Category: Asia

MIL-OSI Asia-Pac: SFST’s keynote address at Institutional Summit at Consensus Hong Kong 2025 (English only) (with photo)

Source: Hong Kong Government special administrative region

     Following is the keynote address by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Institutional Summit at Consensus Hong Kong 2025 this morning (February 18):

Tira (Managing Director of CoinDesk Events, Ms Tira Grey), Michael (Chairman of Consensus Hong Kong, Mr Michael Lau), distinguished guests, ladies and gentlemen,

     It is my profound honour to join you today at Consensus Hong Kong 2025 – a landmark event that celebrates innovation, brings together global pioneers in blockchain, Web3, virtual assets, and artificial intelligence, and galvanises the forces driving the future of our financial ecosystem. I welcome you all to a market where vision meets policy, and where transformative ideas are nurtured under a forward-looking policy and regulatory framework.

     Today, Hong Kong stands poised on the threshold of a new chapter – one in which traditional finance and digital innovation integrate to create efficiency, transparency, and inclusive growth.

     It is no coincidence that Consensus Hong Kong 2025 is taking place in our vibrant city. The Government remains steadfast in our mission to foster an environment where innovation is underpinned by robust regulation, ensuring that our financial markets not only thrive on competitiveness but also maintain the highest standards of investor protection and market integrity.

     Today, I wish to share with you my vision for the future, one built upon three defining trends. The first is financial market innovation through tokenisation. Tokenisation is not merely a buzzword – it is a profoundly transformative development that holds the promise of reshaping traditional financial markets. By converting conventional financial instruments and physical assets into digital tokens, we are building bridges between traditional finance and the emerging digital economy. Our regulatory framework has laid a solid foundation for this evolution. Our securities regulator has proactively issued circulars to guide intermediaries engaging in tokenised securities-related activities and expectations for the tokenisation of SFC (Securities and Futures Commission)-authorised investment products.

     These measures have provided critical clarity to market participants and investors alike, fostering an environment of trust and informed innovation. We have witnessed encouraging developments that testify to our approach. Consider, for instance, the tokenisation of gold – where physical gold is integrated with blockchain technology to offer investors greater flexibility, fractional ownership, and enhanced security. Similarly, the emergence of tokenised money market funds shows how traditional liquidity management can benefit from digital innovations, enabling more efficient market making alongside expanded secondary market liquidity for institutional investors.

     An important initiative to foster tokenisation development is Project Ensemble, a sandbox launched by the Hong Kong Monetary Authority. This initiative is designed to experiment with the tokenisation of money enabling seamless interbank settlements. By exploring tokenisation across fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance, Project Ensemble exemplifies Hong Kong’s commitment to harnessing emerging technology to enhance financial market infrastructure. This experimental Sandbox not only embraces innovation but also ensures that the innovations are implemented with a clear focus on stability and investor protection.

     The second trend that will shape our future financial landscape is the integration of Web3 innovations into the real economy. In our ongoing efforts to narrow the gap between digital finance and everyday business operations, the Government has taken decisive steps to develop a regulatory regime for stablecoin issuers. We are actively engaging with the real economy – where businesses that support cross-border payments, international trade, and digital commerce are eager to solve longstanding issues such as high costs, delayed transfers, and the challenges posed by the sometimes unpredictable FX (foreign exchange) markets.

     In recognition of these challenges, the regulator has established a Sandbox to obtain feedback and provide clarity to entities interested in issuing fiat-referenced stablecoins. This Sandbox serves not only as an incubator for innovations but also as a platform that bridges industry needs with prudent regulation. We see promising potentials for stablecoins to streamline payment systems, fostering a more efficient and integrated financial landscape that benefits businesses and consumers alike.

     Furthermore, the application of tokenisation extends far beyond traditional financial instruments. Already, we observe its impact across various sectors. From financing EV (electric vehicle)-charging infrastructure through tokenised management fee, to facilitating more agile supply chain finance, our digital infrastructure is now robust enough to support longstanding economic practices, albeit with a modern twist. These developments illustrate how the convergence of digital technologies with real-world assets can unlock significant economic value and propel us into a new era of cross-sector collaboration.

     The third and perhaps most transformative trend is the integration of AI with blockchain and Web3 technologies. In today’s rapidly evolving technological landscape, AI represents not just an opportunity but a necessity to enhance our digital infrastructures. Decentralised AI platforms, built on blockchain principles, provide a promising avenue for ensuring data privacy, security, and collaborative innovation.

     Decentralised AI has the potential to revolutionise how we manage, train, and deploy machine learning models. By enabling secure data sharing across multiple stakeholders, we create a system in which AI models can be trained collaboratively using diversified databases. This collaborative approach ensures that the resulting models are not only more widely applicable but also benefit from the collective insights of multiple organisations. Moreover, an open-source philosophy in model development promotes transparency, accountability, and a shared economic vision in which the fruits of innovation are accessible to all.

     Recognising these immense opportunities, the Government has set forth a policy statement to foster responsible AI innovation in our financial markets. Last October, we issued a detailed statement outlining our vision for the responsible usage of AI, balancing innovation with the imperative for control, transparency, and fairness. In line with our policy, the Hong Kong University of Science and Technology (HKUST) has embarked on a collaborative initiative, making its InvestLM model available to the financial services industry. This programme offers both advisory and training services – providing options for on-premises deployment as well as application programming interfaces (APIs) and web interfaces that utilise the HKUST’s computing resources.

     The transformative trends of tokenisation, real economy adoption, and AI integration can only reach their full potential within a reliable and adaptable regulatory system. Our guiding principle – “same activities, same risks, same regulations” – underscores our commitment to fairness, consistency, and the highest standards of market protection.

     We are continuously reviewing and refining our regulatory regime to foster a complete ecosystem for virtual assets. By developing comprehensive frameworks that include virtual asset exchanges, stablecoin issuers, custodians, and over-the-counter trading activities, we pave the way for an interconnected value chain that will underpin Hong Kong’s financial markets.

     In closing, I invite all stakeholders here today – from seasoned financial experts to the visionary entrepreneurs shaping tomorrow’s digital economy – to embrace the challenges and opportunities that lie ahead. Consensus Hong Kong 2025 is more than just an event; it is a call to action. It is a recognition that our collective ingenuity, when harnessed under a principled regulatory framework, has the power to drive sustainable progress.

     I extend my heartfelt gratitude to the Consensus event organisers, our trusted partners at Invest Hong Kong, the Hong Kong Tourism Board, and every individual contributing to the success of this event. I wish you a productive and transformative gathering at Consensus Hong Kong 2025, and I look forward to witnessing the many innovations that will shape our shared future.

     Thank you.

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Prime Minister pays tribute to Swami Ramakrishna Paramhansa on his Jayanti

Source: Government of India (2)

Posted On: 18 FEB 2025 8:52AM by PIB Delhi

The Prime Minister, Shri Narendra Modi paid tributes to Swami Ramakrishna Paramhansa on his Jayanti.

In a post on X, the Prime Minister said;“On behalf of all the countrymen, salutations to Swami Ramakrishna Paramhans Ji on his birth anniversary.”

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MJPS/ST

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MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI China: Defense Ministry Spokesperson’s Remarks on Recent Media Queries Concerning the Military on February 14, 2025 2025-02-18 On the afternoon of February 14, 2025, spokesperson for the Ministry of National Defense Senior Colonel Zhang Xiaogang answered recent media queries concerning the military.
Source: People’s Republic of China – Ministry of National Defense 2
On the afternoon of February 14, 2025, spokesperson for the Ministry of National Defense Senior Colonel Zhang Xiaogang answered recent media queries concerning the military.

Journalist: Recently, a landslide occurred in Junlian County, Yibin City, Sichuan Province. Officers and soldiers of the People’s Liberation Army (PLA) and the People’s Armed Police Force (PAP) immediately engaged in disaster relief efforts. Please tell us more about it.

Zhang Xiaogang: A landslide recently occurred in Junlian County, Yibin City, Sichuan Province. A disaster is an order for action. The PLA and PAP resolutely acted on President Xi’s important instructions on emergency rescue and disaster relief. They responded swiftly, stepped forward and conducted rescue operations with all-out efforts. So far, a total of 326 personnel have been deployed to a range of tasks, including search and rescue, relocation of affected residents, road clearance, hidden-danger assessment, and supplies transportation. They have also assisted the local government in evacuating and relocating over 230 people. The Chinese military remains steadfast in following the instructions of the Party Central Committee, the Central Military Commission and President Xi. We faithfully uphold the fundamental purpose of serving the people wholeheartedly and stay ready to support local disaster relief efforts at any time. We are committed to safeguarding the lives and property of the people and fulfilling all tasks entrusted by the Party and the people.

Journalist: It is reported that President Xi Jinping, chairman of the Central Military Commission (CMC), recently signed an order to issue the revised Regulations on Scientific Research Related to Military Equipment. Please provide us with more information about this.

Zhang Xiaogang: The revised Regulations on Scientific Research and Development Related to Military Equipment has five features. First, it takes the generation of combat capability as the sole criteria, and systematically reformed the processes and procudures for overall planning, project approval, and process management related to scientific research and development (R&D) of military equipment. Second, it requires advanced management concepts to be applied to both organs responsible for equipment R&D planning and units undertaking specific projects. This aims to improve the capacity for independent innovation, and provide more sources of growth in new quality combat capabilities. Third, it optimizes the classification and approval models for equipment pre-research, equipment R&D and production, and comprehensive equipment research, providing flexible and practical options for project management. Fourth, it systematically clarifies the principles and specific measures for quality control, cost management, acceptance and evaluation, and outcome management, in support of high-quality development of equipment R&D. Fifth, it establishes a comprehensive framework for the supervision and regulation of equipment R&D. It also specifies industry-specific supervision methods, inspection approaches and rectification measures. The Regulations will help enable higher quality and efficiency and stronger vitality of innovation in equipment R&D, so as to better support combat preparedness.

Journalist: The PLA Navy recently sent a task group to Pakistan to attend the multinational maritime exercise AMAN 2025. This is the first international joint exercise the Chinese military has participated in this year. Please further brief us on the exercise.

Zhang Xiaogang: At the invitation of the Pakistani military, a PLAN task group comprising of the guided-missile destroyer PLANS Baotou and the comprehensive supply ship PLANS Gaoyouhu participated in the multinational maritime exercise AMAN 2025 from February 6 to 11. During the onshore phase of the exercise, the task group and other participating naval forces held planning conferences, professional exchanges and open ship events. During the maritime phase, drills were conducted on joint counter-piracy operations, search and rescue and air defense. The exercise facilitated exchanges between the PLAN and other participating naval troops, and demonstrated a shared commitment to maritime security. The Chinese military will continue to live up to our international responsibilities and obligations, and contribute to world peace and stability with concrete actions.

Journalist: The US Indo-Pacific Command recently said that the Typhon mid-range missile system had been relocated from the Laoag airfield to another location on the island of Luzon, and that the relocation, however, was not an indication that the batteries would be permanently deployed in the Philippines. The Philippine side said that it would return the Typhon system to the US so long as China stops claiming its territory, harassing its fishermen and attacking its ships. May I have your comment?

Zhang Xiaogang: The Chinese side has made clear multiple times our firm opposition against the US deployment of the mid-range missile system in the Philippines. The Typhon missile system is a strategic asset and an offensive weapon. The Philippine side has repeatedly gone back on its words and brought in the system to cater to the US side. Such decision would only place its national security and defense in the hands of others, and lead to geopolitical confrontation and risks of arms race in the region. It’s like holding a candle to the devil and playing the jackal to the tiger.

As we all know, the territory of the Philippines is defined by a series of international treaties, including the 1898 Treaty of Peace between the United States of America and the Kingdom of Spain, the 1900 Treaty between the United States of America and the Kingdom of Spain for Cession of Outlying Islands of the Philippines, and the 1930 Convention between His Majesty in Respect of the United Kingdom and the President of the United States regarding the Boundary between the State of North Borneo and the Philippine Archipelago. China’s Nansha Qundao and Huangyan Dao fall outside the Philippine territory. It’s legitimate, lawful and beyond reproach for the Chinese side to conduct law-enforcement activities in relevant waters.

By using the deployment of Typhon as a bargaining chip on the South China Sea issue, the Philippine side is selling out its own national security, putting the well-being of its people and regional peace and stability at grave risk. Such behavior is ridiculous and dangerous. We require the Philippine side to recognize the high sensitivity and severe consequences of this issue, remove the Typhon missile system as soon as possible to honor its open promises, and return to the right track of dialogue and consultations at an early date. The Chinese side will continue to take necessary measures to resolutely counter provocations and infringements and safeguard our territorial sovereignty and maritime rights and interests.

Journalist: It was reported that the US confirmed that Article V of the US-Japan Treaty of Mutual Cooperation and Security applies to China’s Diaoyu Dao during a phone call between Japanese Minister of Defense and US Secretary of Defense. What’s your comment?

Zhang Xiaogang: Diaoyu Dao and its affiliated islands are China’s inherent territory. No matter what the US and Japan say or do, they can neither change this fact nor shake China’s resolve to safeguard national sovereignty and territorial integrity. The Treaty of Mutual Cooperation and Security between the US and Japan is a product of the Cold War. Military and security cooperation between the US and Japan should not target any third party, let alone undermine regional development. 2025 marks the 80th year of the victory of the World Anti-Fascist War. We hope the Japanese side will take lessons from history, demonstrate its determination to pursue peaceful development through concrete actions, and make more efforts to enhance mutual trust between countries and promote regional peace and stability.

Journalist: It is reported that after being sworn in as the new US Secretary of Defense, Pete Hegseth made clear that the US would restore the warrior ethos and work with allies and partners to deter aggression in the Asia-Pacific by China. What’s your comment?

Zhang Xiaogang: We firmly oppose the groundless accusation made by the US side. China pursues a national defense policy that is defensive in nature and a military strategy of active defense. The Chinese military is a staunch force for peace. As a peace-loving nation, China never engages in aggression or expansion. But we will never give up our legitimate rights and interests, and will take firm countermeasures against threats and challenges.

I want to emphasize that major country competition should not be the underlying logic of the times. A steady, sound and sustained China-US diplomatic and defense relationship serves the common interests of the two countries and meets the general expectation of the international community. Standing at a new starting point, we hope the US will work with China on the principles of mutual respect, peaceful coexistence and win-win cooperation, to deepen state-to-state and military-to-military exchanges and cooperation, so as to inject certainty and positive energy into the world.

Journalist: It is reported that US and Japanese leaders met with each other and issued a joint statement, which emphasized the importance of maintaining peace and stability across the Taiwan Strait and opposed any attempt to unilaterally change the status quo by force or coercion. Recently, the destroyer USS Johnson and the oceanographic survey ship USNS Bowditch transited the Taiwan Strait. What’s your comment?

Zhang Xiaogang: The relevant contents in the US-Japan Joint Leaders’ Statement grossly interfered in China’s internal affairs and made unfounded smears and accusations against China. The Chinese side is strongly dissatisfied with and firmly opposed to that. Regarding the passage of the US vessels through the Taiwan Strait, the PLA Eastern Theater Command has already made a response.

I want to point out that Taiwan is China’s Taiwan. Any military provocation of the US will not change this fact. On the contrary, such US actions expose its hypocrisy and double standard to the international community, and bolster the resolve and will of the Chinese people to safeguard our national sovereignty and realize national reunification. The PLA will continue to strengthen combat readiness, resolutely fight against secession and interference, and firmly safeguard national sovereignty and territorial integrity.

MIL OSI China News –
February 19, 2025
MIL-OSI Asia-Pac: HK population rises 0.1%

Source: Hong Kong Information Services

The provisional estimate of Hong Kong’s population at the end of 2024 was 7,534,200, up 0.1% from a year earlier, the Census & Statistics Department announced today.

The population increase was mainly attributable to a net inflow of 21,000 Hong Kong residents during the period, the department said.

There were 36,700 births and 51,400 deaths, resulting in a natural decrease of 14,700.

The Government highlighted that the city’s population had increased for a third consecutive year, coinciding with the resumption of normalcy.

It outlined that many people moved to Hong Kong from the Mainland and other places around the world throughout 2024, thanks in part to measures to facilitate talent attraction and labour importation. It said this resulted in an increase of 0.3% in usual residents between end-2023 and end-2024.

The number of usual residents was 7,267,100, while there were 267,100 mobile residents.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI United Kingdom: Appointment of a new Senior Judicial Commissioner of the Judicial Appointments Commission: February 2025
Source: United Kingdom – Executive Government & Departments

His Majesty The King, on the advice of the Lord Chancellor, has approved the appointment of a new Commissioner to the Judicial Appointments Commission.
His Majesty The King has approved the appointment of Upper Tribunal Judge Clive Lane as a Senior Judicial Commissioner of the Judicial Appointments Commission (JAC) for three years commencing 1 May 2025.

The JAC is an independent body that selects candidates for judicial office in courts and tribunals in England and Wales, and for some tribunals with a UK-wide jurisdiction.

JAC Commissioners are appointed, under Schedule 12(1) of the Constitutional Reform Act 2005, by His Majesty The King on the recommendation of the Lord Chancellor.

The appointment of Upper Tribunal Judge Clive Lane was made in accordance with Regulation 11 of the Judicial Appointment Commission Regulations 2013.

Biography

Upper Tribunal Judge Clive Lane was admitted as a solicitor in 1985 and was in private practice until 2001. He was a Legal Chair of the Appeals Service (now Social Entitlement Chamber) from 1999 until 2007. He was appointed a Deputy District Judge (Civil) in 2001. He served as an Immigration Judge from 2001 until 2009 when he was appointed a Judge of the Upper Tribunal (Immigration and Asylum Chamber).

Since 2021, he has been authorised to sit as a Judge of the High Court (Family Division). In 2024, he was appointed a Justice of the Court of Appeal of the British Indian Ocean Territory.

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Published 18 February 2025
MIL OSI United Kingdom –
February 18, 2025
MIL-OSI Asia-Pac: Climate Friendly Households Programme Further Enhanced To Encourage Climate Action

Source: Asia Pacific Region 2 – Singapore

Eligible HDB households will receive additional $100 and programme expanded to include private households.

Singapore, 18 February 2025 – To encourage greater involvement in climate action and enable more households to be more efficient in their use of energy and water, the National Environment Agency (NEA) and PUB, Singapore’s National Water Agency will further enhance the Climate Friendly Households Programme (CFHP).

2               From 15 April 2025, Singaporean and Permanent Resident HDB households will be able to claim an additional $100 in Climate Vouchers, on top of the existing $300. The enhanced CFHP will also be expanded to include Singapore Citizen households living in private residential properties. This means that eligible HDB and private households can claim a total of $400 worth of Climate Vouchers.

3               To claim[1] the additional Climate Vouchers, eligible households can visit go.gov.sg/cv-claim from 15 April 2025 and log in with their Singpass account. For more information on Climate Vouchers, you can visit go.gov.sg/cv-guide.

4               The Climate Vouchers are valid until 31 December 2027 and can be used at over 150 participating retailers with over 500 outlets to purchase energy- and water-efficient household products.

5               With this latest expansion in 2025 to include private households, the CFHP will cover around 90 percent of households in Singapore.

6               By switching to more resource efficient appliances and fittings, households can reduce their energy and/or water consumption, lower their utility bills and help to tackle climate change.

7               More information on the enhanced Climate Friendly Households Programme is available at go.gov.sg/climatevouchers.

[1] As eligible residents will receive the vouchers based on their registered address at the point of claim, those who have shifted houses recently should update their registered address with ICA before making the claim.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI China: MOFA response to US-Japan-ROK joint statement on importance of cross-strait peace and stability
Source: Republic of Taiwan – Ministry of Foreign Affairs

MOFA response to US-Japan-ROK joint statement on importance of cross-strait peace and stability
- Date：2025-02-16
- Data Source：Department of North American Affairs
February 16, 2025

US Secretary of State Marco Rubio, Japanese Minister for Foreign Affairs Takeshi Iwaya, and Republic of Korea Minister of Foreign Affairs Cho Tae-yul met on February 15 on the sidelines of the Munich Security Conference. In a joint statement issued after the meeting, they emphasized that maintaining peace and stability across the Taiwan Strait was an indispensable element of security and prosperity for the international community. They also encouraged the peaceful resolution of cross-strait issues, opposed any attempts to unilaterally force or coerce changes to the status quo, and backed Taiwan’s meaningful participation in international organizations. They also made clear that the three countries stood shoulder to shoulder against any effort to destabilize democratic institutions, economic independence, and global security.

Minister of Foreign Affairs Lin Chia-lung stated that the Ministry of Foreign Affairs (MOFA) sincerely welcomed and appreciated this reiteration of support for cross-strait peace and stability and opposition to any unilateral change to the status quo by force or coercion during the first meeting between the US secretary of state and the Japanese and ROK foreign ministers since President Donald Trump took office. This joint declaration by like-minded partners echoes a similar statement issued following the US-Japan leaders’ summit not long ago. It underscores that there is international consensus and a shared interest in cross-strait peace and stability, which are vital to the well-being of all nations and integral to regional and global peace and prosperity.

MOFA welcomes the international community’s continued concern regarding peace and stability across the Taiwan Strait and threats to the status quo caused by China’s gray-zone tactics and economic coercion. As a responsible member of the global community, Taiwan will continue to enhance its defense capabilities and economic resilience and work with the United States, Japan, the Republic of Korea, and other like-minded partners to ensure peace, stability, and prosperity across the Taiwan Strait and throughout the Indo-Pacific.

MIL OSI China News –
February 18, 2025
MIL-OSI Asia-Pac: Arbitration training ceremony held

Source: Hong Kong Information Services

Secretary for Justice Paul Lam today attended the opening ceremony of the National Training Course for Talents Handling Foreign-related Arbitration (Hong Kong), which is organised by the Hong Kong International Legal Talents Training Academy and the Ministry of Justice.

As he addressed those gathered at the event, Mr Lam highlighted that the Government spares no effort in implementing several measures, including improving the legal framework related to arbitration, attracting globally renowned arbitral institutions to establish a presence in Hong Kong, and hosting international conferences on legal and dispute resolution services to promote the city’s international legal and arbitration services.

He expressed the hope that the training course will facilitate exchanges to bridge the arbitration systems of Hong Kong and the Mainland, and deepen participants’ understanding of arbitration and dispute resolution in Hong Kong so that they can put what they have learnt into practice in future.

The two-week training course, which commenced yesterday, provides a comprehensive introduction of the system and practice of arbitration in Hong Kong to more than 80 participants comprising Mainland in-house counsel, experienced arbitrators, lawyers and arbitration practitioners through lectures, exchanges and visits.

Speakers include experienced Hong Kong legal professionals and members of the Hong Kong International Legal Talents Training Expert Committee.

Before the opening ceremony, Mr Lam signed a new legal exchange and co-operation arrangement with the China University of Political Science & Law to replace the arrangement signed by the two sides in 2016.

Noting that legal exchanges and co-operation between the two sides have been achieving progress, he said that the new co-operation arrangement will enhance mutual collaboration on nurturing foreign-related legal talents and promote the rule of law, as well as exchanges on legal issues such as international arbitration, mediation and the national development strategy of the Belt & Road Initiative.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI China: MOFA response to false claims regarding Taiwan in joint statement between PRC and Pakistan
Source: Republic of Taiwan – Ministry of Foreign Affairs

MOFA response to false claims regarding Taiwan in joint statement between PRC and Pakistan
- Date：2025-02-10
- Data Source：Department of West Asian and African Affairs
February 10, 2025

President Asif Ali Zardani of Pakistan paid a state visit to China from February 4 to 8. A joint statement issued following President Zardani’s meeting with Chinese leader Xi Jinping contained false claims, among them the assertion that “Taiwan is an inalienable part of the territory of the People’s Republic of China.”

The Ministry of Foreign Affairs (MOFA) strongly protests and gravely condemns China for using meetings with national leaders to publicly disparage Taiwan’s sovereignty, and Pakistan for blindly accepting China’s false assertions and cooperating in the release of statements that undermine Taiwan’s sovereignty.

MOFA reiterates that neither the Republic of China (Taiwan) nor the People’s Republic of China is subordinate to the other; that the Chinese Communist Party regime has never governed Taiwan; and that no country has the right nor power to deny Taiwan’s existence through any so-called joint statement.

MOFA urges the government of Pakistan to squarely face the fundamental difference between democratic Taiwan, which defends the democratic system and respects human rights and the rule of law; and authoritarian China, which engages in reckless expansion, intimidates neighboring countries, and violates human rights. Pakistan should stop submitting to Chinese statements that make false claims and express aggressive intent, and cease any inappropriate actions that undermine Taiwan’s sovereign status.

Taiwan will continue to safeguard the values of freedom and democracy and strengthen cooperation with all partners in the democratic camp so as to jointly contain authoritarian expansion, defend cross-strait peace and stability, and uphold freedom and openness throughout the Indo-Pacific.

MIL OSI China News –
February 18, 2025
MIL-OSI China: Taiwan horror comedy ‘Dead Talents Society’ set for mainland release

Source: China State Council Information Office 3

Taiwan horror comedy “Dead Talents Society” will debut in the Chinese mainland this weekend, arriving on the heels of a record-setting Spring Festival movie season.

A poster for “Dead Talents Society” is shown on a screen at the film’s premiere in Beijing, Feb. 16, 2025. [Photo/China.org.cn]

Directed by John Hsu, who co-wrote the film with Tsai Kun-Lin, “Dead Talents Society” stars Chen Bolin, Sandrine Pinna and Gingle Wang. The film blends fantasy, scares, humor and emotional moments, creating a mix that will appeal to younger viewers.

Lee Lieh, who previously produced “The Pig, the Snake and the Pigeon,” a Taiwan film that became a surprise hit last year on the Chinese mainland, also produced “Dead Talents Society.” Distributors are optimistic about achieving similar success as the mainland market continues to be buoyed by Spring Festival blockbusters, particularly “Ne Zha 2.”

“Dead Talents Society” premiered in Taiwan last year to positive reviews from critics and audiences. It has since received awards and nominations at various film festivals, including a nomination for best Asian Chinese language film at the 43rd Hong Kong Film Awards and a nomination for best visual effects at the 18th Asian Film Awards. It currently holds a rating of 7.6/10 on the Chinese review website Douban.

The film is set for theatrical release in the Chinese mainland on Feb. 22. The premiere, held in Beijing on Feb. 16, garnered rave reviews.

MIL OSI China News –

February 18, 2025
MIL-OSI Asia-Pac: MOFA response to false claims regarding Taiwan in joint statement between PRC and Pakistan

Source: Republic of China Taiwan 3

MOFA response to false claims regarding Taiwan in joint statement between PRC and Pakistan

Date：2025-02-10
Data Source：Department of West Asian and African Affairs

February 10, 2025

President Asif Ali Zardani of Pakistan paid a state visit to China from February 4 to 8. A joint statement issued following President Zardani’s meeting with Chinese leader Xi Jinping contained false claims, among them the assertion that “Taiwan is an inalienable part of the territory of the People’s Republic of China.”

The Ministry of Foreign Affairs (MOFA) strongly protests and gravely condemns China for using meetings with national leaders to publicly disparage Taiwan’s sovereignty, and Pakistan for blindly accepting China’s false assertions and cooperating in the release of statements that undermine Taiwan’s sovereignty.

MOFA reiterates that neither the Republic of China (Taiwan) nor the People’s Republic of China is subordinate to the other; that the Chinese Communist Party regime has never governed Taiwan; and that no country has the right nor power to deny Taiwan’s existence through any so-called joint statement.

MOFA urges the government of Pakistan to squarely face the fundamental difference between democratic Taiwan, which defends the democratic system and respects human rights and the rule of law; and authoritarian China, which engages in reckless expansion, intimidates neighboring countries, and violates human rights. Pakistan should stop submitting to Chinese statements that make false claims and express aggressive intent, and cease any inappropriate actions that undermine Taiwan’s sovereign status.

Taiwan will continue to safeguard the values of freedom and democracy and strengthen cooperation with all partners in the democratic camp so as to jointly contain authoritarian expansion, defend cross-strait peace and stability, and uphold freedom and openness throughout the Indo-Pacific.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: Foreign Minister Lin hosts a welcome luncheon for Eswatini Deputy Prime Minister Dladla

Source: Republic of China Taiwan 3

February 12, 2025
No. 037Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 12 for a delegation from the Kingdom of Eswatini led by Deputy Prime Minister Thulisile Dladla. He thanked Eswatini for its staunch commitment to diplomatic alliance with Taiwan and for its firm support for Taiwan’s international participation over the years.

In his remarks at the event, Minister Lin also spoke about the heavy rainfall and subsequent flooding in Eswatini that had seriously impacted the lives of people in some areas. He extended sympathies to those affected and recounted President Lai Ching-te’s instruction that the Ministry of Foreign Affairs (MOFA) must do its utmost to assist in the Eswatini government’s relief efforts and increase food donations so that the disaster victims could resume normal life as early as possible.

Commenting on the close bilateral cooperation across various domains, Minister Lin stated that the strategic oil reserve project currently underway in Eswatini was the largest infrastructure project by the two countries since the establishment of diplomatic ties. He added that Taiwan and Eswatini had steadily strengthened collaboration in such areas as energy, agriculture, education, gender equality, and women’s empowerment. He noted that among the joint projects, the Women’s Business Start-Up Microfinance Revolving Fund established in 2023 with assistance from the Taiwan government had effectively provided start-up capital to female entrepreneurs in rural areas of Eswatini. Minister Lin affirmed that more than 500 women had benefited from the program and that a beneficiary family had named their newborn daughter Taiwan out of gratitude, highlighting the positive impact of the friendship between Taiwan and Eswatini on the people’s well-being. He further expressed that such developments were inspiring.

During the luncheon, Deputy Prime Minister Dladla thanked Taiwan for assisting in the national development of Eswatini. She reiterated that Eswatini would not falter in its support for Taiwan under any external pressure; that it would stand by Taiwan in the face of all challenges; and that it would continue to uphold Taiwan’s right to participate in all international organizations, including the United Nations.

Deputy Prime Minister Dladla emphasized that Taiwan and Eswatini enjoyed deep and extensive cooperation, having built a partnership as strong as family ties. As an example, she cited Taiwan’s prompt evacuation assistance to Eswatini expatriates in Ukraine when the Russia-Ukraine war erupted as testament to the genuine friendship between Taiwan and Eswatini.

The luncheon was also attended by Deputy Minister of Health and Welfare Lue Jen-der, Deputy Minister of Foreign Affairs François Chihchung Wu, Superintendent of Taipei Medical University Hospital Shih Chun-ming, and Board Chairperson of the Garden of Hope Foundation Pan Ay-woan. Participants exchanged views on healthcare, education, and energy collaboration between Taiwan and Eswatini; the creation of social safety nets; protection of vulnerable groups; and other issues.

Eswatini established diplomatic relations with Taiwan immediately after it gained independence in 1968. MOFA will maintain close cooperation with the government of Eswatini to steadily promote the Diplomatic Allies Prosperity Project, foster a reciprocal and mutually beneficial partnership, enhance the well-being of the peoples of Taiwan and Eswatini, and further consolidate bilateral ties. (E)

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: Deputy Foreign Minister Wu witnesses signing of MOU between TECO in Prague and Czech NGO People In Need to assist Ukrainian refugees

Source: Republic of China Taiwan 3

Deputy Foreign Minister Wu witnesses signing of MOU between TECO in Prague and Czech NGO People In Need to assist Ukrainian refugees

Date：2025-02-12
Data Source：Department of European Affairs

February 12, 2025
No. 036

Deputy Minister of Foreign Affairs François Chihchung Wu witnessed via videoconference on February 11 the signing ceremony of the Memorandum of Understanding on Support for Ukrainian Refugees in the Czech Republic. The MOU was signed by Ambassador Ke Liang-ruey, Representative of the Taipei Economic and Cultural Office (TECO) in Prague, and Managing Director Šimon Pánek of People in Need (PIN), a Czech humanitarian nongovernmental organization. The ceremony was also witnessed in person by Czech Government Commissioner for Human Rights and Deputy Minister for European Affairs Klára Šimáčková Laurenčíková and virtually by Representative David Steinke of the Czech Economic and Cultural Office in Taiwan.

In his remarks, Deputy Minister Wu stated that the MOU marked a significant milestone in Taiwan-Czech Republic cooperation in support of Ukraine and that it underscored Taiwan’s commitment to standing with Ukraine in its hour of need. He noted that since 2022, Taiwan and PIN had honored their pledge to jointly assist Ukrainian refugees in integrating into new communities and ensure their access to a complete education, psychological counseling, and language learning. Deputy Minister Wu also thanked the government of the Czech Republic for playing a key role in these initiatives.

Ambassador Ke emphasized that the MOU called for the provision of a consultation hotline, assistance for teens, psychological counseling, and other services for Ukrainian refugees that would help them return to normal life—either in the Czech Republic or after they return home in the future.

In his briefing on the progress of humanitarian assistance efforts, Managing Director Pánek expressed special appreciation for Taiwan’s prompt support following the Russian invasion of Ukraine, adding that Taiwan collaborated with PIN to provide youth shelters, after-school tutoring for children, language courses, and psychological and legal counseling to assist Ukrainian refugees in the Czech Republic. He pointed out that a significant number of them had benefited from Taiwan’s compassion. Reflecting on the foundation of mutual trust that Taiwan and the Czech Republic had built to become staunch partners in aiding Ukraine, he conveyed the hope that the war would soon end and reconstruction could begin.

Commissioner Laurenčíková indicated that most of the Ukrainian refugees in the Czech Republic were women, children, and teenagers. She said that the education and employment opportunities provided for in the MOU would benefit them and facilitate their smooth integration into local communities.

Founded in 1992, PIN has grown to become the largest humanitarian organization in the Czech Republic and one of the most important NGOs in Central and Eastern Europe. Since the outbreak of the Russia-Ukraine war in 2022, Taiwan has actively engaged in close cooperation with PIN to assist Ukrainian refugees.

Taiwan and the Czech Republic are both like-minded countries that uphold freedom and democracy. The Ministry of Foreign Affairs (MOFA) is pleased to work with the Czech Republic to help Ukrainians begin a new life in the country and provide the necessary assistance. The MOU embodies the Taiwanese spirit of humanitarian assistance and demonstrates that Taiwan and the Czech Republic are staunchly committed to standing in solidarity with Ukraine in its time of need. (E)

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

Source: Republic of China Taiwan 3

MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

Date：2025-02-12
Data Source：Department of European Affairs

February 12, 2025

On February 11, the Kingdom of Belgium’s five-party coalition government, which was formed on January 31, publicized a coalition agreement that for the first time stressed the importance of maintaining peace, stability, and the status quo across the Taiwan Strait and South China Sea, and called for the signing of investment agreements between Europe and countries in the region.

This is the first coalition agreement of a Belgian government to contain content on Taiwan. MOFA expresses sincere appreciation for this action and congratulates Prime Minister Bart De Wever and his cabinet on their inauguration on February 3. Building upon shared values, MOFA looks forward to working with the Belgian government to further promote cordial relations; enhance all forms of substantive bilateral exchanges; advance regional peace, stability, and prosperity; and foster robust friendship between the peoples of Taiwan and Belgium.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: MOFA response to US-Japan-ROK joint statement on importance of cross-strait peace and stability

Source: Republic of China Taiwan 3

MOFA response to US-Japan-ROK joint statement on importance of cross-strait peace and stability

Date：2025-02-16
Data Source：Department of North American Affairs

February 16, 2025

US Secretary of State Marco Rubio, Japanese Minister for Foreign Affairs Takeshi Iwaya, and Republic of Korea Minister of Foreign Affairs Cho Tae-yul met on February 15 on the sidelines of the Munich Security Conference. In a joint statement issued after the meeting, they emphasized that maintaining peace and stability across the Taiwan Strait was an indispensable element of security and prosperity for the international community. They also encouraged the peaceful resolution of cross-strait issues, opposed any attempts to unilaterally force or coerce changes to the status quo, and backed Taiwan’s meaningful participation in international organizations. They also made clear that the three countries stood shoulder to shoulder against any effort to destabilize democratic institutions, economic independence, and global security.

Minister of Foreign Affairs Lin Chia-lung stated that the Ministry of Foreign Affairs (MOFA) sincerely welcomed and appreciated this reiteration of support for cross-strait peace and stability and opposition to any unilateral change to the status quo by force or coercion during the first meeting between the US secretary of state and the Japanese and ROK foreign ministers since President Donald Trump took office. This joint declaration by like-minded partners echoes a similar statement issued following the US-Japan leaders’ summit not long ago. It underscores that there is international consensus and a shared interest in cross-strait peace and stability, which are vital to the well-being of all nations and integral to regional and global peace and prosperity.

MOFA welcomes the international community’s continued concern regarding peace and stability across the Taiwan Strait and threats to the status quo caused by China’s gray-zone tactics and economic coercion. As a responsible member of the global community, Taiwan will continue to enhance its defense capabilities and economic resilience and work with the United States, Japan, the Republic of Korea, and other like-minded partners to ensure peace, stability, and prosperity across the Taiwan Strait and throughout the Indo-Pacific.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: President Lai meets British-Taiwanese All-Party Parliamentary Group delegation

Source: Republic of China Taiwan

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2025-02-17
President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit. Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

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2025-02-17
President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples. A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

Details
2025-02-17
Presidential Office thanks US and Japan for joint leaders’ statement
On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.

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2025-02-17
President Lai’s response to Pope Francis’s 2025 World Day of Peace message
President Lai Ching-te recently sent a letter to Pope Francis of the Catholic Church in response to his message marking the 58th World Day of Peace. The following is the full text of the president’s letter to the pope: Your Holiness, In your message for the 2025 World Day of Peace entitled Forgive us our trespasses: grant us your peace, you called for a cultural change that would bring an end to the governance of interpersonal and international relations by a logic of exploitation and oppression and herald true and lasting peace. I wholeheartedly admire and identify with your point of view. Since transitioning from a medical career to politics, I have remained true to my original intentions in the sense that, while a doctor can help only one person at a time, a public servant can simultaneously assist many people in resolving the difficulties affecting their lives. In my inaugural address in May 2024, I pledged that every day of my term, I would strive to act justly, show mercy, and be humble, which accord with the teachings of the Bible. I promised to treat the Taiwanese people as family and prove myself worthy of their trust and expectations. With an unwavering heart, I have accepted the people’s trust and taken on the solemn responsibility of leading the nation forward and building a democratic, peaceful, and prosperous new Taiwan. In this new year, the changing international landscape continues to present many grave challenges to democratic nations around the world. As the Russia-Ukraine war persists, the steady convergence of authoritarian regimes, including China, Russia, North Korea, and Iran, threatens the rules-based international order and severely impacts peace and stability in the Indo-Pacific and the world at large. Your Holiness has stated that war is a defeat for everyone. I, too, firmly believe that peace is priceless and that war has no winners. A high level of consensus has formed in the international community on upholding peace and stability across the Taiwan Strait. The Taiwanese people also maintain an unyielding commitment to safeguarding a way of life that encompasses freedom, equality, democracy, and human rights. Taiwan will continue to spare no effort in preserving regional peace and stability and serving as a pilot for global peace. In your World Day of Peace message, you urged prosperous countries to assist poorer ones. This compassion is truly touching. Taiwan is proactively implementing values-based diplomacy and, under the Diplomatic Allies Prosperity Project, enhancing allies’ development through a range of initiatives. Over many years, Taiwan has accumulated abundant and unique experience of providing foreign assistance. Seeking to foster self-reliance among disadvantaged countries, we have extended genuine support to help alleviate poverty through such avenues as strengthening basic infrastructure, transferring technology, and cultivating talent. In your message, you reminded countries worldwide that assistance should not be merely an isolated act of charity and pointed to the need to devise a new global financial framework so that food crises, climate change, and other challenges could be jointly addressed. I hold this view in high regard. I therefore earnestly hope that international organizations will stop excluding Taiwan for political reasons. Taiwan is willing to shoulder its international responsibilities so that it can contribute and share its valuable experience through many global platforms. On behalf of the government and people of the Republic of China (Taiwan), I again express our interest in collaborating with the Holy See to advance world peace through concrete action. We also aspire to demonstrate Taiwanese values and the Taiwanese spirit and work together with the Holy See to uphold the core values of justice, democracy, freedom, and peace. Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.

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2025-02-17
President Lai meets former US Vice President Mike Pence
On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.

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2025-02-14
President Lai holds press conference following high-level national security meeting
On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: Sports dispute resolution discussed

Source: Hong Kong Information Services

The Advisory Committee on Sports Dispute Resolution of the Department of Justice (DoJ), chaired by Deputy Secretary for Justice Cheung Kwok-kwan, met the Sports Federation & Olympic Committee of Hong Kong, China (SF&OC) today to discuss the direction of development of promoting sports dispute resolution in Hong Kong.

At the meeting, both sides had in-depth exchanges on the latest developments in sports dispute resolution. They also discussed ways to encourage the sports industry to widely adopt alternative dispute resolution mechanisms for handling sports disputes in the spirit of embracing change and boldly pursuing reforms.

Mr Cheung said that, with a view to enhancing the local sports dispute resolution landscape, the Hong Kong Special Administrative Region Government has been actively engaging with key stakeholders and understands that the industry is keen to have a neutral, fair and efficient mechanism to handle and resolve sports disputes.

Mr Cheung was pleased to learn that the SF&OC fully supports Hong Kong to leverage its institutional advantages in dispute resolution to develop sports dispute resolution, thereby further consolidating the city’s status as a centre for international legal and dispute resolution services in the Asia-Pacific region.

He pointed out that the Hong Kong SAR Government and the advisory committee are carrying out the preparatory work for a pilot scheme on sports dispute resolution at full steam.

Additionally, he thanked the SF&OC for its valuable advice on the implementation of the pilot scheme, especially regarding the specific requirements for selecting dispute resolution institutions, the fields of disputes suitable for resolution through mediation or arbitration, and the fee structure.

The two sides also exchanged views on the potential for future collaboration, including promoting awareness and providing education to national sports associations and local athletes on the use of alternative dispute resolution in handling sports disputes, as well as encouraging retired athletes to participate in sports dispute mediator and arbitrator training.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Russia: Sergey Netesov: “You have to root for the positive”

Translartion. Region: Russians Fedetion –

Source: Novosibirsk State University – Novosibirsk State University –

At the popular science marathon “Darwin Week”, a doctor of biological sciences, professor, academician of the Russian Academy of Sciences, head of the laboratory of bionanotechnology, microbiology and virology spoke with a report “Evolution of a set of respiratory infections” Faculty of Natural Sciences of NSU Sergey Netesov.

Evolution of the virus

In Russia, doctors register 28 to 33 million cases of acute respiratory infections every year, but these are official statistics. When seeing a patient, the doctor fills out a statistical form, which is sent for processing to the health authorities, where statistical data is collected. However, not everyone comes to see a therapist, especially if the disease is mild, preferring to endure it “on their feet” or use home remedies to fight the infection. Such patients are not included in these statistics. Therefore, experts assume that the actual number of cases exceeds the official data at least twice.

Acute respiratory infections (ARI) are caused by viruses, bacteria, mycobacteria and mycoplasma. In addition, most likely not all pathogens of ARI in humans have been discovered yet.

Previously, doctors officially diagnosed ARVI without specifying the pathogen and specifically – influenza viruses, and even then the diagnosis was made by the doctor, guided only by the symptoms observed in the patient, and the laboratory diagnostic methods that existed before the 2000s were lengthy, inaccurate and insensitive. More or less reliable test systems for diagnosing influenza viruses based on the polymerase chain reaction PCR method appeared only in the late 90s, and for diagnosing other pathogens – only in the last 5-10 years. The data from a study of the causes of ARVI using the example of one of the counties of the state of Michigan (USA), published in 2002, surprised epidemiologists: influenza was not in the leading positions – its share was only 9%, while ordinary coronaviruses – 14%, rhinovirus – 34%. Unknown infections then accounted for 23%. Later, metapneumoviruses were identified, and their share in the structure of pathogens was about 10% in the category that was previously designated as “unknown infections.” Common coronaviruses, as a rule, have “overtaken” the flu in the share of infected people in the last 20-30 years, but did not pose a serious danger in the form of fatalities – until SARS-CoV-2 appeared, which took millions of lives around the world. At the initial stage of the pandemic, it posed a very serious danger with a mortality rate of up to 6%, but over time, due to the evolution into much less pathogenic variants, it almost equaled the mortality rate of the common flu – 0.1 – 0.2%.

— The high mortality rate from the new coronavirus infection was due to vascular thrombosis, which was classified as a circulatory disease at the initial stages of the pandemic, and a cytokine storm — an overly aggressive immune response of the body to a viral infection. It manifests itself in different ways, depending on the chronic diseases of the infected person — in the form of circulatory diseases, pneumonia, complications of type 1 and type 2 diabetes, and sometimes — digestive organs. In the first six months of the pandemic, there were no reliable diagnostics for SARS-CoV-2 markers. Partly due to this, some cases of death from the new coronavirus infection were attributed to serious chronic diseases that the deceased patients suffered from – diseases of the circulatory system, respiratory system, endocrine system, etc. In addition, unlike most respiratory diseases, people died from the new coronavirus not during the first two weeks of the disease, but within a month or two, so it was believed that the patient’s death was the result of complications rather than an acute viral disease, explained Sergei Netesov.

Over the past few years, the deadly coronavirus has evolved towards changing its antigenic properties and reducing pathogenicity, and is no longer as dangerous in terms of mortality as before. Large-scale vaccination of the population, as well as the immunity formed in those who have recovered, have also had an effect, but in terms of morbidity, this virus still sometimes outpaces the combined influenza viruses A and B, and mortality from it has not been reduced to zero. Last fall, 20-30 people died from Covid every week in Russia. These were mainly elderly people with serious chronic diseases.

Currently, another pathogen of ARVI, the respiratory syncytial virus, is no less dangerous in terms of severe progression and mortality. In certain periods of the 2023-2024 season, its share in the causes of the overall incidence of ARVI was 40%. Scientists and doctors have long found out that it is one of the main causes of severe pneumonia in children and the elderly. Since last year, trials of vaccines against this virus have begun in the European Union and the United States.

In the winter of 2024, rhinovirus was the leading cause of acute respiratory viral infections in Russia. It has unpleasant symptoms because it causes inflammation of the nasal sinuses, but does not pose a danger to humans.

— Only in rare cases is the cause of ARI or ARVI only one pathogen, more often two or three. It often happens that the same patient has one or two ARI pathogens — viral and one — bacterial. In this case, the picture of the disease becomes complex. Viral infections, as a rule, prepare the ground for infection with pathogenic bacteria, — said Sergey Netesov.

Reliable protection

To reduce the risk of severe respiratory viral infections, it is necessary to get vaccinated in a timely manner, and it is advisable for people at increased risk of severe acute respiratory infections to wear medical masks in public places. Sergei Netesov also spoke about the influenza vaccines used in Russia. According to him, it is necessary to choose, if possible, four-component drugs with a share of 15 micrograms of antigens of each subtype of the virus. At the same time, the probability of severe disease is reduced by about 20-30 times. And for unvaccinated people, increased risks of severe acute respiratory infections remain for people with impaired immune systems, diabetics and representatives of other risk groups.

In favor of the effectiveness of masks, Sergei Netesov noted that the mask will not hold a single viral particle, because the size of its pores is too large for this. But viruses in the form of single particles do not fly through the air. They move on microdroplets of fluids in our bodies, released from the body when talking, singing, coughing or sneezing. But these drops have a larger diameter and do not pass through the pores of the mask. And even the most primitive mask holds about 75-80% of such particles, of course, if you cover both your mouth and nose with it. And for infection, the size of the pathogen dose that a person receives is very important. Reducing this dose often leads to zeroing out the infection or getting a very small dose – then the disease does not develop quickly, and the body copes with it much easier.

The flu virus is constantly evolving, and this process is aimed at an important goal for it – to “break through” the previous immunity and infect as many carriers – susceptible people – as possible.

In early 2024, several publications were published in the United States stating that cow milk yields in some regions of the country had begun to decline; later, veterinarians identified the H5N1 subtype of avian influenza in them. The influenza virus of this subtype was first isolated not only from birds, but also from some sick people in 1997 in Singapore, Hong Kong, and Vietnam. The virus also affected people, with a very high mortality rate. The reason was soon revealed: in most cases, it was a rare mutation characteristic of the inhabitants of these countries, in which one of the receptors in their lungs turned out to be similar to a similar receptor in birds. This feature is not typical for residents of other countries. And so in 2024, the virus spread not only among birds, but acquired new mutations and “switched” to cattle and more. Several dead cats that had previously drunk cow’s milk were found near the barns with sick cows. The cause of their death, like the illness of the cows on the farm, was the avian influenza virus. And although humans and animals do not have many common infections, this virus has become one of them. It turned out that at the end of 2023, the virus acquired mutations that allowed it to move from birds to cattle. From the beginning of 2024 to February 2025, 68 cases of infection of dairy and poultry workers were noted worldwide. It seems that this flu virus has not yet spread widely, but careful monitoring of its evolution is necessary.

Race for survival

Scientists believe that the more common this subtype of the virus becomes, the more likely it is to acquire a combination of mutations that will increase the risk of infection in humans. On the other hand, this subtype of flu has been circulating in various bird species and causing rare sporadic infections in humans for more than two decades, but so far there has been no pandemic. This is one of those cases where a pandemic could start next week or never.

— Not only pathogens of viral diseases evolve, but also our immune system. It is a kind of race. Therefore, it is necessary to study not only pathogens, but also the parameters of our immunity. Increase the number and effectiveness of vaccines, increase the volume of vaccination. This really improves the quality of life of the population and increases its duration. At the same time, long-term monitoring studies are needed to study the occurrence of pathogens, their molecular genetic diversity and molecular evolution, including drug resistance. Russia has the necessary instrumental and material-reactive bases, including its own high-tech production of many (but not all) modern vaccines and diagnostics. But their wider implementation in practice is required. It is also necessary to develop new vaccines against a number of viral and bacterial pathogens. Unfortunately, so far the diagnostic algorithms in our compulsory insurance medicine have been worked out to a minimum — primarily due to underfunding. But it is possible to distinguish a bacterial infection from a viral one using a very simple test for the content of procalcitonin and some other markers in the blood, said Sergei Netesov.

The scientist also noted that when fighting a viral disease, regardless of what virus caused it, the patient’s psychological state and the support of loved ones are also important. It is important to be sick in a good mood, then recovery will be faster.

— You should always be positive when you are sick! A person with a bad emotional background is objectively sicker. You need to look to the future with confidence and optimism and tell your body: “Get well.” The human body is a very complex unified system, where all components influence each other. In this case, you need to establish positive feedback between the body and the brain, try to create a good mood for yourself and, of course, follow all the doctor’s recommendations, — said Sergey Netesov.

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

MIL OSI Russia News –

February 18, 2025
MIL-OSI Asia-Pac: Min wage recommendation adopted

Source: Hong Kong Information Services

The Chief Executive (CE) in Council has adopted the Minimum Wage Commission’s recommendation on raising the Statutory Minimum Wage (SMW) rate from its prevailing level of $40 per hour to $42.1, an increase of 5.25%.

An amendment notice will be published in the Government Gazette this Friday and the Government will table it in the Legislative Council (LegCo) next Wednesday. Subject to LegCo’s approval, the revised SMW rate will come into force on May 1.

In conducting this review of the SMW rate, the commission adopted the formula approved by the CE in Council on April 30, 2024, to derive the recommended SMW rate.

Secretary for Labour & Welfare Chris Sun said the commission reviewed the SMW rate through elaborate discussions to draw up the implementation arrangements for adopting the formula, examining the latest data on the indicators in the formula, and assessing the relevant impacts.

He added that the commission’s recommendation is in line with the policy objectives of the SMW to maintain an appropriate balance between forestalling excessively low wages and minimising the loss of low-paid jobs, while giving due regard to sustaining Hong Kong’s economic growth and competitiveness.

As announced in the 2024 Policy Address, the Government will implement a new annual review mechanism of the SMW. The first SMW rate derived under the new mechanism is expected to take effect on May 1, 2026.

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI Asia-Pac: MOEA Makes an Affirmative Injury Determination in the Second Sunset Review Concerning Cold-Rolled Stainless Steel from China and Korea

Source: Republic Of China Taiwan 2

On February 18, 2025, the Trade Remedy Commission of the Ministry of Economic Affairs (MOEA) made a determination that revocation of antidumping duty order on certain cold-rolled stainless-steel products from China and Korea would be likely to lead to continuation or recurrence of injury to the domestic industry.

The subject products in this case are SUS 300 series flat-rolled products of stainless steel, cold-rolled (cold-reduced), whether in coils or sheets. They primarily encompass grades such as SUS301, 304, 304L, 316, 316L, and 321, along with other corresponding specifications. Since August 15, 2013, the Ministry of Finance (MOF) has imposed antidumping duties on these products from China and Korea. This was the second sunset review following the first conducted earlier.

The conditions for continuing to impose antidumping duties in Sunset Review investigations were determined by the MOF and MOEA since the revocation of the antidumping duties would be likely to the continuation or recurrence of dumping and injury. The MOEA shall notify the MOF of the aforementioned determination of injury by the Trade Remedy Commission, and the MOF shall then decide whether to maintain the antidumping duty order.

After March 18, 2025, a public version of the injury investigation report, in Chinese, will be available on the International Trade Administration’s website (https://www.trade.gov.tw/).

MIL OSI Asia Pacific News –

February 18, 2025
MIL-OSI: NFG Acquires Controlling Stake in Cayman-Based Kessner Capital Management Ltd., Expanding African Investment Portfolio

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — NFG SA (“NFG”), a Swiss private investment firm, today announced that it has signed an agreement to acquire a 76% controlling stake in Kessner Capital Management Ltd. (“Kessner”), a Cayman-based alternative investment management company specializing in debt solutions for African markets. Completion of the transaction is subject to customary regulatory approvals. This acquisition is accompanied by an investment of up to $50 million, aimed at expanding Kessner’s tailored debt solution across the continent.

Economic projections for Africa show a GDP increase from 3.4% in 2024 to 4.0% by 2026, spurred by growth in key economies including Egypt, Nigeria, and South Africa. The African Continental Free Trade Area (AfCFTA) is enhancing trade and investment across the continent, presenting new opportunities for Kessner to expand its market presence.

NFG, with offices in Geneva, London, and Los Angeles, is a global investment firm specializing in insurance and reinsurance, financial services, asset management, energy, and real estate. The firm operates extensively across Europe, the USA, the Caribbean, Africa, and the Asia Pacific region.

This acquisition reflects a strategic enhancement of NFG’s global investment portfolio and a commitment to contributing positively to Africa’s economic development.

Keith D. Beekmeyer, Chairman and CEO of NFG, commented “NFG and its affiliated companies have deep experience operating in emerging markets and specifically, the African markets. By combining and leveraging the strengths of both Kessner and NFG, I am confident we can position Kessner as a leading provider of alternative debt solutions for companies across Africa.”

Bruno-Maurice Monny, Managing Partner of Kessner, remarked “With NFG’s resources and global reach, coupled with their anchor capital towards our new fund strategy, we are positioned to be the premier capital partner for African businesses. This partnership will enhance our ability to support and scale the region’s most promising companies.”

NFG recently announced its strategic investment from Beverly Hills, California based private equity firm, NMS Capital Group, which values NFG at approximately $2.5 billion.

About NFG SA
NFG SA is a global private investment firm specializing in private equity and structured finance investments in companies across the insurance, financial services, energy, infrastructure, and real estate sectors. NFG focuses on transformative business combinations within North America, Europe, Africa, and the Middle East, establishing a strategic international presence. NFG was originally founded by Keith Beekmeyer and Andy Bye in 2017, emerging from the insurance industry to address the financing needs of underbanked companies. The firm quickly expanded its capabilities through key acquisitions, including a dedicated reinsurance company, asset manager and a Lloyd’s insurance brokerage, enhancing its position within the sector. For more information, please visit www.nfgsa.com.

About Kessner Capital Management Ltd.

Kessner Capital Management Ltd. is an alternative investment management company focused on providing innovative investment solutions aimed at providing exposure to African markets. The firm is led by a management team with over 150 years of combined management experience. For more information, please visit www.kessner.co.uk.

NFG Media Contact
Jessica Starman
media@elev8newmedia.com

The MIL Network –

February 18, 2025
MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

18 February 2025

Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

About Spar Nord Bank

Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

About Nykredit

Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

Company reg. (CVR) no.: 10 51 96 08

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

Company reg. (CVR) no. 35 52 12 67

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachment
- Announcement of extension of Offer Period
The MIL Network –
February 18, 2025
MIL-OSI: Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
Source: GlobeNewswire (MIL-OSI)

Paris

Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

All of Morrisons circ. 1,000 wholly owned Morrisons Daily convenience stores have a parcel solution offer and this new partnership will enable consumers to pick up and return parcels securely from Royal Mail, Evri, DPD and UPS.

Michael Weightman, Convenience Trading Director at Morrisons, said, “Customers have told us that they want a broader range of services when it comes to parcel pickups and returns so we’re delighted to be expanding the options available at our Morrisons Daily stores via this partnership with Quadient.”

Quadient’s consumer research shows that people appreciate the positive impact businesses make by hosting lockers, for instance reducing traffic on local roads by decreasing the volume of delivery van journeys. The research also uncovered a tangible benefit for retailers; when visiting lockers hosted at stores, more than half of consumers make additional purchases.

“Our lockers seamlessly integrate into people’s daily routines, making parcel pickup and drop-off more convenient than ever. This partnership with Morrisons Daily will enhance accessibility for communities across the UK,” said Katia Bourgeais Crémel, Director, Lockers Automation for Europe at Quadient. “Our vision is to build an open, carrier-agnostic locker network that provides consumers with greater flexibility and retailers with new opportunities to engage customers—driving footfall, enhancing the shopping experience and boosting in-store sales.”

Quadient’s secure parcel lockers automatically notify customers when parcels are ready for collection, providing a pickup code and barcode customers use to open the secure locker compartments. Customers returning items may use the lockers’ built-in label printer, meaning they may send items back even if they don’t have a printer at home.

Quadient continues to expand its locker network across key markets in the U.S., Japan and Europe. With more than 25,000 units now installed worldwide, the company continues to progress toward its long-term goal of deploying 40,000 units globally by 2030. Learn more at parcelpending.com/en-gb.

About Morrisons

Morrisons has a rich history that dates back to 1899 when William Morrison first opened an egg and butter stall in Bradford. 125 years on, customers continue to enjoy our great quality British food and our Market Street heritage is clear to see in our c. 500 stores where skilled colleagues such as our butchers, fishmongers, and bakers proudly make and serve customers fresh food every day.

As well as our supermarkets, we also have 1,600 Morrisons Daily convenience stores—around 600 of which are franchise stores—and an online delivery service where our customers can order their groceries from the comfort of their own home and have them delivered by us or one of our partners including Amazon, Deliveroo and Just Eat.

We also have our own manufacturing business – Myton Food Group – spread across 18 sites where we pack and process fresh meats and fish, savoury and sweet pies, fruit and veg, flower bouquets, bread and more. As a result, we’re proud to be British farming’s single biggest direct customer.

Our wholesale business serves customers across the UK and further afield through our extensive network of national and regional distribution depots.

About Quadient®
Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

Quadient UK press contact:
Dominic Walsh, Spark Communications +44 (0)20 7436 0420 or quadient@sparkcomms.co.uk

Attachments
- Morrisons Daily – Quadient Open Locker Network – EN
- Parcel Pending by Quadient Open Network Locker at Morrisons Daily in UK
The MIL Network –
February 18, 2025
MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

18 February 2025

Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

In accordance with section 4(1) of the Danish Takeover Order¹, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

About Spar Nord Bank

Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

About Nykredit

Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

Company reg. (CVR) no.: 10 51 96 08

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

Company reg. (CVR) no. 35 52 12 67

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

Restricted jurisdictions

The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

Important Information for Shareholders in the United States

The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

1 Executive Order no. 636 of 15 May 2020

Attachments
- Announcement of extension of Offer Period
- Supplement to the Offer Document
The MIL Network –
February 18, 2025
MIL-OSI China: Tourist trains gaining popularity among seniors

Source: China State Council Information Office 2

Chinese consumers have indicated a growing interest in taking dedicated tourist trains, with rising search volumes related to the sector seen, following the country’s plan to retrofit tourist trains to make them more senior-friendly.
Specifically, the country plans to launch more green and comfortable travel products and develop more themed routes for the trains, according to a guideline issued on Feb 11 by nine entities, including the Ministry of Commerce, the Ministry of Culture and Tourism and China State Railway Group Co Ltd.
On Wednesday and Thursday, search volume for travel products related to such tourist trains more than tripled over the same period in January, said Tongcheng Travel, a Suzhou, Jiangsu province-based online travel agency.
Tourist trains have been one of the most popular travel products among seniors in China. In 2024, nearly 80 percent of consumers who booked tourist trains were aged 60 and above, Tongcheng said.
Tourist trains connecting Gansu province and the Xinjiang Uygur autonomous region; Heilongjiang province and the Inner Mongolia autonomous region; as well as the China-Laos Railway, have been quite popular among senior travelers, Tongcheng said.
China has the world’s largest passenger railway network, while the operation of tourist trains in the country is still in its development stage. In 2024, China operated a total of 1,860 tourist trains nationwide, a record high, and the number jumped nearly 50 percent over the pre-pandemic period in 2019, said China Railway.
“Compared with traditional modes of travel, tourist trains are more comfortable and they satisfy traveler demand for catering, accommodation, transportation and sightseeing, making them more friendly to senior travelers,” said Li Zhun, a senior researcher at the Tongcheng Research Institute.
“In the next three to five years, demand for cultural and tourism products suitable for senior travelers will further grow in China. Besides raising the supply of tourist train products, there is still room for improvement in the quality of service and operation,” Li said.
He added that in the next step, tourist trains may be envisioned as a peer to mature business models like luxury cruise ships. More tourist train products suitable for different types of consumers and a new marketing system should be promoted.
Meanwhile, the domestic tourism market has gradually returned to normalcy after the Spring Festival holiday, and prices of flight tickets and hotels have declined, making it friendly for senior travelers who seek to travel during off-peak periods.
Tongcheng Travel said after the Spring Festival break, the company has received an increasing number of travel inquiries from senior travelers aged between 55 and 70. Compared with office employees and students, older travelers have more flexible schedules, and they are able to opt for off-peak travel periods to avoid crowds, the company said.
During off-peak periods, some popular outbound destinations for Chinese travelers include Tokyo, Osaka and Sapporo in Japan; Seoul, South Korea; Bangkok, Thailand; Singapore; New Zealand; and Bali, Indonesia. In addition, cruise tourism products to Japan and South Korea, as well as Mediterranean cruises, have been sought after by consumers, the online travel agency found.

MIL OSI China News –

February 18, 2025
MIL-OSI Asia-Pac: Confiscation order lawfully issued

Source: Hong Kong Information Services

The Hong Kong Special Administrative Region Government today strongly condemned the unfounded smear and malicious attacks online, after the Court of First Instance, in accordance with the law, issued an order to confiscate the proceeds Hui Chi-fung obtained from committing offences endangering national security.

The court, upon application by the Department of Justice (DoJ), issued the confiscation order under section 9 of Schedule 3 of the Implementation Rules of Article 43 of the National Security Law, concerning the confiscation of proceeds Hui Chi-fung obtained from the aforesaid offences.

The Hong Kong SAR Government issued a statement to provide the facts and set the record straight, stressing that the application for and issuance of the confiscation order must comply with the strict conditions specified in Schedule 3 of the implementation rules, including that the court must be satisfied the absconded defendant could have been convicted of the relevant offence and must determine whether the defendant has benefitted from that offence.

It stated that the court must also ascertain the value of the proceeds of the offence endangering national security and the amount that might be realised at the time the confiscation order is made. There is absolutely no situation in which private property could be “confiscated at any time” or “arbitrarily”.

In addition to noting that Hui Chi-fung has committed numerous heinous crimes with a number of criminal charges laid against him, the Hong Kong SAR Government pointed out that he is currently a wanted person with a reward notice by Police and specified as a relevant absconder by the Secretary for Security under sections 89(1) of the Safeguarding National Security Ordinance.

The Hong Kong SAR Government indicated that before and after Hui Chi-fung absconded from Hong Kong, he transferred nearly $2.5 million in personal assets as gifts to his mother and wife. The court is also satisfied with the relevant transaction evidence submitted by the DoJ.

According to the law, if a defendant benefits from committing an offence endangering national security and makes a gift at any time from six years before the date of prosecution onwards, the property held by the recipient of the gift may be regarded as the defendant’s realisable property and confiscated.

The value of the criminal proceeds ordered for confiscation by the court is determined strictly based on evidence and in accordance with the law. The value of the criminal proceeds attributed to Hui Chi-fung was calculated based on the relevant evidence to establish a reasonable value, the Hong Kong SAR Government explained.

Additionally, it emphasised that Hong Kong is a society underpinned by the rule of law and has always adhered to the principle that laws must be obeyed and lawbreakers held accountable.

Apart from specifying that it is a common and effective practice to make an application to the court for a confiscation order to prevent offenders from benefitting from their criminal acts, the Hong Kong SAR Government said that laws and mechanisms for confiscation of crime proceeds are common around the world.

They cover the crime proceeds from commission of any serious offence, including offences endangering national security, it added.

MIL OSI Asia Pacific News –

February 18, 2025

MIL-OSI: Full-year 2024 results

Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Full-year 2024 results

Revenues of €22,096 million in 2024, down -1.9%
Revenue growth at constant exchange rates* of -2.0% for the full year, and -1.1% in Q4
Bookings at €23.8 billion with a 1.08 book-to-bill
Stable operating margin*, at 13.3% of revenues
Net profit, Group share, up +0.5% and basic earnings per share up +1.2%
Organic free cash flow0F^*of €1,961 million
Proposed dividend of €3.40 per share

Paris, February 18, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 17 in Paris to review and adopt the accounts1F¹ of the Capgemini Group for the year-ended December 31, 2024.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our performance in the fourth quarter is in line with expectations. As anticipated, Manufacturing and France experienced strong headwinds, whereas we saw an improvement in Financial Services and Consumer Goods & Retail, as well as a robust Public Sector.

The Group demonstrated strong resilience in 2024, maintaining its operating margin and free cash flow generation, thanks to the growth of its high value-added offerings as well as its ecosystem of leading technology partners.

Client demand continues to be driven by efficiency, operational agility and cost-optimization programs which are driving traction for our Cloud and Data & AI services. The Group is recognized as a global leader in AI by market analysts, reflecting our continued investments. Generative AI supported strong bookings and accounted for around 5% of bookings in Q4. The acquisition of Syniti strengthens the Group’s data-driven digital transformation capabilities.

Our clients keep showing a strong appetite for technology and recognize the value we bring as their trusted business and technology transformation partner. However, we remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”

KEY FIGURES

(in millions of euros)	2023	2024	*Change*
Revenues	22,522	22,096	-1.9%
Operating margin*	2,991	2,934	-1.9%
as a % of revenues	13.3%	13.3%	0pt
Operating profit	2,346	2,356	+0.4%
as a % of revenues	10.4%	10.7%	+0.3pts
Net profit (Group share)	1,663	1,671	+0.5%
Basic earnings per share (€)	9.70	9.82	+1.2%
Normalized earnings per share (€)*	12.44	12.23	-1.7%
Organic free cash flow^*	1,963	1,961	-€ 2m
Net cash / (Net debt)*	(2,047)	(2,107)

In an environment that proved weaker than initially anticipated, Capgemini demonstrated in 2024 the resilience of its operating model and its leadership on AI and Generative AI. Clients focused on driving efficiency, prioritizing operational agility and cost optimization while discretionary spend remained soft. This environment has fueled a strong demand for transformation programs which translated into continued traction for Capgemini’s Cloud, Data & AI services as well as its innovative offerings, most notably in intelligent supply chain, digital core and generative AI projects. This is contributing to the continuous improvement of the portfolio mix toward innovation and enhanced client value creation.

Capgemini reported revenues of €22,096 million in 2024, down -1.9% year-on-year. Constant currency growth* was -2.0%, at the top end of the outlook as revised in October 2024. Organic growth* (i.e., excluding the impact of currency fluctuations and changes in Group scope) was -2.4%. After bottoming out in Q1, revenue trends gradually improved through the year with a revenue decline limited to -1.1% at constant currency and -1.5% organically in Q4.

With bookings of €23,821 million in 2024 and €6,806 million in Q4, the Group maintained a strong commercial momentum despite client decision cycles that remain long, achieving a solid book-to-bill of 1.08 for the year, and 1.22 in Q4. When compared to 2023 bookings, this represents, at constant exchange rates, a decrease of -0.5% for the year and an increase of +1.9% in Q4. Generative AI bookings amounted to close to 4% of Group bookings for the year and around 5% for Q4.

The ongoing shift in Capgemini’s offerings portfolio towards higher value services, coupled with enhanced operational efficiency, generated a 50 basis points increase in gross margin to 27.4% of revenues, reflecting the resilience of its operating model. This enabled the Group to absorb the incremental investment in selling efforts aimed at driving future growth and offset the slight increase in G&A expenses.

Consequently, the operating margin* was stable at 13.3% of revenues, or €2,934 million, in line with the operating margin target set for 2024.

Other operating income and expenses was a net expense of €578 million, down €67 million year-on-year. This decrease is mainly attributable to lower restructuring charges, which decreased by €55 million.

Capgemini’s operating profit was €2,356 million, or 10.7% of revenues, compared with €2,346 million, or 10.4% of revenues in 2023.

Capgemini reported a net financial income of €13 million in 2024, compared to a net expense of €42 million in 2023, reflecting higher interest income.

The income tax expense was €681 million, up from €626 million last year. This represents an increase in the effective tax rate from 27.2% in 2023 to 28.8% this year.

Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit rose by +0.5% year-on-year to €1,671 million. Basic earnings per share increased by +1.2% to €9.82. Normalized earnings per share* was €12.23, compared with €12.44 in 2023.

Organic free cash flow* generation remained strong at €1,961 million, in line with the 2024 target and the previous year despite lower revenues.

CAPITAL ALLOCATION & BALANCE SHEET

In 2024, Capgemini actively redeployed close to €2.0 billion of capital, essentially funded by the organic free cash flow of the year. Capgemini invested €827 million in acquisitions. The Group also paid dividends of €580 million (€3.40 per share) to Capgemini SE shareholders and allocated €972 million to share buybacks: €498 million on its multiyear program and €474 million to neutralize the dilution of the 11^th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €415 million.

In October 2024, the Group also redeemed in full and at maturity its €600 million bond issued in April 2018.

At December 31, 2024, the Group had cash, cash equivalents and cash management assets of €3.1 billion. After accounting for borrowings of €5.1 billion as well as for derivative instruments, Group net debt* is €2.1 billion, slightly up compared with €2.0 billion at December 31, 2023.

The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 7, 2025. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group’s historical distribution policy.

OPERATIONS BY REGION

At constant exchange rates, revenues in North America (28% of Group revenues) decreased by -4.1% with improving trends in H2. The Financial Services, Consumer Goods & Retail and Telco, Media & Technology (TMT) sectors were the main drivers of improvement. In contrast, the Manufacturing and Public sectors slowed down in H2. The operating margin increased to 16.5%, from 15.6% in 2023.

The United Kingdom and Ireland region (12% of Group revenues) remained resilient, posting a -1.0% decline in revenue primarily driven by the contraction of the Consumer Goods & Retail sector. The region’s return to growth in H2 was driven by the recovery in Financial Services and the continued strength in the Energy & Utilities sector. The operating margin reached 19.7% compared with 18.6% in 2023.

France (20% of Group revenues) revenues decreased by -3.5%, in an environment that led to a visible degradation in H2. This evolution was mostly driven by the contraction of the Manufacturing sector. However, as in most regions, Financial Services visibly improved through the year. The operating margin contracted from 12.6% to 10.2%.

In the Rest of Europe region (31% of Group revenues), revenues stood at +0.1% with solid Public and Energy & Utilities sectors and Financial Services returning to growth. The Manufacturing sector also negatively weighed on activity in the region. The operating margin was 12.0%, slightly up from 11.7% a year earlier.

Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were slightly down
-0.3% driven by a slower Financial Services sector in Asia-Pacific. However, the Public Sector in Asia-Pacific and the Consumer Goods & Retail sector in Latin America, both enjoyed double-digit growth rates. The operating margin slightly improved to 12.4% compared with 12.2% the year before.

OPERATIONS BY BUSINESS

At constant exchange rates, Strategy & Transformation consulting services (9% of Group revenues) reported +3.2% growth in total revenues* in 2024. This continued momentum illustrates the strength of the Group’s positioning as a strategic partner to its clients.

Applications & Technology services (62% of Group revenues and Capgemini’s core business) reported
a -2.1% decrease in total revenues.

Finally, Operations & Engineering services total revenues (29% of Group revenues) decreased -2.1%.

OPERATIONS IN Q4 2024

Q4 was the third consecutive quarter of gradual improvement in growth rate. As expected, the Financial Services and Consumer Goods & Retail sectors saw an acceleration and TMT returned to growth. This was offset by the slowdown in Manufacturing.

Geographically, growth rates improved substantially in North America, but also the United Kingdom and Ireland, Asia-Pacific and Latin America, but slowed down visibly in France.

Group revenues totaled €5,581 million in Q4 2024, a decline of -1.1% year-on-year at constant exchanges rate and -1.5% organically. This decline in revenue can be solely attributable to -6.1% slowdown in Manufacturing.

At constant exchange rates, the decline in revenues in the North America region was limited to -1.6%, with the growth in Financial Services, Consumer Good & Retail and TMT, more than offset by the weakness in the Manufacturing and Energy & Utilities sectors. Revenues in the United Kingdom and Ireland region grew +1.5%, supported by the good performance of the Energy & Utilities and Manufacturing sectors and to a lesser extent the growth in Financial Services. In France, the weakness in the Manufacturing, Consumer Goods & Retail and Energy & Utilities sectors led the revenue to decline -5.8%. Revenues in the Rest of Europe region were stable (+0.1%), driven by robust activity in the Public, Energy & Utilities and Financial Services sectors that offset the decline in the Manufacturing sector. Finally, revenues in the Asia-Pacific and Latin America region grew by +4.6% supported by the visible recovery in the Financial Services and Consumer Goods & Retail sectors, more than offsetting the weak Manufacturing and Energy & Utilities sectors.

HEADCOUNT

At December 31, 2024, the Group’s total headcount stood at 341,100, slightly up by +0.2% year-on-year and +0.7% compared to the end of September 2024.

The onshore workforce decreased by -1.1% at 144,200 employees, while the offshore workforce was up by +1.2% to 196,900 employees, i.e., 58% of the total headcount.

ESG PERFORMANCE

In 2024, Capgemini demonstrated continued leadership in corporate responsibility by making significant advancements aligned with its ESG (Environment, Social and Governance) policy and commitments.

From an environmental standpoint, Capgemini set ambitious near-term (2030) and long-term (2040) carbon reduction targets in 2022, including a 90% reduction in all emissions (Scope 1, 2 and 3) by 2040 to reach its “net zero emissions” targets as validated by the SBTi (Science-Based Targets initiative). At the end of 2024, the Group had reduced its absolute emissions (Scope 1, 2 and 3) by 35% compared to 2019. Reflecting the commitment to 100% renewable electricity (RE100) by 2025, Capgemini’s scope 1 and 2 emissions have decreased by 93% since 2019. The share of renewable energy in the Group’s electricity consumption reached 98% last year up from 96% in 2023.

In human capital development, Capgemini continued to invest in its talent in 2024. The average number of learning hours per employee trained reached 77 hours last year, significantly up notably with the expansion of the generative AI training program.

The Group also made notable progress in gender balance, nearing its global objective of 40% by 2025. By the end of 2024, women comprised 39.7% of the total workforce, up by almost 1 point year-on-year and almost 7 points since 2019. The proportion of women among executive leadership positions globally reached 29.0%, up by almost 3 points year-on-year and more than 12 points since 2019.

The scale of impact through digital inclusion initiatives also extended greatly in 2024. Overall, the Group’s various programs and partnerships with leading non-profit organizations benefited almost 3.2 million individuals in 2024.

In recognition of this continued progress, the Group was confirmed as a constituent of the Dow Jones Sustainability Index (DJSI) Europe and maintained its position on the “A list” in the 2024 CDP (Carbon Disclosure Project) assessment.

OUTLOOK

The Group’s financial targets for 2025 are:

Revenue growth of -2.0% to +2.0% at constant currency;
Operating margin of 13.3% to 13.5%;
Organic free cash flow of around €1.9 billion.

CONFERENCE CALL

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

PROVISIONAL CALENDAR

April 29, 2025        Q1 2025 revenues
May 7, 2025        Shareholders’ meeting
July 30, 2025        H1 2025 results
October 28, 2025        Q3 2025 revenues

The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

May 20, 2025 Ex-dividend date on Euronext Paris
May 22, 2025 Payment of the dividend

DISCLAIMER

This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

ABOUT CAPGEMINI

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

Get the Future You Want | www.capgemini.com

* *

APPENDIX3F²

BUSINESS CLASSIFICATION

Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
- Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

DEFINITIONS

Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

Reconciliation of growth rates	Q1 2024	Q2 2024	Q3 2024	Q4 2024	FY 2024
Organic growth	-3.6%	-2.3%	-2.1%	-1.5%	-2.4%
Changes in Group scope	+0.3 pts	+0.4 pts	+0.5 pts	+0.4 pts	+0.4 pts
Growth at constant exchange rates	-3.3%	-1.9%	-1.6%	-1.1%	-2.0%
Exchange rate fluctuations	-0.2 pts	+0.4 pts	-0.3 pts	+0.5 pts	+0.1 pts
Reported growth	-3.5%	-1.5%	-1.9%	-0.6%	-1.9%

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

RESULTS BY REGION

	Revenues	Year-on-year growth		Operating margin rate
	2024 (in millions of euros)	reported	at constant exchange rates	2023	2024
North America	6,188	-4.2%	-4.1%	15.6%	16.5%
United Kingdom and Ireland	2,753	+1.6%	-1.0%	18.6%	19.7%
France	4,380	-3.5%	-3.5%	12.6%	10.2%
Rest of Europe	6,851	+0.2%	+0.1%	11.7%	12.0%
Asia-Pacific and Latin America	1,924	-2.6%	-0.3%	12.2%	12.4%
TOTAL	22,096	-1.9%	-2.0%	13.3%	13.3%

RESULTS BY BUSINESS

	Total revenues*	Year-on-year growth
	2024 (% of Group revenues)	At constant exchange rates in Total revenues* of the business
Strategy & Transformation	9%	+3.2%
Applications & Technology	62%	-2.1%
Operations & Engineering	29%	-2.1%

SUMMARY INCOME STATEMENT AND OPERATING MARGIN

(in millions of euros)	2023	2024	*Change*
Revenues	22,522	22,096	-1.9%
Operating expenses	(19,531)	(19,162)
Operating margin	2,991	2,934	-1.9%
as a % of revenues	13.3%	13.3%	0bp
Other operating income and expenses	(645)	(578)
Operating profit	2,346	2,356	+0.4%
as a % of revenues	10.4%	10.7%	+30bp
Net financial expenses	(42)	13
Income tax income/(expense)	(626)	(681)
Share of profit of associates and joint-ventures	(10)	(11)
(-) Non-controlling interests	(5)	(6)
Profit for the period, Group share	1,663	1,671	+0.5%

NORMALIZED AND DILUTED EARNINGS PER SHARE

(in millions of euros)	2023	2024	*Change*
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
BASIC EARNINGS PER SHARE (in euros)	9.70	9.82	+1.2%
Diluted average number of shares outstanding	177,396,346	176,375,256
DILUTED EARNINGS PER SHARE (in euros)	9.37	9.47	+1.1%

(in millions of euros)	2023	2024	*Change*
Profit for the period, Group share	1,663	1,671	+0.5%
Effective tax rate	27.2%	28.8%
(-) Other operating income and expenses, net of tax	469	412
Normalized profit for the period	2,132	2,083	-2.3%
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
NORMALIZED EARNINGS PER SHARE (in euros)	12.44	12.23	-1.7%

CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

(in millions of euros)	2023	2024
Net cash from operating activities	2,525	2,526
Acquisitions of property, plant and equipment and intangible assets, net of disposals	(254)	(310)
Net interest cost	(11)	37
Repayments of lease liabilities	(297)	(292)
ORGANIC FREE CASH FLOW	1,963	1,961
Other cash flows from (used in) investing and financing activities	(2,126)	(2,788)
Increase (decrease) in cash and cash equivalents	(163)	(827)
Effect of exchange rate fluctuations	(115)	97
Opening cash and cash equivalents	3,795	3,517
Closing cash and cash equivalents	3,517	2,787

NET DEBT

(in millions of euros)	December 31, 2023	December 31, 2024
Cash and cash equivalents	3,536	2,789
Bank overdrafts	(19)	(2)
Cash and cash equivalents	3,517	2,787
Cash management assets	161	268
Long-term borrowings	(5,071)	(4,281)
Short-term borrowings and bank overdrafts	(675)	(863)
(-) Bank overdrafts	19	2
Borrowings, excluding bank overdrafts	(5,727)	(5,142)
Derivative instruments	2	(20)
NET CASH / (NET DEBT)	(2,047)	(2,107)

ESG PERFORMANCE

	Objectives	Key Performance Indicators	2019 (baseline)	2023	2024	Change vs. 2019	2025 Objective	2030 Objective (vs 2019)
Environment	Be carbon neutral for our own operations no later than 2025 and across our supply chain by 2030, and committed to becoming a net zero business by 2040	Scope 1 & 2 – Absolute emissions (ktCO₂e)	154.1	13.6	11.2	-93%		-80%
		Scope 3 – Employee commuting emissions per headcount (tCO₂e/head)	1.08	0.50	0.55	-49%		-55%
		Scope 3 – Business travel emissions per headcount (tCO₂e/head)	1.26	0.50	0.48	-62%		-55%
		Scope 3 – Purchased goods and services (ktCO₂e)	305.7	352.1	301.5	-1%		-50%
	Transition to 100% renewable electricity by 2025, and electric vehicles by 2030	% of electricity from renewables	28%	96%	98%	+70pts	100%
Social	Increase average learning hours per employee by 5% every year to ensure regular lifelong learning	Average Completed Learning Hours per headcount trained during the reporting period	41.9	53.8	77.4	+85%
	40% of women in our teams by 2025	% of women in the workforce	33.0%	38.8%	39.7%	+6.7pts	40%
	5m beneficiaries supported by our digital inclusion programs by 2030	Cumulated number of beneficiaries since 2018	29,012	4.4m	7.5m			5m
Governance	30% of women in Group executive leadership positions in 2025	% of women in Group executive leadership positions	16.8%	26.2%	29.0%	+12.2pts	30%
	Maintain over 80% of the workforce with an Ethics score of 7-10	% of the headcount with an Ethics score of 7-10		86%	85%		>80%	>80%
	Be recognized as a front leader in data protection and cybersecurity	Cyber Rating agencies – CyberVadis score		958	977		940-950 out of 1,000
		DPO certification		72%	76%		95%

Note: in the table above, 2024 data may include some estimates and some historical data points have been restated to ensure comparability.

¹ Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
² Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Attachments

The MIL Network –

February 18, 2025

MIL-OSI Economics: Secretary-General of ASEAN receives courtesy call by Chair of the ASEAN Intergovernmental Commission on Human Rights (AICHR)

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Chair of the ASEAN Intergovernmental Commission on Human Rights (AICHR), Edmund Bon Tai Soon, in a courtesy call, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on AICHR’s work in the promotion and protection of human rights and fundamental freedoms in the region. They also discussed collaboration in support of Malaysia’s ASEAN Chairmanship priorities in 2025, under the theme “Inclusivity and Sustainability.”

The post Secretary-General of ASEAN receives courtesy call by Chair of the ASEAN Intergovernmental Commission on Human Rights (AICHR) appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 18, 2025
MIL-OSI Economics: Deputy Secretary-General of ASEAN for ASEAN Political-Security Community meets with Vice Minister for Foreign Affairs of Timor-Leste to discuss the progress towards Timor-Leste’s membership of ASEAN

Source: ASEAN

Today, H.E. Dato’ Astanah Abdul Aziz, Deputy Secretary-General of ASEAN for ASEAN Political-Security Community, met with H.E. Milena Rangel, Vice Minister for ASEAN Affairs of Timor-Leste, at the ASEAN Headquarters/ASEAN Secretariat to advance Timor-Leste’s progress towards full ASEAN membership. Their discussions focused on the implementation of the Roadmap for Timor-Leste’s Full Membership in ASEAN, Timor-Leste’s participation in ASEAN meetings and activities, and the ASEAN Secretariat’s support for the implementation of the Roadmap.

The post Deputy Secretary-General of ASEAN for ASEAN Political-Security Community meets with Vice Minister for Foreign Affairs of Timor-Leste to discuss the progress towards Timor-Leste’s membership of ASEAN appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 18, 2025
MIL-OSI Asia-Pac: Govt to regulate car hailing platforms

Source: Hong Kong Information Services

(To watch the full media session with sign language interpretation, click here.)

Chief Executive John Lee today said the Government is working to improve taxi services, regulate car hailing platforms and combat unlawful hire car services, and urged stakeholders to join efforts to attain these goals.

Mr Lee’s comments came in response to media questions about taxi drivers’ plans to strike against illegal ride-hailing. He cautioned against resorting to such drastic action.

“The Government’s position in respect of the (improvement) of taxi services, and also to have a lawful system to govern online hailing platforms, is clear,” he said. “Taxi services need to be improved. The car hailing platforms need to be regulated, and enforcement actions need to be taken against unlawful hire car services.

“Any drastic action is not going to solve the problem. Drastic action may also hurt the interests of normal citizens in the course of their daily going about of their lives. It is not going to receive public support.

“Also, there is a potential that the issue may change its nature, and the issue may be hijacked by some people with ulterior motives that will be not in the interests of society and the citizens.”

Mr Lee said a large number of representatives from the taxi trade have indicated that they will not support or take part in any drastic action.

He highlighted that the Transport & Logistics Bureau has already made proposals to address the problem. These include introducing a “taxi fleet regime” to enhance the management of taxi services, and a legal framework to regulate online hailing platforms.

He also mentioned that the Transport Advisory Committee has invited representatives from the taxi trade and online hailing platforms to a meeting tomorrow. Government representatives will also attend.

“It is a good opportunity for everybody to talk through the whole thing rationally with a common will to move forward, to find out a solution.”

MIL OSI Asia Pacific News –

February 18, 2025

Category: Asia

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