Trump's social media regulation push faces key hurdle at the FCC

FCC | June 01, 2020

U.S. President Donald Trump’s effort to regulate social media companies’ content decisions may face an uphill battle from regulators who have previously said they cannot oversee the conduct of internet firms. Federal Communications Commission (FCC) chairman Ajit Pai did not endorse Trump’s proposal on Thursday but said in a written statement “this debate is an important one” and added the FCC “will carefully review any petition for rulemaking.”

Spotlight

A safe, efficient, secure and accessible payment system contributes to a nation’s financial stability and economic growth. Payments play a vital role in supporting financial transactions, facilitating commerce and enabling the transfer of value between businesses, consumers and financial institutions. In 2012, there were approximately 122.4 billion noncash payments (excluding wire transfers) made in the United States with a value of $174.4 trillion.6 As the U.S. central bank, the Federal Reserve has a strong interest in a smoothly functioning payment system and performs various roles to serve that interest, including those of leader/catalyst, payment system service provider, regulator and supervisor. This paper communicates the Federal Reserve’s recommendations for improving the payment system in the United States from the perspective of a payment system service provider and leader/catalyst.

Spotlight

A safe, efficient, secure and accessible payment system contributes to a nation’s financial stability and economic growth. Payments play a vital role in supporting financial transactions, facilitating commerce and enabling the transfer of value between businesses, consumers and financial institutions. In 2012, there were approximately 122.4 billion noncash payments (excluding wire transfers) made in the United States with a value of $174.4 trillion.6 As the U.S. central bank, the Federal Reserve has a strong interest in a smoothly functioning payment system and performs various roles to serve that interest, including those of leader/catalyst, payment system service provider, regulator and supervisor. This paper communicates the Federal Reserve’s recommendations for improving the payment system in the United States from the perspective of a payment system service provider and leader/catalyst.

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GOVERNMENT BUSINESS

Parker Confirms UK Government’s Approval of the Meggitt Acquisition

Parker | July 20, 2022

Parker Hannifin Corporation (NYSE:PH) today welcomes the announcement from the UK’s Secretary of State for Business, Energy and Industrial Strategy that, following public consultation, he accepts the competition and national security undertakings provided by Parker in relation to the Meggitt acquisition and the transaction is therefore cleared to proceed by the UK Government. As previously announced on August 2, 2021, the boards of Meggitt and Parker reached agreement on the terms and conditions of a recommended all cash acquisition by Parker of the entire issued, and to be issued, ordinary share capital of Meggitt PLC (the “Acquisition”). Parker also confirms that it has signed legally binding economic commitments with the UK Government. These commitments include maintaining the following, for five years after the closing of the Acquisition (“Undertaking Period”): Meggitt’s headquarters and its aerospace and advanced materials center of excellence in Ansty Park, in Coventry, UK; Meggitt’s key areas of existing operational capability in the UK; R&D (including product engineering) and manufacturing labor headcount in the UK; Meggitt’s sustainability targets of reducing net carbon emissions by 50 per cent, by 2025; and achieving net zero greenhouse gas emissions by 2050; and Contractual obligations regarding supply of goods and services to HM Government. Finally, as innovation is a key driving factor of success for both Meggitt and Parker, Parker has agreed to increase Meggitt’s R&D expenditure in the UK by at least 40 per cent, by the end of the Undertaking Period, and its UK apprenticeship opportunities by 20 per cent. “We are pleased to have reached this important clearance milestone from the UK Secretary of State, We have also agreed to substantial legally binding commitments, which underscore our deep commitment to the UK. As we move closer to the completion of the acquisition and the combination of these two strong businesses, we look forward to welcoming the Meggitt team to Parker.” -Tom Williams, Chairman and Chief Executive Officer, Parker. The Acquisition remains subject to satisfaction or, where applicable, waiver of the conditions set out in the scheme circular published on August 16, 2021, including regulatory clearance and the sanction of the scheme of arrangement by the High Court of Justice in England and Wales pursuant to the UK Companies Act 2006. Parker continues to expect the Acquisition to close in Q3 2022. About Parker- Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Parker has increased its annual dividend per share paid to shareholders for 66 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.

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GOVERNMENT BUSINESS,GOVERNMENT INSURANCE

Voxtur Closes Acquisition to Bolster Property Tax Business

Voxtur | July 06, 2022

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, is pleased to announce that, further to the news release issued on June 9, 2022, it has completed the arm's length acquisition of Municipal Tax Equity Consultants Inc. ("MTEC") and its associated entity, MTAG Paralegal Professional Corp., acquired MTE Paralegal Professional Corporation ("MTEP", and together with MTEC, “MTE”) (collectively, the "Acquisition"). MTE provides technology-enabled solutions to help municipal governments maximize property tax revenue, mitigate future liabilities, manage operations from emerging opportunities, and develop property tax policy frameworks. "As a fully integrated real estate technology company, we are setting new standards built on innovation and execution, This acquisition expands Voxtur's reach as a reliable source of targeted data and industry expertise to benefit municipalities." -CEO Jim Albertelli, Voxture. The purchase price for the acquisition of MTEP is $900,000 payable in cash and the aggregate purchase price for the acquisition of MTEC by Voxtur is $3,500,000, subject to customary adjustments, (the “MTEC Purchase Price”), paid in a combination of cash, totaling $2,200,000, and common shares of the Company (“Common Shares”), with $800,000 of the MTEC Purchase Price satisfied by the issuance of 808,080 Common Shares at closing, priced at $0.99 per Common Share, and $500,000 of the MTEC Purchase Price satisfied by the issuance of up to 505,050 Common Shares subject to an escrow hold period of 18 months priced at $0.99 per share. The number of escrowed shares to be issued following the escrow hold period are subject to a downward adjustment. In addition, $500,000 of the cash portion of the MTEC Purchase Price will be subject to an escrow hold period of 18 months. In addition to the benefits the Company will see as a result of the Acquisition, the property tax sector has embraced Voxtur's flagship sketch technology, known as Apex. The proprietary imagery and web-based GIS applications unify property-related data and enable desktop review of properties. The software, data analytics, and visual intelligence are focused on real property and primarily serve the property assessment, property taxation, municipal, insurance, and appraisal sectors, both public and private. Counties across North America see the benefits from this technology resulting in efficiencies impacting productivity and accuracy. About Voxtur- Voxtur is a transformational real estate technology Company that is redefining industry standards in a dynamic lending environment. The Company offers targeted data analytics to simplify tax solutions, property valuation and settlement services throughout the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value assets, originate and service loans, securitize portfolios and evaluate tax assessments. The Company serves the property lending and property tax sectors, both public and private, in the United States and Canada.

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CYBERSECURITY

Resecurity Expands AI-Driven Threat Intelligence in Peru with CFBD S.A.C Partnership

Resecurity | August 01, 2022

Resecurity, Inc., a U.S. cybersecurity and intelligence company, announced its partnership with CFBD to expand Resecurity's AI-driven cybersecurity solutions and services to Peru. Based in Lima, CFBD is a leading distribution company specializing in engineering development and IT infrastructure for electronic security and artificial intelligence. As Peru's digital economy expands, cyber threats are increasingly prominent, with 32% of organizations in Peru suffering cyber-attacks from 2018-2020.[1] Compounding these threats, Peru's organizations face the challenges of limited security talent, early-stage digitalism, and access to cybersecurity solutions that help organizations mitigate risk and automate security workflows. To accelerate the implementation of AI-powered cybersecurity and threat intelligence in Peru, Resecurity has partnered with CFBD to provide managed threat detection and response to local organizations. "The United States and Peru have a longstanding strategic partnership based on the shared values and interests of democracy, security, and mutually beneficial trade. Our partnership with CFBD is a natural expansion as Peru invests in AI-driven cybersecurity to secure private and public organizations, Resecurity is excited to collaborate with CFBD to drive cybersecurity market development in the region." -Gene Yoo, CEO of Resecurity. Resecurity's innovative cybersecurity solutions allow organizations to automate the identification, assessment, and triage of incoming cyber threats while staying ahead of cybercriminals using advanced tactics to attack organizations at scale. The AI-driven platform allows administrators to reduce potential blind spots and security gaps by quickly seeing in-depth analysis and specific artifacts obtained through the dark web, botnets activity, network intelligence, and high-quality threat intelligence. "Cybersecurity is becoming increasingly critical for Peruvian enterprises, government, and individuals as our country's digital ecosystem continues to expand and evolve. Leveraging artificial intelligence and partnerships with cybersecurity leaders like Resecurity, CFBD clients can detect and mitigate cyber threats confidently." -Carlos Barrientos, CEO of CFBD. About Resecurity: Resecurity is a cybersecurity company providing managed threat detection and response. The company delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence. Known for providing best-of-breed data-driven intelligence solutions, Resecurity's services and platforms focus on early-warning identification of data breaches and comprehensive protection against cybersecurity risks. Founded in 2016, it has been globally recognized as one of the world's most innovative cybersecurity companies with the sole mission of enabling organizations to combat cyber threats regardless of how sophisticated they are. Most recently, Resecurity was named as one of the Top 10 fastest-growing private cybersecurity companies in Los Angeles, California by Inc. Magazine. An official member of AFCEA, NDIA, SIA, Infragard, the American Chamber of Commerce in Saudi Arabia (AmChamKSA) and the American Chamber of Commerce in Mexico (AmChamMexico). To learn more about Resecurity, visit https://resecurity.com. About CFBD: CFBD SAC is a distribution company specialized in engineering development that works with select high-end products and services. It has strategic partners and successful projects carried out nationally and internationally. It provides global solutions in IT infrastructure and part of its service portfolio is oriented towards the development and solution of equipment and/or specialized software for electronic security and artificial intelligence with the best platforms and services in various fields.

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