Intra-Cellular Therapies Reports Third Quarter 2024 Financial Results, Provides Corporate Update and Raises 2024 Caplyta Sales Guidance By Investing.com

CAPLYTA Q3 2024 net product sales were  $175.2 million, compared to $125.8 million for the same period in 2023, representing a 39% increase

CAPLYTA’s strong prescription uptake continues: Q3 2024 CAPLYTA total prescriptions increased 38%, versus the same period in 2023

CAPLYTA 2024 net product sales guidance range raised to $665 to $685  million

Following a successful pre-supplemental NDA (sNDA) meeting with the U.S. Food and Drug Administration (FDA), the lumateperone sNDA submission for adjunctive treatment of major depressive disorder (MDD) is anticipated in the fourth quarter of 2024

Patient enrollment ongoing in ITI-1284 Phase 2 studies in generalized anxiety disorder (GAD), psychosis associated with Alzheimer’s disease and agitation associated with Alzheimer’s disease

Pipeline advancing with ongoing programs in major neuropsychiatric disorders  including lumateperone Phase 3 pediatric program and the lumateperone long-acting injectable (LAI) program

BEDMINSTER, N.J., Oct. 30, 2024 (GLOBE NEWSWIRE) — Intra-Cellular Therapies, Inc. (Nasdaq: NASDAQ:), a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system (CNS) disorders, today announced its financial results for the third quarter ended September  30, 2024 and provided a corporate update.

We are encouraged by CAPLYTA’s strong growth trajectory in the third quarter and look forward to further growth in the remainder of 2024 and beyond. We are on track to submit our sNDA for the adjunctive treatment of MDD later this year and our commercial team is actively preparing for a potential launch in 2025, said Dr. Sharon Mates, Chairman and CEO of Intra-Cellular Therapies.

Third Quarter Financial Highlights

  • Total revenues were $175.4 million for the third quarter of 2024, compared to $126.2 million for the same period in 2023. Net product sales of CAPLYTA were $175.2 million for the third quarter of 2024, compared to $125.8 million for the same period in 2023.
  • Net loss for the third quarter of 2024 was $26.3 million compared to a net loss of $24.3 million for the same period in 2023.
  • Cost of product sales was $15.3 million in the third quarter of 2024 compared to $9.1 million for the same period in 2023.
  • Selling, general and administrative (SG&A) expenses were $132.1 million for the third quarter of 2024, compared to $105.2 million for the same period in 2023.
  • Research and development (R&D) expenses were  $66.8 million for the third quarter of 2024, compared to  $41.6 million  for the same period in 2023.
  • Cash, cash equivalents, investment securities, and restricted cash totaled $1.0 billion at September  30, 2024.

Commercial Update

  • CAPLYTA total prescriptions increased 38% in the third quarter of 2024, compared to the same period in 2023 and 9% in the third quarter of 2024, compared to the second quarter of 2024.
  • In the third quarter of 2024, we completed an expansion of our sales force, adding approximately 150 sales representatives to leverage the growing opportunity with primary care physicians in CAPLYTA’s current indications. A second primary care physician sales force expansion is planned for 2025 in connection with the potential approval of CAPLYTA for the adjunctive treatment of MDD.

Fiscal 2024 Financial Outlook

  • Raised CAPLYTA full year 2024 net product sales guidance range to $665 to $685  million.
  • Narrowed full year 2024 SG&A expense guidance range to $490 to  $510  million and full year 2024 R&D expense guidance range to $220 to  $230  million.

CLINICAL HIGHLIGHTS

Lumateperone:

  • Adjunctive MDD program: In the third quarter of 2024, we had a successful pre-sNDA meeting with the FDA for lumateperone for the adjunctive treatment of MDD. The positive and robust results from Phase 3 Studies 501 and 502 form the basis of our sNDA, which we anticipate submitting to the FDA in the fourth quarter of 2024.

    Results from Study 501 were presented at the European College of  Neuropsychopharmacology Congress in September. This week, we are presenting results from Studies 501 and 502 at the Psych Congress being held in Boston, MA. As previously disclosed, Studies 501 and 502 demonstrated robust efficacy of lumateperone added to an antidepressant for the treatment of MDD in the primary endpoint, the Montgomery Asberg Depression Rating Scale (MADRS) total score, with a large separation versus placebo of 4.9 points in Study 501 and 4.5 points in Study 502, and a robust effect size of 0.61 in Study 501 and 0.56 in Study 502. In both studies, symptom improvement occurred as early as one week. Both studies also met the key secondary endpoint (CGI-S) and showed statistically significant efficacy in the patient self-reported measure of symptom severity of depression as measured by the Quick Inventory of Depressive Symptomatology Self Report (QIDS). We will continue to share results from our Phase 3 MDD studies with the medical community at other upcoming conferences in 2024 and 2025.

  • Lumateperone bipolar mania program: Patient enrollment is ongoing in our two multicenter, randomized, double-blind, placebo-controlled, Phase 3 studies evaluating lumateperone in adults in the acute treatment of manic or mixed episodes associated with bipolar I disorder (bipolar mania).
  • Lumateperone pediatric program: Patient enrollment is ongoing in our double-blind, placebo-controlled study in bipolar depression and in our open-label safety study in schizophrenia and bipolar disorder in pediatric patients. Patient enrollment in two Phase 3 studies in pediatric patients for the treatment of irritability associated with autism spectrum disorder is anticipated to commence in the fourth quarter of 2024.    
  • Lumateperone long acting injectable (LAI) program: A Phase 1 single ascending dose study evaluating several formulations has commenced clinical conduct. The goal of the program is to develop LAI formulations that are effective, safe, and well-tolerated with treatment durations of one month or longer.

Other pipeline programs:

  • ITI-1284-ODT-SL program: Patient enrollment is ongoing in our Phase 2 clinical study evaluating ITI-1284 as adjunctive therapy to approved anti-anxiety medications in patients with GAD. A second Phase 2 GAD study, evaluating ITI-1284 as monotherapy, is expected to commence later this year.

    In the third quarter of 2024, we commenced enrollment in a Phase 2 clinical study evaluating ITI-1284 in patients with psychosis associated with Alzheimer’s disease. In addition, we recently commenced patient enrollment in our Phase 2 program in agitation associated with Alzheimer’s disease.

  • Phosphodiesterase type I inhibitor (PDE1) program: Our portfolio of PDE1 inhibitors continues to advance in clinical development.

    Lenrispodun (ITI-214) Parkinson’s disease (PD) program: Our lenrispodun Phase 2 clinical trial is evaluating improvements in motor symptoms, changes in cognition and inflammatory biomarkers in patients with PD. We anticipate completion of this study by the end of 2025.

    ITI-1020 oncology program: Clinical conduct continues in our Phase 1 single ascending dose study in healthy volunteers evaluating the pharmacokinetics, safety, and tolerability of different doses of ITI-1020.

  • ITI-333 program: ITI-333, a 5-HT2A receptor antagonist and μ-opioid receptor partial agonist, provides potential utility in the treatment of opioid use disorder and pain. A multiple ascending dose study has been completed and a positron emission tomography (PET) study is ongoing.
  • ITI-1500 non-hallucinogenic neuroplastogen program: This program is focused on the development of novel neuroplastogens for the treatment of mood, anxiety, and other neuropsychiatric disorders without the hallucinogenic and cardiovascular effects of psychedelics. ITI-1549 is undergoing IND enabling studies and is expected to enter human testing in 2025.

Conference Call and Webcast Details
The Company will host a live conference call and webcast today at  8:30 AM Eastern Time  to discuss the Company’s financial results and provide a corporate update. To attend the live conference call by phone, please use this registration link (https://register.vevent.com/register/BI1898608c75d549d2a97e359f537afbaa).  All participants must use the link to complete the online registration process in advance of the conference call.

The live and archived webcast can be accessed under “Events & Presentations” in the Investors section of the Company’s website at  www.intracellulartherapies.com. Please log in approximately 5-10 minutes prior to the event to register and to download and install any necessary software.

CAPLYTA ®  (lumateperone) is indicated in adults for the treatment of schizophrenia and for the treatment of depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate.

Important Safety Information

Boxed Warnings:

  • Elderly patients with dementia-related psychosis treated with antipsychotic drugs are at an increased risk of death. CAPLYTA is not approved for the treatment of patients with dementia-related psychosis.
  • Antidepressants increased the risk of suicidal thoughts and behaviors in pediatric and young adults in short-term studies. All antidepressant-treated patients should be closely monitored for clinical worsening, and for emergence of suicidal thoughts and behaviors. The safety and effectiveness of CAPLYTA have not been established in pediatric patients.

Contraindications: CAPLYTA is contraindicated in patients with known hypersensitivity to lumateperone or any components of CAPLYTA. Reactions have included pruritus, rash (e.g., allergic dermatitis, papular rash, and generalized rash), and urticaria.

Warnings & Precautions: Antipsychotic drugs have been reported to cause:

  • Cerebrovascular Adverse Reactions in Elderly Patients with Dementia-Related Psychosis, including stroke and transient ischemic attack. See Boxed Warning above.
  • Neuroleptic Malignant Syndrome (NMS), which is a potentially fatal reaction. Signs and symptoms include: high fever, stiff muscles, confusion, changes in breathing, heart rate, and blood pressure, elevated creatinine phosphokinase, myoglobinuria (and/or rhabdomyolysis), and acute renal failure. Patients who experience signs and symptoms of NMS should immediately contact their doctor or go to the emergency room.
  • Tardive Dyskinesia, a syndrome of uncontrolled body movements in the face, tongue, or other body parts, which may increase with duration of treatment and total cumulative dose. TD may not go away, even if CAPLYTA is discontinued. It can also occur after CAPLYTA is discontinued.
  • Metabolic Changes, including hyperglycemia, diabetes mellitus, dyslipidemia, and weight gain. Hyperglycemia, in some cases extreme and associated with ketoacidosis, hyperosmolar coma or death, has been reported in patients treated with antipsychotics. Measure weight and assess fasting plasma glucose and lipids when initiating CAPLYTA and monitor periodically during long-term treatment.
  • Leukopenia, Neutropenia, and Agranulocytosis (including fatal cases). Complete blood counts should be performed in patients with pre-existing low white blood cell count (WBC) or history of leukopenia or neutropenia. CAPLYTA should be discontinued if clinically significant decline in WBC occurs in absence of other causative factors.
  • Decreased Blood Pressure & Dizziness. Patients may feel lightheaded, dizzy or faint when they rise too quickly from a sitting or lying position (orthostatic hypotension). Heart rate and blood pressure should be monitored and patients should be warned with known cardiovascular or cerebrovascular disease. Orthostatic vital signs should be monitored in patients who are vulnerable to hypotension.
  • Falls. CAPLYTA may cause sleepiness or dizziness and can slow thinking and motor skills, which may lead to falls and, consequently, fractures and other injuries. Patients should be assessed for risk when using CAPLYTA.
  • Seizures. CAPLYTA should be used cautiously in patients with a history of seizures or with conditions that lower seizure threshold.
  • Potential for Cognitive and Motor Impairment. Patients should use caution when operating machinery or motor vehicles until they know how CAPLYTA affects them.
  • Body Temperature Dysregulation. CAPLYTA should be used with caution in patients who may experience conditions that may increase core body temperature such as strenuous exercise, extreme heat, dehydration, or concomitant anticholinergics.
  • Dysphagia. CAPLYTA should be used with caution in patients at risk for aspiration.

Drug Interactions: CAPLYTA should not be used with CYP3A4 inducers. Dose reduction is recommended for concomitant use with strong CYP3A4 inhibitors or moderate CYP3A4 inhibitors.

Special Populations: Newborn infants exposed to antipsychotic drugs during the third trimester of pregnancy are at risk for extrapyramidal and/or withdrawal symptoms following delivery. Dose reduction is recommended for patients with moderate or severe hepatic impairment.

Adverse Reactions: The most common adverse reactions in clinical trials with CAPLYTA vs. placebo were somnolence/sedation, dizziness, nausea, and dry mouth.

CAPLYTA is available in 10.5 mg, 21 mg, and 42 mg capsules.

Please click here to see full Prescribing Information including  Boxed Warning.

About CAPLYTA (lumateperone)

CAPLYTA 42 mg is an oral, once daily atypical antipsychotic approved in adults for the treatment of schizophrenia and the treatment of depressive episodes associated with bipolar I or II disorder (bipolar depression) as monotherapy and as adjunctive therapy with lithium or valproate. While the mechanism of action of CAPLYTA is unknown, the efficacy of CAPLYTA could be mediated through a combination of antagonist activity at central serotonin 5-HT2A receptors and postsynaptic antagonist activity at central dopamine D2 receptors.

Lumateperone is being studied for the treatment of major depressive disorder, and other psychiatric and neurological disorders. Lumateperone is not FDA-approved for these disorders.

About  Intra-Cellular Therapies

Intra-Cellular Therapies  is a biopharmaceutical company founded on  Nobel  prize-winning research that allows us to understand how therapies affect the inner-workings of cells in the body. The company leverages this intracellular approach to develop innovative treatments for people living with complex psychiatric and neurologic diseases. For more information, please visit  www.intracellulartherapies.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, our financial and operating performance, including our future revenues and expenses; our expectations regarding the commercialization of CAPLYTA; our plans to expand our sales force; our plans to conduct clinical or non-clinical trials and the timing of developments with respect to those trials, including enrollment, initiation or completion of clinical conduct, or the availability or reporting of results; plans to make regulatory submissions to the FDA and the timing of such submissions and any product approvals; whether clinical trial results will be predictive of future real-world results; whether CAPLYTA will serve an unmet need; the goals of our development programs; our beliefs about the potential utility of our product candidates; and development efforts and plans under the caption About Intra-Cellular Therapies. All such forward-looking statements are based on management’s present expectations and are subject to certain factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such statements. These risks and uncertainties include, but are not limited to, the following: there are no guarantees that CAPLYTA will be commercially successful; we may encounter issues, delays or other challenges in commercializing CAPLYTA; whether CAPLYTA receives adequate reimbursement from third-party payors; the degree to which CAPLYTA receives acceptance from patients and physicians for its approved indications; challenges associated with execution of our sales activities, which in each case could limit the potential of our product; results achieved in CAPLYTA in the treatment of schizophrenia and bipolar depression following commercial launch of the product may be different than observed in clinical trials, and may vary among patients; challenges associated with supply and manufacturing activities, which in each case could limit our sales and the availability of our product; risks associated with our current and planned clinical trials; we may encounter unexpected safety or tolerability issues with CAPLYTA following commercial launch for the treatment of schizophrenia or bipolar depression or in ongoing or future trials and other development activities; there is no guarantee that a generic equivalent of CAPLYTA will not be approved and enter the market before the expiration of our patents; our other product candidates may not be successful or may take longer and be more costly than anticipated; product candidates that appeared promising in earlier research and clinical trials may not demonstrate safety and/or efficacy in larger-scale or later clinical trials or in clinical trials for other indications; our proposals with respect to the regulatory path for our product candidates may not be acceptable to the FDA; our reliance on collaborative partners and other third parties for development of our product candidates; impacts on our business, including on the commercialization of CAPLYTA and our clinical trials, as a result of the COVID-19 pandemic, the conflicts in Ukraine, Russia and the Middle East, global economic uncertainty, inflation, higher interest rates or market disruptions; and the other risk factors detailed in our public filings with the Securities and Exchange Commission. All statements contained in this press release are made only as of the date of this press release, and we do not intend to update this information unless required by law.

Contact:

Intra-Cellular Therapies, Inc.
Juan Sanchez, M.D.
Vice President, Corporate Communications and Investor Relations
646-440-9333

Burns McClellan, Inc.
Cameron Radinovic
[email protected]
212-213-0006

INTRA-CELLULAR THERAPIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts) (Unaudited) (1)
 
  Three Months Ended September 30,   Nine Months Ended September 30,
    2024       2023       2024       2023  
Revenues              
Product sales, net $ 175,159     $ 125,810     $ 481,278     $ 330,669  
Grant revenue   216       363       351       1,602  
Total revenues, net   175,375       126,173       481,629       332,271  
Operating expenses:              
Cost of product sales   15,304       9,129       36,558       23,043  
Selling, general and administrative   132,101       105,207       366,760       305,144  
Research and development   66,819       41,550       165,835       129,368  
Total operating expenses   214,224       155,886       569,153       457,555  
Loss from operations   (38,849 )     (29,713 )     (87,524 )     (125,284 )
Interest income   12,899       5,498       30,523       14,377  
Loss before provision for income taxes   (25,950 )     (24,215 )     (57,001 )     (110,907 )
Income tax expense   (374 )     (43 )     (790 )     (188 )
Net loss $ (26,324 )   $ (24,258 )   $ (57,791 )   $ (111,095 )
Net loss per common share:              
Basic & Diluted $ (0.25 )   $ (0.25 )   $ (0.57 )   $ (1.16 )
Weighted average number of common shares:              
Basic & Diluted   105,768,386       96,143,083       102,135,530       95,745,641  
               
(1) The condensed consolidated statements of operations for the three and nine months ended September  30, 2024 and 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.
               
INTRA-CELLULAR THERAPIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts) (Unaudited)(1)
 
  September 30,
2024
  December 31,
2023
  (unaudited)    
Assets      
Current assets:      
Cash and cash equivalents $ 464,312     $ 147,767  
Investment securities, available-for-sale   542,250       350,174  
Restricted cash   1,750       1,750  
Accounts receivable, net   145,608       114,018  
Inventory   23,539       11,647  
Prepaid expenses and other current assets   94,272       42,443  
Total current assets   1,271,731       667,799  
Property and equipment, net   2,005       1,654  
Right of use assets, net   14,011       12,928  
Inventory, non-current   30,479       38,621  
Other assets   6,219       7,293  
Total assets $ 1,324,445     $ 728,295  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 10,338     $ 11,452  
Accrued and other current liabilities   51,540       27,944  
Accrued customer programs   70,536       53,173  
Accrued employee benefits   29,496       27,364  
Operating lease liabilities   4,203       3,612  
Total current liabilities   166,113       123,545  
Operating lease liabilities, non-current   13,506       13,326  
Total liabilities   179,619       136,871  
Stockholders’ equity:      
Common stock   11       10  
Additional paid-in capital   2,818,137       2,208,470  
Accumulated deficit   (1,674,951 )     (1,617,160 )
Accumulated comprehensive income   1,629       104  
Total stockholders’ equity   1,144,826       591,424  
Total liabilities and stockholders’ equity $ 1,324,445     $ 728,295  
 
(1) The condensed consolidated balance sheets at September  30, 2024 and December  31, 2023 have been derived from the financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in  the United States  for complete financial statements.
 

Source: Intra-Cellular Therapies Inc.



Source link

#IntraCellular #Therapies #Reports #Quarter #Financial #Results #Corporate #Update #Raises #Caplyta #Sales #Guidance #Investingcom

Competition Authority fines Strauss Group NIS 111m

Competition Authority director-general Adv. Michal Cohen has imposed financial penalties on food company Strauss Group (TASE: STRS) and tofu products company Wyler Farm and on officers of the two companies because of an unlawful merger between them. Strauss Group will be obliged to pay NIS 111 million, an unprecedented penalty for breaches of this kind, and Wyler Farm will be obliged to pay NIS 1 million.

In addition, three senior Strauss Group managers have been fined NIS 600,000 each: former Strauss Group CEO Giora Bardea; former Strauss Israel CEO Eyal Dror; and former Strauss Israel CFO Gur Zamir. Fines have also been imposed on three company officers of Wyler Farm, of between NIS 119,000 and NIS 154,000.

The Competition Authority found that Strauss Group and Wyler Farm carried out a merger without reporting it to the Competition Authority director-general and without her consent. Under the Economic Competition Law, companies wishing to merge are required to apply to the director-general of the Competition Authority and to obtain her consent before proceeding with the merger. The law forbids carrying out a merger, full or partial, before the director-general’s decision.

The affair began in July 2021, when Strauss Group announced its intention of merging with Wyler Farm. For Strauss, milk alternatives are a strategic segment, and it is working to expand its activity in it considerably, in cooperation with international food company Danone, under the Alpro brand.

The Competition Authority did not approve the deal between Strauss Group and Wyler Farm, because of the fear of harm to competition, and in the course of its examination it claimed that Strauss group had begun the merger process before receiving approval from the director-general.

In the merger negotiations, Strauss Group insisted that, after the merger, Wyler Farm should focus exclusively on tofu products. Wyler Farm expressed a desire to continue to deal in milk alternatives after the merger, but Strauss demanded that Wyler Farm should not be active in that field, as it intended to deal in it itself outside the framework of the merged company.

In the end, the companies agreed that, after the merger, Wyler Farm would not deal in that field.

After the merger agreement was signed, Wyler Farm acted in accordance with that understanding, and sought to divert financing that it had received from the Israel Innovation Authority for developing production processes for plant-based beverages and cheeses to development of tofu products.

In February 2022, the director-general of the Coopetition Auhtority expressed opposition to the merger, among other things because of the fear of harm to competition in fresh plant-based beverages (soy milk, almond milk, and so on), in which Tnuva is the dominant player, and which Strauss Group and Wyler Frams sought to break into.

Strauss Group and Wyler Farm did not appeal against the decision, and the merger was cancelled. In the course of its examination, however, the Competition Authority found that, even before the companies applied for approval of the merger, which in the end was not forthcoming, they had agreed that Wyler Farm would not deal in milk alternatives without prior approval in writing from Strauss Group. The Competition Authority director-general found that Strauss Group and Wyler Farm had thus breached the Economic Competition Law.

Concentrated market

The plant-based beverages market is a concentrated market dominated by Tnuva, and it was found that Strauss and Wyler Farm were the only companies working on entering that market in the foreseeable future. Both companies considered a quick entry into the market to be important. The merger agreements immediately halted all of Wyler Farm’s activity in the field, while Strauss Group continued to make progress. The breach not only held back Wyler Farm’s advent as a competitor in the fresh plant-based beverages market, but also diminished its incentive and ability to compete in that market in the future.

The NIS 111 million fine on Strauss Group was the highest provided for in the law at the time that the Competition Authority director-general announced her intention of imposing penalties.

The Competition Authority said that the director-general had taken into account the special circumstances in which Wyler Farm found itself because of the war, and had reduced the penalties on the company and its officers.

Maximum penalty

Fines of this order have never been imposed before for similar infringements. The highest fine up to now was of NIS 39 million, imposed in 2019 on the Central Bottling Company (Coca Cola Israel) for abuses of its monopoly status and breach of the conditions for a merger.

The size of penalties is a function of the sales turnover of the companies concerned, but the law set a ceiling (since revised) of NIS 100 million. By imposing the huge fine on Strauss Group and on company officers, the Competition Authority has made clear the severity of the infringement and its impact on competition.

Strauss Group: We’ll appeal

As soon as the Competition Authority announced its intention of imposing penalties, Strauss Group denied the claim that it had tried to prevent Wyler Farm from entering the milk alternatives market, and said that the dialogue between the companies had been about production and development of tofu products, and not about milk alternatives. Strauss Group also says that the size of the penalty is disproportionate to the value of the deal, which was NIS 20 million.

Competition Authority director-general Cohen said, “The fresh plant-based beverages market is a concentrated market that is growing and is highly important to consumers. We found that the breach had the potential of considerable harm to competition, in that it was liable to prevent the entry of a competing player that could have had an impact on the range of products in this area and their prices. The Competition Authority will continue with uncompromising enforcement in the case of any attempt to harm competition and the consumer.”

Strauss said in a statement: “This is a strange and populistic decision, both in its reasoning and in the disproportionate size of the fine, and the company strongly rejects the Competition Authority’s decision. The company and the senior managers mentioned in the decision behaved as expected from officers of a leading public company and in accordance with proper corporate governance and on legal advice. The company is convinced that its conduct was flawless. The company will file an appeal, and we have no doubt that the company’s position will be accepted in the courts.”

Published by Globes, Israel business news – en.globes.co.il – on October 30, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.


Source link

#Competition #Authority #fines #Strauss #Group #NIS #111m

How PostgreSQL Enhances Performance and Scalability in IoT Solutions

How PostgreSQL Enhances Performance and Scalability in IoT Solutions

IoT devices generate vast quantities of data that must be managed efficiently for responsive and reliable solutions to be realized. PostgreSQL, an open-source relational database system with versatile, extensibility, and performance optimization features has emerged as a favored choice. This is mainly due to its versatile user interfaces, extensibility capabilities, and the capacity to handle massive volumes and complex queries quickly. Ultimately, these capabilities help applications function smoothly while supporting fast growth rates.

Globally, approximately 57,629 companies started using PostgreSQL as a relational database technology in 2024, which highlights the rise in adoption and the growing awareness of the perks of scalability and better performance.

This article elaborates on the ways PostgreSQL boosts performance and scalability outlooks in IoT scenarios.

Building Scalable Applications Faster with a Reliable PostgreSQL Database

PostgreSQL databases have proven invaluable when developing scalable IoT applications, thanks to their extensible nature and support of custom data types and indexing mechanisms. Developers can swiftly build complex data structures using a robust PostgreSQL database, which efficiently handles rapid structuring of geolocation data, timestamps, and time series data within its system. Plus, its advanced indexes such as B-tree and GiST indexes provide faster processing times even on large datasets.

Additionally, PostgreSQL’s JSON/JSONB support allows developers to store semi-structured data commonly found on IoT devices, making integration between real-time data streams from different devices much simpler. Asynchronous replication also prevents downtime, so applications can handle high transaction rates without negatively affecting performance. Such an option helps teams develop robust IoT applications quickly to handle growing numbers of devices and data points, without impacting reliability or efficiency in any way.

Together, these features enable development teams to build efficient applications that can scale with growth, ensuring reliable and effective systems ready for future expansion.

Optimizing Performance with Indexing and Partitioning Solutions

PostgreSQL features multiple indexing techniques such as B-tree, GiST, and hash indexes that each enhance performance for specific types of queries. Indexing key columns helps applications retrieve and process data faster, enhancing response times in real-time and IoT environments. Geolocation data in IoT apps may benefit from querying GiST indexes that specialize specifically for spatial data types for efficient retrieval.

Partitioning is another feature that PostgreSQL uses to increase performance. When dealing with large data sets, PostgreSQL makes managing them simpler by enabling developers to divide tables into manageable parts, known as partitions. IoT solutions often experience rapid data growth, so table partitioning enables IoT solutions to access only relevant partitions, instead of scanning through an entire table for relevance.

When combined with indexing capabilities, partitioning makes managing vast quantities of sensor or time series data easier, so applications maintain fast processing speeds while meeting increasing demands effectively.

Manage Time-Series Data Efficiently

IoT applications often generate time-series data, such as temperature readings or device status logs at specific intervals. While managing such continuous and sequential records is complex due to their long duration and sequential nature, PostgreSQL’s support helps address this challenge head-on by optimizing time-series storage and retrieval. This makes IoT applications easier than ever for processing historical information and analytics.

PostgreSQL TimescaleDB takes advantage of hyper tables to efficiently partition large time-series datasets for efficient handling and lower storage costs, while simultaneously supporting continuous aggregation. Such an option enables IoT applications to run real-time queries against aggregated data, without incurring costly calculations on the fly.

Moreover, these optimizations prove invaluable when real-time decision-making based on historical trends is integral. By efficiently managing time series data volumes, PostgreSQL enhances responsiveness and efficiency as data continues to grow across TimescaleDB’s hypertables.

Support High Availability and Fault Tolerance

IoT systems depend upon the consistent availability of data in order to function effectively, and PostgreSQL helps maintain this through features like asynchronous replication, point-in-time recovery, and hot standby. Asynchronous replication ensures data remains available even if one server goes down; essential in IoT applications where loss or downtime could disrupt operations, leading to inaccurate readings or missed alerts.

Hot standby is another key element to ensure PostgreSQL databases remain resilient in the event of data failures. Its replica database is constantly up-to-date and ready for read-only queries, supporting high read availability even during server maintenance and point-in-time recovery. These capacities allow administrators to restore to an earlier point, in case accidental data loss or corruption occurred during its creation or usage. These high availability features make PostgreSQL an exemplary choice for IoT solutions as they ensure integrity and data safety even under difficult conditions.

Final Thoughts

PostgreSQL has proven itself an indispensable solution for Internet of Things solutions, offering the performance, scalability, and reliability required to manage massive volumes of data generated from interconnected devices. Through features like indexing, partitioning time series management, and more, PostgreSQL allows developers to build apps capable of handling high transaction volumes while offering real-time insights. This, along with its robust support for high availability and fault tolerance, makes it particularly suitable for IoT by ensuring reliable access and system resilience.

At a time of explosive IoT growth and data demands that are intensifying rapidly, PostgreSQL remains an invaluable foundation for applications requiring high performance and adaptability. As the IoT landscape continues to evolve, PostgreSQL offers businesses and developers the tools for innovation and growth, enabling solutions that address both current and future challenges.

Source link

#PostgreSQL #Enhances #Performance #Scalability #IoT #Solutions

Trump is the man who would be king

Unlock the US Election Countdown newsletter for free

What would a second coming of Donald Trump mean for the US and the world? Optimists can point to what happened last time: his presidency, they might assert, was full of sound and fury. But it signified little. He ruled more conventionally than many feared. Moreover, in the end, he was beaten by Joe Biden and departed. He departed with bad grace, it is true. But what else would one expect? He departed, all the same. Why would it not be similar if he won a second term, as polls suggest is likely?

Trump is an expert in empty promises. In 2016, a centrepiece of his campaign was the “wall” that Mexico would pay for. In the end, there was no wall, let alone any money from Mexico. This time he has promised to round up and deport as many as 11mn undocumented aliens. The operation needed to do this would be immensely costly and controversial. Indeed, how exactly would many millions be deported and to where?

More ridiculous is Trump’s suggestion that by raising tariffs, he could eliminate the income tax. This is utter nonsense. According to a paper by Kimberly Clausing and Maurice Obstfeld, even the revenue-maximising tariff of 50 per cent all round would deliver less than 40 per cent of the revenue from income tax. The net loss of tax revenue would gut the spending on which his relatively elderly voters depend.

Yet a second Trump presidency could still be far worse than the first. In 2016, he was the dog that caught the car. In his ignorance, he ended up hiring people who shared neither his goals nor his interests. Today, the Republican party consists of loyalists who accept that the “great leader” defines truth, as he has done over the results of the 2020 election. The Heritage Foundation’s “2025 Project” has also produced plans to tame the federal government, while the Supreme Court has stated that, in his “official . . . functions”, the president is above the criminal law. He would feel vindicated and be vengeful.

Line chart of US polling: view of foreign trade (% of each party's respondents) showing Republicans are evenly divided on trade while Democrats are in favour

What might this persuade Trump to do? He could increase already huge US fiscal deficits and pressure the Federal Reserve to keep interest rates low. If he succeeded in appointing devoted loyalists to run the justice department, the intelligence agencies and the Internal Revenue Service, he could proceed to prosecute perceived enemies without restraint. He could justify such actions as a quid pro quo for the many justified prosecutions of himself. He would presumably pardon the insurrectionists of January 6 2021, who attempted to prevent the certification of the results of the last election. With control over the armed forces, he might declare martial law freely. More broadly, he could use the apparatus of the US government to exercise control over parts of the country seen as too independent.

Abroad, he could implement his trade war with few restraints, including against Canada and Mexico. As commander-in-chief, he could render Nato commitments meaningless, merely by indicating his disinclination to order troops into battle. He could, once again, pull out of all climate agreements at an even more sensitive moment. He could make it far harder for institutions like the IMF and the World Bank to operate. He could support the hard right throughout Europe. He could (and probably would) abandon Ukraine.

In considering the full implications for the world, one has to distinguish the direct effects of such actions from the indirect ones of his comeback. The latter would, above all, be the encouragement to rightwing populists seeking power, particularly in Europe. With the US, the great bastion of democracy in the 20th century, under authoritarian control, there would be a swing in the global balance against liberal democracy, not just in terms of power, but in terms of ideological credibility. The US has, after all, been the model, however imperfect, to much of the world of a law-governed democratic order. Its choice of Trump for a second time would matter greatly.

Trump is at the very least “fascistic” and can be credibly called a fascist. In interviews with the New York Times, John Kelly, the former US Marines general who was his longest serving chief of staff, is reported as stating that, “in his opinion, Mr Trump met the definition of a fascist, would govern like a dictator if allowed, and had no understanding of the Constitution or the concept of rule of law”. Moreover, Trump “never accepted the fact that he wasn’t the most powerful man in the world — and by power, I mean an ability to do anything he wanted, anytime he wanted”.

Line chart of US polling: views on China, % of each party's respondents having a favourable view showing Hostility to China is bipartisan, but Republicans are even more hostile than Democrats

For Timothy Snyder, a leading historian of the 1930s and 1940s in Europe, fascism is “a cult of will over reason; it’s life inside a Big Lie; it’s a transformation of politics into a cult of a leader who tells a Big Lie and who is able to establish himself as the person whose will should dominate society”. To this, adds Anne Applebaum, another well-known expert, Trump has described his opponents as “vermin”, again a characteristic of fascist (and Stalinist) rhetoric. The recent “blood libels” about Haitians as consumers of pets fit into fascist denigration of some people as subhuman.

Mistakes made by the Biden administration help explain Trump’s popularity, notably its failure to control immigration. Even so, it is hard to understand the abandonment of core principles of America’s great experiment in republican rule. Much of the success of that experiment is owed to the precedents created by its founder, George Washington. As Tom Nichols notes in The Atlantic, Washington served as president for two terms and then went home. Trump is the anti-Washington. Where Washington was renowned for his probity, Trump is known for the opposite.

This, then, is truly a fateful hour.

[email protected]

Follow Martin Wolf with myFT and on Twitter



Source link

#Trump #man #king

Leveraging simple cybersecurity measures to guard your digital life – Businessday NG

The constantly evolving technology landscape continues to connect our lives more closely with the digital realm, whether it’s connecting with loved ones, sharing vacation photos, or managing finances and online shopping. While you can’t totally remove your digital footprint, you can be careful with the information you provide and take measures to reduce the amount of data you leave behind.

The convenience that comes with technological advancement has introduced potential dangers like data breaches, identity theft, and malicious attacks. This is due to a lack of user awareness about the risks or the neglect of basic protective measures. The key to protecting yourself against hackers, identity thieves, and cybercriminals is making changes to your online behaviour, reducing the amount of data you store online, and using privacy settings. Here’s how to stay one step ahead in the ever-evolving landscape.

Privacy controls: Your online defence

The first line of defence against unauthorised access to your personal data online is, like a locked door, your privacy settings. The problem is that many people don’t know how to use these settings or just choose to ignore them, even though they help you control who can access your data. This leads to an increased risk of exposure to malicious actors who can take advantage of even the slightest weaknesses. According to studies, users’ ability to protect their personal information is greatly affected by a lack of clarity. As a result, people may unknowingly provide significantly more personal information than they realise.

There are millions of people who use social media sites like Facebook, Instagram, and WhatsApp daily to stay in touch with friends and family. While it’s great for keeping in touch with friends, these platforms might be vulnerable to hackers if users don’t properly adjust their privacy settings to prevent unauthorised access. Hackers frequently use data that is available to the public to impersonate real people and fool their friends and family. If you don’t want to be targeted, changing your privacy settings is a must.

Avoid giving out personal information like phone numbers and email addresses, restrict visibility of your profile to “friends only,” and adjust your settings to limit access.

Disable location tracking for applications that don’t need it, and regularly clear your cookies to limit unnecessary data collection. Third parties have the potential to monetise information for targeted marketing, such as GPS coordinates and contact lists. While privacy settings play a vital role, they are just one aspect of the overall picture. It is essential to consider the principle of data minimisation, which entails sharing solely the information that is required.

Data minimisation: The power of less

An easy-to-understand yet highly effective data minimisation principle is to share less personal information. This makes less of it accessible to bad actors. Many websites ask for more personal information than is necessary, whether it’s for making a purchase, completing a financial transaction, or signing up for an update. To prevent potential issues, always make sure you know the reasons behind requests for specific information.

Are there any accounts on platforms that you haven’t used in a while? These could be potential threats waiting to escalate. Numerous individuals have succumbed to cyber threats via outdated, neglected accounts that were subsequently compromised. In the year 2020, multiple inactive Twitter accounts were compromised and exploited for deceptive purposes.

Review and remove redundant accounts that are no longer active. This reduces the number of systems holding your data and lowers the chances of possible security breaches. The Jumia data breach in February 2021 underscores the urgent necessity for strong data protection guidelines. The incident exposed the private information of numerous individuals, many of whom had shared too much detail, making them vulnerable to phishing attacks. This situation highlights the necessity of limiting shared information and constantly using strong privacy configurations.

Permission to camera and microphone:

Be cautious of apps requesting access to your camera and microphone; only allow rights to apps you trust and that are essential to their operation. There are a lot of apps that ask to use these functions; however, some of them might secretly access your microphone or camera and invade your privacy and cause possible identity theft, data breaches, and other security issues. To protect your personal information, you should review and update your application permissions and web browser configurations.

Manage cookie preference:

Use the configurations within your browser to regulate the cookies permitted to monitor your online behaviour. Go to Settings, then click on Advanced on the left, and then click on Privacy & Security. After clicking on privacy and security, go to site settings and then click on cookies and site data. You can turn Allow sites to save and read cookie data on or off at the top. Additionally, you can choose to disable third-party cookies or delete cookies and site data when you leave the site.

Be cautious with extensions and software:

Install software and extensions only from sites you know and trust. Downloading from unknown sources should be done carefully since they can include viruses or malware that could damage your machine. Before installing any new program or extension to make sure they are reliable and secure, always do some research and read reviews. These steps will help you guard your personal data and maintain a flawless working device.

Use two-factor authentication:

Two-factor authentication gives your log-in method one additional step. You are prompted for a second code once you submit your password to a website or service; this code is delivered to you separately by text message or email or acquired via an authenticator app. This means that even if a threat actor gets your password, they cannot enter into your accounts since they need the additional code.

Use strong passwords:

Each of your online accounts should have a strong, one-of-a-kind password. “Password123” is no longer sufficient! Long, complex passwords with a combination of letters, numbers, and special characters are what you need. Avoiding using the same password across several accounts is also very important. An attacker could be able to access all your accounts if they manage to crack one of your passwords. You can create and remember secure, one-of-a-kind passwords for all of your accounts with the aid of a password manager.

Think of protecting your online privacy like securing your home. Privacy settings are like locking your doors, while data minimisation is like hiding your valuables. It’s an ongoing effort, just like keeping your home safe. You can better protect your personal information by being mindful of the data you share and taking steps to reduce your digital footprint.

Remember, protecting your privacy starts and ends with you!

Chinyere Chinekezi: XDR Security Analyst

Source link

#Leveraging #simple #cybersecurity #measures #guard #digital #life #Businessday

Unpaid State revolving fund loans hit Sh18.4bn

The government is owed Sh18.4 billion in unpaid loans disbursed to Kenyans through its three revolving funds, Hustler Fund, Uwezo Fund and Women Enterprise Development Fund.

Details about the loans disbursed through the Youth Enterprise Development Fund, another revolving fund, however, remains sketchy after its chief executive Josiah Moriasi declined to respond to our inquiries.

Of the money still in the hands of Kenyans, Hustler Fund accounts for Sh7 billion, Sh7.5 billion in Uwezo Fund, Women Fund Sh2.5 billion and Youth Fund Sh1.4 billion.

This is despite Auditor-General Nancy Gathungu raising questions on the administration of the fund, that has been previously mired in corruption and other irregularities.

Although the government is planning to raid the M-Pesa accounts and airtime of Kenyans who have defaulted repaying the Hustler Fund to recover the money, it hasn’t outlined the measures to recover the unpaid billions in Uwezo Fund, the Women Fund and the Youth Fund.

Already, lawmakers want the Hustler Fund wound up after it emerged that the billions the government invested in the fund were not insured and that the fund operated without staff, raising questions on its prudent management.

Hustler Fund acting chief executive Elizabeth Nkuku, while appearing before the Special Funds Account Committee of the National Assembly said the fund has reached a dead end and is now considering forceful recovery means.

“The beauty of this fund is that we have the phone numbers and the unique identifiers of the defaulters, the national ID. They are people of means, they are people who just don’t want to repay,” Ms Nkuku told the committee chaired by Migori County Woman Rep Fatuma Mohamed.

“What we are looking at is to get money from their M-Pesa or airtime. We are also in the process of considering appropriate legal provision,” she said.

The Hustler fund is a digital financial inclusion initiative and was one of President William Ruto’s campaign mantra ahead of the august 9, 2022 general election to improve access to financial services for a majority of poor Kenyans.

Ms Nkuku noted that the 13 million Kenyans who borrowed from the fund, have defaulted in repayment of the Hustler fund and are mostly people who borrowed in the first and second months.

Ms Nkuku revealed to the committee that given their mobile money transactions history, a majority of the Hustler fund defaulters are people of means as they transact an average of Sh21,000 every month.

During the financial year 2022/23, most of the beneficiaries were qualified for a loan amount of between Sh500 to Sh1000.

But even as the government plans to raid the Mpesa and airtimes of the defaulters it is currently “nagging them with constant call reminders every time they make transactions” even as she noted that it is not working.

Uwezo fund disburses its loans at the constituency level through working committees and is meant to assist women groups, youth groups and people living with disabilities to boost their businesses.

Since it was established in 2013 by immediate former president Uhuru Kenyatta, it has disbursed Sh6.8 billion to the 290 constituencies as per the data provided by its CEO Mr Peter Lengepiani.

The data shows that 777,698 Kenyans that included 131,907 males and 641,756 females were members of the 82,241 groups that benefited from the fund.

There are also 346,074 Kenyans who were individual beneficiary groups- 195,470 males and 150,604 females.

The women groups were- 53,280, youths- 26,865 and people living with disabilities- 2,096, benefitted from the Sh8 billion disbursed.

Of the amount loaned out, Sh3.08 has been repaid, which is 41.12 percent with Sh7.5 outstanding.

The Uwezo fund gives two loan products- Wezesha loan, which is for first time borrowers who should get between Sh50, 000 and Sh100,000 to support their enterprises and Endeleza loan for repeat borrowers who qualify for up to Sh500,000.

The Auditor-General has continuously flagged Uwezo fund over mismanagement, warning the imminent collapse of the fund due to the failure to implement prudential financial management policies.

The failure to furnish the auditors with records of groups loaned the money since inception is also a concern over whether the fund is being advanced to the deserving cases.

For instance, Auditor-General Nancy Gathungu in her report on the accounts of Uwezo fund for the year ending June 30, 2021, noted that some of the fund’s constituency offices shut down years ago and taxpayers are staring at a loss.

Ms Gathungu also notes that the Uwezo fund management cannot account for the billions lent out to various groups since the fund’s establishment.

The audit report notes that Uwezo fund offices in Bureti constituency have been dormant since 2016, threatening recovery of the outstanding loans.

Ms Gathungu has further flagged the fund for internal control weaknesses in its administration at the constituency level.

Some of the issues Ms Gathungu has flagged include the management issuing loans to groups without following procedure with no proper means to follow up on the repayment.

“The records revealed deficiencies in documentation, authorization and approvals of loans to prevent irregular loans. Individual loan accounts and details of loan beneficiaries were not maintained for instance in Muhoroni and Khwisero constituencies,” the audit notes.

Some groups were also advanced loans without evidence of approval and completed application forms.

“The effective management and recoverability of the loans may not be achieved. This raises doubt on the controls put in place to implement the activities of the fund to achieve the intended purpose,” warns the Auditor-General.

The Women enterprise fund is also disbursed at the constituency level.

The report of the Auditor-General on the accounts of the Women enterprise fund for the year ended June 30, 2023, has cast doubts on the recovery of Sh2.5 billion due from the Constituency Women Enterprise Schemes (CWES).

The Youth enterprise development fund created to support youth-owned enterprises to access low-cost loans during the Kibaki era has disbursed Sh1.4 billion in loans for the last three financial years providing business support services to 380,000 youths.

However, recoverability of the monies advanced remains a challenge although the fund projects to recover Sh635 million from the outstanding loans.

The fund is earmarked for merger with the other affirmative action fund- Women and Uwezo funds and in the current financial year, its budget was slashed by more than a half.

The fund was allocated Sh225 million for development and recurrent expenditure, a 55 percent reduction from the Sh500 million allocated during the 2023/24 period.

The Auditor-General in her report on the accounts of the fund for the year ended June 30, 2022, has flagged the Sh180.4 million owed by the collapsed Chase bank.

“A review of judgment on a corruption case revealed that the amount was irregularly paid to a supplier,” the audit report says.

The audit report also reveals that during the year under review, the fund continued to register dismal performance, reporting a deficit of Sh123.23 million noting that the poor performance has prevailed over the last seven years.

“This has eroded the capital invested in the revolving fund and impaired the ability of the fund to discharge its mandate and thus casts significant doubt on the ability to sustain its services in the foreseeable future,” Ms Gathungu says.

The members of the Special Funds Accounts Committee also questioned how the Hustler fund is dispensing billions to Kenyans, monies which are not insured.

MPs Majimbo Kalasinga (Kabuchai) and Rahim Dawood (North Imenti) questioned the relevance of the fund pointing at the grey areas that may occasion loss of billions of the taxpayers’ money.

“Can we know if the money was insured and which insurance company? We can recommend the fund to be wound up, how we can give out billions which are not insured?” posed Mr Kalasinga with Mr Dawood saying; “the hustler fund is not working.”

Ms Mohammed directed the Hustler fund acting CEO to furnish the committee with all the details of the 13 million defaulters.

Source link

#Unpaid #State #revolving #fund #loans #hit #Sh184bn

Israel Boasts Strategic Gains From Attack on Iran, But Quietly

After sending more than 100 fighter planes to attack Iran, the Israeli government is seeking to walk a fine line: Officials there believe the attack did significant strategic damage but want to allow Iran to continue dismissing it as unworthy of response.

Article content

(Bloomberg) — After sending more than 100 fighter planes to attack Iran, the Israeli government is seeking to walk a fine line: Officials there believe the attack did significant strategic damage but want to allow Iran to continue dismissing it as unworthy of response. 

Orders went out to Israeli officials to stay mum on the details. Yet at a ceremony to mourn the losses from Hamas’ Oct. 7, 2023, invasion, Prime Minister Benjamin Netanyahu lauded the mission to Iran for “severely harming its defense capabilities and its ability to produce missiles that would be launched at us.”

Advertisement 2

Article content

The strike, he said, “was precise and powerful” and “achieved all its objectives.”

A readout of Israeli Defense Minister Yoav Gallant’s overnight phone call with US counterpart Lloyd Austin said they discussed “initial assessments regarding the success of the strikes against missile manufacturing facilities, surface-to-air missile arrays and Iranian aerial capabilities,” shedding more official light on targets.  

Israeli officials, who spoke to Bloomberg on condition of anonymity to describe sensitive matters, gave more detail: They said some of the targets were anti-aircraft systems, including Russian-made S-300 batteries and some missile caches and missile-launch sites.

Analysts say that the Saturday mission may set the stage for another attack, possibly after the US election, which could be aimed at Iran’s nuclear program or its oil infrastructure.

“The fact that the military was able to take down Iran’s anti-aircraft radar systems is a strategic change. By doing so, Israel has unlocked the door for future attacks. That means that Iran’s nuclear program and its energy infrastructure are more vulnerable to a to a future decision by Israel or the United States to attack them,” said Meir Javedanfar, an Iran lecturer at Reichman University in Herzliya.

Article content

Advertisement 3

Article content

At the same time, CIA Director William Burns is in Qatar with Mossad Chief David Barnea, leading the Israeli delegation, for new discussions over a cease-fire with Hamas in Gaza.

A former official in Israel’s intelligence services told Bloomberg that Iran is thought to have some 20 to 30 S-300 batteries. Even if only some were taken down – media reports circulated estimates of between four and eight batteries – it was a clear message that more could be damaged in future attacks. The S-300 system will be hard to replenish given Russia’s need to prioritize its own defenses in its war with Ukraine.

Eyal Pinko, a former Navy intelligence officer and missile expert, said that China has made its own version of the S-300 and is likely to provide it to Iran fairly soon.

Javedanfar said that even if Russia does have the capability to replace these systems, perhaps with even more advanced S-400 batteries, it will have to consider repercussions like a surge in US and Israeli weapons to Ukraine. 

This feeds into the larger idea that Israel’s attack on Saturday, despite not displaying its full capabilities, could have far-reaching implications. 

Advertisement 4

Article content

That includes the hit to Iran’s ballistic missile manufacturing capabilities, including a factory for mixing the elements of solid fuel for missile engines. The ex-intelligence official said that this is thought to be a major bottleneck in the production of missiles. The machinery can be replaced, mainly via China, but that would require time as it is an off-the-shelf product. 

“It’s not clear what percentage of Iran’s capabilities have been hit in terms of producing missiles,” Javedanfar said. “But the fact that they have been hit sends a very important message to Iran about how the nerve center of its military production facilities are within the reach of Israel. If they had been taken out of action for one or two years it clearly says – we can hurt you.”

Alongside actual damage, analysts say that the scope of the operation was a strong signal in itself. 

It included a combination of more than 100 airplanes that were able to strike at a large distance from the Israeli border and come home safely, clear intelligence gathered by Israel and its allies and tight cooperation between Israel and the US, which was manifest in Israel’s ability to fly over Iraq, among other things. 

This will also play a role in Iran’s decision how to respond, the ex intelligence official said. 

Iran’s Supreme Leader Ali Khamenei said on Sunday that Israel’s attack shouldn’t be exaggerated or underestimated. 

“The Zionist regime’s miscalculation must be disrupted,” Khamenei said in Tehran without elaborating. He added that Iran’s strength, determination and initiative “must be made clear to them.” 

—With assistance from Dan Williams.

Article content

Source link

#Israel #Boasts #Strategic #Gains #Attack #Iran #Quietly

The Impact of the Online Safety Act on UK Businesses

Introduced to tackle growing concerns over the safety of internet users – particularly children and vulnerable groups, the Online Safety Act (OSA) marks a significant shift in the regulatory landscape for businesses operating online platforms in the UK.

Passed in October 2023 and progressively being enforced, it has introduced a wide range of new obligations, imposing stricter requirements for transparency, age verification and content moderation to create a safer online environment.

Under the Act, businesses operating online must now ensure transparency by regularly publishing their safety measures and reporting on their efforts to regulators. This means not only creating new policies where needed, but also providing evidence that these policies effectively mitigate risks associated with harmful content. The Act places specific emphasis on platforms accessed by children, requiring additional safeguards and age-appropriate design features.

To comply with these new regulations, digital platforms will be required to implement more stringent risk mitigation policies and are mandated to collaborate with Ofcom, the UK’s communications regulator. Ofcom will oversee the implementation of the Act and enforce penalties for those not in compliance. To comply, businesses must maintain detailed compliance records by continuously updating and improving their safety measures to keep up with evolving risks.

Effective Age Verification and Safeguards for Children

One of the most critical elements of OSA is the focus on protecting children and young people as and when they access the internet. Come 2025, online platforms accessible to minors will be required to implement age checks to accurately determine whether or not users are children.

Ofcom will publish final guidance in early 2025, however, in the meantime it is clear that basic or outdated age-check systems – such as a simple ‘yes/no’ checkbox or self-declared age – will not suffice, and highly effective age assurance measures must be used. Innovative technologies that verify users’ ages while protecting their privacy are not a pipedream; they are available and ready to be deployed.

Platforms will also be expected to integrate further age-appropriate design features that reduce the risk of children encountering harmful content. This means filtering out explicit material, protecting personal data, and setting limitations on interactions with adults, all while maintaining a user-friendly experience. For example, social media platforms will need to assess how they moderate conversations, regulate social interactions, and structure the visibility of certain types of content.

The Need for Content Moderation and Transparency

Encouraging effective content moderation is another key element of the Online Safety Act. Businesses are obligated to implement systems to moderate harmful content – including hate speech, violence, and inappropriate material that could harm users, particularly minors. To achieve this, platforms must adopt proactive rather than reactive measures to prevent harmful content from being uploaded or spreading before it reaches their users. Content moderation efforts must also be transparent, with businesses documenting and publishing their policies, any actions taken, as well as their results.

The Act is designed to hold platforms accountable, not just for the safety measures they put in place, but also for how well the measures work in practice. Companies failing to demonstrate robust content moderation could face legal repercussions or fines from UK regulator Ofcom.

Technologies to Make the Internet Safer

Safety technology solution providers have been continuously innovating and developing solutions to keep up with the ever-changing and challenging online environment. In the age assurance space, technological advancements and the introduction of AI-driven techniques have meant that safety tech providers can now offer a range of highly accurate, privacy-preserving age assurance methods that protect user privacy, minimise friction, and ensure compliance with ever-evolving regulations.

While some methods require user interaction, such as uploading an image of an ID document or taking a short selfie video, other methods use existing user data. This data, such as an email address, can often be collected as part of the account creation process or during the checkout process on online marketplaces, and can be deployed in the background with no further user interaction required. Email address age estimation can accurately determine a user’s age without requiring sensitive personal information, allowing businesses to maintain compliance while protecting user privacy.

Within content moderation, Artificial Intelligence (AI) will play a critical role in helping platforms maintain an even safer environment. The technology can be utilised alongside human moderators to add an additional layer of support and scalability, quickly removing harmful material at scale.

An Opportunity for UK Businesses

For UK businesses, OSA is not just another regulation to follow but a hugely important opportunity to make the internet safer. By adopting cutting-edge safety measures and prioritising transparency, businesses can build trust with their users and demonstrate a commitment to protecting children when they venture online.

Businesses that proactively harness and implement effective age verification and content moderation will also benefit from the ability to avoid regulatory fines and quickly adapt to future regulatory changes. Considering the fast-paced nature of the internet, companies that are able to stay ahead of regulatory requirements now will be better positioned to thrive and grow in the years to come.

As a new piece of legislation, the OSA naturally requires businesses to change how they operate, which may initially prove challenging. However, by staying up to date on regulatory changes, leveraging cutting-edge technologies, and implementing them effectively, businesses can strategically position themselves to become a trusted voice in their space and ultimately better protect kids and young people online.


Lina Ghazal

Head of Regulatory and Public Affairs at VerifyMy specialising in online ethics, regulation and safety previous roles have been at Meta (previously Facebook) and Ofcom.



Source link

#Impact #Online #Safety #Act #Businesses

Musk gives at least $132 million to elect Trump, GOP allies

Elon Musk gave another $56 million to elect Donald Trump and other Republicans in the final weeks of the 2024 election, bringing to at least $132 million the amount spent by the world’s richest person to elevate his allies to the White House and Congress, federal filings show.

The donations — revealed in disclosures with the Federal Election Commission Thursday — show that the Tesla Inc. and SpaceX chief executive officer has poured money into the Washington trifecta: funding Trump’s White House bid, along with supporting House and Senate Republicans.

Musk, who had only given modest political donations until the 2024 election cycle, funneled $43.6 million in the first half of October into America PAC, the group he founded, bringing his total for the year to $118.6 million. He also spent millions more spreading money around the political system which helps him build a network of allies.

That level of giving has vaulted him into the upper echelon of political donors, making Musk one of the most prolific contributors of the entire 2024 cycle.

The filings show donations through Oct. 16 and are the final detailed look at federal campaigns’ and super political action committees’ finances before Election Day on Nov. 5.

Musk’s super PAC is paying for operations to boost voter turnout for Trump in battleground states and Republicans in swing districts that could help the GOP win a House majority. America PAC is also spending on digital ad campaigns, some of which target young men, trying to get them to the polls to offset Democratic Vice President Kamala Harris’ advantage among women voters.

Musk’s giving to other groups included $10 million to the Senate Leadership Fund, a super PAC that aims to elect Senate Republicans, and $2.3 million to the Sentinel Action Fund, a super PAC doing get-out-the-vote work for Republican Senate campaigns in Montana, Nevada, Ohio and Pennsylvania. 

The donations are the latest demonstration of how Musk, whose companies boast billions of dollars worth of federal contracts and who has personally bristled at government regulations, is expanding his political influence network to include a potential future president and members of Congress.

His political activities have received some scrutiny from federal officials. The US Justice Department sent a letter to his super PAC this week warning that a program to give $1 million a day to registered voters in swing states who sign an online petition may violate federal laws. It’s illegal to pay individuals to vote or to register to vote. 

In addition to Musk, eight other individuals also donated to America PAC, including investor Nelson Peltz and members of the DeVos family, who are longtime Republican donors. Betsy DeVos was Trump’s education secretary.

America PAC spent $47 million and had $3.3 million cash on hand heading into the last 19 days before Election Day. Since its launch earlier this year through Oct. 16, America PAC has spent $105 million backing Trump.

Musk is playing an unprecedented role in the 2024 campaign for a political donor. In addition to his donations, he’s appeared on stage with Trump and held his own campaign rallies without the former president. At an event earlier this month in Pennsylvania, Musk used ominous rhetoric, telling the crowd that “this election is going to decide the fate of America. And along with the fate of America, the fate of western civilization.”

The former president has said he would ask Musk to join his administration should he win a second term, heading up an effort to cut government waste nicknamed the Department of Government Efficiency, or DOGE, a reference to a cryptocurrency Musk has embraced.

Deep-pocketed donors are playing a critical role in supporting Trump, who lags far behind Harris in fundraising. She’s been outspending his campaign in all seven of the battleground states that will decide the election in the final stretch since Labor Day, according to data from AdImpact. Her media buys total $352 million compared to $214 million for Trump.

Harris’ financial advantage has also allowed her to open more then 330 field offices staffed with more than 2,000 paid employees to help conduct its voter-mobilization operations. But the candidates are statistically tied among likely voters in each of the seven swing states in the Bloomberg News/Morning Consult poll, with the razor-thin margins in these battlegrounds underscoring how the final blitz of advertising, rallies and door-knocking campaigns could decide who claims the White House.

Here’s the latest on what the presidential campaigns raised:

Donald Trump

  • Trump and the Republican Party raised $111 million in the first half of October and had $216 million cash on hand for the final weeks
  • Make America Great Again Inc., his main super PAC, raised $9.8 million and had $31 million cash on hand

In the final days of his third campaign for the White House, Trump and the GOP received donations from Miriam Adelson of Las Vegas Sands, Houston Rockets owner Tilman Fertitta, Jeffery Hildebrand, founder of Hilcorp Energy, New York Jets owner Woody Johnson, and Adam Johnson, chairman and CEO of NetJets Inc.

Trump’s main super PAC, MAGA Inc., got $5 million from Facebook co-founder Jan Koum and $1 million donations from Johnson and investment banker Warren Stephens. Koum’s donation came in the form of shares of Meta Platforms Inc.

Adelson didn’t donate any more funds to her super PAC, Preserve America, but Oracle CEO Safra Catz gave $1 million, and Uline co-founder Elizabeth Uihlein gave $3 million. Turnout For America, which is focusing on bolstering Trump’s ground game, raised $6.9 million and had $8.6 million cash on hand heading into the final days. Billionaire Diane Hendricks gave the group $5 million.

Kamala Harris

  • Harris and the Democratic Party raised $188 million in the first 16 days of October and entered the final weeks with $270 million cash on hand
  • Future Forward, her allied super PAC, raised $89 million and had $21 million cash on hand

Harris continued to attract big Democratic donors to her campaign and the Democratic Party, including Barry Diller, chief executive officer of media firm IAC Inc., Lupa Systems CEO James Murdoch and his wife Kathryn Murdoch, and Tony James, a former Blackstone Group executive.

Future Forward received $40 million from its allied nonprofit Forward USA Action, which doesn’t disclose its donors, $25 million from Facebook co-founder Dustin Moskovitz and $1 million from venture capitalist Vinod Khosla.

Source link

#Musk #million #elect #Trump #GOP #allies

‘Freedom’: Russian Anti-war Sisters Find New Home In Exile

In a Russian forest, the Grigoryeva sisters had found a comforting refuge in their old wooden house, their “izba”.

It was an isolated spot where the twins felt safe despite the war in Ukraine and Kremlin repression.

It was there that their father, a Russian paratrooper, spoke to them of his disgust at the actions of the Russian army during the battle for Kyiv in which he took part in 2022.

Months into Russia’s invasion, he was already deeply psychologically scarred, haunted by his demons.

In August 2022, AFP spoke to Anastasia and Yelizaveta Grigoryeva in Pskov in western Russia, a garrison city for the 76th Guards Air Assault Division where their father served.

The 18-year-olds asked him then if he had committed war crimes. He assured them he had never killed anyone.

According to various media, the 76th division was involved in the massacre of hundreds of civilians in Bucha, a suburb of Kyiv, that has become a symbol of alleged Russian atrocities.

While their father was away fighting, the girls protested against the invasion in Pskov on March 6, 2022.

They were arrested and fined.

The sisters’ story gave an insight into the human and moral cost of the war for Russians, even as President Vladimir Putin’s regime imprisoned or exiled critics of the invasion.

The Grigoryevas swore they would continue their anti-war activism.

They said their father planned to quit the army on medical grounds.

After telling AFP in 2022 that she felt a “huge feeling of guilt” for the suffering of Ukrainians and denouncing Russian “war crimes”, Anastasia was called in for questioning by the authorities.

She did not go. Then a court ordered her to pay a fine for “discrediting the army”, under a law used by Moscow to silence dissent. She did not pay it.

Yelizaveta moved to St Petersburg, where she was arrested at a protest against mobilisation in September 2022. She spent three days in jail.

From time to time, Yelizaveta would send news about her and Anastasia to the AFP journalists who had interviewed her. Two years went by.

On October 2, AFP caught up with them in Nienburg/Weser, a town in the German state of Lower Saxony.

Yelizaveta said the town is known for “its museum and asparagus festival”.

The twins talked about their new lives as they walked through Nienburg’s historic centre and showed their apartment, which had little furniture and smelled of washing.

They planned to go to the Munich beer festival later with some new Russian friends — young exiles like them.

Now aged 20, the sisters have grown up.

Their once hesitant voices are clearer now. They resemble each other more and more with their black clothes, long copper-red hair and piercings.

But they are still different.

Yelizaveta is more impulsive and extrovert. Anastasia, who now likes to be known as “Stas”, measures her words and often speaks with irony.

Back to September 2022. The sisters felt in danger and feared being charged for crimes punishable by prison time for their activism.

An association put them in touch with a man who could take them to Estonia, across the border from the Pskov region, by crossing over illegally.

Fearing a trap by the FSB security service, they turned down the offer.

They thought of hiding away in their izba where there was no mobile network and where, Yelizaveta said, “sometimes the wolves and bears roam”.

“There’s no real road to get there, so the police would not have been able to reach it,” Stas said.

They finally left Russia in November 2022 for Georgia, which they could enter without a visa.

Tens of thousands of Russians also fled there to escape mobilisation and growing repression.

The sisters lived there for a year.

Helped by a non-governmental organisation, Stas applied for a humanitarian visa to Germany.

Six months later, she received a positive reply. In December 2023, they arrived in Lower Saxony, spent a month in a refugee centre, then got their lodging in Nienburg, paid for by the region, and a living allowance.

“We finally have some stability” and “a feeling of freedom”, said Stas, who is now learning German in school.

Yelizaveta’s face tenses up.

She is not doing as well as her sister. While living in St Petersburg in the autumn of 2022 she suffered “serious physical and psychological trauma”.

While Russia was mobilising hundreds of thousands of men and hundreds of thousands more were fleeing, she found herself in a spiral of sex and drugs.

“It was an unstable time, the world was collapsing around me and it was like I wanted to destroy myself,” she said.

One night, facing money problems, she was taken in by a man who “posed as a kind person” who, she said, drugged and raped her.

She kept the emotions pent up inside. It then all came out during a meeting in German in June 2024 with a councillor.

She spent two and a half months in a psychiatric hospital. She was diagnosed with depression, post-traumatic stress and eating disorders.

Yelizaveta still goes to a hospital in the nearby city of Hanover several times a week. She goes to therapy.

The sisters talk about their father. He never left the army but “he is no longer fighting”, said Yelizaveta, adding that he is still “very sick”.

He calls them in his dark hours and tells them “details full of blood”.

They also keep in touch with their mother, their grandmothers and their aunt.

Stas said she feels the family understands “the ongoing horror” in Russia but tries to live “in a bubble” by saying nothing in public for fear of government repression.

In Germany, the sisters said they do not feel any “Russophobia” — an accusation frequently used by the Kremlin against the Western world.

“The main russophobe is the Russian government which detests its own people,” Yelizaveta said.

They are also critical of the infighting within Russia’s exiled opposition and said they plan to meet with and help Ukrainians.

“Slava Ukraini — and that’s it,” said Yelizaveta, using a slogan of support for Kyiv.

In their sitting room hangs a large yellow and blue Ukrainian flag.

Yelizaveta said her dream was to heal and find “a reliable partner”.

Stas said she just wanted to live in “a hut in a pine forest”.

“Really?” Yelizaveta said. “Then me too.”

Yelizaveta (R) was diagnosed with depression, post-traumatic stress and eating disorders
Yelizaveta (R) was diagnosed with depression, post-traumatic stress and eating disorders
AFP
A court ordered Anastasia to pay a fine for "discrediting the army", under a law used by Moscow to silence dissent
A court ordered Anastasia to pay a fine for “discrediting the army”, under a law used by Moscow to silence dissent
AFP
The sisters' story gave an insight into the human and moral cost of the war for Russians, even as President Vladimir Putin's regime imprisoned or exiled critics of the invasion
The sisters’ story gave an insight into the human and moral cost of the war for Russians, even as President Vladimir Putin’s regime imprisoned or exiled critics of the invasion
AFP

Source link

#Freedom #Russian #Antiwar #Sisters #Find #Home #Exile