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The Tel-Aviv Stock Exchange Reports the Results of the Financial Statements for the Second Quarter and the First Half of 2024

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TASE records adjusted profit of close to NIS 26 million in the second quarter, compared to NIS 20 million last year 

Revenue in the second quarter of 2024 totals NIS 105.1 million, a 13% increase compared to NIS 92.9 million in the corresponding quarter last yearAdjusted EBITDA in the second quarter of 2024 totaled NIS 45.8 million, compared to NIS 35.6 million in the corresponding quarter last year, an increase of 29%Adjusted net profit in the second quarter of 2024 totaled NIS 25.7 million, compared to NIS 20.4 million in the corresponding quarter last year, an increase of 26%

Ittai Ben Zeev, TASE CEO, said today: “TASE continues to show resilience and support the Israeli economy against the backdrop of the ongoing war. We continue to push forward with technological innovation, implementing advanced infrastructure and promoting collaborations in order to upgrade the market, remove barriers and enhance its global accessibility. Now more than ever we are resolved to continue developing the capital market, as part of our unwavering commitment to the Israeli economy, which is pivotal to our national strength.

As part of these efforts, we recently published, in cooperation with the Israel Securities Authority and the Bank of Israel, a call for public comments on the proposal to align the TASE trading week with the global standard; a strong positive response was received in favor of changing to a Monday-through-Friday trading week. We are confident that this strategic move that will make TASE more readily accessible for global investors and increase their involvement in the Israeli capital market, benefiting the Israeli economy in general and the local companies in particular. We are currently examining all the public comments received in order to reach the most fitting solution, both for international investors and for the Israeli capital market.”

TEL AVIV, Israel, Aug. 7, 2024 /PRNewswire/ — The Tel-Aviv Stock Exchange Ltd. (TASE: TASE) today announced its financial results for the second quarter ended June 30, 2024.

Trading volumes rose significantly in the first half of the year with growth in indices and solid issuance activity

In the first half of 2024, in the midst of the war, the TA-125 index increased by 3.5%, compared to the 3.8% for the Dow Jones index and compared 14.5% for the S&P 500 index. Equity price rises characterized most sectoral indices, with the TA-Retail index leading the list with a 13% increase, followed by the high-tech companies’ indices – TA-Technology and TA-Global Bluetech, with a 10% and 9% increase, respectively, compared to the concurrent 17% increase in the NASDAQ 100 index. The market cap of the equity market at the end of the first half of the year reached NIS 1,087 billion, a 3% increase over 2023.

Trading volumes in the main trading channels increased significantly in the first half of the year compared to 2023.

In the equity market, trading volumes were 8% higher than the average daily trading volume for all of 2023, and averaged NIS 2.1 billion a day.

The average daily trading volume of bonds reached NIS 4.5 billion in the first half of the year, 15% higher than the average daily trading volume in the year 2023. This increase was driven mainly by the increase in the trading volume of the government shekel bonds, which totaled NIS 2.3 billion, compared to an average of NIS 1.9 billion in the previous year. CPI-linked government bonds also showed stronger trading volumes, at an average daily volume of NIS 1 billion, 1% greater than the average daily trading volume in the full year 2023. The trading volume of corporate bonds averaged NIS 1.1 billion, 12% greater than the average daily trading volume in the previous year.

T-bills also recorded substantial trading volumes in the first half of the year, at a daily average of NIS 1.7 billion, 19% higher than the average daily trading volume in 2023.

Creations and redemptions of mutual funds reached an average daily volume of NIS 1.8 billion, 28% greater than the average daily volume in the year 2023. The market cap of the mutual funds at the end of the first half of the year reached NIS 375 billion, 14% greater than the market cap at the end of 2023, this as a result of acquisitions of mutual funds and the appreciation of the mutual funds’ assets on TASE.

In the first half of the year, 3 companies completed an IPO on TASE, compared to only one company in 2023.

Against the backdrop of the ongoing war and the growing deficit, the Ministry of Finance continued to raise debt in the second quarter of the year. The total amount of debt raised by the Ministry of Finance in bond offerings in the first half of the year totaled NIS 124.4 billion, compared to NIS 76.7 billion in the second half of 2023. NIS 95.7 billion of said amount was raised on TASE.

Continued implementation of the strategic plan – alignment with global standards and diversification of investment products

TASE continues to implement the strategic plan, with significant emphasis on the enhancement of global activity, the alignment of standards and the removal of trading barriers in the interfaces with the international markets.

Further to a call for public comments, published by TASE in collaboration with the Israel Securities Authority and the Bank of Israel, regarding the proposed transition to trading on Fridays as well, in line with the global standard, TASE announces that the proposed move received a very positive response from local and international investors, with a majority supporting a transition to a Monday through Friday trading week. TASE is currently considering options for the implementation of this alignment that would optimally benefit the local capital market and the international investors.

TASE continues to work in cooperation with the various authorities and regulators. Thus, for example, in mid-July, the Ministerial Legislation Committee approved the Securitization Law, which will facilitate, for the first time in Israel, the execution of securitization transactions, in alignment with global practices. Once the legislation is passed by the Knesset, TASE hopes to implement it and open the market already in 2025. In addition, the Israel Securities Authority has recently approved the launch of new money market funds with fixed dates, offering the public access to predetermined yield, this alongside the existing money market funds, allowing for greater product diversity for the benefit of the public.   

TASE continues to actively encourage new brokers to enter the Israeli capital market – since the end of May, Altshuler Shaham Trade is active as a member on TASE and TASE Clearing House, bringing the number of TASE members up to 25, compared to 24 at the end of 2023.

In addition, TASE continues to expand and diversify the range of products and to invest, among others, in new exclusive indices, this as part of its strategy of developing and upgrading the market, especially with the public in mind. In June, for the first time, TASE launched new indices with Kesem, Israel’s largest fund company. In mid-July, TASE announced the launch of 7 additional equity and bond indices, some of which are designated for further collaborations between TASE and the various product issuers.

In the derivatives market, at the beginning of June, TASE reduced the multipliers of options on the TA-35 index, the TA-Banks5 index and the TA-125 index, as well as those of the foreign exchange derivatives traded on TASE. Part of the sources that will derive from the reduction of the underlying assets’ multipliers will be allocated to the development of the market and the enhancement of liquidity in the derivatives’ market by way of a volume rebate program.

Highlights of the results for the second quarter and the first half of 2024:

Revenue in the second quarter of 2024 totaled NIS 105.1 million, compared to revenue of NIS 92.9 million in the corresponding quarter last year, an increase of 13%. The increase in revenue is due mainly to an increase in revenue from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees. The most significant revenue item – trading and clearing commissions – totaled NIS 38.8 million in the second quarter of the year, compared to NIS 35.5 million in the corresponding quarter last year. 15% of the increase in revenue from trading and clearing commissions is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units. In opposition, a reduction in the effective commission rate in revenue from mutual funds and T-bills reduced the aforesaid increase in revenue by 4%, and there being one less trading day in the current quarter reduced revenue by an additional 2%.

Costs in the second quarter of 2024 totaled NIS 74.8 million, compared to costs of NIS 72.6 million in the corresponding quarter last year, a 3% increase. The higher costs are due mainly to the increase in payroll expenses and technological investments and in computer and communication expenses.

Net financing income in the second quarter of 2024 totaled NIS 2 million, compared to net financing income of NIS 3.6 million in the corresponding quarter last year, a 45% decrease. Financing income in the quarter increased due to interest income on the deposits. At the same time, financing expenses also increased as a result of a bank loan obtained at the end of 2023, resulting in reduced net financing income.

Tax expenses, net in the second quarter of 2024 totaled NIS 8 million, compared to NIS 5.2 million in the corresponding quarter last year. The increase in the tax expense stemmed from the higher pre-tax profit. The increase in the effective tax rate is due to losses on securities in previous years for which deferred taxes were not created.

The profit in the second quarter of 2024 totaled NIS 24.3 million, compared to NIS 18.8 million in the corresponding quarter last year, an increase of 29%. The increase in profit was due mainly to the increase in revenue, less the increase in costs and in tax expenses, as described above.

The adjusted EBITDA in the second quarter of 2024 totaled NIS 45.8 million, compared to NIS 35.6 million in the corresponding quarter last year, an increase of 29%. Most of the increase is due to the NIS 10 million increase in profit before financing. 

The adjusted profit in the second quarter of 2024 totaled NIS 25.7 million, compared to NIS 20.4 million in the corresponding quarter last year, an increase of 26%. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses.

Highlights of the results for the first half of 2024:

Revenue in the first half of 2024 totaled NIS 213.4 million, compared to revenue of NIS 192.9 million in the corresponding period last year, an 11% increase. The increase in revenue is due mainly to an increase in revenue from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees.

Costs in the first half of 2024 totaled NIS 150.1 million, compared to costs of NIS 142.6 million in the corresponding period last year, a 5% increase. The higher costs are due mainly to the increase in payroll expenses and technological investments and in computer and communication expenses.

Net financing income in the first half of 2024 totaled NIS 3.4 million, compared to net financing income of NIS 6.1 million in the corresponding period last year, a 44% decrease. Financing income in the period increased due to interest income on the deposits. At the same time, financing expenses also increased as a result of a bank loan obtained at the end of 2023, resulting in reduced net financing income.

Net tax expense in the first half of 2024 totaled NIS 16.7 million, compared to NIS 12.2 million in the corresponding period last year, a 37% increase. The increase in the tax expense stemmed from the higher pre-tax profit. The increase in the effective tax rate is due to losses on securities in previous years for which deferred taxes were not created.

The profit in the first half of 2024 totaled NIS 50 million, compared to NIS 44.3 million in the corresponding period last year, a 13% increase. Most of the increase in profit was due to the increase in revenue, less the increase in costs and in tax expenses, as described above.

The adjusted EBITDA in the first half of 2024 totaled NIS 94.4 million, compared to NIS 79.1 million in the corresponding period last year, a 19% increase. The increase is due to an increase of NIS 12.9 million in profit before financing, eliminating share-based payment expenses and depreciation expenses in an amount of NIS 2.4 million.

The adjusted profit in the first half of 2024 totaled NIS 53.5 million, compared to NIS 46.5 million in the corresponding period last year, a 15% increase. Most of the increase is due to an increase in revenue from services, less the increase in costs and in tax expenses and the adjustment of the increase in costs with respect to share-based payments.

Click here for the link to the full financial statements for the second quarter of 2024>

Click here for the link to the financial presentation of the second quarter of 2024>

This notification does not supersede that stated in the periodic financial statements of the Company, which contain the full and accurate information.

Seasonality

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the second quarter of 2024, there were 57 trading days, compared to 58 days in the corresponding quarter last year, a 1.7% decrease. In the first six months of 2024 there were 120 trading days, compared to 122 days in the corresponding period last year, a 1.6% decrease. Presented below is information on the quarterly breakdown of trading days:

 

Year

First
quarter

Second
quarter

Third
quarter

Fourth
quarter

Total

2023

64

58

61

66

249

2024

63

57

65

58

234

 

Contact:
Orna Goren
Head of Communication and Public Relations Unit
Tel: +972 76 8160405
tase.ir@tase.co.il

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SOURCE The Tel Aviv Stock Exchange Ltd.

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Most Users Are NOT Using AI Companion as Their AI Girlfriend – Insights from Muah AI User Survey

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September 22, 2024

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LOS ANGELES, Sept. 22, 2024 /PRNewswire/ — Muah AI/

In a world where artificial intelligence (AI) is becoming increasingly intertwined with daily life, the idea of having an AI companion or even an AI “girlfriend” has gained significant attention. While this concept has sparked curiosity, excitement, and even controversy, a recent survey by Muah AI has shed light on the reality of how users are actually engaging with these AI companions. According to the survey results, fewer than 2% of users consider themselves to be in a serious romantic relationship with their AI companion, with the overwhelming majority regarding it as a source of entertainment and roleplaying.

This revelation presents an interesting twist to the popular narrative surrounding AI and human relationships. Many assumed that, with the rise of sophisticated AI that can mimic human emotions and responses, people would begin forming deep emotional bonds with these digital entities. However, the survey data from Muah AI shows that, at least for now, the vast majority of users are not taking these AI relationships as seriously as some might have thought.

The Emergence of AI Companions

AI companions, or “AI girlfriends” as some platforms market them, have become a hot topic over the past few years. Platforms like Replika, Anima, and Muah AI offer users the chance to interact with a personalized AI, which can carry on conversations, offer emotional support, and even engage in roleplaying scenarios that resemble a relationship. The premise is simple: using advanced machine learning algorithms and natural language processing, these AI companions can learn from their users, creating the illusion of intimacy and personalization.

The potential appeal is obvious. For those who are lonely, socially anxious, or seeking comfort, the idea of having an AI that is always available, non-judgmental, and designed to cater to their emotional needs can be incredibly attractive. In fact, there are numerous reports and anecdotes from individuals who claim to have developed genuine emotional connections with their AI companions. But as the Muah AI survey shows, these instances may be far rarer than media headlines suggest.

Survey Results: Entertainment Over Emotional Investment

Muah AI‘s survey provides a comprehensive look at how its users interact with their AI companions, and the results challenge the notion that most users are looking for a serious relationship with AI. According to the data:

Less than 2% of users consider themselves to be “seriously dating” their AI companion.A significant majority view their interactions with the AI as a form of entertainment or roleplaying rather than a meaningful romantic or emotional connection.Many users engage with AI companions out of curiosity or as a way to pass the time, often treating the interactions as light-hearted and fun rather than a substitute for a real-life relationship.A notable portion of users also expressed that they enjoy using AI companions for creative roleplaying scenarios, where they can explore fictional or fantasy-based interactions without any real-world implications.

This data suggests that while the idea of an “AI girlfriend” may be intriguing, most users are not approaching it with the intention of forming a serious romantic bond. Instead, they are treating it more like a game or simulation, where they can experiment with different types of interactions and relationships in a low-stakes environment.

Why Are Users Hesitant to Commit to AI Companions?

There are several reasons why users may be hesitant to view their AI companion as a genuine romantic partner. First and foremost is the awareness of the artificial nature of the interaction. While AI can simulate human conversation and emotions, most users are well aware that these responses are pre-programmed and algorithmically generated. The knowledge that their “partner” is ultimately a machine can create a barrier to forming a deep emotional connection.

Moreover, many users view AI companions as a tool for escapism or fantasy rather than a replacement for real-life relationships. In the same way that people may enjoy playing video games or engaging in fictional roleplaying, interacting with an AI companion can offer a similar outlet for creativity and entertainment. These users are not seeking emotional fulfillment from the AI but rather a way to explore different scenarios and personalities without the complexities of real-world dynamics.

Additionally, there are ethical and philosophical concerns that may prevent users from seriously considering a relationship with AI. The idea of forming a romantic connection with a machine raises questions about authenticity, consent, and the nature of love. Many users may feel uncomfortable with the idea of developing feelings for an entity that lacks true emotions or consciousness, no matter how convincing the simulation may be.

The Future of AI Companions: Entertainment or Emotional Support?

While the Muah AI survey indicates that most users are not taking their AI companions seriously as romantic partners, that does not mean that AI companions are without value. For many, these AI entities serve as a valuable source of emotional support and companionship. Users who are isolated, dealing with mental health challenges, or simply looking for someone to talk to may find comfort in the consistent and non-judgmental nature of an AI companion.

Furthermore, the role of AI in human relationships may evolve as the technology continues to improve. As AI becomes more advanced, it is possible that future iterations of AI companions could offer even more realistic and emotionally engaging interactions. This could blur the line between entertainment and emotional connection even further, leading to more users considering AI as a legitimate relationship option.

However, the survey data suggests that for now, AI companions are primarily being used for fun and fantasy rather than serious emotional investment. Whether this changes in the future will depend not only on advancements in AI technology but also on shifting societal attitudes towards AI-human relationships.

Conclusion

The concept of an “AI girlfriend” may have captured the imagination of many, but Muah AI‘s survey reveals that most users are not taking their AI companions seriously as romantic partners. With fewer than 2% of users considering themselves to be in a serious relationship with their AI, it’s clear that the majority view these interactions as a form of entertainment or roleplaying rather than a meaningful emotional connection.

As AI technology continues to develop, it will be fascinating to see how users’ relationships with AI companions evolve. For now, however, it seems that the allure of AI companionship lies more in its ability to entertain and provide creative outlets than in offering a substitute for real-life romantic relationships.

Ultimately, the future of AI-human relationships is still in its early stages, and as AI becomes more capable, the way people engage with these digital companions may change. But as of now, it’s clear that most users are enjoying the novelty of AI companionship without taking it too seriously—at least not yet.

Media/Business Contact Information:
Muah AI 

PR Director:
Ashley

Contact Number:
+1 626-677-6013

Company Website:
https://muah.ai 

Company email:
love@muah.ai

Feel free to reach out if you are interested in writing a dedicated piece about Muah AI!

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SOURCE Muah AI

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Internet Society Report Highlights Challenges and Recommendations for Internet Connectivity in the Middle East

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September 22, 2024

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WASHINGTON, Sept. 22, 2024 /PRNewswire/ — The Internet Society (ISOC), a global charitable organization advocating for an open, globally connected, and secure Internet, released a comprehensive report on the state of Internet connectivity across the Middle East and North Africa (MENA) region.

The report underscores Internet connectivity as a catalyst for economic growth and social development and how an increase in fixed broadband access has a direct impact on growing gross domestic product (GDP).

Key Findings:

Growth in Mobile and Fixed Broadband: Both mobile and fixed broadband connections have grown substantially from 2015 to 2021, particularly in Gulf States with advanced fiber-optic and 5G networks. However, deployment has been slower in other parts of the region, primarily due to infrastructure challenges and affordability issues.

Mobile Internet users increased from 130M to over 180M between 2016 and 2021, with Egypt, Tunisia, and Morocco showing the highest growth rates. Fixed broadband users rose from 17M to 29M in the same period, with Egypt leading the way. The Arab region lags behind other regions in fiber optic deployment, with stagnation in investment since 2018.

High-Income Countries: Significant progress in broadband infrastructure, especially in Gulf Cooperation Council (GCC) countries due to 5G rollout. High-income countries improved their Internet availability from 77.34 to 79.37, surpassing global averages.Low-Middle-Income Countries: Broadband has improved modestly, but challenges persist. Despite overall progress, a significant digital divide remains between high-income and low-middle-income countries, partly due to political and economic instability in some regions, such as Tunisia and Syria.

Infrastructure Challenges: There is a heavy reliance on European Internet Exchange Points for international Internet traffic, which results in slower speeds due to additional data hops.

Emerging Technologies: The report emphasizes the role of emerging technologies such as High-Throughput Satellites (HTS) and Low-Earth Orbit (LEO) satellites in bridging the connectivity gap. These technologies are crucial for expanding access to underserved rural areas.

Impact of COVID-19: The COVID-19 pandemic has adversely affected network performance and digital transformation plans, causing delays and disruptions in connectivity improvements.

Recommendations:

Policy and Regulation: The Internet Society advocates revising regulatory frameworks to accelerate infrastructure deployment. Key recommendations include enhancing spectrum policies, removing regulatory barriers, and fostering public-private partnerships to drive investment, competition, and support for small and medium enterprises.

Spectrum Availability: North African countries have limited spectrum compared to global averages, impacting network capacity and costs.Regulatory Frameworks: Enhance regulatory frameworks to foster investment, encourage spectrum and infrastructure sharing, and support new technologies like HTS and LEO satellites.

Collaboration and Investment: Promote public-private partnerships and update national broadband plans to improve infrastructure and connectivity.

Digital Skills and Literacy: Addressing digital skills and literacy is crucial for maximizing the benefits of Internet connectivity. The report calls for more affordable, relevant, and inclusive education and training programs to build a digital workforce.

Local Internet Exchange Points (IXPs): The report stresses the importance of establishing and upgrading IXPs to enhance local Internet traffic, reduce costs, and improve service quality. Governments are encouraged to support IXPs by providing resources and facilitating network interconnections.

“The Internet has become indispensable for many people, and its role in connecting people, fostering economic opportunities, and driving innovation is undeniable. The Arab region has made big leaps in the availability and adoption of the Internet in recent years; however, adoption rates are still low. We hope that governments will use our report to learn about the improvements that can be made in infrastructure deployment, affordability of service, market structure, and regulatory frameworks,” explains Nermine El Saadany, Regional Vice President for the Middle East for the Internet Society.

About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a global charitable organization dedicated to ensuring the open development, evolution, and use of the Internet. Through a global community of chapters and members, the Internet Society collaborates with a wide range of groups to promote the technologies that keep the Internet safe and secure and advocates for policies that enable universal access. The Internet Society is also the organizational home of the Internet Engineering Task Force (IETF).

Logo – https://mma.prnewswire.com/media/1656167/Internet_Society.jpg 

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Representatives from 57 countries, regions and 6 international organizations, are gathering in Suzhou.

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September 22, 2024

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What important topics are they discussing about? Let’s find out!

BEIJING, Sept. 22, 2024 /PRNewswire/ — I’m Xiao Lin from National Immigration Administration. On September 9th, the first Sub-Forum on Migration Management Cooperation was successfully held. Representatives from all parties expressed their insights and appeals around the development and innovation of migration governance.

It was truly a content-rich event!

Why does the international community focus on the topic of “Migration Governance” so much?

At present, changes unseen in a century is unfolding at a faster pace. The situation in the wider world remains complex and fluid. However, peace, development, cooperation and win-win results are still an unstoppable historical trend. Migration governance is critical to economic development of individual countries, global security governance and international cultural and people-to-people exchanges. It has increasingly become a key issue in global governance.

Here are the key points:
At the forum, NIA made three commitments: implementing more open policies for the cross-border flow of people, more effective actions in the governance of transnational crimes and more extensive global cooperation in migration governance, injecting new impetus to opening up and development; At the same time, three initiatives have been put forward, [Original scene of the initiative] contributing China’s wisdom and solutions to global migration governance and further showcasing its image as an open, confident, secure, and thriving major power.

Representatives also made keynote speeches, sharing their migration governance policies, measures and experience, and providing their perspectives on regional and international migration governance.

Pooling wisdom for win-win results.

In a changing era, National Immigration Administration of China stands ready to work with all parties to promote global migration governance to a higher level and contribute more wisdom to world peace, development, prosperity and stability!

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SOURCE National Immigration Administration

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