, compared to $53.6 million during the three months ended June 30, 2024, largely due to the increase in the average yield on our interest earning assets and the decrease in the average rate paid on our interest bearing liabilities, partially offset by the decrease in the average balance of interest earning assets. 

    Our net interest margin and tax-equivalent net interest margin(1) decreased to 2.82% and 2.95%, respectively, for the three months ended September 30, 2024, compared to 2.85% and 3.02%, respectively, for the same period in 2023. Linked quarter, net interest margin and tax-equivalent net interest margin(1) increased from 2.74% and 2.87%, respectively for the three months ended June 30, 2024. 

    Noninterest income was $8.2 million for the three months ended September 30, 2024, a decrease of $2.7 million, or 24.6%, compared to $10.8 million for the same period in 2023. The decrease was due to a net loss on sale of securities AFS and decreases in other noninterest income and deposit services income, partially offset by an increase in brokerage services income. On a linked quarter basis, noninterest income decreased $3.4 million, or 29.3%, compared to the three months ended June 30, 2024. The decrease was primarily due to an increase in net loss on sale of securities AFS and decreases in other noninterest income and bank owned life insurance income related to a $1.0 million death benefit realized in the second quarter of 2024. The decrease in other noninterest income for both periods was primarily due to an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps on October 1. 

    Noninterest expense increased $0.8 million, or 2.2%, to $36.3 million for the three months ended September 30, 2024, compared to $35.6 million for the same period in 2023, due to increases in salaries and employee benefits and software and data processing expense, partially offset by decreases in advertising, travel and entertainment expense, professional fees, net occupancy expense and amortization of intangibles. On a linked quarter basis, noninterest expense increased by $0.6 million, or 1.6%, compared to the three months ended June 30, 2024, due to increases in other noninterest expense, salaries and employee benefits expense and professional fees. 

    Income tax expense increased $1.3 million, or 40.7%, for the three months ended September 30, 2024, compared to the same period in 2023. On a linked quarter basis, income tax expense decreased $0.8 million, or 15.8%. Our effective tax rate (“ETR”) increased to 17.6% for the three months ended September 30, 2024, compared to 14.5% for the three months ended September 30, 2023, and increased slightly from 17.4% for the three months ended June 30, 2024. The higher ETR for the three months ended September 30, 2024 compared to the same period in 2023, was primarily due to a decrease in tax-exempt income as a percentage of pre-tax income. 

    Operating Results for the Nine Months Ended September 30, 2024 

    Net income was $66.7 million for the nine months ended September 30, 2024, compared to $69.4 million for the same period in 2023, a decrease of $2.7 million, or 3.8%. Earnings per diluted common share were $2.20 for the nine months ended September 30, 2024, compared to $2.24 for the same period in 2023, a decrease of 1.8%. The decrease in net income was primarily a result of the decrease in noninterest income and increases in noninterest expense and income tax expense, partially offset by the decrease in provision for credit losses and the increase in net interest income. Returns on average assets and average shareholders’ equity for the nine months ended September 30, 2024 were 1.06% and 11.19%, respectively, compared to 1.20% and 12.21%, respectively, for the nine months ended September 30, 2023. Our efficiency ratio and tax-equivalent efficiency ratio(1) were 55.56% and 53.35%, respectively, for the nine months ended September 30, 2024, compared to 53.99% and 51.44%, respectively, for the nine months ended September 30, 2023. 

    Net interest income was $162.4 million for the nine months ended September 30, 2024, compared to $160.5 million for the same period in 2023, an increase of $1.9 million, or 1.2%, due to increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on our interest bearing liabilities and average balance of our interest bearing liabilities. 

    Our net interest margin and tax-equivalent net interest margin(1) were 2.76% and 2.90%, respectively, for the nine months ended September 30, 2024, compared to 2.95% and 3.13%, respectively, for the same period in 2023. 

    Noninterest income was $29.5 million for the nine months ended September 30, 2024, a decrease of $3.9 million, or 11.6%, compared to $33.3 million for the same period in 2023. The decrease was due to decreases in the net gain on sale of equity securities, other noninterest income and deposit services income and a loss on sale of loans, partially offset by a decrease in net loss on sale of securities AFS and an increase in brokerage services income. The decrease in other noninterest income was primarily due to an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps on October 1. 

    Noninterest expense was $109.0 million for the nine months ended September 30, 2024, compared to $105.4 million for the same period in 2023, an increase of $3.6 million, or 3.4%. The increase was primarily due to increases in salaries and employee benefits and software and data processing expense, partially offset by decreases in professional fees, net occupancy expense, advertising, travel and entertainment expense, and amortization of intangibles. 

    Income tax expense increased $2.0 million, or 16.3%, for the nine months ended September 30, 2024, compared to the same period in 2023. Our ETR was approximately 17.6% and 15.0% for the nine months ended September 30, 2024 and 2023, respectively. The higher ETR for the nine months ended September 30, 2024, as compared to the same period in 2023, was primarily due to a decrease in tax-exempt income as a percentage of pre-tax income. 

    Balance Sheet Data 

    At September 30, 2024, Southside had $8.36 billion in total assets, compared to $8.28 billion at December 31, 2023 and $7.97 billion at September 30, 2023. 

    Loans at September 30, 2024 were $4.58 billion, an increase of $157.4 million, or 3.6%, compared to $4.42 billion at September 30, 2023. Linked quarter, loans decreased $11.3 million, or 0.2%, due to decreases of $50.2 million in commercial real estate loans, $14.9 million in municipal loans, $2.4 million in loans to individuals and $1.0 million in commercial loans. These decreases were partially offset by increases of $39.8 million in construction loans and $17.4 million in 1-4 family residential loans. 

    Securities at September 30, 2024 were $2.70 billion, an increase of $53.4 million, or 2.0%, compared to $2.64 billion at September 30, 2023. Linked quarter, securities decreased $15.1 million, or 0.6%, from $2.71 billion at June 30, 2024. 

    Deposits at September 30, 2024 were $6.44 billion, an increase of $86.1 million, or 1.4%, compared to $6.35 billion at September 30, 2023. Linked quarter, deposits decreased $60.2 million, or 0.9%, from $6.50 billion at June 30, 2024. 

    At September 30, 2024, we had 179,214 total deposit accounts with an average balance of $32,000. Our estimated uninsured deposits were 35.9% as of September 30, 2024. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 19.2% as of September 30, 2024. Our noninterest bearing deposits represent approximately 21.4% of total deposits. Linked quarter, our cost of interest bearing deposits remained consistent at 3.01%. Linked quarter, our cost of total deposits decreased one basis point from 2.39% in the prior quarter to 2.38%. 

    Our cost of interest bearing deposits increased 83 basis points, from 2.16% for the nine months ended September 30, 2023, to 2.99% for the nine months ended September 30, 2024. Our cost of total deposits increased 75 basis points, from 1.62% for the nine months ended September 30, 2023, to 2.37% for the nine months ended September 30, 2024. 

    Capital Resources and Liquidity 

    Our capital ratios and contingent liquidity sources remain solid. During the third quarter ended September 30, 2024, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. We have not purchased any common stock pursuant to the Stock Repurchase Plan subsequent to September 30, 2024. 

    As of September 30, 2024, our total available contingent liquidity, net of current outstanding borrowings, was $2.23 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit. 

    Asset Quality 

    Nonperforming assets at September 30, 2024 were $7.7 million, or 0.09% of total assets, an increase of $3.3 million, or 74.8%, compared to $4.4 million, or 0.05% of total assets, at September 30, 2023. Linked quarter, nonperforming assets increased $0.7 million, or 10.7%, from $6.9 million at June 30, 2024 due primarily to an increase of $1.1 million, or 18.7%, in nonaccrual loans, partially offset by decreases of $0.1 million in restructured loans and $0.3 million in other real estate owned. 

    The allowance for loan losses totaled $44.3 million, or 0.97% of total loans, at September 30, 2024, compared to $42.4 million, or 0.92% of total loans, at June 30, 2024. The increase in the allowance as a percentage of total assets was primarily due to the increased economic concerns forecasted in the CECL model specific to office and multifamily markets in metro areas. The allowance for loan losses was $41.8 million, or 0.94% of total loans, at September 30, 2023. 

    For the three months ended September 30, 2024, we recorded a provision for credit losses for loans of $2.3 million, compared to a provision of $6.3 million for the three months ended September 30, 2023, and a reversal of provision of $0.9 million for the three months ended June 30, 2024. Net charge-offs were $0.4 million for the three months ended September 30, 2024, compared to net charge-offs of $0.9 million and $0.3 million for the three months ended September 30, 2023 and June 30, 2024, respectively. Net charge-offs were $1.0 million for the nine months ended September 30, 2024, compared to net charge-offs of $1.5 million for the nine months ended September 30, 2023. 

    We recorded a provision for credit losses on off-balance-sheet credit exposures of $0.1 million for the three months ended September 30, 2024, compared to $0.6 million and $0.4 million for the three months ended September 30, 2023 and June 30, 2024, respectively. We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.6 million for the nine months ended September 30, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the nine months ended September 30, 2023. The balance of the allowance for off-balance-sheet credit exposures was $3.3 million and $3.9 million at September 30, 2024 and 2023, respectively, and is included in other liabilities. 

    Dividend 

    Southside Bancshares, Inc. declared a third quarter cash dividend of $0.36 per share on August 8, 2024, which was paid on September 5, 2024, to all shareholders of record as of August 22, 2024. 

    _______________ 

    (1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

    Conference Call 

    Southside’s management team will host a conference call to discuss its third quarter ended September 30, 2024 financial results on Thursday, October 24, 2024 at 11:00 a.m. CDT. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events. 

    Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register.vevent.com/register/BIe280e5ecbf444a68a5836f1e27caa8a9 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process. 

    For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call. 

    Non-GAAP Financial Measures 

    Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments. 

    Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe this measure to be the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread. 

    Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio. 

    These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure. 

    Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables. 

    A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables. 

    About Southside Bancshares, Inc. 

    Southside Bancshares, Inc. is a bank holding company with approximately $8.36 billion in assets as of September 30, 2024, that owns 100% of Southside Bank. Southside Bank currently has 54 branches in Texas and operates a network of 73 ATMs/ITMs. 

    To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com. 

    Forward-Looking Statements 

    Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate increases, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations and general economic and recessionary concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, labor shortages and changes in interest rates by the Federal Reserve. 

    Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Summary (Unaudited)
    (Dollars in thousands)
     
      As of
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    ASSETS                  
    Cash and due from banks $ 130,147     $ 114,283     $ 96,744     $ 122,021     $ 105,601  
    Interest earning deposits   333,825       272,469       307,257       391,719       106,094  
    Federal funds sold   22,325       65,244       65,372       46,770       114,128  
    Securities available for sale, at estimated fair value   1,408,437       1,405,944       1,405,221       1,296,294       1,335,560  
    Securities held to maturity, at net carrying value   1,288,403       1,305,975       1,306,898       1,307,053       1,307,886  
    Total securities   2,696,840       2,711,919       2,712,119       2,603,347       2,643,446  
    Federal Home Loan Bank stock, at cost   40,291       32,991       27,958       11,936       12,778  
    Loans held for sale   768       1,352       756       10,894       1,382  
    Loans   4,578,048       4,589,365       4,577,368       4,524,510       4,420,633  
    Less: Allowance for loan losses   (44,276 )     (42,407 )     (43,557 )     (42,674 )     (41,760 )
    Net loans   4,533,772       4,546,958       4,533,811       4,481,836       4,378,873  
    Premises & equipment, net   138,811       138,489       139,491       138,950       139,473  
    Goodwill   201,116       201,116       201,116       201,116       201,116  
    Other intangible assets, net   2,003       2,281       2,588       2,925       3,295  
    Bank owned life insurance   137,489       136,903       136,604       136,330       135,737  
    Other assets   124,876       133,697       130,047       137,070       130,545  
    Total assets $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY                  
    Noninterest bearing deposits $ 1,377,022     $ 1,366,924     $ 1,358,827     $ 1,390,407     $ 1,431,285  
    Interest bearing deposits   5,058,680       5,129,008       5,186,933       5,159,274       4,918,286  
    Total deposits   6,435,702       6,495,932       6,545,760       6,549,681       6,349,571  
    Other borrowings and Federal Home Loan Bank borrowings   865,856       763,700       770,151       722,468       608,038  
    Subordinated notes, net of unamortized debt
    issuance costs    		   92,006       91,970       93,913       93,877       93,838  
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,273       60,272       60,271       60,270       60,269  
    Other liabilities   103,172       144,858       95,846       85,330       132,157  
    Total liabilities   7,557,009       7,556,732       7,565,941       7,511,626       7,243,873  
    Shareholders’ equity   805,254       800,970       787,922       773,288       728,595  
    Total liabilities and shareholders’ equity $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468  
     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
      Three Months Ended
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Income Statement:                  
    Total interest income $ 105,703     $ 104,186     $ 102,758     $ 98,939     $ 93,078  
    Total interest expense   50,239       50,578       49,410       44,454       39,805  
    Net interest income   55,464       53,608       53,348       54,485       53,273  
    Provision for (reversal of) credit losses   2,389       (485 )     58       2,281       6,987  
    Net interest income after provision for (reversal of) credit losses   53,075       54,093       53,290       52,204       46,286  
    Noninterest income                  
    Deposit services   6,199       6,157       5,985       6,305       6,479  
    Net gain (loss) on sale of securities available for sale   (1,929 )     (563 )     (18 )     (10,386 )     11  
    Gain (loss) on sale of loans   115       220       (436 )     178       96  
    Trust fees   1,628       1,456       1,336       1,431       1,522  
    Bank owned life insurance   857       1,767       784       2,602       790  
    Brokerage services   1,068       1,081       1,014       944       760  
    Other   233       1,439       1,059       1,427       1,178  
    Total noninterest income   8,171       11,557       9,724       2,501       10,836  
    Noninterest expense                  
    Salaries and employee benefits   22,233       21,984       23,113       21,152       21,241  
    Net occupancy   3,613       3,750       3,362       3,474       3,796  
    Advertising, travel & entertainment   734       795       950       1,127       1,062  
    ATM expense   412       368       325       318       358  
    Professional fees   1,206       1,075       1,154       1,315       1,472  
    Software and data processing   2,951       2,860       2,856       2,644       2,432  
    Communications   423       410       449       435       359  
    FDIC insurance   939       977       943       892       902  
    Amortization of intangibles   278       307       337       370       407  
    Other   3,543       3,239       3,392       3,456       3,524  
    Total noninterest expense   36,332       35,765       36,881       35,183       35,553  
    Income before income tax expense   24,914       29,885       26,133       19,522       21,569  
    Income tax expense   4,390       5,212       4,622       2,206       3,120  
    Net income $ 20,524     $ 24,673     $ 21,511     $ 17,316     $ 18,449  
                       
    Common Share Data:      
    Weighted-average basic shares outstanding   30,286       30,280       30,262       30,235       30,502  
    Weighted-average diluted shares outstanding   30,370       30,312       30,305       30,276       30,543  
    Common shares outstanding end of period   30,308       30,261       30,284       30,249       30,338  
    Earnings per common share                  
    Basic $ 0.68     $ 0.81     $ 0.71     $ 0.57     $ 0.60  
    Diluted   0.68       0.81       0.71       0.57       0.60  
    Book value per common share   26.57       26.47       26.02       25.56       24.02  
    Tangible book value per common share   19.87       19.75       19.29       18.82       17.28  
    Cash dividends paid per common share   0.36       0.36       0.36       0.37       0.35  
                       
    Selected Performance Ratios:                  
    Return on average assets   0.98 %     1.19 %     1.03 %     0.85 %     0.93 %
    Return on average shareholders’ equity   10.13       12.46       11.02       9.31       9.50  
    Return on average tangible common equity (1)   13.69       16.90       15.07       13.10       13.17  
    Average yield on earning assets (FTE) (1)   5.51       5.45       5.38       5.30       5.15  
    Average rate on interest bearing liabilities   3.28       3.32       3.22       3.04       2.84  
    Net interest margin (FTE) (1)   2.95       2.87       2.86       2.99       3.02  
    Net interest spread (FTE) (1)   2.23       2.13       2.16       2.26       2.31  
    Average earning assets to average interest bearing liabilities   128.51       128.62       127.71       131.65       133.24  
    Noninterest expense to average total assets   1.73       1.72       1.77       1.73       1.79  
    Efficiency ratio (FTE) (1)   51.90       52.71       55.54       50.86       52.29  

    (1)  Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2024       2023  
      Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Nonperforming Assets: $ 7,656     $ 6,918     $ 7,979     $ 4,001     $ 4,381  
    Nonaccrual loans   7,254       6,110       7,709       3,889       4,316  
    Accruing loans past due more than 90 days   —       —       —       —       —  
    Restructured loans   —       145       151       13       15  
    Other real estate owned   388       648       119       99       50  
    Repossessed assets   14       15       —       —       —  
                       
    Asset Quality Ratios:                  
    Ratio of nonaccruing loans to:                  
    Total loans   0.16 %     0.13 %     0.17 %     0.09 %     0.10 %
    Ratio of nonperforming assets to:                  
    Total assets   0.09       0.08       0.10       0.05       0.05  
    Total loans   0.17       0.15       0.17       0.09       0.10  
    Total loans and OREO   0.17       0.15       0.17       0.09       0.10  
    Ratio of allowance for loan losses to:                  
    Nonaccruing loans   610.37       694.06       565.01       1,097.30       967.56  
    Nonperforming assets   578.32       613.00       545.90       1,066.58       953.21  
    Total loans   0.97       0.92       0.95       0.94       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.04       0.02       0.03       0.11       0.08  
                       
    Capital Ratios:                  
    Shareholders’ equity to total assets   9.63       9.58       9.43       9.33       9.14  
    Common equity tier 1 capital   13.07       12.72       12.43       12.28       12.27  
    Tier 1 risk-based capital   14.12       13.76       13.47       13.32       13.31  
    Total risk-based capital   16.59       16.16       15.92       15.73       15.71  
    Tier 1 leverage capital   9.61       9.40       9.22       9.39       9.61  
    Period end tangible equity to period end tangible assets (1)   7.38       7.33       7.17       7.04       6.75  
    Average shareholders’ equity to average total assets   9.67       9.52       9.35       9.13       9.76  

    (1)  Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
        2024       2023  
    Loan Portfolio Composition Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
    Real Estate Loans:                  
    Construction $ 585,817     $ 546,040     $ 599,464     $ 789,744     $ 720,515  
    1-4 Family Residential   755,406       738,037       720,508       696,738       689,492  
    Commercial   2,422,612       2,472,771       2,413,345       2,168,451       2,117,306  
    Commercial Loans   358,854       359,807       358,053       366,893       385,816  
    Municipal Loans   402,041       416,986       427,225       441,168       441,512  
    Loans to Individuals   53,318       55,724       58,773       61,516       65,992  
    Total Loans $ 4,578,048     $ 4,589,365     $ 4,577,368     $ 4,524,510     $ 4,420,633  
                       
    Summary of Changes in Allowances:                  
    Allowance for Loan Losses                  
    Balance at beginning of period $ 42,407     $ 43,557     $ 42,674     $ 41,760     $ 36,303  
    Loans charged-off   (773 )     (721 )     (634 )     (1,572 )     (1,262 )
    Recoveries of loans charged-off   365       444       347       284       378  
    Net loans (charged-off) recovered   (408 )     (277 )     (287 )     (1,288 )     (884 )
    Provision for (reversal of) loan losses   2,277       (873 )     1,170       2,202       6,341  
    Balance at end of period $ 44,276     $ 42,407     $ 43,557     $ 42,674     $ 41,760  
                       
    Allowance for Off-Balance-Sheet Credit Exposures                  
    Balance at beginning of period $ 3,208     $ 2,820     $ 3,932     $ 3,853     $ 3,207  
    Provision for (reversal of) off-balance-sheet credit exposures   112       388       (1,112 )     79       646  
    Balance at end of period $ 3,320     $ 3,208     $ 2,820     $ 3,932     $ 3,853  
    Total Allowance for Credit Losses $ 47,596     $ 45,615     $ 46,377     $ 46,606     $ 45,613  
     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
        2024       2023  
    Income Statement:      
    Total interest income $ 312,647     $ 260,802  
    Total interest expense   150,227       100,260  
    Net interest income   162,420       160,542  
    Provision for (reversal of) credit losses   1,962       6,873  
    Net interest income after provision for (reversal of) credit losses   160,458       153,669  
    Noninterest income      
    Deposit services   18,341       19,192  
    Net gain (loss) on sale of securities available for sale   (2,510 )     (5,590 )
    Net gain on sale of equity securities   —       5,058  
    Gain (loss) on sale of loans   (101 )     385  
    Trust fees   4,420       4,479  
    Bank owned life insurance   3,408       3,221  
    Brokerage services   3,163       2,361  
    Other   2,731       4,227  
    Total noninterest income   29,452       33,333  
    Noninterest expense      
    Salaries and employee benefits   67,330       64,473  
    Net occupancy   10,725       11,220  
    Advertising, travel & entertainment   2,479       2,966  
    ATM expense   1,105       1,033  
    Professional fees   3,435       4,036  
    Software and data processing   8,667       6,751  
    Communications   1,282       1,034  
    FDIC insurance   2,859       2,666  
    Amortization of intangibles   922       1,327  
    Other   10,174       9,889  
    Total noninterest expense   108,978       105,395  
    Income before income tax expense   80,932       81,607  
    Income tax expense   14,224       12,231  
    Net income $ 66,708     $ 69,376  
    Common Share Data:      
    Weighted-average basic shares outstanding   30,276       30,862  
    Weighted-average diluted shares outstanding   30,332       30,916  
    Common shares outstanding end of period   30,308       30,338  
    Earnings per common share      
    Basic $ 2.20     $ 2.25  
    Diluted   2.20       2.24  
    Book value per common share   26.57       24.02  
    Tangible book value per common share   19.87       17.28  
    Cash dividends paid per common share   1.08       1.05  
           
    Selected Performance Ratios:      
    Return on average assets   1.06 %     1.20 %
    Return on average shareholders’ equity   11.19       12.21  
    Return on average tangible common equity (1)   15.20       16.98  
    Average yield on earning assets (FTE) (1)   5.45       4.97  
    Average rate on interest bearing liabilities   3.27       2.49  
    Net interest margin (FTE) (1)   2.90       3.13  
    Net interest spread (FTE) (1)   2.18       2.48  
    Average earning assets to average interest bearing liabilities   128.28       134.94  
    Noninterest expense to average total assets   1.74       1.84  
    Efficiency ratio (FTE) (1)   53.35       51.44  

    (1)  Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
        2024       2023  
    Nonperforming Assets: $ 7,656     $ 4,381  
    Nonaccrual loans   7,254       4,316  
    Accruing loans past due more than 90 days   —       —  
    Restructured loans   —       15  
    Other real estate owned   388       50  
    Repossessed assets   14       —  
           
    Asset Quality Ratios:      
    Ratio of nonaccruing loans to:      
    Total loans   0.16 %     0.10 %
    Ratio of nonperforming assets to:      
    Total assets   0.09       0.05  
    Total loans   0.17       0.10  
    Total loans and OREO   0.17       0.10  
    Ratio of allowance for loan losses to:      
    Nonaccruing loans   610.37       967.56  
    Nonperforming assets   578.32       953.21  
    Total loans   0.97       0.94  
    Net charge-offs (recoveries) to average loans outstanding   0.03       0.05  
           
    Capital Ratios:      
    Shareholders’ equity to total assets   9.63       9.14  
    Common equity tier 1 capital   13.07       12.27  
    Tier 1 risk-based capital   14.12       13.31  
    Total risk-based capital   16.59       15.71  
    Tier 1 leverage capital   9.61       9.61  
    Period end tangible equity to period end tangible assets (1)   7.38       6.75  
    Average shareholders’ equity to average total assets   9.51       9.81  

    (1) Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure. 

     
    Southside Bancshares, Inc.
    Consolidated Financial Highlights (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30,
    Loan Portfolio Composition   2024       2023  
    Real Estate Loans:      
    Construction $ 585,817     $ 720,515  
    1-4 Family Residential   755,406       689,492  
    Commercial   2,422,612       2,117,306  
    Commercial Loans   358,854       385,816  
    Municipal Loans   402,041       441,512  
    Loans to Individuals   53,318       65,992  
    Total Loans $ 4,578,048     $ 4,420,633  
           
    Summary of Changes in Allowances:      
    Allowance for Loan Losses      
    Balance at beginning of period $ 42,674     $ 36,515  
    Loans charged-off   (2,128 )     (2,632 )
    Recoveries of loans charged-off   1,156       1,170  
    Net loans (charged-off) recovered   (972 )     (1,462 )
    Provision for (reversal of) loan losses   2,574       6,707  
    Balance at end of period $ 44,276     $ 41,760  
           
    Allowance for Off-Balance-Sheet Credit Exposures      
    Balance at beginning of period $ 3,932     $ 3,687  
    Provision for (reversal of) off-balance-sheet credit exposures   (612 )     166  
    Balance at end of period $ 3,320     $ 3,853  
    Total Allowance for Credit Losses $ 47,596     $ 45,613  

    The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.  

    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      September 30, 2024   June 30, 2024
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,613,028     $ 72,493   6.25 %   $ 4,595,980     $ 70,293   6.15 %
    Loans held for sale   871       11   5.02 %     1,489       24   6.48 %
    Securities:                      
    Taxable investment securities (2)   791,914       7,150   3.59 %     783,856       7,009   3.60 %
    Tax-exempt investment securities (2)   1,174,445       11,825   4.01 %     1,254,097       12,761   4.09 %
    Mortgage-backed and related securities (2)   886,325       11,976   5.38 %     830,504       11,084   5.37 %
    Total securities   2,852,684       30,951   4.32 %     2,868,457       30,854   4.33 %
    Federal Home Loan Bank stock, at cost, and equity investments   41,159       582   5.63 %     40,467       573   5.69 %
    Interest earning deposits   281,313       3,798   5.37 %     300,047       4,105   5.50 %
    Federal funds sold   33,971       488   5.71 %     75,479       1,021   5.44 %
    Total earning assets   7,823,026       108,323   5.51 %     7,881,919       106,870   5.45 %
    Cash and due from banks   100,578               110,102          
    Accrued interest and other assets   455,091               424,323          
    Less: Allowance for loan losses   (42,581 )             (43,738 )        
    Total assets $ 8,336,114             $ 8,372,606          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 598,116       1,490   0.99 %   $ 604,753       1,454   0.97 %
    Certificates of deposit   1,087,613       12,647   4.63 %     1,020,099       11,630   4.59 %
    Interest bearing demand accounts   3,409,911       24,395   2.85 %     3,513,068       25,382   2.91 %
    Total interest bearing deposits   5,095,640       38,532   3.01 %     5,137,920       38,466   3.01 %
    Federal Home Loan Bank borrowings   618,708       6,488   4.17 %     606,851       6,455   4.28 %
    Subordinated notes, net of unamortized debt issuance costs   91,988       937   4.05 %     92,017       936   4.09 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,273       1,180   7.79 %     60,271       1,171   7.81 %
    Repurchase agreements   83,297       899   4.29 %     88,007       955   4.36 %
    Other borrowings   137,482       2,203   6.37 %     143,169       2,595   7.29 %
    Total interest bearing liabilities   6,087,388       50,239   3.28 %     6,128,235       50,578   3.32 %
    Noninterest bearing deposits   1,344,165               1,346,274          
    Accrued expenses and other liabilities   98,331               101,399          
    Total liabilities   7,529,884               7,575,908          
    Shareholders’ equity   806,230               796,698          
    Total liabilities and shareholders’ equity $ 8,336,114             $ 8,372,606          
    Net interest income (FTE)     $ 58,084           $ 56,292    
    Net interest margin (FTE)         2.95 %           2.87 %
    Net interest spread (FTE)         2.23 %           2.13 %

    (1)  Interest on loans includes net fees on loans that are not material in amount.
    (2)  For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2024 and June 30, 2024, loans totaling $7.3 million and $6.1 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      March 31, 2024   December 31, 2023
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,559,602     $ 68,849   6.07 %   $ 4,473,618     $ 67,886   6.02 %
    Loans held for sale   8,834       18   0.82 %     1,858       27   5.77 %
    Securities:                      
    Taxable investment securities (2)   780,423       6,967   3.59 %     852,023       7,970   3.71 %
    Tax-exempt investment securities (2)   1,285,922       13,168   4.12 %     1,456,187       15,688   4.27 %
    Mortgage-backed and related securities (2)   764,713       10,119   5.32 %     581,548       6,865   4.68 %
    Total securities   2,831,058       30,254   4.30 %     2,889,758       30,523   4.19 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,063       333   3.34 %     24,674       296   4.76 %
    Interest earning deposits   380,181       5,202   5.50 %     150,763       2,054   5.41 %
    Federal funds sold   62,599       838   5.38 %     93,149       1,286   5.48 %
    Total earning assets   7,882,337       105,494   5.38 %     7,633,820       102,072   5.30 %
    Cash and due from banks   114,379               110,380          
    Accrued interest and other assets   441,783               374,120          
    Less: Allowance for loan losses   (42,973 )             (41,822 )        
    Total assets $ 8,395,526             $ 8,076,498          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 604,529       1,424   0.95 %   $ 610,453       1,432   0.93 %
    Certificates of deposit   941,947       10,341   4.42 %     910,759       9,691   4.22 %
    Interest bearing demand accounts   3,634,936       26,433   2.92 %     3,469,120       24,498   2.80 %
    Total interest bearing deposits   5,181,412       38,198   2.97 %     4,990,332       35,621   2.83 %
    Federal Home Loan Bank borrowings   607,033       5,950   3.94 %     262,709       1,430   2.16 %
    Subordinated notes, net of unamortized debt issuance costs   93,895       956   4.10 %     93,859       965   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,270       1,175   7.84 %     60,269       1,195   7.87 %
    Repurchase agreements   92,177       967   4.22 %     96,622       1,008   4.14 %
    Other borrowings   137,287       2,164   6.34 %     294,683       4,235   5.70 %
    Total interest bearing liabilities   6,172,074       49,410   3.22 %     5,798,474       44,454   3.04 %
    Noninterest bearing deposits   1,338,384               1,424,961          
    Accrued expenses and other liabilities   100,014               115,388          
    Total liabilities   7,610,472               7,338,823          
    Shareholders’ equity   785,054               737,675          
    Total liabilities and shareholders’ equity $ 8,395,526             $ 8,076,498          
    Net interest income (FTE)     $ 56,084           $ 57,618    
    Net interest margin (FTE)         2.86 %           2.99 %
    Net interest spread (FTE)         2.16 %           2.26 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of March 31, 2024 and December 31, 2023, loans totaling $7.7 million and $3.9 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended
      September 30, 2023
      Average Balance   Interest   Average Yield/Rate
    ASSETS          
    Loans (1) $ 4,396,184     $ 64,758   5.84 %
    Loans held for sale   1,537       26   6.71 %
    Securities:          
    Taxable investment securities (2)   912,789       8,731   3.79 %
    Tax-exempt investment securities (2)   1,510,044       16,232   4.26 %
    Mortgage-backed and related securities (2)   442,908       4,426   3.96 %
    Total securities   2,865,741       29,389   4.07 %
    Federal Home Loan Bank stock, at cost, and equity investments   22,363       265   4.70 %
    Interest earning deposits   37,891       535   5.60 %
    Federal funds sold   94,441       1,253   5.26 %
    Total earning assets   7,418,157       96,226   5.15 %
    Cash and due from banks   106,348          
    Accrued interest and other assets   400,850          
    Less: Allowance for loan losses   (36,493 )        
    Total assets $ 7,888,862          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Savings accounts $ 622,246       1,458   0.93 %
    Certificates of deposit   949,894       9,443   3.94 %
    Interest bearing demand accounts   3,189,048       20,050   2.49 %
    Total interest bearing deposits   4,761,188       30,951   2.58 %
    Federal Home Loan Bank borrowings   230,184       1,174   2.02 %
    Subordinated notes, net of unamortized debt issuance costs   93,817       962   4.07 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,268       1,178   7.75 %
    Repurchase agreements   104,070       1,048   4.00 %
    Other borrowings   317,913       4,492   5.61 %
    Total interest bearing liabilities   5,567,440       39,805   2.84 %
    Noninterest bearing deposits   1,441,738          
    Accrued expenses and other liabilities   109,490          
    Total liabilities   7,118,668          
    Shareholders’ equity   770,194          
    Total liabilities and shareholders’ equity $ 7,888,862          
    Net interest income (FTE)     $ 56,421    
    Net interest margin (FTE)         3.02 %
    Net interest spread (FTE)         2.31 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2023, loans totaling $4.3 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

     
    Southside Bancshares, Inc.
    Average Balances and Average Yields and Rates (Annualized) (Unaudited)
    (Dollars in thousands)
     
      Nine Months Ended
      September 30, 2024   September 30, 2023
      Average Balance   Interest   Average Yield/Rate   Average Balance   Interest   Average Yield/Rate
    ASSETS                      
    Loans (1) $ 4,589,621     $ 211,635   6.16 %   $ 4,241,676     $ 179,545   5.66 %
    Loans held for sale   3,721       53   1.90 %     1,620       69   5.69 %
    Securities:                      
    Taxable investment securities (2)   785,422       21,126   3.59 %     843,846       23,216   3.68 %
    Tax-exempt investment securities (2)   1,237,884       37,754   4.07 %     1,587,656       48,880   4.12 %
    Mortgage-backed and related securities (2)   827,396       33,179   5.36 %     433,335       12,585   3.88 %
    Total securities   2,850,702       92,059   4.31 %     2,864,837       84,681   3.95 %
    Federal Home Loan Bank stock, at cost, and equity investments   40,565       1,488   4.90 %     25,071       889   4.74 %
    Interest earning deposits   320,371       13,105   5.46 %     60,623       2,310   5.09 %
    Federal funds sold   57,265       2,347   5.47 %     75,499       2,838   5.03 %
    Total earning assets   7,862,245       320,687   5.45 %     7,269,326       270,332   4.97 %
    Cash and due from banks   108,325               105,885          
    Accrued interest and other assets   440,340               406,160          
    Less: Allowance for loan losses   (43,096 )             (36,564 )        
    Total assets $ 8,367,814             $ 7,744,807          
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Savings accounts $ 602,450       4,368   0.97 %   $ 645,415       4,201   0.87 %
    Certificates of deposit   1,016,812       34,618   4.55 %     845,851       21,215   3.35 %
    Interest bearing demand accounts   3,518,906       76,210   2.89 %     3,005,449       47,120   2.10 %
    Total interest bearing deposits   5,138,168       115,196   2.99 %     4,496,715       72,536   2.16 %
    Federal Home Loan Bank borrowings   610,893       18,893   4.13 %     281,260       5,347   2.54 %
    Subordinated notes, net of unamortized debt issuance costs   92,631       2,829   4.08 %     96,753       2,955   4.08 %
    Trust preferred subordinated debentures, net of unamortized debt issuance costs   60,271       3,526   7.81 %     60,266       3,309   7.34 %
    Repurchase agreements   87,811       2,821   4.29 %     89,282       2,423   3.63 %
    Other borrowings   139,306       6,962   6.68 %     362,684       13,690   5.05 %
    Total interest bearing liabilities   6,129,080       150,227   3.27 %     5,386,960       100,260   2.49 %
    Noninterest bearing deposits   1,342,945               1,506,431          
    Accrued expenses and other liabilities   99,758               91,784          
    Total liabilities   7,571,783               6,985,175          
    Shareholders’ equity   796,031               759,632          
    Total liabilities and shareholders’ equity $ 8,367,814             $ 7,744,807          
    Net interest income (FTE)     $ 170,460           $ 170,072    
    Net interest margin (FTE)         2.90 %           3.13 %
    Net interest spread (FTE)         2.18 %           2.48 %

    (1)   Interest on loans includes net fees on loans that are not material in amount.
    (2)   For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. 

    Note: As of September 30, 2024 and 2023, loans totaling $7.3 million and $4.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate. 

    The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented. 

     
    Southside Bancshares, Inc.
    Non-GAAP Reconciliation (Unaudited)
    (Dollars and shares in thousands, except per share data)
     
        Three Months Ended   Nine Months Ended
          2024       2023       2024       2023  
        Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Sep 30,   Sep 30,
    Reconciliation of return on average common equity to return on average tangible common equity:                            
    Net income   $ 20,524     $ 24,673     $ 21,511     $ 17,316     $ 18,449     $ 66,708     $ 69,376  
    After-tax amortization expense     220       243       266       292       322       728       1,048  
    Adjusted net income available to common shareholders   $ 20,744     $ 24,916     $ 21,777     $ 17,608     $ 18,771     $ 67,436     $ 70,424  
                                 
    Average shareholders’ equity   $ 806,230     $ 796,698     $ 785,054     $ 737,675     $ 770,194     $ 796,031     $ 759,632  
    Less: Average intangibles for the period     (203,288 )     (203,581 )     (203,910 )     (204,267 )     (204,658 )     (203,592 )     (205,096 )
    Average tangible shareholders’ equity   $ 602,942     $ 593,117     $ 581,144     $ 533,408     $ 565,536     $ 592,439     $ 554,536  
                                 
    Return on average tangible common equity     13.69 %     16.90 %     15.07 %     13.10 %     13.17 %     15.20 %     16.98 %
                                 
    Reconciliation of book value per share to tangible book value per share:                            
    Common equity at end of period   $ 805,254     $ 800,970     $ 787,922     $ 773,288     $ 728,595     $ 805,254     $ 728,595  
    Less: Intangible assets at end of period     (203,119 )     (203,397 )     (203,704 )     (204,041 )     (204,411 )     (203,119 )     (204,411 )
    Tangible common shareholders’ equity at end of period   $ 602,135     $ 597,573     $ 584,218     $ 569,247     $ 524,184     $ 602,135     $ 524,184  
                                 
    Total assets at end of period   $ 8,362,263     $ 8,357,702     $ 8,353,863     $ 8,284,914     $ 7,972,468     $ 8,362,263     $ 7,972,468  
    Less: Intangible assets at end of period     (203,119 )     (203,397 )     (203,704 )     (204,041 )     (204,411 )     (203,119 )     (204,411 )
    Tangible assets at end of period   $ 8,159,144     $ 8,154,305     $ 8,150,159     $ 8,080,873     $ 7,768,057     $ 8,159,144     $ 7,768,057  
                                 
    Period end tangible equity to period end tangible assets     7.38 %     7.33 %     7.17 %     7.04 %     6.75 %     7.38 %     6.75 %
                                 
    Common shares outstanding end of period     30,308       30,261       30,284       30,249       30,338       30,308       30,338  
    Tangible book value per common share   $ 19.87     $ 19.75     $ 19.29     $ 18.82     $ 17.28     $ 19.87     $ 17.28  
                                 
    Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):                            
    Net interest income (GAAP)   $ 55,464     $ 53,608     $ 53,348     $ 54,485     $ 53,273     $ 162,420     $ 160,542  
    Tax-equivalent adjustments:                            
    Loans     608       633       656       680       674       1,897       2,044  
    Tax-exempt investment securities     2,012       2,051       2,080       2,453       2,474       6,143       7,486  
    Net interest income (FTE) (1)     58,084       56,292       56,084       57,618       56,421       170,460       170,072  
    Noninterest income     8,171       11,557       9,724       2,501       10,836       29,452       33,333  
    Nonrecurring income (2)     2,797       (576 )     18       8,376       (11 )     2,239       (1,006 )
    Total revenue   $ 69,052     $ 67,273     $ 65,826     $ 68,495     $ 67,246     $ 202,151     $ 202,399  
                                                             
    Noninterest expense   $ 36,332     $ 35,765     $ 36,881     $ 35,183     $ 35,553     $ 108,978     $ 105,395  
    Pre-tax amortization expense     (278 )     (307 )     (337 )     (370 )     (407 )     (922 )     (1,327 )
    Nonrecurring expense (3)     (219 )     2       17       22       17       (200 )     56  
    Adjusted noninterest expense   $ 35,835     $ 35,460     $ 36,561     $ 34,835     $ 35,163     $ 107,856     $ 104,124  
                                                             
    Efficiency ratio     53.94 %     54.90 %     57.95 %     53.30 %     54.86 %     55.56 %     53.99 %
    Efficiency ratio (FTE) (1)     51.90 %     52.71 %     55.54 %     50.86 %     52.29 %     53.35 %     51.44 %
                                                             
    Average earning assets   $ 7,823,026     $ 7,881,919     $ 7,882,337     $ 7,633,820     $ 7,418,157     $ 7,862,245     $ 7,269,326  
                                                             
    Net interest margin     2.82 %     2.74 %     2.72 %     2.83 %     2.85 %     2.76 %     2.95 %
    Net interest margin (FTE) (1)     2.95 %     2.87 %     2.86 %     2.99 %     3.02 %     2.90 %     3.13 %
                                                             
    Net interest spread     2.10 %     2.00 %     2.02 %     2.10 %     2.14 %     2.04 %     2.31 %
    Net interest spread (FTE) (1)     2.23 %     2.13 %     2.16 %     2.26 %     2.31 %     2.18 %     2.48 %

    (1)   These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
    (2)   These adjustments may include net gain or loss on sale of securities available for sale, net gain on sale of equity securities, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
    (3)   These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

    The MIL Network –

  • MIL-OSI: Equifax Canada Champions Financial Inclusion for Newcomers to Canada with the Launch of Global Consumer Credit File

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Equifax Canada has launched the Global Consumer Credit File, an innovative solution designed to empower lenders to make more confident credit lending decisions for newcomers to Canada. The solution creates a calibrated credit score using newcomers’ credit histories from their countries of origin. The platform offers lenders and newcomers to Canada a seamless and secure means to access global credit data which is essential in obtaining services such as housing, credit cards, and mobile phone contracts.

    Immigration to Canada continues to grow, with the country on track to welcome 500,000 new immigrants annually by 2025. Many of these newcomers will arrive with credit histories that often go unseen by Canadian financial institutions. People who are new to Canada often have a thin credit file (generally defined as having 2 or less credit lines) with little to no credit history because their credit file from their country of origin may not carry over to Canada. Without a more robust credit file, newcomers may face greater challenges in navigating the Canadian financial economy such as accessing credit cards or mortgages with favourable rates or renting an apartment. Having a credit score allows newcomers to Canada to gain access to greater financial opportunities.

    Robust Credit Bureau data from around the world
    The Global Consumer Credit File allows newcomers to leverage their global credit profiles when they apply for the credit necessary to build their financial lives in Canada. It offers a seamless and secure way of connecting financial data within Equifax Consumer Credit bureaus worldwide to create a calibrated score and helping to give financial visibility to individuals who are new to Canada. With this trusted information, lenders can make more informed decisions and help to expand credit access for newcomers based in part upon information gained from their international credit histories. The Global Consumer Credit File will launch with credit information from India, with plans to expand the service for newcomers from Brazil, Argentina, and Chile over the coming months, and a future roadmap that includes 18 countries total.

    “At Equifax Canada, we are committed to supporting the Canadian financial ecosystem to help provide more inclusive financial opportunities that move people forward,” said Sue Hutchison, President and CEO of Equifax Canada. “Newcomers to Canada bring a wealth of talent and ambition to this country, and we are proud to play a role in helping them gain access to the credit they need to thrive. The Global Consumer Credit File allows us to empower these individuals from day one, helping them establish their financial roots and contribute to Canada’s vibrant economy.”

    Canada’s immigration strategy is a cornerstone of its economic growth. Equifax Canada is set to support this growth by providing lenders with access to trusted global data, expanding credit opportunities, and fostering a more inclusive financial landscape for all Canadians.

    “Financial inclusion is about more than just credit access,” added Hutchison. “It’s about creating opportunities for everyone to succeed and contribute to the economy. Equifax is proud to lead the charge in ensuring that newcomers have the tools they need to build a strong financial future here in Canada.”

    By reducing barriers to financial access, the Global Consumer Credit File can help newcomers to Canada realize their full potential from the moment they arrive, along with those already in Canada, ensuring that they can thrive both financially and personally.

    About Equifax
    At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

    Contact:

    Andrew Findlater
    SELECT Public Relations
    afindlater@selectpr.ca
    (647) 444-1197

    Angie Andich
    Equifax Canada Media Relations
    MediaRelationsCanada@equifax.com 

    The MIL Network –

  • MIL-OSI Economics: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Source: Rosneft

    Headline: Rosneft Supports Project to Create Genomic Database of Arctic Organisms

    Rosneft, together with Innopraktika, a non-governmental development institute, and the Centre for Whole-Genome Sequencing, has launched a unique project to create a genomic database of living organisms in the Russian Arctic. This information is essential for long-term planning for the sustainable development of the region and the conservation of its fragile ecosystems.

    In the first phase, specialists in different taxonomic groups will analyse the biodiversity of the Arctic and select the most valuable species for study.

    Priority work includes the assembly of the complete polar bear genome, which will be carried out by staff from the Centre for Whole-Genome Sequencing. The high-performance computing cluster, one of the top 20 supercomputers in Russia, enables fast and high-quality processing of huge amounts of information and obtaining the most accurate data for subsequent interpretation.

    Specialists from Lomonosov Moscow State University and other leading research institutes in the country were also involved to create a roadmap for the new project and identify priority research areas. Using cutting-edge genetic technologies, scientists will study the mechanisms of speciation and the ability of Arctic animals to adapt to harsh environmental conditions, clarify the taxonomic status of individual species, and develop recommendations for monitoring the health of Arctic ecosystems.

    The new environmental initiative is part of Rosneft’s comprehensive research programme in the Russian Arctic. The Company’s Arctic Research Centre is carrying out the most ambitious programme of research in the region since Soviet times, with more than 50 major expeditions over the past 10 years and unprecedented geographical coverage of hydrometeorological, geological and biological research.

    Reference:

    The creation of genetic databases and whole-genome sequencing are designed to preserve genetic information to protect endangered species. Scientists are studying their evolution and characteristics, investigating the extent of anthropogenic impacts on ecosystems, and calculating ways to mitigate potential threats.

    In recent years, many projects have been launched to analyse genomic data (Bird 10,000 Genomes Project (B10K) in China, international mammalian genome analysis project Zoonomia Project, etc.), but this is the first initiative to study the genomes of organisms from the Russian Arctic.

    Rosneft
    Information Division
    September 11, 2024

    Keywords: Environmental news 2024

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Baby Week comes to York

    Source: City of York

    Published Wednesday, 23 October 2024

    Baby Week is coming to York for the first time this November (14 – 20 November).

    The national initiative celebrates services working with young families and raises awareness of the importance of early childhood.

    As a host city, York will celebrate the work of local maternity and early years services, helping to give every baby the best start in life.

    Organised by Raise York (York’s Family Hub Network) and local health services, parents and carers across the city will be able to find out more about the amazing range of services available to young children and their families. 

    Local events and activities include storytime and stay and play events, under 3’s gym class, a free online baby first aid course and a nearly new sale of children’s toys and clothes.

    Cllr Bob Webb, the council’s Executive Member for Children and Young People, said:

    We know that what happens during the first few months of a child’s life can shape their whole future, so helping parents and carers to nurture their baby’s development during this critical time is really important.

    “By becoming a host city for national Baby Week, we hope to showcase the wide variety of activities, local support and advice available for parents to be and new parents in York, as well as celebrating the amazing work health and early years professionals do across the city.”

    To find out more about what’s happening locally for Baby Week visit the Baby Week website.

    Organisers can add their own events to the programme by visiting the Baby Week website.

    For more information about support for children and families please visit the Raise York website.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General James Announces Convictions of Orange County Transportation Company Owners for Stealing More Than $2.1 Million from Medicaid

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced that the owners of DYD Universe, Inc. (DYD), a New York Medicaid-enrolled transportation company, have pleaded guilty for their roles in a scheme that stole more than $2.1 million from Medicaid and paid illegal kickbacks to Medicaid recipients. Damir Yuldashev, 64, his son Daler Yuldashev, 38, and Daler’s mother Nigina Iskandarova, 60, all of Monroe, New York, admitted that from April 2018 to March 2023, they stole more than $2.1 million from Medicaid by submitting fraudulent claims for services that they knowingly did not provide and toll charges that they knew were not incurred. The owners also admitted to paying illegal kickbacks to Medicaid recipients in exchange for providing DYD with their confidential Medicaid identification in order to carry out the scheme. As a result of the pleas, Damir Yuldashev will be sentenced to two to six years in prison and, along with Daler Yuldashev, must pay back over $2.1 million to Medicaid. Daler Yuldashev and Nigina Iskandarova will be sentenced to probation, and all three defendants will be permanently banned from being providers in all government-funded health programs. 

    “Stealing taxpayer funds that are meant to provide health care for low-income New Yorkers is unacceptable,” said Attorney General James. “Instead of providing vulnerable patients with the transportation services they needed to get them to their appointments, these individuals exploited Medicaid recipients to carry out their fraud. I will not tolerate schemes like these that damage our health care system, and my office will continue to go after fraudsters who steal from Medicaid.”  

    Medicaid recipients who lack access to transportation can use approved transportation providers to travel to and from covered medical services. These providers receive reimbursements from Medicaid for the rides they provide. From April 2018 to March 2023, Daler and Damir Yuldashev billed Medicaid for fictitious trips and added fake tolls to their trips to inflate their costs. DYD’s claims often added toll charges from $15 to as much as $50 when the trip did not actually incur any tolls at all. As a result of their scheme, DYD illegally overcharged Medicaid more than $2.1 million.

    To carry out their scheme, the defendants paid Medicaid recipients to sign up with DYD and use fake addresses or drive themselves to their appointments, allowing DYD to either inflate or submit entirely false claims for transportation to Medicaid. These payments were illegal and undermined the businesses of other transportation providers in the Hudson Valley. Some passengers were paid thousands of dollars each to take rides that allowed DYD to collect tens of thousands of dollars in fees per passenger.

    All three defendants pleaded guilty in Orange County Court in front of Judge Richard Guertin. Damir Yuldashev pleaded guilty to Grand Larceny in the First Degree, a class B felony. Daler Yuldashev pleaded guilty to Grand Larceny in the Third Degree, a class D felony. Nigina Iskandarova pleaded guilty to violating New York’s anti-kickback statute, Social Services Law section 366-d, a class E felony. DYD also pleaded guilty to Grand Larceny in the First Degree.

    Damir Yuldashev faces a sentence of two to six years in state prison. Daler Yuldashev and Nigina Iskandarova, both of whom played lesser roles in the scheme, will be sentenced to probation, with Daler Yuldashev required to perform at least 1,200 hours of community service. As part of their sentence, Damir and Daler Yuldashev must pay $2,127,624 to Medicaid in restitution for their crimes. If they fail to pay restitution as ordered by the Court at sentencing, Damir and Daler Yuldashev will be required to serve additional time in state prison. As a result of their convictions, each defendant is also permanently excluded from being a provider in all government-funded health programs, including Medicaid and Medicare.

    The Office of the Attorney General thanks the New York State Department of Health and the Office of the Medicaid Inspector General for their assistance in this investigation.

    This matter was investigated by Detectives Peter Olsen and Frank Bluszcz with assistance from Supervising Detective Jeffrey Pitts. The financial analysis was conducted by Principal Auditor-Investigators John Annunziata, Lora Pomponio, and Melissa Stoebling, and Senior Auditor-Investigator Christopher Giacoia. Legal Support Analyst Kelvin Caraballo provided paralegal assistance.

    The case was handled by Special Assistant Attorneys General Eva Urrutia and Robert Trudell, and the MFCU Pearl River Regional Office Regional Director Todd Pettigrew, with assistance from MFCU Chief of Criminal Investigations Thomas O’Hanlon and Deputy Chief of MFCU’s Civil Enforcement Division Konrad Payne.  Alee Scott is MFCU’s Chief of the Civil Enforcement Division. MFCU is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. The Division of Criminal Justice is led by Chief Deputy Attorney General José Maldonado under the oversight of First Deputy Attorney General Jennifer Levy.

    Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

    New York MFCU’s total funding for federal fiscal year (FY) 2025 is $70,502,916. Of that total, 75 percent, or $52,877,188, is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,625,728 for FY 2025, is funded by New York State.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Hochul Participates in Axios Fireside Chat

    Source: US State of New York

    Earlier today, Governor Kathy Hochul participated in Axios’ Fireside Chat with Dan Primack. Axios is an American news website based in Arlington, VA. It was founded in 2014 and launched the following year by former Politico journalists Jim VandeHei, Mike Allen and Roy Schwartz. Axios’ BFD is a half-day event where reporters will convene industry leaders to unpack their hyper-relevant news and trends. This event offers attendees an inside track into some of the biggest topics on investors’ minds.

    VIDEO of the event is available on YouTube here and available in TV quality (h.264. mp4) format here.

    AUDIO of the Governor’s remarks is available here.

    PHOTOS of the event are available on the Governor’s Flickr page.

    A rush transcript of the Governor’s remarks is available below:

    Dan Primack, Axios: As I’ve said a couple of times from this stage, we are a couple of weeks away from an election, so it felt apropos that we should have an actual politician on stage — not just somebody talking about politics. So please welcome the Governor of New York, Governor Kathy Hochul.

    Governor Hochul: An actual politician?

    Dan Primack, Axios: An actual politician. Sorry, is that offensive?

    Governor Hochul: I prefer an elected official. It sounds a little nicer, but if you have to call me a politician, I’ve been called worse.

    Dan Primack, Axios: Alright. So, governor, you’ve said — Governor’s Office says — but you’ve said you want to make New York the most business friendly state in the country. How do you gauge that? What’s your metric for that?

    Governor Hochul: Well, sometimes it’s not what you do, it’s what you stop from happening. Like a major tax increase on high net worth people that I was able to, you know, stop in its tracks last year. Because I’m not in the business of driving successful people out of our state, I want to bring them back to the State. And so, it’s also, it’s economic policies, it’s also saying that, you know, “We’re going to break down some barriers for you and we’ll be there with financial incentives.” And we’ll talk about Micron, I presume, but there’s no way Micron was going to build the nation’s largest semiconductor facility — $100 billion of investment, the largest in our history, with 50,000 jobs — if there weren’t incentives from the Biden-Harris Administration. But that just meant that all 50 states could compete. I had to win that war and put $10 billion on the table for that entire industry. So you have to have incentives in place, you have to go after the businesses you want, and now I’m going after the whole supply chain to support Micron and others who are coming. So, it’s very intentional. You don’t say, “We’re in New York. Everybody’s going to come,” because we’re in a competitive race and I’m a very competitive person. So I don’t want to lose that and I’ll do whatever I have to do to make sure people know that we are the place, and I’ll be judged by how many jobs we create. I’m starting off with 50,000 right there, so I’m already ahead of the game.

    We’ve also created more manufacturing jobs, stopping a 30 year decline in manufacturing. Now we’re talking about advanced manufacturing. So, we have the evidence to show that in the three years I’ve been governor, really putting the focus on this, we’re seeing results already.

    Dan Primack, Axios: How do you, you know — a big part of what you’re working on, and we’ve heard a bunch today about this Empire AI Initiative. And as part of this, you got about $275 million from the State and there’s another $150 million from the private sector. It’s an enormous amount of money. However, it’s also less than 10 percent, say of what OpenAI, a California company, raised in the private sector on its own just two weeks ago. Can companies in New York compete with what’s happening in Silicon Valley when you see — in AI — when you see the enormous amounts of money going into these companies?

    Governor Hochul: I’m not competing with the private sector to own AI. My view is — as I announced in my State of the State last January — that whoever owns this next chapter of AI for public good will own everything. So what we have —

    Dan Primack, Axios: What does that mean for public good?

    Governor Hochul: I will be very happy to tell you. I was just at the University of Buffalo two weeks ago with Marilyn Simons and Tom Secunda — the individuals who helped us innovate this, which no other state in the nation has entertained. I can tell you that Microsoft and OpenAI — they have amazing supercomputers dedicated to AI for their own profit; for the private sector. But we said, “We want to democratize AI, make it available to solve society’s problems, innovate new cancer therapies, help us predict weather better than we have been, so I know when that storm is coming and what I can do to prepare for it,” and all kinds of social problems that we can solve by being creative. So what I decided to do is put $275 million with the Legislature’s support — and that’s not always the easiest thing to do — then convince them to let go of that money and really take a leap of faith with me. But then the private sector raised $150 million — but we have university partners. This is what sets us apart. I have Cornell and NYU and RPI and Flight Iron Institute, Columbia, CUNY and SUNY schools all have bought into this, so they get a piece of the action. Their researchers, their students can use the power that I’ve created at a place called Buffalo, New York — where I’m from — and that is going to power the whole state’s research. And so nobody else touched this.

    Dan Primack, Axios: Are you — and you mentioned Buffalo, New York, and we were talking backstage — are you concerned about the power needs for this supercomputer and other AI projects in the State?

    Governor Hochul: Well, I picked Buffalo for a variety of reasons — and we just announced another supercomputer at the University of Albany — but because power is less expensive Upstate, It’s more plentiful; space is less expensive. So it’s all being used across the State. But as far as its home — I have Niagara Falls, which has been powering our state since since the original Tesla. So, we’ve been doing this since the turn of the last century.

    So, I’m always concerned about capacity though as we’re attracting more and more, you know, large data centers and the supply chain companies that are now rushing to New York. I mean, I’ve been bringing companies from all over the world to Upstate New York now because of this whole innovation ecosystem we’re creating. But I have to focus on — not just our wind and solar and hydro and geothermal — but we’re going to have to look at other sources as well and be real aggressive about it because the states that are leaning into the energy sources are the ones that’ll win the race and we cannot lose that.

    Dan Primack, Axios: From your perspective, what is the biggest mistake businesses make when dealing with New York State government?

    Governor Hochul: When they’re dealing with our state government they have to have more skin in the game, and I want them to be fostering our social goals. And let me explain why Micron was so attractive to us: I’m a mom. I used to work on Capitol Hill for Senator Moynihan a long time ago. When my kids were born, I had no child care, had to leave the workforce for a while. We talk to companies like Micron and we say, “We want a number of things from you. We’ll help you. We want you to provide child care on site.” A lot of companies would say, “I’m not sure.” I said, “Do you want to diversify your workforce? Would you like to get more women? Would you like to get young women? Would you like to have it be a family friendly place?” Guess what they’re building right now? A child care center on site. We want them to draw from the neighbors, the neighboring communities that are underserved — the City of Syracuse. We want you to put in workforce development programs. We’re literally changing the curriculum in nine counties around where Micron will go, working with our teachers union, to say, “We’re going to teach young people coding and other computer science skills while they’re still in grade school and high school.”

    So when Micron says, “Why would we come to Upstate New York?” You’re asking me to do all these things to further your social goal. But this is for your workforce. You’ll have a workforce that is not transitional. You’re not always going to have to be hiring someone. They’re not going to leave you after 18 months. They will stay. And that is part of the culture of Upstate New York, where I’m from, with the legacy industries, like the Bethlehem Steels — where my dad and grandpa worked — and Kodak and Bausch and Lomb. I say to them, “One of the drivers of why people should be coming to New York State is that we have a workforce that is brilliant. But also, they’ll stay with the company unlike what happens in other parts of the United States.”

    Dan Primack, Axios: Let me tie two things together. You talked about skin in the game and you’ve talked about Buffalo and Upstate New York. One of the biggest deals I guess you’ve done as Governor is getting the stadium financing deal done for your Buffalo Bills. I will say your Buffalo Bills.

    Governor Hochul: No, no. The only team that plays in New York.

    Dan Primack, Axios: Fair enough. The only team that plays in New York.

    Governor Hochul: Okay, and I love my other teams too, but just —

    Dan Primack, Axios: Fair. Look, I’m from Boston, I — good, yeah, slam the Jets and the Giants, I’m good with this.

    Governor Hochul: You want to go there? Okay. How are the Red Sox doing? How are the Red Sox doing?

    Dan Primack, Axios: We don’t waste our money. Okay, so we — let me just ask though — when you talked about skin in the game, the package for the new Bills stadium is the most public financing ever for a football stadium in the U.S. Why don’t the taxpayers of New York get some skin in the game themselves? Why was there talk about negotiating some actual equity for the State of New York in this team?

    Governor Hochul: Here’s what I’m going to explain to you: Look at the more recent data. This is not the largest subsidy for a team.

    Dan Primack, Axios: But it’s huge. Let’s just stipulate very big.

    Governor Hochul: Well, in proportion to the cost. And I was very smart when I negotiated this because I said, “There’s no cost escalation for the State.” So we’re in for $650 million of what’ll be well over a $2 billion stadium. The State of Tennessee kicked in a billion for their stadium. So we’re not in that league. But also, what happened was it wasn’t just waking up one day and — oh, let’s do a new stadium. They had a lease that expired. Other states were looking to recruit them. I know this for a fact. It’s a small market, the Buffalo Bills, there’s companies, states and cities that were luring them. I had to close the deal, because this is part of the identity of most of Upstate New York. Most of Upstate New York affiliates with this team, and this is important — an economic driver as well. We get a return on investment. After 17 years, I will have paid back that $650 million just in the income tax on salaries from the players.

    Dan Primack, Axios: In that amount of time, the value of the team could be five times what it is now, and it’s the owner of the team who’s going to get to benefit the most.

    Governor Hochul: Well, I’ve made sure that they are a Buffalo Bills team, not one of the other five cities that I was in competition with. Remember, I don’t lose anything — we don’t lose. This is an economic decision and the money will be paid back in 17 years, or perhaps sooner the way the salaries are going.

    Dan Primack, Axios: Let me ask something else about balancing because you’ve talked about balancing, which is obviously the New York City congestion tax, or the congestion fee, rather, which you decided to kill shortly before it went into impact. How do you balance economic needs of the City and of the State with your climate goal?

    Governor Hochul: Again, I’m going to correct a word here — kill versus pause.

    Dan Primack, Axios: Okay, indefinitely pause. Is that indefinite going to come off?

    Governor Hochul: I never used the word indefinitely. Those are people who are criticizing my decision to say that at this point — when we are dealing with escalating inflation, which was not even a factor — this is the first time in four years that inflation has really been a real burden for New Yorkers.

    Fifteen dollars to start out of the blue. All of a sudden, turn it on — it didn’t take into consideration how New Yorkers are struggling right now. So, I said we’re going to put this on a pause for now, because I also have many other energy goals and climate goals that I’m focused on, but that does not mean it is dead. I know how to kill something. I did not kill it.

    Dan Primack, Axios: You’ve said there’d be — I think you said, and correct me if I’m wrong — there’d be a replacement plan by year-end. Is that still on target?

    Governor Hochul: Yes. We have until the year-end.

    Dan Primack, Axios: You have until year-end. Do you expect that by year-end, there will be a replacement plan?

    Governor Hochul: I will have revealed, to the world, the strategy that we’ve been working on for a long time with the Legislature, which is also involved. I want to be clear on that. The Legislature is not in session right now, but that was a decision that was based on the fact that $15 is too much for New Yorkers right now. And, even London — that people tout and look at what they did in London — they started at €8 at the time and gradually, over time, went up to that, so there’s not a shock to the system.

    And, also, I’m focused on bringing the City back. People can work remotely, right? This wasn’t even an option when this congestion pricing was put in place in 2019. It wasn’t even an option. Of course you’re going to come to work. And it’s $3,800 more a year at $15.

    That’s a lot for a teacher, or a health care worker, or a delivery person coming in from Queens or a plumber coming into town. So, I’m just the kind of Governor that’s going to look at the impacts of decisions — who’s being hurt by this? Can they defend themselves? Do they have lobbyists? Do they have access to the editorial boards? No, these folks don’t. I was their voice, but I’m also saying, I am so vested in making sure that we achieve our climate goals because I believe in them.

    I grew up in a toxic environmental dump. The air was orange when I was growing up because of the smoke billowing out of the steel plant, which created 20,000 jobs, but nobody cared about the environmental impact. So, I’m going to make sure that New York continues to be nation leading and achieving our energy goals, our climate goals.

    Dan Primack, Axios: Do you feel the remote work or the hybrid work revolution — call it post-COVID — do you feel that’s changed Manhattan permanently?

    Governor Hochul: Yes. Yes, it has. But we can always reimagine Manhattan just like we did after 9/11 — and, I give Mayor Bloomberg a lot of credit for what he did during that era. When you look at this place, people did not live in lower Manhattan, they worked there but they never lived there. Now, it is a thriving 24/7 community.

    We can do that in Midtown as well, and I’m convinced of this — that we can take with the laws I had to change because you couldn’t convert commercial into residential without a change in the law that I was able to secure just a few months ago. Now developers can look at a commercial building in Midtown and say, “You know what? It’s only 30 percent full. I’m not sure people are coming back. Let’s convert it into housing.”

    Now I’ve got more affordability because I’ve created supply, which is everything.

    Dan Primack, Axios: You mentioned Mayor Bloomberg. Let me ask about a more recent, current mayor. Business people talk all the time about wanting certainty. They often do it for their own purposes. How is it problematic for New York City’s business particularly, to have a mayor who is under indictment?

    Governor Hochul: I speak to business leaders all day long, including this morning over a breakfast meeting. Some significant leaders. And I asked them that question: How are you feeling? And the answer was, “Well, three weeks ago, it was a hair on fire moment.” And I’ve stepped in to offer the stability to say, we’ll work with the Mayor to get through this because I come from a business family. I know uncertainty is paralyzing, but they are expressing to me that they now have confidence, there’s been changes in the administration.

    They know that I’m keeping an eye on this situation because I want the City — and I represent 8.3 million New York City residents as well. These are my constituents. We will make sure that their services are provided. They will not see a disruption in what they’re accustomed to getting because they deserve to have the best. And I’m watching all this.

    Dan Primack, Axios: You obviously originally were running mates, or you served under former Governor Cuomo. There’s lots of talk about him possibly running for mayor here. I’m not asking, obviously, who you would endorse. I’m asking, should voters consider him as a viable candidate if he chooses to run, given what happened in the past and some of the things you’ve said about what he did in the past?

    Governor Hochul: I’m not here to pass judgment on people right now. But I will say this: New Yorkers deserve people with integrity and accomplishments and who do things for the right reasons. Who will do it for the benefit of the people and not their own self-serving reasons. So I will be looking for people like that.

    Right now we have a mayor — we have an elected mayor of the City of New York. Everything could change or everything may not change. But we do know we have an election two weeks from now. Two weeks from now. And that is the one that we’re focused on, as well as my intensive, intensive work — not just for Kamala Harris.

    I just got back from seeing her in Michigan and we were in Pennsylvania, but here in New York, we have the opportunity to give President Kamala Harris a Democratic House Representatives. And I am laser focused on making sure Hakeem Jeffries, our very own New Yorker who knows our community and its needs and knows I’m going to need money for the MTA for example. Give me more money for public transit. That’s my number one ask. I have to make sure we pick up some seats in the Hudson Valley. And in Long Island, I just came in from Long Island just a little short time ago. And, you know, the polls are showing that areas that were written off, are now in place. So the world is going to change in two weeks.

    Dan Primack, Axios: Let me ask one quick final question because we are out of time. You have said you are, I think the term was “Not going anywhere.” Plan to run for reelection here. If Kamala Harris wins the White House and she calls you up, says, “Governor Hochul, we would like you to come down to D.C. and serve as secretary of X.” Are you going?

    Governor Hochul: I’m going to say this and you can quote me 1,000 times: “President Harris, I’m honored that you’d consider me to join your brand new administration — historic. I’m so excited about you, but I’m going to do better for you continuing as the Governor of New York because you’re going to need allies in our state houses to make sure that we continue the great partnership that I’ve had with the Biden Administration. And I’m not going anywhere.”

    Dan Primack, Axios: Governor. Thank you. Appreciate it

    MIL OSI USA News –

  • MIL-OSI Security: Kingston — UPDATE: Southwest Nova RCMP Major Crime Unit now leading investigation into fatal shooting in Kingston

    Source: Royal Canadian Mounted Police

    The Southwest Nova RCMP Major Crime Unit has taken over an investigation into a shooting in Kingston, where a man has since died.

    On March 6, 2023, at approximately 10:15 p.m., Kings District RCMP responded to multiple reports of shots fired in the Pleasant St. area in Kingston. RCMP officers located a 30-year-old man laying in a driveway on Pleasant St. He had suffered gunshot wounds and was transported to hospital by ambulance with life-threatening injuries. Four people were arrested later in the evening; however, all were later released without charge, pending further investigation.

    On September 30, 2024, the victim passed away in hospital and on October 1, the Nova Scotia Medical Examiners Office ruled the death a homicide. The investigation was subsequently taken over by the Southwest Nova Major Crime Unit.

    Over the last 20 months, the investigation was led by the Kings District RCMP General Investigation Section. Numerous search warrants were executed, evidence has been seized and witnesses have been interviewed. Persons of interest have been identified and investigators believe that the victim was targeted.

    The Southwest Nova RCMP Major Crime Unit is being supported by the Nova Scotia Medical Examiner’s Office, RCMP Forensic Identification Services, RCMP Digital Forensic Services and the Kings District RCMP General Investigation Section. Anyone with information is asked to call 902-365-3120. Should you wish to remain anonymous, contact Nova Scotia Crime Stoppers toll-free at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips App.

    News release from March 7, 2023: Kings District RCMP arrest four people in shooting

    MIL Security OSI –

  • MIL-OSI: Microsegmentation Trailblazer Illumio Achieves ISO 27001 Certification

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Illumio, Inc., the Zero Trust Segmentation (ZTS) company, today announced it has achieved ISO/IEC 27001:2022 (ISO 27001) certification. This certification represents Illumio’s continued commitment to meeting the highest levels of global security standards​. Certification was issued by Schellman Compliance LLC following an extensive audit of Illumio’s ZTS platform, which includes Illumio Core®, Illumio Endpoint®, Illumio CloudSecure® and Illumio for Microsoft Azure Firewall.

    “Illumio is committed to prioritizing data security for our customers, partners and suppliers. Achieving ISO certification right after our recent FedRAMP authorization exemplifies our ongoing commitment to excellence and security,” said Ben Verghese, Chief Technology Officer at Illumio. “By following a structured framework and constantly advancing our practices, we ensure sensitive data is well-protected, building continued trust and a safer tomorrow.”

    ISO 27001, from the International Organization for Standardization, is a globally recognized standard for the establishment and certification of an information security management system (ISMS). ISO 27001 certification shows that Illumio’s services align with internationally recognized best practices for information security management and security controls. ​Illumio extended their ISO 27001 certification to include the ISO/IEC 27701:2019 (ISO 27701) standard, demonstrating that the company’s services align with internationally recognized best practices for privacy information management system (PIMS) in the role of a personally identifiable information (PII) processor.

    Illumio is purpose-built to prevent lateral movement by attackers once they breach an organization. The Illumio ZTS platform enables organizations to identify security gaps in real-time and contain attacks across cloud, data center, and endpoint environments. Combined with the power of AI, the ZTS platform simplifies the creation of security policies and enhances segmentation controls, equipping teams to isolate breaches by reducing and restricting lateral movement either proactively or in response to an attack.

    To learn more about Illumio’s commitment to security, visit here for a complete list of certifications or read The Forrester Wave™: Microsegmentation Solutions, Q3 2024 report.

    About Illumio
    Illumio, the most comprehensive Zero Trust solution for ransomware and breach containment, protects organizations from cyber disasters and enables operational resilience without complexity. By visualizing traffic flows and automatically setting segmentation policies, the Illumio Zero Trust Segmentation Platform reduces unnecessary lateral movement across the multi-cloud and hybrid infrastructure, protecting critical resources and preventing the spread of cyberattacks. 

    Contact Information
    comms-team@illumio.com

    The MIL Network –

  • MIL-OSI: New Asia Holdings Inc (NAHD) Announces Shareholder Update

    Source: GlobeNewswire (MIL-OSI)

    Electra, Oct. 23, 2024 (GLOBE NEWSWIRE) — New Asia Holdings Inc./Olenox Corp. (NAHD” or the Company) (OTCQB: NAHD), announces a shareholder update.

    Corporate Developments

    The company continues to work on its consolidated audited financials and expects to be completed and filed by the end of November and is on target to complete and file them by then.

    New Asia has also been working in the background with its capital stock to meet the OTC market requirement of a 10% public float by reducing the outstanding shares.  The company was removed from OTCQB in mid-August for not having 10% of its stock in the public float. The company now meets those requirements and currently has 12.7 percent of its outstanding shares in the float.

    Olenox is a fully integrated energy company that produces responsible energy products both traditional and renewable.  Our continued focus on carbon footprint reduction and streamlined oil and gas production not only benefits the environment and local communities but also add value to Olenox bottom line.

    The company continues as well to work towards our green initiative to produce carbon-neutral products as well as integrate solar and other renewable technologies into our daily oil and gas production operations.

    Acquisitions

     

    On August 13th, 2024, New Asia announced it had purchased 162 miles of Texas pipeline from Taylor Consulting.  The company is currently looking to bring the pipeline back into production and working with the anchor customer to renew takeoff agreements.  An existing agreement is in place for 55,000 MCF per month and the company is looking at several other projects that could be attached to the pipeline including power generation and bitcoin mining operations.

    On August 8th, 2024, New Asia/Olenox announced that its wholly owned Olenox Kansas has been selected to operate 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field in Kansas.  The company continues to bring on production and is working towards the goal of having half the field in production by Q1 2025.   The company to date has brought back 32 wells into production and is now working on abandoning 3 wells to meet the contract requirements for the year.

    New Asia/Olenox continues to work on several other acquisitions and is in the final stages of purchase negotiations with 2 of the 4 currently under consideration.

    Technology

    Olenox continues to develop its technologies and is pushing its downhole tooling forward.  Modifications were needed for both the Plasma pulse tool and the ultra-sonic tool to meet industry standards in Texas and the company will begin to use the technology in our field in the coming months.

    About Olenox Corp.
    Olenox Corp.is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services and Energy Technologies.

    • Oil and Gas: focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas and Oklahoma. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates several oil and gas properties in Texas and Kansas.
    • Energy Services: This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end of life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
    • Energy Technologies: This business provides both R&D and existing technology to enable increased production in the field. Olenox flagship intellectual property is its downhole enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.

    Each of Olenox’s three vertically integrated business units operate in tandem to help Olenox capture unique opportunities that often go untapped by the Company’s competitors.

    Safe Harbor Statement: Certain statements and information included in this release may constitute “forward-looking statements” as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management’s projections, estimates and expectations is contained in the Company’s SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

    The MIL Network –

  • MIL-OSI: Sapphire Technologies and CCYS Partner to Drive Energy Efficiency in Asia’s Natural Gas Sector

    Source: GlobeNewswire (MIL-OSI)

    CERRITOS, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) — Sapphire Technologies, a developer of energy recovery systems for hydrogen and natural gas industrial applications, is expanding into new markets in Asia through a partnership with CCYS, a leading Chinese enterprise in green energy recovery. As carbon emissions are projected to peak in China by 2030, the partnership seeks to reverse that trajectory. Sapphire’s advanced FreeSpin® In-line Turboexpander technology will be integrated into key infrastructure projects. This cutting-edge technology captures and converts wasted pressure energy into clean electricity, improving the efficiency of natural gas use and supporting China’s broader emissions reduction objectives.

    BP projects that China’s natural gas consumption will rise to 550 billion cubic meters by 2030, up from approximately 395 billion cubic meters in 2023, increasing its global energy share from 6% to over 10%. If the available natural gas pressure in China (1.6-4.0 MPa) is fully utilized using Sapphire’s FreeSpin® In-line Turboexpander, it could recover 13 million MWh of pressure energy, enabling the installation of at least 1,517.7 MW of power generation capacity. This advancement would contribute to annual CO2 reductions of up to 12 million tons.

    “Our partnership with CCYS marks an exciting step forward for both companies as we work together to meet China’s growing demand for sustainable energy solutions,” said Freddie Sarhan, CEO of Sapphire Technologies. “By leveraging our turboexpander technology, we are expanding into new markets and helping enhance the efficiency of natural gas operations all while contributing to the country’s environmental goals.”

    “This partnership allows us to leverage Sapphire Technologies’ energy recovery systems to significantly improve the efficiency of our infrastructure projects,” said Changgang Guo, CEO of CCYS. “With this advanced technology, we are now able to capture and repurpose energy that would otherwise be wasted, directly supporting China’s transition to a greener, more sustainable energy landscape.”

    This partnership will initially focus on deploying Sapphire’s technology across multiple projects in China’s natural gas sector, including energy recovery systems at gas city gate stations, and LNG regasification facilities. Notable projects include those with Beijing Gas and Heating Engineering Design Institute, CNPC Lanzhou Petrochemical Equipment Company, and ENN Energy. Overall, this collaboration sets the stage for broader implementation of Sapphire’s solutions, helping drive China’s move toward a more energy-efficient future.

    About Sapphire Technologies
    Sapphire Technologies is driving global decarbonization through developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies’ systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns. For additional information visit: https://www.sapphiretechnologies.com. 

    About CCYS
    Over the past decade, CCYS has focused on the R&D, production, sales, and service of thermal insulation products. In 2023, the company expanded a new branch company, CCYS(Beijing), to focus on green energy recovery, leveraging advanced technologies in the Oil & Gas, hydrogen, air, and CO2 sectors. It now specializes in pressure energy recovery and waste heat recovery, continually enhancing the efficient closed-loop utilization of zero-carbon electricity and cooling energy across these areas to help meet the “China 3060” Carbon Peak/Neutral target. For additional information, please visit: http://www.ccysnh.com/

    Media Contact:
    Kite Hill PR
    Lara Schembri Sant
    lara@kitehillpr.com

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  • MIL-OSI: Usio to Host Third Quarter Fiscal 2024 Conference Call to Discuss Results and Provide Company Update on November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, Oct. 23, 2024 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading FinTech that operates a full stack of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release third quarter fiscal 2024 financial results for the period ended September 30, 2024, after the market closes on Wednesday, November 6, 2024.

    Usio’s management will host a conference call the same day, November 6, 2024, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

    To listen to the conference call, interested parties within the U.S. should call 1-844-883-3890. International callers should call 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at https://usio.com/events-2/.

    A replay of the call will be available approximately one hour after the end of the call through November 20, 2024. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is: 7062327.

    About Usio, Inc.

    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

    Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER
    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2023. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact

    Paul Manley
    Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

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  • MIL-OSI: ibex Ranked #2 in Forbes America’s Best Employers for Tech Workers List

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 23, 2024 (GLOBE NEWSWIRE) — ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, today announced it has been ranked at No. 2 on the 2024 Forbes list of America’s Best Employers for Tech Workers, placing it ahead of global tech industry giants.

    To create the list, Forbes surveyed more than 25,000 tech workers in the United States employed at companies across all sectors with at least 1,000 people. Survey respondents were asked how likely they would be to recommend their current employer, their previous employer, and companies they knew through peers in their industry, or through friends or family who worked there. Respondents assessed their companies’ general work environment and topics like career development, salary, image, diversity, openness and technological prowess.

    “We are thrilled to be recognized by Forbes as one of America’s top employers for tech workers,” said ibex Chief Technology Officer Andy Wilkens. “This ranking is a testament to our tech-led strategy combined with an unwavering commitment to employee success and well-being. ibex has been a pioneer in leveraging technology and AI to enable our global team to deliver the best CX for our clients. We recently introduced the ibex Wave iX solutions suite, which harnesses the power of Gen AI to deliver next-generation customer experiences for top global brands.”

    ibex Wave iX seamlessly integrates innovative AI-powered solutions with ibex’s industry-best talent to facilitate advanced, hyper-personalized, and intelligent interactions that cultivate stronger connections between brands and their customers.

    “From comprehensive benefits and career growth opportunities to our innovative employee engagement programs, we strive to create an environment where top tech talent can thrive and make a real impact,” said ibex Chief People Officer Paul Inson. “ibex is deeply committed to providing cutting-edge technology, tools and training to support career growth and development. We are proud that 85 percent of our frontline leaders began their careers as agents within the company, demonstrating the opportunity for career advancement across the organization.”

    Another key aspect of ibex’s outstanding workplace is the company’s commitment to listening to employee feedback. ibex conducts its annual iVoice employee survey to gather input from its workforce, and more importantly, takes concrete actions based on that feedback. ibex also conducts quarterly employee pulse surveys, ensuring that the company remains closely attuned to its team’s evolving needs and expectations.

    For more information about ibex and career opportunities, visit www.ibex.co.

    About ibex
    ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

    ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

    ibex Media Contact:
    Dan Burris
    daniel.burris@ibex.co

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e704c285-850f-4151-afdc-753676638fd8

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  • MIL-OSI: Fortinet Report Finds Nearly 70% of Organizations Say Their Employees Lack Fundamental Security Awareness

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Oct. 23, 2024 (GLOBE NEWSWIRE) —

    John Maddison, Chief Marketing Officer at Fortinet
    “As threat actors harness new technologies like AI to augment the sophistication of their attacks, it’s increasingly crucial that employees serve as a robust first line of defense. Fortinet’s new research underscores the importance of creating a culture of cybersecurity and the need to deploy organization-wide security awareness and training. These findings reinforce the importance of our award-winning Security Awareness and Training service for enterprises, including the free educational version available at no cost to primary and secondary schools around the world, and its role in strengthening cyber resilience.”

    News Summary
    Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today released its annual 2024 Security Awareness and Training Global Research Report, highlighting the crucial role a cyber-aware workforce plays in managing and mitigating organizational risk.

    Key findings from the global report include:

    • As malicious actors use AI to increase the volume and velocity of their attacks, leaders believe these threats will be harder for their employees to spot. More than 60% of respondents expect more employees to fall victim to attacks in which cybercriminals use AI. However, the good news is that most respondents (80%) also say enterprise-wide knowledge of AI-augmented attacks has made their organizations more open to implementing security awareness and training.
    • Employees can be an organization’s first line of defense, but leaders are increasingly worried that their employees lack security awareness. Nearly 70% of those surveyed believe their employees lack critical cybersecurity knowledge, up from 56% in 2023.
    • Leaders recognize the importance of security awareness training but believe specific attributes make some training programs more effective than others. Three-quarters of leaders say they plan their security awareness campaigns, delivering content monthly (34%) or quarterly (47%). Executives also point to high-quality content playing a leading role in the success or failure of the program.

    The Latest Threats That Employees Must Battle
    One prominent way cybercriminals use AI is to make phishing schemes more believable and harder to detect. Because phishing targets individual users directly, organizations are heavily focused on teaching employees how to recognize and avoid falling victim to these attacks.

    • End-users remain attractive targets. More than 80% of organizations faced attacks last year, such as malware, phishing, and password attacks that directly targeted individuals.
    • As attacks evolve, security awareness and training will only become more vital. Nearly all (96%) of those surveyed say their leadership team supports employee security awareness training.
    • Nearly all respondents (98%) say phishing prevention is a component of their training programs and plans. Other top training priorities include data security (48%) and privacy (41%).

    Employees Can Serve as a Strong First Line of Defense against Attacks
    While security and IT teams are crucial to safeguarding organizations against cyberthreats, an enterprise’s employees also play an important role in preventing breaches.

    • Employees are open to cybersecurity awareness and training opportunities. Most leaders (86%) say their employees positively view security awareness and training.
    • Organizations see positive results when they implement security and awareness training programs. An overwhelming majority of leaders (89%) say their organization saw at least some improvement in its security posture after security awareness and training were implemented. Not a single respondent claimed to see no improvement.

    Cyber Awareness Training Is Vital, but Not All Programs Are Created Equal
    Most organizations are motivated to introduce security awareness and training based on their experience of being breached or knowledge of threats in their industry or sector. Almost all decision-makers (96%) say their leadership team supports implementing training to raise employees’ cybersecurity awareness.

    According to this year’s survey, 97% of leaders think increased employee awareness would strengthen the organization’s cybersecurity posture. Yet respondents also agree that there are key attributes of training programs that are important for effectiveness.

    • Engaging content is paramount. While 86% of decision-makers say they are satisfied with their current security awareness and training solution, the biggest complaint was a lack of engaging content among those not satisfied.
    • Consider the time commitment required. Avoid training fatigue by considering the amount of time required from learners. Demanding too much time from employees can overburden them. Between 1.1 and 2.0 hours is the most common time proposed, with three hours as the average.

    Develop a Cyber-Aware Workforce with the Fortinet Security Awareness and Training Service  
    One breach incident alone has significant repercussions for a business. It is vital to build a three-pronged defense strategy that includes security awareness and training for all employees, technical cybersecurity skills for IT and security staff, and advanced security solutions for the network.

    Beyond teaching individuals what to do when they encounter threats, awareness and training lay the foundation for creating a culture of cybersecurity throughout the organization. Fortinet offers its Security Awareness and Training service to businesses that want to develop a cyber-aware workforce. Designed by the Fortinet Training Institute’s world-class trainers, this service covers a broad range of topics, offers content customization opportunities, and reinforces learnings with periodic reminders and checks. Organizations using the service also have access to a variety of dashboards to track learner progress and reporting to address cyber insurance and compliance needs.

    About the Fortinet Cyber Awareness Survey:

    • The survey was conducted among more than 1,850 executive-level and management-level professionals from 29 different countries at organizations with security awareness and training.
    • Survey respondents came from a range of industries, including manufacturing (17%), financial services (13%), and technology and professional services (11%).

    Additional Resources

    About Fortinet
    Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including CERTs, government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. 

    Copyright © 2024 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

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